{"id":6676,"date":"2022-06-10T10:25:34","date_gmt":"2022-06-10T03:25:34","guid":{"rendered":"http:\/\/www.phfm.vn\/?p=6676"},"modified":"2023-01-30T15:25:10","modified_gmt":"2023-01-30T08:25:10","slug":"spotlight-from-the-divestment","status":"publish","type":"post","link":"https:\/\/www.phfm.vn\/vi\/spotlight-from-the-divestment\/","title":{"rendered":"Ng\u00e0nh B\u1ea3o Hi\u1ec3m: \u0110\u1ed9ng L\u1ef1c T\u1eeb Tho\u00e1i V\u1ed1n"},"content":{"rendered":"

1. T\u1ed5ng quan ng\u00e0nh b\u1ea3o hi\u1ec3m<\/strong><\/span><\/h1>\n

Ng\u00e0nh b\u1ea3o hi\u1ec3m Vi\u1ec7t Nam trong nh\u1eefng n\u0103m v\u1eeba qua lu\u00f4n duy tr\u00ec t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng kho\u1ea3ng 20%\/n\u0103m. Trong \u0111\u00f3 m\u1ea3ng b\u1ea3o hi\u1ec3m nh\u00e2n th\u1ecd c\u00f3 m\u1ee9c t\u0103ng tr\u01b0\u1edfng b\u00ecnh qu\u00e2n kho\u1ea3ng 25%-30% trong khi nh\u00f3m b\u1ea3o hi\u1ec3m phi nh\u00e2n th\u1ecd t\u0103ng tr\u01b0\u1edfng t\u1eeb 9-10% m\u1ed7i n\u0103m.<\/span><\/p>\n

Trong n\u0103m 2021, m\u1ea3ng b\u1ea3o hi\u1ec3m phi nh\u00e2n th\u1ecd ch\u1ec9 t\u0103ng tr\u01b0\u1edfng 2.3% YoY, d\u01b0\u1edbi t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u1ee3t phong t\u1ecfa trong 2H2021. Tuy nhi\u00ean ch\u00fang t\u00f4i cho r\u1eb1ng ph\u00e2n kh\u00fac b\u1ea3o hi\u1ec3m phi nh\u00e2n th\u1ecd s\u1ebd quay tr\u1edf l\u1ea1i t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng 9%-10% trong n\u0103m 2022.<\/span><\/p>\n

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S\u1ea3n ph\u1ea9m c\u1ee7a c\u1ea3 th\u1ecb tr\u01b0\u1eddng b\u1ea3o hi\u1ec3m nh\u00e2n th\u1ecd v\u00e0 phi nh\u00e2n th\u1ecd \u0111\u1ec1u \u0111ang c\u00f3 xu h\u01b0\u1edbng chuy\u1ec3n d\u1ecbch theo nhu c\u1ea7u \u0111\u1ea7u t\u01b0 v\u00e0 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe ng\u00e0y m\u1ed9t gia t\u0103ng c\u1ee7a ng\u01b0\u1eddi d\u00e2n Vi\u1ec7t Nam.<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0 C\u1ee5 th\u1ec3, \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng nh\u00e2n th\u1ecd, s\u1ea3n ph\u1ea9m b\u1ea3o hi\u1ec3m li\u00ean k\u1ebft \u0111\u1ea7u t\u01b0 l\u00e0 lo\u1ea1i h\u00ecnh h\u1ee3p \u0111\u1ed3ng ch\u00ednh v\u00e0 chi\u1ebfm t\u1edbi 83.6% trong c\u01a1 c\u1ea5u s\u1ea3n ph\u1ea9m.<\/span><\/p>\n

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–\u00a0 \u00a0 \u00a0 \u0110\u1ed1i v\u1edbi m\u1ea3ng phi nh\u00e2n th\u1ecd, b\u1ea3o hi\u1ec3m s\u1ee9c kh\u1ecfe v\u00e0 b\u1ea3o hi\u1ec3m xe c\u01a1 gi\u1edbi l\u00e0 hai lo\u1ea1i h\u00ecnh b\u1ea3o hi\u1ec3m ph\u1ed5 bi\u1ebfn nh\u1ea5t, chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1ea7n l\u01b0\u1ee3t l\u00e0 31.8% v\u00e0 26.6%.<\/span><\/p>\n

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Nh\u1edd v\u00e0o ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng h\u1ea5p d\u1eabn, c\u1ea3 hai th\u1ecb tr\u01b0\u1eddng b\u1ea3o hi\u1ec3m nh\u00e2n th\u1ecd v\u00e0 phi nh\u00e2n th\u1ecd \u0111\u1ec1u ch\u1ee9ng ki\u1ebfn \u00e1p l\u1ef1c c\u1ea1nh tranh v\u00f4 c\u00f9ng kh\u1ed1c li\u1ec7t khi ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u doanh nghi\u1ec7p ngo\u1ea1i \u0111\u1ed5 b\u1ed9 v\u00e0o Vi\u1ec7t Nam. Do \u0111\u00f3, mi\u1ebfng b\u00e1nh th\u1ecb ph\u1ea7n c\u1ee7a c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m d\u1eabn \u0111\u1ea7u ng\u00e0y c\u00e0ng b\u1ecb thu h\u1eb9p.<\/span><\/p>\n

\u0110\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng nh\u00e2n th\u1ecd, th\u1ecb ph\u1ea7n c\u1ee7a n\u0103m c\u00f4ng ty \u0111\u1ea7u ng\u00e0nh \u0111\u00e3 s\u1ee5t gi\u1ea3m t\u1eeb 86% trong n\u0103m 2015 xu\u1ed1ng c\u00f2n 78.3% v\u00e0o cu\u1ed1i 2021. B\u1ea3o Vi\u1ec7t v\u1eabn \u0111\u1ee9ng \u0111\u1ea7u v\u1edbi 19.15% th\u1ecb ph\u1ea7n, tuy nhi\u00ean, c\u00e1c doanh nghi\u1ec7p ngo\u1ea1i hi\u1ec7n \u0111ang c\u00f3 d\u1ea5u hi\u1ec7u chi\u1ebfm d\u1ea7n l\u1ea5y th\u1ecb ph\u1ea7n c\u1ee7a B\u1ea3o Vi\u1ec7t.<\/span><\/p>\n

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Th\u1ecb ph\u1ea7n c\u1ee7a c\u00e1c doanh nghi\u1ec7p trong th\u1ecb tr\u01b0\u1eddng phi nh\u00e2n th\u1ecd c\u00f3 ph\u1ea7n ph\u00e2n m\u1ea3nh h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng nh\u00e2n th\u1ecd. Nh\u00f3m n\u0103m c\u00f4ng ty l\u1edbn nh\u1ea5t ch\u1ec9 chi\u1ebfm kho\u1ea3ng 50% th\u1ecb ph\u1ea7n to\u00e0n th\u1ecb tr\u01b0\u1eddng. \u0110\u1ed3ng th\u1eddi, th\u1ecb ph\u1ea7n c\u1ee7a c\u00e1c doanh nghi\u1ec7p \u0111\u1ea7u ng\u00e0nh ng\u00e0y c\u00e0ng c\u00f3 xu h\u01b0\u1edbng co h\u1eb9p v\u00e0 r\u01a1i v\u00e0o tay c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m phi nh\u00e2n th\u1ecd kh\u00e1c.<\/span><\/p>\n

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2. D<\/strong>uy tr\u00ec \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng trong c\u00e1c n\u0103m t\u1edbi<\/strong><\/span><\/h1>\n

Ch\u00fang t\u00f4i cho r\u1eb1ng ng\u00e0nh b\u1ea3o hi\u1ec3m s\u1ebd ti\u1ebfp t\u1ee5c \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng c\u1ee7a m\u00ecnh trong c\u00e1c n\u0103m t\u1edbi nh\u1edd (1) T\u1ef7 l\u1ec7 th\u00e2m nh\u1eadp b\u1ea3o hi\u1ec3m \u1edf m\u1ee9c th\u1ea5p, (2) T\u0103ng tr\u01b0\u1edfng v\u1ec1 thu nh\u1eadp c\u1ee7a ng\u01b0\u1eddi d\u00e2n \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n, qua \u0111\u00f3 gi\u00fap gia t\u0103ng nhu c\u1ea7u cho b\u1ea3o hi\u1ec3m v\u00e0 (3) C\u1ea3i thi\u1ec7n kh\u1ea3 n\u0103ng ho\u1ea1t \u0111\u1ed9ng nh\u1edd m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t cao h\u01a1n.<\/span><\/p>\n

Theo \u0111\u00f3, t\u1ef7 l\u1ec7 th\u00e2m nh\u1eadp b\u1ea3o hi\u1ec3m c\u1ee7a Vi\u1ec7t Nam trong n\u0103m 2021 m\u1edbi ch\u1ec9 \u0111\u1ea1t m\u1ee9c 2.7%, th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi trung b\u00ecnh c\u1ee7a to\u00e0n th\u1ebf gi\u1edbi l\u00e0 7.4%. V\u1edbi vi\u1ec7c gia t\u0103ng t\u1ef7 l\u1ec7 th\u00e2m nh\u1eadp b\u1ea3o hi\u1ec3m, mi\u1ebfng b\u00e1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1eabn c\u00f2n nhi\u1ec1u d\u01b0 \u0111\u1ecba \u0111\u1ec3 \u0111i l\u00ean, qua \u0111\u00f3 gi\u00fap c\u00e1c doanh nghi\u1ec7p n\u00e2ng cao doanh thu ph\u00ed b\u1ea3o hi\u1ec3m.<\/span><\/p>\n

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C\u00f9ng v\u1edbi \u0111\u00f3, v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh c\u1ee7a n\u1ec1n kinh t\u1ebf k\u00e9o theo thu nh\u1eadp c\u1ee7a ng\u01b0\u1eddi d\u00e2n \u0111\u01b0\u1ee3c gia t\u0103ng, nhu c\u1ea7u v\u00e0 kh\u1ea3 n\u0103ng chi tr\u1ea3 cho b\u1ea3o hi\u1ec3m, \u0111\u1eb7c bi\u1ec7t l\u00e0 b\u1ea3o hi\u1ec3m li\u00ean quan t\u1edbi s\u1ee9c kh\u1ecfe v\u00e0 nhu c\u1ea7u \u0111\u1ea7u t\u01b0 s\u1ebd ng\u00e0y m\u1ed9t gia t\u0103ng.<\/span><\/p>\n

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Trong m\u1ed9t v\u00e0i n\u0103m g\u1ea7n \u0111\u00e2y, d\u01b0\u1edbi t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 v\u1edbi l\u00e3i su\u1ea5t \u0111\u01b0\u1ee3c neo \u1edf m\u1ee9c th\u1ea5p, ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m \u0111\u00e3 ph\u1ea3i ch\u1ecbu m\u1ed9t s\u1ed1 t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c.<\/span><\/p>\n

Trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m, ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng v\u00e0 tr\u00e1i phi\u1ebfu (bao g\u1ed3m TPCP v\u00e0 TPDN) chi\u1ebfm t\u1ef7 tr\u1ecdng ch\u1ee7 \u0111\u1ea1o, \u0111o \u0111\u00f3 vi\u1ec7c l\u00e3i su\u1ea5t li\u00ean t\u1ee5c \u0111i xu\u1ed1ng trong th\u1eddi gian v\u1eeba qua khi\u1ebfn cho l\u1ee3i su\u1ea5t t\u1eeb ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c doanh nghi\u1ec7p n\u00e0y ph\u1ea7n n\u00e0o b\u1ecb \u1ea3nh h\u01b0\u1edfng.<\/span><\/p>\n

M\u1eb7c d\u00f9 v\u1eady, v\u1edbi \u0111\u00e0 t\u0103ng c\u1ee7a l\u00e3i su\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2022, l\u1ee3i su\u1ea5t \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m s\u1ebd c\u00f3 s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3, qua \u0111\u00f3 gi\u00fap c\u00e1c doanh nghi\u1ec7p n\u00e0y gia t\u0103ng l\u1ee3i nhu\u1eadn.<\/span><\/p>\n

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3. C\u00e1c th\u01b0\u01a1ng v\u1ee5 tho\u00e1i v\u1ed1n gi\u00fap \u0111\u1ecbnh gi\u00e1 l\u1ea1i to\u00e0n ng\u00e0nh.<\/strong><\/span><\/h1>\n

Trong c\u00e1c n\u0103m g\u1ea7n \u0111\u00e2y, theo \u0111\u1ec1 \u00e1n t\u00e1i c\u1ea5u tr\u00fac doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc (DNNN) c\u1ee7a ch\u00ednh ph\u1ee7, c\u00e1c DNNN \u00a0bu\u1ed9c ph\u1ea3i tho\u00e1i to\u00e0n b\u1ed9 v\u1ed1n t\u1ea1i c\u00e1c l\u0129nh v\u1ef1c ngo\u00e0i ng\u00e0nh kinh doanh ch\u00ednh v\u00e0 b\u1ea3o hi\u1ec3m l\u00e0 m\u1ed9t trong s\u1ed1 \u0111\u00f3.<\/span><\/p>\n

Trong khi \u0111\u00f3 \u0111\u1ed1i v\u1edbi \u0111\u01a1n v\u1ecb b\u1ea3o hi\u1ec3m c\u00f3 c\u1ed5 \u0111\u00f4ng m\u1eb9 l\u00e0 NHTM, c\u00e1c NHTM c\u0169ng \u0111\u1ecbnh h\u01b0\u1edbng tho\u00e1i v\u1ed1n t\u1ea1i c\u00e1c doanh nghi\u1ec7p b\u1ea3o hi\u1ec3m th\u00f4ng qua h\u00ecnh th\u1ee9c ph\u00e1t h\u00e0nh t\u0103ng v\u1ed1n cho c\u00e1c \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c.<\/span><\/p>\n

V\u00e0o th\u00e1ng 07\/2021, Ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam cho bi\u1ebft ng\u00e0nh b\u1ea3o hi\u1ec3m kh\u00f4ng thu\u1ed9c tr\u01b0\u1eddng h\u1ee3p y\u00eau c\u1ea7u nh\u00e0 n\u01b0\u1edbc n\u1eafm 65% v\u1ed1n c\u1ed5 ph\u1ea7n, nh\u1edd \u0111\u00f3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho c\u00e1c t\u1ed5 ch\u1ee9c ti\u1ec1n h\u00e0nh tho\u00e1i v\u1ed1n t\u1ea1i c\u00e1c doanh nghi\u1ec7p b\u1ea3o hi\u1ec3m.<\/span><\/p>\n

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Vi\u1ec7c tho\u00e1i v\u1ed1n c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng n\u1eafm quy\u1ec1n chi ph\u1ed1i s\u1ebd l\u00e0 \u0111\u1ed9ng l\u1ef1c ch\u00ednh thu h\u00fat s\u1ef1 quan t\u00e2m c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi, qua \u0111\u00f3 gi\u00fap \u0111\u1ecbnh gi\u00e1 l\u1ea1i c\u00e1c doanh nghi\u1ec7p trong ng\u00e0nh.<\/span><\/p>\n

C\u00f3 th\u1ec3 k\u1ec3 \u0111\u1ebfn tr\u01b0\u1eddng h\u1ee3p c\u1ee7a PTI. V\u00e0o th\u00e1ng 11\/2021, T\u1ed5ng c\u00f4ng ty b\u01b0u \u0111i\u1ec7n Vi\u1ec7t Nam \u0111\u00e3 ho\u00e0n t\u1ea5t tho\u00e1i 23% v\u1ed1n v\u1edbi gi\u00e1 tr\u00fang th\u1ea7u trung b\u00ecnh l\u00e0 77,000VN\u0110\/c\u1ed5 phi\u1ebfu \u2013 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 P\/B v\u00e0 P\/E tr\u01b0\u1ee3t 2021 l\u1ea7n l\u01b0\u1ee3t l\u00e0 3.36x and 25.4x.<\/span>","protected":false},"excerpt":{"rendered":"

1. T\u1ed5ng quan ng\u00e0nh b\u1ea3o hi\u1ec3m Ng\u00e0nh b\u1ea3o hi\u1ec3m Vi\u1ec7t Nam trong nh\u1eefng n\u0103m v\u1eeba qua lu\u00f4n duy tr\u00ec t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng kho\u1ea3ng 20%\/n\u0103m. Trong \u0111\u00f3 m\u1ea3ng b\u1ea3o hi\u1ec3m nh\u00e2n th\u1ecd c\u00f3 m\u1ee9c t\u0103ng tr\u01b0\u1edfng b\u00ecnh qu\u00e2n kho\u1ea3ng 25%-30% trong khi nh\u00f3m b\u1ea3o hi\u1ec3m phi nh\u00e2n th\u1ecd t\u0103ng tr\u01b0\u1edfng t\u1eeb 9-10% m\u1ed7i n\u0103m. Trong…<\/p>\n","protected":false},"author":3,"featured_media":6702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[103],"tags":[],"_links":{"self":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/6676"}],"collection":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/comments?post=6676"}],"version-history":[{"count":14,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/6676\/revisions"}],"predecessor-version":[{"id":7995,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/6676\/revisions\/7995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media\/6702"}],"wp:attachment":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media?parent=6676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/categories?post=6676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/tags?post=6676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}