{"id":1591,"date":"2025-09-27T17:25:03","date_gmt":"2025-09-27T10:25:03","guid":{"rendered":"https:\/\/ckvn.net\/chung-khoan\/?p=1591"},"modified":"2025-09-28T10:30:44","modified_gmt":"2025-09-28T03:30:44","slug":"vsc-loi-nhuan-but-pha-nho-kinh-doanh-chung-khoan-trong-khi-mang-kinh-doanh-cot-loi-djoi-mat-rui-ro-canh-tranh-gay-gat","status":"publish","type":"post","link":"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/vsc-loi-nhuan-but-pha-nho-kinh-doanh-chung-khoan-trong-khi-mang-kinh-doanh-cot-loi-djoi-mat-rui-ro-canh-tranh-gay-gat\/","title":{"rendered":"VSC: L\u1ee3i nhu\u1eadn b\u1ee9t ph\u00e1 nh\u1edd kinh doanh ch\u1ee9ng kho\u00e1n trong khi m\u1ea3ng kinh doanh c\u1ed1t l\u00f5i \u0111\u1ed1i m\u1eb7t r\u1ee7i ro c\u1ea1nh tranh gay g\u1eaft"},"content":{"rendered":"\n<p>BSC cho r\u1eb1ng k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a VSC trong n\u1eeda \u0111\u1ea7u n\u0103m 2025 l\u00e0 \u1ea5n t\u01b0\u1ee3ng nh\u01b0ng th\u1eadn tr\u1ecdng v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn, \u0111\u1eb7c bi\u1ec7t l\u00e0 ho\u1ea1t \u0111\u1ed9ng khai th\u00e1c c\u1ea3ng c\u1ed1t l\u00f5i.<\/p>\n\n\n\n<p>L\u1ee3i nhu\u1eadn t\u0103ng m\u1ea1nh nh\u01b0ng ch\u1ea5t l\u01b0\u1ee3ng ch\u01b0a b\u1ec1n v\u1eefng: LNST 6T2025 t\u0103ng 75% YoY, ch\u1ee7 y\u1ebfu nh\u1edd l\u1ee3i nhu\u1eadn t\u00e0i ch\u00ednh t\u1eeb \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n (+548% YoY), kh\u00f4ng \u0111\u1ebfn t\u1eeb m\u1ea3ng khai th\u00e1c c\u1ea3ng c\u1ed1t l\u00f5i.<\/p>\n\n\n\n<p>Ho\u1ea1t \u0111\u1ed9ng c\u1ed1t l\u00f5i \u0111\u1ed1i m\u1eb7t c\u1ea1nh tranh v\u00e0 chi ph\u00ed cao: S\u1ea3n l\u01b0\u1ee3ng c\u1ea3ng t\u0103ng khi\u00eam t\u1ed1n, bi\u00ean l\u1ee3i nhu\u1eadn c\u1ea3i thi\u1ec7n nh\u1eb9 sau h\u1ee3p nh\u1ea5t Nam H\u1ea3i \u0110\u00ecnh V\u0169, nh\u01b0ng chi ph\u00ed SG&amp;A t\u0103ng 39% YoY l\u00e0m gi\u1ea3m hi\u1ec7u qu\u1ea3 kinh doanh.<\/p>\n\n\n\n<p>C\u1ea3nh b\u00e1o r\u1ee7i ro t\u1eeb giao d\u1ecbch n\u1ed9i b\u1ed9 v\u00e0 thanh kho\u1ea3n th\u1ea5p: Gi\u00e1 c\u1ed5 phi\u1ebfu VSC \u0111\u00e3 t\u0103ng 146% YTD, nh\u01b0ng b\u1ecb c\u1ea3nh b\u00e1o \u0111\u1ecf do l\u00e3nh \u0111\u1ea1o c\u00f9ng c\u1ed5 \u0111\u00f4ng l\u1edbn VietinBank Capital li\u00ean t\u1ee5c b\u00e1n ra c\u1ed5 phi\u1ebfu, l\u00e0m d\u1ea5y l\u00ean lo ng\u1ea1i v\u1ec1 \u00e1p l\u1ef1c n\u1ee3 v\u00e0 c\u1ea1nh tranh.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >N\u1ed9i dung<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-6a2224c474e7b\" ><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-6a2224c474e7b\"  type=\"checkbox\" id=\"item-6a2224c474e7b\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/vsc-loi-nhuan-but-pha-nho-kinh-doanh-chung-khoan-trong-khi-mang-kinh-doanh-cot-loi-djoi-mat-rui-ro-canh-tranh-gay-gat\/#Chat_luong_loi_nhuan_chua_cao\" title=\"Ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn ch\u01b0a cao\">Ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn ch\u01b0a cao<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/vsc-loi-nhuan-but-pha-nho-kinh-doanh-chung-khoan-trong-khi-mang-kinh-doanh-cot-loi-djoi-mat-rui-ro-canh-tranh-gay-gat\/#Danh_gia_va_khuyen_nghi\" title=\"\u0110\u00e1nh gi\u00e1 v\u00e0 khuy\u1ebfn ngh\u1ecb\">\u0110\u00e1nh gi\u00e1 v\u00e0 khuy\u1ebfn ngh\u1ecb<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Chat_luong_loi_nhuan_chua_cao\"><\/span><strong>Ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn ch\u01b0a cao<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>BSC cho r\u1eb1ng, m\u1eb7c d\u00f9 VSC d\u1ef1 ki\u1ebfn \u0111i\u1ec1u ch\u1ec9nh t\u0103ng m\u1ea1nh k\u1ebf ho\u1ea1ch l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf 2025 l\u00ean\u00a01,250 t\u1ef7 VN\u0110\u00a0(g\u1ea5p 3 l\u1ea7n so v\u1edb k\u1ebf ho\u1ea1ch ban \u0111\u1ea7u), nh\u01b0ng ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn ch\u01b0a th\u1ef1c s\u1ef1 cao.\u00a0\u00a0<\/p>\n\n\n\n<p>Trong qu\u00fd 2.2025, l\u1ee3i nhu\u1eadn c\u1ee7a VSC t\u0103ng m\u1ea1nh +71% yoy, \u0111\u1ea1t 116 t\u1ef7 \u0111\u1ed3ng. L\u0169y k\u1ebf 6 th\u00e1ng \u0111\u1ea7u n\u0103m t\u0103ng +75% yoy, \u0111\u1ea1t 197 t\u1ef7 \u0111\u1ed3ng. L\u1ee3i nhu\u1eadn cao c\u1ee7a VSC ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb ngo\u00e0i m\u1ea3ng kinh doanh c\u1ed1t l\u00f5i. C\u1ee5 th\u1ec3, l\u1ee3i nhu\u1eadn t\u00e0i ch\u00ednh, ch\u1ee7 y\u1ebfu t\u1eeb\u00a0ch\u1ee9ng kho\u00e1n kinh doanh, ch\u1ec9 mang t\u00ednh ch\u1ea5t l\u1ee3i nhu\u1eadn m\u1ed9t l\u1ea7n v\u00e0 ti\u1ec1m \u1ea9n r\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<p>C\u1ee5 th\u1ec3,\u00a0l\u1ee3i nhu\u1eadn t\u00e0i ch\u00ednh t\u0103ng\u00a0g\u1ea5p 2.5 l\u1ea7n\u00a0so v\u1edbi c\u00f9ng k\u1ef3, v\u1edbi l\u00e3i t\u1eeb ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n t\u0103ng\u00a0+548%\u00a0YoY, l\u00e0 \u0111\u1ed9ng l\u1ef1c ch\u00ednh k\u00e9o LNST t\u0103ng v\u1ecdt.<\/p>\n\n\n\n<p>Ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i c\u00f3 ghi nh\u1eadn s\u1ef1 thay \u0111\u1ed5i t\u00edch c\u1ef1c nh\u1ecf sau khi h\u1ee3p nh\u1ea5t Nam H\u1ea3i \u0110\u00ecnh V\u0169. L\u1ee3i nhu\u1eadn g\u1ed9p qu\u00fd 2 t\u0103ng\u00a0+15%\u00a0YoY, nh\u1edd bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a C\u1ea3ng Xanh Vip c\u1ea3i thi\u1ec7n g\u1ea7n\u00a010 \u0111i\u1ec3m ph\u1ea7n tr\u0103m\u00a0sau khi h\u1ee3p nh\u1ea5t C\u1ea3ng Nam H\u1ea3i \u0110\u00ecnh V\u0169.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, m\u1ee9c \u0111\u1ed9 c\u1ea3i thi\u1ec7n kh\u00f4ng ph\u1ea3i m\u1ea1nh m\u1ebd. S\u1ea3n l\u01b0\u1ee3ng c\u1ee7a hai c\u1ea3ng c\u1ed1t l\u00f5i (Xanh Vip v\u00e0 Nam H\u1ea3i \u0110\u00ecnh V\u0169) t\u0103ng tr\u01b0\u1edfng kh\u00e1 khi\u00eam t\u1ed1n so v\u1edbi b\u1ed1i c\u1ea3nh \u201cfrontloading\u201d (nh\u1eadp h\u00e0ng s\u1edbm) v\u00e0 so v\u1edbi \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh.<\/p>\n\n\n\n<p>VSC \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi xu h\u01b0\u1edbng d\u1ecbch chuy\u1ec3n h\u00e0ng h\u00f3a v\u1ec1 khu v\u1ef1c\u00a0L\u1ea1ch Huy\u1ec7n\u00a0(c\u1ea3ng n\u01b0\u1edbc s\u00e2u) v\u00e0 s\u1ef1 c\u1ea1nh tranh kh\u1ed1c li\u1ec7t t\u1ea1i khu v\u1ef1c c\u1ea3ng s\u00f4ng\u00a0Nam \u0110\u00ecnh V\u0169.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"861\" height=\"560\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/VSC-1.png\" alt=\"\" class=\"wp-image-1629\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/VSC-1.png 861w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/VSC-1-300x195.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/VSC-1-768x500.png 768w\" sizes=\"(max-width: 861px) 100vw, 861px\" \/><\/figure><\/div>\n\n\n<p>Ngo\u00e0i ra, chi ph\u00ed SG&amp;A t\u0103ng \u0111\u00e1ng k\u1ec3\u00a0+39%\u00a0YoY trong Q2\/2025, tri\u1ec7t ti\u00eau t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn g\u1ed9p. Nguy\u00ean nh\u00e2n do chi ph\u00ed hoa h\u1ed3ng t\u0103ng \u0111\u1ec3 duy tr\u00ec c\u00e1c tuy\u1ebfn hi\u1ec7n h\u1eefu t\u1ea1i C\u1ea3ng Nam H\u1ea3i \u0110\u00ecnh V\u0169 (mang t\u00ednh ph\u00f2ng th\u1ee7). Ngo\u00e0i ra, c\u00f2n do chi ph\u00ed tr\u00edch l\u1eadp c\u1ed1 \u0111\u1ecbnh g\u1ea7n\u00a040 t\u1ef7 VN\u0110\/n\u0103m\u00a0t\u1eeb th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i C\u1ea3ng Nam H\u1ea3i \u0110\u00ecnh V\u0169 v\u1edbi gi\u00e1 cao.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh hi\u1ec7n t\u1eadp trung ch\u1ee7 y\u1ebfu v\u00e0o\u00a0HAH\u00a0(chi\u1ebfm 88% gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0), cho th\u1ea5y \u0111\u1ecbnh h\u01b0\u1edbng \u201cli\u00ean minh chi\u1ebfn l\u01b0\u1ee3c\u201d gi\u1eefa VSC v\u00e0 HAH (VSC g\u00f3p 60% v\u1ed1n v\u00e0o H\u1ea3i An Green Shipping Lines) nh\u1eb1m gia t\u0103ng l\u1ee3i th\u1ebf v\u00e0 l\u1ea5p \u0111\u1ea7y c\u00f4ng su\u1ea5t.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Danh_gia_va_khuyen_nghi\"><\/span><strong>\u0110\u00e1nh gi\u00e1 v\u00e0 khuy\u1ebfn ngh\u1ecb<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>BSC nh\u1eadn th\u1ea5y l\u1ee3i nhu\u1eadn 6 th\u00e1ng \u0111\u1ea7u n\u0103m 2025 t\u0103ng m\u1ea1nh\u00a0+61%\u00a0YoY. Tuy nhi\u00ean, gi\u00e1 c\u1ed5 phi\u1ebfu VSC \u0111\u00e3 t\u0103ng\u00a0+146% YTD, \u0111\u00e3 ph\u1ea3n \u00e1nh ph\u1ea7n l\u1edbn k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn trong n\u0103m 2025 (ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb l\u1ee3i nhu\u1eadn t\u00e0i ch\u00ednh v\u00e0 tho\u00e1i v\u1ed1n C\u1ea3ng Xanh Vip).<\/p>\n\n\n\n<p>BSC (25.8.2025) hi\u1ec7n\u00a0KH\u00d4NG \u0110\u00c1NH GI\u00c1\u00a0\u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu VSC do ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn ch\u01b0a cao.\u00a0\u0110\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb ho\u1ea1t \u0111\u1ed9ng kh\u00f4ng c\u1ed1t l\u00f5i, c\u00f3 t\u00ednh r\u1ee7i ro v\u00e0 bi\u1ebfn \u0111\u1ed9ng.\u00a0M\u1ea3ng khai th\u00e1c c\u1ea3ng g\u1eb7p kh\u00f3 kh\u0103n do khu v\u1ef1c c\u1ea3ng s\u00f4ng Nam \u0110\u00ecnh V\u0169\u00a0d\u01b0 cung\u00a0v\u00e0\u00a0c\u1ea1nh tranh kh\u1ed1c li\u1ec7t, trong khi VSC thi\u1ebfu l\u1ee3i th\u1ebf v\u1ec1 v\u1ecb tr\u00ed \u0111\u1ecba l\u00fd nh\u01b0 \u0111\u1ed1i th\u1ee7 GMD (s\u1edf h\u1eefu c\u1ea3ng n\u01b0\u1edbc s\u00e2u L\u1ea1ch Huy\u1ec7n).<\/p>\n\n\n\n<p>VSC \u0111ang giao d\u1ecbch \u1edf m\u1ee9c P\/E Trailling =\u00a027 l\u1ea7n, cao h\u01a1n nhi\u1ec1u so v\u1edbi P\/E trung b\u00ecnh 5 n\u0103m (16 l\u1ea7n).<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"842\" height=\"316\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/2-1.png\" alt=\"\" class=\"wp-image-1630\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/2-1.png 842w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/2-1-300x113.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/2-1-768x288.png 768w\" sizes=\"(max-width: 842px) 100vw, 842px\" \/><\/figure><\/div>\n\n\n<p>Elibook Team c\u1ea3nh b\u00e1o \u0111\u1ecf v\u1ec1 VSC khi c\u1ed5 phi\u1ebfu n\u00e0y lu\u00f4n \u0111\u01b0\u1ee3c giao d\u1ecbch v\u1edbi thanh kho\u1ea3n b\u1eb1ng 10%-20% s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh, t\u1ea1o ra c\u01a1 h\u1ed9i cho c\u00e1c c\u1ed5 \u0111\u00f4ng l\u1edbn tho\u00e1t h\u00e0ng.<\/p>\n\n\n\n<p>Qu\u1ef9 \u0111\u1ea7u t\u01b0 VietinBank Capital v\u00e0 nhi\u1ec1u l\u00e3nh \u0111\u1ea1o c\u1ea5p cao c\u1ee7a Viconship (VSC) \u0111\u00e3\u00a0li\u00ean t\u1ee5c b\u00e1n ra c\u1ed5 phi\u1ebfu\u00a0trong giai \u0111o\u1ea1n gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng t\u00edch c\u1ef1c, trong b\u1ed1i c\u1ea3nh VSC \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi g\u00e1nh n\u1eb7ng n\u1ee3 vay v\u00e0 \u00e1p l\u1ef1c c\u1ea1nh tranh gia t\u0103ng.<\/p>\n\n\n\n<p>VietinBank Capital\u00a0\u0111\u00e3 th\u1ef1c hi\u1ec7n nhi\u1ec1u \u0111\u1ee3t tho\u00e1i v\u1ed1n quy m\u00f4 l\u1edbn trong th\u00e1ng 7 v\u00e0 th\u00e1ng 8, b\u00e1n ra t\u1ed5ng c\u1ed9ng h\u01a1n\u00a057.6 tri\u1ec7u c\u1ed5 phi\u1ebfu. Sau c\u00e1c giao d\u1ecbch n\u00e0y, t\u1ef7 l\u1ec7 s\u1edf h\u1eefu c\u1ee7a qu\u1ef9 gi\u1ea3m m\u1ea1nh t\u1eeb\u00a018.2% xu\u1ed1ng c\u00f2n 2.8%\u00a0v\u00e0 VietinBank Capital\u00a0ch\u00ednh th\u1ee9c kh\u00f4ng c\u00f2n l\u00e0 c\u1ed5 \u0111\u00f4ng l\u1edbn\u00a0c\u1ee7a VSC.<\/p>\n\n\n\n<p>Nhi\u1ec1u l\u00e3nh \u0111\u1ea1o c\u1ea5p cao\u00a0c\u1ee7a c\u00f4ng ty, bao g\u1ed3m Gi\u00e1m \u0111\u1ed1c T\u00e0i ch\u00ednh Tr\u01b0\u01a1ng Anh Th\u01b0 v\u00e0 Ph\u00f3 T\u1ed5ng Gi\u00e1m \u0111\u1ed1c V\u0169 Ng\u1ecdc L\u00e2m, c\u0169ng \u0111\u00e3\u00a0\u0111\u0103ng k\u00fd b\u00e1n ra c\u1ed5 phi\u1ebfu\u00a0t\u1eeb th\u00e1ng 5\/2025.<\/p>\n\n\n\n<p>Tr\u00ean \u0111\u1ed3 th\u1ecb, c\u1ed5 phi\u1ebfu VSC sau khi t\u0103ng gi\u00e1 cao tr\u00e0o h\u1ed3i th\u00e1ng 8 \u0111ang \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 EMA 21 ng\u00e0y, kh\u1ea3 n\u0103ng c\u1ed5 phi\u1ebfu n\u00e0y s\u1ebd \u0111\u1ec3 m\u1ea5t MA50 ng\u00e0y trong th\u1eddi gian t\u1edbi.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"511\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/3-2-1024x511.png\" alt=\"\" class=\"wp-image-1631\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/3-2-1024x511.png 1024w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/3-2-300x150.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/3-2-768x384.png 768w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/3-2-1536x767.png 1536w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/3-2.png 1546w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>BSC cho r\u1eb1ng k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a VSC trong n\u1eeda \u0111\u1ea7u n\u0103m 2025 l\u00e0 \u1ea5n t\u01b0\u1ee3ng nh\u01b0ng th\u1eadn tr\u1ecdng v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn, \u0111\u1eb7c bi\u1ec7t l\u00e0 ho\u1ea1t \u0111\u1ed9ng khai th\u00e1c c\u1ea3ng c\u1ed1t l\u00f5i. L\u1ee3i nhu\u1eadn t\u0103ng m\u1ea1nh nh\u01b0ng ch\u1ea5t l\u01b0\u1ee3ng ch\u01b0a b\u1ec1n v\u1eefng: LNST 6T2025 t\u0103ng 75% YoY, ch\u1ee7 y\u1ebfu nh\u1edd l\u1ee3i nhu\u1eadn t\u00e0i ch\u00ednh t\u1eeb \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n (+548% YoY), kh\u00f4ng \u0111\u1ebfn t\u1eeb m\u1ea3ng khai th\u00e1c c\u1ea3ng c\u1ed1t l\u00f5i. Ho\u1ea1t \u0111\u1ed9ng c\u1ed1t l\u00f5i \u0111\u1ed1i m\u1eb7t c\u1ea1nh tranh v\u00e0 chi ph\u00ed cao: S\u1ea3n l\u01b0\u1ee3ng c\u1ea3ng t\u0103ng khi\u00eam t\u1ed1n, bi\u00ean l\u1ee3i nhu\u1eadn c\u1ea3i thi\u1ec7n nh\u1eb9 sau h\u1ee3p nh\u1ea5t <\/p>\n","protected":false},"author":1,"featured_media":1632,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[174],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1591"}],"collection":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/comments?post=1591"}],"version-history":[{"count":8,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1591\/revisions"}],"predecessor-version":[{"id":1698,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1591\/revisions\/1698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media\/1632"}],"wp:attachment":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media?parent=1591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/categories?post=1591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/tags?post=1591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}