{"id":1652,"date":"2025-09-27T22:55:51","date_gmt":"2025-09-27T15:55:51","guid":{"rendered":"https:\/\/ckvn.net\/chung-khoan\/?p=1652"},"modified":"2025-09-28T10:27:50","modified_gmt":"2025-09-28T03:27:50","slug":"song-dau-tu-cong-cuoi-nam-dau-la-trien-vong-thuc-su-cua-ha-tang-deo-ca-hhv","status":"publish","type":"post","link":"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/song-dau-tu-cong-cuoi-nam-dau-la-trien-vong-thuc-su-cua-ha-tang-deo-ca-hhv\/","title":{"rendered":"“S\u00f3ng” \u0111\u1ea7u t\u01b0 c\u00f4ng cu\u1ed1i n\u0103m: \u0110\u00e2u l\u00e0 tri\u1ec3n v\u1ecdng th\u1ef1c s\u1ef1 c\u1ee7a H\u1ea1 t\u1ea7ng \u0110\u00e8o C\u1ea3 (HHV)?"},"content":{"rendered":"\n

L\u00e0n s\u00f3ng gi\u1ea3i ng\u00e2n v\u1ed1n \u0111\u1ea7u t\u01b0 c\u00f4ng \u0111ang t\u1ea1o ra \u0111\u1ed9ng l\u1ef1c m\u1ea1nh m\u1ebd cho to\u00e0n ng\u00e0nh x\u00e2y d\u1ef1ng h\u1ea1 t\u1ea7ng.<\/p>\n\n\n\n

\u0110\u1ed9ng l\u1ef1c ch\u00ednh cho to\u00e0n ng\u00e0nh x\u00e2y d\u1ef1ng h\u1ea1 t\u1ea7ng \u0111\u1ebfn t\u1eeb \u00e1p l\u1ef1c gi\u1ea3i ng\u00e2n v\u1ed1n \u0111\u1ea7u t\u01b0 c\u00f4ng \u0111ang ng\u00e0y c\u00e0ng gia t\u0103ng khi n\u0103m 2025 b\u01b0\u1edbc v\u00e0o qu\u00fd cu\u1ed1i c\u00f9ng. Theo C\u00f4ng \u0111i\u1ec7n s\u1ed1 169\/C\u0110-TTg c\u1ee7a Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7, d\u1ef1a tr\u00ean b\u00e1o c\u00e1o c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh, k\u1ebft qu\u1ea3 gi\u1ea3i ng\u00e2n v\u1ed1n \u0111\u1ea7u t\u01b0 c\u00f4ng \u0111\u1ebfn h\u1ebft th\u00e1ng 8\/2025 \u0111\u1ea1t\u00a046,3%\u00a0k\u1ebf ho\u1ea1ch c\u1ea3 n\u0103m.<\/p>\n\n\n\n

\u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 trong 4 th\u00e1ng cu\u1ed1i c\u00f9ng c\u1ee7a n\u0103m, to\u00e0n h\u1ec7 th\u1ed1ng s\u1ebd ph\u1ea3i gi\u1ea3i ng\u00e2n m\u1ed9t l\u01b0\u1ee3ng v\u1ed1n kh\u1ed5ng l\u1ed3, l\u00ean t\u1edbi h\u01a1n\u00a0450.000 t\u1ef7 \u0111\u1ed3ng\u00a0(kho\u1ea3ng 53,7% k\u1ebf ho\u1ea1ch) \u0111\u1ec3 ho\u00e0n th\u00e0nh m\u1ee5c ti\u00eau 100% m\u00e0 Ch\u00ednh ph\u1ee7 \u0111\u00e3 \u0111\u1ec1 ra.<\/p>\n\n\n\n

\u0110\u00e2y l\u00e0 m\u1ed9t nhi\u1ec7m v\u1ee5 h\u1ebft s\u1ee9c th\u00e1ch th\u1ee9c, \u0111\u00f2i h\u1ecfi s\u1ef1 v\u00e0o cu\u1ed9c quy\u1ebft li\u1ec7t c\u1ee7a c\u00e1c b\u1ed9, ng\u00e0nh v\u00e0 \u0111\u1ecba ph\u01b0\u01a1ng, t\u1ea1o ra m\u1ed9t “cu\u1ed9c \u0111ua n\u01b0\u1edbc r\u00fat” tr\u00ean kh\u1eafp c\u00e1c \u0111\u1ea1i c\u00f4ng tr\u01b0\u1eddng. \u00c1p l\u1ef1c n\u00e0y \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd chuy\u1ec3n h\u00f3a th\u00e0nh kh\u1ed1i l\u01b0\u1ee3ng c\u00f4ng vi\u1ec7c v\u00e0 d\u00f2ng ti\u1ec1n th\u1ef1c t\u1ebf cho c\u00e1c doanh nghi\u1ec7p x\u00e2y l\u1eafp trong nh\u1eefng th\u00e1ng t\u1edbi.<\/p>\n\n\n\n

\u0110\u1ed9ng l\u1ef1c t\u1eeb c\u00e1c “si\u00eau d\u1ef1 \u00e1n”\ufeff<\/strong><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Tr\u1ecdng t\u00e2m trong ho\u1ea1t \u0111\u1ed9ng x\u00e2y l\u1eafp c\u1ee7a \u0110\u00e8o C\u1ea3 hi\u1ec7n nay l\u00e0 hai d\u1ef1 \u00e1n cao t\u1ed1c tr\u1ecdng \u0111i\u1ec3m ph\u00eda B\u1eafc:\u00a0H\u1eefu Ngh\u1ecb – Chi L\u0103ng\u00a0(t\u1ed5ng v\u1ed1n h\u01a1n 11.000 t\u1ef7 \u0111\u1ed3ng) v\u00e0\u00a0\u0110\u1ed3ng \u0110\u0103ng \u2013 Tr\u00e0 L\u0129nh\u00a0(t\u1ed5ng v\u1ed1n g\u1ea7n 23.000 t\u1ef7 \u0111\u1ed3ng). \u0110\u1ec3 \u0111\u1ea9y nhanh ti\u1ebfn \u0111\u1ed9, T\u1eadp \u0111o\u00e0n \u0111\u00e3 k\u00edch ho\u1ea1t chi\u1ebfn d\u1ecbch “100 ng\u00e0y \u0111\u00eam th\u00f4ng tuy\u1ebfn”, huy \u0111\u1ed9ng g\u1ea7n 6.000 nh\u00e2n s\u1ef1 v\u00e0 2.600 thi\u1ebft b\u1ecb, v\u1edbi m\u1ee5c ti\u00eau th\u00f4ng tuy\u1ebfn v\u00e0o 19\/12\/2025. Hi\u1ec7n t\u1ea1i, gi\u00e1 tr\u1ecb th\u1ef1c hi\u1ec7n t\u1ea1i hai d\u1ef1 \u00e1n n\u00e0y \u0111\u1ec1u \u0111\u00e3 v\u01b0\u1ee3t m\u1ed1c 36% gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n

B\u00ean c\u1ea1nh \u0111\u00f3, \u0110\u00e8o C\u1ea3 c\u0169ng \u0111ang tri\u1ec3n khai thi c\u00f4ng t\u1ea1i nhi\u1ec1u d\u1ef1 \u00e1n quan tr\u1ecdng kh\u00e1c nh\u01b0 cao t\u1ed1c Qu\u1ea3ng Ng\u00e3i – Ho\u00e0i Nh\u01a1n, \u0111\u01b0\u1eddng ven bi\u1ec3n B\u00ecnh \u0110\u1ecbnh v\u00e0 \u0111\u01b0\u1eddng ven bi\u1ec3n n\u1ed1i c\u1ea3ng Li\u00ean Chi\u1ec1u (\u0110\u00e0 N\u1eb5ng), t\u1ea1o k\u1ef3 v\u1ecdng v\u1ec1 d\u00f2ng ti\u1ec1n v\u00e0 l\u1ee3i nhu\u1eadn cho doanh nghi\u1ec7p khi m\u1ea3ng x\u00e2y l\u1eafp \u0111i v\u00e0o giai \u0111o\u1ea1n n\u01b0\u1edbc r\u00fat.<\/p>\n\n\n\n

B\u00e1o c\u00e1o c\u1ee7a MBS Research c\u0169ng \u0111\u01b0a ra d\u1ef1 ph\u00f3ng kh\u1ea3 quan cho k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a CTCP \u0110\u1ea7u t\u01b0 H\u1ea1 t\u1ea7ng \u0110\u00e8o C\u1ea3 (HHV). C\u1ee5 th\u1ec3, l\u1ee3i nhu\u1eadn r\u00f2ng Qu\u00fd 3\/2025 c\u00f3 th\u1ec3 t\u0103ng tr\u01b0\u1edfng\u00a065% so v\u1edbi c\u00f9ng k\u1ef3, \u0111\u1ea1t 165 t\u1ef7 \u0111\u1ed3ng\u00a0. Cho c\u1ea3 n\u0103m 2025, MBS d\u1ef1 b\u00e1o l\u1ee3i nhu\u1eadn r\u00f2ng c\u1ee7a c\u00f4ng ty c\u00f3 th\u1ec3 \u0111\u1ea1t\u00a0630 t\u1ef7\u00a0\u0111\u1ed3ng, t\u01b0\u01a1ng \u1ee9ng m\u1ee9c t\u0103ng tr\u01b0\u1edfng\u00a048%\u00a0so v\u1edbi n\u0103m 2024.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/a><\/p>\n\n\n\n

Nh\u00ecn l\u1ea1i n\u1eeda \u0111\u1ea7u n\u0103m 2025, HHV \u0111\u00e3 ghi nh\u1eadn nh\u1eefng k\u1ebft qu\u1ea3 kinh doanh \u1ed5n \u0111\u1ecbnh. Doanh thu h\u1ee3p nh\u1ea5t \u0111\u1ea1t tr\u00ean 1.682 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 12% so v\u1edbi c\u00f9ng k\u1ef3, v\u00e0 l\u1ee3i nhu\u1eadn sau thu\u1ebf \u0111\u1ea1t 324 t\u1ef7 \u0111\u1ed3ng, t\u0103ng m\u1ea1nh 33%, ho\u00e0n th\u00e0nh 58% k\u1ebf ho\u1ea1ch c\u1ea3 n\u0103m.<\/p>\n\n\n\n

N\u1ec1n t\u1ea3ng cho s\u1ef1 t\u0103ng tr\u01b0\u1edfng n\u00e0y \u0111\u1ebfn t\u1eeb hai m\u1ea3ng kinh doanh c\u1ed1t l\u00f5i. M\u1ea3ng thu ph\u00ed BOT, chi\u1ebfm g\u1ea7n 58% doanh thu n\u0103m 2024, v\u1eabn duy tr\u00ec d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh v\u1edbi t\u1ed5ng l\u01b0u l\u01b0\u1ee3ng xe qua c\u00e1c tr\u1ea1m trong 6 th\u00e1ng \u0111\u1ea7u n\u0103m t\u0103ng 11,9% so v\u1edbi c\u00f9ng k\u1ef3. M\u1ea3ng x\u00e2y l\u1eafp l\u00e0 \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u00ednh trong giai \u0111o\u1ea1n hi\u1ec7n t\u1ea1i v\u1edbi gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng c\u00f2n l\u1ea1i (backlog) t\u00ednh \u0111\u1ebfn Qu\u00fd 2\/2025 \u0111\u1ea1t g\u1ea7n 2.000 t\u1ef7 \u0111\u1ed3ng.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

C\u00e1c h\u1ea1ng m\u1ee5c c\u00f4ng vi\u1ec7c m\u00e0 HHV \u0111ang \u0111\u1ea3m nh\u1eadn trong giai \u0111o\u1ea1n 2016 – 2037. Ngu\u1ed3n: \u0110\u00e8o C\u1ea3 Group<\/em><\/p>\n\n\n\n

V\u1edbi v\u1ecb th\u1ebf chi\u1ebfm 80% th\u1ecb ph\u1ea7n ng\u00e0nh h\u1ea7m t\u1ea1i Vi\u1ec7t Nam v\u00e0 l\u00e0 \u0111\u01a1n v\u1ecb duy nh\u1ea5t c\u00f3 n\u0103ng l\u1ef1c thi c\u00f4ng h\u1ea7m c\u1ea5p \u0111\u1eb7c bi\u1ec7t, \u0110\u00e8o C\u1ea3 \u0111ang n\u1eafm gi\u1eef l\u1ee3i th\u1ebf l\u1edbn. Danh m\u1ee5c d\u1ef1 \u00e1n nghi\u00ean c\u1ee9u trong t\u01b0\u01a1ng lai c\u1ee7a t\u1eadp \u0111o\u00e0n r\u1ea5t l\u1edbn, bao g\u1ed3m cao t\u1ed1c Quy Nh\u01a1n \u2013 Pleiku, h\u1ea7m C\u00e1t L\u00e1i, v\u00e0 \u0111\u1eb7c bi\u1ec7t l\u00e0 d\u1ef1 \u00e1n \u0111\u01b0\u1eddng s\u1eaft cao t\u1ed1c B\u1eafc\u2013Nam, v\u1edbi t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng c\u00f4ng vi\u1ec7c nghi\u00ean c\u1ee9u l\u00ean t\u1edbi 245 km h\u1ea7m, tr\u1ecb gi\u00e1 10 t\u1ef7 USD.<\/p>\n\n\n\n

M\u1eb7c d\u00f9 tri\u1ec3n v\u1ecdng l\u1ea1c quan, ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a HHV v\u1eabn t\u1ed3n t\u1ea1i nh\u1eefng th\u00e1ch th\u1ee9c nh\u1ea5t \u0111\u1ecbnh. Do \u0111\u1eb7c th\u00f9 ng\u00e0nh \u0111\u1ea7u t\u01b0 h\u1ea1 t\u1ea7ng, t\u1ef7 l\u1ec7 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty \u0111ang \u1edf m\u1ee9c cao, v\u1edbi ch\u1ec9 s\u1ed1 N\u1ee3\/V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u1ea1t\u00a02,37 l\u1ea7n,\u00a0t\u1ea1o \u00e1p l\u1ef1c \u0111\u00e1ng k\u1ec3 v\u1ec1 chi ph\u00ed l\u00e3i vay. Ngo\u00e0i ra, c\u00e1c v\u01b0\u1edbng m\u1eafc trong gi\u1ea3i ph\u00f3ng m\u1eb7t b\u1eb1ng, b\u00e3i \u0111\u1ed5 th\u1ea3i t\u1ea1i c\u00e1c d\u1ef1 \u00e1n l\u00e0 r\u1ee7i ro th\u1ef1c t\u1ebf c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ti\u1ebfn \u0111\u1ed9.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trong 3 th\u00e1ng qua, c\u1ed5 phi\u1ebfu HHV \u0111\u00e3 ghi nh\u1eadn m\u1ed9t \u0111\u1ee3t t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng, b\u1ee9t ph\u00e1 t\u1eeb v\u00f9ng gi\u00e1 kho\u1ea3ng 12.000 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu cu\u1ed1i th\u00e1ng 6\/2025, t\u01b0\u01a1ng \u1ee9ng m\u1ee9c t\u0103ng h\u01a1n 41%.<\/p>\n","protected":false},"excerpt":{"rendered":"

L\u00e0n s\u00f3ng gi\u1ea3i ng\u00e2n v\u1ed1n \u0111\u1ea7u t\u01b0 c\u00f4ng \u0111ang t\u1ea1o ra \u0111\u1ed9ng l\u1ef1c m\u1ea1nh m\u1ebd cho to\u00e0n ng\u00e0nh x\u00e2y d\u1ef1ng h\u1ea1 t\u1ea7ng. \u0110\u1ed9ng l\u1ef1c ch\u00ednh cho to\u00e0n ng\u00e0nh x\u00e2y d\u1ef1ng h\u1ea1 t\u1ea7ng \u0111\u1ebfn t\u1eeb \u00e1p l\u1ef1c gi\u1ea3i ng\u00e2n v\u1ed1n \u0111\u1ea7u t\u01b0 c\u00f4ng \u0111ang ng\u00e0y c\u00e0ng gia t\u0103ng khi n\u0103m 2025 b\u01b0\u1edbc v\u00e0o qu\u00fd cu\u1ed1i c\u00f9ng. Theo C\u00f4ng \u0111i\u1ec7n s\u1ed1 169\/C\u0110-TTg c\u1ee7a Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7, d\u1ef1a tr\u00ean b\u00e1o c\u00e1o c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh, k\u1ebft qu\u1ea3 gi\u1ea3i ng\u00e2n v\u1ed1n \u0111\u1ea7u t\u01b0 c\u00f4ng \u0111\u1ebfn h\u1ebft th\u00e1ng 8\/2025 \u0111\u1ea1t\u00a046,3%\u00a0k\u1ebf ho\u1ea1ch c\u1ea3 n\u0103m. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 trong 4 th\u00e1ng cu\u1ed1i c\u00f9ng c\u1ee7a <\/p>\n","protected":false},"author":1,"featured_media":1653,"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\/1652"}],"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=1652"}],"version-history":[{"count":4,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1652\/revisions"}],"predecessor-version":[{"id":1692,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1652\/revisions\/1692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media\/1653"}],"wp:attachment":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media?parent=1652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/categories?post=1652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/tags?post=1652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}