![\"\"](\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/image.webp\")
<\/figure><\/div>\n\n\nB\u00e0 Tr\u1ea7n Th\u1ecb Kim C\u01b0\u01a1ng, T\u1ed5ng gi\u00e1m \u0111\u1ed1c Manulife IM Vi\u1ec7t Nam. \u1ea2nh:\u00a0T\u1ea5t \u0110\u1ea1t<\/em><\/p>\n\n\n\n <\/p>\n\n\n\n N\u1ebfu c\u00f3 ti\u1ec1n nh\u01b0ng l\u1ea1i \u0111\u1ea7u t\u01b0 trong t\u00e2m th\u1ebf lu\u00f4n lo l\u1eafng, l\u00fac tham lam, l\u00fac s\u1ee3 h\u00e3i, c\u00f3 khi l\u1ea1i h\u1ed1i ti\u1ebfc…, ch\u1ea5t l\u01b0\u1ee3ng cu\u1ed9c s\u1ed1ng s\u1ebd suy gi\u1ea3m. Thay v\u00e0o \u0111\u00f3, b\u00e0 C\u01b0\u01a1ng cho r\u1eb1ng nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n t\u1eadn d\u1ee5ng s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng trong d\u00e0i h\u1ea1n \u0111\u1ec3 gia t\u0103ng t\u00e0i s\u1ea3n, kh\u00f4ng n\u00ean b\u1ecb cu\u1ed1n v\u00e0o th\u1ecb tr\u01b0\u1eddng r\u1ed3i tr\u1edf th\u00e0nh “n\u1ea1n nh\u00e2n” c\u1ee7a n\u00f3.<\/p>\n\n\n\n \u0110\u1ec3 l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u n\u00e0y, theo b\u00e0 C\u01b0\u01a1ng, khi tham gia b\u1ea5t k\u1ef3 cu\u1ed9c ch\u01a1i n\u00e0o, vi\u1ec7c bi\u1ebft quy lu\u1eadt v\u00e0 hi\u1ec3u c\u00e1ch v\u1eadn h\u00e0nh l\u00e0 then ch\u1ed1t \u0111\u1ec3 c\u00f3 th\u1ec3 h\u01b0\u1edfng l\u1ee3i. Do \u0111\u00f3, c\u1ea7n hi\u1ec3u b\u1ea3n ch\u1ea5t s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Nh\u00ecn chung v\u1ec1 d\u00e0i h\u1ea1n,\u00a0ch\u1ee9ng kho\u00e1n\u00a0s\u1ebd t\u0103ng tr\u01b0\u1edfng theo s\u1ef1 \u0111i l\u00ean c\u1ee7a n\u1ec1n kinh t\u1ebf, m\u1eb7c d\u00f9 trong ng\u1eafn h\u1ea1n v\u1eabn c\u00f3 bi\u1ebfn \u0111\u1ed9ng. Th\u1ed1ng k\u00ea c\u1ee7a Manulife IM trong 25 n\u0103m qua cho th\u1ea5y, x\u00e1c su\u1ea5t VN-Index t\u0103ng l\u00e0 70%, trong khi chi\u1ec1u ng\u01b0\u1ee3c l\u1ea1i ch\u1ec9 30%.<\/p>\n\n\n\n <\/p>\n\n\n\n V\u00ec v\u1eady, chuy\u00ean gia n\u00e0y n\u00f3i vi\u1ec7c \u1edf l\u1ea1i th\u1ecb tr\u01b0\u1eddng d\u1ef1a tr\u00ean s\u1ef1 hi\u1ec3u bi\u1ebft v\u00e0 l\u00fd tr\u00ed th\u01b0\u1eddng mang l\u1ea1i k\u1ebft qu\u1ea3 t\u1ed1t v\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng lu\u00f4n c\u00f3 t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n. Nhi\u1ec1u nghi\u00ean c\u1ee9u ch\u1ec9 ra r\u1eb1ng th\u1eddi gian \u1edf trong th\u1ecb tr\u01b0\u1eddng c\u00e0ng d\u00e0i, t\u1ef7 su\u1ea5t sinh l\u1eddi c\u00e0ng t\u1ed1t.<\/p>\n\n\n\n \u0110\u1ea7u t\u01b0 \u0111\u1ec1u \u0111\u1eb7n v\u00e0 d\u00e0i h\u1ea1n c\u0169ng \u0111\u01b0\u1ee3c nhi\u1ec1u chuy\u00ean gia \u0111\u00e1nh gi\u00e1 cao. Trong bu\u1ed5i h\u1ed9i th\u1ea3o tu\u1ea7n tr\u01b0\u1edbc, \u00f4ng V\u00f5 Nguy\u1ec5n Khoa Tu\u1ea5n, Gi\u00e1m \u0111\u1ed1c nghi\u1ec7p v\u1ee5 c\u1ea5p cao l\u0129nh v\u1ef1c ch\u1ee9ng kho\u00e1n c\u1ee7a Dragon Capital, cho r\u1eb1ng vi\u1ec7c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 kh\u00f4ng \u0111\u1ebfn t\u1eeb nh\u1eefng quy\u1ebft \u0111\u1ecbnh ng\u1eafn h\u1ea1n m\u00e0 t\u1eeb s\u1ef1 ki\u00ean \u0111\u1ecbnh v\u1edbi chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u01a1i. M\u1eb7c d\u00f9 m\u1ee5c \u0111\u00edch c\u1ee7a vi\u1ec7c mua – b\u00e1n th\u01b0\u1eddng xuy\u00ean l\u00e0 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn, th\u1ed1ng k\u00ea c\u1ee7a Dragon Capital l\u1ea1i cho th\u1ea5y c\u00e1ch th\u1ee9c n\u00e0y th\u01b0\u1eddng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u su\u1ea5t nhi\u1ec1u h\u01a1n.<\/p>\n\n\n\n Thay v\u00ec ch\u1ea1y theo xu h\u01b0\u1edbng “l\u01b0\u1edbt s\u00f3ng”, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean t\u1eadp trung v\u00e0o vi\u1ec7c ph\u00e2n t\u00edch c\u01a1 b\u1ea3n c\u1ee7a doanh nghi\u1ec7p, \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0 tr\u00e1nh h\u00e0nh \u0111\u1ed9ng theo t\u00e2m l\u00fd \u0111\u00e1m \u0111\u00f4ng. \u00d4ng Tu\u1ea5n tin r\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 nh\u1ea5t l\u00e0 ki\u00ean \u0111\u1ecbnh v\u00e0 \u0111\u1ecbnh k\u1ef3, \u0111i\u1ec3n h\u00ecnh l\u00e0 ph\u01b0\u01a1ng ph\u00e1p trung b\u00ecnh gi\u00e1 (DCA). \u0110\u00e2y l\u00e0 c\u00e1ch \u0111\u01a1n gi\u1ea3n nh\u01b0ng r\u1ea5t hi\u1ec7u qu\u1ea3 \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn t\u1ed1t v\u1ec1 trung v\u00e0 d\u00e0i h\u1ea1n.<\/p>\n\n\n\n Theo quan s\u00e1t c\u1ee7a Dragon Capital, h\u1ea7u nh\u01b0 m\u1ed7i khi ch\u1ee9ng kho\u00e1n \u0111i\u1ec1u ch\u1ec9nh quanh 5-10%, kh\u1ea3 n\u0103ng r\u1ea5t cao s\u1ebd ph\u1ee5c h\u1ed3i tr\u1edf l\u1ea1i. V\u1ec1 c\u01a1 b\u1ea3n, th\u1ecb tr\u01b0\u1eddng trong trung v\u00e0 d\u00e0i h\u1ea1n s\u1ebd \u0111i l\u00ean d\u1ef1a tr\u00ean t\u0103ng tr\u01b0\u1edfng c\u1ee7a n\u1ec1n kinh t\u1ebf v\u00e0 l\u1ee3i nhu\u1eadn c\u1ee7a doanh nghi\u1ec7p ni\u00eam y\u1ebft. C\u1ea3 hai y\u1ebfu t\u1ed1 n\u00e0y \u0111\u1ec1u \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 t\u00edch c\u1ef1c trong th\u1eddi gian t\u1edbi.<\/p>\n\n\n\n Ri\u00eang v\u1ec1 l\u1ee3i nhu\u1eadn doanh nghi\u1ec7p, Dragon Capital ghi nh\u1eadn m\u1ee9c t\u0103ng tr\u01b0\u1edfng trong 9 th\u00e1ng \u0111\u1ea7u n\u0103m h\u01a1n 22% – t\u1ed1t h\u01a1n k\u1ef3 v\u1ecdng c\u1ee7a qu\u1ef9 ngo\u1ea1i n\u00e0y \u0111\u01b0a ra h\u1ed3i gi\u1eefa n\u0103m. Kh\u1ea3 n\u0103ng cao, t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn c\u1ea3 n\u0103m s\u1ebd v\u01b0\u1ee3t m\u1ee9c d\u1ef1 b\u00e1o 16-17%. Trong n\u0103m 2026, Dragon Capital d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn c\u1ee7a 80 c\u1ed5 phi\u1ebfu l\u1edbn nh\u1ea5t th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u1ea1t kho\u1ea3ng 15-16%. C\u00e1c ng\u00e0nh \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng d\u1eabn d\u1eaft t\u0103ng tr\u01b0\u1edfng bao g\u1ed3m ng\u00e2n h\u00e0ng, s\u1eaft th\u00e9p, khu c\u00f4ng nghi\u1ec7p v\u00e0 b\u00e1n l\u1ebb.<\/p>\n\n\n\n “Th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i c\u00f3 nhi\u1ec1u c\u1ed5 phi\u1ebfu v\u1eabn s\u1edf h\u1eefu ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng t\u1ed1t trong n\u0103m sau”, \u00f4ng Tu\u1ea5n nh\u1eadn \u0111\u1ecbnh.<\/p>\n\n\n\n Kh\u00f4ng ch\u1ec9 v\u1edbi ch\u1ee9ng kho\u00e1n, phong c\u00e1ch n\u00e0y c\u0169ng \u0111\u01b0\u1ee3c khuy\u00ean \u00e1p d\u1ee5ng cho qu\u00e1 tr\u00ecnh \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh n\u00f3i chung. Chuy\u00ean gia Manulife IM gi\u1edbi thi\u1ec7u m\u00f4 h\u00ecnh “\u0111\u1ed9i b\u00f3ng” \u0111\u1ec3 gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ed9t c\u00f4ng th\u1ee9c tham kh\u1ea3o trong vi\u1ec7c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n. M\u00f4 h\u00ecnh n\u00e0y chia t\u1ed5ng t\u00e0i s\u1ea3n c\u00e1 nh\u00e2n m\u1ed7i ng\u01b0\u1eddi th\u00e0nh ba l\u1edbp, t\u01b0\u01a1ng t\u1ef1 ba h\u00e0ng trong \u0111\u1ed9i b\u00f3ng \u0111\u00e1 g\u1ed3m ph\u00f2ng th\u1ee7, ti\u1ec1n v\u1ec7 v\u00e0 ti\u1ec1n \u0111\u1ea1o.<\/p>\n\n\n\n <\/p>\n\n\n M\u00f4 h\u00ecnh “\u0111\u1ed9i b\u00f3ng” trong ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0. \u1ea2nh:\u00a0Manulife IM Vi\u1ec7t Nam<\/em><\/p>\n\n\n\n <\/p>\n\n\n\n H\u00e0ng ph\u00f2ng th\u1ee7 s\u1ebd l\u00e0 tuy\u1ebfn t\u00e0i s\u1ea3n mang t\u00ednh b\u1ea3o v\u1ec7 tr\u01b0\u1edbc c\u00e1c t\u00ecnh hu\u1ed1ng r\u1ee7i ro, th\u01b0\u1eddng c\u00f3 t\u1ef7 su\u1ea5t sinh l\u1eddi kh\u00f4ng cao, nh\u01b0ng mang l\u1ea1i s\u1ef1 ch\u1ee7 \u0111\u1ed9ng v\u00e0 t\u00ednh thanh kho\u1ea3n t\u1ed1t. Nh\u00f3m n\u00e0y bao g\u1ed3m h\u1ee3p \u0111\u1ed3ng\u00a0b\u1ea3o hi\u1ec3m\u00a0(\u0111\u1ec3 x\u1eed l\u00fd r\u1ee7i ro \u0111\u1ed9t ng\u1ed9t), qu\u1ef9 kh\u1ea9n c\u1ea5p (\u0111\u1ec3 duy tr\u00ec cu\u1ed9c s\u1ed1ng khi m\u1ea5t vi\u1ec7c) v\u00e0\u00a0v\u00e0ng.<\/p>\n\n\n\n Ti\u1ebfp theo, h\u00e0ng ti\u1ec1n v\u1ec7 l\u00e0 tuy\u1ebfn t\u00e0i s\u1ea3n linh ho\u1ea1t, c\u00f3 th\u1ec3 “ch\u1ea1y v\u1ec1” ph\u00f2ng th\u1ee7 ho\u1eb7c “ch\u1ea1y l\u00ean” t\u1ea5n c\u00f4ng t\u00f9y theo \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng v\u00e0 m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0.\u00a0Ch\u1ee9ng ch\u1ec9 qu\u1ef9, \u0111\u1eb7c bi\u1ec7t l\u00e0 qu\u1ef9 m\u1edf, th\u01b0\u1eddng \u0111\u01b0\u1ee3c x\u1ebfp v\u00e0o h\u00e0ng ti\u1ec1n v\u1ec7 v\u00ec ch\u00fang cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 linh ho\u1ea1t. N\u1ebfu h\u1ecd mu\u1ed1n t\u1ea5n c\u00f4ng v\u00e0 t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn cao c\u00f3 th\u1ec3 ch\u1ecdn qu\u1ef9 c\u1ed5 phi\u1ebfu v\u1edbi m\u1ee9c \u0111\u1ed9 r\u1ee7i ro cao. N\u1ebfu mu\u1ed1n ph\u00f2ng th\u1ee7, h\u1ecd c\u00f3 th\u1ec3 ch\u1ecdn qu\u1ef9 c\u00e2n b\u1eb1ng ho\u1eb7c qu\u1ef9 n\u0103ng \u0111\u1ed9ng v\u1edbi m\u1ee9c \u0111\u1ed9 r\u1ee7i ro th\u1ea5p h\u01a1n.<\/p>\n\n\n\n Tr\u00ean c\u00f9ng l\u00e0 h\u00e0ng ti\u1ec1n \u0111\u1ea1o g\u1ed3m tuy\u1ebfn t\u00e0i s\u1ea3n chuy\u00ean d\u00f9ng \u0111\u1ec3 “ghi b\u00e0n”, t\u1ee9c t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn cao v\u00e0 t\u01b0\u01a1ng \u1ee9ng s\u1ebd c\u00f3 r\u1ee7i ro cao. Nh\u00f3m n\u00e0y c\u00f3 th\u1ec3 g\u1ed3m kh\u1edfi nghi\u1ec7p kinh doanh, t\u1ef1 \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu ho\u1eb7c mua\u00a0b\u1ea5t \u0111\u1ed9ng s\u1ea3n.<\/p>\n\n\n\n Chuy\u00ean gia l\u01b0u \u00fd, vi\u1ec7c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n gi\u1eefa ba h\u00e0ng n\u00e0y c\u1ea7n d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro v\u00e0 \u0111\u1ed9 tu\u1ed5i c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. Ch\u1eb3ng h\u1ea1n, ng\u01b0\u1eddi c\u00e0ng l\u1edbn tu\u1ed5i, ph\u1ea7n t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c h\u00e0ng r\u1ee7i ro cao h\u01a1n (ti\u1ec1n v\u1ec7 v\u00e0 ti\u1ec1n \u0111\u1ea1o) c\u00e0ng ph\u1ea3i \u00edt \u0111i \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o s\u1ef1 \u1ed5n \u0111\u1ecbnh thu nh\u1eadp. Khi c\u00f3 k\u1ebf ho\u1ea1ch ph\u00e2n b\u1ed5 r\u00f5 r\u00e0ng, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 ki\u00ean \u0111\u1ecbnh v\u00e0 thong dong, b\u1edfi v\u00ec h\u1ecd bi\u1ebft r\u00f5 r\u00e0ng v\u1ec1 l\u00e2u v\u1ec1 d\u00e0i, t\u00e0i s\u1ea3n n\u00e0o c\u0169ng s\u1ebd t\u0103ng gi\u00e1 n\u00ean ch\u1ec9 c\u1ea7n ki\u00ean \u0111\u1ecbnh v\u00e0 l\u00fd t\u00ednh \u0111\u1ec3 \u0111\u1ea7u t\u01b0 \u0111\u1ec1u \u0111\u1eb7n.<\/p>\n\n\n\n <\/p>\n\n\n\n T\u1ea5t \u0110\u1ea1t<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" \u0110\u1ea7u t\u01b0 kh\u00f4ng ph\u1ea3i cu\u1ed9c \u0111ua m\u1ec7t m\u1ecfi. H\u1ecdc c\u00e1ch \u0111\u1ea7u t\u01b0 NH\u00c0N \u2013 \u0111\u00fang ph\u01b0\u01a1ng ph\u00e1p, \u0111\u00fang nh\u1ecbp th\u1ecb tr\u01b0\u1eddng, \u0111\u1ec3 kh\u00f4ng t\u1ef1 bi\u1ebfn m\u00ecnh th\u00e0nh n\u1ea1n nh\u00e2n c\u1ee7a c\u1ea3m x\u00fac. \u0110\u1eebng \u0111\u00e0y \u0111\u1ecda b\u1ea3n th\u00e2n b\u1eb1ng vi\u1ec7c nh\u00ecn b\u1ea3ng \u0111i\u1ec7n 24\/7 \u2013 h\u00e3y \u0111\u1ec3 ti\u1ec1n l\u00e0m vi\u1ec7c thay b\u1ea1n.<\/p>\n","protected":false},"author":1,"featured_media":3232,"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":[177],"tags":[285,919,931,327,926,927,487,928,929],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3228"}],"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=3228"}],"version-history":[{"count":2,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3228\/revisions"}],"predecessor-version":[{"id":3234,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3228\/revisions\/3234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media\/3232"}],"wp:attachment":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media?parent=3228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/categories?post=3228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/tags?post=3228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/image-1.webp\")
<\/figure><\/div>\n\n\n