{"id":3284,"date":"2025-11-30T14:59:27","date_gmt":"2025-11-30T07:59:27","guid":{"rendered":"https:\/\/ckvn.net\/chung-khoan\/?p=3284"},"modified":"2025-11-30T14:59:28","modified_gmt":"2025-11-30T07:59:28","slug":"ctg-loi-nhuan-tang-truong-ky-luc-nho-cai-thien-chat-luong-tai-san","status":"publish","type":"post","link":"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/ctg-loi-nhuan-tang-truong-ky-luc-nho-cai-thien-chat-luong-tai-san\/","title":{"rendered":"CTG: L\u1ee3i nhu\u1eadn T\u0103ng tr\u01b0\u1edfng K\u1ef7 l\u1ee5c Nh\u1edd C\u1ea3i thi\u1ec7n Ch\u1ea5t l\u01b0\u1ee3ng T\u00e0i s\u1ea3n"},"content":{"rendered":"\n<ul>\n<li><strong>K\u1ebft qu\u1ea3 kinh doanh v\u01b0\u1ee3t tr\u1ed9i<\/strong>: LNTT qu\u00fd 3\/2025 \u0111\u1ea1t 10,614 t\u1ef7 (+62% YoY), l\u0169y k\u1ebf 9T \u0111\u1ea1t 29,535 t\u1ef7 (+51% YoY), nh\u1edd t\u00edn d\u1ee5ng t\u0103ng tr\u01b0\u1edfng 15.6% YTD v\u00e0 chi ph\u00ed d\u1ef1 ph\u00f2ng gi\u1ea3m 36.7%.<\/li>\n\n\n\n<li><strong>Tri\u1ec3n v\u1ecdng 2026 t\u00edch c\u1ef1c<\/strong>: KBSV d\u1ef1 ph\u00f3ng t\u00edn d\u1ee5ng t\u0103ng 17%, NIM c\u1ea3i thi\u1ec7n nh\u1eb9 l\u00ean 2.60% nh\u1edd t\u0103ng t\u1ef7 tr\u1ecdng cho vay b\u00e1n l\u1ebb; Vietcap d\u1ef1 b\u00e1o l\u1ee3i nhu\u1eadn CAGR g\u1ea7n 20% giai \u0111o\u1ea1n 2025\u20132027.<\/li>\n\n\n\n<li><strong>\u0110\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn nh\u01b0ng c\u1ea1nh tranh cao<\/strong>: CTG giao d\u1ecbch P\/B 1.51 l\u1ea7n, th\u1ea5p h\u01a1n BID (1.61) v\u00e0 VCB (2.22); ROE d\u1ef1 ph\u00f3ng 2025 \u0111\u1ea1t 18.8%, song v\u1eabn ch\u1ecbu \u00e1p l\u1ef1c t\u1eeb l\u00e3i su\u1ea5t huy \u0111\u1ed9ng t\u0103ng v\u00e0 c\u1ea1nh tranh trong ng\u00e0nh.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"495\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-2-1024x495.png\" alt=\"\" class=\"wp-image-3285\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-2-1024x495.png 1024w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-2-300x145.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-2-768x371.png 768w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-2.png 1361w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p>Ng\u00e2n h\u00e0ng TMCP C\u00f4ng Th\u01b0\u01a1ng Vi\u1ec7t Nam (CTG) \u0111\u00e3 ghi nh\u1eadn k\u1ebft qu\u1ea3 kinh doanh \u1ea5n t\u01b0\u1ee3ng trong Qu\u00fd 3 v\u00e0 9 th\u00e1ng \u0111\u1ea7u n\u0103m 2025, v\u1edbi L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf (LNTT) Qu\u00fd 3 \u0111\u1ea1t 10,614 t\u1ef7 VND, t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd 62.0% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc. \u0110\u1ed9ng l\u1ef1c ch\u00ednh \u0111\u1ebfn t\u1eeb t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng cao v\u00e0 chi ph\u00ed tr\u00edch l\u1eadp d\u1ef1 ph\u00f2ng gi\u1ea3m \u0111\u00e1ng k\u1ec3 nh\u1edd ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n. KBSV k\u1ef3 v\u1ecdng CTG s\u1ebd duy tr\u00ec qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd n\u00e0y sang n\u0103m 2026 nh\u1edd l\u1ee3i th\u1ebf chi ph\u00ed v\u1ed1n th\u1ea5p v\u00e0 s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a n\u1ec1n kinh t\u1ebf, d\u1eabn \u0111\u1ebfn khuy\u1ebfn ngh\u1ecb<strong>&nbsp;MUA<\/strong>&nbsp;v\u1edbi gi\u00e1 m\u1ee5c ti\u00eau&nbsp;<strong>58,000<\/strong>&nbsp;VND\/c\u1ed5 phi\u1ebfu, ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 18.8%<\/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-6a2212045c8dc\" ><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-6a2212045c8dc\"  type=\"checkbox\" id=\"item-6a2212045c8dc\"><\/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-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/ctg-loi-nhuan-tang-truong-ky-luc-nho-cai-thien-chat-luong-tai-san\/#Ky_vong_Tang_truong_Tin_dung_17_trong_nam_2026\" title=\"K\u1ef3 v\u1ecdng T\u0103ng tr\u01b0\u1edfng T\u00edn d\u1ee5ng 17% trong n\u0103m 2026\">K\u1ef3 v\u1ecdng T\u0103ng tr\u01b0\u1edfng T\u00edn d\u1ee5ng 17% trong n\u0103m 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/ctg-loi-nhuan-tang-truong-ky-luc-nho-cai-thien-chat-luong-tai-san\/#NIM_Du_kien_Cai_thien_Nhe_nho_Tang_Ty_trong_Cho_vay_Ban_le\" title=\"NIM D\u1ef1 ki\u1ebfn C\u1ea3i thi\u1ec7n Nh\u1eb9 nh\u1edd T\u0103ng T\u1ef7 tr\u1ecdng Cho vay B\u00e1n l\u1ebb\">NIM D\u1ef1 ki\u1ebfn C\u1ea3i thi\u1ec7n Nh\u1eb9 nh\u1edd T\u0103ng T\u1ef7 tr\u1ecdng Cho vay B\u00e1n l\u1ebb<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/ctg-loi-nhuan-tang-truong-ky-luc-nho-cai-thien-chat-luong-tai-san\/#Chat_luong_Tai_san_Vung_chac_la_Diem_Tua\" title=\"Ch\u1ea5t l\u01b0\u1ee3ng T\u00e0i s\u1ea3n V\u1eefng ch\u1eafc l\u00e0 \u0110i\u1ec3m T\u1ef1a\">Ch\u1ea5t l\u01b0\u1ee3ng T\u00e0i s\u1ea3n V\u1eefng ch\u1eafc l\u00e0 \u0110i\u1ec3m T\u1ef1a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/ctg-loi-nhuan-tang-truong-ky-luc-nho-cai-thien-chat-luong-tai-san\/#Ket_qua_Kinh_doanh_Quy_32025_Vuot_Troi\" title=\"K\u1ebft qu\u1ea3 Kinh doanh Qu\u00fd 3\/2025 V\u01b0\u1ee3t Tr\u1ed9i\">K\u1ebft qu\u1ea3 Kinh doanh Qu\u00fd 3\/2025 V\u01b0\u1ee3t Tr\u1ed9i<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ckvn.net\/chung-khoan\/phan-tich\/doanh-nghiep\/ctg-loi-nhuan-tang-truong-ky-luc-nho-cai-thien-chat-luong-tai-san\/#Dinh_gia_va_Khuyen_nghi\" title=\"\u0110\u1ecbnh gi\u00e1 v\u00e0 Khuy\u1ebfn ngh\u1ecb\">\u0110\u1ecbnh gi\u00e1 v\u00e0 Khuy\u1ebfn ngh\u1ecb<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ky_vong_Tang_truong_Tin_dung_17_trong_nam_2026\"><\/span><strong>K\u1ef3 v\u1ecdng T\u0103ng tr\u01b0\u1edfng T\u00edn d\u1ee5ng 17% trong n\u0103m 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>KBSV d\u1ef1 ph\u00f3ng t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng c\u1ee7a CTG s\u1ebd \u0111\u1ea1t m\u1ee9c&nbsp;<strong>17%<\/strong>&nbsp;trong n\u0103m 2026. K\u1ef3 v\u1ecdng n\u00e0y d\u1ef1a tr\u00ean b\u1ed1i c\u1ea3nh chung c\u1ee7a n\u1ec1n kinh t\u1ebf, khi Ch\u00ednh ph\u1ee7 \u0111\u1eb7t m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng GDP \u0111\u1ea1t 10%, k\u00e9o theo nhu c\u1ea7u t\u00edn d\u1ee5ng cao tr\u00ean to\u00e0n ng\u00e0nh.<\/p>\n\n\n\n<p>\u0110\u1eb7c bi\u1ec7t, \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng s\u1ebd \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y t\u1eeb kinh t\u1ebf t\u01b0 nh\u00e2n, h\u01b0\u1edfng l\u1ee3i t\u1eeb&nbsp;<strong>Ngh\u1ecb quy\u1ebft 68 \u2013 NQ\/TW<\/strong>, c\u00f9ng v\u1edbi s\u1ef1 h\u1ed3i ph\u1ee5c c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh th\u00fac \u0111\u1ea9y \u0111\u1ea7u t\u01b0 c\u00f4ng.<\/p>\n\n\n\n<p>L\u1ee3i th\u1ebf c\u1ea1nh tranh l\u1edbn c\u1ee7a CTG l\u00e0 l\u00e3i su\u1ea5t cho vay b\u00ecnh qu\u00e2n (IEA) n\u1eb1m trong nh\u00f3m th\u1ea5p th\u1ee9 ba to\u00e0n ng\u00e0nh nh\u1edd ki\u1ec3m so\u00e1t chi ph\u00ed v\u1ed1n (COF) t\u1ed1t, gi\u00fap Ng\u00e2n h\u00e0ng c\u00f3 kh\u1ea3 n\u0103ng h\u1ea5p th\u1ee5 t\u1ed1t nhu c\u1ea7u t\u00edn d\u1ee5ng n\u00e0y.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"352\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-1-1-1024x352.png\" alt=\"\" class=\"wp-image-3286\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-1-1-1024x352.png 1024w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-1-1-300x103.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-1-1-768x264.png 768w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-1-1.png 1375w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NIM_Du_kien_Cai_thien_Nhe_nho_Tang_Ty_trong_Cho_vay_Ban_le\"><\/span><strong>NIM D\u1ef1 ki\u1ebfn C\u1ea3i thi\u1ec7n Nh\u1eb9 nh\u1edd T\u0103ng T\u1ef7 tr\u1ecdng Cho vay B\u00e1n l\u1ebb<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>M\u1eb7c d\u00f9 h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng n\u00f3i chung c\u00f3 th\u1ec3 ch\u1ecbu \u00e1p l\u1ef1c t\u0103ng l\u00e3i su\u1ea5t huy \u0111\u1ed9ng kho\u1ea3ng 50 \u2013 100 bps trong giai \u0111o\u1ea1n cu\u1ed1i n\u0103m 2025 v\u00e0 n\u0103m 2026 \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o thanh kho\u1ea3n v\u00e0 ki\u1ec3m so\u00e1t t\u1ef7 gi\u00e1, KBSV v\u1eabn k\u1ef3 v\u1ecdng NIM n\u0103m 2026 c\u1ee7a CTG s\u1ebd c\u1ea3i thi\u1ec7n nh\u1eb9 3 bps so v\u1edbi n\u0103m 2025, \u0111\u1ea1t&nbsp;<strong>2.60%<\/strong>.<\/p>\n\n\n\n<p>S\u1ef1 c\u1ea3i thi\u1ec7n n\u00e0y ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb vi\u1ec7c Ng\u00e2n h\u00e0ng ch\u00fa tr\u1ecdng t\u0103ng t\u1ef7 tr\u1ecdng cho vay ph\u00e2n kh\u00fac b\u00e1n l\u1ebb, nh\u00f3m kh\u00e1ch h\u00e0ng c\u00f3 l\u00e3i su\u1ea5t cao h\u01a1n. C\u1ee5 th\u1ec3, trong 9 th\u00e1ng \u0111\u1ea7u n\u0103m 2025, m\u1ea3ng b\u00e1n l\u1ebb d\u1eabn d\u1eaft t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng v\u1edbi 16.1%, v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi m\u1ee9c 13.3% c\u1ee7a m\u1ea3ng doanh nghi\u1ec7p l\u1edbn.<\/p>\n\n\n\n<p>B\u00ean c\u1ea1nh \u0111\u00f3, vi\u1ec7c li\u00ean t\u1ee5c c\u1ea3i thi\u1ec7n t\u1ef7 l\u1ec7 CASA (ti\u1ec1n g\u1eedi kh\u00f4ng k\u1ef3 h\u1ea1n) c\u00f9ng tr\u1ea1ng th\u00e1i cho vay r\u00f2ng tr\u00ean th\u1ecb tr\u01b0\u1eddng li\u00ean ng\u00e2n h\u00e0ng s\u1ebd h\u1ed7 tr\u1ee3 CTG ki\u1ec3m so\u00e1t t\u1ed1t COF h\u01a1n so v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i kh\u00e1c.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"715\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-3-1024x715.png\" alt=\"\" class=\"wp-image-3290\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-3-1024x715.png 1024w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-3-300x210.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-3-768x536.png 768w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-3.png 1141w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Chat_luong_Tai_san_Vung_chac_la_Diem_Tua\"><\/span><strong>Ch\u1ea5t l\u01b0\u1ee3ng T\u00e0i s\u1ea3n V\u1eefng ch\u1eafc l\u00e0 \u0110i\u1ec3m T\u1ef1a<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n ti\u1ebfp t\u1ee5c l\u00e0 \u0111i\u1ec3m t\u1ef1a v\u1eefng ch\u1eafc cho CTG, v\u1edbi t\u1ef7 l\u1ec7 N\u1ee3 x\u1ea5u (NPL) \u0111\u1ea1t 1.09%, x\u1ebfp th\u1ee9 hai to\u00e0n ng\u00e0nh ch\u1ec9 sau VCB v\u00e0 \u0111\u00e3 gi\u1ea3m 22 bps so v\u1edbi qu\u00fd tr\u01b0\u1edbc. B\u1ed9 \u0111\u1ec7m d\u1ef1 ph\u00f2ng c\u1ee7a Ng\u00e2n h\u00e0ng \u0111\u1ee9ng th\u1ee9 hai to\u00e0n ng\u00e0nh v\u1edbi t\u1ef7 l\u1ec7 bao ph\u1ee7 n\u1ee3 x\u1ea5u (LLCR) trong Qu\u00fd 3 \u0111\u1ea1t 176%, t\u0103ng 41,7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m (ppts) so v\u1edbi qu\u00fd tr\u01b0\u1edbc, qua \u0111\u00f3 gia t\u0103ng \u0111\u00e1ng k\u1ec3 t\u00ednh linh ho\u1ea1t trong c\u00f4ng t\u00e1c tr\u00edch l\u1eadp d\u1ef1 ph\u00f2ng. KBSV k\u1ef3 v\u1ecdng di\u1ec5n bi\u1ebfn t\u00edch c\u1ef1c c\u1ee7a n\u1ec1n kinh t\u1ebf c\u00f9ng m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t duy tr\u00ec \u1edf m\u1ee9c th\u1ea5p s\u1ebd gi\u00fap CTG duy tr\u00ec ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n \u1edf m\u1ee9c t\u1ed1t trong su\u1ed1t n\u0103m 2026.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"736\" height=\"858\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-2-1.png\" alt=\"\" class=\"wp-image-3291\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-2-1.png 736w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-2-1-257x300.png 257w\" sizes=\"(max-width: 736px) 100vw, 736px\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ket_qua_Kinh_doanh_Quy_32025_Vuot_Troi\"><\/span><strong>K\u1ebft qu\u1ea3 Kinh doanh Qu\u00fd 3\/2025 V\u01b0\u1ee3t Tr\u1ed9i<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Trong Qu\u00fd 3 n\u0103m 2025, CTG \u0111\u1ea1t Thu nh\u1eadp l\u00e3i thu\u1ea7n (NII) l\u00e0 17,176 t\u1ef7 VND, t\u0103ng 10.3% so v\u1edbi c\u00f9ng k\u1ef3, \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng cao, \u0111\u1ea1t 15.6% t\u00ednh t\u1eeb \u0111\u1ea7u n\u0103m (YTD).<\/p>\n\n\n\n<p>M\u1eb7c d\u00f9 Bi\u00ean l\u00e3i r\u00f2ng (NIM) trong qu\u00fd n\u00e0y gi\u1ea3m 37 \u0111i\u1ec3m c\u01a1 b\u1ea3n (bps) so v\u1edbi c\u00f9ng k\u1ef3, LNTT v\u1eabn b\u1ee9t ph\u00e1 l\u00ean 10,614 t\u1ef7 VND nh\u1edd Chi ph\u00ed tr\u00edch l\u1eadp d\u1ef1 ph\u00f2ng gi\u1ea3m t\u1edbi 36.7% do ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n c\u00f3 nh\u1eefng di\u1ec5n bi\u1ebfn t\u00edch c\u1ef1c.<\/p>\n\n\n\n<p>L\u0169y k\u1ebf 9 th\u00e1ng \u0111\u1ea7u n\u0103m 2025, LNTT c\u1ee7a CTG \u0111\u1ea1t 29,535 t\u1ef7 VND, t\u0103ng 51.4% so v\u1edbi 9 th\u00e1ng n\u0103m 2024.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dinh_gia_va_Khuyen_nghi\"><\/span><strong>\u0110\u1ecbnh gi\u00e1 v\u00e0 Khuy\u1ebfn ngh\u1ecb<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>KBSV (27.11.2025) \u0111\u01b0a ra khuy\u1ebfn ngh\u1ecb MUA v\u1edbi m\u1ee9c gi\u00e1 m\u1ee5c ti\u00eau 58,000 VND\/c\u1ed5 phi\u1ebfu cho CTG v\u00e0o cu\u1ed1i n\u0103m 2026. M\u1ee9c gi\u00e1 n\u00e0y cao h\u01a1n 18.8% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng t\u1ea1i ng\u00e0y 27\/11\/2025.&nbsp;<\/p>\n\n\n\n<p>KBSV d\u1ef1 ph\u00f3ng LNST n\u0103m 2025 t\u0103ng tr\u01b0\u1edfng 28% \u0111\u1ea1t 32,420 t\u1ef7 \u0111\u1ed3ng, sau \u0111\u00f3 t\u0103ng tr\u01b0\u1edfng 13% trong n\u0103m 2026, \u0111\u1ea1t 36,586 t\u1ef7 \u0111\u1ed3ng.<\/p>\n\n\n\n<p>C\u00f4ng ty Ch\u1ee9ng kho\u00e1n Vietcap (17.11.2025) duy tr\u00ec khuy\u1ebfn ngh\u1ecb&nbsp;<strong>MUA<\/strong>&nbsp;\u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu Ng\u00e2n h\u00e0ng TMCP C\u00f4ng Th\u01b0\u01a1ng Vi\u1ec7t Nam (CTG) v\u00e0 \u0111i\u1ec1u ch\u1ec9nh t\u0103ng&nbsp;8.3%&nbsp;gi\u00e1 m\u1ee5c ti\u00eau l\u00ean&nbsp;<strong>65,000 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu<\/strong>&nbsp;(cu\u1ed1i n\u0103m 2026). Vietcap tin r\u1eb1ng CTG x\u1ee9ng \u0111\u00e1ng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 l\u1ea1i cao h\u01a1n nh\u1edd k\u1ebft qu\u1ea3 kinh doanh v\u01b0\u1ee3t tr\u1ed9i v\u00e0 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn m\u1ea1nh m\u1ebd, v\u1edbi m\u1ee9c&nbsp;<strong>T\u0103ng tr\u01b0\u1edfng k\u00e9p (CAGR) l\u1ee3i nhu\u1eadn g\u1ea7n&nbsp;20%<\/strong>&nbsp;trong giai \u0111o\u1ea1n&nbsp;2025-2027.<\/p>\n\n\n\n<p>CTG hi\u1ec7n \u0111ang giao d\u1ecbch \u1edf m\u1ee9c&nbsp;<strong>P\/B d\u1ef1 ph\u00f3ng 2025 l\u00e0&nbsp;1.51&nbsp;l\u1ea7n<\/strong>, th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi BID (1.61&nbsp;l\u1ea7n) v\u00e0 VCB (2.22&nbsp;l\u1ea7n). \u0110i\u1ec1u n\u00e0y \u0111\u01b0\u1ee3c xem l\u00e0 h\u1ea5p d\u1eabn khi Vietcap d\u1ef1 ph\u00f3ng&nbsp;<strong>T\u1ef7 su\u1ea5t sinh l\u1eddi tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (ROE) c\u1ee7a CTG n\u0103m 2025 \u0111\u1ea1t&nbsp;18.8%<\/strong>, cao h\u01a1n so v\u1edbi d\u1ef1 ph\u00f3ng cho BID (17.2%) v\u00e0 VCB (16.5%).<\/p>\n\n\n\n<p>Vietcap nh\u1ea5n m\u1ea1nh r\u1eb1ng m\u1eb7c d\u00f9 LNST sau l\u1ee3i \u00edch C\u0110TS n\u0103m 2025 c\u1ee7a CTG d\u1ef1 ph\u00f3ng ch\u1ec9 b\u1eb1ng&nbsp;86%&nbsp;so v\u1edbi VCB, v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ee7a CTG ch\u1ec9 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng&nbsp;52%&nbsp;v\u1ed1n h\u00f3a c\u1ee7a VCB. V\u1edbi ROE d\u1ef1 ph\u00f3ng trung b\u00ecnh \u0111\u1ea1t&nbsp;19.3%&nbsp;trong giai \u0111o\u1ea1n&nbsp;2025-2029, Vietcap tin r\u1eb1ng CTG x\u1ee9ng \u0111\u00e1ng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 l\u1ea1i cao h\u01a1n v\u00e0 ti\u1ebfp t\u1ee5c l\u00e0 m\u1ed9t trong nh\u1eefng l\u1ef1a ch\u1ecdn h\u00e0ng \u0111\u1ea7u trong ng\u00e0nh ng\u00e2n h\u00e0ng.<\/p>\n\n\n\n<p>So S\u00e1nh Quan \u0110i\u1ec3m Ph\u00e2n T\u00edch v\u1ec1 CTG: Vietcap vs. KBSV (C\u1eadp nh\u1eadt cu\u1ed1i 2025)<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Ti\u00eau ch\u00ed<\/th><th>Vietcap (17.11.2025)<\/th><th>KBSV (27.11.2025)<\/th><\/tr><tr><td><strong>Khuy\u1ebfn ngh\u1ecb<\/strong><\/td><td>MUA<\/td><td>MUA<\/td><\/tr><tr><td><strong>Gi\u00e1 m\u1ee5c ti\u00eau 2026<\/strong><\/td><td>65,000 VND\/cp (T\u0103ng 8,3% so v\u1edbi d\u1ef1 b\u00e1o tr\u01b0\u1edbc)<\/td><td>58,000 VND\/cp (Ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 18,8% so v\u1edbi gi\u00e1 27\/11\/2025)<\/td><\/tr><tr><td><strong>T\u0103ng tr\u01b0\u1edfng LNTT\/LNST 2026<\/strong><\/td><td>LNST 2026 \u0111\u1ea1t 35,770 t\u1ef7 VND (+18.2% YoY); CAGR LNST g\u1ea7n 20% (2025-2027)<\/td><td>LNST 2026 \u0111\u1ea1t 36,586 t\u1ef7 VND (+13% YoY)<\/td><\/tr><tr><td><strong>T\u0103ng tr\u01b0\u1edfng T\u00edn d\u1ee5ng 2026<\/strong><\/td><td>D\u1ef1 ph\u00f3ng \u0111\u1ea1t 17% (D\u1ef1 ki\u1ebfn h\u1ec7 th\u1ed1ng 16-18%)<\/td><td>D\u1ef1 ph\u00f3ng \u0111\u1ea1t 17%<\/td><\/tr><tr><td><strong>Quan \u0111i\u1ec3m v\u1ec1 NIM 2026<\/strong><\/td><td>D\u1ef1 ki\u1ebfn \u0111i ngang \u0111\u1ea7u n\u0103m v\u00e0&nbsp;<strong>c\u1ea3i thi\u1ec7n v\u1ec1 cu\u1ed1i n\u0103m<\/strong>&nbsp;(D\u1ef1 ph\u00f3ng NIM 2026 \u0111\u1ea1t 2,65%)<\/td><td>D\u1ef1 ki\u1ebfn&nbsp;<strong>c\u1ea3i thi\u1ec7n nh\u1eb9 3 bps<\/strong>&nbsp;so v\u1edbi 2025 (D\u1ef1 ph\u00f3ng NIM 2026 \u0111\u1ea1t 2.60%)<\/td><\/tr><tr><td><strong>\u0110\u1ed9ng l\u1ef1c NIM<\/strong><\/td><td>Nhu c\u1ea7u t\u00edn d\u1ee5ng cao v\u00e0 c\u01a1 c\u1ea5u cho vay d\u1ecbch chuy\u1ec3n sang&nbsp;<strong>b\u00e1n l\u1ebb<\/strong>&nbsp;c\u00f3 NIM cao h\u01a1n.<\/td><td>T\u0103ng t\u1ef7 tr\u1ecdng cho vay&nbsp;<strong>b\u00e1n l\u1ebb<\/strong>&nbsp;b\u00f9 \u0111\u1eafp \u00e1p l\u1ef1c t\u0103ng chi ph\u00ed v\u1ed1n (COF) do l\u00e3i su\u1ea5t huy \u0111\u1ed9ng t\u0103ng.<\/td><\/tr><tr><td><strong>Ch\u1ea5t l\u01b0\u1ee3ng T\u00e0i s\u1ea3n (3Q\/2025)<\/strong><\/td><td>NPL 1.09% (Th\u1ea5p h\u01a1n trung v\u1ecb NPL ng\u00e2n h\u00e0ng t\u01b0 nh\u00e2n 2.23%); LLR 176%.<\/td><td>NPL 1.09% (Th\u1ea5p th\u1ee9 2 to\u00e0n ng\u00e0nh sau VCB); LLR 176%.<\/td><\/tr><tr><td><strong>Tri\u1ec3n v\u1ecdng Chi ph\u00ed D\u1ef1 ph\u00f2ng<\/strong><\/td><td><strong>Gi\u1ea3m m\u1ea1nh<\/strong>&nbsp;(D\u1ef1 ki\u1ebfn gi\u1ea3m 17.1% n\u0103m 2025 so v\u1edbi 2024); Chi ph\u00ed t\u00edn d\u1ee5ng \u1ed5n \u0111\u1ecbnh\/c\u1ea3i thi\u1ec7n.<\/td><td><strong>Gi\u1ea3m<\/strong>&nbsp;(Chi ph\u00ed tr\u00edch l\u1eadp Q3\/2025 gi\u1ea3m 36.7% YoY); K\u1ef3 v\u1ecdng duy tr\u00ec ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n t\u1ed1t trong 2026.<\/td><\/tr><tr><td><strong>\u0110\u1ecbnh gi\u00e1 P\/B 2025<\/strong><\/td><td>1.51 l\u1ea7n (H\u1ea5p d\u1eabn h\u01a1n BID 1.61 v\u00e0 VCB 2.22); ROE 2025 d\u1ef1 ph\u00f3ng 18.8%.<\/td><td>P\/B d\u1ef1 ph\u00f3ng 2026 \u1edf m\u1ee9c 1.67 l\u1ea7n (T\u01b0\u01a1ng \u0111\u01b0\u01a1ng TB 5 n\u0103m +1 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n).<\/td><\/tr><tr><td><strong>\u0110\u1ed9ng l\u1ef1c T\u0103ng tr\u01b0\u1edfng Ch\u00ednh<\/strong><\/td><td>Ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n c\u1ea3i thi\u1ec7n d\u1eabn \u0111\u1ebfn&nbsp;<strong>gi\u1ea3m chi ph\u00ed d\u1ef1 ph\u00f2ng<\/strong>&nbsp;v\u00e0 t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng cao.<\/td><td>T\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng cao (17%) v\u00e0 c\u1ea3i thi\u1ec7n&nbsp;<strong>NIM nh\u1eb9<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>X\u00e9t v\u1ec1 m\u1eb7t \u0111\u1ecbnh gi\u00e1, CTG \u0111\u01b0\u1ee3c HSC v\u00e0 SSI k\u1ef3 v\u1ecdng gi\u00e1 m\u1ee5c ti\u00eau l\u1ea7n l\u01b0\u1ee3t l\u00e0&nbsp;<strong>60,000 \u0111\u1ed3ng v\u00e0 63,800 \u0111\u1ed3ng.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/elibook.vn\/wp-content\/uploads\/2025\/11\/bank-10.png\" alt=\"\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"988\" height=\"662\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/bank.png\" alt=\"\" class=\"wp-image-3292\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/bank.png 988w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/bank-300x201.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/bank-768x515.png 768w\" sizes=\"(max-width: 988px) 100vw, 988px\" \/><\/figure>\n\n\n\n<p>&nbsp;<em>Tr\u00ean \u0111\u1ed3 th\u1ecb, RS c\u1ee7a CTG l\u00e0 80, ho\u1ea1t \u0111\u1ed9ng kh\u00e1 t\u1ed1t tr\u00ean th\u1ecb tr\u01b0\u1eddng. S\u00f3ng ng\u00e0nh ng\u00e2n h\u00e0ng hi\u1ec7n ch\u01b0a tr\u1edf l\u1ea1i \u0111\u1ec3 h\u1ed7 tr\u1ee3 gi\u00e1 c\u1ed5 phi\u1ebfu. Tuy nhi\u00ean, CTG hi\u1ec7n \u0111ang n\u1eb1m \u1edf h\u1ed7 tr\u1ee3 48,000-49,000 \u0111\u1ed3ng.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"523\" src=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-chart-1-1024x523.png\" alt=\"\" class=\"wp-image-3293\" srcset=\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-chart-1-1024x523.png 1024w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-chart-1-300x153.png 300w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-chart-1-768x392.png 768w, https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/11\/CTG-chart-1.png 1501w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Ng\u00e2n h\u00e0ng TMCP C\u00f4ng Th\u01b0\u01a1ng Vi\u1ec7t Nam (CTG) \u0111\u00e3 ghi nh\u1eadn k\u1ebft qu\u1ea3 kinh doanh \u1ea5n t\u01b0\u1ee3ng trong Qu\u00fd 3 v\u00e0 9 th\u00e1ng \u0111\u1ea7u n\u0103m 2025, v\u1edbi L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf (LNTT) Qu\u00fd 3 \u0111\u1ea1t 10,614 t\u1ef7 VND, t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd 62.0% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc. \u0110\u1ed9ng l\u1ef1c ch\u00ednh \u0111\u1ebfn t\u1eeb t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng cao v\u00e0 chi ph\u00ed tr\u00edch l\u1eadp d\u1ef1 ph\u00f2ng gi\u1ea3m \u0111\u00e1ng k\u1ec3 nh\u1edd ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n. KBSV k\u1ef3 v\u1ecdng CTG s\u1ebd duy tr\u00ec qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd n\u00e0y sang n\u0103m 2026 nh\u1edd l\u1ee3i th\u1ebf chi ph\u00ed v\u1ed1n <\/p>\n","protected":false},"author":1,"featured_media":3294,"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\/3284"}],"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=3284"}],"version-history":[{"count":2,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3284\/revisions"}],"predecessor-version":[{"id":3296,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/3284\/revisions\/3296"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media\/3294"}],"wp:attachment":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media?parent=3284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/categories?post=3284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/tags?post=3284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}