{"id":21500,"date":"2023-06-21T16:00:10","date_gmt":"2023-06-21T09:00:10","guid":{"rendered":"http:\/\/infina.vn\/blog\/?p=21500"},"modified":"2023-06-21T16:00:10","modified_gmt":"2023-06-21T09:00:10","slug":"3-dau-hieu-cho-thay-chung-khoan-viet-nam-dang-buoc-vao-chu-ky-tang-truong-moi","status":"publish","type":"post","link":"https:\/\/infina.vn\/blog\/3-dau-hieu-cho-thay-chung-khoan-viet-nam-dang-buoc-vao-chu-ky-tang-truong-moi\/","title":{"rendered":"3 d\u1ea5u hi\u1ec7u cho th\u1ea5y ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang b\u01b0\u1edbc v\u00e0o chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1edbi"},"content":{"rendered":"\n\n<div class=\"kk-star-ratings kksr-auto kksr-align-right kksr-valign-top\"\n    data-payload='{&quot;align&quot;:&quot;right&quot;,&quot;id&quot;:&quot;21500&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;top&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;0&quot;,&quot;legendonly&quot;:&quot;&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;0&quot;,&quot;starsonly&quot;:&quot;&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;2&quot;,&quot;greet&quot;:&quot;\u0110\u00e1nh gi\u00e1 t\u1ea1i \u0111\u00e2y&quot;,&quot;legend&quot;:&quot;0\\\/5 - (0 votes)&quot;,&quot;size&quot;:&quot;24&quot;,&quot;title&quot;:&quot;3 d\u1ea5u hi\u1ec7u cho th\u1ea5y ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang b\u01b0\u1edbc v\u00e0o chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1edbi&quot;,&quot;width&quot;:&quot;0&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}'>\n            \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"5\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n    \n<div class=\"kksr-stars-active\" style=\"width: 0px;\">\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n                \n\n<div class=\"kksr-legend\" style=\"font-size: 19.2px;\">\n            <span class=\"kksr-muted\">\u0110\u00e1nh gi\u00e1 t\u1ea1i \u0111\u00e2y<\/span>\n    <\/div>\n    <\/div>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung ch\u00ednh<\/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\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" 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><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/infina.vn\/blog\/3-dau-hieu-cho-thay-chung-khoan-viet-nam-dang-buoc-vao-chu-ky-tang-truong-moi\/#TPS_ky_vong_thi_truong_chung_khoan_Viet_Nam_se_tien_vao_mot_giai_doan_tang_truong_moi_voi_ba_yeu_to_ho_tro\" title=\"TPS k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam s\u1ebd ti\u1ebfn v\u00e0o m\u1ed9t giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng m\u1edbi v\u1edbi ba y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3.\">TPS k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam s\u1ebd ti\u1ebfn v\u00e0o m\u1ed9t giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng m\u1edbi v\u1edbi ba y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/infina.vn\/blog\/3-dau-hieu-cho-thay-chung-khoan-viet-nam-dang-buoc-vao-chu-ky-tang-truong-moi\/#1_Chinh_sach_tien_te_dang_duoc_noi_long\" title=\"1. Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111ang \u0111\u01b0\u1ee3c n\u1edbi l\u1ecfng\">1. Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111ang \u0111\u01b0\u1ee3c n\u1edbi l\u1ecfng<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/infina.vn\/blog\/3-dau-hieu-cho-thay-chung-khoan-viet-nam-dang-buoc-vao-chu-ky-tang-truong-moi\/#2_Ty_gia_on_dinh\" title=\"2. T\u1ef7 gi\u00e1 \u1ed5n \u0111\u1ecbnh\">2. T\u1ef7 gi\u00e1 \u1ed5n \u0111\u1ecbnh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/infina.vn\/blog\/3-dau-hieu-cho-thay-chung-khoan-viet-nam-dang-buoc-vao-chu-ky-tang-truong-moi\/#3_Tam_ly_nha_dau_tu_tich_cuc_hon\" title=\"3. T\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00edch c\u1ef1c h\u01a1n\">3. T\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00edch c\u1ef1c h\u01a1n<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/infina.vn\/blog\/3-dau-hieu-cho-thay-chung-khoan-viet-nam-dang-buoc-vao-chu-ky-tang-truong-moi\/#Tong_ket\" title=\"T\u1ed5ng k\u1ebft\">T\u1ed5ng k\u1ebft<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"TPS_ky_vong_thi_truong_chung_khoan_Viet_Nam_se_tien_vao_mot_giai_doan_tang_truong_moi_voi_ba_yeu_to_ho_tro\"><\/span><span style=\"font-weight: 400;\">TPS k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam s\u1ebd ti\u1ebfn v\u00e0o m\u1ed9t giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng m\u1edbi v\u1edbi ba y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Xem th\u00eam: <a href=\"https:\/\/infina.vn\/blog\/vcbs-bat-mi-mot-nhom-nganh-co-phieu-co-the-len-song-vao-cuoi-nam-nay\/\">VCBS b\u1eadt m\u00ed m\u1ed9t nh\u00f3m ng\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 \u201cl\u00ean s\u00f3ng\u201d v\u00e0o cu\u1ed1i n\u0103m nay<\/a><\/p>\n<p>B\u00e1o c\u00e1o m\u1edbi nh\u1ea5t c\u1ee7a Ch\u1ee9ng kho\u00e1n Ti\u00ean Phong (TPS) \u0111\u00e3 th\u1ed1ng k\u00ea \u0111\u01b0\u1ee3c nh\u1eefng bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng trong qu\u00e1 kh\u1ee9. M\u1eb7c d\u00f9 tu\u1ed5i \u0111\u1eddi c\u1ee7a VN-Index c\u00f2n tr\u1ebb so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n l\u1edbn tr\u00ean th\u1ebf gi\u1edbi, nh\u01b0ng n\u00f3 v\u1eabn ch\u1ecbu t\u00e1c \u0111\u1ed9ng theo m\u1ed9t chu k\u1ef3 kinh t\u1ebf.<\/p>\n<figure id=\"attachment_21494\" aria-describedby=\"caption-attachment-21494\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-21494\" src=\"https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/su-tuong-quan-giua-pe-va-vnindex.jpg\" alt=\"S\u1ef1 t\u01b0\u01a1ng quan gi\u1eefa P\/E v\u00e0 VN-Index t\u00ednh t\u1eeb giai \u0111o\u1ea1n t\u1eeb 2007\" width=\"800\" height=\"322\" title=\"\" srcset=\"https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/su-tuong-quan-giua-pe-va-vnindex.jpg 800w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/su-tuong-quan-giua-pe-va-vnindex-300x121.jpg 300w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/su-tuong-quan-giua-pe-va-vnindex-768x309.jpg 768w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/su-tuong-quan-giua-pe-va-vnindex-696x280.jpg 696w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-21494\" class=\"wp-caption-text\">S\u1ef1 t\u01b0\u01a1ng quan gi\u1eefa P\/E v\u00e0 VN-Index t\u00ednh t\u1eeb giai \u0111o\u1ea1n t\u1eeb 2007<\/figcaption><\/figure>\n<p>\u0110i\u1ec1u c\u1ea7n quan t\u00e2m l\u00e0 chu k\u1ef3 n\u00e0y th\u01b0\u1eddng kh\u1edfi \u0111\u1ea7u khi th\u1ecb tr\u01b0\u1eddng b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n n\u1edbi l\u1ecfng ti\u1ec1n t\u1ec7, gi\u1ea3m l\u00e3i su\u1ea5t \u0111i\u1ec1u h\u00e0nh, t\u1ef7 gi\u00e1 \u1ed5n \u0111\u1ecbnh v\u00e0 thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng gia t\u0103ng, \u0111\u1ed3ng th\u1eddi nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u1edf n\u00ean l\u1ea1c quan h\u01a1n v\u00e0 k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a c\u00e1c doanh nghi\u1ec7p ch\u1ea1m \u0111\u00e1y.<\/p>\n<p>Hi\u1ec7n t\u1ea1i, sau n\u0103m 2022 v\u1edbi nh\u1eefng bi\u1ec7n ph\u00e1p h\u1ea1n ch\u1ebf, ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111ang d\u1ea7n \u0111\u01b0\u1ee3c n\u1edbi l\u1ecfng trong b\u1ed1i c\u1ea3nh t\u1ef7 gi\u00e1 \u1ed5n \u0111\u1ecbnh. Trong khi \u0111\u00f3, l\u1ee3i nhu\u1eadn c\u1ee7a c\u00e1c doanh nghi\u1ec7p d\u01b0\u1eddng nh\u01b0 \u0111\u00e3 ch\u1ea1m \u0111\u00e1y trong qu\u00fd 1\/2023. Do \u0111\u00f3, TPS k\u1ef3 v\u1ecdng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang b\u01b0\u1edbc v\u00e0o m\u1ed9t chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1edbi. \u0110\u1ed9i ng\u0169 TPS cho r\u1eb1ng c\u00f3 ba y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 cho chu k\u1ef3 ph\u1ee5c h\u1ed3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Chinh_sach_tien_te_dang_duoc_noi_long\"><\/span><strong>1. Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111ang \u0111\u01b0\u1ee3c n\u1edbi l\u1ecfng<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc (NHNN) \u0111\u00e3 th\u1ef1c hi\u1ec7n 4 l\u1ea7n gi\u1ea3m l\u00e3i su\u1ea5t \u0111i\u1ec1u h\u00e0nh t\u1eeb \u0111\u1ea7u n\u0103m, \u0111\u01b0a l\u00e3i su\u1ea5t t\u00e1i c\u1ea5p v\u1ed1n v\u1ec1 m\u1ee9c 4,5%. L\u00e3i su\u1ea5t huy \u0111\u1ed9ng c\u0169ng gi\u1ea3m, hi\u1ec7n ch\u1ec9 c\u00f2n 7,2% t\u1ea1i b\u1ed1n ng\u00e2n h\u00e0ng h\u00e0ng \u0111\u1ea7u.<\/p>\n<figure id=\"attachment_21493\" aria-describedby=\"caption-attachment-21493\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-21493\" src=\"https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/tuong-quan-giua-lai-suat-dieu-hanh-va-vnindex.jpg\" alt=\"T\u01b0\u01a1ng quan gi\u1eefa l\u00e3i su\u1ea5t \u0111i\u1ec1u h\u00e0nh v\u00e0 VN-Index\" width=\"800\" height=\"412\" title=\"\" srcset=\"https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/tuong-quan-giua-lai-suat-dieu-hanh-va-vnindex.jpg 800w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/tuong-quan-giua-lai-suat-dieu-hanh-va-vnindex-300x155.jpg 300w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/tuong-quan-giua-lai-suat-dieu-hanh-va-vnindex-768x396.jpg 768w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/tuong-quan-giua-lai-suat-dieu-hanh-va-vnindex-696x358.jpg 696w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-21493\" class=\"wp-caption-text\">T\u01b0\u01a1ng quan gi\u1eefa l\u00e3i su\u1ea5t \u0111i\u1ec1u h\u00e0nh v\u00e0 VN-Index<\/figcaption><\/figure>\n<p>Nh\u00ecn chung, vi\u1ec7c gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc \u0111ang c\u00f3 nh\u1eefng t\u00e1c \u0111\u1ed9ng t\u00edch c\u1ef1c r\u00f5 r\u1ec7t t\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam. C\u1ee5 th\u1ec3, s\u1ed1 ti\u1ec1n g\u1eedi ti\u1ebft ki\u1ec7m c\u00f3 k\u1ef3 h\u1ea1n t\u1eeb 6 th\u00e1ng \u0111\u1ebfn d\u01b0\u1edbi 1 n\u0103m trong giai \u0111o\u1ea1n l\u00e3i su\u1ea5t huy \u0111\u1ed9ng \u0111\u1ea1t \u0111\u1ec9nh v\u00e0o 10-12\/2022 \u0111\u00e3 \u0111\u00e1o h\u1ea1n v\u00e0 n\u1ed7 l\u1ef1c k\u00e9o gi\u1ea3m m\u1ee9c l\u00e3i su\u1ea5t huy \u0111\u1ed9ng \u0111\u00e3 khi\u1ebfn s\u1ed1 ti\u1ec1n n\u00e0y tr\u1edf l\u1ea1i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n khi c\u00e1c y\u1ebfu t\u1ed1 t\u00edch c\u1ef1c nh\u1ea5t \u0111\u00e3 xu\u1ea5t hi\u1ec7n v\u00e0 ph\u1ea3n \u00e1nh v\u00e0o th\u1ecb tr\u01b0\u1eddng trong n\u0103m qua.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Ty_gia_on_dinh\"><\/span><strong>2. T\u1ef7 gi\u00e1 \u1ed5n \u0111\u1ecbnh<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>T\u1ef7 gi\u00e1 USD\/VND t\u1ea1i Ng\u00e2n h\u00e0ng Vietcombank \u0111\u00e3 gi\u1ea3m 4,9% so v\u1edbi m\u1ee9c \u0111\u1ec9nh 2022. K\u1ebft qu\u1ea3 n\u00e0y \u0111\u01b0\u1ee3c \u0111\u1ea1t \u0111\u01b0\u1ee3c do s\u1ef1 th\u1eaft ch\u1eb7t c\u1ee7a Fed kh\u00f4ng c\u00f2n nhi\u1ec1u v\u00e0 qu\u00e1 tr\u00ecnh &#8220;di\u1ec1u h\u00e2u&#8221; c\u1ee7a Fed \u0111ang \u0111i \u0111\u1ebfn \u0111o\u1ea1n cu\u1ed1i, gi\u00fap gi\u1ea3m \u00e1p l\u1ef1c cho t\u1ef7 gi\u00e1 VND. Vi\u1ec7c t\u1ef7 gi\u00e1 \u1ed5n \u0111\u1ecbnh s\u1ebd gi\u00fap Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc c\u00f3 th\u00eam d\u01b0 \u0111\u1ecba \u0111\u1ec3 theo \u0111u\u1ed5i ch\u00ednh s\u00e1ch n\u1edbi l\u1ecfng.<\/p>\n<figure id=\"attachment_21492\" aria-describedby=\"caption-attachment-21492\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-21492\" src=\"https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/ty-gia-usd-va-dxy-index.jpg\" alt=\"Di\u1ec5n bi\u1ebfn t\u1ef7 gi\u00e1 USD\/VND v\u00e0 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a DXY-Index\" width=\"800\" height=\"390\" title=\"\" srcset=\"https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/ty-gia-usd-va-dxy-index.jpg 800w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/ty-gia-usd-va-dxy-index-300x146.jpg 300w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/ty-gia-usd-va-dxy-index-768x374.jpg 768w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/ty-gia-usd-va-dxy-index-696x339.jpg 696w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/ty-gia-usd-va-dxy-index-533x261.jpg 533w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-21492\" class=\"wp-caption-text\">Di\u1ec5n bi\u1ebfn t\u1ef7 gi\u00e1 USD\/VND v\u00e0 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a DXY-Index<\/figcaption><\/figure>\n<p>Ngo\u00e0i ra, vi\u1ec7c Fed ch\u01b0a quy\u1ebft \u0111\u1ecbnh \u0111\u1ea3o chi\u1ec1u ch\u00ednh s\u00e1ch trong th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i s\u1ebd gi\u00fap \u1ed5n \u0111\u1ecbnh t\u00e2m l\u00fd cho th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0. B\u1edfi l\u1ebd trong qu\u00e1 kh\u1ee9, c\u00e1c giai \u0111o\u1ea1n <a href=\"https:\/\/infina.vn\/blog\/fed-giam-lai-suat-nham-kich-thich-dong-tien-vao-thi-truong-chung-khoan\/\">Fed<\/a> gi\u1ea3m l\u00e3i su\u1ea5t \u0111\u1ec1u \u0111i k\u00e8m v\u1edbi t\u00ecnh tr\u1ea1ng lao d\u1ed1c tr\u00ean TTCK khi li\u00ean quan t\u1edbi c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng nh\u01b0: Suy tho\u00e1i 1969, suy tho\u00e1i 1973, suy tho\u00e1i k\u00e9p 1982, bong b\u00f3ng Dotcom n\u0103m 2000 v\u00e0 kh\u1ee7ng ho\u1ea3ng nh\u00e0 \u0111\u1ea5t n\u0103m 2008.<\/p>\n<p>Nguy\u00ean nh\u00e2n ch\u00ednh \u0111\u01b0\u1ee3c \u0111\u01b0a ra do:<\/p>\n<ul>\n<li>T\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u1edf n\u00ean bi quan khi cho r\u1eb1ng \u0111\u1ed9ng th\u00e1i n\u1edbi l\u1ecfng \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y khi nh\u00e0 \u0111i\u1ec1u h\u00e0nh \u0111\u00e3 c\u00f3 \u0111\u00e1nh gi\u00e1 ti\u00eau c\u1ef1c v\u1ec1 tri\u1ec3n v\u1ecdng v\u0129 m\u00f4.<\/li>\n<li>Kh\u1ee7ng ho\u1ea3ng \u0111\u00e3 x\u1ea3y ra v\u00e0 h\u00e0nh \u0111\u1ed9ng c\u1ee7a Fed gi\u1edd \u0111\u00e2y \u00edt c\u00f3 kh\u1ea3 n\u0103ng c\u1ea3i thi\u1ec7n n\u1ec1n kinh t\u1ebf trong ng\u1eafn h\u1ea1n.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"3_Tam_ly_nha_dau_tu_tich_cuc_hon\"><\/span><strong>3. T\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00edch c\u1ef1c h\u01a1n<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>T\u00e2m l\u00fd c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u0111\u00e3 l\u1ea1c quan h\u01a1n v\u1ec1 tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng do nh\u1eefng y\u1ebfu t\u1ed1 ti\u00eau c\u1ef1c nh\u1ea5t \u0111\u00e3 di\u1ec5n ra v\u00e0 ph\u1ea3n \u00e1nh v\u00e0o th\u1ecb tr\u01b0\u1eddng trong n\u0103m 2022. M\u1eb7t kh\u00e1c, c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c tr\u1edf n\u00ean k\u00e9m h\u1ea5p d\u1eabn nh\u01b0 l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m s\u1ee5t gi\u1ea3m nh\u1edd c\u00e1c ch\u00ednh s\u00e1ch c\u1ee7a NHNN, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u01b0a \u0111\u01b0\u1ee3c g\u1ee1 r\u1ed1i ho\u00e0n to\u00e0n v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u1eabn \u0111ang g\u1eb7p v\u1ea5n \u0111\u1ec1 v\u1ec1 ph\u00e1p l\u00fd c\u00f9ng vi\u1ec7c n\u1ee3 vay v\u1eabn \u0111ang \u1edf m\u1ee9c cao.<\/p>\n<p>B\u00ean c\u1ea1nh \u0111\u00f3, c\u00e1c CTCK \u0111\u00e3 t\u00edch c\u1ef1c tri\u1ec3n khai nh\u1eefng ch\u01b0\u01a1ng tr\u00ecnh k\u00edch c\u1ea7u k\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m 2023 \u0111\u1ebfn nay. C\u1ee5 th\u1ec3, l\u00e3i su\u1ea5t margin cao nh\u1ea5t c\u1ee7a top 20 CTCK c\u00f3 n\u1ee3 cao nh\u1ea5t t\u00ednh \u0111\u1ebfn Q1\/2023 \u0111\u00e3 gi\u1ea3m t\u1eeb m\u1ee9c 14-15,6%\/n\u0103m xu\u1ed1ng c\u00f2n 8-9%\/n\u0103m. B\u00ean c\u1ea1nh \u0111\u00f3, h\u00e0ng lo\u1ea1t c\u00e1c CTCK \u0111ang tri\u1ec3n khai ch\u01b0\u01a1ng tr\u00ecnh \u01b0u \u0111\u00e3i ph\u00ed v\u1edbi m\u1ee9c th\u1ea5p l\u00e0 0% c\u00f9ng c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh nh\u1eadn qu\u00e0 khi gi\u1edbi thi\u1ec7u kh\u00e1ch h\u00e0ng m\u1edbi.<\/p>\n<figure id=\"attachment_21491\" aria-describedby=\"caption-attachment-21491\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-21491\" src=\"https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/gtgd-khop-lenh-binh-quan-tren-ngay-tu-2020.jpg\" alt=\"GTGD kh\u1edbp l\u1ec7nh b\u00ecnh qu\u00e2n tr\u00ean ng\u00e0y theo th\u00e1ng t\u1eeb 2020\" width=\"800\" height=\"390\" title=\"\" srcset=\"https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/gtgd-khop-lenh-binh-quan-tren-ngay-tu-2020.jpg 800w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/gtgd-khop-lenh-binh-quan-tren-ngay-tu-2020-300x146.jpg 300w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/gtgd-khop-lenh-binh-quan-tren-ngay-tu-2020-768x374.jpg 768w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/gtgd-khop-lenh-binh-quan-tren-ngay-tu-2020-696x339.jpg 696w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/gtgd-khop-lenh-binh-quan-tren-ngay-tu-2020-533x261.jpg 533w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-21491\" class=\"wp-caption-text\">GTGD kh\u1edbp l\u1ec7nh b\u00ecnh qu\u00e2n tr\u00ean ng\u00e0y theo th\u00e1ng t\u1eeb 2020<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Tong_ket\"><\/span>T\u1ed5ng k\u1ebft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>V\u1edbi nh\u1eefng y\u1ebfu t\u1ed1 tr\u00ean, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 b\u1eaft \u0111\u1ea7u ph\u00e1t tri\u1ec3n t\u00edch c\u1ef1c k\u1ec3 t\u1eeb cu\u1ed1i th\u00e1ng 4\/2023 v\u00e0 thanh kho\u1ea3n \u0111\u00e3 li\u00ean t\u1ee5c b\u00f9ng n\u1ed5, \u0111\u1ea1t m\u1ee9c trung b\u00ecnh h\u01a1n 12.000 t\u1ef7 \u0111\u1ed3ng\/phi\u00ean trong su\u1ed1t 1 th\u00e1ng tr\u1edf l\u1ea1i \u0111\u00e2y. S\u1ed1 t\u00e0i kho\u1ea3n m\u1edbi m\u1edf t\u0103ng tr\u01b0\u1edfng tr\u1edf l\u1ea1i trong th\u00e1ng 5.<\/p>\n<p>\u0110\u1ed9i ng\u0169 ph\u00e2n t\u00edch k\u1ef3 v\u1ecdng \u0111\u1ecbnh gi\u00e1 d\u1ea7n tr\u1edf n\u00ean h\u1ea5p d\u1eabn sau khi l\u00e3i su\u1ea5t gi\u1ea3m xu\u1ed1ng, \u0111\u00e2y c\u0169ng l\u00e0 y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 cho th\u1ecb tr\u01b0\u1eddng. T\u1ef7 su\u1ea5t E\/P c\u1ee7a VN-Index trung b\u00ecnh trong th\u00e1ng 5 v\u00e0 n\u1eeda \u0111\u1ea7u th\u00e1ng 6 \u0111\u00e3 v\u00e0o kho\u1ea3ng 8% (ch\u01b0a bao g\u1ed3m t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c l\u00e0 1,7%). Kho\u1ea3ng c\u00e1ch gi\u1eefa E\/P v\u00e0 l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi k\u1ef3 h\u1ea1n 1 n\u0103m t\u1ea1i nh\u00f3m ng\u00e2n h\u00e0ng qu\u1ed1c doanh (\u1edf m\u1ee9c 7,2%) \u0111\u00e3 \u0111\u01b0\u1ee3c thu h\u1eb9p \u0111\u00e1ng k\u1ec3 khi \u0111\u1ecbnh gi\u00e1 c\u1ee7a th\u1ecb tr\u01b0\u1eddng l\u1ea1i t\u0103ng cao do k\u1ebft qu\u1ea3 kinh doanh Q1\/2023 kh\u00f4ng t\u00edch c\u1ef1c.<\/p>\n<figure id=\"attachment_21490\" aria-describedby=\"caption-attachment-21490\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-21490\" src=\"https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/chung-khoan-loi-suat-cao.jpg\" alt=\"K\u00eanh ch\u1ee9ng kho\u00e1n tr\u1edf n\u00ean \u0111\u1ee7 h\u1ea5p d\u1eabn khi ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t \u0111ang \u1edf m\u1ee9c cao\" width=\"800\" height=\"583\" title=\"\" srcset=\"https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/chung-khoan-loi-suat-cao.jpg 800w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/chung-khoan-loi-suat-cao-300x219.jpg 300w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/chung-khoan-loi-suat-cao-768x560.jpg 768w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/chung-khoan-loi-suat-cao-696x507.jpg 696w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/chung-khoan-loi-suat-cao-576x420.jpg 576w, https:\/\/infina.vn\/blog\/wp-content\/uploads\/2023\/06\/chung-khoan-loi-suat-cao-324x235.jpg 324w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-21490\" class=\"wp-caption-text\">K\u00eanh ch\u1ee9ng kho\u00e1n tr\u1edf n\u00ean \u0111\u1ee7 h\u1ea5p d\u1eabn khi ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t \u0111ang \u1edf m\u1ee9c cao<\/figcaption><\/figure>\n<p>\u201cD\u00f9 hi\u1ec7n t\u1ea1i m\u1ee9c ch\u00eanh l\u1ec7ch v\u1eabn ch\u01b0a th\u1ef1c s\u1ef1 h\u1ea5p d\u1eabn nh\u01b0 giai \u0111o\u1ea1n cu\u1ed1i n\u0103m tr\u01b0\u1edbc, khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u01b0a th\u1ec3 t\u1eadp trung m\u1ea1nh v\u00e0o th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. Tuy nhi\u00ean, d\u1ef1 b\u00e1o l\u1ee3i nhu\u1eadn th\u1ecb tr\u01b0\u1eddng s\u1ebd ch\u1ea1m \u0111\u00e1y trong n\u1eeda \u0111\u1ea7u n\u0103m 2023 v\u00e0 t\u1eeb \u0111\u00f3 c\u00f3 xu h\u01b0\u1edbng c\u1ea3i thi\u1ec7n. \u0110\u1ed3ng th\u1eddi, m\u1ee9c l\u00e3i su\u1ea5t huy \u0111\u1ed9ng c\u00f3 kh\u1ea3 n\u0103ng gi\u1ea3m do ch\u00ednh s\u00e1ch c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc \u0111\u00e3 b\u1eaft \u0111\u1ea7u \u0111em l\u1ea1i k\u1ebft qu\u1ea3. \u0110i\u1ec1u n\u00e0y khi\u1ebfn k\u00eanh ch\u1ee9ng kho\u00e1n tr\u1edf n\u00ean ng\u00e0y c\u00e0ng h\u1ea5p d\u1eabn h\u01a1n. V\u00ec v\u1eady, \u0111\u00e2y l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng t\u1ef7 tr\u1ecdng \u0111\u1ea7u t\u01b0 ho\u1eb7c mua v\u00e0o th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 n\u1eafm b\u1eaft xu h\u01b0\u1edbng n\u00e0y\u201d, theo b\u00e1o c\u00e1o c\u1ee7a TPS.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TPS k&#7923; v&#7885;ng th&#7883; tr&#432;&#7901;ng ch&#7913;ng kho&aacute;n Vi&#7879;t Nam s&#7869; ti&#7871;n v&agrave;o m&#7897;t giai &#273;o&#7841;n t&#259;ng tr&#432;&#7903;ng m&#7899;i v&#7899;i ba y&#7871;u t&#7889; h&#7895; tr&#7907;. Xem th&ecirc;m: VCBS b&#7853;t m&iacute; m&#7897;t nh&oacute;m ng&agrave;nh c&#7893; phi&#7871;u c&oacute; th&#7875; &ldquo;l&ecirc;n s&oacute;ng&rdquo; v&agrave;o cu&#7889;i n&#259;m nay B&aacute;o c&aacute;o m&#7899;i nh&#7845;t c&#7911;a Ch&#7913;ng kho&aacute;n Ti&ecirc;n Phong (TPS) &#273;&atilde; th&#7889;ng k&ecirc; [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":21495,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87],"tags":[],"class_list":{"0":"post-21500","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-dau-tu-chung-khoan"},"_links":{"self":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/21500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/comments?post=21500"}],"version-history":[{"count":0,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/21500\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media\/21495"}],"wp:attachment":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media?parent=21500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/categories?post=21500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/tags?post=21500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}