{"id":2207,"date":"2019-05-29T05:21:22","date_gmt":"2019-05-29T02:21:22","guid":{"rendered":"https:\/\/super-news.info\/vi\/cac-to-chuc-lon-nhat-thi-truong-hien-ke-de-viet-nam-len-msci-em\/"},"modified":"2019-05-29T05:21:23","modified_gmt":"2019-05-29T02:21:23","slug":"cac-to-chuc-lon-nhat-thi-truong-hien-ke-de-viet-nam-len-msci-em","status":"publish","type":"post","link":"https:\/\/super-news.info\/vi\/cac-to-chuc-lon-nhat-thi-truong-hien-ke-de-viet-nam-len-msci-em\/","title":{"rendered":"C\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn nh\u1ea5t th\u1ecb tr\u01b0\u1eddng hi\u1ebfn k\u1ebf \u0111\u1ec3 Vi\u1ec7t Nam l\u00ean MSCI EM"},"content":{"rendered":"

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N\u0103m 2018, MSCI quy\u1ebft \u0111\u1ecbnh ch\u1ecdn “kh\u00f4ng” v\u1edbi Vi\u1ec7t Nam, thay v\u00e0o \u0111\u00f3, \u0111\u01b0a Kuwait v\u00e0o danh s\u00e1ch theo d\u00f5i, n\u00e2ng h\u1ea1ng Argentina v\u00e0 \u0111\u01b0a Arab Saudi v\u00e0o MSCI Emerging Markets (EM) – \u0111\u1ec1u c\u00f3 hi\u1ec7u l\u1ef1c trong th\u00e1ng 5.<\/p>\n

Nh\u1eefng thay \u0111\u1ed5i k\u1ec3 t\u1eeb l\u1ea7n \u0111\u00e1nh gi\u00e1 tr\u01b0\u1edbc c\u1ee7a MSCI<\/strong><\/p>\n

Th\u00e1ng 9\/2018, ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam ch\u00ednh th\u1ee9c coi vi\u1ec7c v\u00e0o MSCI EM l\u00e0 m\u1ed9t m\u1ee5c ti\u00eau quan tr\u1ecdng (KPI). \u0110\u1ec3 t\u0103ng c\u01a1 h\u1ed9i th\u00e0nh c\u00f4ng, Vi\u1ec7t Nam \u0111ang s\u1eeda \u0111\u1ed5i Lu\u1eadt Ch\u1ee9ng kho\u00e1n v\u00e0 c\u00f4ng b\u1ed1 d\u1ef1 th\u1ea3o \u0111\u1ea7u ti\u00ean h\u1ed3i th\u00e1ng 10.<\/p>\n

\u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc (UBCK) \u0111\u00e3 tr\u00ecnh d\u1ef1 th\u1ea3o l\u00ean Qu\u1ed1c h\u1ed9i \u2013 \u0111ang trong k\u1ef3 h\u1ecdp th\u1ee9 7 k\u00e9o d\u00e0i t\u1edbi gi\u1eefa th\u00e1ng 6 \u2013 v\u00e0 k\u1ef3 v\u1ecdng \u0111\u01b0\u1ee3c th\u00f4ng qua v\u00e0o cu\u1ed1i n\u0103m nay. \u0110i\u1ec1u n\u00e0y \u0111\u1ed3ng ngh\u0129a lu\u1eadt s\u1eeda \u0111\u1ed5i c\u00f3 th\u1ec3 c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb \u0111\u1ea7u n\u0103m 2021, s\u1edbm h\u01a1n so v\u1edbi k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

B\u00e0 Nguy\u1ec5n Th\u1ecb B\u00edch Nga, V\u1ee5 ph\u00f3 V\u1ee5 H\u1ee3p t\u00e1c Qu\u1ed1c t\u1ebf, cho bi\u1ebft UBCK v\u1eabn \u0111ang chu\u1ea9n b\u1ecb nhi\u1ec1u ngh\u1ecb \u0111\u1ecbnh, d\u1ef1 ki\u1ebfn ban h\u00e0nh sau \u0111\u00f3. \u201cCh\u00fang t\u00f4i th\u1ef1c s\u1ef1 hy v\u1ecdng MSCI \u0111\u01b0a Vi\u1ec7t Nam v\u00e0o danh s\u00e1ch theo d\u00f5i trong n\u0103m nay. Ch\u00fang t\u00f4i \u0111\u00e3 v\u00e0 \u0111ang n\u1ed7 l\u1ef1c h\u1ebft s\u1ee9c \u0111\u1ec3 thi\u1ebft l\u1eadp khung ph\u00e1p l\u00fd ph\u00f9 h\u1ee3p, \u0111\u01b0a ra nh\u1eefng s\u1ea3n ph\u1ea9m m\u1edbi v\u00e0 chuy\u00ean nghi\u1ec7p h\u00f3a th\u1ecb tr\u01b0\u1eddng\u201d.<\/p>\n

H\u1ed3i \u0111\u1ea7u th\u00e1ng 5, Vi\u1ec7t Nam th\u00f4ng b\u00e1o \u0111ang c\u00e2n nh\u1eafc tri\u1ec3n khai ch\u1ee9ng ch\u1ec9 l\u01b0u k\u00fd kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft (NVDR) \u0111\u1ec3 gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 gi\u1edbi h\u1ea1n ch\u1ee7 s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i (FOL). S\u1ea3n ph\u1ea9m n\u00e0y \u0111\u01b0\u1ee3c nhi\u1ec1u nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9, m\u00f4i gi\u1edbi cho l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng \u0111\u1ec3 \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng.<\/p>\n

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Vi\u1ec7t Nam ch\u01b0a \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o danh s\u00e1ch theo d\u00f5i c\u1ee7a MSCI. \u1ea2nh: Li\u00ean H\u01b0\u01a1ng.<\/p>\n<\/div>\n<\/div>\n

M\u1ed9t quan \u0111i\u1ec3m \u0111\u01b0\u1ee3c \u0111a s\u1ed1 t\u00e1n th\u00e0nh l\u00e0 Vi\u1ec7t Nam \u0111\u00e1p \u1ee9ng \u0111\u1ee7 ti\u00eau chu\u1ea9n c\u1ee7a EM h\u01a1n nhi\u1ec1u so v\u1edbi c\u00e1c qu\u1ed1c gia kh\u00e1c x\u1ebfp tr\u00ean, v\u00ed d\u1ee5 nh\u01b0 c\u00f3 nhi\u1ec1u c\u00f4ng ty v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng tr\u00ean 1 t\u1ef7 USD h\u01a1n Pakistan, kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y cao h\u01a1n so v\u1edbi Philippines.<\/p>\n

\u201cV\u1ec1 m\u1eb7t kinh t\u1ebf, vi\u1ec7c Pakistan l\u00e0 EM c\u00f2n Vi\u1ec7t Nam th\u00ec kh\u00f4ng l\u00e0 \u0111i\u1ec1u kh\u00e1 k\u1ef3 l\u1ea1\u201d, <\/em><\/strong>\u00f4ng Nguy\u1ec5n Qu\u1ed1c D\u0169ng, Gi\u00e1m \u0111\u1ed1c giao d\u1ecbch ch\u1ee9ng kho\u00e1n – kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c c\u1ee7a ch\u1ee9ng kho\u00e1n B\u1ea3n Vi\u1ec7t (VCSC), n\u00f3i.<\/p>\n

T\u1eeb sau cu\u1ed9c kh\u1ee7ng ho\u1ea3ng ng\u00e2n h\u00e0ng n\u0103m 2010, kinh t\u1ebf Vi\u1ec7t Nam duy tr\u00ec t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf cao, l\u1ea1m ph\u00e1t th\u1ea5p, \u0111\u1ed3ng n\u1ed9i t\u1ec7 \u1ed5n \u0111\u1ecbnh v\u00e0 ki\u1ec3m so\u00e1t t\u00edn d\u1ee5ng ch\u1eb7t h\u01a1n. C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 nh\u01b0 Kevin Snowball, Gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh PXP Vietnam Asset Management, v\u1eabn l\u1ea1c quan k\u1ebft qu\u1ea3 tr\u00ean s\u1ebd gi\u00fap Vi\u1ec7t Nam chi\u1ebfn th\u1eafng.<\/p>\n

\u00d4ng Snowball ch\u1ec9 ra r\u1eb1ng Vi\u1ec7t Nam kh\u00f4ng ch\u1ec9 \u0111\u00e1p \u1ee9ng t\u1ea5t c\u1ea3 c\u00e1c ti\u00eau ch\u00ed \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a MSCI EM m\u00e0 c\u00f2n l\u00e0 th\u1ecb tr\u01b0\u1eddng t\u1ed1t nh\u1ea5t v\u1ec1 m\u1eb7t \u0111\u1ecbnh t\u00ednh trong s\u1ed1 c\u00e1c qu\u1ed1c gia th\u1ecb tr\u01b0\u1eddng c\u1eadn bi\u00ean (FM).<\/p>\n

\u201cChuy\u1ec7n \u0111\u00f3 c\u00f3 th\u1ec3 x\u1ea3y ra kh\u00f4ng? C\u00f3 n\u00ean x\u1ea3y ra kh\u00f4ng? C\u00e2u tr\u1ea3 l\u1eddi \u0111\u1ec1u l\u00e0 c\u00f3\u201d, \u00f4ng Snowball n\u00f3i<\/p>\n

\u00d4ng Stephen McKeever, Tr\u01b0\u1edfng b\u1ed9 ph\u1eadn m\u00f4i gi\u1edbi kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c t\u1ea1i Ch\u1ee9ng kho\u00e1n TP HCM (HSC), c\u0169ng tin r\u1eb1ng kh\u1ea3 n\u0103ng cao MSCI s\u1ebd h\u00e0nh \u0111\u1ed9ng v\u00e0o th\u00e1ng 6.<\/p>\n

\u00d4ng McKeever \u0111\u1ec1 c\u1eadp vi\u1ec7c Th\u1ee7 t\u01b0\u1edbng Nguy\u1ec5n Xu\u00e2n Ph\u00fac g\u1ea7n \u0111\u00e2y c\u00f4ng khai \u1ee7ng h\u1ed9 k\u1ebf ho\u1ea1ch c\u1ea3i t\u1ed5 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. K\u1ebf ho\u1ea1ch bao g\u1ed3m h\u00e0ng lo\u1ea1t thay \u0111\u1ed5i tri\u1ec3n khai cho \u0111\u1ebfn n\u0103m 2020, t\u1ea7m nh\u00ecn t\u1edbi n\u0103m 2025, trong \u0111\u00f3 c\u00f3 vi\u1ec7c l\u00ean h\u1ea1ng EM.<\/p>\n

\u201cCh\u00fang t\u00f4i ngh\u0129 n\u0103m 2025 l\u00e0 m\u1ed1c qu\u00e1 ch\u1eadm so v\u1edbi th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam\u201d, \u00f4ng McKeever nh\u1ea5n m\u1ea1nh. \u201cVi\u1ec7t Nam c\u00f3 th\u1ec3 v\u00e0o danh s\u00e1ch theo d\u00f5i c\u1ee7a MSCI trong n\u0103m nay b\u1edfi Lu\u1eadt Ch\u1ee9ng kho\u00e1n \u0111ang thi\u1ebft l\u1eadp n\u1ec1n m\u00f3ng cho m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 \u1edf \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u01b0\u1edbc v\u00e0 n\u01b0\u1edbc ngo\u00e0i s\u1ebd b\u00ecnh \u0111\u1eb3ng h\u01a1n\u201d.<\/p>\n

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\u00d4ng Stephen McKeever. \u1ea2nh: HSC<\/p>\n<\/div>\n<\/div>\n

V\u1ec1 MSCI, m\u1ed9t \u0111i\u1ec1u m\u00e0 h\u00e3ng cung c\u1ea5p ch\u1ec9 s\u1ed1 n\u00e0y kh\u00f4ng mu\u1ed1n l\u00e0 s\u1edf h\u1eefu nh\u1eefng \u201cl\u00e1 b\u00e0i\u201d ti\u1ec1m n\u0103ng nh\u01b0ng l\u1ea1i hi\u1ec7u qu\u1ea3 th\u1ea5p. Th\u1ecb tr\u01b0\u1eddng Argentina v\u00e0 Pakistan \u0111\u1ec1u di\u1ec5n bi\u1ebfn x\u1ea5u kh\u00f4ng l\u00e2u sau khi MSCI n\u00e2ng h\u1ea1ng l\u00ean EM.<\/p>\n

N\u1ebfu \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng, Vi\u1ec7t Nam kh\u00f3 \u0111i v\u00e0o v\u1ebft xe \u0111\u1ed5 do n\u1ec1n kinh t\u1ebf nh\u00ecn chung v\u1eabn t\u00edch c\u1ef1c. Tuy nhi\u00ean, nh\u1eefng v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng t\u1eebng khi\u1ebfn MCSI kh\u00f4ng n\u00e2ng h\u1ea1ng Vi\u1ec7t Nam l\u1ea1i ch\u01b0a \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft trong d\u1ef1 th\u1ea3o Lu\u1eadt Ch\u1ee9ng kho\u00e1n.<\/p>\n

Th\u00e1ch th\u1ee9c t\u1eeb FOL<\/strong><\/p>\n

\u201cM\u1ed9t lo ng\u1ea1i l\u1edbn l\u00e0 FOL. Nhi\u1ec1u EM c\u0169ng c\u00f3 quy \u0111\u1ecbnh v\u1ec1 FOL nh\u01b0ng t\u1ea1i Vi\u1ec7t Nam, FOL t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn ph\u1ea7n l\u1edbn VN-Index\u201d, \u00f4ng D\u0169ng, n\u00f3i.<\/p>\n

Ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam t\u1eebng t\u00ecm c\u00e1ch gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 n\u00e0y t\u1eeb n\u0103m 2015. Ngh\u1ecb \u0111\u1ecbnh 60 cho ph\u00e9p c\u00e1c c\u00f4ng ty t\u1ef1 b\u1ecf gi\u1edbi h\u1ea1n FOL 49%, mi\u1ec5n kh\u00f4ng thu\u1ed9c nh\u1eefng l\u0129nh v\u1ef1c b\u1ecb h\u1ea1n ch\u1ebf nh\u01b0ng kh\u00f4ng n\u00eau c\u1ee5 th\u1ec3 l\u00e0 nh\u1eefng l\u0129nh v\u1ef1c n\u00e0o.<\/p>\n

\u00d4ng Bill Stoops, Gi\u00e1m \u0111\u1ed1c \u0111\u1ea7u t\u01b0 (CIO) c\u00f4ng ty qu\u1ea3n l\u00fd qu\u1ef9 Dragon Capital, \u01b0\u1edbc t\u00ednh c\u00f3 h\u01a1n 200 l\u0129nh v\u1ef1c b\u1ecb x\u1ebfp v\u00e0o h\u1ea1n ch\u1ebf, trong \u0111\u00f3 c\u00f3 ng\u00e2n h\u00e0ng (gi\u1edbi h\u1ea1n FOL \u1edf 30%) v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n.<\/p>\n

Stoops v\u00e0 Snowball \u0111\u1ec1u tin ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam \u0111ang c\u00f3 k\u1ebf ho\u1ea1ch gi\u1ea3m s\u1ed1 l\u0129nh v\u1ef1c b\u1ecb h\u1ea1n ch\u1ebf xu\u1ed1ng c\u00f2n kho\u1ea3ng 20. H\u1ecd c\u0169ng hy v\u1ecdng Lu\u1eadt Ch\u1ee9ng kho\u00e1n s\u1eeda \u0111\u1ed5i s\u1ebd t\u1ef1 \u0111\u1ed9ng x\u00f3a FOL v\u1edbi to\u00e0n b\u1ed9 c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng trong nh\u1eefng l\u0129nh v\u1ef1c kh\u00f4ng b\u1ecb h\u1ea1n ch\u1ebf.<\/p>\n

Gi\u00e1m \u0111\u1ed1c \u0111\u1ea7u t\u01b0 Stoops c\u00f2n k\u1ef3 v\u1ecdng h\u01a1n n\u1eefa r\u1eb1ng Lu\u1eadt Ch\u1ee9ng kho\u00e1n s\u1ebd \u0111\u01b0\u1ee3c \u01b0u ti\u00ean v\u1ec1 ph\u00e1p l\u00fd h\u01a1n Lu\u1eadt \u0110\u1ea7u t\u01b0 hi\u1ec7n t\u1ea1i, c\u00f3 li\u00ean quan \u0111\u1ebfn c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft. \u0110i\u1ec1u n\u00e0y c\u00f3 nhi\u1ec1u l\u1ee3i \u00edch.<\/p>\n

Th\u1ee9 nh\u1ea5t, c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft s\u1ebd kh\u00f4ng c\u1ea7n lo v\u1ec1 kh\u1ea3 n\u0103ng b\u1ecb coi l\u00e0 c\u00f4ng ty n\u01b0\u1edbc ngo\u00e0i. T\u00ecnh tr\u1ea1ng tr\u00ean khi\u1ebfn h\u1ecd c\u00f3 ngh\u0129a v\u1ee5 ph\u1ea3i n\u1ed9p th\u00eam thu\u1ebf v\u00e0 b\u1ecb h\u1ea1n ch\u1ebf trong m\u1ed9t s\u1ed1 ho\u1ea1t \u0111\u1ed9ng kinh doanh nh\u1ea5t \u0111\u1ecbnh.<\/p>\n

C\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n ni\u00eam y\u1ebft t\u1ef1 b\u1ecf FOL \u0111\u1ec3 th\u1eed xem c\u00f3 b\u1ecb Lu\u1eadt \u0110\u1ea7u t\u01b0 \u0111i\u1ec1u ch\u1ec9nh hay nh\u01b0ng kh\u00f4ng g\u1eb7p v\u1ea5n \u0111\u1ec1 g\u00ec. Tuy nhi\u00ean, nh\u1eefng c\u00f4ng ty ni\u00eam y\u1ebft kh\u00e1c l\u1ea1i kh\u00f4ng m\u1ea5y b\u1eadn t\u00e2m. Ch\u1ec9 c\u00f3 ch\u01b0a \u0111\u1ebfn 40 trong t\u1ed5ng s\u1ed1 1.400 c\u00f4ng ty ni\u00eam y\u1ebft (bao g\u1ed3m c\u1ea3 tr\u00ean UPCoM) b\u1ecf FOL.<\/p>\n

\u201cT\u00f4i ngh\u0129 c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd v\u00e0 s\u1edf giao d\u1ecbch kh\u00f4ng g\u1ee1 FOL \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i t\u0103ng s\u1edf h\u1eefu l\u00e0 \u0111\u1ec3 ph\u1ea7n quy\u1ebft \u0111\u1ecbnh cho c\u00e1c c\u00f4ng ty\u201d, Jeffrey Goh, Gi\u00e1m \u0111\u1ed1c m\u00f4i gi\u1edbi khu v\u1ef1c t\u1ea1i Maybank Kim Eng, gi\u1ea3i th\u00edch.<\/p>\n

Vi\u1ec7c \u00e1p d\u1ee5ng b\u1eaft bu\u1ed9c s\u1ebd kh\u1eafc ph\u1ee5c \u0111\u01b0\u1ee3c v\u1ea5n \u0111\u1ec1 n\u00e0y v\u00e0 c\u00f2n gi\u00fap c\u00e1c c\u00f4ng ty v\u01b0\u1ee3t qua n\u1ed7i s\u1ee3 s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i (fear of foreign ownership – FOFO).<\/p>\n

Tr\u01b0\u1eddng h\u1ee3p \u0111\u00e1ng ch\u00fa \u00fd nh\u1ea5t l\u00e0 Vinamilk, hi\u1ec7n c\u00f3 FOL c\u00f3 t\u1ef7 l\u1ec7 s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i l\u00e0 60%. V\u1ec1 m\u1ed9t s\u1ed1 kh\u00eda c\u1ea1nh, doanh nghi\u1ec7p qu\u1ed1c doanh \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ed5 ph\u1ea7n h\u00f3a kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t t\u1ea5m g\u01b0\u01a1ng s\u00e1ng b\u1edfi 2 c\u1ed5 \u0111\u00f4ng n\u01b0\u1edbc ngo\u00e0i chi\u1ebfn l\u01b0\u1ee3c \u2013 F&N Beverages v\u00e0 Jardine Cycle & Carriage \u2013 tr\u1edf th\u00e0nh \u0111\u1ed1i tr\u1ecdng c\u1ee7a nhau.<\/p>\n

Vingroup c\u0169ng l\u00e0 m\u1ed9t v\u00ed d\u1ee5 v\u1ec1 s\u1ef1 ph\u1ee9c t\u1ea1p m\u00e0 FOL t\u1ea1o ra. T\u1eadp \u0111o\u00e0n c\u00f3 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng l\u1edbn nh\u1ea5t Vi\u1ec7t Nam n\u00e0y m\u1edbi \u0111\u00e2y \u0111\u00e3 \u0111\u01b0\u1ee3c SSC ch\u1ea5p thu\u1eadn cho gi\u1ea3m 4% FOL d\u00f9 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i ch\u1ec9 s\u1edf h\u1eefu 15% c\u1ed5 phi\u1ebfu t\u1eadp \u0111o\u00e0n.<\/p>\n

M\u1ed9t s\u1ed1 b\u00ean cho r\u1eb1ng Vingroup mu\u1ed1n chu\u1ea9n b\u1ecb \u0111\u1ee7 t\u1ef7 l\u1ec7 v\u1ed1n ngo\u1ea1i c\u00f2n tr\u1ed1ng tr\u01b0\u1edbc khi \u0111\u00f3n nh\u1eadn kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 6,1% v\u1ed1n t\u1eeb SK Corp c\u1ee7a H\u00e0n Qu\u1ed1c. S\u1ed1 kh\u00e1c n\u00f3i Vingroup mu\u1ed1n gi\u1eef l\u1ea1i g\u1ea7n 4% c\u1ed5 ph\u1ea7n \u0111\u1ec3 \u0111\u00e1p \u1ee9ng ngh\u0129a v\u1ee5 v\u1edbi 400 tri\u1ec7u USD c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i b\u00e1n cho Hanwah Group n\u0103m 2018.<\/p>\n

\u2018M\u00f4 h\u00ecnh ki\u1ec3u Th\u00e1i\u2019<\/strong><\/p>\n

B\u1ea5t k\u1ec3 l\u00fd do l\u00e0 g\u00ec, s\u1ef1 ph\u1ee9c t\u1ea1p n\u00eau tr\u00ean kh\u00f3 c\u00f3 th\u1ec3 tr\u1ea5n an MSCI. Ngo\u00e0i ra, s\u1ef1 thi\u1ebfu minh b\u1ea1ch trong \u0111\u1ecbnh gi\u00e1 v\u00e0 c\u01a1 ch\u1ebf giao d\u1ecbch cho c\u00e1c c\u1ed5 phi\u1ebfu b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi FOL c\u0169ng l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1. \u0110\u00e2y \u0111\u01b0\u1ee3c cho l\u00e0 tr\u1edf ng\u1ea1i ch\u00ednh ng\u0103n c\u1ea3n MSCI n\u00e2ng h\u1ea1ng, kh\u00f4ng ph\u1ea3i FOL.<\/p>\n

Hi\u1ec7n t\u1ea1i, ch\u01b0a c\u00f3 c\u00e1ch \u0111\u1ecbnh gi\u00e1 c\u00f4ng khai cho nh\u00f3m c\u1ed5 phi\u1ebfu n\u00e0y, \u0111\u01b0\u1ee3c giao d\u1ecbch k\u00e8m ph\u00ed khi \u0111\u1ea1t FOL. Giao d\u1ecbch gi\u1eefa c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi v\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 ngo\u1ea1i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n ngo\u1ea1i b\u1ea3ng.<\/p>\n

C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 v\u00e0 m\u00f4i gi\u1edbi mong mu\u1ed1n Vi\u1ec7t Nam \u0111i theo m\u00f4 h\u00ecnh c\u1ee7a Th\u00e1i Lan v\u00e0 tri\u1ec3n khai b\u1ea3ng gi\u00e1 kh\u1ed1i ngo\u1ea1i c\u00f9ng NVDR. B\u1ea3ng gi\u00e1 kh\u1ed1i ngo\u1ea1i s\u1ebd cung c\u1ea5p gi\u00e1 c\u1ee7a c\u00e1c giao d\u1ecbch \u0111ang di\u1ec5n ra ngo\u1ea1i b\u1ea3ng, cho ph\u00e9p c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 x\u00e1c \u0111\u1ecbnh v\u1ecb th\u1ebf c\u1ee7a h\u1ecd. NVDR v\u1eabn \u0111\u01b0\u1ee3c coi l\u00e0 c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng nh\u01b0ng kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft, gi\u1ea3i quy\u1ebft c\u00e2u h\u1ecfi h\u00f3c b\u00faa v\u1ec1 s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i.<\/p>\n

\u00d4ng Mike Lynch, Gi\u00e1m \u0111\u1ed1c Kh\u1ed1i D\u1ecbch v\u1ee5 ch\u1ee9ng kho\u00e1n kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c Ch\u1ee9ng kho\u00e1n SSI, n\u1eb1m trong s\u1ed1 nh\u1eefng ng\u01b0\u1eddi tin \u0111\u00e2y l\u00e0 c\u00e1ch \u0111\u1ec3 Vi\u1ec7t Nam ti\u1ebfn l\u00ean. \u201cTh\u00e1i Lan \u0111\u00e3 c\u00f3 b\u1ea3ng gi\u00e1 kh\u1ed1i ngo\u1ea1i su\u1ed1t nhi\u1ec1u n\u0103m tr\u01b0\u1edbc khi tri\u1ec3n khai NVDR\u201d, \u00f4ng Lynch b\u00ecnh lu\u1eadn. \u201cC\u00e1c c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch v\u1edbi m\u1ee9c ph\u00ed l\u00ean t\u1edbi 25% tr\u01b0\u1edbc khi NVDR xu\u1ea5t hi\u1ec7n, sau \u0111\u00f3 gi\u1ea3m ch\u1ec9 c\u00f2n v\u00e0i %\u201d.<\/p>\n

NVDR v\u00e0 c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 ho\u00e1n \u0111\u1ed5i cho nhau. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i c\u00f3 th\u1ec3 chuy\u1ec3n t\u1eeb h\u00ecnh th\u1ee9c n\u00e0y sang h\u00ecnh th\u1ee9c kia m\u00e0 kh\u00f4ng ph\u1ea3i lo v\u1ec1 FOL.<\/p>\n

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\u00d4ng Mike Lynch, Gi\u00e1m \u0111\u1ed1c Kh\u1ed1i D\u1ecbch v\u1ee5 ch\u1ee9ng kho\u00e1n kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c Ch\u1ee9ng kho\u00e1n SSI n\u00f3i: “C\u00e1c c\u1ed5 phi\u1ebfu h\u1ebft room \u0111\u01b0\u1ee3c giao d\u1ecbch v\u1edbi m\u1ee9c ph\u00ed l\u00ean t\u1edbi 25% tr\u01b0\u1edbc khi NVDR xu\u1ea5t hi\u1ec7n, sau \u0111\u00f3 gi\u1ea3m ch\u1ec9 c\u00f2n v\u00e0i %”. \u1ea2nh: SSI.<\/p>\n<\/div>\n<\/div>\n

\u00d4ng Lynch tin v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 t\u0103ng g\u1ea5p \u0111\u00f4i n\u1ebfu Vi\u1ec7t Nam \u0111\u00f3n nh\u1eadn m\u00f4 h\u00ecnh t\u01b0\u01a1ng t\u1ef1 Th\u00e1i Lan, do nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i s\u1ebd d\u1ea7n thi\u1ebft l\u1eadp m\u1ee9c gi\u00e1 cao h\u01a1n nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ed9i. Kh\u1ed1i ngo\u1ea1i th\u01b0\u1eddng s\u1eb5n l\u00f2ng tr\u1ea3 gi\u00e1 cao h\u01a1n.<\/p>\n

\u201cCh\u00fang ta \u0111\u00e3 th\u1ea5y nhi\u1ec1u v\u00ed d\u1ee5 g\u1ea7n \u0111\u00e2y v\u1ec1 vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 ngo\u1ea1i tr\u1ea3 ph\u00ed l\u00ean t\u1edbi 50% \u0111\u1ec3 khuy\u1ebfn kh\u00edch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ngo\u1ea1i kh\u00e1c b\u00e1n ra. H\u1ecd kh\u00f4ng ng\u1ed1c. \u0110\u01a1n gi\u1ea3n l\u00e0 h\u1ecd th\u1ea5y gi\u00e1 tr\u1ecb mang l\u1ea1i v\u01b0\u1ee3t xa m\u1ee9c ph\u00ed n\u00e0y. Nh\u00ecn chung, Vi\u1ec7t Nam n\u00ean \u0111\u01b0\u1ee3c giao d\u1ecbch v\u1edbi ph\u00ed cao h\u01a1n nh\u1eefng khu v\u1ef1c kh\u00e1c \u1edf ch\u00e2u \u00c1\u201d, Gi\u00e1m \u0111\u1ed1c Kh\u1ed1i D\u1ecbch v\u1ee5 ch\u1ee9ng kho\u00e1n kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c SSI n\u00f3i.<\/p>\n

T\u1ea1i Th\u00e1i Lan, gi\u1edbi m\u00f4i gi\u1edbi k\u1ef3 v\u1ecdng MSCI trong th\u00e1ng 6 s\u1ebd \u0111\u01b0a NVDR v\u00e0o EM Index, th\u00fac \u0111\u1ea9y d\u00f2ng v\u1ed1n ngo\u1ea1i v\u00e0o th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n n\u01b0\u1edbc n\u00e0y.<\/p>\n

C\u00e2n nh\u1eafc c\u00e1c l\u1ef1a ch\u1ecdn<\/strong><\/p>\n

C\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd hi\u1ec7n \u01b0u ti\u00ean NVDR h\u01a1n l\u00e0 \u0111i theo h\u01b0\u1edbng c\u1ed5 phi\u1ebfu h\u1ea1n ch\u1ebf – ph\u01b0\u01a1ng th\u1ee9c Malaysia v\u00e0 Nh\u1eadt B\u1ea3n s\u1eed d\u1ee5ng \u0111\u1ec3 duy tr\u00ec s\u1edf h\u1eefu trong n\u01b0\u1edbc v\u1edbi c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p then ch\u1ed1t – v\u00e0 \u0111\u00e3 c\u00f3 k\u1ebf ho\u1ea1ch \u0111\u1ec3 tri\u1ec3n khai.<\/p>\n

H\u1ed3i \u0111\u1ea7u th\u00e1ng 5, \u0111\u1ea1i di\u1ec7n s\u00e0n ch\u1ee9ng kho\u00e1n TP HCM (HoSE) \u0111\u01b0a ra c\u00e1c ph\u01b0\u01a1ng \u00e1n thay th\u1ebf t\u1ea1i Di\u1ec5n \u0111\u00e0n Doanh nghi\u1ec7p Vi\u1ec7t Nam (VBF).<\/p>\n

Vi\u1ec7t Nam d\u1ef1 ki\u1ebfn cho ph\u00e9p c\u00e1c c\u00f4ng ty v\u00e0 ng\u00e2n h\u00e0ng m\u1edf b\u00e1n th\u00eam 15% c\u1ed5 ph\u1ea7n th\u00f4ng qua NVDR, d\u1ef1 ki\u1ebfn \u0111\u01b0a s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i t\u1ea1i c\u00e1c c\u00f4ng ty l\u00ean t\u1ed1i \u0111a 64%, t\u1ea1i c\u00e1c ng\u00e2n h\u00e0ng l\u00ean 45%.<\/p>\n

C\u00e1c ng\u01b0\u1ee1ng tr\u00ean \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp d\u1ef1a tr\u00ean mong mu\u1ed1n \u0111\u1ea3m b\u1ea3o s\u1edf h\u1eefu trong n\u01b0\u1edbc kh\u00f4ng xu\u1ed1ng d\u01b0\u1edbi 36%, t\u1ef7 l\u1ec7 c\u1ea7n thi\u1ebft \u0111\u1ec3 c\u00f3 quy\u1ec1n ph\u1ee7 quy\u1ebft theo ph\u00e1p lu\u1eadt Vi\u1ec7t Nam. D\u00f9 NVDR kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft, t\u0103ng FOL s\u1ebd m\u1edf \u0111\u01b0\u1eddng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ngo\u1ea1i c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft \u00e1p \u0111\u1ea3o nh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u01b0\u1edbc t\u1ea1i h\u1ecdp \u0110H\u0110C\u0110 th\u01b0\u1eddng ni\u00ean.<\/p>\n

Vi\u1ec7t Nam c\u0169ng c\u00f3 bi\u1ec7n ph\u00e1p \u1ee9ng ph\u00f3 tr\u01b0\u1eddng h\u1ee3p n\u00e0y b\u1eb1ng \u0111\u1ec1 xu\u1ea5t thi\u1ebft l\u1eadp m\u1ed9t c\u00f4ng ty qu\u1ea3n l\u00fd NVDR v\u00e0 quy\u1ec1n bi\u1ec3u quy\u1ebft c\u1ee7a h\u1ecd theo t\u1ef7 l\u1ec7 t\u01b0\u01a1ng x\u1ee9ng v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u01b0\u1edbc trong h\u1ecdp \u0110H\u0110C\u0110 th\u01b0\u1eddng ni\u00ean. C\u00f4ng ty n\u00e0y n\u00ean thu\u1ed9c HoSE nh\u01b0ng hi\u1ec7n t\u1ea1i \u0111\u01a1n v\u1ecb n\u00e0y ch\u01b0a \u0111\u01b0\u1ee3c ph\u00e9p l\u1eadp c\u00f4ng ty con.<\/p>\n

Ngo\u00e0i ra, c\u00f2n nhi\u1ec1u y\u1ebfu t\u1ed1 k\u1ef9 thu\u1eadt kh\u00e1c c\u1ea7n gi\u1ea3i quy\u1ebft nh\u01b0 FOL hi\u1ec7n \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean v\u1ed1n \u0111i\u1ec1u l\u1ec7 c\u00f4ng ty thay v\u00ec c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng. Li\u1ec7u Ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam c\u00f3 \u0111i theo h\u01b0\u1edbng NVDR \u0111\u1ec3 thuy\u1ebft ph\u1ee5c MSCI? \u00d4ng Lynch c\u00f3 th\u1ec3 b\u00e1n th\u00eam 15% c\u00e1c c\u1ed5 phi\u1ebfu b\u1ecb FOL \u1ea3nh h\u01b0\u1edfng ch\u1ec9 qua m\u1ed9t \u0111\u00eam.<\/p>\n

V\u1ea5n \u0111\u1ec1 ch\u00ednh \u1edf \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 n\u00e2ng gi\u1edbi h\u1ea1n m\u00e0 l\u00e0 cung c\u1ea5p c\u01a1 ch\u1ebf giao d\u1ecbch minh b\u1ea1ch. Ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam v\u1eabn ch\u01b0a c\u00f3 c\u00e2u tr\u1ea3 l\u1eddi c\u1ee5 th\u1ec3 v\u00e0 c\u0169ng kh\u00f4ng ti\u1ebft l\u1ed9 th\u1eddi \u0111i\u1ec3m c\u00f3 th\u1ec3 tri\u1ec3n khai m\u1ed9t trong nh\u1eefng h\u01b0\u1edbng \u0111i tr\u00ean.<\/p>\n

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S\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n H\u00e0 N\u1ed9i. \u1ea2nh: Reuters.<\/p>\n<\/div>\n<\/div>\n

Thay \u0111\u1ed5i m\u00e0 MCSI mong mu\u1ed1n n\u1eefa l\u00e0 c\u00f3 nhi\u1ec1u th\u00f4ng b\u00e1o song ng\u1eef t\u1eeb doanh nghi\u1ec7p h\u01a1n \u0111\u1ec3 c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u01b0\u1edbc v\u00e0 n\u01b0\u1edbc ngo\u00e0i c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn th\u00f4ng tin t\u01b0\u01a1ng \u0111\u01b0\u01a1ng nhau. Vinamilk l\u00e0 h\u00ecnh m\u1eabu n\u1ed5i b\u1eadt trong kh\u00eda c\u1ea1nh n\u00e0y, ra b\u00e1o c\u00e1o \u0111\u1ed3ng th\u1eddi b\u1eb1ng ti\u1ebfng Vi\u1ec7t v\u00e0 ti\u1ebfng Anh. Snowball v\u00e0 Stoops \u0111\u1ec1u tin \u0111\u00e2y l\u00e0 v\u1ea5n \u0111\u1ec1 kh\u00e1 d\u1ec5 gi\u1ea3i quy\u1ebft.<\/p>\n

\u201cTi\u1ebfng Vi\u1ec7t l\u00e0 ng\u00f4n ng\u1eef ch\u00ednh t\u1ea1i Vi\u1ec7t Nam\u201d, Snowball l\u00fd gi\u1ea3i. \u201cNh\u01b0ng ch\u00ednh ph\u1ee7 c\u00f3 th\u1ec3 ra quy \u0111\u1ecbnh v\u1ec1 song ng\u1eef cho c\u00e1c c\u00f4ng ty mu\u1ed1n \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 nh\u01b0 VN30, VN50. Hy v\u1ecdng \u0111\u1ed9ng th\u00e1i \u0111\u00f3 c\u00f3 th\u1ec3 khi\u1ebfn MSCI h\u00e0i l\u00f2ng\u201d.<\/p>\n

\u00d4ng Snowball n\u00eau b\u1eadt c\u00e1c b\u01b0\u1edbc c\u1ea7n th\u1ef1c hi\u1ec7n \u0111\u1ec3 t\u1ea1o ra s\u1ef1 b\u00ecnh \u0111\u1eb3ng cho kh\u1ed1i n\u1ed9i v\u00e0 kh\u1ed1i ngo\u1ea1i.<\/p>\n

M\u1ed9t \u0111\u1ed9ng th\u00e1i quan tr\u1ecdng n\u1eefa l\u00e0 tri\u1ec3n khai th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ch\u1ec9 s\u1ed1 VN30 v\u00e0o th\u00e1ng 9\/2017. Kh\u00f4ng c\u00f3 gi\u1edbi h\u1ea1n v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i nh\u01b0ng th\u1ecb tr\u01b0\u1eddng n\u00e0y l\u1ea1i kh\u00f4ng hi\u1ec7u qu\u1ea3 nh\u01b0 d\u1ef1 ki\u1ebfn.<\/p>\n

Nh\u1eefng \u0111\u01a1n v\u1ecb \u1ee7y th\u00e1c n\u01b0\u1edbc ngo\u00e0i nh\u01b0 Citi, Deutsche Bank, HSBC v\u00e0 Standard Chartered ch\u01b0a c\u00f3 \u00fd \u0111\u1ecbnh tr\u1edf th\u00e0nh th\u00e0nh vi\u00ean thanh to\u00e1n b\u00f9 tr\u1eeb tr\u00ean s\u00e0n, ch\u1ee7 y\u1ebfu b\u1edfi ho\u1ea1t \u0111\u1ed9ng n\u00e0y hi\u1ec7n kh\u00f4ng sinh \u0111\u1ee7 l\u1ee3i nhu\u1eadn cho h\u1ecd. Trong khi \u0111\u00f3, c\u00e1c c\u00f4ng ty qu\u1ea3n l\u00fd qu\u1ef9 nh\u01b0 PXP, Dragon Capital kh\u00f4ng s\u1eb5n l\u00f2ng giao d\u1ecbch v\u1edbi c\u00e1c \u0111\u1ed1i t\u00e1c trong n\u01b0\u1edbc b\u1edfi r\u1ee7i ro qu\u00e1 cao.<\/p>\n

M\u00f4i gi\u1edbi v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u01b0\u1edbc l\u1ea1i kh\u00e1c, \u0111\u00f3n nh\u1eadn c\u00e1c ch\u1ec9 s\u1ed1 t\u01b0\u01a1ng lai m\u1ed9t c\u00e1ch t\u00edch c\u1ef1c. Gi\u00e1 tr\u1ecb giao d\u1ecbch th\u01b0\u1eddng g\u1ea5p 3 ho\u1eb7c 4 l\u1ea7n m\u1ee9c trung b\u00ecnh 150 \u2013 200 tri\u1ec7u USD h\u00e0ng ng\u00e0y tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u01a1 s\u1edf.<\/p>\n

\u201cL\u00fd do l\u00e0 ng\u00e0y thanh to\u00e1n c\u1ee7a ch\u1ec9 s\u1ed1 t\u01b0\u01a1ng lai l\u00e0 T+1 c\u00f2n c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u01a1 s\u1edf l\u00e0 T+3\u201d, \u00f4ng Stoops l\u00fd gi\u1ea3i. \u201cNh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u01b0\u1edbc \u0111ang ki\u1ebfm l\u1eddi t\u1eeb s\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y\u201d.<\/p>\n

B\u00e0 Nguy\u1ec5n Th\u1ecb B\u00edch Nga, V\u1ee5 ph\u00f3 V\u1ee5 H\u1ee3p t\u00e1c Qu\u1ed1c t\u1ebf, cho bi\u1ebft h\u1ecd \u0111ang l\u00e0m vi\u1ec7c v\u1edbi c\u01a1 quan l\u01b0u k\u00fd, xem x\u00e9t \u0111\u01b0a c\u01a1 ch\u1ebf T+1 v\u00e0o th\u1ecb tr\u01b0\u1eddng c\u01a1 s\u1edf \u201cr\u1ea5t s\u1edbm\u201d.<\/p>\n

C\u01a1 quan qu\u1ea3n l\u00fd c\u0169ng mu\u1ed1n \u0111\u01b0a ra c\u00e1c s\u1ea3n ph\u1ea9m m\u1edbi. Ch\u1ee9ng quy\u1ec1n c\u00f3 b\u1ea3o \u0111\u1ea3m d\u1ef1 ki\u1ebfn v\u1eadn h\u00e0nh v\u00e0o cu\u1ed1i th\u00e1ng 6. C\u00e1c s\u1ea3n ph\u1ea9m m\u1edbi kh\u00e1c bao g\u1ed3m qu\u1ef9 ch\u1ec9 s\u1ed1 (ETF), qu\u1ef9 t\u00edn th\u00e1c b\u1ea5t \u0111\u1ed9ng s\u1ea3n (REITS), quy\u1ec1n ch\u1ecdn v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u1edbi t\u1eebng c\u1ed5 phi\u1ebfu, ph\u00e9p vay c\u1ed5 phi\u1ebfu v\u00e0 thi\u1ebft l\u1eadp c\u01a1 ch\u1ebf an to\u00e0n.<\/p>\n

\u2018\u00c1t ch\u1ee7 b\u00e0i\u2019 th\u1ecb tr\u01b0\u1eddng c\u1eadn bi\u00ean<\/strong><\/p>\n

Vi\u1ec7t Nam \u0111ang d\u1ea7n c\u00f3 v\u1ecb th\u1ebf \u00e1p \u0111\u1ea3o trong MSCI FM. T\u00ednh \u0111\u1ebfn cu\u1ed1i th\u00e1ng 3, t\u1ef7 tr\u1ecdng c\u1ee7a Vi\u1ec7t Nam l\u00e0 15,56%, x\u1ebfp th\u1ee9 hai ch\u1ec9 sau Kuwait, 22,78%. \u1ede v\u1ecb tr\u00ed th\u1ee9 3 v\u00e0 4 l\u1ea7n l\u01b0\u1ee3t l\u00e0 Argentina, 13,25%, v\u00e0 Morocco, 7,06%.<\/p>\n

SSI \u01b0\u1edbc t\u00ednh n\u1ebfu c\u1ea3 Argentina v\u00e0 Kuwait \u0111\u01b0\u1ee3c chuy\u1ec3n l\u00ean EM, Vi\u1ec7t Nam v\u1ec1 l\u00fd thuy\u1ebft s\u1ebd chi\u1ebfm t\u1ef7 tr\u1ecdng l\u00ean t\u1edbi 30%, tr\u1eeb khi MSCI t\u00ednh l\u1ea1i ch\u1ec9 s\u1ed1. Nh\u00ecn chung, vi\u1ec7c Argentina v\u00e0 Kuwait r\u1eddi \u0111i s\u1ebd gi\u00fap Vi\u1ec7t Nam v\u01b0\u1ee3t xa nh\u1eefng th\u1ecb tr\u01b0\u1eddng c\u00f2n l\u1ea1i trong MSCI FM.<\/p>\n

Hai kh\u1ea3 n\u0103ng s\u1ebd x\u1ea3y ra. MSCI c\u00f3 th\u1ec3 s\u1ebd ph\u1ea3i n\u00e2ng h\u1ea1ng khi Vi\u1ec7t Nam \u0111\u00e3 qu\u00e1 kh\u1ed5 so v\u1edbi FM ho\u1eb7c gi\u1eef nguy\u00ean th\u00eam m\u1ed9t th\u1eddi gian n\u1eefa \u0111\u1ec3 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd c\u00f3 th\u00eam l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0.<\/p>\n

Nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y di\u1ec5n ra t\u00ecnh tr\u1ea1ng thi\u1ebfu c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng FM \u0111\u1ec3 l\u1ef1a ch\u1ecdn khi c\u00e1c th\u1ecb tr\u01b0\u1eddng li\u00ean t\u1ee5c \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng. Tr\u01b0\u1edbc khi n\u00e2ng h\u1ea1ng Argentina v\u00e0 Arab Saudi v\u00e0o n\u0103m 2018, MSCI \u0111\u00e3 n\u00e2ng h\u1ea1ng Pakistan n\u0103m 2017, Qatar v\u00e0 UAE n\u0103m 2014.<\/p>\n

Nhi\u1ec1u nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 FM \u1ee9ng ph\u00f3 b\u1eb1ng c\u00e1ch \u00e1p d\u1ee5ng ch\u00ednh s\u00e1ch ch\u00e9o, cho ph\u00e9p h\u1ecd ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c n\u01b0\u1edbc \u0111\u01b0\u1ee3c n\u00e2ng l\u00ean EM. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y Vi\u1ec7t Nam s\u1ebd h\u01b0\u1edfng l\u1ee3i n\u1ebfu \u0111\u1ea1t v\u1ecb th\u1ebf EM, t\u1eadn h\u01b0\u1edfng d\u00f2ng v\u1ed1n l\u00ean t\u1edbi 10 t\u1ef7 USD t\u1eeb c\u00e1c qu\u1ef9 FM v\u00e0 1.800 t\u1ef7 USD t\u1eeb c\u00e1c qu\u1ef9 EM.<\/p>\n

\u00d4ng Lynch l\u01b0u \u00fd MSCI s\u1ebd c\u1ea9n th\u1eadn, tr\u00e1nh l\u1eb7p l\u1ea1i chuy\u1ec7n x\u1ea3y ra v\u1edbi Qatar v\u00e0 UAE. Hai n\u01b0\u1edbc \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o danh s\u00e1ch theo d\u00f5i n\u0103m 2008 nh\u01b0ng t\u1edbi n\u0103m 2014 m\u1edbi tr\u1edf th\u00e0nh EM.<\/p>\n

MSCI c\u00f3 th\u1ec3 mu\u1ed1n ch\u1ee9ng ki\u1ebfn nh\u1eefng ti\u1ebfn tri\u1ec3n v\u1eefng ch\u1eafc t\u1eeb Vi\u1ec7t Nam tr\u01b0\u1edbc khi ra quy\u1ebft \u0111\u1ecbnh. Trong khi \u0111\u00f3, FTSE Russell \u0111\u00e3 \u0111\u01b0a Vi\u1ec7t Nam v\u00e0o danh s\u00e1ch theo d\u00f5i t\u1eeb th\u00e1ng 9\/2018 v\u00e0 s\u1ebd \u0111\u00e1nh gi\u00e1 l\u1ea1i v\u00e0o cu\u1ed1i qu\u00fd III.<\/p>\n

Quan tr\u1ecdng h\u01a1n c\u1ea3, c\u00e1c \u0111\u01a1n v\u1ecb cung c\u1ea5p ch\u1ec9 s\u1ed1 v\u00e0 ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam \u0111\u1ec1u kh\u00f4ng mu\u1ed1n t\u1ea1o ra m\u1ed9t l\u00e0n s\u00f3ng kh\u1ed1i ngo\u1ea1i tr\u01b0\u1edbc khi th\u1ecb tr\u01b0\u1eddng \u201c\u0111\u1ee7 ch\u00edn\u201d \u0111\u1ec3 h\u1ea5p th\u1ee5 nh\u1eefng l\u1ee3i \u00edch do vi\u1ec7c n\u00e2ng h\u1ea1ng mang l\u1ea1i. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i hi\u1ec7n s\u1edf h\u1eefu g\u1ea7n 30 t\u1ef7 USD trong th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u00f3 v\u1ed1n h\u00f3a 173 t\u1ef7 USD c\u1ee7a Vi\u1ec7t Nam.<\/p>\n

Gi\u00e1m \u0111\u1ed1c kh\u1ed1i c\u1ee7a SSI nh\u1eadn \u0111\u1ecbnh l\u01b0\u1ee3ng ti\u1ec1n l\u1edbn g\u1ea5p 10 l\u1ea7n con s\u1ed1 tr\u00ean \u0111ang ch\u1edd MSCI h\u00e0nh \u0111\u1ed9ng. CIO Dragon Capital Stoops cho r\u1eb1ng l\u01b0\u1ee3ng v\u1ed1n m\u1edbi kho\u1ea3ng 10 t\u1ef7 USD.<\/p>\n

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\"C\u00e1c<\/div>\n
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S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n TP HCM. \u1ea2nh: Nikkei.<\/p>\n<\/div>\n<\/div>\n

Kh\u00f4ng ai mu\u1ed1n ch\u1ee9ng ki\u1ebfn t\u00ecnh tr\u1ea1ng n\u0103m 2006 v\u00e0 2007 l\u1eb7p l\u1ea1i. Khi \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u00e3 v\u1ee1 tr\u1eadn sau khi ngu\u1ed3n v\u1ed1n n\u01b0\u1edbc ngo\u00e0i t\u0103ng v\u1ecdt v\u00e0 b\u1ea5t ng\u1edd r\u00fat kh\u1ecfi v\u00e0i n\u0103m sau \u0111\u00f3, khi th\u1ecb tr\u01b0\u1eddng qu\u00e1 n\u00f3ng. Ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam \u0111\u00e3 r\u00fat ra b\u00e0i h\u1ecdc v\u00e0 s\u1ebd l\u00e0m \u0111\u00fang l\u1ea7n n\u00e0y.<\/p>\n

C\u00e1c nh\u00e0 m\u00f4i gi\u1edbi n\u00ean l\u1ea1c quan m\u1ed9t c\u00e1ch th\u1eadn tr\u1ecdng. V\u00e0o danh s\u00e1ch theo d\u00f5i c\u1ee7a MSCI c\u00f3 th\u1ec3 khi\u1ebfn ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam h\u00e0nh \u0111\u1ed9ng quy\u1ebft \u0111o\u00e1n h\u01a1n. Tuy nhi\u00ean, \u0111\u1ee3t t\u1ed5ng tuy\u1ec3n c\u1eed v\u00e0o n\u0103m 2021, c\u00f3 th\u1ec3 l\u00e0m ch\u1eadm ti\u1ebfn tr\u00ecnh tr\u00ean.<\/p>\n

\u00d4ng Stoops lo\u1ea1i tr\u1eeb kh\u1ea3 n\u0103ng Vi\u1ec7t Nam v\u00e0o danh s\u00e1ch theo d\u00f5i c\u1ee7a MSCI trong n\u0103m 2019. \u0110\u1ea1i di\u1ec7n Dragon Capital cho r\u1eb1ng chuy\u1ec7n n\u00e0y c\u00f3 th\u1ec3 x\u1ea3y ra v\u00e0o n\u0103m 2020 n\u1ebfu MSCI nh\u1eadn th\u1ea5y c\u00f3 ti\u1ebfn b\u1ed9 trong h\u1ec7 th\u1ed1ng giao d\u1ecbch. \u201cSau \u0111\u00f3, qu\u00e1 tr\u00ecnh k\u1ebft lu\u1eadn s\u1ebd r\u1ea5t nhanh n\u1ebfu Vi\u1ec7t Nam chuy\u1ec3n sang c\u00e1c c\u01a1 ch\u1ebf giao d\u1ecbch m\u1edf, tu\u00e2n th\u1ee7\u201d, \u00f4ng n\u00f3i.<\/p>\n

\u00d4ng Terry Mahony, Ph\u00f3 ch\u1ee7 t\u1ecbch VinaCapital, c\u0169ng cho r\u1eb1ng Vi\u1ec7t Nam kh\u00f3 v\u00e0o danh s\u00e1ch theo d\u00f5i c\u1ee7a MSCI trong n\u0103m nay, kh\u1ea3 n\u0103ng x\u1ea3y ra cao h\u01a1n v\u00e0o n\u0103m 2020 ho\u1eb7c 2021. \u00d4ng Michael Kokalari, kinh t\u1ebf gia t\u1ea1i VinaCapital chung nh\u1eadn \u0111\u1ecbnh.<\/p>\n<\/div>\n

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[ad_1] N\u0103m 2018, MSCI quy\u1ebft \u0111\u1ecbnh ch\u1ecdn “kh\u00f4ng” v\u1edbi Vi\u1ec7t Nam, thay v\u00e0o \u0111\u00f3, \u0111\u01b0a Kuwait v\u00e0o danh s\u00e1ch theo d\u00f5i, n\u00e2ng h\u1ea1ng Argentina v\u00e0 \u0111\u01b0a Arab Saudi v\u00e0o MSCI Emerging Markets (EM) – \u0111\u1ec1u c\u00f3 hi\u1ec7u l\u1ef1c trong th\u00e1ng 5. Nh\u1eefng thay \u0111\u1ed5i k\u1ec3 t\u1eeb l\u1ea7n \u0111\u00e1nh gi\u00e1 tr\u01b0\u1edbc c\u1ee7a MSCI Th\u00e1ng 9\/2018, […]<\/p>\n","protected":false},"author":2,"featured_media":2208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ban-tin-tai-chinh"],"yoast_head":"\nC\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn nh\u1ea5t th\u1ecb tr\u01b0\u1eddng hi\u1ebfn k\u1ebf \u0111\u1ec3 Vi\u1ec7t Nam l\u00ean MSCI EM - Super News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/super-news.info\/vi\/cac-to-chuc-lon-nhat-thi-truong-hien-ke-de-viet-nam-len-msci-em\/\" \/>\n<meta property=\"og:locale\" content=\"vi_VN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"C\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn nh\u1ea5t th\u1ecb tr\u01b0\u1eddng hi\u1ebfn k\u1ebf \u0111\u1ec3 Vi\u1ec7t Nam l\u00ean MSCI EM - Super News\" \/>\n<meta property=\"og:description\" content=\"[ad_1] N\u0103m 2018, MSCI quy\u1ebft \u0111\u1ecbnh ch\u1ecdn “kh\u00f4ng” v\u1edbi Vi\u1ec7t Nam, thay v\u00e0o \u0111\u00f3, \u0111\u01b0a Kuwait v\u00e0o danh s\u00e1ch theo d\u00f5i, n\u00e2ng h\u1ea1ng Argentina v\u00e0 \u0111\u01b0a Arab Saudi v\u00e0o MSCI Emerging Markets (EM) – \u0111\u1ec1u c\u00f3 hi\u1ec7u l\u1ef1c trong th\u00e1ng 5. 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