Vingroup c\u00f3 th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t \u201c\u00f4ng l\u1edbn\u201d nh\u01b0 c\u00e1ch truy\u1ec1n th\u00f4ng v\u1eabn ca t\u1ee5ng, hay \u0111ang che gi\u1ea5u m\u1ed9t cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh d\u01b0\u1edbi nh\u1eefng con s\u1ed1 h\u00e0o nho\u00e1ng? T\u1ed5ng n\u1ee3 v\u01b0\u1ee3t m\u1ed1c 665.820 t\u1ef7 \u0111\u1ed3ng v\u00e0 \u00e1p l\u1ef1c l\u00e3i vay ng\u00e0y c\u00e0ng \u0111\u00e8 n\u1eb7ng, t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a t\u1eadp \u0111o\u00e0n n\u00e0y \u0111ang b\u1ed9c l\u1ed9 nh\u1eefng l\u1ed7 h\u1ed5ng nghi\u00eam tr\u1ecdng. V\u1eady m\u00e0, m\u1ed9t s\u1ed1 \u00fd ki\u1ebfn l\u1ea1i c\u1ed1 g\u1eafng so s\u00e1nh Vingroup v\u1edbi Samsung \u2013 g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 to\u00e0n c\u1ea7u c\u00f3 n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc. \u0110\u00e2y c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t ph\u00e9p so s\u00e1nh h\u1ee3p l\u00fd, hay ch\u1ec9 l\u00e0 chi\u00eau tr\u00f2 \u0111\u00e1nh b\u00f3ng h\u00ecnh \u1ea3nh nh\u1eb1m tr\u1ea5n an nh\u00e0 \u0111\u1ea7u t\u01b0?<\/p>\n
1. N\u1ee3 v\u00e0 l\u00e3i vay: G\u00e1nh n\u1eb7ng t\u00e0i ch\u00ednh \u0111e d\u1ecda s\u1ef1 s\u1ed1ng c\u00f2n<\/strong><\/p>\n D\u1ef1a tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh h\u1ee3p nh\u1ea5t qu\u00fd 1\/2025, Vingroup ghi nh\u1eadn t\u1ed5ng n\u1ee3 ph\u1ea3i tr\u1ea3 665.820 t\u1ef7 \u0111\u1ed3ng, trong khi v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ch\u1ec9 d\u1eebng \u1edf m\u1ee9c 157.450 t\u1ef7 \u0111\u1ed3ng. T\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u1ea1t 4,23 l\u1ea7n, cao g\u1ea5p \u0111\u00f4i ng\u01b0\u1ee1ng an to\u00e0n th\u01b0\u1eddng th\u1ea5y (d\u01b0\u1edbi 2 l\u1ea7n). M\u1ed7i qu\u00fd, t\u1eadp \u0111o\u00e0n ph\u1ea3i chi 12.500 t\u1ef7 \u0111\u1ed3ng cho l\u00e3i vay, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 14,8% doanh thu. N\u1ebfu t\u00ednh c\u1ea3 n\u0103m, con s\u1ed1 n\u00e0y l\u00ean t\u1edbi 50.000 t\u1ef7 \u0111\u1ed3ng, chi\u1ebfm g\u1ea7n 31,7% v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u2013 m\u1ed9t m\u1ee9c b\u00e1o \u0111\u1ed9ng \u0111\u1ecf v\u1ec1 kh\u1ea3 n\u0103ng thanh to\u00e1n.<\/p>\n Trong khi \u0111\u00f3, Samsung duy tr\u00ec t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean t\u00e0i s\u1ea3n \u1edf m\u1ee9c 27%, v\u1edbi chi ph\u00ed l\u00e3i vay ch\u1ec9 chi\u1ebfm 2-3% doanh thu (theo Samsung Financial Report). G\u1ea7n \u0111\u00e2y, Vingroup ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu v\u1edbi l\u00e3i su\u1ea5t 12,5% (th\u00e1ng 5\/2025), c\u00f2n Samsung vay v\u1ed1n v\u1edbi l\u00e3i su\u1ea5t ch\u1ec9 3-4%. S\u1ef1 ch\u00eanh l\u1ec7ch n\u00e0y kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 t\u00edn nhi\u1ec7m kh\u00e1c bi\u1ec7t, m\u00e0 c\u00f2n cho th\u1ea5y vi\u1ec7c so s\u00e1nh Vingroup v\u1edbi Samsung l\u00e0 m\u1ed9t n\u1ed7 l\u1ef1c phi l\u00fd nh\u1eb1m t\u1ea1o \u1ea3o t\u01b0\u1edfng v\u1ec1 s\u1ee9c m\u1ea1nh t\u00e0i ch\u00ednh.<\/p>\n 2. B\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00f3ng b\u0103ng: T\u1ed3n kho ngh\u00ecn t\u1ef7 v\u00e0 \u00e1p l\u1ef1c d\u00f2ng ti\u1ec1n<\/strong><\/p>\n Th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam \u0111ang ch\u00ecm trong kh\u1ee7ng ho\u1ea3ng, v\u1edbi l\u01b0\u1ee3ng giao d\u1ecbch gi\u1ea3m 30% v\u00e0 gi\u00e1 tr\u1ecb t\u1ed3n kho to\u00e0n ng\u00e0nh l\u00ean t\u1edbi 1,2 tri\u1ec7u t\u1ef7 \u0111\u1ed3ng (theo B\u1ed9 X\u00e2y d\u1ef1ng). Vinhomes \u2013 \u201ctr\u1ee5 c\u1ed9t\u201d c\u1ee7a Vingroup \u2013 hi\u1ec7n \u0111\u1ed1i m\u1eb7t v\u1edbi h\u00e0ng ngh\u00ecn c\u0103n h\u1ed9 ch\u01b0a b\u00e1n \u0111\u01b0\u1ee3c t\u1ea1i c\u00e1c d\u1ef1 \u00e1n l\u1edbn nh\u01b0 Ocean Park 2 (d\u1eef li\u1ec7u t\u1eeb CBRE Vi\u1ec7t Nam). \u0110i\u1ec1u n\u00e0y l\u00e0m gia t\u0103ng \u00e1p l\u1ef1c d\u00f2ng ti\u1ec1n, \u0111\u1eb7c bi\u1ec7t khi doanh thu t\u1eeb b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u2013 ngu\u1ed3n thu ch\u00ednh c\u1ee7a t\u1eadp \u0111o\u00e0n \u2013 s\u1ee5t gi\u1ea3m m\u1ea1nh.<\/p>\n Ng\u01b0\u1ee3c l\u1ea1i, Samsung ho\u1ea1t \u0111\u1ed9ng trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 v\u00e0 b\u00e1n d\u1eabn, kh\u00f4ng b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi bi\u1ebfn \u0111\u1ed9ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n. S\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a Samsung l\u00e0 m\u1ed9t th\u1ebf gi\u1edbi kh\u00e1c so v\u1edbi t\u00ecnh c\u1ea3nh \u201csa l\u1ea7y\u201d c\u1ee7a Vingroup. Vi\u1ec7c gh\u00e9p n\u1ed1i hai t\u1eadp \u0111o\u00e0n n\u00e0y trong c\u00e1c b\u00e0i truy\u1ec1n th\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t chi\u00eau tr\u00f2 nh\u1eb1m \u0111\u00e1nh l\u1ea1c h\u01b0\u1edbng, che gi\u1ea5u th\u1ef1c tr\u1ea1ng nguy c\u1ea5p.<\/p>\n 3. C\u1ed5 phi\u1ebfu VIC: Th\u1ee7 \u0111o\u1ea1n thao t\u00fang v\u00e0 b\u00f3ng ma FLC<\/strong><\/p>\n C\u1ed5 phi\u1ebfu VIC c\u1ee7a Vingroup t\u0103ng v\u1ecdt 84%, t\u1eeb 39.900 \u0111\u1ed3ng l\u00ean 73.400 \u0111\u1ed3ng trong 5 th\u00e1ng (theo SSI), b\u1ea5t ch\u1ea5p t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh x\u1ea5u \u0111i. \u0110\u00e2y l\u00e0 d\u1ea5u hi\u1ec7u r\u00f5 r\u00e0ng c\u1ee7a s\u1ef1 thao t\u00fang gi\u00e1, v\u1edbi nhi\u1ec1u \u0111i\u1ec3m t\u01b0\u01a1ng \u0111\u1ed3ng v\u1edbi v\u1ee5 FLC c\u1ee7a Tr\u1ecbnh V\u0103n Quy\u1ebft:<\/p>\n \u2013 T\u0103ng s\u1edf h\u1eefu n\u1ed9i b\u1ed9: T\u1ef7 l\u1ec7 s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu VIC c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c n\u1ed9i b\u1ed9 v\u00e0 c\u00e1 nh\u00e2n li\u00ean quan \u0111\u1ebfn \u00f4ng Ph\u1ea1m Nh\u1eadt V\u01b0\u1ee3ng t\u0103ng t\u1eeb 65% n\u0103m 2024 l\u00ean 72% trong qu\u00fd 1\/2025 (theo HOSE), cho th\u1ea5y s\u1ef1 ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd \u0111\u1ec3 t\u1ea1o s\u00f3ng gi\u00e1. Ng\u01b0\u1ee3c l\u1ea1i, c\u1ed5 phi\u1ebfu Samsung ch\u1ec9 t\u0103ng \u1ed5n \u0111\u1ecbnh 5-7%, ph\u1ea3n \u00e1nh gi\u00e1 tr\u1ecb th\u1ef1c. Fitch x\u1ebfp h\u1ea1ng n\u1ee3 c\u1ee7a Vinhomes \u1edf m\u1ee9c \u201cB-\u201d (g\u1ea7n m\u1ee9c \u201cr\u00e1c\u201d), trong khi Samsung \u0111\u01b0\u1ee3c Moody\u2019s \u0111\u00e1nh gi\u00e1 \u201cAa3\u201d. Nh\u1eefng th\u1ee7 \u0111o\u1ea1n n\u00e2ng kh\u1ed1ng gi\u00e1 c\u1ed5 phi\u1ebfu VIC kh\u00f4ng ch\u1ec9 g\u1ee3i nh\u1edb \u0111\u1ebfn FLC m\u00e0 c\u00f2n ph\u01a1i b\u00e0y s\u1ef1 b\u1ea5t \u1ed5n n\u1ed9i t\u1ea1i, ho\u00e0n to\u00e0n tr\u00e1i ng\u01b0\u1ee3c v\u1edbi Samsung.<\/p>\n 4. VinFast: \u201cH\u1ed1 \u0111en\u201d t\u00e0i ch\u00ednh kh\u00f4ng l\u1ed1i tho\u00e1t<\/strong><\/p>\n VinFast \u2013 d\u1ef1 \u00e1n xe \u0111i\u1ec7n \u0111\u1ea7y tham v\u1ecdng c\u1ee7a Vingroup \u2013 b\u00e1o l\u1ed7 15.000 t\u1ef7 \u0111\u1ed3ng trong qu\u00fd 1\/2025, v\u1edbi chi ph\u00ed v\u01b0\u1ee3t doanh thu t\u1edbi 3 l\u1ea7n (theo Bloomberg). Trong khi \u0111\u00f3, Samsung \u0111\u1ea1t l\u1ee3i nhu\u1eadn g\u1ed9p tr\u00ean 40% \u1edf m\u1ecdi l\u0129nh v\u1ef1c kinh doanh. Vingroup \u0111ang d\u1ed3n ti\u1ec1n v\u00e0o VinFast \u0111\u1ec3 duy tr\u00ec h\u00ecnh \u1ea3nh, nh\u01b0ng th\u1ef1c t\u1ebf \u0111\u00e2y l\u00e0 m\u1ed9t \u201cc\u1ed7 m\u00e1y \u0111\u1ed1t ti\u1ec1n\u201d kh\u00f4ng c\u00f3 d\u1ea5u hi\u1ec7u kh\u1edfi s\u1eafc. Vi\u1ec7c so s\u00e1nh Vingroup v\u1edbi Samsung trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y l\u00e0 m\u1ed9t s\u1ef1 \u0111\u00e1nh \u0111\u1ed3ng v\u00f4 l\u00fd, ch\u1ec9 nh\u1eb1m t\u00f4 v\u1ebd b\u1ee9c tranh t\u00e0i ch\u00ednh v\u1ed1n \u0111\u00e3 \u1ea3m \u0111\u1ea1m.<\/p>\n 5. Nguy c\u01a1 v\u1ee1 n\u1ee3: \u201cQu\u1ea3 bom\u201d t\u00e0i ch\u00ednh c\u1eadn k\u1ec1<\/strong><\/p>\n Theo Deloitte, n\u1ebfu doanh thu Vingroup gi\u1ea3m 20%, t\u1eadp \u0111o\u00e0n s\u1ebd kh\u00f4ng \u0111\u1ee7 s\u1ee9c tr\u1ea3 l\u00e3i vay. V\u1edbi kho\u1ea3n n\u1ee3 kh\u1ed5ng l\u1ed3, b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00f3ng b\u0103ng, v\u00e0 VinFast thua l\u1ed7, nguy c\u01a1 v\u1ee1 n\u1ee3 l\u00e0 ho\u00e0n to\u00e0n hi\u1ec7n h\u1eefu. Trong khi \u0111\u00f3, Samsung duy tr\u00ec d\u00f2ng ti\u1ec1n t\u1ef1 do d\u01b0\u01a1ng v\u00e0 kh\u00f4ng c\u00f3 b\u1ea5t k\u1ef3 r\u1ee7i ro t\u00e0i ch\u00ednh n\u00e0o t\u01b0\u01a1ng t\u1ef1. Vi\u1ec7c truy\u1ec1n th\u00f4ng c\u1ed1 \u00fd gh\u00e9p n\u1ed1i hai t\u1eadp \u0111o\u00e0n n\u00e0y l\u00e0 m\u1ed9t chi\u00eau tr\u00f2 thi\u1ebfu c\u01a1 s\u1edf, ch\u1ec9 nh\u1eb1m xoa d\u1ecbu d\u01b0 lu\u1eadn v\u00e0 che \u0111\u1eady t\u00ecnh h\u00ecnh nguy c\u1ea5p.<\/p>\n K\u1ebft lu\u1eadn: Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n gi\u1eef t\u1ec9nh t\u00e1o tr\u01b0\u1edbc nh\u1eefng l\u1eddi ca t\u1ee5ng kh\u00f4ng th\u1ef1c t\u1ebf hay c\u00f2n g\u1ecdi l\u00e0 \u201cth\u1ee7 \u0111o\u1ea1n\u201d v\u00e0 t\u1eadp trung v\u00e0o c\u00e1c con s\u1ed1 t\u00e0i ch\u00ednh \u0111\u1ec3 nh\u00ecn nh\u1eadn \u0111\u00fang b\u1ea3n ch\u1ea5t v\u1ea5n \u0111\u1ec1. Tr\u00e1nh \u0111\u1ec3 nh\u1eefng so s\u00e1nh h\u00e0o nho\u00e1ng \u0111\u00e1nh l\u1eeba, ch\u1ec9 c\u00f3 s\u1ef1 th\u1eadt t\u1eeb d\u1eef li\u1ec7u m\u1edbi l\u00e0 c\u0103n c\u1ee9 \u0111\u00e1ng tin c\u1eady trong b\u1ed1i c\u1ea3nh \u0111\u1ea7u t\u01b0 \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng hi\u1ec7n t\u1ea1i.<\/p>\n The post Vingroup \u201cqu\u1ea3 bom t\u00e0i ch\u00ednh\u201d s\u1eafp v\u1ee1 v\u00e0 th\u1ee7 \u0111o\u1ea1n \u0111\u00e1nh \u0111\u1ed3ng v\u1edbi Samsung<\/a> appeared first on Saigon Nh\u1ecf<\/a>.<\/p>\n \u00a0<\/p>","protected":false},"excerpt":{"rendered":" Vingroup c\u00f3 th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t \u201c\u00f4ng l\u1edbn\u201d nh\u01b0 c\u00e1ch truy\u1ec1n th\u00f4ng v\u1eabn ca t\u1ee5ng, hay \u0111ang che gi\u1ea5u m\u1ed9t cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh d\u01b0\u1edbi nh\u1eefng con s\u1ed1 h\u00e0o nho\u00e1ng? T\u1ed5ng n\u1ee3 v\u01b0\u1ee3t m\u1ed1c 665.820 t\u1ef7 \u0111\u1ed3ng v\u00e0 \u00e1p l\u1ef1c l\u00e3i vay ng\u00e0y c\u00e0ng \u0111\u00e8 n\u1eb7ng, t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a t\u1eadp \u0111o\u00e0n n\u00e0y …<\/p>","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[239],"tags":[],"class_list":["post-56692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vietnam"],"_links":{"self":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts\/56692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/comments?post=56692"}],"version-history":[{"count":0,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts\/56692\/revisions"}],"wp:attachment":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/media?parent=56692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/categories?post=56692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/tags?post=56692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u2013 Giao d\u1ecbch b\u1ea5t th\u01b0\u1eddng: Th\u00e1ng 4\/2025, c\u00e1c t\u00e0i kho\u1ea3n l\u1edbn li\u00ean quan \u0111\u1ebfn c\u00f4ng ty con c\u1ee7a Vingroup giao d\u1ecbch h\u01a1n 20 tri\u1ec7u c\u1ed5 phi\u1ebfu VIC, t\u1ea1o thanh kho\u1ea3n gi\u1ea3 v\u00e0 \u0111\u1ea9y gi\u00e1 l\u00ean cao \u2013 m\u1ed9t th\u1ee7 \u0111o\u1ea1n quen thu\u1ed9c t\u1eebng th\u1ea5y \u1edf FLC.
\n\u2013 Thi\u1ebfu minh b\u1ea1ch: B\u00e1o c\u00e1o t\u00e0i ch\u00ednh kh\u00f4ng l\u00fd gi\u1ea3i \u0111\u01b0\u1ee3c \u0111\u00e0 t\u0103ng gi\u00e1 b\u1ea5t th\u01b0\u1eddng c\u1ee7a VIC, trong khi l\u1ee3i nhu\u1eadn gi\u1ea3m m\u1ea1nh v\u00e0 VinFast thua l\u1ed7 n\u1eb7ng.<\/p>\n