{"id":63090,"date":"2026-01-16T09:33:33","date_gmt":"2026-01-16T17:33:33","guid":{"rendered":"https:\/\/vietvalley.com\/giai-ma-chi-so-lam-phat-viet-nam-lieu-co-bi-thao-tung\/"},"modified":"2026-01-16T09:33:33","modified_gmt":"2026-01-16T17:33:33","slug":"giai-ma-chi-so-lam-phat-viet-nam-lieu-co-bi-thao-tung","status":"publish","type":"post","link":"https:\/\/vietvalley.com\/en\/giai-ma-chi-so-lam-phat-viet-nam-lieu-co-bi-thao-tung\/","title":{"rendered":"Gi\u1ea3i m\u00e3 ch\u1ec9 s\u1ed1 l\u1ea1m ph\u00e1t Vi\u1ec7t Nam li\u1ec7u c\u00f3 b\u1ecb thao t\u00fang?"},"content":{"rendered":"

Theo T\u1ed5ng C\u1ee5c Th\u1ed1ng K\u00ea, n\u0103m 2025, t\u1ed5ng gi\u00e1 tr\u1ecb s\u1ea3n ph\u1ea9m qu\u1ed1c n\u1ed9i (GDP) n\u0103m 2025 t\u0103ng h\u01a1n 8%. Trong khi \u0111\u00f3, C\u00f2n ch\u1ec9 s\u1ed1 gi\u00e1 ti\u00eau d\u00f9ng (CPI-Consumer Price Index), th\u01b0\u1edbc \u0111o ph\u1ed5 bi\u1ebfn \u0111\u00e1nh gi\u00e1 l\u1ea1m ph\u00e1t c\u1ee7a m\u1ed9t qu\u1ed1c gia, ch\u1ec9 t\u0103ng 3.3%, \u0111\u01b0\u1ee3c truy\u1ec1n th\u00f4ng trong n\u01b0\u1edbc \u0111\u00e1nh gi\u00e1 m\u1ed9t n\u0103m th\u00e0nh c\u00f4ng v\u01b0\u1ee3t mong \u0111\u1ee3i c\u1ee7a Vi\u1ec7t Nam trong b\u1ed1i c\u1ea3nh to\u00e0n c\u1ea7u \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng.<\/span><\/p>\n

Tuy nhi\u00ean, v\u1eabn r\u1ea5t nhi\u1ec1u nh\u1eadn x\u00e9t v\u00e0 nghi ng\u1edd v\u1ec1 nh\u1eefng s\u1ed1 li\u1ec7u n\u00e0y b\u1ecb ch\u00ednh quy\u1ec1n \u201cl\u00e0m \u0111\u1eb9p\u201d v\u00ec b\u1ea3n th\u00e2n c\u00e1c ch\u1ec9 s\u1ed1 t\u0103ng tr\u01b0\u1edfng v\u1eabn lu\u00f4n l\u00e0 \u201cgi\u00e1 tr\u1ecb th\u00f4ng tin\u201d tuy\u00ean truy\u1ec1n cho t\u00ednh ch\u00ednh danh c\u1ee7a \u0110\u1ea3ng CSVN. Trong khi \u0111\u00f3, ng\u01b0\u1eddi d\u1eabn l\u1ea1i v\u1eabn c\u1ea3m th\u1ea5y m\u1ee9c \u0111\u1ed9 t\u1ed5n th\u01b0\u01a1ng kinh t\u1ebf v\u00e0 chi ti\u00eau t\u0103ng b\u00e0o m\u00f2n \u0111\u00e1ng k\u1ec3 v\u00ed ti\u1ec1n c\u1ee7a m\u00ecnh.\u00a0<\/span><\/p>\n

T\u00e1c \u0111\u1ed9ng t\u0103ng tr\u01b0\u1edfng GDP n\u0103m 2025<\/b><\/p>\n

Ch\u1ec9 s\u1ed1 GDP (Gross Domestic Product) \u0111\u1ea1i di\u1ec7n cho t\u1ed5ng gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a t\u1ea5t c\u1ea3 h\u00e0ng h\u00f3a v\u00e0 d\u1ecbch v\u1ee5 cu\u1ed1i c\u00f9ng (kh\u00f4ng t\u00ednh h\u00e0ng trung gian \u0111\u1ec3 tr\u00e1nh tr\u00f9ng l\u1eb7p) \u0111\u01b0\u1ee3c s\u1ea3n xu\u1ea5t ra trong ph\u1ea1m vi l\u00e3nh th\u1ed5 c\u1ee7a m\u1ed9t qu\u1ed1c gia, trong m\u1ed9t kho\u1ea3ng th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh (th\u01b0\u1eddng l\u00e0 1 qu\u00fd ho\u1eb7c 1 n\u0103m).<\/span><\/p>\n

T\u1ea1i Vi\u1ec7t Nam, truy\u1ec1n th\u00f4ng l\u1ea1i th\u01b0\u1eddng d\u1ecbch l\u00e0 t\u1ed5ng thu nh\u1eadp qu\u1ed1c d\u00e2n n\u00ean th\u01b0\u1eddng g\u00e2y nh\u1ea7m l\u1eabn l\u00e0 thu nh\u1eadp m\u1ed7i ng\u01b0\u1eddi d\u00e2n (personal income). Nguy\u00ean nh\u00e2n ch\u1ee7 y\u1ebfu l\u00e0 v\u00ec tr\u01b0\u1edbc n\u0103m 1992, Vi\u1ec7t Nam s\u1eed d\u1ee5ng h\u1ec7 th\u1ed1ng th\u1ed1ng k\u00ea c\u0169 (MPS \u2013 H\u1ec7 th\u1ed1ng s\u1ea3n ph\u1ea9m v\u1eadt ch\u1ea5t) c\u1ee7a c\u00e1c n\u01b0\u1edbc XHCN. Khi \u0111\u00f3, ch\u1ec9 ti\u00eau ch\u00ednh \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 kinh t\u1ebf l\u00e0 \u201cthu nh\u1eadp qu\u1ed1c d\u00e2n\u201d (NI). Sau n\u0103m 1992, Vi\u1ec7t Nam chuy\u1ec3n sang h\u1ec7 th\u1ed1ng qu\u1ed1c t\u1ebf (SNA) v\u00e0 d\u00f9ng GDP n\u00ean Th\u00f3i quen d\u00f9ng t\u1eeb \u201cthu nh\u1eadp qu\u1ed1c d\u00e2n\u201d t\u1eeb th\u1eddi c\u0169 v\u1eabn c\u00f2n s\u00f3t l\u1ea1i.\u00a0<\/span><\/p>\n

N\u0103m 2025 l\u00e0 n\u0103m \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng c\u1ee7a kinh t\u1ebf \u2013 ch\u00ednh tr\u1ecb to\u00e0n c\u1ea7u. Chi\u1ebfn tranh x\u00e2m l\u01b0\u1ee3c Ukraine c\u1ee7a Nga \u0111\u00e3 l\u00e0m gi\u00e1n \u0111o\u1ea1n ngu\u1ed3n cung nhi\u1ec1u m\u1eb7t h\u00e0ng \u1edf Ch\u00e2u \u00c2u l\u00e0m gi\u00e1 c\u1ea3 t\u0103ng cao. Trong khi thu\u1ebf quan di\u1ec7n r\u1ed9ng c\u1ee7a t\u1ed5ng th\u1ed1ng Donald Trump c\u0169ng g\u00e2y n\u00e1o lo\u1ea1n th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Hoa K\u1ef3. Vi\u1ec7t Nam, m\u1ed9t n\u1ec1n kinh t\u1ebf ph\u1ee5 thu\u1ed9c l\u1edbn v\u00e0o xu\u1ea5t kh\u1ea9u, c\u0169ng trong t\u1ea7m \u1ea3nh h\u01b0\u1edfng khi ban \u0111\u1ea7u b\u1ecb \u0111\u00e1nh thu\u1ebf l\u00ean t\u1edbi h\u01a1n 40% v\u00e0 gi\u1ea3m xu\u1ed1ng c\u00f2n 20% sau \u0111\u00e0m ph\u00e1n.<\/span><\/p>\n

Tuy nhi\u00ean, t\u1eeb Th\u00e1ng T\u01b0, ch\u00ednh quy\u1ec1n Trump ch\u00ednh th\u1ee9c \u00e1p d\u1ee5ng thu\u1ebf quan m\u1edbi: m\u1ee9c trung b\u00ecnh 20% \u0111\u1ed1i v\u1edbi h\u00e0ng h\u00f3a Vi\u1ec7t Nam, v\u00e0 l\u00ean \u0111\u1ebfn 46% cho m\u1ed9t s\u1ed1 m\u1eb7t h\u00e0ng nh\u01b0 \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh v\u00e0 linh ki\u1ec7n, \u0111\u00e2y l\u00e0 ph\u1ea7n m\u1edf r\u1ed9ng c\u1ee7a ch\u00ednh s\u00e1ch \u201cthu\u1ebf quan \u0111\u1ed1i \u1ee9ng\u201d nh\u1eb1m gi\u1ea3m th\u00e2m h\u1ee5t th\u01b0\u01a1ng m\u1ea1i M\u1ef9.<\/span><\/p>\n

\u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn qu\u00fd II ch\u1ee9ng ki\u1ebfn xu\u1ea5t kh\u1ea9u ch\u1eadm l\u1ea1i, v\u1edbi t\u1ed5ng kim ng\u1ea1ch xu\u1ea5t kh\u1ea9u ch\u1ec9 t\u0103ng 12% so v\u1edbi d\u1ef1 ki\u1ebfn 18%, g\u00e2y thi\u1ebfu h\u1ee5t kho\u1ea3ng $10-15 t\u1ef7 theo \u01b0\u1edbc t\u00ednh t\u1eeb Foreign Policy. \u0110\u1ec3 \u0111\u1ed1i ph\u00f3, ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam \u0111\u1ea9y m\u1ea1nh c\u00e1c bi\u1ec7n ph\u00e1p n\u1ed9i \u0111\u1ecba: V\u00e0o Th\u00e1ng Hai, m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 h\u1ea1 t\u1ea7ng \u0111\u01b0\u1ee3c n\u00e2ng t\u1eeb 6% l\u00ean 7% GDP, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 700 ngh\u00ecn t\u1ef7 VND (kho\u1ea3ng $28 t\u1ef7), t\u1eadp trung v\u00e0o xa l\u1ed9, phi tr\u01b0\u1eddng v\u00e0 c\u1ea3ng bi\u1ec3n. \u0110\u1ed3ng th\u1eddi, Ng\u00e2n H\u00e0ng Nh\u00e0 N\u01b0\u1edbc (SBV) n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n qua Lu\u1eadt S\u1eeda \u0110\u1ed5i v\u1ec1 T\u1ed5 Ch\u1ee9c T\u00edn D\u1ee5ng (th\u00f4ng qua Th\u00e1ng B\u1ea3y), cho ph\u00e9p t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng to\u00e0n h\u1ec7 th\u1ed1ng \u0111\u1ea1t 19% \u2013 m\u1ee9c cao nh\u1ea5t trong nhi\u1ec1u n\u0103m.<\/span>
\n<\/span>
\n<\/span>Sang qu\u00fd III, t\u00e1c \u0111\u1ed9ng c\u1ee7a thu\u1ebf quan tr\u1edf n\u00ean r\u00f5 n\u00e9t h\u01a1n khi m\u1ed9t s\u1ed1 doanh nghi\u1ec7p xu\u1ea5t kh\u1ea9u ph\u1ea3i c\u1eaft gi\u1ea3m s\u1ea3n xu\u1ea5t, nh\u01b0ng Vi\u1ec7t Nam b\u1ea5t ng\u1edd h\u01b0\u1edfng l\u1ee3i t\u1eeb vi\u1ec7c chu\u1ed7i cung \u1ee9ng d\u1ecbch chuy\u1ec3n kh\u1ecfi Trung Qu\u1ed1c (n\u01a1i ch\u1ecbu thu\u1ebf cao h\u01a1n, l\u00ean \u0111\u1ebfn 60%). Xu\u1ea5t kh\u1ea9u sang M\u1ef9 v\u1eabn t\u0103ng 28%, \u0111\u1ea1t $153 t\u1ef7, nh\u1edd c\u00e1c m\u1eb7t h\u00e0ng nh\u01b0 gi\u00e0y d\u00e9p v\u00e0 d\u1ec7t may chi\u1ebfm th\u1ecb ph\u1ea7n l\u1edbn h\u01a1n. \u0110\u1ebfn qu\u00fd IV, \u0111\u1ec9nh \u0111i\u1ec3m l\u00e0 ng\u00e0y 19 Th\u00e1ng M\u01b0\u1eddi Hai, Vi\u1ec7t Nam kh\u1edfi c\u00f4ng v\u00e0 kh\u00e1nh th\u00e0nh \u0111\u1ed3ng lo\u1ea1t 234 d\u1ef1 \u00e1n h\u1ea1 t\u1ea7ng l\u1edbn, t\u1ea1o vi\u1ec7c l\u00e0m cho h\u00e0ng tri\u1ec7u lao \u0111\u1ed9ng v\u00e0 k\u00edch th\u00edch nhu c\u1ea7u n\u1ed9i \u0111\u1ecba.<\/span><\/p>\n

Vi\u1ec7c n\u00e2ng m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 h\u1ea1 t\u1ea7ng kh\u00f4ng ch\u1ec9 t\u1eeb ng\u00e2n s\u00e1ch nh\u00e0 n\u01b0\u1edbc m\u00e0 c\u00f2n thu h\u00fat v\u1ed1n FDI (gi\u1ea3i ng\u00e2n k\u1ef7 l\u1ee5c $28 t\u1ef7 n\u0103m 2025), gi\u00fap b\u00f9 \u0111\u1eafp cho xu\u1ea5t kh\u1ea9u b\u1eb1ng c\u00e1ch c\u1ea3i thi\u1ec7n logistics \u2013 nh\u01b0 m\u1edf r\u1ed9ng c\u1ea3ng V\u00e2n Phong \u0111\u1ec3 gi\u1ea3m chi ph\u00ed v\u1eadn chuy\u1ec3n. C\u00e1c doanh nghi\u1ec7p n\u01b0\u1edbc ngo\u00e0i, \u0111\u1eb7c bi\u1ec7t t\u1eeb M\u1ef9 v\u00e0 Nam H\u00e0n, l\u00e0 b\u00ean h\u01b0\u1edfng l\u1ee3i gi\u00e1n ti\u1ebfp: H\u1ecd chuy\u1ec3n nh\u00e0 m\u00e1y sang Vi\u1ec7t Nam \u0111\u1ec3 tr\u00e1nh thu\u1ebf quan, d\u1eabn \u0111\u1ebfn ng\u00e0nh c\u00f4ng nghi\u1ec7p t\u0103ng 8.95% v\u00e0 \u0111\u00f3ng g\u00f3p 43.62% v\u00e0o t\u0103ng tr\u01b0\u1edfng GDP.<\/span><\/p>\n

Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c nh\u00e0 xu\u1ea5t kh\u1ea9u Vi\u1ec7t Nam nh\u01b0 VinFast hay c\u00e1c c\u00f4ng ty d\u1ec7t may ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi th\u00e1ch th\u1ee9c tr\u1ef1c ti\u1ebfp t\u1eeb thu\u1ebf quan, nh\u01b0ng \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 qua t\u00edn d\u1ee5ng \u01b0u \u0111\u00e3i cho b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u2013 gi\u00fap c\u00e1c d\u1ef1 \u00e1n nh\u00e0 \u1edf v\u00e0 khu c\u00f4ng nghi\u1ec7p ph\u1ee5c h\u1ed3i, v\u1edbi gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u0103ng \u0111\u1ea7u n\u0103m nh\u01b0ng \u1ed5n \u0111\u1ecbnh sau nh\u1edd quy \u0111\u1ecbnh m\u1edbi ki\u1ec3m so\u00e1t gi\u00e1. C\u00e1c t\u1ed5 ch\u1ee9c qu\u1ed1c t\u1ebf nh\u01b0 World Bank v\u00e0 IMF cung c\u1ea5p ph\u00e2n t\u00edch, c\u1ea3nh b\u00e1o v\u1ec1 r\u1ee7i ro bong b\u00f3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n nh\u01b0ng c\u0169ng th\u1eeba nh\u1eadn vai tr\u00f2 c\u1ee7a h\u1ea1 t\u1ea7ng trong vi\u1ec7c duy tr\u00ec t\u0103ng tr\u01b0\u1edfng.<\/span>
\n<\/span>
\n<\/span>T\u1eeb g\u00f3c \u0111\u1ed9 kinh t\u1ebf v\u0129 m\u00f4, thu\u1ebf quan Trump \u0111\u00e3 t\u1ea1o ra thi\u1ebfu h\u1ee5t xu\u1ea5t kh\u1ea9u r\u00f5 r\u1ec7t: M\u1eb7c d\u00f9 t\u1ed5ng xu\u1ea5t kh\u1ea9u t\u0103ng 15.7%, con s\u1ed1 n\u00e0y th\u1ea5p h\u01a1n 5-7% so v\u1edbi k\u1ecbch b\u1ea3n kh\u00f4ng c\u00f3 tariffs, ch\u1ee7 y\u1ebfu \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ng\u00e0nh \u0111i\u1ec7n t\u1eed (gi\u1ea3m 10% th\u1ecb ph\u1ea7n ban \u0111\u1ea7u). Tuy nhi\u00ean, \u0111\u1ea7u t\u01b0 h\u1ea1 t\u1ea7ng \u0111\u00e3 \u0111\u00f3ng g\u00f3p kho\u1ea3ng 40-50% v\u00e0o t\u0103ng tr\u01b0\u1edfng GDP, b\u1eb1ng c\u00e1ch k\u00edch th\u00edch nhu c\u1ea7u n\u1ed9i \u0111\u1ecba \u2013 v\u00ed d\u1ee5, c\u00e1c d\u1ef1 \u00e1n \u0111\u01b0\u1eddng cao t\u1ed1c B\u1eafc-Nam gi\u1ea3m th\u1eddi gian v\u1eadn chuy\u1ec3n 30%, gi\u00fap h\u00e0ng h\u00f3a n\u1ed9i \u0111\u1ecba c\u1ea1nh tranh h\u01a1n v\u00e0 t\u1ea1o vi\u1ec7c l\u00e0m cho 2 tri\u1ec7u lao \u0111\u1ed9ng.<\/span><\/p>\n

V\u1ec1 t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n, ch\u00ednh s\u00e1ch n\u1edbi l\u1ecfng \u0111\u00e3 \u0111\u1ea9y cung c\u1ea5p nh\u00e0 \u1edf t\u0103ng 10% so v\u1edbi n\u0103m tr\u01b0\u1edbc, gi\u00fap ng\u00e0nh x\u00e2y d\u1ef1ng t\u0103ng 8.95% v\u00e0 b\u00f9 \u0111\u1eafp cho s\u1ef1 suy gi\u1ea3m xu\u1ea5t kh\u1ea9u b\u1eb1ng c\u00e1ch th\u00fac \u0111\u1ea9y ti\u00eau d\u00f9ng n\u1ed9i \u0111\u1ecba \u2013 ng\u01b0\u1eddi d\u00e2n vay d\u1ec5 d\u00e0ng h\u01a1n \u0111\u1ec3 mua nh\u00e0, d\u1eabn \u0111\u1ebfn d\u1ecbch v\u1ee5 t\u0103ng 8.62%. T\u1eeb kh\u00eda c\u1ea1nh r\u1ee7i ro, d\u00f9 hi\u1ec7u qu\u1ea3, c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn n\u1ee3 x\u1ea5u n\u1ebfu kh\u00f4ng ki\u1ec3m so\u00e1t \u2013 SBV \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh m\u1ee5c ti\u00eau t\u00edn d\u1ee5ng xu\u1ed1ng 15% v\u00e0o cu\u1ed1i n\u0103m \u0111\u1ec3 tr\u00e1nh bong b\u00f3ng. So s\u00e1nh v\u1edbi c\u00e1c n\u01b0\u1edbc kh\u00e1c, Vi\u1ec7t Nam gi\u1ed1ng Trung Qu\u1ed1c \u1edf vi\u1ec7c d\u00f9ng h\u1ea1 t\u1ea7ng \u0111\u1ec3 ch\u1ed1ng suy tho\u00e1i, nh\u01b0ng kh\u00e1c \u1edf ch\u1ed7 \u0111a d\u1ea1ng h\u00f3a th\u1ecb tr\u01b0\u1eddng xu\u1ea5t kh\u1ea9u (t\u0103ng sang EU v\u00e0 ASEAN) gi\u00fap gi\u1ea3m ph\u1ee5 thu\u1ed9c v\u00e0o M\u1ef9.<\/span>
\n<\/span>T\u1eeb \u0111\u1ea7u n\u0103m, SBV \u0111\u1eb7t m\u1ee5c ti\u00eau t\u00edn d\u1ee5ng kho\u1ea3ng 16%, nh\u01b0ng th\u1ef1c t\u1ebf t\u0103ng nhanh nh\u1edd ch\u00ednh s\u00e1ch n\u1edbi l\u1ecfng \u0111\u1ec3 h\u1ed7 tr\u1ee3 ph\u1ee5c h\u1ed3i kinh t\u1ebf. \u0110\u1ebfn qu\u00fd I-II, t\u00edn d\u1ee5ng t\u0103ng kho\u1ea3ng 13-14%, v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n b\u1eaft \u0111\u1ea7u \u201ct\u0103ng t\u1ed1c\u201d nh\u1edd th\u1ecb tr\u01b0\u1eddng ph\u1ee5c h\u1ed3i sau c\u00e1c lu\u1eadt li\u00ean quan (Lu\u1eadt \u0110\u1ea5t \u0110ai, Lu\u1eadt Nh\u00e0 \u1ede, Lu\u1eadt Kinh Doanh B\u1ea5t \u0110\u1ed9ng S\u1ea3n) c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb n\u0103m tr\u01b0\u1edbc, gi\u00fap th\u00e1o g\u1ee1 ph\u00e1p l\u00fd d\u1ef1 \u00e1n.<\/span><\/p>\n

Sang qu\u00fd III, b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng ni\u00eam y\u1ebft cho th\u1ea5y d\u01b0 n\u1ee3 cho vay kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u0103ng 26,3% so v\u1edbi cu\u1ed1i 2024, chi\u1ebfm t\u1ef7 tr\u1ecdng cao h\u01a1n trong t\u1ed5ng d\u01b0 n\u1ee3. \u00c1p l\u1ef1c \u0111\u00e1o h\u1ea1n tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (TPDN) l\u1edbn, \u0111\u1eb7c bi\u1ec7t nh\u00f3m b\u1ea5t \u0111\u1ed9ng s\u1ea3n, v\u1edbi h\u00e0ng tr\u0103m ngh\u00ecn t\u1ef7 \u0111\u1ed3ng \u0111\u1ebfn h\u1ea1n, d\u1eabn \u0111\u1ebfn nhu c\u1ea7u t\u00e1i c\u1ea5u tr\u00fac n\u1ee3 qua t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng t\u0103ng m\u1ea1nh. \u0110\u1ebfn qu\u00fd IV, SBV ghi nh\u1eadn t\u00edn d\u1ee5ng to\u00e0n h\u1ec7 th\u1ed1ng t\u0103ng 17,87% (t\u00ednh \u0111\u1ebfn 24\/12), v\u00e0 \u01b0\u1edbc \u0111\u1ea1t 19% c\u1ea3 n\u0103m \u2013 m\u1ee9c cao nh\u1ea5t nhi\u1ec1u n\u0103m. Cu\u1ed1i n\u0103m, SBV \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ecbnh h\u01b0\u1edbng cho 2026, si\u1ebft ch\u1eb7t t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n (kh\u00f4ng v\u01b0\u1ee3t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng chung n\u0103m 2025) v\u00e0 \u01b0u ti\u00ean s\u1ea3n xu\u1ea5t, ph\u1ea3n \u00e1nh lo ng\u1ea1i v\u1ec1 r\u1ee7i ro misallocation.<\/span><\/p>\n

Vai tr\u00f2 c\u00e1c b\u00ean li\u00ean quan<\/b><\/p>\n

SBV \u0111\u00f3ng vai tr\u00f2 trung t\u00e2m trong vi\u1ec7c \u0111i\u1ec1u ti\u1ebft, ban \u0111\u1ea7u khuy\u1ebfn kh\u00edch t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng \u0111\u1ec3 h\u1ed7 tr\u1ee3 kinh t\u1ebf, nh\u01b0ng sau \u0111\u00f3 c\u1ea3nh b\u00e1o ki\u1ec3m so\u00e1t r\u1ee7i ro \u1edf b\u1ea5t \u0111\u1ed9ng s\u1ea3n. C\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i, \u0111\u1eb7c bi\u1ec7t nh\u00f3m l\u1edbn nh\u01b0 Techcombank, VPBank, cho vay b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u0103ng m\u1ea1nh \u2013 v\u00ed d\u1ee5, m\u1ed9t s\u1ed1 ng\u00e2n h\u00e0ng c\u00f3 t\u1ef7 tr\u1ecdng d\u01b0 n\u1ee3 b\u1ea5t \u0111\u1ed9ng s\u1ea3n l\u00ean \u0111\u1ebfn 24-42% t\u1ed5ng d\u01b0 n\u1ee3. C\u00e1c t\u1eadp \u0111o\u00e0n b\u1ea5t \u0111\u1ed9ng s\u1ea3n l\u1edbn (nh\u01b0 Vingroup, Novaland) l\u00e0 b\u00ean h\u01b0\u1edfng l\u1ee3i ch\u00ednh, s\u1eed d\u1ee5ng t\u00edn d\u1ee5ng \u0111\u1ec3 rollover tr\u00e1i phi\u1ebfu \u0111\u00e1o h\u1ea1n (\u01b0\u1edbc t\u00ednh h\u00e0ng ch\u1ee5c ngh\u00ecn t\u1ef7 \u0111\u1ed3ng), thay v\u00ec \u0111\u1ea7u t\u01b0 d\u1ef1 \u00e1n m\u1edbi, do t\u1ed3n kho cao v\u00e0 ph\u00e1p l\u00fd v\u1eabn c\u00f2n v\u01b0\u1edbng m\u1eafc.<\/span><\/p>\n

IMF v\u00e0 World Bank cung c\u1ea5p ph\u00e2n t\u00edch \u0111\u1ed9c l\u1eadp: IMF l\u01b0u \u00fd credit misallocation l\u1edbn, v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 x\u00e2y d\u1ef1ng chi\u1ebfm t\u1ef7 l\u1ec7 cao, d\u1eabn \u0111\u1ebfn resource misallocation v\u00e0 l\u00e0m gi\u1ea3m hi\u1ec7u qu\u1ea3 t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n. World Bank nh\u1ea5n m\u1ea1nh r\u1ee7i ro t\u1eeb ph\u1ee5c h\u1ed3i b\u1ea5t \u0111\u1ed9ng s\u1ea3n ch\u1eadm, trong khi s\u1ea3n xu\u1ea5t (manufacturing) b\u1ecb \u201ccrowded out\u201d b\u1edfi c\u00e1c k\u00eanh vay d\u1ec5 d\u00e0ng h\u01a1n. Doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t, d\u00f9 \u0111\u01b0\u1ee3c \u01b0u ti\u00ean tr\u00ean l\u00fd thuy\u1ebft, t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng ch\u1eadm h\u01a1n (v\u00ed d\u1ee5, manufacturing chi\u1ebfm ch\u1ec9 12.39% d\u01b0 n\u1ee3 theo SBV cu\u1ed1i Th\u00e1ng M\u01b0\u1eddi, 2025), do l\u00e3i su\u1ea5t v\u00e0 \u0111i\u1ec1u ki\u1ec7n vay k\u00e9m h\u1ea5p d\u1eabn h\u01a1n so v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n.<\/span><\/p>\n

T\u1eeb g\u00f3c \u0111\u1ed9 ph\u00e2n b\u1ed5, t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u0103ng v\u01b0\u1ee3t tr\u1ed9i: d\u01b0 n\u1ee3 \u0111\u1ea1t h\u01a1n 4.1 tri\u1ec7u t\u1ef7 \u0111\u1ed3ng (chi\u1ebfm kho\u1ea3ng 23-24% t\u1ed5ng d\u01b0 n\u1ee3), t\u0103ng 19-24% t\u00f9y ngu\u1ed3n (SBV v\u00e0 c\u00e1c ng\u00e2n h\u00e0ng ni\u00eam y\u1ebft), cao h\u01a1n t\u0103ng tr\u01b0\u1edfng to\u00e0n h\u1ec7 th\u1ed1ng. M\u1ed9t ph\u1ea7n l\u1edbn d\u00f2ng v\u1ed1n n\u00e0y ph\u1ee5c v\u1ee5 \u0111\u1ea3o n\u1ee3 tr\u00e1i phi\u1ebfu \u2013 c\u00e1c chuy\u00ean gia t\u1eeb WiGroup v\u00e0 VinaCapital \u01b0\u1edbc t\u00ednh nhu c\u1ea7u rollover l\u1edbn do \u00e1p l\u1ef1c \u0111\u00e1o h\u1ea1n TPDN (h\u00e0ng tr\u0103m ngh\u00ecn t\u1ef7 \u0111\u1ed3ng, ch\u1ee7 y\u1ebfu b\u1ea5t \u0111\u1ed9ng s\u1ea3n), d\u1eabn \u0111\u1ebfn doanh nghi\u1ec7p chuy\u1ec3n t\u1eeb k\u00eanh tr\u00e1i phi\u1ebfu sang vay ng\u00e2n h\u00e0ng.<\/span><\/p>\n

V\u00ed d\u1ee5, cho vay kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u0103ng 23.87%, trong khi ti\u00eau d\u00f9ng g\u1eafn v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u0103ng 12.4%. Ng\u01b0\u1ee3c l\u1ea1i, s\u1ea3n xu\u1ea5t v\u00e0 ch\u1ebf bi\u1ebfn ch\u1ec9 chi\u1ebfm 12.39% d\u01b0 n\u1ee3 (Th\u00e1ng M\u01b0\u1eddi, 2025), t\u0103ng ch\u1eadm h\u01a1n, d\u00f9 FDI v\u00e0o manufacturing v\u1eabn m\u1ea1nh (chi\u1ebfm 55-62% FDI m\u1edbi). IMF c\u1ea3nh b\u00e1o misallocation n\u00e0y l\u00e0m gi\u1ea3m TFP (total factor productivity) v\u00e0 t\u0103ng r\u1ee7i ro n\u1ee3 x\u1ea5u, v\u00ec v\u1ed1n b\u1ecb \u201ck\u1eb9t\u201d \u1edf l\u0129nh v\u1ef1c c\u00f3 hi\u1ec7u qu\u1ea3 th\u1ea5p h\u01a1n thay v\u00ec s\u1ea3n xu\u1ea5t \u2013 \u0111\u1ed9ng l\u1ef1c xu\u1ea5t kh\u1ea9u v\u00e0 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng. R\u1ee7i ro n\u1ed5i b\u1eadt: n\u1ee3 x\u1ea5u ti\u1ec1m \u1ea9n t\u1eeb b\u1ea5t \u0111\u1ed9ng s\u1ea3n (do d\u1ef1 \u00e1n ch\u1eadm ti\u1ebfn \u0111\u1ed9), v\u00e0 crowding out s\u1ea3n xu\u1ea5t, khi\u1ebfn ng\u00e0nh c\u00f4ng nghi\u1ec7p t\u0103ng tr\u01b0\u1edfng ch\u1ee7 y\u1ebfu nh\u1edd FDI ch\u1ee9 kh\u00f4ng ph\u1ea3i v\u1ed1n n\u1ed9i \u0111\u1ecba. Tuy nhi\u00ean, SBV \u0111\u00e3 h\u00e0nh \u0111\u1ed9ng cu\u1ed1i n\u0103m b\u1eb1ng c\u00e1ch si\u1ebft room t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n cho 2026, nh\u1eb1m redirect v\u1ed1n v\u1ec1 s\u1ea3n xu\u1ea5t.<\/span><\/p>\n

S\u1ef1 t\u01b0\u01a1ng \u0111\u1ed3ng \u0111\u00e1ng s\u1ee3 gi\u1eefa 2 b\u1edd \u0111\u1ea1i d\u01b0\u01a1ng<\/b><\/p>\n

Nguy hi\u1ec3m thay, ti\u1ec1n l\u1ec7 m\u00e0 ng\u01b0\u1eddi M\u1ef9 v\u1eeba x\u00e1c l\u1eadp t\u1ea1i Venezuela l\u1ea1i t\u01b0\u01a1ng \u0111\u1ed3ng m\u1ed9t c\u00e1ch \u0111\u00e1ng s\u1ee3 v\u1edbi nh\u1eefng g\u00ec Trung Qu\u1ed1c \u0111ang \u00e1p d\u1ee5ng t\u1ea1i Bi\u1ec3n \u0110\u00f4ng. N\u1ebfu Washington c\u00f3 th\u1ec3 ngang nhi\u00ean coi M\u1ef9 Latinh l\u00e0 s\u00e2n sau theo \u201cH\u1ecdc thuy\u1ebft Monroe\u201d \u0111\u1ec3 t\u00f9y \u00fd can thi\u1ec7p, th\u00ec B\u1eafc Kinh c\u0169ng ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 vin v\u00e0o c\u00e1i c\u1edb \u0111\u00f3 \u0111\u1ec3 coi Bi\u1ec3n \u0110\u00f4ng l\u00e0 \u201cv\u00f9ng \u0111\u1ec7m an ninh\u201d v\u00e0 kh\u00f4ng gian sinh t\u1ed3n c\u1ed1t l\u00f5i c\u1ee7a h\u1ecd. M\u1ed9t khi lu\u1eadt ph\u00e1p qu\u1ed1c t\u1ebf tr\u1edf th\u00e0nh th\u1ee9 y\u1ebfu ph\u1ea9m xa x\u1ec9, Trung Qu\u1ed1c s\u1ebd ch\u1eb3ng c\u00f2n ng\u1ea7n ng\u1ea1i g\u00ec m\u00e0 kh\u00f4ng \u00e1p \u0111\u1eb7t \u201clu\u1eadt r\u1eebng\u201d l\u00ean nh\u1eefng n\u01b0\u1edbc l\u00e1ng gi\u1ec1ng y\u1ebfu th\u1ebf h\u01a1n.<\/span><\/p>\n

Th\u1ef1c t\u1ebf t\u1ea1i qu\u1ea7n \u0111\u1ea3o Ho\u00e0ng Sa l\u00e0 minh ch\u1ee9ng s\u1ed1ng \u0111\u1ed9ng nh\u1ea5t cho s\u1ef1 t\u00e0n kh\u1ed1c c\u1ee7a t\u01b0 duy n\u00e0y. Kh\u00f4ng c\u1ea7n \u1ed3n \u00e0o nh\u01b0 c\u00e1ch M\u1ef9 b\u1eaft gi\u1eef Maduro, Trung Qu\u1ed1c \u0111ang th\u1ef1c hi\u1ec7n m\u1ed9t chi\u1ebfn thu\u1eadt \u201cV\u00f9ng x\u00e1m\u201d (Grey Zone Tactics) th\u00e2m hi\u1ec3m h\u01a1n nhi\u1ec1u: d\u00f9ng s\u1ef1 \u0111\u00e3 r\u1ed3i \u0111\u1ec3 x\u00f3a nh\u00f2a l\u1ecbch s\u1eed.\u00a0<\/span><\/p>\n

Tr\u00ean \u0111\u1ea3o Ph\u00fa L\u00e2m, n\u01a1i h\u1ecd chi\u1ebfm \u0111\u00f3ng tr\u00e1i ph\u00e9p t\u1eeb n\u0103m 1974, B\u1eafc Kinh kh\u00f4ng ch\u1ec9 qu\u00e2n s\u1ef1 h\u00f3a m\u00e0 c\u00f2n r\u00e1o ri\u1ebft \u201cd\u00e2n s\u1ef1 h\u00f3a\u201d s\u1ef1 hi\u1ec7n di\u1ec7n c\u1ee7a m\u00ecnh. Nh\u1eefng r\u1ea1p chi\u1ebfu phim, tr\u01b0\u1eddng h\u1ecdc, b\u01b0u \u0111i\u1ec7n hay c\u00e1c tour du l\u1ecbch t\u00e0u bi\u1ec3n \u0111\u01b0\u1ee3c d\u1ef1ng l\u00ean kh\u00f4ng nh\u1eb1m m\u1ee5c \u0111\u00edch ph\u00e1t tri\u1ec3n kinh t\u1ebf, m\u00e0 nh\u1eb1m t\u1ea1o ra m\u1ed9t l\u1edbp v\u1ecf b\u1ecdc \u201cqu\u1ea3n l\u00fd th\u1ef1c t\u1ebf,\u201d h\u00f2ng t\u1ea9y tr\u1eafng h\u00e0nh vi x\u00e2m l\u01b0\u1ee3c ban \u0111\u1ea7u. Trung Qu\u1ed1c mu\u1ed1n th\u1ebf gi\u1edbi nh\u00ecn nh\u1eadn Ho\u00e0ng Sa nh\u01b0 m\u1ed9t v\u00f9ng l\u00e3nh th\u1ed5 y\u00ean b\u00ecnh d\u01b0\u1edbi s\u1ef1 cai tr\u1ecb c\u1ee7a h\u1ecd, ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t \u0111i\u1ec3m n\u00f3ng tranh ch\u1ea5p c\u1ea7n gi\u1ea3i quy\u1ebft b\u1eb1ng lu\u1eadt ph\u00e1p.<\/span><\/p>\n

Trong b\u1ed1i c\u1ea3nh \u201cc\u00e1 l\u1edbn nu\u1ed1t c\u00e1 b\u00e9\u201d \u0111\u00f3, Vi\u1ec7t Nam \u0111\u1ee9ng \u1edf \u0111\u00e2u? L\u00e0 m\u1ed9t qu\u1ed1c gia t\u1ea7m trung n\u1eb1m s\u00e1t n\u00e1ch m\u1ed9t si\u00eau c\u01b0\u1eddng \u0111\u1ea7y tham v\u1ecdng, Vi\u1ec7t Nam kh\u00f4ng th\u1ec3 ch\u1ea1y \u0111ua v\u0169 trang \u0111\u1ec3 gi\u00e0nh l\u1ea1i ch\u1ee7 quy\u1ec1n b\u1eb1ng g\u01b0\u01a1m s\u00fang. V\u0169 kh\u00ed t\u1ed1i th\u01b0\u1ee3ng v\u00e0 duy nh\u1ea5t m\u00e0 ch\u00fang ta n\u1eafm gi\u1eef l\u00e0 t\u00ednh ch\u00ednh danh l\u1ecbch s\u1eed v\u00e0 s\u1ef1 b\u1ea3o v\u1ec7 c\u1ee7a lu\u1eadt ph\u00e1p qu\u1ed1c t\u1ebf, c\u1ee5 th\u1ec3 l\u00e0 Hi\u1ebfn ch\u01b0\u01a1ng Li\u00ean H\u1ee3p Qu\u1ed1c v\u00e0 UNCLOS 1982. Nh\u1eefng t\u01b0 li\u1ec7u c\u1ee7a c\u00e1c \u0111\u1ed9i h\u00f9ng binh Ho\u00e0ng Sa \u2013 B\u1eafc H\u1ea3i th\u1eddi Ch\u00faa Nguy\u1ec5n, nh\u1eefng t\u1ea5m b\u1ea3n \u0111\u1ed3 ph\u01b0\u01a1ng T\u00e2y th\u1ebf k\u1ef7 18 th\u1eeba nh\u1eadn Paracels thu\u1ed9c v\u1ec1 An Nam, t\u1ea5t c\u1ea3 s\u1ebd tr\u1edf n\u00ean v\u00f4 ngh\u0129a n\u1ebfu th\u1ebf gi\u1edbi quay tr\u1edf l\u1ea1i th\u1eddi k\u1ef3 h\u00e0nh x\u1eed b\u1eb1ng n\u1eafm \u0111\u1ea5m.<\/span><\/p>\n

Do \u0111\u00f3, vi\u1ec7c m\u1ed9t b\u1ed9 ph\u1eadn ng\u01b0\u1eddi Vi\u1ec7t d\u00f9 \u1edf phe ph\u00e1i n\u00e0o v\u1ed7 tay t\u00e1n th\u01b0\u1edfng khi th\u1ea5y M\u1ef9 ch\u00e0 \u0111\u1ea1p l\u00ean ch\u1ee7 quy\u1ec1n c\u1ee7a Venezuela l\u00e0 m\u1ed9t s\u1ef1 ng\u00e2y th\u01a1 v\u1ec1 chi\u1ebfn l\u01b0\u1ee3c, n\u1ebfu kh\u00f4ng mu\u1ed1n n\u00f3i l\u00e0 h\u00e0nh \u0111\u1ed9ng \u201ct\u1ef1 s\u00e1t t\u01b0 duy.\u201d Ch\u00fang ta kh\u00f4ng th\u1ec3 v\u1eeba c\u1ed5 v\u0169 cho h\u00e0nh \u0111\u1ed9ng ph\u00e1 lu\u1eadt c\u1ee7a M\u1ef9 \u1edf T\u00e2y b\u00e1n c\u1ea7u, l\u1ea1i v\u1eeba \u0111\u00f2i h\u1ecfi Trung Qu\u1ed1c ph\u1ea3i th\u01b0\u1ee3ng t\u00f4n ph\u00e1p lu\u1eadt \u1edf \u0110\u00f4ng b\u00e1n c\u1ea7u. N\u1ebfu c\u00f4ng ph\u00e1p qu\u1ed1c t\u1ebf b\u1ecb coi l\u00e0 t\u1edd gi\u1ea5y l\u1ed9n \u1edf New York, n\u00f3 c\u0169ng s\u1ebd b\u1ecb coi l\u00e0 r\u00e1c r\u01b0\u1edfi \u1edf Tam Sa.<\/span><\/p>\n

\u0110\u1eebng t\u1ef1 \u0111\u1eadp v\u1ee1 khi\u00ean ch\u1eafn c\u1ee7a ch\u00ednh m\u00ecnh<\/b><\/p>\n

D\u00f9 h\u00ecnh \u1ea3nh \u00f4ng Maduro b\u1ecb \u0111i\u1ec7u v\u1ec1 New York c\u00f3 th\u1ec3 th\u1ecfa m\u00e3n nh\u1eefng c\u1ea3m x\u00fac nh\u1ea5t th\u1eddi, nh\u01b0ng \u0111\u00f3 l\u1ea1i l\u00e0 t\u00edn hi\u1ec7u b\u00e1o \u0111\u1ed9ng \u0111\u1ecf cho s\u1ef1 suy t\u00e0n c\u1ee7a Ch\u1ee7 ngh\u0129a T\u1ef1 do Ph\u00e1p tr\u1ecb, d\u1ecdn \u0111\u01b0\u1eddng cho m\u1ed9t th\u1ebf gi\u1edbi v\u1eadn h\u00e0nh theo lu\u1eadt r\u1eebng kh\u1eafc nghi\u1ec7t c\u1ee7a Thuy\u1ebft Hi\u1ec7n Th\u1ef1c, n\u01a1i v\u1ed1n d\u0129 l\u00e0 \u0111\u1ecba ng\u1ee5c \u0111\u1ed1i v\u1edbi c\u00e1c qu\u1ed1c gia nh\u1ecf b\u00e9.\u00a0<\/span><\/p>\n

Trong m\u1ed9t h\u1ec7 th\u1ed1ng v\u00f4 ch\u00ednh ph\u1ee7 m\u00e0 c\u00e1c si\u00eau c\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u1ef1 do h\u00e0nh \u0111\u1ed9ng \u1ea5y, ti\u1ec1n l\u1ec7 M\u1ef9 b\u1eaft c\u00f3c l\u00e3nh \u0111\u1ea1o n\u01b0\u1edbc kh\u00e1c s\u1ebd tr\u1edf th\u00e0nh c\u00e1i c\u1edb ho\u00e0n h\u1ea3o \u0111\u1ec3 Trung Qu\u1ed1c ngang nhi\u00ean x\u00e2y \u0111\u1ea3o nh\u00e2n t\u1ea1o, c\u1ea5m bi\u1ec3n hay Nga s\u00e1p nh\u1eadp l\u00e3nh th\u1ed5 l\u00e2n bang m\u00e0 kh\u00f4ng ch\u1ecbu s\u1ef1 tr\u1eebng ph\u1ea1t n\u00e0o. H\u01a1n ai h\u1ebft, c\u00e1c n\u01b0\u1edbc nh\u1ecf nh\u01b0 Vi\u1ec7t Nam c\u1ea7n m\u1ed9t tr\u1eadt t\u1ef1 th\u1ebf gi\u1edbi d\u1ef1a tr\u00ean lu\u1eadt l\u1ec7 \u0111\u1ec3 ki\u1ec1m ch\u1ebf tham v\u1ecdng c\u1ee7a c\u00e1c n\u01b0\u1edbc l\u1edbn, b\u1edfi vi\u1ec7c \u1ee7ng h\u1ed9 h\u00e0nh vi b\u00e1 quy\u1ec1n c\u1ee7a \u00f4ng Trump h\u00f4m nay ch\u1eb3ng kh\u00e1c n\u00e0o gi\u00e1n ti\u1ebfp h\u1ee3p th\u1ee9c h\u00f3a t\u01b0 duy \u201cc\u00e1 l\u1edbn nu\u1ed1t c\u00e1 b\u00e9\u201d m\u00e0 B\u1eafc Kinh \u0111ang \u00e1p d\u1ee5ng l\u00ean ch\u00ednh d\u00e2n t\u1ed9c ta.\u00a0<\/span><\/p>\n

L\u1ecbch s\u1eed ch\u1ee7 quy\u1ec1n Ho\u00e0ng Sa \u2013 di s\u1ea3n m\u00e1u x\u01b0\u01a1ng c\u1ee7a cha \u00f4ng d\u00e2n t\u1ed9c Vi\u1ec7t Nam \u0111\u00e3 \u0111\u1ec3 l\u1ea1i \u2013 ch\u1ec9 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 tr\u01b0\u1eddng t\u1ed3n b\u1eb1ng s\u1ef1 t\u00f4n nghi\u00eam c\u1ee7a c\u00f4ng ph\u00e1p qu\u1ed1c t\u1ebf, ch\u1ee9 kh\u00f4ng th\u1ec3 \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o s\u1ef1 c\u1ed5 v\u0169 m\u00f9 qu\u00e1ng cho th\u00f3i h\u00e0nh x\u1eed c\u01a1 b\u1eafp c\u1ee7a gi\u1edbi l\u00e3nh \u0111\u1ea1o si\u00eau c\u01b0\u1eddng ngang ng\u01b0\u1ee3c.<\/span>
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The post Gi\u1ea3i m\u00e3 ch\u1ec9 s\u1ed1 l\u1ea1m ph\u00e1t Vi\u1ec7t Nam li\u1ec7u c\u00f3 b\u1ecb thao t\u00fang?<\/a> appeared first on Saigon Nh\u1ecf<\/a>.<\/p>\n

\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

Theo T\u1ed5ng C\u1ee5c Th\u1ed1ng K\u00ea, n\u0103m 2025, t\u1ed5ng gi\u00e1 tr\u1ecb s\u1ea3n ph\u1ea9m qu\u1ed1c n\u1ed9i (GDP) n\u0103m 2025 t\u0103ng h\u01a1n 8%. Trong khi \u0111\u00f3, C\u00f2n ch\u1ec9 s\u1ed1 gi\u00e1 ti\u00eau d\u00f9ng (CPI-Consumer Price Index), th\u01b0\u1edbc \u0111o ph\u1ed5 bi\u1ebfn \u0111\u00e1nh gi\u00e1 l\u1ea1m ph\u00e1t c\u1ee7a m\u1ed9t qu\u1ed1c gia, ch\u1ec9 t\u0103ng 3.3%, \u0111\u01b0\u1ee3c truy\u1ec1n th\u00f4ng trong n\u01b0\u1edbc \u0111\u00e1nh gi\u00e1 m\u1ed9t …<\/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-63090","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\/63090","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=63090"}],"version-history":[{"count":0,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts\/63090\/revisions"}],"wp:attachment":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/media?parent=63090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/categories?post=63090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/tags?post=63090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}