{"id":270,"date":"2025-06-13T09:19:45","date_gmt":"2025-06-13T09:19:45","guid":{"rendered":"https:\/\/ttcapital.com.vn\/?p=270"},"modified":"2025-06-18T06:42:31","modified_gmt":"2025-06-18T06:42:31","slug":"thi-truong-ma-nam-2025-cuoc-dua-cua-nhung-thuong-vu-ty-do-chien-luoc-thanh-cong-va-cac-yeu-to-bat-ngo","status":"publish","type":"post","link":"https:\/\/ttcapital.com.vn\/?p=270","title":{"rendered":"Th\u1ecb tr\u01b0\u1eddng M&A 2025: Cu\u1ed9c \u0111ua t\u1ef7 \u0111\u00f4, chi\u1ebfn l\u01b0\u1ee3c d\u1eabn \u0111\u1ea7u v\u00e0 r\u1ee7i ro"},"content":{"rendered":"\t\t
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Th\u1ecb tr\u01b0\u1eddng M&A n\u0103m 2025: Cu\u1ed9c \u0111ua c\u1ee7a nh\u1eefng th\u01b0\u01a1ng v\u1ee5 t\u1ef7 \u0111\u00f4, chi\u1ebfn l\u01b0\u1ee3c th\u00e0nh c\u00f4ng v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 b\u1ea5t ng\u1edd\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Th\u1ecb tr\u01b0\u1eddng M&A n\u0103m 2025: Cu\u1ed9c \u0111ua c\u1ee7a nh\u1eefng th\u01b0\u01a1ng v\u1ee5 t\u1ef7 \u0111\u00f4, chi\u1ebfn l\u01b0\u1ee3c th\u00e0nh c\u00f4ng v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 b\u1ea5t ng\u1edd\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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B\u01b0\u1edbc v\u00e0o n\u0103m 2025, th\u1ecb tr\u01b0\u1eddng mua b\u00e1n \u2013 s\u00e1p nh\u1eadp (M&A) to\u00e0n c\u1ea7u v\u00e0 Vi\u1ec7t Nam \u0111ang ch\u1ee9ng ki\u1ebfn s\u1ef1 s\u00f4i \u0111\u1ed9ng tr\u1edf l\u1ea1i, v\u1edbi nh\u1eefng th\u01b0\u01a1ng v\u1ee5 c\u00f3 gi\u00e1 tr\u1ecb l\u1edbn li\u00ean ti\u1ebfp \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1. \u0110\u00e2y l\u00e0 giai \u0111o\u1ea1n m\u00e0 c\u00e1c t\u1eadp \u0111o\u00e0n \u0111a qu\u1ed1c gia, qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n v\u00e0 c\u00e1c doanh nghi\u1ec7p trong n\u01b0\u1edbc \u0111\u1ed3ng lo\u1ea1t t\u00e1i c\u01a1 c\u1ea5u, m\u1edf r\u1ed9ng quy m\u00f4 v\u00e0 t\u00ecm ki\u1ebfm l\u1ee3i th\u1ebf c\u1ea1nh tranh th\u00f4ng qua M&A. B\u1ed1i c\u1ea3nh kinh t\u1ebf d\u1ea7n kh\u1edfi s\u1eafc, k\u1ebft h\u1ee3p v\u1edbi nhu c\u1ea7u chuy\u1ec3n \u0111\u1ed5i m\u00f4 h\u00ecnh kinh doanh, \u0111ang t\u1ea1o ra l\u00e0n s\u00f3ng th\u01b0\u01a1ng v\u1ee5 gi\u00e1 tr\u1ecb cao, \u0111\u1ed3ng th\u1eddi \u0111\u1eb7t ra nh\u1eefng y\u00eau c\u1ea7u kh\u1eaft khe h\u01a1n v\u1ec1 chi\u1ebfn l\u01b0\u1ee3c, \u0111\u1ecbnh gi\u00e1 v\u00e0 qu\u1ea3n tr\u1ecb r\u1ee7i ro.<\/p>

Tr\u00ean b\u00ecnh di\u1ec7n to\u00e0n c\u1ea7u, n\u0103m 2024 \u0111\u00e3 \u0111\u00e1nh d\u1ea5u s\u1ef1 tr\u1edf l\u1ea1i m\u1ea1nh m\u1ebd c\u1ee7a c\u00e1c giao d\u1ecbch c\u00f3 quy m\u00f4 l\u1edbn, d\u00f9 t\u1ed5ng s\u1ed1 l\u01b0\u1ee3ng th\u01b0\u01a1ng v\u1ee5 gi\u1ea3m 17% do t\u00e1c \u0111\u1ed9ng c\u1ee7a l\u00e3i su\u1ea5t cao v\u00e0 nh\u1eefng b\u1ea5t \u1ed5n kinh t\u1ebf v\u0129 m\u00f4. Gi\u00e1 tr\u1ecb trung b\u00ecnh c\u1ee7a c\u00e1c th\u01b0\u01a1ng v\u1ee5 t\u0103ng, k\u00e9o theo t\u1ed5ng gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng M&A t\u0103ng 5% so v\u1edbi n\u0103m 2023. \u0110\u1eb7c bi\u1ec7t, s\u1ed1 l\u01b0\u1ee3ng th\u01b0\u01a1ng v\u1ee5 t\u1eeb 1 t\u1ef7 USD tr\u1edf l\u00ean \u0111\u1ea1t h\u01a1n 500 giao d\u1ecbch, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi 430 giao d\u1ecbch c\u1ee7a n\u0103m tr\u01b0\u1edbc. C\u00e1c th\u01b0\u01a1ng v\u1ee5 si\u00eau l\u1edbn (megadeal) tr\u1ecb gi\u00e1 tr\u00ean 5 t\u1ef7 USD c\u0169ng t\u0103ng 18%, kh\u1eb3ng \u0111\u1ecbnh xu th\u1ebf c\u00e1c t\u1eadp \u0111o\u00e0n l\u1edbn v\u00e0 qu\u1ef9 \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng th\u1ef1c hi\u1ec7n c\u00e1c k\u1ebf ho\u1ea1ch t\u0103ng tr\u01b0\u1edfng th\u00f4ng qua M&A, b\u1ea5t ch\u1ea5p nh\u1eefng th\u00e1ch th\u1ee9c v\u0129 m\u00f4.<\/p>

Ng\u00e0nh y t\u1ebf \u0111ang n\u1ed5i l\u00ean nh\u01b0 m\u1ed9t t\u00e2m \u0111i\u1ec3m chi\u1ebfn l\u01b0\u1ee3c trong b\u1ee9c tranh M&A to\u00e0n c\u1ea7u v\u00e0 khu v\u1ef1c. S\u1ef1 thi\u1ebfu h\u1ee5t s\u1ea3n ph\u1ea9m, \u00e1p l\u1ef1c chu\u1ed7i cung \u1ee9ng v\u00e0 ch\u00ednh s\u00e1ch m\u1edbi v\u1ec1 qu\u1ea3n l\u00fd y t\u1ebf \u0111ang th\u00fac \u0111\u1ea9y l\u00e0n s\u00f3ng th\u00e2u t\u00f3m c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 sinh h\u1ecdc, \u0111\u1ed5i m\u1edbi danh m\u1ee5c d\u01b0\u1ee3c ph\u1ea9m v\u00e0 tho\u00e1i v\u1ed1n kh\u1ecfi nh\u1eefng t\u00e0i s\u1ea3n kh\u00f4ng c\u00f2n ph\u00f9 h\u1ee3p v\u1edbi chi\u1ebfn l\u01b0\u1ee3c. \u0110\u1ed3ng th\u1eddi, c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n \u0111\u1ea9y m\u1ea1nh r\u00f3t v\u1ed1n v\u00e0o c\u00f4ng ngh\u1ec7 y t\u1ebf v\u00e0 s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1, m\u1edf ra nhi\u1ec1u c\u01a1 h\u1ed9i cho c\u00e1c doanh nghi\u1ec7p \u0111\u1ed5i m\u1edbi m\u00f4 h\u00ecnh kinh doanh. T\u1ea1i Vi\u1ec7t Nam, nhu c\u1ea7u ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe ch\u1ea5t l\u01b0\u1ee3ng cao, c\u00f9ng v\u1edbi s\u1ef1 gia t\u0103ng t\u1ea7ng l\u1edbp trung l\u01b0u, \u0111\u00e3 bi\u1ebfn c\u00e1c b\u1ec7nh vi\u1ec7n t\u01b0 nh\u00e2n, c\u01a1 s\u1edf y t\u1ebf chuy\u00ean khoa (\u0111\u1eb7c bi\u1ec7t trong nh\u00e3n khoa v\u00e0 ung b\u01b0\u1edbu) tr\u1edf th\u00e0nh \u0111i\u1ec3m \u0111\u1ebfn \u01b0u ti\u00ean c\u1ee7a d\u00f2ng v\u1ed1n M&A.<\/p>

Gi\u00e1o d\u1ee5c c\u0169ng l\u00e0 l\u0129nh v\u1ef1c ghi nh\u1eadn nh\u1eefng b\u01b0\u1edbc ti\u1ebfn m\u1ea1nh m\u1ebd trong ho\u1ea1t \u0111\u1ed9ng M&A. Tr\u00ean to\u00e0n c\u1ea7u, c\u00e1c giao d\u1ecbch trong ng\u00e0nh gi\u00e1o d\u1ee5c \u0111ang thu h\u00fat s\u1ef1 quan t\u00e2m l\u1edbn t\u1eeb c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n, v\u1edbi t\u1ef7 l\u1ec7 \u0111\u1ea7u t\u01b0 v\u00e0o ng\u00e0nh n\u00e0y chi\u1ebfm t\u1eeb 50% \u0111\u1ebfn 70% danh m\u1ee5c. C\u00f4ng ngh\u1ec7 gi\u00e1o d\u1ee5c (EdTech) v\u00e0 c\u00e1c n\u1ec1n t\u1ea3ng s\u1ed1 h\u00f3a gi\u00e1o d\u1ee5c ph\u1ed5 th\u00f4ng, \u0111\u1ea1i h\u1ecdc \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ee5c ti\u00eau c\u1ee7a c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua b\u00e1n chi\u1ebfn l\u01b0\u1ee3c. \u1ede Vi\u1ec7t Nam, ch\u00ednh s\u00e1ch m\u1edf c\u1eeda \u0111\u1ea7u t\u01b0, kh\u00f4ng h\u1ea1n ch\u1ebf v\u1ed1n n\u01b0\u1edbc ngo\u00e0i trong l\u0129nh v\u1ef1c gi\u00e1o d\u1ee5c, c\u1ed9ng h\u01b0\u1edfng c\u00f9ng nhu c\u1ea7u n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng gi\u1ea3ng d\u1ea1y, \u0111ang t\u1ea1o ra m\u00f4i tr\u01b0\u1eddng thu\u1eadn l\u1ee3i \u0111\u1ec3 thu h\u00fat d\u00f2ng v\u1ed1n M&A, \u0111\u1eb7c bi\u1ec7t \u1edf c\u00e1c m\u1ea3ng gi\u00e1o d\u1ee5c \u0111\u1ea1i h\u1ecdc, \u0111\u00e0o t\u1ea1o ngh\u1ec1 v\u00e0 n\u1ec1n t\u1ea3ng gi\u00e1o d\u1ee5c s\u1ed1.<\/p>

Tuy nhi\u00ean, song h\u00e0nh c\u00f9ng nh\u1eefng c\u01a1 h\u1ed9i l\u00e0 h\u00e0ng lo\u1ea1t th\u00e1ch th\u1ee9c ph\u1ee9c t\u1ea1p. Y\u1ebfu t\u1ed1 \u0111\u1ecba ch\u00ednh tr\u1ecb, \u0111\u1eb7c bi\u1ec7t l\u00e0 nh\u1eefng thay \u0111\u1ed5i ch\u00ednh s\u00e1ch t\u1eeb ch\u00ednh quy\u1ec1n M\u1ef9 m\u1edbi sau cu\u1ed9c b\u1ea7u c\u1eed 2024, \u0111ang \u0111\u1eb7t ra nhi\u1ec1u \u1ea9n s\u1ed1 v\u1ec1 thu\u1ebf, thu\u1ebf quan v\u00e0 c\u00e1c quy \u0111\u1ecbnh th\u01b0\u01a1ng m\u1ea1i. Di\u1ec5n bi\u1ebfn l\u00e3i su\u1ea5t to\u00e0n c\u1ea7u c\u0169ng khi\u1ebfn c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh giao d\u1ecbch g\u1eb7p kh\u00f3 trong vi\u1ec7c \u0111\u1ecbnh h\u00ecnh chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh, khi l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n c\u00f3 xu h\u01b0\u1edbng t\u0103ng tr\u1edf l\u1ea1i sau giai \u0111o\u1ea1n c\u1eaft gi\u1ea3m cu\u1ed1i n\u0103m 2024. M\u1ee9c \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu t\u1ea1i nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, \u0111\u1eb7c bi\u1ec7t M\u1ef9, \u0111ang \u1edf m\u1ee9c cao v\u1edbi h\u1ec7 s\u1ed1 P\/E d\u1ef1 ki\u1ebfn c\u1ee7a S&P 500 \u0111\u1ea1t 22,87, g\u00e2y \u00e1p l\u1ef1c l\u1edbn cho c\u00e1c th\u01b0\u01a1ng v\u1ee5 xuy\u00ean bi\u00ean gi\u1edbi khi so s\u00e1nh v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n.<\/p>

B\u00f9 l\u1ea1i, th\u1ecb tr\u01b0\u1eddng M&A 2025 v\u1eabn c\u00f3 nh\u1eefng \u0111\u1ed9ng l\u1ef1c h\u1ee9a h\u1eb9n s\u1ebd th\u00fac \u0111\u1ea9y c\u00e1c th\u01b0\u01a1ng v\u1ee5 chi\u1ebfn l\u01b0\u1ee3c. C\u00e1c doanh nghi\u1ec7p to\u00e0n c\u1ea7u v\u00e0 khu v\u1ef1c ng\u00e0y c\u00e0ng \u01b0u ti\u00ean vi\u1ec7c tho\u00e1i v\u1ed1n kh\u1ecfi c\u00e1c t\u00e0i s\u1ea3n kh\u00f4ng c\u1ed1t l\u00f5i, t\u00e1i c\u01a1 c\u1ea5u danh m\u1ee5c v\u00e0 t\u1eadp trung ngu\u1ed3n l\u1ef1c cho c\u00e1c l\u0129nh v\u1ef1c m\u1edbi nh\u01b0 tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o (AI). S\u1ef1 b\u00f9ng n\u1ed5 \u0111\u1ea7u t\u01b0 v\u00e0o AI \u0111\u00e3 v\u00e0 \u0111ang t\u1ea1o ra nhu c\u1ea7u r\u1ea5t l\u1edbn v\u1ec1 h\u1ea1 t\u1ea7ng k\u1ef9 thu\u1eadt s\u1ed1, trung t\u00e2m d\u1eef li\u1ec7u v\u00e0 n\u0103ng l\u01b0\u1ee3ng \u2013 nh\u1eefng y\u1ebfu t\u1ed1 n\u1ec1n t\u1ea3ng cho qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i s\u1ed1 v\u00e0 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng. Ngo\u00e0i ra, \u00e1p l\u1ef1c ho\u00e0n v\u1ed1n c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang gia t\u0103ng, th\u00fac \u0111\u1ea9y ho\u1ea1t \u0111\u1ed9ng tho\u00e1i v\u1ed1n, IPO v\u00e0 M&A \u1edf c\u00e1c c\u00f4ng ty \u0111\u00e3 n\u1eafm gi\u1eef l\u00e2u trong danh m\u1ee5c.<\/p>

Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 doanh nghi\u1ec7p c\u1ea7n ch\u1ee7 \u0111\u1ed9ng x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c M&A to\u00e0n di\u1ec7n, k\u1ebft h\u1ee3p gi\u1eefa kh\u1ea3 n\u0103ng nh\u1ea1y b\u00e9n tr\u01b0\u1edbc c\u00e1c xu h\u01b0\u1edbng m\u1edbi, s\u1ef1 am hi\u1ec3u s\u00e2u s\u1eafc v\u1ec1 ng\u00e0nh v\u00e0 n\u0103ng l\u1ef1c qu\u1ea3n tr\u1ecb r\u1ee7i ro. Th\u00e0nh c\u00f4ng kh\u00f4ng ch\u1ec9 n\u1eb1m \u1edf vi\u1ec7c n\u1eafm b\u1eaft \u0111\u00fang c\u01a1 h\u1ed9i, m\u00e0 c\u00f2n \u1edf c\u00e1ch c\u00e1c b\u00ean tham gia ki\u1ebfn t\u1ea1o gi\u00e1 tr\u1ecb l\u00e2u d\u00e0i t\u1eeb m\u1ed7i th\u01b0\u01a1ng v\u1ee5. Nh\u01b0 chia s\u1ebb c\u1ee7a \u00f4ng Ong Tiong Hooi, L\u00e3nh \u0111\u1ea1o D\u1ecbch v\u1ee5 T\u01b0 v\u1ea5n Th\u01b0\u01a1ng v\u1ee5 PwC Vi\u1ec7t Nam, n\u0103m 2025 l\u00e0 th\u1eddi \u0111i\u1ec3m c\u1ee7a s\u1ef1 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd c\u1ee7a M&A, nh\u01b0ng c\u0169ng \u0111\u00f2i h\u1ecfi nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i s\u00e1ng su\u1ed1t, linh ho\u1ea1t v\u00e0 quy\u1ebft \u0111o\u00e1n trong t\u1eebng quy\u1ebft \u0111\u1ecbnh \u0111\u1ec3 c\u00f3 th\u1ec3 bi\u1ebfn bi\u1ebfn \u0111\u1ed9ng th\u00e0nh c\u01a1 h\u1ed9i.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng M&A n\u0103m 2025: Cu\u1ed9c \u0111ua c\u1ee7a nh\u1eefng th\u01b0\u01a1ng v\u1ee5 t\u1ef7 \u0111\u00f4, chi\u1ebfn l\u01b0\u1ee3c th\u00e0nh c\u00f4ng v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 b\u1ea5t ng\u1edd Th\u1ecb tr\u01b0\u1eddng M&A n\u0103m 2025: Cu\u1ed9c \u0111ua c\u1ee7a nh\u1eefng th\u01b0\u01a1ng v\u1ee5 t\u1ef7 \u0111\u00f4, chi\u1ebfn l\u01b0\u1ee3c th\u00e0nh c\u00f4ng v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 b\u1ea5t ng\u1edd B\u01b0\u1edbc v\u00e0o n\u0103m 2025, th\u1ecb tr\u01b0\u1eddng mua b\u00e1n \u2013 […]<\/p>\n","protected":false},"author":2,"featured_media":271,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bai-viet"],"_links":{"self":[{"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=\/wp\/v2\/posts\/270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=270"}],"version-history":[{"count":6,"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=\/wp\/v2\/posts\/270\/revisions"}],"predecessor-version":[{"id":530,"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=\/wp\/v2\/posts\/270\/revisions\/530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=\/wp\/v2\/media\/271"}],"wp:attachment":[{"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ttcapital.com.vn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}