C\u1eadp nh\u1eadt: 21\/06\/2026 | T\u00e1c gi\u1ea3: 1phantram.com | \u0110\u1ecdc trong 20 ph\u00fat<\/em><\/p>\n

Trong ph\u00e2n t\u00edch t\u00e0i ch\u00ednh doanh nghi\u1ec7p, b\u00ean c\u1ea1nh ROE (Return on Equity), c\u00f3 m\u1ed9t ch\u1ec9 s\u1ed1 quan tr\u1ecdng kh\u00f4ng k\u00e9m m\u00e0 b\u1ea5t k\u1ef3 nh\u00e0 \u0111\u1ea7u t\u01b0, ch\u1ee7 doanh nghi\u1ec7p hay sinh vi\u00ean ng\u00e0nh t\u00e0i ch\u00ednh n\u00e0o c\u0169ng c\u1ea7n n\u1eafm v\u1eefng: ROA (Return on Assets)<\/strong> \u2013 T\u1ef7 su\u1ea5t sinh l\u1eddi tr\u00ean t\u00e0i s\u1ea3n<\/strong>. N\u1ebfu ROE tr\u1ea3 l\u1eddi c\u00e2u h\u1ecfi “v\u1edbi m\u1ed7i \u0111\u1ed3ng v\u1ed1n c\u1ed5 \u0111\u00f4ng, c\u00f4ng ty t\u1ea1o ra bao nhi\u00eau l\u1ee3i nhu\u1eadn”, th\u00ec ROA tr\u1ea3 l\u1eddi c\u00e2u h\u1ecfi r\u1ed9ng h\u01a1n: “v\u1edbi m\u1ed7i \u0111\u1ed3ng t\u00e0i s\u1ea3n m\u00e0 doanh nghi\u1ec7p \u0111ang s\u1eed d\u1ee5ng \u2013 bao g\u1ed3m c\u1ea3 v\u1ed1n t\u1ef1 c\u00f3 v\u00e0 v\u1ed1n vay \u2013 c\u00f4ng ty t\u1ea1o ra bao nhi\u00eau l\u1ee3i nhu\u1eadn?”. \u0110\u00e2y l\u00e0 th\u01b0\u1edbc \u0111o “thu\u1ea7n t\u00fay” v\u1ec1 hi\u1ec7u qu\u1ea3 khai th\u00e1c t\u00e0i s\u1ea3n, kh\u00f4ng b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u1ea5u tr\u00fac v\u1ed1n (t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n), gi\u00fap so s\u00e1nh c\u00f4ng b\u1eb1ng gi\u1eefa c\u00e1c doanh nghi\u1ec7p kh\u00e1c nhau v\u1ec1 quy m\u00f4 v\u00e0 m\u1ee9c \u0111\u1ed9 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y.<\/p>\n

Hi\u1ec3u v\u00e0 t\u00ednh ch\u00ednh x\u00e1c ROA l\u00e0 n\u1ec1n t\u1ea3ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng, so s\u00e1nh doanh nghi\u1ec7p c\u00f9ng ng\u00e0nh, ph\u00e1t hi\u1ec7n nh\u1eefng c\u00f4ng ty “\u0111\u1ed1t ti\u1ec1n” k\u00e9m hi\u1ec7u qu\u1ea3, v\u00e0 k\u1ebft h\u1ee3p v\u1edbi ROE \u0111\u1ec3 c\u00f3 b\u1ee9c tranh t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u1ea3i \u0111\u00e1p \u0111\u1ea7y \u0111\u1ee7: ROA l\u00e0 g\u00ec<\/strong>, c\u00f4ng th\u1ee9c t\u00ednh ROA chu\u1ea9n x\u00e1c theo VAS\/IFRS, ROA bao nhi\u00eau l\u00e0 t\u1ed1t theo t\u1eebng ng\u00e0nh (ng\u00e2n h\u00e0ng, b\u00e1n l\u1ebb, c\u00f4ng ngh\u1ec7, s\u1ea3n xu\u1ea5t), c\u00e1ch ph\u00e2n t\u00edch ROA k\u1ebft h\u1ee3p v\u1edbi ROE \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh, so s\u00e1nh ROA v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 kh\u00e1c, c\u00f9ng c\u00e1c v\u00ed d\u1ee5 th\u1ef1c t\u1ebf t\u1eeb nh\u1eefng doanh nghi\u1ec7p h\u00e0ng \u0111\u1ea7u Vi\u1ec7t Nam nh\u01b0 Vinamilk, FPT, Vietcombank, H\u00f2a Ph\u00e1t v\u00e0 c\u1ea3 Shopee Vi\u1ec7t Nam \u0111\u1ec3 b\u1ea1n d\u1ec5 h\u00ecnh dung.<\/p>\n

\n\ud83d\udca1 C\u00f4ng c\u1ee5 h\u1ed7 tr\u1ee3:<\/strong> B\u1ea1n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng m\u00e1y t\u00ednh ph\u1ea7n tr\u0103m mi\u1ec5n ph\u00ed t\u1ea1i 1phantram.com<\/strong><\/a> \u0111\u1ec3 t\u00ednh nhanh ROA, ROE, ROI v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c ch\u1ec9 trong v\u00e0i gi\u00e2y. Nh\u1eadp l\u1ee3i nhu\u1eadn sau thu\u1ebf v\u00e0 t\u1ed5ng t\u00e0i s\u1ea3n l\u00e0 c\u00f3 k\u1ebft qu\u1ea3 ngay l\u1eadp t\u1ee9c \u2013 c\u1ef1c k\u1ef3 ti\u1ec7n l\u1ee3i cho vi\u1ec7c ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh doanh nghi\u1ec7p.\n<\/div>\n
\ud83d\udccb M\u1ee5c L\u1ee5c B\u00e0i Vi\u1ebft<\/h2>\n
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1. ROA l\u00e0 g\u00ec? \u0110\u1ecbnh ngh\u0129a v\u00e0 vai tr\u00f2<\/a><\/li>\n
2. C\u00f4ng th\u1ee9c t\u00ednh ROA chu\u1ea9n x\u00e1c<\/a><\/li>\n
3. \u00dd ngh\u0129a c\u1ee7a ROA trong ph\u00e2n t\u00edch t\u00e0i ch\u00ednh<\/a><\/li>\n
4. ROA bao nhi\u00eau l\u00e0 t\u1ed1t? Ti\u00eau chu\u1ea9n theo ng\u00e0nh<\/a><\/li>\n
5. So s\u00e1nh ROA vs ROE v\u00e0 m\u1ed1i li\u00ean h\u1ec7 v\u1edbi \u0111\u00f2n b\u1ea9y<\/a><\/li>\n
6. So s\u00e1nh ROA vs ROI: Khi n\u00e0o d\u00f9ng ch\u1ec9 s\u1ed1 n\u00e0o?<\/a><\/li>\n
7. V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: ROA c\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam<\/a><\/li>\n
8. H\u1ea1n ch\u1ebf c\u1ee7a ROA v\u00e0 c\u00e1ch kh\u1eafc ph\u1ee5c<\/a><\/li>\n
9. C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 ROA<\/a><\/li>\n<\/ul>\n
1. ROA L\u00e0 G\u00ec? \u0110\u1ecbnh Ngh\u0129a C\u01a1 B\u1ea3n V\u00e0 Vai Tr\u00f2<\/h2>\n
ROA (Return on Assets)<\/strong> \u2013 ti\u1ebfng Vi\u1ec7t g\u1ecdi l\u00e0 T\u1ef7 su\u1ea5t sinh l\u1eddi tr\u00ean t\u00e0i s\u1ea3n<\/strong> ho\u1eb7c T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean t\u1ed5ng t\u00e0i s\u1ea3n<\/strong> \u2013 l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh \u0111o l\u01b0\u1eddng hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n c\u1ee7a doanh nghi\u1ec7p. C\u1ee5 th\u1ec3, ROA cho bi\u1ebft v\u1edbi m\u1ed7i 100 \u0111\u1ed3ng t\u00e0i s\u1ea3n m\u00e0 doanh nghi\u1ec7p \u0111ang s\u1eed d\u1ee5ng (bao g\u1ed3m ti\u1ec1n m\u1eb7t, h\u00e0ng t\u1ed3n kho, m\u00e1y m\u00f3c thi\u1ebft b\u1ecb, b\u1ea5t \u0111\u1ed9ng s\u1ea3n, c\u00e1c kho\u1ea3n ph\u1ea3i thu\u2026), c\u00f4ng ty t\u1ea1o ra \u0111\u01b0\u1ee3c bao nhi\u00eau \u0111\u1ed3ng l\u1ee3i nhu\u1eadn sau thu\u1ebf trong m\u1ed9t k\u1ef3 k\u1ebf to\u00e1n (th\u01b0\u1eddng l\u00e0 1 n\u0103m).<\/p>\n
1.1. \u0110\u1ecbnh ngh\u0129a ch\u00ednh th\u1ee9c theo chu\u1ea9n k\u1ebf to\u00e1n<\/h3>\nTheo chu\u1ea9n m\u1ef1c k\u1ebf to\u00e1n qu\u1ed1c t\u1ebf (IFRS) v\u00e0 Vi\u1ec7t Nam (VAS), ROA \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m gi\u1eefa L\u1ee3i nhu\u1eadn sau thu\u1ebf chia cho T\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n<\/strong> trong k\u1ef3. \u0110\u00e2y l\u00e0 m\u1ed9t trong nh\u1eefng ch\u1ec9 s\u1ed1 xu\u1ea5t hi\u1ec7n \u0111\u1ea7u ti\u00ean trong m\u1ecdi b\u00e1o c\u00e1o ph\u00e2n t\u00edch t\u00e0i ch\u00ednh chuy\u00ean nghi\u1ec7p v\u00e0 \u0111\u01b0\u1ee3c c\u00e1c t\u1ed5 ch\u1ee9c x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m qu\u1ed1c t\u1ebf nh\u01b0 Moody’s, S&P, Fitch s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u1ea5t l\u01b0\u1ee3ng doanh nghi\u1ec7p. \u0110\u1ec3 n\u1eafm v\u1eefng ki\u1ebfn th\u1ee9c n\u1ec1n t\u1ea3ng v\u1ec1 c\u00e1ch t\u00ednh t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m, b\u1ea1n c\u00f3 th\u1ec3 tham kh\u1ea3o b\u00e0i c\u00f4ng th\u1ee9c t\u00ednh ph\u1ea7n tr\u0103m chu\u1ea9n x\u00e1c<\/a>.<\/p>\n
1.2. Ph\u00e2n bi\u1ec7t “t\u00e0i s\u1ea3n” trong ROA \u2013 kh\u00f4ng ph\u1ea3i ch\u1ec9 l\u00e0 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh<\/h3>\n
Nhi\u1ec1u ng\u01b0\u1eddi m\u1edbi h\u1ecdc d\u1ec5 nh\u1ea7m l\u1eabn r\u1eb1ng ROA ch\u1ec9 li\u00ean quan \u0111\u1ebfn t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh (nh\u00e0 x\u01b0\u1edfng, m\u00e1y m\u00f3c). Th\u1ef1c t\u1ebf, t\u1ed5ng t\u00e0i s\u1ea3n (Total Assets)<\/strong> trong c\u00f4ng th\u1ee9c ROA bao g\u1ed3m TO\u00c0N B\u1ed8 t\u00e0i s\u1ea3n m\u00e0 doanh nghi\u1ec7p \u0111ang s\u1edf h\u1eefu v\u00e0 ki\u1ec3m so\u00e1t, chia th\u00e0nh 2 nh\u00f3m ch\u00ednh:<\/p>\n
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T\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n (Current Assets)<\/strong>: ti\u1ec1n m\u1eb7t, ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng, h\u00e0ng t\u1ed3n kho, c\u00e1c kho\u1ea3n ph\u1ea3i thu kh\u00e1ch h\u00e0ng, \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh ng\u1eafn h\u1ea1n<\/li>\n
T\u00e0i s\u1ea3n d\u00e0i h\u1ea1n (Non-current Assets)<\/strong>: nh\u00e0 x\u01b0\u1edfng, m\u00e1y m\u00f3c thi\u1ebft b\u1ecb, ph\u01b0\u01a1ng ti\u1ec7n v\u1eadn t\u1ea3i, b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u1ea7u t\u01b0, t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh (th\u01b0\u01a1ng hi\u1ec7u, b\u1eb1ng s\u00e1ng ch\u1ebf)<\/li>\n<\/ul>\n
\u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a ROA ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 t\u1ed5ng th\u1ec3 c\u1ee7a to\u00e0n b\u1ed9 “c\u1ed7 m\u00e1y” doanh nghi\u1ec7p, kh\u00f4ng ri\u00eang m\u1ed9t b\u1ed9 ph\u1eadn n\u00e0o. M\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 c\u00f3 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh \u00edt nh\u01b0ng t\u1ed3n kho v\u00e0 c\u00f4ng n\u1ee3 l\u1edbn (ng\u00e0nh ph\u00e2n ph\u1ed1i), hay ng\u01b0\u1ee3c l\u1ea1i c\u00f3 nhi\u1ec1u m\u00e1y m\u00f3c nh\u01b0ng \u00edt v\u1ed1n l\u01b0u \u0111\u1ed9ng (ng\u00e0nh s\u1ea3n xu\u1ea5t).<\/p>\n
1.3. Vai tr\u00f2 c\u1ee7a ROA \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0<\/h3>\n
ROA l\u00e0 m\u1ed9t trong nh\u1eefng ch\u1ec9 s\u1ed1 “must-have” trong b\u1ed9 l\u1ecdc c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 l\u1edbn. ROA cao v\u00e0 \u1ed5n \u0111\u1ecbnh ch\u1ee9ng t\u1ecf:<\/p>\n
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Ban l\u00e3nh \u0111\u1ea1o khai th\u00e1c t\u00e0i s\u1ea3n hi\u1ec7u qu\u1ea3<\/strong>: m\u1ed7i \u0111\u1ed3ng v\u1ed1n \u0111\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n \u0111\u1ec1u “\u0111\u1ebb” ra l\u1ee3i nhu\u1eadn t\u1ed1t<\/li>\n
M\u00f4 h\u00ecnh kinh doanh l\u00e0nh m\u1ea1nh<\/strong>: kh\u00f4ng b\u1ecb “ng\u1eadp” trong t\u00e0i s\u1ea3n k\u00e9m hi\u1ec7u qu\u1ea3 (kho \u1ee9 \u0111\u1ecdng, c\u00f4ng n\u1ee3 kh\u00f3 \u0111\u00f2i)<\/li>\n
L\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng<\/strong>: th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi th\u01b0\u01a1ng hi\u1ec7u m\u1ea1nh, quy tr\u00ecnh t\u1ed1i \u01b0u<\/li>\n
\u00cdt ph\u1ee5 thu\u1ed9c \u0111\u00f2n b\u1ea9y<\/strong>: ch\u1ec9 s\u1ed1 n\u00e0y kh\u00f4ng b\u1ecb “th\u1ed5i ph\u1ed3ng” b\u1edfi vi\u1ec7c vay n\u1ee3 nh\u01b0 ROE<\/li>\n<\/ul>\n
1.4. Vai tr\u00f2 c\u1ee7a ROA \u0111\u1ed1i v\u1edbi ch\u1ee7 doanh nghi\u1ec7p<\/h3>\n
\u0110\u1ed1i v\u1edbi CEO v\u00e0 ch\u1ee7 doanh nghi\u1ec7p, ROA l\u00e0 KPI quan tr\u1ecdng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 qu\u1ea3n tr\u1ecb t\u1ed5ng th\u1ec3. N\u1ebfu ROA th\u1ea5p h\u01a1n l\u00e3i su\u1ea5t vay ng\u00e2n h\u00e0ng (kho\u1ea3ng 8-10%\/n\u0103m t\u1ea1i Vi\u1ec7t Nam hi\u1ec7n nay), ngh\u0129a l\u00e0 doanh nghi\u1ec7p \u0111ang vay ti\u1ec1n \u0111\u1ec3 mua t\u00e0i s\u1ea3n nh\u01b0ng t\u00e0i s\u1ea3n \u0111\u00f3 t\u1ea1o ra l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n chi ph\u00ed vay \u2013 m\u1ed9t t\u00ecnh hu\u1ed1ng r\u1ea5t nguy hi\u1ec3m v\u1ec1 d\u00e0i h\u1ea1n. ROA c\u0169ng l\u00e0 c\u01a1 s\u1edf \u0111\u1ec3 so s\u00e1nh hi\u1ec7u su\u1ea5t gi\u1eefa c\u00e1c ph\u00f2ng ban, chi nh\u00e1nh v\u00e0 ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n m\u1edbi.<\/p>\n
2. C\u00f4ng Th\u1ee9c T\u00ednh ROA Chu\u1ea9n X\u00e1c<\/h2>\n
\u0110\u00e2y l\u00e0 ph\u1ea7n quan tr\u1ecdng nh\u1ea5t \u2013 n\u1eafm v\u1eefng c\u00f4ng th\u1ee9c t\u00ednh ROA s\u1ebd gi\u00fap b\u1ea1n t\u1ef1 ph\u00e2n t\u00edch b\u1ea5t k\u1ef3 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh n\u00e0o.<\/p>\n
2.1. C\u00f4ng th\u1ee9c ROA c\u01a1 b\u1ea3n<\/h3>\n
C\u00f4ng th\u1ee9c ROA chu\u1ea9n theo IFRS v\u00e0 VAS:<\/strong><\/p>\n
ROA = (L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ T\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n) \u00d7 100%<\/strong><\/p>\n
Trong \u0111\u00f3:<\/p>\n
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L\u1ee3i nhu\u1eadn sau thu\u1ebf (Net Income)<\/strong>: l\u1ea5y t\u1eeb B\u00e1o c\u00e1o k\u1ebft qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng kinh doanh, d\u00f2ng “L\u1ee3i nhu\u1eadn sau thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p” \u2013 th\u01b0\u1eddng \u1edf d\u00f2ng cu\u1ed1i c\u00f9ng c\u1ee7a b\u00e1o c\u00e1o<\/li>\n
T\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n (Average Total Assets)<\/strong>: = (T\u1ed5ng t\u00e0i s\u1ea3n \u0111\u1ea7u k\u1ef3 + T\u1ed5ng t\u00e0i s\u1ea3n cu\u1ed1i k\u1ef3) \/ 2, l\u1ea5y t\u1eeb B\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n (m\u1ee5c “T\u1ed4NG C\u1ed8NG T\u00c0I S\u1ea2N”)<\/li>\n<\/ul>\n
2.2. T\u1ea1i sao ph\u1ea3i d\u00f9ng t\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n?<\/h3>\n
Nhi\u1ec1u ng\u01b0\u1eddi m\u1edbi h\u1ecdc hay d\u00f9ng t\u1ed5ng t\u00e0i s\u1ea3n cu\u1ed1i k\u1ef3, \u0111i\u1ec1u n\u00e0y kh\u00f4ng ch\u00ednh x\u00e1c v\u00ec t\u00e0i s\u1ea3n thay \u0111\u1ed5i li\u00ean t\u1ee5c trong n\u0103m: mua s\u1eafm m\u00e1y m\u00f3c m\u1edbi, thanh l\u00fd t\u00e0i s\u1ea3n c\u0169, t\u0103ng\/gi\u1ea3m h\u00e0ng t\u1ed3n kho, thay \u0111\u1ed5i c\u00f4ng n\u1ee3\u2026 D\u00f9ng gi\u00e1 tr\u1ecb b\u00ecnh qu\u00e2n<\/strong> ph\u1ea3n \u00e1nh \u0111\u00fang quy m\u00f4 t\u00e0i s\u1ea3n m\u00e0 c\u00f4ng ty th\u1ef1c s\u1ef1 “v\u1eadn h\u00e0nh” \u0111\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn trong c\u1ea3 k\u1ef3.<\/p>\n
2.3. C\u00f4ng th\u1ee9c ROA m\u1edf r\u1ed9ng \u2013 m\u00f4 h\u00ecnh DuPont<\/h3>\n
\u0110\u1ec3 hi\u1ec3u s\u00e2u h\u01a1n ROA \u0111\u01b0\u1ee3c t\u1ea1o ra t\u1eeb \u0111\u00e2u, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh DuPont 2 b\u01b0\u1edbc<\/strong> \u0111\u1ec3 ph\u00e2n t\u00e1ch ROA th\u00e0nh 2 th\u00e0nh ph\u1ea7n:<\/p>\n
ROA = Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng \u00d7 V\u00f2ng quay t\u00e0i s\u1ea3n<\/strong><\/p>\n
ROA = (L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ Doanh thu) \u00d7 (Doanh thu \/ T\u1ed5ng t\u00e0i s\u1ea3n)<\/strong><\/p>\n
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Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng (Net Profit Margin)<\/strong>: \u0111o l\u01b0\u1eddng m\u1ed7i \u0111\u1ed3ng doanh thu t\u1ea1o ra bao nhi\u00eau l\u1ee3i nhu\u1eadn<\/li>\n
V\u00f2ng quay t\u00e0i s\u1ea3n (Asset Turnover)<\/strong>: \u0111o l\u01b0\u1eddng m\u1ed7i \u0111\u1ed3ng t\u00e0i s\u1ea3n t\u1ea1o ra bao nhi\u00eau doanh thu<\/li>\n<\/ul>\n
\u00dd ngh\u0129a: ROA cao c\u00f3 th\u1ec3 \u0111\u1ebfn t\u1eeb bi\u00ean l\u1ee3i nhu\u1eadn cao<\/strong> (m\u00f4 h\u00ecnh cao c\u1ea5p nh\u01b0 Apple, Vinamilk), v\u00f2ng quay t\u00e0i s\u1ea3n cao<\/strong> (m\u00f4 h\u00ecnh kh\u1ed1i l\u01b0\u1ee3ng nh\u01b0 Walmart, Shopee), ho\u1eb7c k\u1ebft h\u1ee3p c\u1ea3 hai.<\/p>\n
2.4. V\u00ed d\u1ee5 t\u00ednh ROA chi ti\u1ebft<\/h3>\n
\n\ud83d\udcca V\u00ed d\u1ee5 1: T\u00ednh ROA c\u1ee7a C\u00f4ng ty ABC n\u0103m 2024<\/strong><\/p>\n
Gi\u1ea3 s\u1eed C\u00f4ng ty C\u1ed5 ph\u1ea7n ABC c\u00f3 s\u1ed1 li\u1ec7u tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh:<\/p>\n
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L\u1ee3i nhu\u1eadn sau thu\u1ebf n\u0103m 2024: 300 t\u1ef7 VND<\/strong><\/li>\n
T\u1ed5ng t\u00e0i s\u1ea3n \u0111\u1ea7u n\u0103m 2024 (01\/01\/2024): 5.000 t\u1ef7 VND<\/strong><\/li>\n
T\u1ed5ng t\u00e0i s\u1ea3n cu\u1ed1i n\u0103m 2024 (31\/12\/2024): 7.000 t\u1ef7 VND<\/strong><\/li>\n<\/ul>\n
B\u01b0\u1edbc 1:<\/strong> T\u00ednh t\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n = (5.000 + 7.000) \/ 2 = 6.000 t\u1ef7 VND<\/strong>
\nB\u01b0\u1edbc 2:<\/strong> T\u00ednh ROA = (300 \/ 6.000) \u00d7 100% = 5,00%<\/strong><\/p>\n
Ph\u00e2n t\u00edch:<\/strong> ROA 5% l\u00e0 m\u1ee9c trung b\u00ecnh cho doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t Vi\u1ec7t Nam. C\u00f4ng ty t\u1ea1o ra 5 \u0111\u1ed3ng l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i 100 \u0111\u1ed3ng t\u00e0i s\u1ea3n \u2013 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c nh\u01b0ng ch\u01b0a ph\u1ea3i xu\u1ea5t s\u1eafc.\n<\/div>\n
3. \u00dd Ngh\u0129a C\u1ee7a ROA Trong Ph\u00e2n T\u00edch T\u00e0i Ch\u00ednh<\/h2>\n
ROA kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t con s\u1ed1 \u2013 n\u00f3 mang nhi\u1ec1u \u00fd ngh\u0129a quan tr\u1ecdng trong vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0 qu\u1ea3n tr\u1ecb.<\/p>\n
3.1. ROA ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n<\/h3>\n
ROA l\u00e0 th\u01b0\u1edbc \u0111o tr\u1ef1c ti\u1ebfp nh\u1ea5t v\u1ec1 “n\u0103ng su\u1ea5t” c\u1ee7a t\u00e0i s\u1ea3n doanh nghi\u1ec7p. M\u1ed9t c\u00f4ng ty c\u00f3 ROA 10% ngh\u0129a l\u00e0 c\u1ee9 \u0111\u1ea7u t\u01b0 100 \u0111\u1ed3ng v\u00e0o m\u00e1y m\u00f3c, nh\u00e0 x\u01b0\u1edfng, kho b\u00e3i th\u00ec s\u1ebd thu v\u1ec1 10 \u0111\u1ed3ng l\u1ee3i nhu\u1eadn m\u1ed7i n\u0103m. ROA gi\u00fap ban l\u00e3nh \u0111\u1ea1o bi\u1ebft n\u00ean ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n n\u00e0o, thanh l\u00fd t\u00e0i s\u1ea3n n\u00e0o.<\/p>\n
3.2. ROA gi\u00fap so s\u00e1nh c\u00f4ng b\u1eb1ng gi\u1eefa c\u00e1c doanh nghi\u1ec7p<\/h3>\n
Kh\u00e1c v\u1edbi ROE (b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi \u0111\u00f2n b\u1ea9y), ROA cho ph\u00e9p so s\u00e1nh “apple-to-apple” gi\u1eefa c\u00e1c doanh nghi\u1ec7p c\u00f3 c\u1ea5u tr\u00fac v\u1ed1n kh\u00e1c nhau. M\u1ed9t c\u00f4ng ty vay n\u1ee3 80% v\u00e0 m\u1ed9t c\u00f4ng ty vay n\u1ee3 20% c\u00f3 th\u1ec3 c\u00f3 ROE r\u1ea5t kh\u00e1c nhau, nh\u01b0ng ROA s\u1ebd ph\u1ea3n \u00e1nh \u0111\u00fang hi\u1ec7u qu\u1ea3 kinh doanh c\u1ed1t l\u00f5i. \u0110\u00e2y l\u00e0 l\u00fd do c\u00e1c t\u1ed5 ch\u1ee9c x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m qu\u1ed1c t\u1ebf (Moody’s, S&P) \u01b0u ti\u00ean d\u00f9ng ROA.<\/p>\n
3.3. ROA l\u00e0 c\u01a1 s\u1edf \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 r\u1ee7i ro \u0111\u00f2n b\u1ea9y<\/h3>\n
Khi k\u1ebft h\u1ee3p ROA v\u00e0 ROE, ta c\u00f3 th\u1ec3 t\u00ednh \u0111\u01b0\u1ee3c \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/strong>. N\u1ebfu ROE > ROA \u2192 c\u00f4ng ty \u0111ang s\u1eed d\u1ee5ng n\u1ee3 vay hi\u1ec7u qu\u1ea3 (ROA > l\u00e3i su\u1ea5t vay). N\u1ebfu ROE \u2248 ROA \u2192 c\u00f4ng ty g\u1ea7n nh\u01b0 kh\u00f4ng vay n\u1ee3. N\u1ebfu ROA < l\u00e3i su\u1ea5t vay \u2192 c\u00f4ng ty \u0111ang \"l\u1ed7\" khi vay ti\u1ec1n. Tham kh\u1ea3o th\u00eam b\u00e0i ROI l\u00e0 g\u00ec? C\u00e1ch t\u00ednh ROI chi ti\u1ebft<\/a> \u0111\u1ec3 hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 c\u00e1c ch\u1ec9 s\u1ed1 \u0111o l\u01b0\u1eddng hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0.<\/p>\n
3.4. ROA ph\u1ea3n \u00e1nh ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n tr\u1ecb<\/h3>\n
M\u1ed9t c\u00f4ng ty c\u00f3 ROA cao v\u00e0 \u1ed5n \u0111\u1ecbnh qua nhi\u1ec1u n\u0103m th\u01b0\u1eddng c\u00f3 \u0111\u1ed9i ng\u0169 qu\u1ea3n l\u00fd xu\u1ea5t s\u1eafc \u2013 bi\u1ebft ph\u00e2n b\u1ed5 v\u1ed1n v\u00e0o t\u00e0i s\u1ea3n sinh l\u1eddi cao, ki\u1ec3m so\u00e1t chi ph\u00ed t\u1ed1t, qu\u1ea3n l\u00fd h\u00e0ng t\u1ed3n kho hi\u1ec7u qu\u1ea3. Ng\u01b0\u1ee3c l\u1ea1i, ROA th\u1ea5p v\u00e0 dao \u0111\u1ed9ng m\u1ea1nh l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a qu\u1ea3n tr\u1ecb y\u1ebfu k\u00e9m ho\u1eb7c m\u00f4 h\u00ecnh kinh doanh \u0111ang g\u1eb7p v\u1ea5n \u0111\u1ec1 c\u01a1 c\u1ea5u.<\/p>\n
4. ROA Bao Nhi\u00eau L\u00e0 T\u1ed1t? Ti\u00eau Chu\u1ea9n Theo Ng\u00e0nh<\/h2>\n
\u0110\u00e1nh gi\u00e1 ROA “t\u1ed1t” hay “x\u1ea5u” ph\u1ee5 thu\u1ed9c r\u1ea5t nhi\u1ec1u v\u00e0o ng\u00e0nh ngh\u1ec1. M\u1ed7i ng\u00e0nh c\u00f3 \u0111\u1eb7c th\u00f9 v\u1ec1 t\u00e0i s\u1ea3n kh\u00e1c nhau, n\u00ean kh\u00f4ng th\u1ec3 d\u00f9ng m\u1ed9t con s\u1ed1 chung cho t\u1ea5t c\u1ea3.<\/p>\n
4.1. B\u1ea3ng ti\u00eau chu\u1ea9n ROA theo ng\u00e0nh t\u1ea1i Vi\u1ec7t Nam<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n
Ng\u00e0nh<\/th>\n ROA t\u1ed1t<\/th>\n ROA trung b\u00ecnh<\/th>\n ROA y\u1ebfu<\/th>\n \u0110\u1eb7c \u0111i\u1ec3m t\u00e0i s\u1ea3n<\/th>\n<\/tr>\n<\/thead>\n
Ng\u00e2n h\u00e0ng<\/strong><\/td>\n 1,0 \u2013 1,5%<\/td>\n 0,8 \u2013 1,2%<\/td>\n < 0,6%<\/td>\n T\u00e0i s\u1ea3n r\u1ea5t l\u1edbn (cho vay)<\/td>\n<\/tr>\n
B\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/strong><\/td>\n 5 \u2013 8%<\/td>\n 3 \u2013 5%<\/td>\n < 2%<\/td>\n T\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh l\u1edbn (\u0111\u1ea5t \u0111ai)<\/td>\n<\/tr>\n
S\u1ea3n xu\u1ea5t c\u00f4ng nghi\u1ec7p<\/strong><\/td>\n 8 \u2013 12%<\/td>\n 5 \u2013 8%<\/td>\n < 4%<\/td>\n M\u00e1y m\u00f3c, nh\u00e0 x\u01b0\u1edfng chi\u1ebfm ch\u1ee7 y\u1ebfu<\/td>\n<\/tr>\n
B\u00e1n l\u1ebb \/ TM\u0110T<\/strong><\/td>\n 10 \u2013 15%<\/td>\n 6 \u2013 10%<\/td>\n < 5%<\/td>\n T\u1ed3n kho + c\u00f4ng n\u1ee3 l\u1edbn<\/td>\n<\/tr>\n
C\u00f4ng ngh\u1ec7 \/ Ph\u1ea7n m\u1ec1m<\/strong><\/td>\n 12 \u2013 20%<\/td>\n 8 \u2013 12%<\/td>\n < 6%<\/td>\n T\u00e0i s\u1ea3n v\u00f4 h\u00ecnh nhi\u1ec1u<\/td>\n<\/tr>\n
F&B \/ D\u1ecbch v\u1ee5 \u0103n u\u1ed1ng<\/strong><\/td>\n 15 \u2013 25%<\/td>\n 10 \u2013 15%<\/td>\n < 8%<\/td>\n T\u00e0i s\u1ea3n nh\u1eb9, v\u00f2ng quay cao<\/td>\n<\/tr>\n
Ti\u1ec7n \u00edch (\u0111i\u1ec7n, n\u01b0\u1edbc)<\/strong><\/td>\n 6 \u2013 10%<\/td>\n 4 \u2013 6%<\/td>\n < 3%<\/td>\n T\u00e0i s\u1ea3n h\u1ea1 t\u1ea7ng kh\u1ed5ng l\u1ed3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
L\u01b0u \u00fd: B\u1ea3ng tr\u00ean l\u00e0 tham kh\u1ea3o cho th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam 2024-2026. Con s\u1ed1 c\u1ee5 th\u1ec3 c\u00f3 th\u1ec3 thay \u0111\u1ed5i theo chu k\u1ef3 kinh t\u1ebf v\u00e0 giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n c\u1ee7a ng\u00e0nh.<\/em><\/p>\n
4.2. V\u00ec sao ng\u00e2n h\u00e0ng c\u00f3 ROA th\u1ea5p?<\/h3>\n
Nhi\u1ec1u ng\u01b0\u1eddi th\u1eafc m\u1eafc: “Vietcombank c\u00f3 l\u1ee3i nhu\u1eadn h\u00e0ng ch\u1ee5c ngh\u00ecn t\u1ef7 sao ROA ch\u1ec9 1%?”. C\u00e2u tr\u1ea3 l\u1eddi n\u1eb1m \u1edf quy m\u00f4 t\u00e0i s\u1ea3n kh\u1ed5ng l\u1ed3<\/strong> c\u1ee7a ng\u00e2n h\u00e0ng. T\u1ed5ng t\u00e0i s\u1ea3n Vietcombank cu\u1ed1i 2024 \u0111\u1ea1t kho\u1ea3ng 1,8 tri\u1ec7u t\u1ef7 VND, v\u00ec v\u1eady 1% ROA \u0111\u00e3 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng h\u01a1n 18.000 t\u1ef7 VND l\u1ee3i nhu\u1eadn \u2013 con s\u1ed1 “kh\u1ee7ng” n\u1ebfu so v\u1edbi \u0111a s\u1ed1 doanh nghi\u1ec7p phi t\u00e0i ch\u00ednh. Ng\u00e0nh ng\u00e2n h\u00e0ng bu\u1ed9c ph\u1ea3i d\u00f9ng \u0111\u00f2n b\u1ea9y r\u1ea5t cao (t\u1ef7 l\u1ec7 v\u1ed1n\/t\u00e0i s\u1ea3n c\u00f3 tr\u1ecdng s\u1ed1 r\u1ee7i ro ch\u1ec9 8-12%) \u0111\u1ec3 t\u1ea1o ROE h\u1ea5p d\u1eabn.<\/p>\n
4.3. V\u00ec sao ng\u00e0nh c\u00f4ng ngh\u1ec7 c\u00f3 ROA r\u1ea5t cao?<\/h3>\n
Apple, Microsoft, Google c\u00f3 ROA 15-25% v\u00ec m\u00f4 h\u00ecnh kinh doanh ph\u1ea7n m\u1ec1m\/d\u1ecbch v\u1ee5 s\u1ed1 c\u00f3 t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn<\/strong> \u2013 ph\u1ea7n m\u1ec1m, thu\u1eadt to\u00e1n, th\u01b0\u01a1ng hi\u1ec7u, d\u1eef li\u1ec7u ng\u01b0\u1eddi d\u00f9ng kh\u00f4ng \u0111\u00f2i h\u1ecfi \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n h\u1eefu h\u00ecnh nhi\u1ec1u. Shopee Vi\u1ec7t Nam c\u0169ng theo m\u00f4 h\u00ecnh n\u00e0y \u2013 n\u1ec1n t\u1ea3ng s\u1ed1 v\u1edbi chi ph\u00ed t\u00e0i s\u1ea3n v\u1eadt ch\u1ea5t t\u1ed1i thi\u1ec3u nh\u01b0ng doanh thu l\u1edbn.<\/p>\n
4.4. Ng\u01b0\u1ee1ng ROA t\u1ed1i thi\u1ec3u \u0111\u1ec3 “s\u1ed1ng s\u00f3t”<\/h3>\n
Theo nguy\u00ean t\u1eafc t\u00e0i ch\u00ednh, ROA c\u1ee7a doanh nghi\u1ec7p ph\u1ea3i l\u1edbn h\u01a1n l\u00e3i su\u1ea5t vay ng\u00e2n h\u00e0ng<\/strong> (kho\u1ea3ng 8-10% t\u1ea1i Vi\u1ec7t Nam hi\u1ec7n nay) \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o vi\u1ec7c vay ti\u1ec1n mua t\u00e0i s\u1ea3n l\u00e0 c\u00f3 \u00fd ngh\u0129a. N\u1ebfu ROA < l\u00e3i su\u1ea5t vay, m\u1ed7i \u0111\u1ed3ng t\u00e0i s\u1ea3n t\u1eeb ngu\u1ed3n vay \u0111ang t\u1ea1o ra l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n<\/em> chi ph\u00ed v\u1ed1n \u2013 m\u1ed9t t\u00ecnh hu\u1ed1ng “\u0111\u1ed1t ti\u1ec1n” c\u1ea7n c\u1ea3nh b\u00e1o.<\/p>\n
5. So S\u00e1nh ROA vs ROE V\u00e0 M\u1ed1i Li\u00ean H\u1ec7 V\u1edbi \u0110\u00f2n B\u1ea9y<\/h2>\n
ROA v\u00e0 ROE l\u00e0 “c\u1eb7p \u0111\u00f4i” kh\u00f4ng th\u1ec3 t\u00e1ch r\u1eddi trong ph\u00e2n t\u00edch t\u00e0i ch\u00ednh. Hi\u1ec3u r\u00f5 m\u1ed1i quan h\u1ec7 gi\u1eefa ch\u00fang gi\u00fap \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n hi\u1ec7u qu\u1ea3 doanh nghi\u1ec7p.<\/p>\n
5.1. C\u00f4ng th\u1ee9c li\u00ean h\u1ec7 gi\u1eefa ROA v\u00e0 ROE<\/h3>\n
C\u00f3 m\u1ed9t c\u00f4ng th\u1ee9c r\u1ea5t hay gi\u00fap li\u00ean k\u1ebft ROA, ROE v\u00e0 \u0111\u00f2n b\u1ea9y:<\/p>\n
ROE = ROA \u00d7 \u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (Equity Multiplier)<\/strong><\/p>\n
\u0110\u00f2n b\u1ea9y = T\u1ed5ng t\u00e0i s\u1ea3n \/ V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu = 1 \/ (1 \u2013 T\u1ef7 l\u1ec7 n\u1ee3)<\/strong><\/p>\n
\u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a: n\u1ebfu ROA = 5% v\u00e0 \u0111\u00f2n b\u1ea9y = 3 (t\u1ee9c t\u1ed5ng t\u00e0i s\u1ea3n g\u1ea5p 3 l\u1ea7n v\u1ed1n CSH), th\u00ec ROE = 5% \u00d7 3 = 15%. C\u00f9ng m\u1ed9t hi\u1ec7u qu\u1ea3 kinh doanh nh\u01b0ng ROE “ph\u00ecnh” l\u00ean nh\u1edd vay n\u1ee3.<\/p>\n
5.2. B\u1ea3ng so s\u00e1nh ROA vs ROE chi ti\u1ebft<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n
Ti\u00eau ch\u00ed<\/th>\n ROA<\/th>\n ROE<\/th>\n<\/tr>\n<\/thead>\n
T\u1eed s\u1ed1<\/strong><\/td>\n L\u1ee3i nhu\u1eadn sau thu\u1ebf<\/td>\n L\u1ee3i nhu\u1eadn sau thu\u1ebf<\/td>\n<\/tr>\n
M\u1eabu s\u1ed1<\/strong><\/td>\n T\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n<\/td>\n V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u00ecnh qu\u00e2n<\/td>\n<\/tr>\n
Ph\u1ea1m vi \u0111o l\u01b0\u1eddng<\/strong><\/td>\n Hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng to\u00e0n b\u1ed9 t\u00e0i s\u1ea3n<\/td>\n Hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n c\u1ed5 \u0111\u00f4ng<\/td>\n<\/tr>\n
B\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi \u0111\u00f2n b\u1ea9y?<\/strong><\/td>\n Kh\u00f4ng<\/td>\n C\u00f3 (b\u1ecb th\u1ed5i ph\u1ed3ng khi vay n\u1ee3 nhi\u1ec1u)<\/td>\n<\/tr>\n
So s\u00e1nh gi\u1eefa c\u00e1c c\u00f4ng ty<\/strong><\/td>\n C\u00f4ng b\u1eb1ng h\u01a1n<\/td>\n C\u1ea7n \u0111i\u1ec1u ch\u1ec9nh theo \u0111\u00f2n b\u1ea9y<\/td>\n<\/tr>\n
\u0110\u1ed1i t\u01b0\u1ee3ng quan t\u00e2m<\/strong><\/td>\n Ban l\u00e3nh \u0111\u1ea1o, ng\u00e2n h\u00e0ng cho vay<\/td>\n C\u1ed5 \u0111\u00f4ng, nh\u00e0 \u0111\u1ea7u t\u01b0<\/td>\n<\/tr>\n
Ng\u00e0nh c\u00f3 \u00fd ngh\u0129a<\/strong><\/td>\n S\u1ea3n xu\u1ea5t, b\u00e1n l\u1ebb, d\u1ecbch v\u1ee5<\/td>\n \u0110\u1eb7c bi\u1ec7t ng\u00e2n h\u00e0ng, t\u00e0i ch\u00ednh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
5.3. V\u00ed d\u1ee5 minh h\u1ecda: c\u00f9ng ROA nh\u01b0ng ROE kh\u00e1c nhau<\/h3>\n
\n\ud83d\udcca V\u00ed d\u1ee5 2: So s\u00e1nh hai c\u00f4ng ty c\u00f3 c\u00f9ng ROA nh\u01b0ng ROE kh\u00e1c nhau<\/strong><\/p>\n
C\u00f4ng ty X (\u00edt vay n\u1ee3):<\/strong><\/p>\n
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L\u1ee3i nhu\u1eadn sau thu\u1ebf: 100 t\u1ef7 VND<\/li>\n
T\u1ed5ng t\u00e0i s\u1ea3n: 2.000 t\u1ef7 VND<\/li>\n
V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu: 1.800 t\u1ef7 VND (n\u1ee3 ch\u1ec9 200 t\u1ef7)<\/li>\n
ROA = 100\/2.000 = 5%<\/strong><\/li>\n
ROE = 100\/1.800 = 5,56%<\/strong><\/li>\n<\/ul>\n
C\u00f4ng ty Y (vay n\u1ee3 nhi\u1ec1u):<\/strong><\/p>\n
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L\u1ee3i nhu\u1eadn sau thu\u1ebf: 100 t\u1ef7 VND (gi\u1ed1ng X)<\/li>\n
T\u1ed5ng t\u00e0i s\u1ea3n: 2.000 t\u1ef7 VND (gi\u1ed1ng X)<\/li>\n
V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu: 500 t\u1ef7 VND (n\u1ee3 1.500 t\u1ef7)<\/li>\n
ROA = 100\/2.000 = 5%<\/strong><\/li>\n
ROE = 100\/500 = 20%<\/strong><\/li>\n<\/ul>\n
Ph\u00e2n t\u00edch:<\/strong> C\u1ea3 hai c\u00f4ng ty c\u00f3 c\u00f9ng hi\u1ec7u qu\u1ea3 kinh doanh c\u1ed1t l\u00f5i (ROA = 5%), nh\u01b0ng C\u00f4ng ty Y c\u00f3 ROE “\u0111\u1eb9p” h\u01a1n 3,6 l\u1ea7n nh\u1edd \u0111\u00f2n b\u1ea9y. Tuy nhi\u00ean, C\u00f4ng ty Y c\u0169ng r\u1ee7i ro h\u01a1n nhi\u1ec1u \u2013 n\u1ebfu l\u00e3i su\u1ea5t t\u0103ng ho\u1eb7c kinh doanh kh\u00f3 kh\u0103n, l\u1ee3i nhu\u1eadn c\u00f3 th\u1ec3 “b\u1ed1c h\u01a1i” v\u00ec chi ph\u00ed l\u00e3i vay l\u1edbn.\n<\/div>\n
5.4. Khi n\u00e0o ROE > ROA l\u00e0 an to\u00e0n?<\/h3>\n
ROE > ROA l\u00e0 b\u00ecnh th\u01b0\u1eddng<\/strong> v\u00ec \u0111\u00f2n b\u1ea9y lu\u00f4n > 1 (tr\u1eeb khi c\u00f4ng ty kh\u00f4ng vay n\u1ee3). \u0110i\u1ec1u ki\u1ec7n an to\u00e0n l\u00e0:<\/p>\n
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ROA > L\u00e3i su\u1ea5t vay<\/strong>: c\u00f4ng ty ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb t\u00e0i s\u1ea3n nhi\u1ec1u h\u01a1n chi ph\u00ed vay<\/li>\n
T\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n CSH (D\/E) h\u1ee3p l\u00fd<\/strong>: < 2 v\u1edbi ng\u00e0nh phi t\u00e0i ch\u00ednh, < 10-15 v\u1edbi ng\u00e2n h\u00e0ng<\/li>\n
Xu h\u01b0\u1edbng \u1ed5n \u0111\u1ecbnh<\/strong>: ROA kh\u00f4ng b\u1ecb “r\u1edbt” m\u1ea1nh qua c\u00e1c n\u0103m<\/li>\n<\/ul>\n
6. So S\u00e1nh ROA vs ROI: Khi N\u00e0o D\u00f9ng Ch\u1ec9 S\u1ed1 N\u00e0o?<\/h2>\n
Nhi\u1ec1u ng\u01b0\u1eddi nh\u1ea7m l\u1eabn ROA v\u00e0 ROI l\u00e0 m\u1ed9t. Th\u1ef1c t\u1ebf, hai ch\u1ec9 s\u1ed1 n\u00e0y kh\u00e1c nhau v\u1ec1 ph\u1ea1m vi v\u00e0 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng.<\/p>\n
6.1. B\u1ea3ng so s\u00e1nh ROA vs ROI<\/h3>\n\n\n\n\n\n\n\n\n\n\n
Ti\u00eau ch\u00ed<\/th>\n ROA (Return on Assets)<\/th>\n ROI (Return on Investment)<\/th>\n<\/tr>\n<\/thead>\n
Ph\u1ea1m vi<\/strong><\/td>\n To\u00e0n b\u1ed9 t\u00e0i s\u1ea3n doanh nghi\u1ec7p<\/td>\n M\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3<\/td>\n<\/tr>\n
M\u1eabu s\u1ed1<\/strong><\/td>\n T\u1ed5ng t\u00e0i s\u1ea3n (c\u1ed1 \u0111\u1ecbnh + l\u01b0u \u0111\u1ed9ng)<\/td>\n V\u1ed1n \u0111\u1ea7u t\u01b0 cho d\u1ef1 \u00e1n\/chi\u1ebfn d\u1ecbch<\/td>\n<\/tr>\n
\u0110\u01a1n v\u1ecb s\u1eed d\u1ee5ng<\/strong><\/td>\n To\u00e0n doanh nghi\u1ec7p, ph\u00f2ng ban t\u00e0i ch\u00ednh<\/td>\n Marketing, d\u1ef1 \u00e1n, c\u00e1 nh\u00e2n<\/td>\n<\/tr>\n
T\u1ea7n su\u1ea5t \u0111o<\/strong><\/td>\n Theo qu\u00fd \/ n\u0103m<\/td>\n Theo chi\u1ebfn d\u1ecbch \/ d\u1ef1 \u00e1n<\/td>\n<\/tr>\n
M\u1ee5c \u0111\u00edch<\/strong><\/td>\n \u0110\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 t\u1ed5ng th\u1ec3<\/td>\n \u0110\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3<\/td>\n<\/tr>\n
V\u00ed d\u1ee5<\/strong><\/td>\n ROA c\u00f4ng ty n\u0103m 2024 = 8%<\/td>\n ROI chi\u1ebfn d\u1ecbch qu\u1ea3ng c\u00e1o Shopee = 250%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
6.2. V\u00ed d\u1ee5 ph\u00e2n bi\u1ec7t ROA v\u00e0 ROI trong th\u1ef1c t\u1ebf<\/h3>\n
\n\ud83d\udcca V\u00ed d\u1ee5 3: C\u00f4ng ty Shopee Vi\u1ec7t Nam<\/strong><\/p>\n
T\u00ecnh hu\u1ed1ng 1 \u2013 T\u00ednh ROA:<\/strong><\/p>\n
\n
L\u1ee3i nhu\u1eadn sau thu\u1ebf c\u1ea3 n\u0103m 2024: 1.500 t\u1ef7 VND<\/li>\n
T\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n: 25.000 t\u1ef7 VND<\/li>\n
ROA = 1.500\/25.000 = 6%<\/strong> \u2192 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng to\u00e0n b\u1ed9 t\u00e0i s\u1ea3n (kho h\u00e0ng, m\u00e1y ch\u1ee7, xe v\u1eadn chuy\u1ec3n, c\u00f4ng n\u1ee3)<\/li>\n<\/ul>\n
T\u00ecnh hu\u1ed1ng 2 \u2013 T\u00ednh ROI cho chi\u1ebfn d\u1ecbch Marketing 11.11:<\/strong><\/p>\n
\n
Chi ph\u00ed ch\u1ea1y qu\u1ea3ng c\u00e1o + khuy\u1ebfn m\u00e3i: 200 t\u1ef7 VND<\/li>\n
L\u1ee3i nhu\u1eadn g\u1ed9p thu \u0111\u01b0\u1ee3c t\u1eeb \u0111\u01a1n h\u00e0ng 11.11: 700 t\u1ef7 VND<\/li>\n
ROI = (700 \u2013 200)\/200 \u00d7 100% = 250%<\/strong> \u2192 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 ri\u00eang c\u1ee7a chi\u1ebfn d\u1ecbch 11.11<\/li>\n<\/ul>\n
K\u1ebft lu\u1eadn:<\/strong> ROA 6% cho bi\u1ebft Shopee s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n \u1edf m\u1ee9c t\u1ed1t (ri\u00eang ng\u00e0nh TM\u0110T). ROI 250% cho chi\u1ebfn d\u1ecbch 11.11 cho th\u1ea5y m\u1ed7i \u0111\u1ed3ng chi cho marketing “\u0111\u1ebb” ra 2,5 \u0111\u1ed3ng l\u1ee3i nhu\u1eadn \u2013 r\u1ea5t hi\u1ec7u qu\u1ea3.\n<\/div>\n
6.3. Khi n\u00e0o n\u00ean d\u00f9ng ROA, khi n\u00e0o n\u00ean d\u00f9ng ROI?<\/h3>\n
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D\u00f9ng ROA<\/strong> khi: \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n doanh nghi\u1ec7p, so s\u00e1nh c\u1ed5 phi\u1ebfu c\u00f9ng ng\u00e0nh, x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m, ph\u00e2n t\u00edch b\u00e1o c\u00e1o th\u01b0\u1eddng ni\u00ean<\/li>\n
D\u00f9ng ROI<\/strong> khi: \u0111\u00e1nh gi\u00e1 chi\u1ebfn d\u1ecbch marketing, quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 d\u1ef1 \u00e1n m\u1edbi, so s\u00e1nh c\u00e1c k\u00eanh qu\u1ea3ng c\u00e1o Facebook\/Google\/TikTok, t\u00ednh hi\u1ec7u qu\u1ea3 \u0111\u00e0o t\u1ea1o nh\u00e2n s\u1ef1<\/li>\n<\/ul>\n
\u0110\u1ec3 hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 ROI v\u00e0 c\u00e1ch \u00e1p d\u1ee5ng trong marketing, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u1ecdc b\u00e0i ROI l\u00e0 g\u00ec? C\u00e1ch t\u00ednh ROI chi ti\u1ebft<\/a>. Ngo\u00e0i ra, vi\u1ec7c qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n v\u00e0 doanh nghi\u1ec7p m\u1ed9t c\u00e1ch khoa h\u1ecdc c\u0169ng r\u1ea5t quan tr\u1ecdng \u2013 tham kh\u1ea3o b\u00e0i qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n hi\u1ec7u qu\u1ea3<\/a> \u0111\u1ec3 x\u00e2y d\u1ef1ng n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc.<\/p>\n
7. V\u00ed D\u1ee5 Th\u1ef1c T\u1ebf: ROA C\u00e1c Doanh Nghi\u1ec7p Vi\u1ec7t Nam<\/h2>\n
\u0110\u1ec3 b\u1ea1n h\u00ecnh dung r\u00f5 h\u01a1n c\u00e1ch \u00e1p d\u1ee5ng ROA trong th\u1ef1c t\u1ebf, d\u01b0\u1edbi \u0111\u00e2y l\u00e0 s\u1ed1 li\u1ec7u tham kh\u1ea3o c\u1ee7a m\u1ed9t s\u1ed1 doanh nghi\u1ec7p ni\u00eam y\u1ebft h\u00e0ng \u0111\u1ea7u Vi\u1ec7t Nam.<\/p>\n
7.1. B\u1ea3ng ROA c\u00e1c doanh nghi\u1ec7p l\u1edbn Vi\u1ec7t Nam (n\u0103m 2023-2024)<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n
Doanh nghi\u1ec7p<\/th>\n Ng\u00e0nh<\/th>\n ROA 2023<\/th>\n ROA 2024 (\u01b0\u1edbc t\u00ednh)<\/th>\n \u0110\u00e1nh gi\u00e1<\/th>\n<\/tr>\n<\/thead>\n
Vietcombank<\/td>\n Ng\u00e2n h\u00e0ng<\/td>\n 1,05%<\/td>\n 1,10%<\/td>\n T\u1ed1t (top ng\u00e0nh)<\/td>\n<\/tr>\n
Vinamilk<\/td>\n S\u1eefa \u2013 FMCG<\/td>\n 13,50%<\/td>\n 14,20%<\/td>\n R\u1ea5t t\u1ed1t<\/td>\n<\/tr>\n
FPT<\/td>\n C\u00f4ng ngh\u1ec7<\/td>\n 9,80%<\/td>\n 10,50%<\/td>\n T\u1ed1t<\/td>\n<\/tr>\n
H\u00f2a Ph\u00e1t<\/td>\n Th\u00e9p<\/td>\n 3,20%<\/td>\n 2,80%<\/td>\n Trung b\u00ecnh<\/td>\n<\/tr>\n
Shopee (Sea Limited)<\/td>\n TM\u0110T<\/td>\n 4,50%<\/td>\n 5,80%<\/td>\n Kh\u00e1 (\u0111ang c\u1ea3i thi\u1ec7n)<\/td>\n<\/tr>\n
Vingroup<\/td>\n \u0110a ng\u00e0nh<\/td>\n 0,80%<\/td>\n 1,20%<\/td>\n Y\u1ebfu (t\u00e0i s\u1ea3n l\u1edbn)<\/td>\n<\/tr>\n
Masan Consumer<\/td>\n FMCG<\/td>\n 8,50%<\/td>\n 9,20%<\/td>\n T\u1ed1t<\/td>\n<\/tr>\n
MWG (Th\u1ebf Gi\u1edbi Di \u0110\u1ed9ng)<\/td>\n B\u00e1n l\u1ebb<\/td>\n 5,20%<\/td>\n 4,80%<\/td>\n Trung b\u00ecnh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
S\u1ed1 li\u1ec7u minh h\u1ecda tham kh\u1ea3o. Vui l\u00f2ng ki\u1ec3m tra b\u00e1o c\u00e1o t\u00e0i ch\u00ednh m\u1edbi nh\u1ea5t t\u1ea1i website c\u00e1c doanh nghi\u1ec7p ho\u1eb7c s\u00e0n HOSE, HNX, UPCOM tr\u01b0\u1edbc khi ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/em><\/p>\n
7.2. Ph\u00e2n t\u00edch chi ti\u1ebft ROA Vinamilk \u2013 “chu\u1ea9n m\u1ef1c” FMCG Vi\u1ec7t Nam<\/h3>\n
Vinamilk l\u00e0 doanh nghi\u1ec7p s\u1eefa l\u1edbn nh\u1ea5t Vi\u1ec7t Nam v\u00e0 l\u00e0 h\u00ecnh m\u1eabu v\u1ec1 ROA cao \u2013 \u1ed5n \u0111\u1ecbnh trong ng\u00e0nh FMCG. S\u1edf d\u0129 Vinamilk c\u00f3 ROA 13-15% l\u00e0 nh\u1edd:<\/p>\n
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Th\u01b0\u01a1ng hi\u1ec7u m\u1ea1nh<\/strong>: chi\u1ebfm h\u01a1n 50% th\u1ecb ph\u1ea7n s\u1eefa n\u01b0\u1edbc, bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng ~15-18%<\/li>\n
H\u1ec7 th\u1ed1ng ph\u00e2n ph\u1ed1i r\u1ed9ng<\/strong>: 250.000 \u0111i\u1ec3m b\u00e1n \u2192 v\u00f2ng quay t\u00e0i s\u1ea3n cao (doanh thu\/t\u1ed5ng t\u00e0i s\u1ea3n ~1,0)<\/li>\n
Qu\u1ea3n l\u00fd t\u1ed3n kho xu\u1ea5t s\u1eafc<\/strong>: s\u1eefa c\u00f3 v\u00f2ng \u0111\u1eddi ng\u1eafn, bu\u1ed9c ph\u1ea3i xoay v\u00f2ng nhanh<\/li>\n
\u0110\u1ea7u t\u01b0 c\u00f3 ch\u1ecdn l\u1ecdc<\/strong>: m\u1ed7i \u0111\u1ed3ng v\u1ed1n \u0111\u1ed5 v\u00e0o nh\u00e0 m\u00e1y, trang tr\u1ea1i \u0111\u1ec1u \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n k\u1ef9<\/li>\n<\/ul>\n
7.3. ROA c\u1ee7a Shopee Vi\u1ec7t Nam v\u00e0 ng\u00e0nh TM\u0110T \u0110\u00f4ng Nam \u00c1<\/h3>\n
Shopee thu\u1ed9c Sea Limited \u2013 c\u00f4ng ty m\u1eb9 t\u1ea1i Singapore. Ri\u00eang Shopee Vi\u1ec7t Nam, doanh thu t\u0103ng tr\u01b0\u1edfng m\u1ea1nh nh\u01b0ng ROA v\u1eabn \u1edf m\u1ee9c 4-6% \u2013 th\u1ea5p h\u01a1n so v\u1edbi Vinamilk, nh\u01b0ng \u0111ang c\u1ea3i thi\u1ec7n d\u1ea7n qua c\u00e1c n\u0103m. L\u00fd do ch\u00ednh:<\/p>\n
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M\u00f4 h\u00ecnh “\u0111\u1ed1t ti\u1ec1n” giai \u0111o\u1ea1n \u0111\u1ea7u<\/strong>: chi ph\u00ed khuy\u1ebfn m\u00e3i, freeship l\u1edbn \u0111\u1ec3 gi\u00e0nh th\u1ecb ph\u1ea7n<\/li>\n
Kho b\u00e3i v\u00e0 h\u1eadu c\u1ea7n t\u1ed1n k\u00e9m<\/strong>: m\u1eb7c d\u00f9 l\u00e0 s\u00e0n online, v\u1eabn c\u1ea7n h\u1ec7 th\u1ed1ng fulfillment<\/li>\n
C\u00f4ng n\u1ee3 kh\u00e1ch h\u00e0ng<\/strong>: ph\u1ea3i tr\u1ea3 ti\u1ec1n tr\u01b0\u1edbc cho ng\u01b0\u1eddi b\u00e1n, ch\u1edd thu ti\u1ec1n t\u1eeb ng\u01b0\u1eddi mua<\/li>\n<\/ul>\n
Tuy nhi\u00ean, Lazada, Tiki hay Shopee \u0111\u1ec1u \u0111ang d\u1ea7n ti\u1ebfn t\u1edbi \u0111i\u1ec3m h\u00f2a v\u1ed1n v\u00e0 ROA \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n. \u0110\u00e2y l\u00e0 m\u00f4 h\u00ecnh kinh doanh c\u1ea7n ki\u00ean nh\u1eabn 5-10 n\u0103m \u0111\u1ec3 “ch\u00edn”.<\/p>\n
7.4. ROA ng\u00e2n h\u00e0ng \u2013 th\u1ea5p nh\u01b0ng \u1ed5n \u0111\u1ecbnh<\/h3>\n
Vietcombank, Techcombank, MB, ACB l\u00e0 nh\u1eefng ng\u00e2n h\u00e0ng c\u00f3 ROA t\u1ed1t nh\u1ea5t Vi\u1ec7t Nam (1,0-1,5%). M\u1eb7c d\u00f9 con s\u1ed1 tuy\u1ec7t \u0111\u1ed1i nh\u1ecf, nh\u01b0ng nh\u1edd t\u00e0i s\u1ea3n “kh\u1ed5ng l\u1ed3” (h\u00e0ng tr\u0103m ngh\u00ecn t\u1ef7), l\u1ee3i nhu\u1eadn v\u1eabn r\u1ea5t l\u1edbn. L\u01b0u \u00fd: ROA ng\u00e2n h\u00e0ng kh\u00f4ng th\u1ec3 so s\u00e1nh tr\u1ef1c ti\u1ebfp v\u1edbi doanh nghi\u1ec7p phi t\u00e0i ch\u00ednh v\u00ec \u0111\u1eb7c th\u00f9 ng\u00e0nh (t\u00e0i s\u1ea3n ch\u1ee7 y\u1ebfu l\u00e0 cho vay). \u0110\u1ec3 \u0111\u00e1nh gi\u00e1 ng\u00e2n h\u00e0ng, c\u1ea7n k\u1ebft h\u1ee3p ROA v\u1edbi NIM (bi\u00ean l\u00e3i r\u00f2ng), NPL (n\u1ee3 x\u1ea5u), CAR (t\u1ef7 l\u1ec7 an to\u00e0n v\u1ed1n).<\/p>\n
8. H\u1ea1n Ch\u1ebf C\u1ee7a ROA V\u00e0 C\u00e1ch Kh\u1eafc Ph\u1ee5c<\/h2>\n
ROA l\u00e0 ch\u1ec9 s\u1ed1 tuy\u1ec7t v\u1eddi nh\u01b0ng kh\u00f4ng ph\u1ea3i “vi\u00ean \u0111\u1ea1n b\u1ea1c”. C\u1ea7n hi\u1ec3u r\u00f5 h\u1ea1n ch\u1ebf \u0111\u1ec3 s\u1eed d\u1ee5ng \u0111\u00fang c\u00e1ch.<\/p>\n
8.1. ROA b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi kh\u1ea5u hao<\/h3>\n
Doanh nghi\u1ec7p c\u00f3 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh l\u1edbn (nh\u00e0 m\u00e1y, m\u00e1y m\u00f3c) s\u1ebd b\u1ecb kh\u1ea5u hao h\u00e0ng n\u0103m, l\u00e0m gi\u1ea3m l\u1ee3i nhu\u1eadn v\u00e0 do \u0111\u00f3 gi\u1ea3m ROA \u2013 ngay c\u1ea3 khi kinh doanh v\u1eabn t\u1ed1t. C\u00e1ch kh\u1eafc ph\u1ee5c:<\/strong> k\u1ebft h\u1ee3p ROA v\u1edbi EBITDA margin<\/strong> (l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc kh\u1ea5u hao v\u00e0 l\u00e3i vay) \u0111\u1ec3 lo\u1ea1i b\u1ecf t\u00e1c \u0111\u1ed9ng c\u1ee7a kh\u1ea5u hao. Ho\u1eb7c so s\u00e1nh ROA gi\u1eefa c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh c\u00f3 c\u01a1 c\u1ea5u t\u00e0i s\u1ea3n t\u01b0\u01a1ng \u0111\u1ed3ng.<\/p>\n
8.2. ROA kh\u00f4ng ph\u1ea3n \u00e1nh r\u1ee7i ro ng\u1eafn h\u1ea1n<\/h3>\n
M\u1ed9t c\u00f4ng ty c\u00f3 ROA 12% c\u00f3 th\u1ec3 \u0111ang d\u00f9ng qu\u00e1 nhi\u1ec1u t\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n “r\u1ee7i ro” (cho vay ng\u1eafn h\u1ea1n, \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh). C\u00e1ch kh\u1eafc ph\u1ee5c:<\/strong> ph\u00e2n t\u00edch c\u01a1 c\u1ea5u t\u00e0i s\u1ea3n tr\u00ean B\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n, xem t\u1ef7 tr\u1ecdng t\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n\/d\u00e0i h\u1ea1n, ki\u1ec3m tra d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng (CFO\/Total Assets).<\/p>\n
8.3. ROA b\u1ecb “l\u00e0m \u0111\u1eb9p” b\u1edfi c\u00e1c kho\u1ea3n thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng<\/h3>\n
M\u1ed9t s\u1ed1 c\u00f4ng ty c\u00f3 th\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn b\u1eb1ng c\u00e1ch b\u00e1n t\u00e0i s\u1ea3n, nh\u1eadn ti\u1ec1n \u0111\u1ec1n b\u00f9, ho\u1eb7c \u0111\u1ea3o ng\u01b0\u1ee3c kho\u1ea3n d\u1ef1 ph\u00f2ng \u2013 nh\u1eefng kho\u1ea3n n\u00e0y kh\u00f4ng ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 kinh doanh b\u1ec1n v\u1eefng. C\u00e1ch kh\u1eafc ph\u1ee5c:<\/strong> s\u1eed d\u1ee5ng ROA t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i<\/strong> (lo\u1ea1i b\u1ecf thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng) ho\u1eb7c ROA d\u1ef1a tr\u00ean EBIT thay v\u00ec l\u1ee3i nhu\u1eadn sau thu\u1ebf. Ki\u1ec3m tra thuy\u1ebft minh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh.<\/p>\n
8.4. ROA kh\u00f3 so s\u00e1nh gi\u1eefa c\u00e1c ng\u00e0nh<\/h3>\n
\u0110\u00e3 \u0111\u1ec1 c\u1eadp \u1edf tr\u00ean \u2013 ng\u00e2n h\u00e0ng c\u00f3 ROA 1% \u0111\u00e3 l\u00e0 t\u1ed1t, nh\u01b0ng c\u00f4ng ty c\u00f4ng ngh\u1ec7 c\u00f3 ROA 5% l\u00e0 y\u1ebfu. C\u00e1ch kh\u1eafc ph\u1ee5c:<\/strong> lu\u00f4n so s\u00e1nh ROA trong c\u00f9ng ng\u00e0nh<\/strong>, t\u1ed1t nh\u1ea5t l\u00e0 v\u1edbi top 3-5 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp. Kh\u00f4ng bao gi\u1edd so s\u00e1nh ROA ng\u00e2n h\u00e0ng v\u1edbi ROA c\u00f4ng ty ph\u1ea7n m\u1ec1m.<\/p>\n
8.5. ROA b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi tu\u1ed5i c\u1ee7a t\u00e0i s\u1ea3n<\/h3>\n
C\u00f4ng ty m\u1edbi th\u00e0nh l\u1eadp v\u1eeba \u0111\u1ea7u t\u01b0 m\u00e1y m\u00f3c s\u1ebd c\u00f3 t\u1ed5ng t\u00e0i s\u1ea3n l\u1edbn nh\u01b0ng l\u1ee3i nhu\u1eadn ch\u01b0a cao \u2192 ROA th\u1ea5p. Ng\u01b0\u1ee3c l\u1ea1i, c\u00f4ng ty \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng l\u00e2u n\u0103m, m\u00e1y m\u00f3c kh\u1ea5u hao h\u1ebft \u2192 t\u1ed5ng t\u00e0i s\u1ea3n th\u1ea5p, ROA “\u0111\u1eb9p” gi\u1ea3 t\u1ea1o. C\u00e1ch kh\u1eafc ph\u1ee5c:<\/strong> xem ROA qua chu k\u1ef3 5-10 n\u0103m, k\u1ebft h\u1ee3p v\u1edbi CapEx (v\u1ed1n \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n m\u1edbi) v\u00e0 t\u1ed1c \u0111\u1ed9 t\u00e1i \u0111\u1ea7u t\u01b0. Kh\u00e1i ni\u1ec7m t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n li\u00ean quan \u0111\u1ebfn CAGR \u2013 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng k\u00e9p h\u00e0ng n\u0103m<\/a> c\u0169ng l\u00e0 ch\u1ec9 s\u1ed1 b\u1ed5 sung quan tr\u1ecdng.<\/p>\n
8.6. Ba ch\u1ec9 s\u1ed1 n\u00ean xem k\u00e8m ROA<\/h3>\n
\n
ROE<\/strong>: ki\u1ec3m tra ROA c\u00f3 b\u1ecb “khu\u1ebfch \u0111\u1ea1i” th\u00e0nh ROE nh\u1edd \u0111\u00f2n b\u1ea9y h\u1ee3p l\u00fd kh\u00f4ng<\/li>\n
V\u00f2ng quay t\u00e0i s\u1ea3n (Asset Turnover)<\/strong>: hi\u1ec3u ROA \u0111\u1ebfn t\u1eeb bi\u00ean l\u1ee3i nhu\u1eadn hay v\u00f2ng quay cao<\/li>\n
D\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng \/ T\u1ed5ng t\u00e0i s\u1ea3n (CFO\/Assets)<\/strong>: \u0111\u1ea3m b\u1ea3o l\u1ee3i nhu\u1eadn tr\u00ean s\u1ed5 s\u00e1ch l\u00e0 “ti\u1ec1n th\u1eadt”<\/li>\n<\/ul>\n
8.7. Tham kh\u1ea3o th\u00eam<\/h3>\n
\u0110\u1ec3 hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 Return on Assets theo chu\u1ea9n qu\u1ed1c t\u1ebf v\u00e0 c\u00e1c nghi\u00ean c\u1ee9u h\u1ecdc thu\u1eadt, b\u1ea1n c\u00f3 th\u1ec3 tham kh\u1ea3o b\u00e0i vi\u1ebft chi ti\u1ebft t\u1ea1i Wikipedia \u2013 Return on Assets<\/a> \u2013 ngu\u1ed3n t\u00e0i li\u1ec7u uy t\u00edn v\u1edbi c\u00e1c c\u00f4ng th\u1ee9c chu\u1ea9n v\u00e0 v\u00ed d\u1ee5 qu\u1ed1c t\u1ebf.<\/p>\n
9. C\u00e2u H\u1ecfi Th\u01b0\u1eddng G\u1eb7p V\u1ec1 ROA<\/h2>\n
9.1. ROA \u00e2m c\u00f3 ngh\u0129a l\u00e0 g\u00ec?<\/h3>\n
ROA \u00e2m xu\u1ea5t hi\u1ec7n khi c\u00f4ng ty b\u00e1o l\u1ed7 (l\u1ee3i nhu\u1eadn sau thu\u1ebf \u00e2m) trong khi t\u1ed5ng t\u00e0i s\u1ea3n v\u1eabn d\u01b0\u01a1ng. \u0110i\u1ec1u n\u00e0y ngh\u0129a l\u00e0 m\u1ed7i 100 \u0111\u1ed3ng t\u00e0i s\u1ea3n c\u00f4ng ty \u0111ang s\u1eed d\u1ee5ng \u0111ang “\u0111\u1ed1t” m\u1ea5t m\u1ed9t ph\u1ea7n v\u1ed1n. N\u1ebfu ROA \u00e2m k\u00e9o d\u00e0i 2-3 n\u0103m li\u00ean ti\u1ebfp, c\u00f4ng ty c\u00f3 nguy c\u01a1 ph\u00e1 s\u1ea3n. Tuy nhi\u00ean, v\u1edbi startup c\u00f4ng ngh\u1ec7 \u0111ang trong giai \u0111o\u1ea1n \u0111\u1ea7u t\u01b0 m\u1edf r\u1ed9ng (nh\u01b0 Grab, Facebook giai \u0111o\u1ea1n \u0111\u1ea7u), ROA \u00e2m t\u1ea1m th\u1eddi c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c n\u1ebfu tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng doanh thu cao v\u00e0 d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng d\u01b0\u01a1ng.<\/p>\n
9.2. ROA v\u00e0 ROS kh\u00e1c nhau nh\u01b0 th\u1ebf n\u00e0o?<\/h3>\n
ROS (Return on Sales)<\/strong> = L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ Doanh thu \u00d7 100%, \u0111o bi\u00ean l\u1ee3i nhu\u1eadn tr\u00ean doanh thu. ROA<\/strong> = L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ T\u1ed5ng t\u00e0i s\u1ea3n \u00d7 100%, \u0111o hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n. Hai ch\u1ec9 s\u1ed1 b\u1ed5 sung cho nhau trong m\u00f4 h\u00ecnh DuPont: ROA = ROS \u00d7 V\u00f2ng quay t\u00e0i s\u1ea3n. M\u1ed9t c\u00f4ng ty c\u00f3 ROS cao (bi\u00ean l\u1ee3i nhu\u1eadn t\u1ed1t) nh\u01b0ng v\u00f2ng quay t\u00e0i s\u1ea3n th\u1ea5p (\u00edt doanh thu) s\u1ebd c\u00f3 ROA b\u00ecnh th\u01b0\u1eddng.<\/p>\n
9.3. ROA bao nhi\u00eau l\u00e0 t\u1ed1t cho ng\u00e2n h\u00e0ng Vi\u1ec7t Nam?<\/h3>\n
\u0110\u1ed1i v\u1edbi ng\u00e2n h\u00e0ng Vi\u1ec7t Nam, ROA t\u1eeb 1,0% tr\u1edf l\u00ean \u0111\u01b0\u1ee3c xem l\u00e0 t\u1ed1t. C\u00e1c ng\u00e2n h\u00e0ng top nh\u01b0 Vietcombank, Techcombank, MB, ACB, VPBank th\u01b0\u1eddng duy tr\u00ec ROA 1,0-1,5%. ROA d\u01b0\u1edbi 0,6% l\u00e0 y\u1ebfu, c\u1ea7n xem l\u1ea1i ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n c\u00f3 (cho vay), n\u1ee3 x\u1ea5u (NPL), v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi t\u1eeb d\u1ecbch v\u1ee5. ROA tr\u00ean 2% l\u00e0 b\u1ea5t th\u01b0\u1eddng \u2013 c\u1ea7n ki\u1ec3m tra k\u1ef9 c\u1ea5u tr\u00fac cho vay c\u00f3 r\u1ee7i ro cao kh\u00f4ng.<\/p>\n
9.4. L\u00e0m sao t\u0103ng ROA cho doanh nghi\u1ec7p?<\/h3>\n
C\u00f3 2 c\u00e1ch ch\u00ednh d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh DuPont: (1) T\u0103ng bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng (ROS)<\/strong> \u2013 t\u0103ng gi\u00e1 b\u00e1n, c\u1eaft gi\u1ea3m chi ph\u00ed v\u1eadn h\u00e0nh, t\u1ed1i \u01b0u chi ph\u00ed nguy\u00ean v\u1eadt li\u1ec7u, c\u1ea3i ti\u1ebfn s\u1ea3n ph\u1ea9m; (2) T\u0103ng v\u00f2ng quay t\u00e0i s\u1ea3n<\/strong> \u2013 b\u00e1n h\u00e0ng t\u1ed3n kho nhanh h\u01a1n, thu h\u1ed3i c\u00f4ng n\u1ee3 t\u1ed1t h\u01a1n, thanh l\u00fd t\u00e0i s\u1ea3n k\u00e9m hi\u1ec7u qu\u1ea3, cho thu\u00ea l\u1ea1i m\u1eb7t b\u1eb1ng d\u01b0 th\u1eeba. Ngo\u00e0i ra, doanh nghi\u1ec7p c\u00f3 th\u1ec3 gi\u1ea3m t\u1ed5ng t\u00e0i s\u1ea3n<\/strong> b\u1eb1ng c\u00e1ch b\u00e1n t\u00e0i s\u1ea3n kh\u00f4ng c\u1ea7n thi\u1ebft ho\u1eb7c thu\u00ea thay mua (leasing).<\/p>\n
9.5. ROA c\u00f3 li\u00ean quan \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu kh\u00f4ng?<\/h3>\n
C\u00f3 li\u00ean quan gi\u00e1n ti\u1ebfp nh\u01b0ng kh\u00f4ng tuy\u1ec7t \u0111\u1ed1i. C\u00f4ng ty c\u00f3 ROA cao v\u00e0 \u1ed5n \u0111\u1ecbnh th\u01b0\u1eddng c\u00f3 c\u1ed5 phi\u1ebfu t\u0103ng gi\u00e1 t\u1ed1t trong d\u00e0i h\u1ea1n (Vinamilk, FPT l\u00e0 v\u00ed d\u1ee5). Tuy nhi\u00ean, gi\u00e1 c\u1ed5 phi\u1ebfu c\u00f2n ph\u1ee5 thu\u1ed9c: t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng, k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng, l\u00e3i su\u1ea5t, \u0111\u1ecbnh gi\u00e1 P\/E v\u00e0 y\u1ebfu t\u1ed1 v\u0129 m\u00f4. C\u00f3 nhi\u1ec1u c\u1ed5 phi\u1ebfu ROA t\u1ed1t nh\u01b0ng \u0111\u00e3 \u0111\u1eaft (P\/E > 30) \u2013 kh\u00f4ng n\u00ean mua. Ng\u01b0\u1ee3c l\u1ea1i, ROA trung b\u00ecnh nh\u01b0ng \u0111ang c\u1ea3i thi\u1ec7n + gi\u00e1 r\u1ebb c\u00f3 th\u1ec3 l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn.<\/p>\n
9.6. ROA t\u00ednh theo qu\u00fd hay theo n\u0103m?<\/h3>\n
ROA chu\u1ea9n t\u00ednh theo n\u0103m t\u00e0i ch\u00ednh (12 th\u00e1ng). N\u1ebfu t\u00ednh theo qu\u00fd, c\u1ea7n “annualized” (nh\u00e2n 4) \u0111\u1ec3 so s\u00e1nh \u0111\u01b0\u1ee3c, nh\u01b0ng c\u00e1ch n\u00e0y kh\u00f4ng ch\u00ednh x\u00e1c do t\u00ednh m\u00f9a v\u1ee5 c\u1ee7a m\u1ed9t s\u1ed1 ng\u00e0nh (b\u00e1n l\u1ebb cao \u0111i\u1ec3m T\u1ebft, du l\u1ecbch cao \u0111i\u1ec3m h\u00e8). T\u1ed1t nh\u1ea5t n\u00ean t\u00ednh ROA TTM (Trailing Twelve Months \u2013 4 qu\u00fd g\u1ea7n nh\u1ea5t) \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn c\u1eadp nh\u1eadt m\u00e0 v\u1eabn lo\u1ea1i b\u1ecf m\u00f9a v\u1ee5.<\/p>\n
9.7. ROA kh\u00e1c g\u00ec v\u1edbi l\u00e3i k\u00e9p khi \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n?<\/h3>\n
ROA \u0111o hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n c\u1ee7a doanh nghi\u1ec7p, \u00e1p d\u1ee5ng cho ph\u00e2n t\u00edch t\u00e0i ch\u00ednh doanh nghi\u1ec7p. L\u00e3i k\u00e9p<\/strong> l\u00e0 hi\u1ec7n t\u01b0\u1ee3ng l\u00e3i sinh l\u00e3i trong \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, \u00e1p d\u1ee5ng cho ti\u1ec1n ti\u1ebft ki\u1ec7m, ch\u1ee9ng ch\u1ec9 qu\u1ef9, ho\u1eb7c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n. Tuy nhi\u00ean, c\u00f3 m\u1ed1i li\u00ean h\u1ec7 th\u00fa v\u1ecb: n\u1ebfu b\u1ea1n ch\u1ecdn \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu c\u00f4ng ty c\u00f3 ROA cao v\u00e0 \u1ed5n \u0111\u1ecbnh, l\u1ee3i nhu\u1eadn t\u1eeb c\u1ed5 phi\u1ebfu \u0111\u00f3 c\u00f3 th\u1ec3 “t\u00e1i \u0111\u1ea7u t\u01b0” t\u1ea1o l\u00e3i k\u00e9p theo th\u1eddi gian. \u0110\u1ec3 hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 l\u00e3i k\u00e9p, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u1ecdc b\u00e0i l\u00e3i k\u00e9p l\u00e0 g\u00ec? S\u1ee9c m\u1ea1nh c\u1ee7a \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/a>.<\/p>\n
\ud83c\udfaf K\u1ebft Lu\u1eadn<\/h2>\n
ROA (Return on Assets)<\/strong> \u2013 T\u1ef7 su\u1ea5t sinh l\u1eddi tr\u00ean t\u00e0i s\u1ea3n \u2013 l\u00e0 m\u1ed9t trong nh\u1eefng ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh quan tr\u1ecdng nh\u1ea5t gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 ban l\u00e3nh \u0111\u1ea1o \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n c\u1ee7a doanh nghi\u1ec7p. C\u00f4ng th\u1ee9c c\u01a1 b\u1ea3n r\u1ea5t \u0111\u01a1n gi\u1ea3n: ROA = L\u1ee3i nhu\u1eadn sau thu\u1ebf \/ T\u1ed5ng t\u00e0i s\u1ea3n b\u00ecnh qu\u00e2n \u00d7 100%<\/strong>, nh\u01b0ng vi\u1ec7c di\u1ec5n gi\u1ea3i v\u00e0 s\u1eed d\u1ee5ng \u0111\u00fang c\u1ea7n ki\u1ebfn th\u1ee9c chuy\u00ean s\u00e2u h\u01a1n.<\/p>\n
H\u00e3y ghi nh\u1edb: ROA > 8-10% l\u00e0 t\u1ed1t v\u1edbi doanh nghi\u1ec7p phi t\u00e0i ch\u00ednh, nh\u01b0ng c\u1ea7n xem qua chu k\u1ef3 5-10 n\u0103m, k\u1ebft h\u1ee3p v\u1edbi ROE, ROS v\u00e0 v\u00f2ng quay t\u00e0i s\u1ea3n \u0111\u1ec3 c\u00f3 b\u1ee9c tranh to\u00e0n di\u1ec7n. So s\u00e1nh ROA ph\u1ea3i trong c\u00f9ng ng\u00e0nh<\/strong> v\u00e0 c\u00f9ng giai \u0111o\u1ea1n kinh t\u1ebf. Ph\u00e2n t\u00edch DuPont 2 b\u01b0\u1edbc (bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng \u00d7 v\u00f2ng quay t\u00e0i s\u1ea3n) s\u1ebd cho b\u1ea1n c\u00e1i nh\u00ecn s\u00e2u s\u1eafc v\u1ec1 ngu\u1ed3n g\u1ed1c<\/em> c\u1ee7a ROA cao\/th\u1ea5p.<\/p>\n
Khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu, h\u00e3y k\u1ebft h\u1ee3p ROA v\u1edbi ROE (xem x\u00e9t \u0111\u00f2n b\u1ea9y), CAGR (t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng), v\u00e0 l\u00e3i k\u00e9p (s\u1ee9c m\u1ea1nh \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n) \u0111\u1ec3 c\u00f3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 th\u00f4ng minh nh\u1ea5t.<\/p>\n
\n\ud83d\ude80 H\u00e0nh \u0111\u1ed9ng ngay:<\/strong> \u0110\u1ec3 t\u00ednh nhanh ROA, ROE, ROI, CAGR v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c ch\u1ec9 trong v\u00e0i gi\u00e2y, h\u00e3y truy c\u1eadp m\u00e1y t\u00ednh ph\u1ea7n tr\u0103m t\u1ea1i 1phantram.com<\/strong><\/a>. C\u00f4ng c\u1ee5 mi\u1ec5n ph\u00ed, kh\u00f4ng c\u1ea7n \u0111\u0103ng k\u00fd, h\u1ed7 tr\u1ee3 m\u1ecdi ph\u00e9p t\u00ednh t\u00e0i ch\u00ednh c\u01a1 b\u1ea3n \u2013 c\u1ef1c k\u1ef3 h\u1eefu \u00edch cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, sinh vi\u00ean t\u00e0i ch\u00ednh v\u00e0 ch\u1ee7 doanh nghi\u1ec7p. H\u00e3y th\u00eam trang web v\u00e0o bookmark \u0111\u1ec3 d\u00f9ng th\u01b0\u1eddng xuy\u00ean!\n<\/div>\n
B\u00e0i vi\u1ebft li\u00ean quan b\u1ea1n n\u00ean \u0111\u1ecdc:<\/strong><\/p>\n
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ROI l\u00e0 g\u00ec? C\u00e1ch t\u00ednh ROI chi ti\u1ebft<\/a><\/li>\n
C\u00f4ng th\u1ee9c t\u00ednh ph\u1ea7n tr\u0103m chu\u1ea9n x\u00e1c<\/a><\/li>\n
L\u00e3i k\u00e9p l\u00e0 g\u00ec? S\u1ee9c m\u1ea1nh c\u1ee7a \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/a><\/li>\n
CAGR l\u00e0 g\u00ec? T\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng k\u00e9p h\u00e0ng n\u0103m<\/a><\/li>\n
Qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n hi\u1ec7u qu\u1ea3<\/a><\/li>\n<\/ul>\n