{"id":19336,"date":"2025-12-09T16:32:30","date_gmt":"2025-12-09T09:32:30","guid":{"rendered":"https:\/\/base.vn\/blog\/?p=19336"},"modified":"2025-12-09T16:49:00","modified_gmt":"2025-12-09T09:49:00","slug":"npv-la-gi","status":"publish","type":"post","link":"https:\/\/base.vn\/blog\/npv-la-gi\/","title":{"rendered":"NPV l\u00e0 g\u00ec? C\u00e1ch t\u00ednh v\u00e0 \u1ee9ng d\u1ee5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng trong d\u1ef1 \u00e1n"},"content":{"rendered":"\n<p>Trong m\u00f4i tr\u01b0\u1eddng kinh doanh \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng, vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 \u0111\u00fang \u0111\u1eafn l\u00e0 y\u1ebfu t\u1ed1 s\u1ed1ng c\u00f2n. M\u1ed9t trong nh\u1eefng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh hi\u1ec7u qu\u1ea3 gi\u00fap \u0111\u00e1nh gi\u00e1 t\u00ednh kh\u1ea3 thi c\u1ee7a d\u1ef1 \u00e1n ch\u00ednh l\u00e0 NPV (Net Present Value) \u2013 Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng. B\u00e0i vi\u1ebft n\u00e0y <a href=\"https:\/\/base.vn\/?utm_source=base-blog&amp;utm_content=npv-la-gi\/\" target=\"_blank\" rel=\"noreferrer noopener\">Base.vn<\/a> s\u1ebd gi\u00fap b\u1ea1n hi\u1ec3u r\u00f5 NPV l\u00e0 g\u00ec, c\u00e1ch t\u00ednh chu\u1ea9n x\u00e1c v\u00e0 c\u00e1ch \u1ee9ng d\u1ee5ng ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 trong doanh nghi\u1ec7p.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-npv-la-gi\">1. NPV l\u00e0 g\u00ec?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-1-khai-ni\u1ec7m-c\u01a1-b\u1ea3n-npv\">1.1 Kh\u00e1i ni\u1ec7m c\u01a1 b\u1ea3n NPV<\/h3>\n\n\n\n<p><strong>NPV<\/strong>, vi\u1ebft t\u1eaft c\u1ee7a <strong>Net Present Value<\/strong>, hay <strong>Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng<\/strong>, bi\u1ec3u th\u1ecb s\u1ef1 ch\u00eanh l\u1ec7ch gi\u1eefa t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c <a href=\"https:\/\/base.vn\/blog\/dong-tien-la-gi\/\" target=\"_blank\" rel=\"noreferrer noopener\">d\u00f2ng ti\u1ec1n<\/a> v\u00e0o v\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n ra t\u1eeb m\u1ed9t d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0, \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u v\u1ec1 th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a, NPV quy \u0111\u1ed5i t\u1ea5t c\u1ea3 d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai v\u1ec1 m\u1ed9t gi\u00e1 tr\u1ecb duy nh\u1ea5t \u1edf th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i, cho ph\u00e9p \u0111\u00e1nh gi\u00e1 tr\u1ef1c ti\u1ebfp kh\u1ea3 n\u0103ng t\u1ea1o ra gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0. Ch\u1ec9 s\u1ed1 n\u00e0y l\u00e0 n\u1ec1n t\u1ea3ng trong c\u00e1c quy\u1ebft \u0111\u1ecbnh l\u1eadp ng\u00e2n s\u00e1ch v\u1ed1n v\u00e0 ho\u1ea1ch \u0111\u1ecbnh \u0111\u1ea7u t\u01b0, gi\u00fap ph\u00e2n t\u00edch kh\u1ea3 n\u0103ng sinh l\u1eddi hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c d\u1ef1 \u00e1n d\u1ef1 ki\u1ebfn.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-2-t\u1ea7m-quan-tr\u1ecdng-c\u1ee7a-npv-trong-cac-quy\u1ebft-d\u1ecbnh-d\u1ea7u-t\u01b0-kinh-doanh\">1.2 T\u1ea7m quan tr\u1ecdng c\u1ee7a NPV trong c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 kinh doanh<\/h3>\n\n\n\n<p>Gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n l\u00e0 nguy\u00ean l\u00fd c\u1ed1t l\u00f5i, kh\u1eb3ng \u0111\u1ecbnh m\u1ed9t \u0111\u1ed3ng nh\u1eadn \u0111\u01b0\u1ee3c h\u00f4m nay c\u00f3 gi\u00e1 tr\u1ecb h\u01a1n m\u1ed9t \u0111\u1ed3ng trong t\u01b0\u01a1ng lai do ti\u1ec1m n\u0103ng sinh l\u1eddi.\u00a0<strong>Net Present Value<\/strong>\u00a0n\u1ed9i suy nguy\u00ean l\u00fd n\u00e0y, cung c\u1ea5p m\u1ed9t th\u01b0\u1edbc \u0111o kh\u00e1ch quan v\u1ec1 kh\u1ea3 n\u0103ng m\u1ed9t d\u1ef1 \u00e1n s\u1ebd gia t\u0103ng t\u00e0i s\u1ea3n c\u1ee7a doanh nghi\u1ec7p. M\u1ed9t NPV d\u01b0\u01a1ng cho th\u1ea5y d\u1ef1 \u00e1n kh\u00f4ng ch\u1ec9 h\u00f2a v\u1ed1n m\u00e0 c\u00f2n t\u1ea1o ra gi\u00e1 tr\u1ecb th\u1eb7ng d\u01b0 sau khi \u0111\u00e3 chi\u1ebft kh\u1ea5u chi ph\u00ed v\u1ed1n v\u00e0 r\u1ee7i ro. Do \u0111\u00f3, NPV l\u00e0 c\u00f4ng c\u1ee5 kh\u00f4ng th\u1ec3 thi\u1ebfu cho C-Suite \u0111\u1ec3 s\u00e0ng l\u1ecdc, so s\u00e1nh v\u00e0 \u01b0u ti\u00ean c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0, t\u1eeb \u0111\u00f3 \u0111\u1ecbnh h\u00ecnh chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 v\u1ed1n hi\u1ec7u qu\u1ea3 v\u00e0 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng chi\u1ebfn l\u01b0\u1ee3c.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/NPV-la-gi-1024x576.webp\" alt=\"NPV l\u00e0 g\u00ec?\" class=\"wp-image-19345\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/NPV-la-gi-1024x576.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/NPV-la-gi-300x169.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/NPV-la-gi-768x432.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/NPV-la-gi-1536x864.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/NPV-la-gi.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>NPV l\u00e0 g\u00ec?<\/em><\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-y-nghia-c\u1ee7a-npv-khi-danh-gia-thanh-cong-c\u1ee7a-m\u1ed9t-d\u1ef1-an\">2. \u00dd ngh\u0129a c\u1ee7a NPV khi \u0111\u00e1nh gi\u00e1 th\u00e0nh c\u00f4ng c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n<\/h2>\n\n\n\n<p>Ch\u1ec9 s\u1ed1 NPV l\u00e0 m\u1ed9t ti\u00eau ch\u00ed \u0111\u1ecbnh l\u01b0\u1ee3ng m\u1ea1nh m\u1ebd, h\u01b0\u1edbng d\u1eabn c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb kinh t\u1ebf th\u1ef1c t\u1ebf m\u00e0 d\u1ef1 \u00e1n mang l\u1ea1i.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">NPV &gt; 0: D\u1ef1 \u00e1n kh\u1ea3 thi v\u00e0 mang l\u1ea1i l\u1ee3i nhu\u1eadn<\/h3>\n\n\n\n<p>Khi&nbsp;<strong>NPV<\/strong>&nbsp;l\u1edbn h\u01a1n 0, d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c xem l\u00e0 kh\u1ea3 thi v\u1ec1 m\u1eb7t t\u00e0i ch\u00ednh. \u0110i\u1ec1u n\u00e0y ng\u1ee5 \u00fd r\u1eb1ng t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n v\u00e0o d\u1ef1 ki\u1ebfn v\u01b0\u1ee3t qu\u00e1 t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n ra (bao g\u1ed3m chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u), sau khi \u0111\u00e3 t\u00ednh \u0111\u1ebfn chi ph\u00ed v\u1ed1n v\u00e0 r\u1ee7i ro. M\u1ed9t NPV d\u01b0\u01a1ng kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng d\u1ef1 \u00e1n s\u1ebd t\u1ea1o ra gi\u00e1 tr\u1ecb gia t\u0103ng cho doanh nghi\u1ec7p, \u0111em l\u1ea1i t\u1ef7 su\u1ea5t sinh l\u1eddi v\u01b0\u1ee3t qu\u00e1 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u y\u00eau c\u1ea7u. Do \u0111\u00f3, nh\u1eefng d\u1ef1 \u00e1n n\u00e0y x\u1ee9ng \u0111\u00e1ng \u0111\u01b0\u1ee3c xem x\u00e9t \u0111\u1ea7u t\u01b0 v\u00e0 t\u00e0i tr\u1ee3.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">NPV &lt; 0: D\u1ef1 \u00e1n kh\u00f4ng kh\u1ea3 thi v\u00e0 c\u00f3 nguy c\u01a1 thua l\u1ed7<\/h3>\n\n\n\n<p>M\u1ed9t NPV \u00e2m c\u1ea3nh b\u00e1o r\u1eb1ng d\u1ef1 \u00e1n kh\u00f4ng kh\u1ea3 thi. Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n ra l\u1edbn h\u01a1n c\u00e1c d\u00f2ng ti\u1ec1n v\u00e0o, d\u1eabn \u0111\u1ebfn d\u1ef1 ki\u1ebfn thua l\u1ed7. \u0110\u1ea7u t\u01b0 v\u00e0o d\u1ef1 \u00e1n c\u00f3 NPV \u00e2m s\u1ebd l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb c\u1ee7a doanh nghi\u1ec7p, v\u00ec t\u1ef7 su\u1ea5t sinh l\u1eddi d\u1ef1 ki\u1ebfn th\u1ea5p h\u01a1n chi ph\u00ed v\u1ed1n. Nh\u1eefng d\u1ef1 \u00e1n n\u00e0y n\u00ean \u0111\u01b0\u1ee3c lo\u1ea1i b\u1ecf kh\u1ecfi danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">NPV = 0: D\u1ef1 \u00e1n h\u00f2a v\u1ed1n<\/h3>\n\n\n\n<p>Khi&nbsp;<strong>NPV<\/strong>&nbsp;b\u1eb1ng 0, d\u1ef1 \u00e1n d\u1ef1 ki\u1ebfn s\u1ebd h\u00f2a v\u1ed1n. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n v\u00e0o b\u1eb1ng t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n ra. D\u1ef1 \u00e1n s\u1ebd thu h\u1ed3i \u0111\u01b0\u1ee3c chi ph\u00ed \u0111\u1ea7u t\u01b0 v\u00e0 b\u00f9 \u0111\u1eafp chi ph\u00ed v\u1ed1n, nh\u01b0ng kh\u00f4ng t\u1ea1o ra gi\u00e1 tr\u1ecb th\u1eb7ng d\u01b0. V\u1ec1 m\u1eb7t kinh t\u1ebf, vi\u1ec7c th\u1ef1c hi\u1ec7n hay kh\u00f4ng th\u1ef1c hi\u1ec7n d\u1ef1 \u00e1n n\u00e0y l\u00e0 nh\u01b0 nhau, kh\u00f4ng t\u1ea1o ra s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 v\u1ec1 t\u00e0i s\u1ea3n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">L\u01b0u \u00fd khi l\u1ef1a ch\u1ecdn d\u1ef1 \u00e1n c\u00f3 nhi\u1ec1u NPV d\u01b0\u01a1ng<\/h3>\n\n\n\n<p>Trong tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed1i m\u1eb7t v\u1edbi nhi\u1ec1u d\u1ef1 \u00e1n c\u00f3&nbsp;<strong>NPV d\u01b0\u01a1ng<\/strong>&nbsp;v\u00e0 ngu\u1ed3n l\u1ef1c h\u1ea1n ch\u1ebf, quy\u1ebft \u0111\u1ecbnh \u01b0u ti\u00ean c\u1ea7n d\u1ef1a tr\u00ean t\u1ed1i \u0111a h\u00f3a gi\u00e1 tr\u1ecb. Doanh nghi\u1ec7p n\u00ean ch\u1ecdn d\u1ef1 \u00e1n c\u00f3 NPV cao nh\u1ea5t, v\u00ec n\u00f3 h\u1ee9a h\u1eb9n mang l\u1ea1i m\u1ee9c gia t\u0103ng t\u00e0i s\u1ea3n l\u1edbn nh\u1ea5t. V\u00ed d\u1ee5, n\u1ebfu D\u1ef1 \u00e1n B c\u00f3 NPV 4 t\u1ef7 \u0111\u1ed3ng v\u00e0 D\u1ef1 \u00e1n C c\u00f3 NPV 6 t\u1ef7 \u0111\u1ed3ng, D\u1ef1 \u00e1n C s\u1ebd l\u00e0 l\u1ef1a ch\u1ecdn t\u1ed1i \u01b0u \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a gi\u00e1 tr\u1ecb. Tuy nhi\u00ean, vi\u1ec7c l\u1ef1a ch\u1ecdn c\u0169ng c\u1ea7n c\u00e2n nh\u1eafc c\u00e1c y\u1ebfu t\u1ed1 chi\u1ebfn l\u01b0\u1ee3c, r\u1ee7i ro phi t\u00e0i ch\u00ednh v\u00e0 kh\u1ea3 n\u0103ng th\u1ef1c thi.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, m\u1ed9t doanh nghi\u1ec7p c\u1ea7n c\u00e2n nh\u1eafc 3 d\u1ef1 \u00e1n:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>D\u1ef1 \u00e1n A: NPV = -10 t\u1ef7 \u0111\u1ed3ng (b\u1ecb lo\u1ea1i v\u00ec l\u1ed7).<\/li>\n\n\n\n<li>D\u1ef1 \u00e1n B: NPV = 4 t\u1ef7 \u0111\u1ed3ng.<\/li>\n\n\n\n<li>D\u1ef1 \u00e1n C: NPV = 6 t\u1ef7 \u0111\u1ed3ng.<\/li>\n<\/ul>\n\n\n\n<p>L\u00fac n\u00e0y, nh\u00e0 qu\u1ea3n tr\u1ecb n\u00ean ch\u1ecdn D\u1ef1 \u00e1n C v\u00ec \u0111\u00e2y l\u00e0 d\u1ef1 \u00e1n mang l\u1ea1i gi\u00e1 tr\u1ecb kinh t\u1ebf cao nh\u1ea5t, m\u1eb7c d\u00f9 c\u1ea3 D\u1ef1 \u00e1n B v\u00e0 C \u0111\u1ec1u c\u00f3 NPV d\u01b0\u01a1ng.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/y-nghia-NPV-1024x576.webp\" alt=\"\u00dd ngh\u0129a c\u1ee7a NPV\" class=\"wp-image-19356\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/y-nghia-NPV-1024x576.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/y-nghia-NPV-300x169.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/y-nghia-NPV-768x432.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/y-nghia-NPV-1536x864.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/y-nghia-NPV.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>\u00dd ngh\u0129a c\u1ee7a NPV khi \u0111\u00e1nh gi\u00e1 th\u00e0nh c\u00f4ng c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n<\/em><\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-h\u01b0\u1edbng-d\u1eabn-chi-ti\u1ebft-cach-tinh-npv-va-vi-d\u1ee5-minh-h\u1ecda\">3. H\u01b0\u1edbng d\u1eabn chi ti\u1ebft c\u00e1ch t\u00ednh NPV v\u00e0 v\u00ed d\u1ee5 minh h\u1ecda<\/h2>\n\n\n\n<p>\u0110\u1ec3 t\u00ednh to\u00e1n ch\u1ec9 s\u1ed1 NPV, ph\u1ee5c v\u1ee5 cho vi\u1ec7c \u0111\u00e1nh gi\u00e1 t\u00ednh kh\u1ea3 thi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n, nh\u00e0 qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng nh\u1eefng c\u00e1ch sau:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-1-cong-th\u1ee9c-npv-t\u1ed5ng-quat\">3.1 C\u00f4ng th\u1ee9c NPV t\u1ed5ng qu\u00e1t<\/h3>\n\n\n\n<p>C\u00f4ng th\u1ee9c t\u1ed5ng qu\u00e1t \u0111\u1ec3 t\u00ednh\u00a0<strong>NPV<\/strong>\u00a0l\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n r\u00f2ng trong t\u01b0\u01a1ng lai, tr\u1eeb \u0111i chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u.<\/p>\n\n\n\n<p><strong>C\u00f4ng th\u1ee9c:<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXe6_E9nhWzp9h-aZ63dZrBYIbHlcp3U7xvYK6byz4lrCJJJsex-jMXVYVBM3OWbzMWJOi2h7PGC7eESlgnX8_tWXm84vNDhfbuYnUBV0s0wgCYqIwPQrWMqlgOqs3qztY9d0pfh?key=8sBQ0LNFCkxhmh1CuE1XEKeD\" alt=\"C\u00f4ng th\u1ee9c NPV t\u1ed5ng qu\u00e1t\"\/><\/figure><\/div>\n\n\n<p>Trong \u0111\u00f3:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>NPV: <\/strong>Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng c\u1ee7a d\u1ef1 \u00e1n.<\/li>\n\n\n\n<li><strong>Ct:<\/strong> D\u00f2ng ti\u1ec1n thu\u1ea7n (d\u00f2ng ti\u1ec1n v\u00e0o \u2013 d\u00f2ng ti\u1ec1n ra) c\u1ee7a d\u1ef1 \u00e1n t\u1ea1i n\u0103m <em>t.<\/em><\/li>\n\n\n\n<li><strong>C0:<\/strong> Chi ph\u00ed ho\u1eb7c s\u1ed1 v\u1ed1n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u (t\u1ea1i th\u1eddi \u0111i\u1ec3m <em>t = 0<\/em>).<\/li>\n\n\n\n<li><strong>r:<\/strong> T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u \u0111\u01b0\u1ee3c ch\u1ecdn.<\/li>\n\n\n\n<li><strong>t: <\/strong>Th\u1eddi \u0111i\u1ec3m d\u00f2ng ti\u1ec1n xu\u1ea5t hi\u1ec7n (n\u0103m th\u1ee9 <em>t<\/em>).<\/li>\n\n\n\n<li><strong>n: <\/strong>T\u1ed5ng s\u1ed1 n\u0103m ho\u1eb7c th\u1eddi gian th\u1ef1c hi\u1ec7n d\u1ef1 \u00e1n.<\/li>\n<\/ul>\n\n\n\n<p>V\u00ed d\u1ee5: M\u1ed9t ch\u1ee7 doanh nghi\u1ec7p \u0111ang xem x\u00e9t vi\u1ec7c th\u1ef1c hi\u1ec7n m\u1ed9t d\u1ef1 \u00e1n v\u1edbi t\u1ed5ng s\u1ed1 v\u1ed1n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u l\u00e0 100 t\u1ef7 \u0111\u1ed3ng (C0 = 100). D\u1ef1 \u00e1n n\u00e0y d\u1ef1 ki\u1ebfn t\u1ea1o ra d\u00f2ng ti\u1ec1n trong 3 n\u0103m nh\u01b0 sau:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>N\u0103m 1 (C1) = 50 t\u1ef7 \u0111\u1ed3ng<\/li>\n\n\n\n<li>N\u0103m 2 (C2) = 40 t\u1ef7 \u0111\u1ed3ng<\/li>\n\n\n\n<li>N\u0103m 3 (C3) = 30 t\u1ef7 \u0111\u1ed3ng&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Gi\u1ea3 s\u1eed t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u (r) l\u00e0 10% (0.1). Tr\u01b0\u1edbc ti\u00ean, ch\u00fang ta s\u1ebd l\u1ea7n l\u01b0\u1ee3t t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai nh\u01b0 sau:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>D\u00f2ng ti\u1ec1n n\u0103m th\u1ee9 nh\u1ea5t: 50 \/ (1 + 0.1)^1 = 45.45 (t\u1ef7 \u0111\u1ed3ng);<\/li>\n\n\n\n<li>D\u00f2ng ti\u1ec1n n\u0103m th\u1ee9 hai: 40 \/ (1 + 0.1)^2 = 33.05 (t\u1ef7 \u0111\u1ed3ng);<\/li>\n\n\n\n<li>D\u00f2ng ti\u1ec1n n\u0103m th\u1ee9 ba: 30 \/ (1 + 0.1)^3 = 22.54 (t\u1ef7 \u0111\u1ed3ng).<\/li>\n<\/ul>\n\n\n\n<p>Ti\u1ebfp theo, c\u1ed9ng t\u1ea5t c\u1ea3 c\u00e1c gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i l\u1ea1i \u0111\u1ec3 t\u00ecm t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai:<\/p>\n\n\n\n<p>45.45 + 33.05 + 22.54 = 101.04 (t\u1ef7 \u0111\u1ed3ng)<\/p>\n\n\n\n<p>Cu\u1ed1i c\u00f9ng, ch\u00fang ta l\u1ea5y t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai tr\u1eeb \u0111i t\u1ed5ng s\u1ed1 v\u1ed1n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u \u0111\u1ec3 t\u00ecm NPV:<\/p>\n\n\n\n<p>NPV = 101.04 \u2013 100 = 1.04 (t\u1ef7 \u0111\u1ed3ng)<\/p>\n\n\n\n<p>Nh\u01b0 v\u1eady, NPV l\u00e0 m\u1ed9t gi\u00e1 tr\u1ecb d\u01b0\u01a1ng (&gt;0). \u0110i\u1ec1u n\u00e0y cho th\u1ea5y d\u1ef1 \u00e1n kh\u1ea3 thi v\u00e0 x\u1ee9ng \u0111\u00e1ng \u0111\u1ec3 ch\u1ee7 doanh nghi\u1ec7p quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-2-cach-tinh-npv-trong-excel\">3.2 C\u00e1ch t\u00ednh NPV trong Excel<\/h3>\n\n\n\n<p>Excel cung c\u1ea5p s\u1eb5n cho ng\u01b0\u1eddi d\u00f9ng m\u1ed9t b\u1ed9 h\u00e0m t\u00e0i ch\u00ednh \u0111\u1ec3 t\u00ednh to\u00e1n c\u00e1c ch\u1ec9 s\u1ed1 quan tr\u1ecdng. V\u00e0 t\u1ea5t nhi\u00ean, trong s\u1ed1 \u0111\u00f3 kh\u00f4ng th\u1ec3 thi\u1ebfu h\u00e0m NPV. \u0110\u1ec3 t\u00ednh NPV trong Excel, ch\u00fang ta th\u1ef1c hi\u1ec7n c\u00fa ph\u00e1p nh\u01b0 sau:<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>=NPV(rate, value1, [value2],&#8230;)<\/strong><\/p>\n\n\n\n<p>Trong \u0111\u00f3:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>rate: <\/strong>T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u trong m\u1ed9t k\u1ef3.<\/li>\n\n\n\n<li><strong>value1, [value2],&#8230;<\/strong>: C\u00e1c d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai, bao g\u1ed3m c\u00e1c kho\u1ea3n chi tr\u1ea3 ho\u1eb7c thu nh\u1eadp trong c\u00e1c k\u1ef3 c\u1ee7a d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0. C\u00e1c d\u00f2ng ti\u1ec1n n\u00e0y c\u00f3 th\u1ec3 \u00e2m ho\u1eb7c d\u01b0\u01a1ng. S\u1ed1 l\u01b0\u1ee3ng t\u1ed1i \u0111a cho c\u00e1c tham s\u1ed1 value c\u1ee7a h\u00e0m NPV l\u00e0 254.<\/li>\n<\/ul>\n\n\n\n<p>Theo \u0111\u00f3, h\u00e0m tr\u00ean c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c vi\u1ebft l\u1ea1i l\u00e0:<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>=NPV(t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u, d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai) + chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u<\/strong><\/p>\n\n\n\n<p>V\u00ed d\u1ee5: M\u1ed9t d\u1ef1 \u00e1n y\u00eau c\u1ea7u chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u l\u00e0 $100, t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u l\u00e0 10% (0.1). D\u1ef1 \u00e1n n\u00e0y t\u1ea1o ra d\u00f2ng ti\u1ec1n h\u00e0ng n\u0103m nh\u01b0 sau:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>N\u0103m 1: $50<\/li>\n\n\n\n<li>N\u0103m 2: $40<\/li>\n\n\n\n<li>N\u0103m 3: $30<\/li>\n<\/ul>\n\n\n\n<p>Tr\u01b0\u1edbc ti\u00ean, nh\u1eadp t\u1ea5t c\u1ea3 d\u1eef li\u1ec7u v\u00e0o b\u1ea3ng Excel:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfhWhkzoJfkYIRRiWOS9X-K3xwFI2ggTnwr2w0JCSrD2bhEHHykvar57N7XJCfbj1GfANDwlDCTq_mtPWolC18Ud2zyN3D7xNEM1Z1eOq3KZzXBIvxjt6vltVcOHuTaDk6YQkGnmg?key=8sBQ0LNFCkxhmh1CuE1XEKeD\" alt=\"nh\u1eadp t\u1ea5t c\u1ea3 d\u1eef li\u1ec7u v\u00e0o b\u1ea3ng Excel\"\/><\/figure><\/div>\n\n\n<p>Sau \u0111\u00f3, t\u1ea1i \u00f4 m\u00e0u xanh, nh\u1eadp h\u00e0m: =<strong>NPV(B1, B3:B5) + B2<\/strong><\/p>\n\n\n\n<p>K\u1ebft qu\u1ea3 s\u1ebd l\u00e0 <strong>$1.05<\/strong>.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, khi d\u00f9ng h\u00e0m NPV trong Excel, doanh nghi\u1ec7p c\u1ea7n l\u01b0u \u00fd nh\u1eefng \u0111i\u1ec1u sau:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>H\u00e0m NPV coi t\u1ea5t c\u1ea3 c\u00e1c gi\u00e1 tr\u1ecb n\u00e0y c\u00e1ch \u0111\u1ec1u nhau (t\u1ee9c l\u00e0 c\u00f3 c\u00f9ng kho\u1ea3ng th\u1eddi gian gi\u1eefa m\u1ed7i gi\u00e1 tr\u1ecb).<\/li>\n\n\n\n<li>Th\u1ee9 t\u1ef1 c\u1ee7a c\u00e1c gi\u00e1 tr\u1ecb r\u1ea5t quan tr\u1ecdng, n\u1ebfu thay \u0111\u1ed5i th\u1ee9 t\u1ef1 m\u00e0 gi\u1eef nguy\u00ean c\u00e1c gi\u00e1 tr\u1ecb, k\u1ebft qu\u1ea3 cu\u1ed1i c\u00f9ng s\u1ebd kh\u00e1c.<\/li>\n\n\n\n<li>C\u00f4ng th\u1ee9c n\u00e0y gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng d\u00f2ng ti\u1ec1n v\u00e0o\/ra di\u1ec5n ra v\u00e0o cu\u1ed1i k\u1ef3.<\/li>\n\n\n\n<li>C\u00f4ng th\u1ee9c n\u00e0y ch\u1ec9 xem x\u00e9t c\u00e1c gi\u00e1 tr\u1ecb s\u1ed1. N\u1ebfu xu\u1ea5t hi\u1ec7n kho\u1ea3ng tr\u1eafng ho\u1eb7c gi\u00e1 tr\u1ecb v\u0103n b\u1ea3n, ch\u00fang s\u1ebd b\u1ecb b\u1ecf qua.<\/li>\n\n\n\n<li>H\u00e0m NPV ph\u00f9 h\u1ee3p khi d\u00f2ng ti\u1ec1n v\u00e0o\/ra x\u1ea3y ra \u0111\u1ecbnh k\u1ef3. V\u00ed d\u1ee5, n\u1ebfu d\u00f2ng ti\u1ec1n x\u1ea3y ra v\u00e0o cu\u1ed1i n\u0103m, \u0111i\u1ec1u n\u00e0y ph\u1ea3i nh\u1ea5t qu\u00e1n cho t\u1ea5t c\u1ea3 c\u00e1c gi\u00e1 tr\u1ecb.<\/li>\n\n\n\n<li>Trong tr\u01b0\u1eddng h\u1ee3p d\u00f2ng ti\u1ec1n v\u00e0o\/ra x\u1ea3y ra t\u1ea1i c\u00e1c ng\u00e0y c\u1ee5 th\u1ec3 (kh\u00f4ng c\u00e1ch \u0111\u1ec1u nhau), ch\u00fang ta kh\u00f4ng th\u1ec3 \u00e1p d\u1ee5ng h\u00e0m NPV. Thay v\u00e0o \u0111\u00f3, c\u1ea7n s\u1eed d\u1ee5ng h\u00e0m XNPV, v\u00ec h\u00e0m n\u00e0y cho ph\u00e9p nh\u1eadp ng\u00e0y c\u1ee5 th\u1ec3 c\u1ee7a t\u1eebng d\u00f2ng ti\u1ec1n.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>\u0110\u1ecdc th\u00eam:<\/strong> <a href=\"https:\/\/base.vn\/blog\/tai-chinh-doanh-nghiep\/\" target=\"_blank\" rel=\"noreferrer noopener\">T\u00e0i ch\u00ednh doanh nghi\u1ec7p l\u00e0 g\u00ec? \u0110\u1ecbnh ngh\u0129a v\u00e0 vai tr\u00f2 trong qu\u1ea3n tr\u1ecb<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-\u1ee9ng-d\u1ee5ng-c\u1ee7a-npv-trong-vi\u1ec7c-ho\u1ea1ch-d\u1ecbnh-d\u1ef1-an\">4. \u1ee8ng d\u1ee5ng c\u1ee7a NPV trong vi\u1ec7c ho\u1ea1ch \u0111\u1ecbnh d\u1ef1 \u00e1n<\/h2>\n\n\n\n<p>Net Present Value\u00a0l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111a n\u0103ng, h\u1ed7 tr\u1ee3 C-Suite trong nhi\u1ec1u kh\u00eda c\u1ea1nh chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a ho\u1ea1ch \u0111\u1ecbnh d\u1ef1 \u00e1n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u0110\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng sinh l\u1eddi c\u1ee7a d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0<\/h3>\n\n\n\n<p>NPV l\u00e0 th\u01b0\u1edbc \u0111o c\u1ed1t l\u00f5i \u0111\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng ti\u1ec1m n\u0103ng sinh l\u1eddi th\u1ef1c s\u1ef1 c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n sau khi \u0111\u00e3 t\u00ednh \u0111\u1ebfn chi ph\u00ed v\u1ed1n v\u00e0 gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n. M\u1ed9t NPV d\u01b0\u01a1ng cho th\u1ea5y d\u1ef1 \u00e1n kh\u00f4ng ch\u1ec9 thu h\u1ed3i v\u1ed1n m\u00e0 c\u00f2n t\u1ea1o ra gi\u00e1 tr\u1ecb kinh t\u1ebf th\u1eb7ng d\u01b0, bi\u1ebfn n\u00f3 th\u00e0nh l\u1ef1a ch\u1ecdn \u01b0u ti\u00ean cho \u0111\u1ea7u t\u01b0. Ng\u01b0\u1ee3c l\u1ea1i, NPV \u00e2m c\u1ea3nh b\u00e1o v\u1ec1 nguy c\u01a1 thua l\u1ed7, c\u1ea7n lo\u1ea1i b\u1ecf.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">So s\u00e1nh v\u00e0 l\u1ef1a ch\u1ecdn ph\u01b0\u01a1ng \u00e1n \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u<\/h3>\n\n\n\n<p>Khi \u0111\u1ed1i m\u1eb7t v\u1edbi nhi\u1ec1u l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 c\u1ea1nh tranh ho\u1eb7c d\u1ef1 \u00e1n lo\u1ea1i tr\u1eeb l\u1eabn nhau, NPV cung c\u1ea5p m\u1ed9t c\u01a1 s\u1edf so s\u00e1nh kh\u00e1ch quan. B\u1eb1ng c\u00e1ch quy \u0111\u1ed5i t\u1ea5t c\u1ea3 c\u00e1c d\u00f2ng ti\u1ec1n v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i, NPV gi\u00fap lo\u1ea1i b\u1ecf s\u1ef1 sai l\u1ec7ch do quy m\u00f4, th\u1eddi gian ho\u1eb7c m\u00f4 h\u00ecnh d\u00f2ng ti\u1ec1n kh\u00e1c nhau. Doanh nghi\u1ec7p n\u00ean \u01b0u ti\u00ean d\u1ef1 \u00e1n c\u00f3&nbsp;<strong>NPV cao nh\u1ea5t<\/strong>, b\u1edfi n\u00f3 mang l\u1ea1i m\u1ee9c gia t\u0103ng gi\u00e1 tr\u1ecb l\u1edbn nh\u1ea5t.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng c\u1ee7a nh\u1eefng thay \u0111\u1ed5i trong \u0111\u1ea7u t\u01b0<\/h3>\n\n\n\n<p>NPV l\u00e0 c\u00f4ng c\u1ee5 m\u1ea1nh m\u1ebd \u0111\u1ec3 th\u1ef1c hi\u1ec7n ph\u00e2n t\u00edch \u0111\u1ed9 nh\u1ea1y (sensitivity analysis). B\u1eb1ng c\u00e1ch thay \u0111\u1ed5i c\u00e1c bi\u1ebfn s\u1ed1 \u0111\u1ea7u v\u00e0o nh\u01b0 chi ph\u00ed v\u1ed1n, d\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn, ho\u1eb7c th\u1eddi gian th\u1ef1c hi\u1ec7n, C-Suite c\u00f3 th\u1ec3 \u0111\u00e1nh gi\u00e1 t\u00e1c \u0111\u1ed9ng c\u1ee7a nh\u1eefng thay \u0111\u1ed5i n\u00e0y l\u00ean NPV c\u1ee7a d\u1ef1 \u00e1n. \u0110i\u1ec1u n\u00e0y gi\u00fap hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro, \u0111i\u1ec3m h\u00f2a v\u1ed1n t\u00e0i ch\u00ednh v\u00e0 kh\u1ea3 n\u0103ng \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c k\u1ecbp th\u1eddi tr\u01b0\u1edbc bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">H\u1ed7 tr\u1ee3 ph\u00e2n t\u00edch r\u1ee7i ro c\u1ee7a d\u1ef1 \u00e1n<\/h3>\n\n\n\n<p>K\u1ebft h\u1ee3p&nbsp;<strong>NPV<\/strong>&nbsp;v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c nh\u01b0 IRR (Internal Rate of Return) v\u00e0 PBP (Payback Period) gi\u00fap x\u00e2y d\u1ef1ng m\u1ed9t khung ph\u00e2n t\u00edch r\u1ee7i ro to\u00e0n di\u1ec7n h\u01a1n. NPV t\u1ef1 th\u00e2n \u0111\u00e3 t\u00edch h\u1ee3p r\u1ee7i ro th\u00f4ng qua t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u, nh\u01b0ng vi\u1ec7c \u0111\u00e1nh gi\u00e1 \u0111a ch\u1ec9 s\u1ed1 s\u1ebd cung c\u1ea5p c\u00e1i nh\u00ecn s\u00e2u s\u1eafc h\u01a1n v\u1ec1 t\u00ednh thanh kho\u1ea3n, hi\u1ec7u su\u1ea5t v\u00e0 m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a d\u1ef1 \u00e1n.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-\u01b0u-di\u1ec3m-va-nh\u01b0\u1ee3c-di\u1ec3m-c\u1ee7a-npv-la-gi\">5. \u01afu \u0111i\u1ec3m v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a NPV l\u00e0 g\u00ec?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-1-\u01b0u-di\u1ec3m-c\u1ee7a-npv\">5.1 \u01afu \u0111i\u1ec3m c\u1ee7a NPV<\/h3>\n\n\n\n<p><strong>+ D\u1ec5 s\u1eed d\u1ee5ng: <\/strong>NPV cung c\u1ea5p m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u01a1n gi\u1ea3n \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0. B\u1eb1ng c\u00e1ch ph\u1ea3n \u00e1nh s\u1ef1 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n v\u00e0o v\u00e0 d\u00f2ng ti\u1ec1n ra trong m\u1ed9t kho\u1ea3ng th\u1eddi gian c\u1ee5 th\u1ec3, NPV gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 d\u00e0ng x\u00e1c \u0111\u1ecbnh li\u1ec7u d\u1ef1 \u00e1n c\u00f3 l\u00e3i hay l\u1ed7. \u0110i\u1ec1u n\u00e0y khi\u1ebfn NPV tr\u1edf n\u00ean d\u1ec5 hi\u1ec3u v\u00e0 d\u1ec5 \u00e1p d\u1ee5ng trong c\u00e1c ph\u00e2n t\u00edch t\u00e0i ch\u00ednh.<\/p>\n\n\n\n<p><strong>+ D\u1ec5 so s\u00e1nh:<\/strong> NPV cho ph\u00e9p so s\u00e1nh tr\u1ef1c ti\u1ebfp t\u00ednh kh\u1ea3 thi c\u1ee7a c\u00e1c ph\u01b0\u01a1ng \u00e1n \u0111\u1ea7u t\u01b0, mi\u1ec5n l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 NPV \u0111\u01b0\u1ee3c t\u00ednh t\u1ea1i c\u00f9ng m\u1ed9t th\u1eddi \u0111i\u1ec3m. Khi c\u00e1c d\u1ef1 \u00e1n c\u00f3 NPV d\u01b0\u01a1ng, nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ec9 c\u1ea7n ch\u1ecdn d\u1ef1 \u00e1n c\u00f3 NPV cao nh\u1ea5t, v\u00ec \u0111\u00e2y l\u00e0 ph\u01b0\u01a1ng \u00e1n mang l\u1ea1i gi\u00e1 tr\u1ecb l\u1edbn nh\u1ea5t cho doanh nghi\u1ec7p. Trong tr\u01b0\u1eddng h\u1ee3p kh\u00f4ng c\u00f3 d\u1ef1 \u00e1n n\u00e0o c\u00f3 NPV d\u01b0\u01a1ng, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd d\u1ec5 d\u00e0ng nh\u1eadn ra r\u1eb1ng kh\u00f4ng n\u00ean tri\u1ec3n khai b\u1ea5t k\u1ef3 ph\u01b0\u01a1ng \u00e1n n\u00e0o, v\u00ec ch\u00fang kh\u00f4ng mang l\u1ea1i l\u1ee3i \u00edch kinh t\u1ebf.<\/p>\n\n\n\n<p><strong>+ T\u00f9y ch\u1ec9nh linh ho\u1ea1t:<\/strong> NPV c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi nhu c\u1ea7u v\u00e0 \u01b0u ti\u00ean v\u1ec1 t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p. Ch\u1eb3ng h\u1ea1n, t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00f9y ch\u1ec9nh \u0111\u1ec3 ph\u1ea3n \u00e1nh c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro, chi ph\u00ed c\u01a1 h\u1ed9i ho\u1eb7c ph\u00ed b\u1ea3o hi\u1ec3m \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t li\u00ean quan \u0111\u1ebfn c\u00e1c kho\u1ea3n n\u1ee3 d\u00e0i h\u1ea1n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-2-nh\u01b0\u1ee3c-di\u1ec3m-c\u1ee7a-npv\">5.2 Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a NPV<\/h3>\n\n\n\n<p><strong>\u2013 Kh\u00f4ng d\u1ec5 \u0111\u1ec3 \u01b0\u1edbc t\u00ednh ch\u00ednh x\u00e1c: <\/strong>Vi\u1ec7c t\u00ednh to\u00e1n NPV \u0111\u00f2i h\u1ecfi nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u, quy m\u00f4 d\u00f2ng ti\u1ec1n, v\u00e0 th\u1eddi \u0111i\u1ec3m ph\u00e1t sinh d\u00f2ng ti\u1ec1n. Tuy nhi\u00ean, v\u1edbi c\u00e1c d\u1ef1 \u00e1n k\u00e9o d\u00e0i nhi\u1ec1u n\u0103m, nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y th\u01b0\u1eddng r\u1ea5t kh\u00f3 x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c.<\/p>\n\n\n\n<p>Ch\u1eb3ng h\u1ea1n, khi ph\u00e1t tri\u1ec3n m\u1ed9t lo\u1ea1i thu\u1ed1c tr\u1ecb b\u1ec7nh m\u1edbi, NPV d\u1ef1a tr\u00ean c\u00e1c \u01b0\u1edbc t\u00ednh v\u1ec1 chi ph\u00ed v\u00e0 doanh thu. Tuy nhi\u00ean, nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y c\u00f3 th\u1ec3 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 do r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng, chi ph\u00ed ph\u00e1t sinh ho\u1eb7c s\u1ef1 ch\u1eadm tr\u1ec5 trong ti\u1ebfn tr\u00ecnh ph\u00e1t tri\u1ec3n.<\/p>\n\n\n\n<p><strong>\u2013 Kh\u00f4ng x\u00e9t \u0111\u1ebfn chi ph\u00ed c\u01a1 h\u1ed9i: <\/strong>NPV ch\u1ec9 h\u1eefu \u00edch khi so s\u00e1nh c\u00e1c d\u1ef1 \u00e1n t\u1ea1i c\u00f9ng m\u1ed9t th\u1eddi \u0111i\u1ec3m v\u00e0 kh\u00f4ng t\u00ednh \u0111\u1ebfn chi ph\u00ed c\u01a1 h\u1ed9i. Ch\u1eb3ng h\u1ea1n, sau khi quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t d\u1ef1 \u00e1n d\u1ef1a tr\u00ean NPV cao nh\u1ea5t, doanh nghi\u1ec7p c\u00f3 th\u1ec3 ph\u00e1t hi\u1ec7n ra m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 m\u1edbi v\u1edbi NPV v\u01b0\u1ee3t tr\u1ed9i h\u01a1n. Tuy nhi\u00ean, vi\u1ec7c \u0111\u00e3 cam k\u1ebft v\u1ed1n v\u00e0o d\u1ef1 \u00e1n ban \u0111\u1ea7u khi\u1ebfn doanh nghi\u1ec7p kh\u00f4ng c\u00f2n ngu\u1ed3n l\u1ef1c \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u01a1 h\u1ed9i t\u1ed1t h\u01a1n n\u00e0y.<\/p>\n\n\n\n<p>\u0110i\u1ec1u n\u00e0y \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng th\u1ec3 ch\u1ec9 d\u1ef1a v\u00e0o NPV cao nh\u1ea5t m\u00e0 c\u1ea7n c\u00e2n nh\u1eafc kh\u1ea3 n\u0103ng xu\u1ea5t hi\u1ec7n c\u00e1c l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n<p><strong>\u2013 Thi\u1ebfu \u0111\u00e1nh gi\u00e1 to\u00e0n c\u1ee5c: <\/strong>NPV kh\u00f4ng cung c\u1ea5p m\u1ed9t b\u1ee9c tranh t\u1ed5ng th\u1ec3 v\u1ec1 l\u1ee3i \u00edch hay \u0111\u00e1nh \u0111\u1ed5i khi th\u1ef1c hi\u1ec7n m\u1ed9t d\u1ef1 \u00e1n nh\u1ea5t \u0111\u1ecbnh. Do \u0111\u00f3, \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n h\u01a1n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n s\u1eed d\u1ee5ng c\u00e1c ch\u1ec9 s\u1ed1 b\u1ed5 sung nh\u01b0 IRR (T\u1ef7 su\u1ea5t ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9) ho\u1eb7c c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh kh\u00e1c \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 t\u1ef7 l\u1ec7 sinh l\u1eddi so v\u1edbi s\u1ed1 v\u1ed1n \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p><strong>\u2013 Kh\u00f4ng xem x\u00e9t quy m\u00f4 c\u1ee7a d\u1ef1 \u00e1n:<\/strong> NPV kh\u00f4ng ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 tr\u00ean m\u1ed7i \u0111\u1ed3ng v\u1ed1n \u0111\u1ea7u t\u01b0, d\u1eabn \u0111\u1ebfn nh\u1eefng \u0111\u00e1nh gi\u00e1 thi\u1ebfu c\u00e2n nh\u1eafc v\u1ec1 quy m\u00f4 d\u1ef1 \u00e1n. Gi\u1ea3 s\u1eed, d\u1ef1 \u00e1n A y\u00eau c\u1ea7u \u0111\u1ea7u t\u01b0 4 t\u1ef7 \u0111\u1ed3ng v\u00e0 t\u1ea1o ra NPV l\u00e0 1 t\u1ef7 \u0111\u1ed3ng. Trong khi d\u1ef1 \u00e1n c\u1ea1nh tranh B y\u00eau c\u1ea7u \u0111\u1ea7u t\u01b0 2 t\u1ef7 \u0111\u1ed3ng v\u00e0 t\u1ea1o ra NPV l\u00e0 0.8 t\u1ef7 \u0111\u1ed3ng. N\u1ebfu ch\u1ec9 d\u1ef1a tr\u00ean NPV, d\u1ef1 \u00e1n A c\u00f3 v\u1ebb h\u1ea5p d\u1eabn h\u01a1n. Tuy nhi\u00ean, d\u1ef1 \u00e1n B l\u1ea1i mang l\u1ea1i l\u1ee3i \u00edch l\u1edbn h\u01a1n tr\u00ean m\u1ed7i \u0111\u1ed3ng v\u1ed1n \u0111\u1ea7u t\u01b0 (0.4 t\u1ef7 \u0111\u1ed3ng so v\u1edbi 0.25 t\u1ef7 \u0111\u1ed3ng m\u1ed7i t\u1ef7 \u0111\u1ea7u t\u01b0).<\/p>\n\n\n\n<p>T\u00f3m l\u1ea1i, m\u1eb7c d\u00f9 NPV l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 h\u1eefu \u00edch \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0, nh\u01b0ng n\u00f3 kh\u00f4ng ho\u00e0n h\u1ea3o v\u00e0 c\u1ea7n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng k\u1ebft h\u1ee3p v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 kh\u00e1c \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n v\u00e0 ch\u00ednh x\u00e1c. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean c\u00e2n nh\u1eafc c\u1ea3 b\u1ed1i c\u1ea3nh th\u1ef1c t\u1ebf v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh t\u1ed1i \u01b0u.<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>\u0110\u1ecdc th\u00eam:<\/strong> <a href=\"https:\/\/base.vn\/blog\/quan-tri-tai-chinh\/\" target=\"_blank\" rel=\"noreferrer noopener\">Qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh l\u00e0 g\u00ec? T\u1ea7m quan tr\u1ecdng trong doanh nghi\u1ec7p<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-6-m\u1ed1i-quan-h\u1ec7-gi\u1eefa-npv-va-cac-ch\u1ec9-s\u1ed1-tai-chinh-khac\">6. M\u1ed1i quan h\u1ec7 gi\u1eefa NPV v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-1-npv-va-irr-internal-rate-of-return-t\u1ef7-su\u1ea5t-hoan-v\u1ed1n-n\u1ed9i-b\u1ed9\">6.1 NPV v\u00e0 IRR (Internal Rate of Return &#8211; T\u1ef7 su\u1ea5t ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9)<\/h3>\n\n\n\n<p>IRR (Internal Rate of Return) hay T\u1ef7 su\u1ea5t ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9, \u0111\u01b0\u1ee3c coi nh\u01b0 l\u00e3i su\u1ea5t hi\u1ec7u qu\u1ea3 c\u1ee7a m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0, ph\u1ea3n \u00e1nh ngu\u1ed3n l\u1ee3i thu v\u1ec1 so v\u1edbi s\u1ed1 v\u1ed1n \u0111\u00e3 b\u1ecf ra. Kh\u00f4ng gi\u1ed1ng c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c, IRR kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 chi ph\u00ed v\u1ed1n, l\u1ea1m ph\u00e1t,&#8230; IRR th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong qu\u00e1 tr\u00ecnh l\u1eadp ng\u00e2n s\u00e1ch, \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 kinh doanh ho\u1eb7c \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5: N\u1ebfu IRR l\u00e0 12%, c\u00f3 ngh\u0129a l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 s\u1ebd t\u1ea1o ra t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn 12% m\u1ed7i n\u0103m trong su\u1ed1t th\u1eddi gian th\u1ef1c hi\u1ec7n d\u1ef1 \u00e1n.<\/p>\n\n\n\n<p>C\u00f4ng th\u1ee9c IRR:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdJMXX5VuBFpouhavRQPpohDNnh3_tIJfr2HS0E-Li5XIfxDfa3ynTVDgfPa-0Vg26REzCicpLFyi6Ro-D1164xpr9wiOR1BiF_C47fV349lWyyTx1q_k3hZwxTJoufXKlWVrrm?key=8sBQ0LNFCkxhmh1CuE1XEKeD\" alt=\"NPV v\u00e0 IRR\"\/><\/figure><\/div>\n\n\n<p>D\u1ef1a tr\u00ean c\u00f4ng th\u1ee9c t\u00ednh IRR \u1edf tr\u00ean, ch\u00fang ta c\u00f3 th\u1ec3 th\u1ea5y m\u1ed1i quan h\u1ec7 gi\u1eefa IRR v\u00e0 NPV l\u00e0 t\u1eadp nghi\u1ec7m. Trong \u0111\u00f3, IRR l\u00e0 nghi\u1ec7m c\u1ee7a ph\u01b0\u01a1ng tr\u00ecnh v\u1edbi NPV = 0 (t\u1ee9c d\u1ef1 \u00e1n kh\u00f4ng l\u00e3i c\u0169ng kh\u00f4ng l\u1ed7). IRR v\u00e0 NPV c\u00f3 hai c\u00e1ch x\u00e1c \u0111\u1ecbnh kh\u00e1c nhau: IRR \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh theo t\u1ef7 l\u1ec7 %; c\u00f2n NPV \u0111\u01b0\u1ee3c&nbsp; x\u00e1c \u0111\u1ecbnh theo s\u1ed1 ti\u1ec1n. C\u1ee5 th\u1ec3 h\u01a1n, m\u1ed1i quan h\u1ec7 gi\u1eefa IRR v\u00e0 NPV th\u1ec3 hi\u1ec7n qua nh\u1eefng kh\u00eda c\u1ea1nh sau:&nbsp;<\/p>\n\n\n\n<p>\u2013 Trong m\u1ed9t \u0111i\u1ec1u ki\u1ec7n k\u1ebft qu\u1ea3 nh\u1ea5t \u0111\u1ecbnh, IRR v\u00e0 NPV \u0111\u1ec1u ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 kh\u1ea3 thi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0. Theo \u0111\u00f3, IRR ph\u1ea3n \u00e1nh t\u00ednh kh\u1ea3 thi v\u1ec1 kh\u1ea3 n\u0103ng thu h\u1ed3i v\u1ed1n, c\u00f2n NPV ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 kh\u1ea3 thi v\u1ec1 m\u1eb7t t\u00e0i ch\u00ednh.<\/p>\n\n\n\n<p>\u2013 Trong tr\u01b0\u1eddng h\u1ee3p d\u00f2ng ti\u1ec1n c\u1ee7a d\u1ef1 \u00e1n kh\u00f4ng \u1ed5n \u0111\u1ecbnh ho\u1eb7c th\u1eddi gian \u0111\u1ea7u t\u01b0 qu\u00e1 d\u00e0i\/qu\u00e1 ng\u1eafn, IRR c\u00f3 th\u1ec3 kh\u00f4ng ch\u00ednh x\u00e1c. Khi \u0111\u00f3, NPV \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u01b0 m\u1ed9t gi\u1ea3i ph\u00e1p \u0111\u00e1nh gi\u00e1 thay th\u1ebf, mang l\u1ea1i k\u1ebft qu\u1ea3 \u0111\u00e1ng tin c\u1eady h\u01a1n.<\/p>\n\n\n\n<p>\u2013 IRR v\u00e0 NPV kh\u00f4ng ch\u1ec9 c\u00f3 m\u1ed1i quan h\u1ec7 t\u01b0\u01a1ng h\u1ed7 m\u00e0 c\u00f2n b\u1ed5 sung l\u1eabn nhau trong ph\u00e2n t\u00edch t\u00e0i ch\u00ednh. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 linh ho\u1ea1t s\u1eed d\u1ee5ng m\u1ed9t trong hai ch\u1ec9 s\u1ed1. IRR tr\u1ef1c quan v\u00e0 d\u1ec5 so s\u00e1nh h\u01a1n v\u1edbi d\u1ea1ng ph\u1ea7n tr\u0103m (%), nh\u01b0ng trong nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n thay th\u1ebf b\u1eb1ng NVP (s\u1ed1 ti\u1ec1n) \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh ch\u00ednh x\u00e1c v\u1ec1 gi\u00e1 tr\u1ecb t\u00e0i ch\u00ednh c\u1ee7a d\u1ef1 \u00e1n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-2-npv-va-pbp-payback-period-th\u1eddi-gian-hoan-v\u1ed1n\">6.2 NPV v\u00e0 PBP (Payback Period &#8211; Th\u1eddi gian ho\u00e0n v\u1ed1n)<\/h3>\n\n\n\n<p>NPV (Net Present Value) t\u00ednh \u0111\u1ebfn gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n v\u00e0 \u01b0\u1edbc t\u00ednh t\u1ed5ng gi\u00e1 tr\u1ecb m\u00e0 m\u1ed9t d\u1ef1 \u00e1n c\u00f3 th\u1ec3 t\u1ea1o ra. Khi NPV d\u01b0\u01a1ng, d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o s\u1ebd mang l\u1ea1i l\u1ee3i nhu\u1eadn, trong khi NPV \u00e2m cho th\u1ea5y d\u1ef1 \u00e1n c\u00f3 kh\u1ea3 n\u0103ng thua l\u1ed7. Tr\u00ean l\u00fd thuy\u1ebft, NPV th\u01b0\u1eddng \u0111\u01b0\u1ee3c xem l\u00e0 th\u01b0\u1edbc \u0111o tuy\u1ec7t v\u1eddi \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 t\u00ednh kh\u1ea3 thi c\u1ee7a d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, NPV c\u0169ng t\u1ed3n t\u1ea1i nh\u1eefng h\u1ea1n ch\u1ebf. Ch\u1eb3ng h\u1ea1n, khi so s\u00e1nh hai d\u1ef1 \u00e1n:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>D\u1ef1 \u00e1n A<\/strong>: Y\u00eau c\u1ea7u \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u 10 t\u1ef7 \u0111\u1ed3ng.<\/li>\n\n\n\n<li><strong>D\u1ef1 \u00e1n B<\/strong>: Ch\u1ec9 c\u1ea7n 10 tri\u1ec7u \u0111\u1ed3ng.<\/li>\n<\/ul>\n\n\n\n<p>Nh\u1eefng con s\u1ed1 c\u1ef1c \u0111oan trong v\u00ed d\u1ee5 n\u00e0y minh h\u1ecda r\u00f5 r\u00e0ng r\u1eb1ng, NPV kh\u00f4ng \u0111\u00e1nh gi\u00e1 <a href=\"https:\/\/base.vn\/blog\/roi-la-gi\/\" target=\"_blank\" rel=\"noreferrer noopener\">t\u1ef7 su\u1ea5t ho\u00e0n v\u1ed1n tr\u00ean \u0111\u1ea7u t\u01b0 (ROI)<\/a> &#8211; m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng khi ngu\u1ed3n v\u1ed1n b\u1ecb gi\u1edbi h\u1ea1n. M\u1eb7c d\u00f9 NPV cho bi\u1ebft d\u1ef1 \u00e1n c\u00f3 th\u1ec3 t\u1ea1o ra bao nhi\u00eau gi\u00e1 tr\u1ecb, nh\u01b0ng n\u00f3 kh\u00f4ng \u0111\u1ea3m b\u1ea3o r\u1eb1ng \u0111\u00e2y l\u00e0 c\u00e1ch s\u1eed d\u1ee5ng v\u1ed1n \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 nh\u1ea5t.<\/p>\n\n\n\n<p>Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, PBP (Payback Period) hay Th\u1eddi gian ho\u00e0n v\u1ed1n l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p b\u1ed5 tr\u1ee3 gi\u00fap kh\u1eafc ph\u1ee5c h\u1ea1n ch\u1ebf c\u1ee7a NPV. PBP cho bi\u1ebft th\u1eddi gian c\u1ea7n thi\u1ebft \u0111\u1ec3 d\u00f2ng ti\u1ec1n t\u1eeb d\u1ef1 \u00e1n \u0111\u1ee7 b\u00f9 \u0111\u1eafp v\u1ed1n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u. N\u1ebfu th\u1eddi gian ho\u00e0n v\u1ed1n c\u1ee7a d\u1ef1 \u00e1n nh\u1ecf h\u01a1n ho\u1eb7c b\u1eb1ng th\u1eddi gian ho\u00e0n v\u1ed1n y\u00eau c\u1ea7u, d\u1ef1 \u00e1n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn.<\/p>\n\n\n\n<p>\u0110\u1ec3 t\u00ednh to\u00e1n ch\u1ec9 s\u1ed1 PBP, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng c\u00f4ng th\u1ee9c t\u00f9y theo t\u1eebng tr\u01b0\u1eddng h\u1ee3p c\u1ee5 th\u1ec3 sau:<\/p>\n\n\n\n<p><strong>\u2013 Tr\u01b0\u1eddng h\u1ee3p 1:<\/strong> D\u00f2ng ti\u1ec1n h\u00e0ng n\u0103m \u0111\u1ec1u \u0111\u1eb7n \u2013 N\u1ebfu d\u1ef1 \u00e1n t\u1ea1o ra d\u00f2ng ti\u1ec1n r\u00f2ng h\u00e0ng n\u0103m \u0111\u1ec1u \u0111\u1eb7n (constant cash flow), c\u00f4ng th\u1ee9c t\u00ednh PBP l\u00e0:<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>PBP (n\u0103m) = V\u1ed1n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u \/ D\u00f2ng ti\u1ec1n thu\u1ea7n h\u00e0ng n\u0103m c\u1ee7a d\u1ef1 \u00e1n<\/strong><\/p>\n\n\n\n<p><strong>\u2013 Tr\u01b0\u1eddng h\u1ee3p 2:<\/strong> D\u00f2ng ti\u1ec1n h\u00e0ng n\u0103m kh\u00f4ng \u0111\u1ec1u \u0111\u1eb7n \u2013 N\u1ebfu d\u00f2ng ti\u1ec1n r\u00f2ng h\u00e0ng n\u0103m kh\u00f4ng c\u1ed1 \u0111\u1ecbnh, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n t\u00ednh c\u1ed9ng d\u1ed3n t\u1eebng n\u0103m cho \u0111\u1ebfn khi thu h\u1ed3i \u0111\u1ee7 chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u. C\u00f4ng th\u1ee9c t\u1ed5ng qu\u00e1t l\u00e0:<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>PBP (n\u0103m) = N\u0103m tr\u01b0\u1edbc n\u0103m h\u00f2a v\u1ed1n + S\u1ed1 ti\u1ec1n c\u00f2n thi\u1ebfu \/ D\u00f2ng ti\u1ec1n n\u0103m h\u00f2a v\u1ed1n<\/strong><\/p>\n\n\n\n<p>So v\u1edbi NPV, PBP l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u01a1n gi\u1ea3n h\u01a1n \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n. Tuy nhi\u00ean, m\u1ed9t h\u1ea1n ch\u1ebf c\u1ee7a PBP l\u00e0 kh\u00f4ng t\u00ednh \u0111\u1ebfn gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n. V\u00ec v\u1eady, khi \u00e1p d\u1ee5ng cho c\u00e1c d\u1ef1 \u00e1n d\u00e0i h\u1ea1n, PBP c\u00f3 th\u1ec3 kh\u00f4ng ph\u1ea3n \u00e1nh ch\u00ednh x\u00e1c hi\u1ec7u qu\u1ea3 t\u00e0i ch\u00ednh.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-7-nh\u1eefng-di\u1ec1u-quan-tr\u1ecdng-c\u1ea7n-l\u01b0u-y-khi-s\u1eed-d\u1ee5ng-npv\">7. Nh\u1eefng \u0111i\u1ec1u quan tr\u1ecdng c\u1ea7n l\u01b0u \u00fd khi s\u1eed d\u1ee5ng NPV<\/h2>\n\n\n\n<p>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 v\u1edbi ch\u1ec9 s\u1ed1 NPV, nh\u00e0 ph\u00e2n t\u00edch c\u1ea7n x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c d\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn, l\u1ef1a ch\u1ecdn t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ph\u00f9 h\u1ee3p v\u00e0 k\u1ebft h\u1ee3p v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c. C\u1ee5 th\u1ec3:<\/p>\n\n\n\n<p><strong>\u2013 X\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c d\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn (C): <\/strong>D\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn bao g\u1ed3m t\u1ea5t c\u1ea3 thu nh\u1eadp v\u00e0 chi ph\u00ed li\u00ean quan \u0111\u1ebfn d\u1ef1 \u00e1n nh\u01b0 doanh thu, chi ph\u00ed v\u1eadn h\u00e0nh, chi ph\u00ed b\u1ea3o tr\u00ec v\u00e0 thu\u1ebf. C\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 th\u1ecb tr\u01b0\u1eddng, l\u1ea1m ph\u00e1t ho\u1eb7c chi ph\u00ed kh\u00f4ng l\u01b0\u1eddng tr\u01b0\u1edbc c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn d\u00f2ng ti\u1ec1n th\u1ef1c t\u1ebf. \u0110\u1ed3ng th\u1eddi, nh\u00e0 ph\u00e2n t\u00edch c\u0169ng c\u1ea7n x\u00e1c \u0111\u1ecbnh r\u00f5 th\u1eddi \u0111i\u1ec3m ph\u00e1t sinh d\u00f2ng ti\u1ec1n (th\u00e1ng, qu\u00fd, n\u0103m) \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh ch\u00ednh x\u00e1c khi chi\u1ebft kh\u1ea5u.<\/p>\n\n\n\n<p><strong>\u2013 L\u1ef1a ch\u1ecdn t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u (r) ph\u00f9 h\u1ee3p: <\/strong>T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ph\u1ea3n \u00e1nh chi ph\u00ed v\u1ed1n ho\u1eb7c l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng, \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn vi\u1ec7c quy \u0111\u1ed5i d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i. M\u1ed9t s\u1ed1 l\u01b0u \u00fd khi ch\u1ecdn t\u1ef7 l\u1ec7:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ph\u00f9 h\u1ee3p v\u1edbi chi ph\u00ed v\u1ed1n:<\/strong> Th\u01b0\u1eddng s\u1eed d\u1ee5ng chi ph\u00ed v\u1ed1n trung b\u00ecnh (WACC). N\u1ebfu t\u1ef7 l\u1ec7 kh\u00f4ng ph\u00f9 h\u1ee3p, k\u1ebft qu\u1ea3 NPV c\u00f3 th\u1ec3 sai l\u1ec7ch.<\/li>\n\n\n\n<li><strong>T\u00ednh \u0111\u1ebfn r\u1ee7i ro:<\/strong> D\u1ef1 \u00e1n r\u1ee7i ro cao n\u00ean d\u00f9ng t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u cao h\u01a1n; ng\u01b0\u1ee3c l\u1ea1i, d\u1ef1 \u00e1n an to\u00e0n c\u00f3 th\u1ec3 d\u00f9ng t\u1ef7 l\u1ec7 th\u1ea5p h\u01a1n.<\/li>\n\n\n\n<li><strong>\u0110i\u1ec1u ch\u1ec9nh linh ho\u1ea1t:<\/strong> Khi th\u1ecb tr\u01b0\u1eddng ho\u1eb7c l\u00e3i su\u1ea5t bi\u1ebfn \u0111\u1ed9ng, c\u1ea7n c\u1eadp nh\u1eadt t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh to\u00e1n ch\u00ednh x\u00e1c.<\/li>\n<\/ul>\n\n\n\n<p><strong>\u2013 K\u1ebft h\u1ee3p NPV v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u00e1nh gi\u00e1 t\u00e0i ch\u00ednh kh\u00e1c: <\/strong>\u0110\u1ec3 c\u00f3 th\u1ec3 th\u1ea9m \u0111\u1ecbnh d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n, nh\u00e0 qu\u1ea3n l\u00fd c\u1ea7n k\u1ebft h\u1ee3p \u0111\u00e1nh gi\u00e1 NPV c\u00f9ng nh\u1eefng ch\u1ec9 s\u1ed1 kh\u00e1c nh\u01b0 IRR, PBP.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>IRR (Internal Rate of Return): <\/strong>X\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9, b\u1ed5 sung th\u00f4ng tin v\u1ec1 hi\u1ec7u su\u1ea5t d\u1ef1 \u00e1n.<\/li>\n\n\n\n<li><strong>PBP (Payback Period): <\/strong>\u0110o l\u01b0\u1eddng th\u1eddi gian thu h\u1ed3i v\u1ed1n, cung c\u1ea5p th\u00eam g\u00f3c nh\u00ecn v\u1ec1 kh\u1ea3 n\u0103ng ho\u00e0n v\u1ed1n nhanh c\u1ee7a d\u1ef1 \u00e1n.<\/li>\n<\/ul>\n\n\n\n<p>T\u1eeb \u0111\u00f3, c\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng, \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c m\u1ee9c \u0111\u1ed9 th\u00e0nh c\u00f4ng c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n, ch\u1ee7 doanh nghi\u1ec7p v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n t\u00ednh to\u00e1n v\u00e0 ph\u00e2n t\u00edch \u0111\u1ed3ng th\u1eddi nhi\u1ec1u ch\u1ec9 s\u1ed1 kh\u00e1c nhau. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, n\u1ebfu ch\u1ec9 s\u1eed d\u1ee5ng Excel l\u00e0 kh\u00f4ng \u0111\u1ee7. B\u1edfi v\u00ec Excel ch\u1ec9 d\u1eebng l\u1ea1i \u1edf c\u1ea5p \u0111\u1ed9 t\u00ednh to\u00e1n, v\u00e0 h\u01a1n n\u1eefa, \u0111\u00f2i h\u1ecfi th\u1ef1c hi\u1ec7n nhi\u1ec1u c\u00f4ng \u0111o\u1ea1n th\u1ee7 c\u00f4ng, t\u1eeb tra c\u1ee9u s\u1ed5 s\u00e1ch \u0111\u1ebfn nh\u1eadp li\u1ec7u, nh\u1eadp h\u00e0m, v.v\u2026 d\u1eabn \u0111\u1ebfn t\u1ed1n th\u1eddi gian v\u00e0 d\u1ec5 x\u1ea3y ra sai s\u00f3t.<\/p>\n\n\n\n<p>Thay v\u00e0o \u0111\u00f3, ch\u1ec9 v\u1edbi m\u1ed9t B\u1ed9 gi\u1ea3i ph\u00e1p qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n l\u00e0 <strong>Base Finance+<\/strong>, c\u00e1c nh\u00e0 qu\u1ea3n tr\u1ecb c\u00f3 th\u1ec3 nhanh ch\u00f3ng theo d\u00f5i, truy xu\u1ea5t nh\u1eefng d\u1eef li\u1ec7u t\u00e0i ch\u00ednh c\u1ea7n thi\u1ebft cho qu\u00e1 tr\u00ecnh th\u1ea9m \u0111\u1ecbnh d\u1ef1 \u00e1n, c\u0169ng nh\u01b0 ki\u1ec3m so\u00e1t t\u00e0i ch\u00ednh t\u1ed5ng th\u1ec3.<\/p>\n\n\n\n<p>M\u1ed9t \u0111i\u1ec1u \u0111\u1eb7c bi\u1ec7t, Base Finance+ kh\u00f4ng ph\u1ea3i l\u00e0 c\u00f4ng c\u1ee5 \u0111\u01a1n l\u1ebb, m\u00e0 l\u00e0 t\u1eadp h\u1ee3p c\u1ee7a 4 \u1ee9ng d\u1ee5ng m\u1ea1nh m\u1ebd \u0111\u01b0\u1ee3c tri\u1ec3n khai d\u01b0\u1edbi d\u1ea1ng SaaS, gi\u00fap gi\u1ea3i quy\u1ebft chuy\u00ean s\u00e2u t\u1eebng b\u00e0i to\u00e1n trong qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh. C\u1ee5 th\u1ec3:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Base Finance:<\/strong> H\u1ed7 tr\u1ee3 qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh theo t\u1eebng l\u00e1t c\u1eaft, l\u1eadp k\u1ebf ho\u1ea1ch doanh thu v\u00e0 chi ph\u00ed theo \u0111a d\u1ea1ng h\u01b0\u1edbng, ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd d\u00f2ng ti\u1ec1n th\u1ef1c thu \u2013 th\u1ef1c chi, \u0111\u1ed3ng th\u1eddi t\u1ed1i \u01b0u h\u00f3a v\u00f2ng quay c\u00e1c kho\u1ea3n ph\u1ea3i thu \u2013 ph\u1ea3i tr\u1ea3.<\/li>\n\n\n\n<li><strong>Base Expense:<\/strong> \u0110\u01a1n gi\u1ea3n h\u00f3a qu\u00e1 tr\u00ecnh qu\u1ea3n l\u00fd chi ph\u00ed v\u00e0 d\u00f2ng ti\u1ec1n ra, t\u1ea1o m\u00f4i tr\u01b0\u1eddng minh b\u1ea1ch v\u00e0 h\u1ee3p t\u00e1c hi\u1ec7u qu\u1ea3 gi\u1eefa nh\u00e2n s\u1ef1 v\u00e0 k\u1ebf to\u00e1n, t\u1eeb c\u00e1c kho\u1ea3n t\u1ea1m \u1ee9ng, thanh to\u00e1n n\u1ed9i b\u1ed9, \u0111\u1ebfn c\u00e1c chi ph\u00ed \u0111\u1ecbnh k\u1ef3.<\/li>\n\n\n\n<li><strong>Base Income: <\/strong>\u0110\u1ea3m b\u1ea3o ghi nh\u1eadn \u0111\u1ea7y \u0111\u1ee7 v\u00e0 ch\u00ednh x\u00e1c t\u1ea5t c\u1ea3 c\u00e1c kho\u1ea3n thu v\u00e0 d\u00f2ng ti\u1ec1n v\u00e0o, \u0111\u1ed3ng th\u1eddi h\u1ed7 tr\u1ee3 ph\u00e2n t\u00edch doanh thu theo nhi\u1ec1u chi\u1ec1u (h\u1ee3p \u0111\u1ed3ng, kh\u00e1ch h\u00e0ng, s\u1ea3n ph\u1ea9m, nh\u00e2n vi\u00ean, v.v&#8230;), gi\u00fap chu\u1ea9n h\u00f3a quy tr\u00ecnh qu\u1ea3n l\u00fd thu nh\u1eadp.<\/li>\n\n\n\n<li><strong>Base BankFeeds:<\/strong> T\u1ef1 \u0111\u1ed9ng c\u1eadp nh\u1eadt bi\u1ebfn \u0111\u1ed9ng s\u1ed1 d\u01b0 t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng theo th\u1eddi gian th\u1ef1c, th\u00f4ng qua hai ph\u01b0\u01a1ng th\u1ee9c: SMS Banking Scanner (tin nh\u1eafn SMS) v\u00e0 Mobile Banking Notification Scanner (th\u00f4ng b\u00e1o \u1ee9ng d\u1ee5ng di \u0111\u1ed9ng ng\u00e2n h\u00e0ng).<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a href=\"https:\/\/base.vn\/platform\/finance\/?utm_source=blog&amp;utm_content=npv-la-gi\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"469\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2024\/05\/Base-Finance-1-1024x469.webp\" alt=\"Base Finance+\" class=\"wp-image-7946\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2024\/05\/Base-Finance-1-1024x469.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2024\/05\/Base-Finance-1-300x138.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2024\/05\/Base-Finance-1-768x352.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2024\/05\/Base-Finance-1-1536x704.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2024\/05\/Base-Finance-1.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><\/div>\n\n\n<p>V\u1edbi Base Finance+, nh\u00e0 qu\u1ea3n tr\u1ecb s\u1ebd kh\u00f4ng b\u1ecf l\u1ee1 b\u1ea5t k\u1ef3 d\u1eef li\u1ec7u hay ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh qu\u00fd gi\u00e1 n\u00e0o, m\u1ecdi th\u00f4ng tin \u0111\u1ec1u \u0111\u01b0\u1ee3c thu th\u1eadp, t\u1ed5ng h\u1ee3p v\u00e0 l\u01b0u tr\u1eef t\u1ea1i c\u00f9ng m\u1ed9t n\u01a1i. H\u01a1n n\u1eefa, nh\u00e0 qu\u1ea3n tr\u1ecb c\u00f2n c\u00f3 th\u1ec3 t\u1ef1 x\u00e2y d\u1ef1ng b\u00e1o c\u00e1o, t\u00f9y ch\u1ec9nh s\u1ed1 li\u1ec7u c\u0169ng nh\u01b0 bi\u1ec3u \u0111\u1ed3, \u0111\u1ed3 th\u1ecb theo \u00fd mu\u1ed1n c\u1ee7a m\u00ecnh, ph\u1ee5c v\u1ee5 t\u1ed1t nh\u1ea5t cho nhu c\u1ea7u: l\u1eadp k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh c\u1ee7a d\u1ef1 \u00e1n, theo d\u00f5i chi ph\u00ed th\u1ef1c t\u1ebf c\u1ee7a d\u1ef1 \u00e1n, qu\u1ea3n l\u00fd thanh to\u00e1n, ki\u1ec3m so\u00e1t d\u00f2ng ti\u1ec1n, t\u1eeb \u0111\u00f3 n\u00e2ng cao hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-8-k\u1ebft-lu\u1eadn\">8. K\u1ebft lu\u1eadn<\/h2>\n\n\n\n<p>Tr\u00ean \u0111\u00e2y l\u00e0 ph\u1ea7n chia s\u1ebb c\u1ee7a Base Blog v\u1ec1 kh\u00e1i ni\u1ec7m NPV l\u00e0 g\u00ec, \u00fd ngh\u0129a, c\u00f4ng th\u1ee9c t\u00ednh, \u01b0u \u2013 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u0169ng nh\u01b0 c\u00e1c l\u01b0u \u00fd quan tr\u1ecdng khi s\u1eed d\u1ee5ng ch\u1ec9 s\u1ed1 n\u00e0y. Hy v\u1ecdng b\u00e0i vi\u1ebft s\u1ebd gi\u00fap c\u00e1c nh\u00e0 qu\u1ea3n tr\u1ecb v\u00e0 ch\u1ee7 doanh nghi\u1ec7p hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 NPV v\u00e0 \u1ee9ng d\u1ee5ng hi\u1ec7u qu\u1ea3 trong vi\u1ec7c l\u1ef1a ch\u1ecdn v\u00e0 th\u1ea9m \u0111\u1ecbnh d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0.&nbsp;&nbsp;<\/p>\n\n\n\n<p>B\u00ean c\u1ea1nh \u0111\u00f3, n\u1ebfu doanh nghi\u1ec7p \u0111ang t\u00ecm ki\u1ebfm m\u1ed9t gi\u1ea3i ph\u00e1p qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n, h\u00e3y li\u00ean h\u1ec7 ngay v\u1edbi Base.vn \u0111\u1ec3 \u0111\u01b0\u1ee3c t\u01b0 v\u1ea5n chi ti\u1ebft v\u00e0 demo tr\u1ea3i nghi\u1ec7m Base Finance+!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trong m\u00f4i tr\u01b0\u1eddng kinh doanh \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng, vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 \u0111\u00fang \u0111\u1eafn l\u00e0 y\u1ebfu t\u1ed1 s\u1ed1ng c\u00f2n. M\u1ed9t trong nh\u1eefng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh hi\u1ec7u qu\u1ea3 gi\u00fap \u0111\u00e1nh gi\u00e1 t\u00ednh kh\u1ea3 thi c\u1ee7a d\u1ef1 \u00e1n ch\u00ednh l\u00e0 NPV (Net Present Value) \u2013 Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng. B\u00e0i vi\u1ebft n\u00e0y Base.vn [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":19344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34],"tags":[],"ppma_author":[58],"class_list":["post-19336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quan-tri-tai-chinh"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.4 (Yoast SEO v24.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NPV l\u00e0 g\u00ec? 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Kh\u00e1m ph\u00e1 c\u00e1ch t\u00ednh v\u00e0 \u1ee9ng d\u1ee5ng Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng (NPV) \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 v\u00e0 ra quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh ch\u00ednh x\u00e1c.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/base.vn\/blog\/npv-la-gi\/\" \/>\n<meta property=\"og:site_name\" content=\"Base Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/base.vietnam\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-09T09:32:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-09T09:49:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/08\/NPV.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"H\u00e0 Linh Chi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u0110\u01b0\u1ee3c vi\u1ebft b\u1edfi\" \/>\n\t<meta name=\"twitter:data1\" content=\"H\u00e0 Linh Chi\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u01af\u1edbc t\u00ednh th\u1eddi gian \u0111\u1ecdc\" \/>\n\t<meta name=\"twitter:data2\" content=\"28 ph\u00fat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/base.vn\/blog\/npv-la-gi\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/base.vn\/blog\/npv-la-gi\/\"},\"author\":{\"name\":\"H\u00e0 Linh Chi\",\"@id\":\"https:\/\/base.vn\/blog\/#\/schema\/person\/8d807a7a9fe7f1a5aa3c6980f1095484\"},\"headline\":\"NPV l\u00e0 g\u00ec? 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