{"id":5111,"date":"2026-09-10T09:18:18","date_gmt":"2026-09-10T02:18:18","guid":{"rendered":"https:\/\/giaodichlienket.man.net.vn\/?p=5111"},"modified":"2026-09-10T09:18:18","modified_gmt":"2026-09-10T02:18:18","slug":"ebitda-cao-co-that-su-tot-khong","status":"publish","type":"post","link":"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/","title":{"rendered":"Is a high EBITDA really a good thing?"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay ch\u1ec9 l\u00e0 m\u1ed9t con s\u1ed1 \u0111\u1eb9p tr\u00ean b\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb, \u0111\u00e2y l\u00e0 c\u00e2u h\u1ecfi m\u00e0 kh\u00f4ng \u00edt k\u1ebf to\u00e1n tr\u01b0\u1edfng v\u00e0 CFO bu\u1ed9c ph\u1ea3i nh\u00ecn l\u1ea1i k\u1ec3 t\u1eeb khi <\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/thuvienphapluat.vn\/van-ban\/Doanh-nghiep\/Nghi-dinh-255-2026-ND-CP-quan-ly-thue-giao-dich-lien-ket-cua-doanh-nghiep-co-quan-he-lien-ket-713416.aspx\" rel=\"nofollow noopener\" target=\"_blank\">Decree 255\/2026\/ND-CP<\/a><\/span><\/strong><span style=\"font-weight: 400;\"> ch\u00ednh th\u1ee9c \u00e1p d\u1ee5ng t\u1eeb k\u1ef3 t\u00ednh thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p n\u0103m 2026. Khi EBITDA kh\u00f4ng c\u00f2n \u0111\u01a1n thu\u1ea7n l\u00e0 ch\u1ec9 s\u1ed1 qu\u1ea3n tr\u1ecb m\u00e0 tr\u1edf th\u00e0nh m\u1eabu s\u1ed1 quy\u1ebft \u0111\u1ecbnh ph\u1ea7n chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb theo ng\u01b0\u1ee1ng 30% EBITDA, m\u1ed9t con s\u1ed1 EBITDA &#8220;\u0111\u1eb9p&#8221; c\u00f3 th\u1ec3 v\u1eeba l\u00e0 l\u1ee3i th\u1ebf thu\u1ebf, v\u1eeba l\u00e0 c\u00e1i b\u1eaby n\u1ebfu doanh nghi\u1ec7p kh\u00f4ng hi\u1ec3u \u0111\u00fang b\u1ea3n ch\u1ea5t c\u1ee7a n\u00f3. B\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y ph\u00e2n t\u00edch EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t trong nh\u1eefng tr\u01b0\u1eddng h\u1ee3p n\u00e0o, khi n\u00e0o n\u00f3 ch\u1ec9 l\u00e0 \u1ea3o gi\u00e1c t\u00e0i ch\u00ednh, v\u00e0 l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u00fang tr\u01b0\u1edbc k\u1ef3 quy\u1ebft to\u00e1n.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Index<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Vi_sao_cau_hoi_%E2%80%9CEBITDA_cao_co_that_su_tot%E2%80%9D_khien_nhieu_CFO_phai_suy_nghi_lai\" >V\u00ec sao c\u00e2u h\u1ecfi &#8220;EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t&#8221; khi\u1ebfn nhi\u1ec1u CFO ph\u1ea3i suy ngh\u0129 l\u1ea1i?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_la_gi_va_vi_sao_tro_thanh_thuoc_do_quan_trong\" >EBITDA l\u00e0 g\u00ec v\u00e0 v\u00ec sao tr\u1edf th\u00e0nh th\u01b0\u1edbc \u0111o quan tr\u1ecdng?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Nguong_30_EBITDA_theo_Nghi_dinh_2552026ND-CP\" >Ng\u01b0\u1ee1ng 30% EBITDA theo Ngh\u1ecb \u0111\u1ecbnh 255\/2026\/N\u0110-CP<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_cao_co_that_su_tot_hay_chi_la_ao_giac_tai_chinh\" >EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay ch\u1ec9 l\u00e0 \u1ea3o gi\u00e1c t\u00e0i ch\u00ednh?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#3_ly_do_khien_EBITDA_cao_duoc_xem_la_tin_hieu_tich_cuc\" >3 l\u00fd do khi\u1ebfn EBITDA cao \u0111\u01b0\u1ee3c xem l\u00e0 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#4_gioi_han_khien_EBITDA_cao_chua_chac_phan_anh_suc_khoe_doanh_nghiep\" >4 gi\u1edbi h\u1ea1n khi\u1ebfn EBITDA cao ch\u01b0a ch\u1eafc ph\u1ea3n \u00e1nh s\u1ee9c kh\u1ecfe doanh nghi\u1ec7p<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_thue_va_bai_toan_30_nguong_chi_phi_lai_vay_Khi_EBITDA_cao_lai_tro_thanh_loi_the_thue\" >EBITDA thu\u1ebf v\u00e0 b\u00e0i to\u00e1n 30% ng\u01b0\u1ee1ng chi ph\u00ed l\u00e3i vay: Khi EBITDA cao l\u1ea1i tr\u1edf th\u00e0nh l\u1ee3i th\u1ebf thu\u1ebf<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Cong_thuc_tinh_EBITDA_thue_duoc_xac_dinh_nhu_the_nao\" >C\u00f4ng th\u1ee9c t\u00ednh EBITDA thu\u1ebf \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh nh\u01b0 th\u1ebf n\u00e0o?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_cao_mo_rong_du_dia_chi_phi_lai_vay_duoc_tru_nhu_the_nao\" >EBITDA cao m\u1edf r\u1ed9ng d\u01b0 \u0111\u1ecba chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb nh\u01b0 th\u1ebf n\u00e0o?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Rui_ro_khi_doanh_nghiep_co_tinh_thoi_phong_EBITDA_de_ne_nguong_chi_phi_lai_vay\" >R\u1ee7i ro khi doanh nghi\u1ec7p c\u1ed1 t\u00ecnh th\u1ed5i ph\u1ed3ng EBITDA \u0111\u1ec3 n\u00e9 ng\u01b0\u1ee1ng chi ph\u00ed l\u00e3i vay<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Cac_thu_thuat_thuong_gap_va_vi_sao_bi_co_quan_thue_bac_bo\" >C\u00e1c th\u1ee7 thu\u1eadt th\u01b0\u1eddng g\u1eb7p v\u00e0 v\u00ec sao b\u1ecb c\u01a1 quan thu\u1ebf b\u00e1c b\u1ecf<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#He_luy_khi_chi_phi_lai_vay_khong_duoc_tru_bi_an_dinh_lai\" >H\u1ec7 l\u1ee5y khi chi ph\u00ed l\u00e3i vay kh\u00f4ng \u0111\u01b0\u1ee3c tr\u1eeb b\u1ecb \u1ea5n \u0111\u1ecbnh l\u1ea1i<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Doi_chieu_EBITDA_cao_voi_dong_tien_hoat_dong_thuc_te\" >\u0110\u1ed1i chi\u1ebfu EBITDA cao v\u1edbi d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng th\u1ef1c t\u1ebf<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Doi_chieu_EBITDA_cao_voi_chat_luong_loi_nhuan_va_giao_dich_lien_ket\" >\u0110\u1ed1i chi\u1ebfu EBITDA cao v\u1edbi ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn v\u00e0 giao d\u1ecbch li\u00ean k\u1ebft<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Vi_du_thuc_te_Hai_doanh_nghiep_cung_EBITDA_cao_nhung_khac_biet_ve_rui_ro_thue\" >V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: Hai doanh nghi\u1ec7p c\u00f9ng EBITDA cao nh\u01b0ng kh\u00e1c bi\u1ec7t v\u1ec1 r\u1ee7i ro thu\u1ebf<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Ket_luan\" >Conclude<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Thong_tin_lien_he_MAN_%E2%80%93_Master_Accountant_Network\" >Contact information MAN \u2013 Master Accountant Network<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Cau_hoi_thuong_gap_ve_EBITDA_cao_co_that_su_tot\" >C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_cao_co_that_su_tot_cho_moi_loai_hinh_doanh_nghiep_khong\" >EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t cho m\u1ecdi lo\u1ea1i h\u00ecnh doanh nghi\u1ec7p kh\u00f4ng?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Vi_sao_EBITDA_cao_lai_lien_quan_den_chi_phi_lai_vay_duoc_tru_khi_tinh_thue\" >V\u00ec sao EBITDA cao l\u1ea1i li\u00ean quan \u0111\u1ebfn chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb khi t\u00ednh thu\u1ebf?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Doanh_nghiep_co_nen_tim_cach_lam_EBITDA_cao_hon_de_duoc_tru_nhieu_chi_phi_lai_vay_hon_khong\" >Doanh nghi\u1ec7p c\u00f3 n\u00ean t\u00ecm c\u00e1ch l\u00e0m EBITDA cao h\u01a1n \u0111\u1ec3 \u0111\u01b0\u1ee3c tr\u1eeb nhi\u1ec1u chi ph\u00ed l\u00e3i vay h\u01a1n kh\u00f4ng?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#EBITDA_thue_khac_gi_so_voi_EBITDA_quan_tri_ma_doanh_nghiep_hay_dung\" >EBITDA thu\u1ebf kh\u00e1c g\u00ec so v\u1edbi EBITDA qu\u1ea3n tr\u1ecb m\u00e0 doanh nghi\u1ec7p hay d\u00f9ng?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/ebitda-cao-co-that-su-tot-khong\/#Neu_EBITDA_cao_nhung_dong_tien_hoat_dong_am_thi_co_dang_lo_khong\" >N\u1ebfu EBITDA cao nh\u01b0ng d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng \u00e2m th\u00ec c\u00f3 \u0111\u00e1ng lo kh\u00f4ng?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Vi_sao_cau_hoi_%E2%80%9CEBITDA_cao_co_that_su_tot%E2%80%9D_khien_nhieu_CFO_phai_suy_nghi_lai\"><\/span><b>V\u00ec sao c\u00e2u h\u1ecfi &#8220;EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t&#8221; khi\u1ebfn nhi\u1ec1u CFO ph\u1ea3i suy ngh\u0129 l\u1ea1i?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Trong nhi\u1ec1u n\u0103m, EBITDA \u0111\u01b0\u1ee3c xem l\u00e0 ch\u1ec9 s\u1ed1 \u0111\u1ec3 so s\u00e1nh kh\u1ea3 n\u0103ng sinh l\u1eddi gi\u1eefa c\u00e1c doanh nghi\u1ec7p, b\u1edfi ch\u1ec9 s\u1ed1 lo\u1ea1i b\u1ecf \u1ea3nh h\u01b0\u1edfng c\u1ee7a c\u1ea5u tr\u00fac v\u1ed1n, ch\u00ednh s\u00e1ch kh\u1ea5u hao v\u00e0 thu\u1ebf su\u1ea5t. Nh\u01b0ng c\u00e2u h\u1ecfi EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf g\u00f3c \u0111\u1ed9 so s\u00e1nh qu\u1ea3n tr\u1ecb, m\u00e0 c\u00f2n li\u00ean quan tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ngh\u0129a v\u1ee5 thu\u1ebf c\u1ee7a doanh nghi\u1ec7p c\u00f3 giao d\u1ecbch li\u00ean k\u1ebft, \u0111\u1eb7c bi\u1ec7t l\u00e0 b\u00e0i to\u00e1n kh\u1ed1ng ch\u1ebf chi ph\u00ed l\u00e3i vay.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_la_gi_va_vi_sao_tro_thanh_thuoc_do_quan_trong\"><\/span><b>EBITDA l\u00e0 g\u00ec v\u00e0 v\u00ec sao tr\u1edf th\u00e0nh th\u01b0\u1edbc \u0111o quan tr\u1ecdng?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) l\u00e0 l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay, thu\u1ebf v\u00e0 kh\u1ea5u hao. V\u1ec1 b\u1ea3n ch\u1ea5t, \u0111\u00e2y l\u00e0 m\u1ed9t th\u01b0\u1edbc \u0111o d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng g\u1ea7n \u0111\u00fang, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u01a1 quan qu\u1ea3n l\u00fd b\u00f3c t\u00e1ch \u0111\u01b0\u1ee3c n\u0103ng l\u1ef1c sinh l\u1eddi c\u1ed1t l\u00f5i c\u1ee7a doanh nghi\u1ec7p, t\u00e1ch bi\u1ec7t kh\u1ecfi c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh nh\u01b0 vay n\u1ee3 nhi\u1ec1u hay \u00edt, kh\u1ea5u hao nhanh hay ch\u1eadm. Ch\u00ednh v\u00ec t\u00ednh trung l\u1eadp n\u00e0y m\u00e0 EBITDA th\u01b0\u1eddng \u0111\u01b0\u1ee3c d\u00f9ng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p, x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng v\u00e0 k\u1ec3 t\u1eeb Ngh\u1ecb \u0111\u1ecbnh 132\/2020\/N\u0110-CP tr\u01b0\u1edbc \u0111\u00e2y, nay l\u00e0 Ngh\u1ecb \u0111\u1ecbnh 255\/2026\/N\u0110-CP d\u00f9ng l\u00e0m m\u1eabu s\u1ed1 cho ng\u01b0\u1ee1ng kh\u1ed1ng ch\u1ebf chi ph\u00ed l\u00e3i vay c\u1ee7a doanh nghi\u1ec7p c\u00f3 giao d\u1ecbch li\u00ean k\u1ebft.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Nguong_30_EBITDA_theo_Nghi_dinh_2552026ND-CP\"><\/span><b>Ng\u01b0\u1ee1ng 30% EBITDA theo Ngh\u1ecb \u0111\u1ecbnh 255\/2026\/N\u0110-CP<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Theo \u0111i\u1ec3m a kho\u1ea3n 3 \u0110i\u1ec1u 16 Ngh\u1ecb \u0111\u1ecbnh 255\/2026\/N\u0110-CP, t\u1ed5ng chi ph\u00ed l\u00e3i vay sau khi tr\u1eeb l\u00e3i ti\u1ec1n g\u1eedi v\u00e0 l\u00e3i cho vay ph\u00e1t sinh trong k\u1ef3 \u0111\u01b0\u1ee3c tr\u1eeb khi t\u00ednh thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p kh\u00f4ng \u0111\u01b0\u1ee3c v\u01b0\u1ee3t qu\u00e1 30% c\u1ee7a EBITDA thu\u1ebf.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">N\u00f3i c\u00e1ch kh\u00e1c, EBITDA c\u00e0ng l\u1edbn th\u00ec d\u01b0 \u0111\u1ecba chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb c\u00e0ng r\u1ed9ng. \u0110\u00e2y ch\u00ednh l\u00e0 l\u00fd do v\u00ec sao c\u00e2u h\u1ecfi EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t kh\u00f4ng \u0111\u01a1n thu\u1ea7n l\u00e0 c\u00e2u chuy\u1ec7n qu\u1ea3n tr\u1ecb n\u1eefa, m\u00e0 tr\u1edf th\u00e0nh m\u1ed9t bi\u1ebfn s\u1ed1 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn s\u1ed1 thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p ph\u1ea3i n\u1ed9p trong k\u1ef3 2026.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_cao_co_that_su_tot_hay_chi_la_ao_giac_tai_chinh\"><\/span><b>EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay ch\u1ec9 l\u00e0 \u1ea3o gi\u00e1c t\u00e0i ch\u00ednh?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_5114\" aria-describedby=\"caption-attachment-5114\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5114\" src=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh.jpg\" alt=\"EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay ch\u1ec9 l\u00e0 \u1ea3o gi\u00e1c t\u00e0i ch\u00ednh\" width=\"1200\" height=\"675\" srcset=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh.jpg 1200w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh-300x169.jpg 300w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh-1024x576.jpg 1024w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh-768x432.jpg 768w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-hay-chi-la-ao-giac-tai-chinh-18x10.jpg 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-5114\" class=\"wp-caption-text\">EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay ch\u1ec9 l\u00e0 \u1ea3o gi\u00e1c t\u00e0i ch\u00ednhEBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay ch\u1ec9 l\u00e0 \u1ea3o gi\u00e1c t\u00e0i ch\u00ednh<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">C\u00e2u tr\u1ea3 l\u1eddi trung th\u1ef1c cho c\u00e2u h\u1ecfi EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t l\u00e0: <\/span><b>C\u00f3 \u0111i\u1ec1u ki\u1ec7n<\/b><span style=\"font-weight: 400;\">. EBITDA cao l\u00e0 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c khi n\u00f3 ph\u1ea3n \u00e1nh \u0111\u00fang n\u0103ng l\u1ef1c sinh l\u1eddi th\u1ef1c ch\u1ea5t, nh\u01b0ng l\u1ea1i tr\u1edf th\u00e0nh \u1ea3o gi\u00e1c n\u1ebfu b\u1ecb b\u00f3p m\u00e9o b\u1edfi k\u1ef9 thu\u1eadt h\u1ea1ch to\u00e1n ho\u1eb7c c\u00e1c kho\u1ea3n m\u1ee5c b\u1ea5t th\u01b0\u1eddng.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"3_ly_do_khien_EBITDA_cao_duoc_xem_la_tin_hieu_tich_cuc\"><\/span><b>3 l\u00fd do khi\u1ebfn EBITDA cao \u0111\u01b0\u1ee3c xem l\u00e0 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><b>Th\u1ee9 nh\u1ea5t, EBITDA cao th\u01b0\u1eddng \u0111i k\u00e8m kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ed1t l\u00f5i m\u1ea1nh.<\/b><span style=\"font-weight: 400;\"> Khi ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00ednh t\u1ea1o ra d\u00f2ng ti\u1ec1n d\u1ed3i d\u00e0o tr\u01b0\u1edbc c\u00e1c ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh, doanh nghi\u1ec7p c\u00f3 nhi\u1ec1u d\u01b0 \u0111\u1ecba \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0, tr\u1ea3 n\u1ee3 ho\u1eb7c chia c\u1ed5 t\u1ee9c.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Th\u1ee9 hai, EBITDA cao m\u1edf r\u1ed9ng d\u01b0 \u0111\u1ecba chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb theo ng\u01b0\u1ee1ng 30% EBITDA.<\/b><span style=\"font-weight: 400;\"> V\u1edbi doanh nghi\u1ec7p c\u00f3 giao d\u1ecbch li\u00ean k\u1ebft v\u00e0 \u0111ang vay v\u1ed1n nh\u00f3m, m\u1ed9t EBITDA thu\u1ebf l\u1edbn \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c chi ph\u00ed l\u00e3i vay thu\u1ea7n \u00edt c\u00f3 nguy c\u01a1 b\u1ecb lo\u1ea1i khi t\u00ednh thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Th\u1ee9 ba, EBITDA cao l\u00e0 ch\u1ec9 s\u1ed1 \u0111\u01b0\u1ee3c nh\u00e0 \u0111\u1ea7u t\u01b0, ng\u00e2n h\u00e0ng v\u00e0 t\u1ed5 ch\u1ee9c x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng \u01b0u ti\u00ean khi \u0111\u00e1nh gi\u00e1 n\u0103ng l\u1ef1c tr\u1ea3 n\u1ee3<\/b><span style=\"font-weight: 400;\">, t\u1eeb \u0111\u00f3 gi\u00fap doanh nghi\u1ec7p ti\u1ebfp c\u1eadn v\u1ed1n v\u1edbi chi ph\u00ed th\u1ea5p h\u01a1n.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"4_gioi_han_khien_EBITDA_cao_chua_chac_phan_anh_suc_khoe_doanh_nghiep\"><\/span><b>4 gi\u1edbi h\u1ea1n khi\u1ebfn EBITDA cao ch\u01b0a ch\u1eafc ph\u1ea3n \u00e1nh s\u1ee9c kh\u1ecfe doanh nghi\u1ec7p<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><b>M\u1ed9t, EBITDA b\u1ecf qua nhu c\u1ea7u v\u1ed1n \u0111\u1ea7u t\u01b0 (capex).<\/b><span style=\"font-weight: 400;\"> Doanh nghi\u1ec7p th\u00e2m d\u1ee5ng t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh, s\u1ea3n xu\u1ea5t, h\u1ea1 t\u1ea7ng, khai kho\u00e1ng c\u00f3 th\u1ec3 c\u00f3 EBITDA cao nh\u01b0ng d\u00f2ng ti\u1ec1n t\u1ef1 do g\u1ea7n nh\u01b0 b\u1eb1ng 0 sau khi tr\u1eeb chi ph\u00ed t\u00e1i \u0111\u1ea7u t\u01b0 b\u1eaft bu\u1ed9c.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Hai, EBITDA kh\u00f4ng ph\u1ea3n \u00e1nh bi\u1ebfn \u0111\u1ed9ng v\u1ed1n l\u01b0u \u0111\u1ed9ng.<\/b><span style=\"font-weight: 400;\"> Doanh nghi\u1ec7p t\u0103ng tr\u01b0\u1edfng doanh thu nhanh nh\u01b0ng b\u1ecb chi\u1ebfm d\u1ee5ng v\u1ed1n qua c\u00f4ng n\u1ee3 ph\u1ea3i thu c\u00f3 th\u1ec3 ghi nh\u1eadn EBITDA cao trong khi th\u1ef1c ch\u1ea5t \u0111ang c\u1ea1n ti\u1ec1n m\u1eb7t.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Ba, EBITDA d\u1ec5 b\u1ecb &#8220;l\u00e0m \u0111\u1eb9p&#8221; b\u1edfi c\u00e1c kho\u1ea3n thu nh\u1eadp <\/b><span style=\"font-weight: 400;\">t\u00e0i s\u1ea3n, ho\u00e0n nh\u1eadp d\u1ef1 ph\u00f2ng, khi\u1ebfn con s\u1ed1 EBITDA c\u1ee7a m\u1ed9t k\u1ef3 kh\u00f4ng ph\u1ea3n \u00e1nh n\u0103ng l\u1ef1c sinh l\u1eddi b\u1ec1n v\u1eefng.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>B\u1ed1n, EBITDA cao \u0111\u1ebfn t\u1eeb vi\u1ec7c g\u1ed9p chung doanh thu t\u00e0i ch\u00ednh kh\u00f4ng li\u00ean quan \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00ednh.<\/b><span style=\"font-weight: 400;\"> \u0110\u00e2y l\u00e0 \u0111i\u1ec3m \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng khi t\u00ednh EBITDA thu\u1ebf theo Ngh\u1ecb \u0111\u1ecbnh 255\/2026\/N\u0110-CP, v\u00ec c\u00f4ng th\u1ee9c ch\u1ec9 cho ph\u00e9p c\u1ed9ng chi ph\u00ed l\u00e3i vay thu\u1ea7n (\u0111\u00e3 tr\u1eeb l\u00e3i ti\u1ec1n g\u1eedi, l\u00e3i <\/span><b>b\u1ea5t th\u01b0\u1eddng ho\u1eb7c \u0111i\u1ec1u ch\u1ec9nh k\u1ebf to\u00e1n m\u1ed9t l\u1ea7n<\/b><span style=\"font-weight: 400;\">, ch\u1eb3ng h\u1ea1n thu nh\u1eadp t\u1eeb thanh l\u00fd cho vay), ch\u1ee9 kh\u00f4ng ph\u1ea3i m\u1ecdi kho\u1ea3n doanh thu t\u00e0i ch\u00ednh \u0111\u1ec1u \u0111\u01b0\u1ee3c \u0111\u1ed1i tr\u1eeb.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Nh\u01b0 v\u1eady, \u0111\u1ec3 tr\u1ea3 l\u1eddi tr\u1ecdn v\u1eb9n c\u00e2u h\u1ecfi EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t, doanh nghi\u1ec7p c\u1ea7n t\u00e1ch b\u1ea1ch gi\u1eefa EBITDA ph\u1ea3n \u00e1nh \u0111\u00fang b\u1ea3n ch\u1ea5t kinh doanh v\u00e0 EBITDA b\u1ecb &#8220;th\u1ed5i ph\u1ed3ng&#8221; b\u1edfi k\u1ef9 thu\u1eadt h\u1ea1ch to\u00e1n ho\u1eb7c kho\u1ea3n m\u1ee5c b\u1ea5t th\u01b0\u1eddng.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_thue_va_bai_toan_30_nguong_chi_phi_lai_vay_Khi_EBITDA_cao_lai_tro_thanh_loi_the_thue\"><\/span><b>EBITDA thu\u1ebf v\u00e0 b\u00e0i to\u00e1n 30% ng\u01b0\u1ee1ng chi ph\u00ed l\u00e3i vay: Khi EBITDA cao l\u1ea1i tr\u1edf th\u00e0nh l\u1ee3i th\u1ebf thu<\/b><b>\u1ebf<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Mu\u1ed1n \u0111\u00e1nh gi\u00e1 \u0111\u00fang vi\u1ec7c EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t trong b\u1ed1i c\u1ea3nh thu\u1ebf giao d\u1ecbch li\u00ean k\u1ebft, doanh nghi\u1ec7p c\u1ea7n hi\u1ec3u r\u00f5<\/span><a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/cong-thuc-tinh-ebitda\/\"> <span style=\"font-weight: 400;\">c\u00f4ng th\u1ee9c t\u00ednh EBITDA<\/span><\/a><span style=\"font-weight: 400;\"> theo \u0111\u00fang quy \u0111\u1ecbnh t\u1ea1i \u0110i\u1ec1u 16 Ngh\u1ecb \u0111\u1ecbnh 255\/2026\/N\u0110-CP, thay v\u00ec \u00e1p d\u1ee5ng kh\u00e1i ni\u1ec7m EBITDA qu\u1ea3n tr\u1ecb th\u00f4ng th\u01b0\u1eddng.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Cong_thuc_tinh_EBITDA_thue_duoc_xac_dinh_nhu_the_nao\"><\/span><b>C\u00f4ng th\u1ee9c t\u00ednh EBITDA thu\u1ebf \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh nh\u01b0 th\u1ebf n\u00e0o?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Theo \u0111i\u1ec3m a kho\u1ea3n 3 \u0110i\u1ec1u 16, EBITDA thu\u1ebf \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh nh\u01b0 sau:<\/span><\/p>\n<table style=\"width: 100%; border-color: #000000;\" border=\"1\" cellspacing=\"2\" cellpadding=\"12\">\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">EBITDA thu\u1ebf = L\u1ee3i nhu\u1eadn thu\u1ea7n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh trong k\u1ef3 + Chi ph\u00ed l\u00e3i vay thu\u1ea7n + Chi ph\u00ed kh\u1ea5u hao ph\u00e1t sinh trong k\u1ef3<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Trong \u0111\u00f3, chi ph\u00ed l\u00e3i vay thu\u1ea7n l\u00e0 chi ph\u00ed l\u00e3i vay sau khi \u0111\u00e3 tr\u1eeb l\u00e3i ti\u1ec1n g\u1eedi v\u00e0 l\u00e3i cho vay ph\u00e1t sinh trong k\u1ef3. Ng\u01b0\u1ee1ng chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb t\u01b0\u01a1ng \u1ee9ng b\u1eb1ng 30% c\u1ee7a EBITDA thu\u1ebf v\u1eeba x\u00e1c \u0111\u1ecbnh.<\/span><\/p>\n<table style=\"width: 100%; border-color: #000000;\" border=\"1\" cellspacing=\"2\" cellpadding=\"12\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><b>Indicators<\/b><\/td>\n<td style=\"text-align: center;\"><b>How to determine<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Net operating profit<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Theo chi ti\u00eau tr\u00ean B\u00e1o c\u00e1o k\u1ebft qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng kinh doanh, ch\u01b0a bao g\u1ed3m thu nh\u1eadp kh\u00e1c, chi ph\u00ed kh\u00e1c<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Net interest expense<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Chi ph\u00ed l\u00e3i vay ph\u00e1t sinh trong k\u1ef3 &#8211; (L\u00e3i ti\u1ec1n g\u1eedi + L\u00e3i cho vay ph\u00e1t sinh trong k\u1ef3)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Depreciation expense<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Chi ph\u00ed kh\u1ea5u hao t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh ph\u00e1t sinh trong k\u1ef3<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Ng\u01b0\u1ee1ng \u0111\u01b0\u1ee3c tr\u1eeb<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30% x EBITDA thu\u1ebf<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_cao_mo_rong_du_dia_chi_phi_lai_vay_duoc_tru_nhu_the_nao\"><\/span><b>EBITDA cao m\u1edf r\u1ed9ng d\u01b0 \u0111\u1ecba chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb nh\u01b0 th\u1ebf n\u00e0o?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">V\u00ec ng\u01b0\u1ee1ng \u0111\u01b0\u1ee3c tr\u1eeb t\u1ef7 l\u1ec7 thu\u1eadn v\u1edbi EBITDA thu\u1ebf, m\u1ed9t doanh nghi\u1ec7p c\u00f3 EBITDA cao do l\u1ee3i nhu\u1eadn thu\u1ea7n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh t\u1ed1t, ho\u1eb7c chi ph\u00ed kh\u1ea5u hao l\u1edbn s\u1ebd c\u00f3 d\u01b0 \u0111\u1ecba<\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/chi-phi-lai-vay-giao-dich-lien-ket\/\"> related party interest expense<\/a><\/span><\/strong><span style=\"font-weight: 400;\"> \u0111\u01b0\u1ee3c tr\u1eeb r\u1ed9ng h\u01a1n t\u01b0\u01a1ng \u1ee9ng. \u0110\u00e2y ch\u00ednh l\u00e0 g\u00f3c nh\u00ecn khi\u1ebfn nhi\u1ec1u doanh nghi\u1ec7p vay v\u1ed1n nh\u00f3m \u0111\u1eb7t c\u00e2u h\u1ecfi EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t kh\u00f4ng ch\u1ec9 tr\u00ean ph\u01b0\u01a1ng di\u1ec7n qu\u1ea3n tr\u1ecb, m\u00e0 c\u00f2n tr\u00ean ph\u01b0\u01a1ng di\u1ec7n t\u1ed1i \u01b0u ngh\u0129a v\u1ee5 thu\u1ebf.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>V\u00ed d\u1ee5 \u0111\u01a1n gi\u1ea3n:<\/b><span style=\"font-weight: 400;\"> M\u1ed9t doanh nghi\u1ec7p c\u00f3 EBITDA thu\u1ebf 100 t\u1ef7 \u0111\u1ed3ng s\u1ebd c\u00f3 ng\u01b0\u1ee1ng \u0111\u01b0\u1ee3c tr\u1eeb chi ph\u00ed l\u00e3i vay thu\u1ea7n l\u00e0 30 t\u1ef7 \u0111\u1ed3ng; trong khi doanh nghi\u1ec7p c\u00f3 EBITDA thu\u1ebf ch\u1ec9 50 t\u1ef7 \u0111\u1ed3ng s\u1ebd b\u1ecb gi\u1edbi h\u1ea1n \u1edf m\u1ee9c 15 t\u1ef7 \u0111\u1ed3ng, d\u00f9 c\u1ea3 hai c\u00f3 c\u00f9ng m\u1ee9c vay v\u00e0 c\u00f9ng chi ph\u00ed l\u00e3i vay ph\u00e1t sinh. R\u00f5 r\u00e0ng, \u1edf kh\u00eda c\u1ea1nh thu\u1ebf, EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t cho doanh nghi\u1ec7p \u0111ang g\u00e1nh chi ph\u00ed l\u00e3i vay t\u1eeb b\u00ean li\u00ean k\u1ebft.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Rui_ro_khi_doanh_nghiep_co_tinh_thoi_phong_EBITDA_de_ne_nguong_chi_phi_lai_vay\"><\/span><b>R\u1ee7i ro khi doanh nghi\u1ec7p c\u1ed1 t\u00ecnh th\u1ed5i ph\u1ed3ng EBITDA \u0111\u1ec3 n\u00e9 ng\u01b0\u1ee1ng chi ph\u00ed l\u00e3i vay<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_5113\" aria-describedby=\"caption-attachment-5113\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5113\" src=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay.jpg\" alt=\"EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t v\u00e0 r\u1ee7i ro khi doanh nghi\u1ec7p c\u1ed1 t\u00ecnh th\u1ed5i ph\u1ed3ng \u0111\u1ec3 n\u00e9 ng\u01b0\u1ee1ng chi ph\u00ed l\u00e3i vay\" width=\"1200\" height=\"675\" srcset=\"https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay.jpg 1200w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay-300x169.jpg 300w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay-1024x576.jpg 1024w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay-768x432.jpg 768w, https:\/\/giaodichlienket.man.net.vn\/wp-content\/uploads\/2026\/09\/EBITDA-cao-co-that-su-tot-va-rui-ro-khi-doanh-nghiep-co-tinh-thoi-phong-de-ne-nguong-chi-phi-lai-vay-18x10.jpg 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-5113\" class=\"wp-caption-text\">EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t v\u00e0 r\u1ee7i ro khi doanh nghi\u1ec7p c\u1ed1 t\u00ecnh th\u1ed5i ph\u1ed3ng \u0111\u1ec3 n\u00e9 ng\u01b0\u1ee1ng chi ph\u00ed l\u00e3i vay<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Ch\u00ednh v\u00ec nh\u1eadn ra l\u1ee3i \u00edch thu\u1ebf c\u1ee7a EBITDA cao, kh\u00f4ng \u00edt doanh nghi\u1ec7p t\u00ecm c\u00e1ch gia t\u0103ng EBITDA m\u1ed9t c\u00e1ch thi\u1ebfu c\u0103n c\u1ee9 \u0111\u1ec3 m\u1edf r\u1ed9ng ph\u1ea7n chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb. \u0110\u00e2y l\u00e0 \u0111i\u1ec3m m\u00e0 kinh nghi\u1ec7m r\u00e0 so\u00e1t h\u1ed3 s\u01a1 giao d\u1ecbch li\u00ean k\u1ebft cho th\u1ea5y d\u1ec5 b\u1ecb c\u01a1 quan thu\u1ebf b\u00e1c b\u1ecf nh\u1ea5t.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Cac_thu_thuat_thuong_gap_va_vi_sao_bi_co_quan_thue_bac_bo\"><\/span><b>C\u00e1c th\u1ee7 thu\u1eadt th\u01b0\u1eddng g\u1eb7p v\u00e0 v\u00ec sao b\u1ecb c\u01a1 quan thu\u1ebf b\u00e1c b\u1ecf<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><b>C\u1ed9ng nh\u1ea7m chi ph\u00ed l\u00e3i vay g\u1ed9p thay v\u00ec chi ph\u00ed l\u00e3i vay thu\u1ea7n v\u00e0o EBITDA.<\/b><span style=\"font-weight: 400;\"> M\u1ed9t s\u1ed1 doanh nghi\u1ec7p kh\u00f4ng tr\u1eeb l\u00e3i ti\u1ec1n g\u1eedi, l\u00e3i cho vay \u1edf v\u1ebf c\u1ed9ng v\u00e0o EBITDA, khi\u1ebfn EBITDA b\u1ecb th\u1ed5i ph\u1ed3ng v\u00e0 ng\u01b0\u1ee1ng \u0111\u01b0\u1ee3c tr\u1eeb t\u00ednh sai theo h\u01b0\u1edbng c\u00f3 l\u1ee3i gi\u1ea3 t\u1ea1o.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>G\u1ed9p thu nh\u1eadp kh\u00e1c v\u00e0o l\u1ee3i nhu\u1eadn thu\u1ea7n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/b><span style=\"font-weight: 400;\"> V\u00ec c\u00f4ng th\u1ee9c ch\u1ec9 l\u1ea5y l\u1ee3i nhu\u1eadn thu\u1ea7n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh, vi\u1ec7c c\u1ed9ng th\u00eam kho\u1ea3n l\u00e3i thanh l\u00fd t\u00e0i s\u1ea3n, ho\u00e0n nh\u1eadp d\u1ef1 ph\u00f2ng v\u00e0o ch\u1ec9 ti\u00eau n\u00e0y \u0111\u1ec3 \u0111\u1ea9y cao EBITDA l\u00e0 sai b\u1ea3n ch\u1ea5t v\u00e0 d\u1ec5 b\u1ecb lo\u1ea1i khi \u0111\u1ed1i chi\u1ebfu B\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u00e3 ki\u1ec3m to\u00e1n.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Ghi nh\u1eadn kh\u1ea5u hao kh\u00f4ng \u0111\u00fang k\u1ef3 ho\u1eb7c kh\u00f4ng \u0111\u00fang ch\u00ednh s\u00e1ch \u0111\u00e3 \u0111\u0103ng k\u00fd.<\/b><span style=\"font-weight: 400;\"> \u0110\u1ea9y nhanh ho\u1eb7c tr\u00ec ho\u00e3n kh\u1ea5u hao ch\u1ec9 \u0111\u1ec3 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn EBITDA c\u1ee7a m\u1ed9t k\u1ef3 c\u1ee5 th\u1ec3 l\u00e0 d\u1ea5u hi\u1ec7u b\u1ecb thanh tra thu\u1ebf \u0111\u1eb7c bi\u1ec7t l\u01b0u \u00fd.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"He_luy_khi_chi_phi_lai_vay_khong_duoc_tru_bi_an_dinh_lai\"><\/span><b>H\u1ec7 l\u1ee5y khi chi ph\u00ed l\u00e3i vay kh\u00f4ng \u0111\u01b0\u1ee3c tr\u1eeb b\u1ecb \u1ea5n \u0111\u1ecbnh l\u1ea1i<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Khi c\u01a1 quan thu\u1ebf ph\u00e1t hi\u1ec7n EBITDA b\u1ecb t\u00ednh sai theo h\u01b0\u1edbng th\u1ed5i ph\u1ed3ng, h\u1ec7 qu\u1ea3 kh\u00f4ng ch\u1ec9 l\u00e0 \u0111i\u1ec1u ch\u1ec9nh l\u1ea1i EBITDA m\u00e0 c\u00f2n k\u00e9o theo vi\u1ec7c x\u00e1c \u0111\u1ecbnh l\u1ea1i to\u00e0n b\u1ed9 ph\u1ea7n<\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/chi-phi-lai-vay-khong-duoc-tru\/\"> chi ph\u00ed l\u00e3i vay kh\u00f4ng \u0111\u01b0\u1ee3c tr\u1eeb<\/a><\/span><\/strong><span style=\"font-weight: 400;\">, truy thu thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p v\u00e0 t\u00ednh ti\u1ec1n ch\u1eadm n\u1ed9p t\u1eeb th\u1eddi \u0111i\u1ec3m \u0111\u00e1ng l\u1ebd ph\u1ea3i n\u1ed9p. N\u00f3i c\u00e1ch kh\u00e1c, vi\u1ec7c c\u1ed1 t\u00ecnh l\u00e0m cho EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t trong ng\u1eafn h\u1ea1n tr\u00ean t\u1edd khai, nh\u01b0ng l\u1ea1i t\u1ea1o ra r\u1ee7i ro truy thu l\u1edbn h\u01a1n nhi\u1ec1u l\u1ea7n trong d\u00e0i h\u1ea1n n\u1ebfu b\u1ecb ph\u00e1t hi\u1ec7n.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>EBITDA cao th\u1eadt s\u1ef1 t\u1ed1t khi n\u00e0o?<\/b><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u0110\u1ec3 tr\u1ea3 l\u1eddi d\u1ee9t \u0111i\u1ec3m c\u00e2u h\u1ecfi EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t, k\u1ebf to\u00e1n tr\u01b0\u1edfng v\u00e0 CFO n\u00ean \u0111\u1ed1i chi\u1ebfu EBITDA v\u1edbi \u00edt nh\u1ea5t hai l\u1edbp d\u1eef li\u1ec7u kh\u00e1c thay v\u00ec nh\u00ecn con s\u1ed1 m\u1ed9t c\u00e1ch \u0111\u1ed9c l\u1eadp.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Doi_chieu_EBITDA_cao_voi_dong_tien_hoat_dong_thuc_te\"><\/span><b>\u0110\u1ed1i chi\u1ebfu EBITDA cao v\u1edbi d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng th\u1ef1c t\u1ebf<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">M\u1ed9t EBITDA cao ch\u1ec9 th\u1eadt s\u1ef1 t\u1ed1t khi n\u00f3 chuy\u1ec3n h\u00f3a th\u00e0nh d\u00f2ng ti\u1ec1n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh t\u01b0\u01a1ng \u1ee9ng. N\u1ebfu EBITDA t\u0103ng nh\u01b0ng d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng \u00e2m ho\u1eb7c s\u1ee5t gi\u1ea3m do c\u00f4ng n\u1ee3 ph\u1ea3i thu ph\u00ecnh to, h\u00e0ng t\u1ed3n kho \u1ee9 \u0111\u1ecdng th\u00ec EBITDA cao l\u00fac n\u00e0y ch\u1ec9 l\u00e0 con s\u1ed1 k\u1ebf to\u00e1n, ch\u01b0a ph\u1ea3i s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh th\u1ef1c ch\u1ea5t.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Doi_chieu_EBITDA_cao_voi_chat_luong_loi_nhuan_va_giao_dich_lien_ket\"><\/span><b>\u0110\u1ed1i chi\u1ebfu EBITDA cao v\u1edbi ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn v\u00e0 giao d\u1ecbch li\u00ean k\u1ebft<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">V\u1edbi doanh nghi\u1ec7p c\u00f3 giao d\u1ecbch li\u00ean k\u1ebft, EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay kh\u00f4ng c\u00f2n ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c l\u00e3i su\u1ea5t vay n\u1ed9i b\u1ed9, gi\u00e1 b\u00e1n, gi\u00e1 mua v\u1edbi b\u00ean li\u00ean k\u1ebft c\u00f3 ph\u00f9 h\u1ee3p nguy\u00ean t\u1eafc giao d\u1ecbch \u0111\u1ed9c l\u1eadp hay kh\u00f4ng. M\u1ed9t EBITDA cao \u0111\u01b0\u1ee3c t\u1ea1o ra t\u1eeb vi\u1ec7c chuy\u1ec3n gi\u00e1 c\u00f3 l\u1ee3i cho b\u00ean trong n\u01b0\u1edbc nh\u01b0ng thi\u1ebfu h\u1ed3 s\u01a1 ch\u1ee9ng minh s\u1ebd ti\u1ec1m \u1ea9n r\u1ee7i ro b\u1ecb \u1ea5n \u0111\u1ecbnh l\u1ea1i, k\u00e9o theo c\u1ea3 EBITDA l\u1eabn ng\u01b0\u1ee1ng chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb \u0111\u1ec1u ph\u1ea3i t\u00ednh l\u1ea1i t\u1eeb \u0111\u1ea7u.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Vi_du_thuc_te_Hai_doanh_nghiep_cung_EBITDA_cao_nhung_khac_biet_ve_rui_ro_thue\"><\/span><b>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: Hai doanh nghi\u1ec7p c\u00f9ng EBITDA cao nh\u01b0ng kh\u00e1c bi\u1ec7t v\u1ec1 r\u1ee7i ro thu\u1ebf<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Doanh nghi\u1ec7p B v\u00e0 doanh nghi\u1ec7p C c\u00f9ng ng\u00e0nh s\u1ea3n xu\u1ea5t, c\u00f9ng c\u00f3 EBITDA thu\u1ebf 100 t\u1ef7 \u0111\u1ed3ng trong k\u1ef3 2026, c\u00f9ng vay v\u1ed1n c\u00f4ng ty m\u1eb9 \u1edf n\u01b0\u1edbc ngo\u00e0i v\u1edbi chi ph\u00ed l\u00e3i vay thu\u1ea7n 35 t\u1ef7 \u0111\u1ed3ng.<\/span><\/p>\n<table style=\"width: 100%; border-color: #000000;\" border=\"1\" cellspacing=\"2\" cellpadding=\"12\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Indicators<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Doanh nghi\u1ec7p B<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Doanh nghi\u1ec7p C<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">EBITDA thu\u1ebf<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">100 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">100 billion VND<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">C\u1ea5u ph\u1ea7n EBITDA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">L\u1ee3i nhu\u1eadn thu\u1ea7n ho\u1ea1t \u0111\u1ed9ng th\u1ef1c ch\u1ea5t, kh\u1ea5u hao \u0111\u00fang ch\u00ednh s\u00e1ch<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">C\u00f3 20 t\u1ef7 \u0111\u1ed3ng thu nh\u1eadp kh\u00e1c t\u1eeb thanh l\u00fd t\u00e0i s\u1ea3n b\u1ecb g\u1ed9p nh\u1ea7m v\u00e0o l\u1ee3i nhu\u1eadn thu\u1ea7n<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Net interest expense<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">35 t\u1ef7 \u0111\u1ed3ng<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">35 t\u1ef7 \u0111\u1ed3ng<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Ng\u01b0\u1ee1ng \u0111\u01b0\u1ee3c tr\u1eeb<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">30 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">30 billion VND<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">EBITDA thu\u1ebf sau khi c\u01a1 quan thu\u1ebf b\u00f3c t\u00e1ch l\u1ea1i<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">100 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">80 t\u1ef7 \u0111\u1ed3ng (lo\u1ea1i 20 t\u1ef7 thu nh\u1eadp kh\u00e1c)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Ng\u01b0\u1ee1ng \u0111\u01b0\u1ee3c tr\u1eeb<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">30 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">24 t\u1ef7 \u0111\u1ed3ng<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Ph\u1ea7n v\u01b0\u1ee3t ng\u01b0\u1ee1ng<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">5 billion VND<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">11 t\u1ef7 \u0111\u1ed3ng<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">T\u1eeb v\u00ed d\u1ee5 tr\u00ean cho th\u1ea5y, c\u00f9ng m\u1ed9t con s\u1ed1 EBITDA cao 100 t\u1ef7 \u0111\u1ed3ng nh\u01b0ng ch\u1ec9 doanh nghi\u1ec7p B m\u1edbi c\u00f3 th\u1ec3 kh\u1eb3ng \u0111\u1ecbnh EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t cho m\u00ecnh, v\u00ec c\u1ea5u ph\u1ea7n EBITDA ph\u1ea3n \u00e1nh \u0111\u00fang b\u1ea3n ch\u1ea5t v\u00e0 \u0111\u00e3 \u0111\u01b0\u1ee3c doanh nghi\u1ec7p ch\u1ee7 \u0111\u1ed9ng<\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/giaodichlienket.man.net.vn\/en\/xu-ly-tien-lai-vay-vuot-nguong-30-ebitda\/\"> x\u1eed l\u00fd chi ph\u00ed l\u00e3i vay v\u01b0\u1ee3t ng\u01b0\u1ee1ng 30% EBITDA<\/a><\/span><\/strong><span style=\"font-weight: 400;\"> \u0111\u00fang quy tr\u00ecnh. Doanh nghi\u1ec7p C th\u00ec ng\u01b0\u1ee3c l\u1ea1i, EBITDA cao ch\u1ec9 l\u00e0 con s\u1ed1 t\u1ea1m th\u1eddi, ti\u1ec1m \u1ea9n r\u1ee7i ro b\u1ecb t\u00ednh l\u1ea1i to\u00e0n b\u1ed9 khi thanh tra thu\u1ebf \u0111\u1ed1i chi\u1ebfu B\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u00e3 ki\u1ec3m to\u00e1n.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Ket_luan\"><\/span><b>Conclude<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay kh\u00f4ng kh\u00f4ng n\u1eb1m \u1edf \u0111\u1ed9 l\u1edbn c\u1ee7a con s\u1ed1, m\u00e0 n\u1eb1m \u1edf ch\u1ea5t l\u01b0\u1ee3ng c\u1ea5u ph\u1ea7n t\u1ea1o ra con s\u1ed1 \u0111\u00f3. Trong b\u1ed1i c\u1ea3nh Ngh\u1ecb \u0111\u1ecbnh 255\/2026\/N\u0110-CP ti\u1ebfp t\u1ee5c duy tr\u00ec ng\u01b0\u1ee1ng kh\u1ed1ng ch\u1ebf 30% EBITDA \u0111\u1ed1i v\u1edbi chi ph\u00ed l\u00e3i vay c\u1ee7a doanh nghi\u1ec7p c\u00f3 giao d\u1ecbch li\u00ean k\u1ebft, m\u1ed9t EBITDA cao \u0111\u00fang b\u1ea3n ch\u1ea5t s\u1ebd m\u1edf r\u1ed9ng d\u01b0 \u0111\u1ecba chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb m\u1ed9t c\u00e1ch h\u1ee3p ph\u00e1p v\u00e0 b\u1ec1n v\u1eefng.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Ng\u01b0\u1ee3c l\u1ea1i, m\u1ed9t EBITDA cao do g\u1ed9p nh\u1ea7m thu nh\u1eadp kh\u00e1c, t\u00ednh sai chi ph\u00ed l\u00e3i vay thu\u1ea7n hay xu\u1ea5t ph\u00e1t t\u1eeb giao d\u1ecbch li\u00ean k\u1ebft ch\u01b0a ph\u00f9 h\u1ee3p gi\u00e1 th\u1ecb tr\u01b0\u1eddng s\u1ebd ch\u1ec9 l\u00e0 con s\u1ed1 t\u1ea1m th\u1eddi, ch\u1edd ng\u00e0y b\u1ecb t\u00ednh l\u1ea1i khi thanh tra.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">N\u00f3i c\u00e1ch kh\u00e1c, c\u00e2u h\u1ecfi EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t c\u1ea7n \u0111\u01b0\u1ee3c tr\u1ea3 l\u1eddi b\u1eb1ng m\u1ed9t quy tr\u00ecnh r\u00e0 so\u00e1t c\u1ea5u ph\u1ea7n EBITDA, \u0111\u1ed1i chi\u1ebfu d\u00f2ng ti\u1ec1n v\u00e0 h\u1ed3 s\u01a1 giao d\u1ecbch li\u00ean k\u1ebft ch\u1ee9 kh\u00f4ng ph\u1ea3i b\u1eb1ng c\u1ea3m t\u00ednh khi nh\u00ecn v\u00e0o m\u1ed9t con s\u1ed1 tr\u00ean b\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">N\u1ebfu doanh nghi\u1ec7p \u0111ang c\u1ea7n r\u00e0 so\u00e1t l\u1ea1i c\u00e1ch t\u00ednh EBITDA thu\u1ebf, \u0111\u1ed1i chi\u1ebfu ng\u01b0\u1ee1ng 30% chi ph\u00ed l\u00e3i vay ho\u1eb7c chu\u1ea9n h\u00f3a h\u1ed3 s\u01a1 giao d\u1ecbch li\u00ean k\u1ebft tr\u01b0\u1edbc k\u1ef3 quy\u1ebft to\u00e1n 2026, \u0111\u1ed9i ng\u0169 chuy\u00ean gia giao d\u1ecbch li\u00ean k\u1ebft c\u1ee7a MAN &#8211; Master Accountant Network s\u1eb5n s\u00e0ng \u0111\u1ed3ng h\u00e0nh c\u00f9ng doanh nghi\u1ec7p \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o con s\u1ed1 EBITDA tr\u00ean b\u00e1o c\u00e1o th\u1eadt s\u1ef1 l\u00e0 m\u1ed9t l\u1ee3i th\u1ebf, ch\u1ee9 kh\u00f4ng ph\u1ea3i m\u1ed9t r\u1ee7i ro ti\u1ec1m \u1ea9n.<\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/giaodichlienket.man.net.vn\/en\/lien-he\/\"><span style=\"font-weight: 400;\"><strong><span style=\"color: #0000ff;\">Contact MAN \u2013 Master Accountant Network<\/span><\/strong><\/span><\/a><span style=\"font-weight: 400;\"> For free support and advice!<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Thong_tin_lien_he_MAN_%E2%80%93_Master_Accountant_Network\"><\/span><b>Contact information MAN \u2013 Master Accountant Network<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Address:<\/b><span style=\"font-weight: 400;\"> No. 19A, Street 43, Tan Thuan Ward, Ho Chi Minh City<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mobile\/Zalo:<\/b><span style=\"font-weight: 400;\"> 0903 963 163 \u2013 0903 428 622<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>E-mail:<\/b><span style=\"font-weight: 400;\"> man@man.net.vn<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Google Business Profile:<\/b> <a href=\"https:\/\/share.google\/EmihzHg354pCASC9k\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\"><strong><span style=\"color: #0000ff;\">View MAN \u2013 Master Accountant Network&#039;s Google Business Profile<\/span><\/strong>\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>LinkedIn Founder:<\/b> <a href=\"https:\/\/www.linkedin.com\/in\/tuy%C3%AAn-l%C3%AA-ho%C3%A0ng-65292aa0\/\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\"><strong><span style=\"color: #0000ff;\">View expert Le Hoang Tuyen&#039;s LinkedIn profile.<\/span><\/strong>\u00a0<\/span><\/a><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Responsible for production and professional content review by: Mr. <\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/man.net.vn\/le-hoang-tuyen\/\" rel=\"nofollow noopener\" target=\"_blank\">Le Hoang Tuyen \u2013 Founder &amp; CEO of MAN \u2013 Master Accountant Network<\/a><\/span><\/strong><span style=\"font-weight: 400;\">. He is a CPA Vietnam auditor with over 30 years of in-depth experience in accounting, auditing, taxation, and corporate legal consulting.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Cau_hoi_thuong_gap_ve_EBITDA_cao_co_that_su_tot\"><\/span><b>C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_cao_co_that_su_tot_cho_moi_loai_hinh_doanh_nghiep_khong\"><\/span><b>EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t cho m\u1ecdi lo\u1ea1i h\u00ecnh doanh nghi\u1ec7p kh\u00f4ng?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Kh\u00f4ng ho\u00e0n to\u00e0n. EBITDA cao l\u00e0 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c khi ph\u1ea3n \u00e1nh \u0111\u00fang n\u0103ng l\u1ef1c sinh l\u1eddi c\u1ed1t l\u00f5i v\u00e0 \u0111i k\u00e8m d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng t\u01b0\u01a1ng \u1ee9ng. V\u1edbi doanh nghi\u1ec7p th\u00e2m d\u1ee5ng v\u1ed1n \u0111\u1ea7u t\u01b0 ho\u1eb7c c\u00f3 giao d\u1ecbch li\u00ean k\u1ebft, EBITDA cao c\u1ea7n \u0111\u01b0\u1ee3c \u0111\u1ed1i chi\u1ebfu th\u00eam v\u1edbi chi ph\u00ed t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0 t\u00ednh h\u1ee3p l\u00fd c\u1ee7a giao d\u1ecbch v\u1edbi b\u00ean li\u00ean k\u1ebft.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Vi_sao_EBITDA_cao_lai_lien_quan_den_chi_phi_lai_vay_duoc_tru_khi_tinh_thue\"><\/span><b>V\u00ec sao EBITDA cao l\u1ea1i li\u00ean quan \u0111\u1ebfn chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb khi t\u00ednh thu\u1ebf?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">V\u00ec theo \u0111i\u1ec3m a kho\u1ea3n 3 \u0110i\u1ec1u 16 Ngh\u1ecb \u0111\u1ecbnh 255\/2026\/N\u0110-CP, ng\u01b0\u1ee1ng chi ph\u00ed l\u00e3i vay thu\u1ea7n \u0111\u01b0\u1ee3c tr\u1eeb khi t\u00ednh thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p b\u1eb1ng 30% EBITDA thu\u1ebf. EBITDA c\u00e0ng cao, d\u01b0 \u0111\u1ecba chi ph\u00ed l\u00e3i vay \u0111\u01b0\u1ee3c tr\u1eeb c\u00e0ng l\u1edbn.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Doanh_nghiep_co_nen_tim_cach_lam_EBITDA_cao_hon_de_duoc_tru_nhieu_chi_phi_lai_vay_hon_khong\"><\/span><b>Doanh nghi\u1ec7p c\u00f3 n\u00ean t\u00ecm c\u00e1ch l\u00e0m EBITDA cao h\u01a1n \u0111\u1ec3 \u0111\u01b0\u1ee3c tr\u1eeb nhi\u1ec1u chi ph\u00ed l\u00e3i vay h\u01a1n kh\u00f4ng?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Kh\u00f4ng n\u00ean l\u00e0m b\u1eb1ng c\u00e1ch g\u1ed9p sai c\u1ea5u ph\u1ea7n ho\u1eb7c t\u00ednh to\u00e1n kh\u00f4ng \u0111\u00fang b\u1ea3n ch\u1ea5t. EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t ch\u1ec9 khi ph\u1ea3n \u00e1nh \u0111\u00fang th\u1ef1c t\u1ebf kinh doanh; n\u1ebfu b\u1ecb c\u01a1 quan thu\u1ebf x\u00e1c \u0111\u1ecbnh l\u00e0 t\u00ednh sai, doanh nghi\u1ec7p s\u1ebd b\u1ecb truy thu thu\u1ebf v\u00e0 t\u00ednh ti\u1ec1n ch\u1eadm n\u1ed9p.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EBITDA_thue_khac_gi_so_voi_EBITDA_quan_tri_ma_doanh_nghiep_hay_dung\"><\/span><b>EBITDA thu\u1ebf kh\u00e1c g\u00ec so v\u1edbi EBITDA qu\u1ea3n tr\u1ecb m\u00e0 doanh nghi\u1ec7p hay d\u00f9ng?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">EBITDA thu\u1ebf \u0111\u01b0\u1ee3c t\u00ednh t\u1eeb l\u1ee3i nhu\u1eadn thu\u1ea7n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh, ch\u01b0a g\u1ed3m thu nh\u1eadp kh\u00e1c v\u00e0 chi ph\u00ed kh\u00e1c, c\u1ed9ng chi ph\u00ed l\u00e3i vay thu\u1ea7n (\u0111\u00e3 tr\u1eeb l\u00e3i ti\u1ec1n g\u1eedi, l\u00e3i cho vay) v\u00e0 chi ph\u00ed kh\u1ea5u hao. EBITDA qu\u1ea3n tr\u1ecb th\u01b0\u1eddng d\u00f9ng l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf c\u1ed9ng l\u00e3i vay g\u1ed9p v\u00e0 kh\u1ea5u hao, d\u1ec5 cho k\u1ebft qu\u1ea3 cao h\u01a1n th\u1ef1c t\u1ebf.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Neu_EBITDA_cao_nhung_dong_tien_hoat_dong_am_thi_co_dang_lo_khong\"><\/span><b>N\u1ebfu EBITDA cao nh\u01b0ng d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng \u00e2m th\u00ec c\u00f3 \u0111\u00e1ng lo kh\u00f4ng?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">C\u00f3. \u0110\u00e2y l\u00e0 d\u1ea5u hi\u1ec7u cho th\u1ea5y EBITDA cao ch\u01b0a chuy\u1ec3n h\u00f3a th\u00e0nh ti\u1ec1n m\u1eb7t th\u1ef1c t\u1ebf, c\u00f3 th\u1ec3 do v\u1ed1n l\u01b0u \u0111\u1ed9ng b\u1ecb chi\u1ebfm d\u1ee5ng ho\u1eb7c l\u1ee3i nhu\u1eadn \u0111\u1ebfn t\u1eeb kho\u1ea3n m\u1ee5c kh\u00f4ng t\u1ea1o d\u00f2ng ti\u1ec1n. Doanh nghi\u1ec7p c\u1ea7n r\u00e0 so\u00e1t th\u00eam tr\u01b0\u1edbc khi k\u1ebft lu\u1eadn EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t cho t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a m\u00ecnh.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>EBITDA cao c\u00f3 th\u1eadt s\u1ef1 t\u1ed1t hay ch\u1ec9 l\u00e0 m\u1ed9t con s\u1ed1 \u0111\u1eb9p tr\u00ean b\u00e1o c\u00e1o qu\u1ea3n tr\u1ecb, \u0111\u00e2y l\u00e0 c\u00e2u h\u1ecfi m\u00e0 kh\u00f4ng \u00edt k\u1ebf to\u00e1n tr\u01b0\u1edfng v\u00e0 CFO bu\u1ed9c ph\u1ea3i nh\u00ecn l\u1ea1i k\u1ec3 t\u1eeb khi Ngh\u1ecb \u0111\u1ecbnh 255\/2026\/N\u0110-CP ch\u00ednh th\u1ee9c \u00e1p d\u1ee5ng t\u1eeb k\u1ef3 t\u00ednh thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p n\u0103m 2026. Khi [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts\/5111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/comments?post=5111"}],"version-history":[{"count":2,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts\/5111\/revisions"}],"predecessor-version":[{"id":5116,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/posts\/5111\/revisions\/5116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/media\/5112"}],"wp:attachment":[{"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/media?parent=5111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/categories?post=5111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/giaodichlienket.man.net.vn\/en\/wp-json\/wp\/v2\/tags?post=5111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}