Chính sách tỷ giá hối đoái của việt nam thực trạng và giải pháp hoàn thiện


TRƯỜNG ĐẠI HỌC KINH TẾ QUỐC DÂN
VIỆN THƯƠNG MẠI & KINH TẾ QUỐC TẾ
BÀI TẬP NHÓM
MÔN: CHÍNH SÁCH KINH TẾ ĐỐI NGOẠI 2
Đề tài:
CHÍNH SÁCH TỶ GIÁ HỐI ĐOÁI CỦA VIỆT NAM: THỰC TRẠNG VÀ GIẢI
PHÁP HOÀN THIỆN
ĐẾN NĂM 2015
Giáo viên hướng dẫn 
Nhóm thực hiện 
Lớp  !"#$%&'"#(
Hà Nội - Năm 2013

MỤC LỤC
LỜI MỞ ĐẦU
LỜI MỞ ĐẦU
Lý do chọn đề tài
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8%192!"#"/:;!<=>,''51?"*'@A'@BC'D/?/1'.'
*'2.'7EFB7>GB6"1"F.7B!.7+F+.7-H"I'B.!.>6J"
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"9"/F*'@'O-K!+PEQ'.'<FM!FM!"92.'1%<!:8%1B#>!9'
"/1FBR!"!6'51*'2.'!6"9'51!*'BC'8%AB"SF- <%T"'51
*'B>@'BJ'B!0/!:'517>U>TA-."+!%'V%"G"A#%<@-K!+F
+.!."/7+L'%1'51BW"!6"/F*'>*!FM!"9>@!X1'.'FM!"9>*!
1%FM"B?'%A0BR!BW"!6@A"@BW"!62.'"/F8%."/U
8%19!X1'.'*'>*!1%BY<@KA+!-M"/Z"[!.&!BF.!
[!.&!BF.!<@?"-M"/Z2!"#MA'K>@/G"-L'"M- !"#"
"/\"\]%A:>TB?"U"[!.&!BF.!'^X!9"C2!

"#2.'_!#B?<@<`"G"!:7<@C->*!8%A<%T">TB?'51+,>T"7!9
"C%A!:7XE!a_!#'"I_G""\72.'<M'51!9"C2!
"#"G"-K!EFX%A:H7FJ'EFX"/Q'"/J'@FB<@'F!9
"C2!"#BE!a/1b'9'*c"SF<F!'_U"\!6%B<@'d
"1-K!"T"/;]S]e"'.'%A:H"4;!-I17?"'.'"F@E!9B0'
"0T"L'78%1B!0BdBf7<@'+D"!'TA'F>!9'B!6%'N'.'FM"
B?",'"!a
)!9"1<@?"8%&'!1B1-.""/!07BVA"!6g>@B1-GBG%>U
Q'"!:%"/*'f"<@B#ghihi'_K"/D"@*''3!9-7EF>TA7
>!9'B!6%@'.''I+.'2!"#>=3/1+1F<@?"B!6%@I-5<%3
*"*!L'B?F@"!9'1F/F'.''I+.'B"U'I+.'"[!.
B>1!"/O#"+L'8%1"/;7KDB#!6%J"'518%."/U-.""/!0
2!"#)!9'!:'L%+,_!#B?'51"[!.&!BF.!'^'I+.'"[
!.'51)!9"1"/F"\!!18%1'"0!d-'d"1''.!U"F@E!9G"
>6"UU2!"#"/F*''^/d"/1X"@'37XJ"M
'#"/FB!6%@'I+.'"[!.'51)!9"1B0"4BB1/1X!K!-
jF@"!9'I+.'"[!."/F!1!BFM"*!I>U>TA7+`
!:'L%>6B6"@!bI+.'"[!.&!BF.!'51)!9"1,'"/M>@!K!
- F@"!9B#ghic
Mục đích nghiên cứu
/:'+D>TEQ<k<%T>6"[!.&!BF.!>@'I+.'"[!.&!BF.!
B0-H"I'B.!.7"UU7B6"@!B6]%G"?"+&!K!- 72!#j
F@"!9'I+.'"[!.&!BF.!'51)!9"1"/F_&!'K?!T-2!"#
$%&'"#!91A
Đối tượng nghiên cứu
&!"C!:'L%'51B6"@!<@",'"/M'I+.'"[!.&!BF.!'51)!9"
1
Phương pháp nghiên cứu
PEQ'.'-- !:'L%-R_!#"/F2!"#l-
-H"I'7-- "RC-7-- "%"T-+&<!9%7-- +F

+.7
X>GB6<k<%T'_K
X>GB6<k<%T'_K
1.1. Tỷ giá hối đoái
1.1.1. Khái niệm
[!.&!BF.!<@!.'K'51?"B>"!6"9'51?"*'"I_j"!6"9
'51?"*'2.'71A<@8%19+F+.>6J"!.'K!X11!BW"!6'51'.'
*'2.'1%m)!9"1"SF FK!6%nBopqrrsqtl'51
I-5>68%K<kFM!&!b[!.&!BF.!<@!.'51?"B>"!6"9*'
F@!"I_jB>"!6"9'51)!9"1c
)IEQ!K+P<GABW)!9"1u)v<@BW?!"9>@B3<1wxuyv<@
BWFM!"9[!.&!BF.!!X1)>@y<@_j+&<C)'V"!#"
B0%1y)IEQ#%"[!.yq)<@hiii7=1<@'V'hiii)
B0%1y
1.1.2. Phân loại
hg'L>@FB&!"C].'B
Tỷ giá chính thứcBC''3_&>@!:A#"_D!H@/%'51'.'
*'[!.'I"L'"M!)!9"1EFH@@*'8%AB<@"[!.
_U8%H<!:H@,1>@F"[!.'I"L''?":_!:B?!1FE'
EF&B&'H@@*'8%AB7'.'"R'L'"IEQ)!9"1+`G
B"[!.%1_.FM!"9!1F1A7%1_.FM!"9'2zM7F.BR!
Tỷ giá thị trường<@"[!.U"@"SF8%19'%t'V%"/:""/\&!
BF.!#%"[!.U"@"SF8%19'%'V%"/:""/\",EF23BC'
@*'"41T'I"L'"U;!<@"[!.""/\",EF
hhg'L>@F-"L'!1FE'"/:""/\
Tỷ giá giao ngay"[!. EQ'F>!9'%1_.FM!&!@>!9'!1FT
F!M&!BC'",'!9"/F>Oh@A<@>!9'20"4@A!1FE'
Tỷ giá có kỳ hạn"[!.%1_.FM!&!@>!9'!1FTFM!&!+`BC'
",'!9+1%?"2zM"{1"%T"/FC-BW
hp[!.&!BF.!E1=17"[!.&!BF.!X%!9%>@"[!.&!BF.!",'

"#
Tỷ giá hối đoái danh nghĩa<@L'!.""/\'51?"BW"!6"I_j
BW"!62.'>@F?""\!B!0G"B%A"[!.&!BF.!E1=1'!.
"/"12KFG"B'1-K.BC'"8%1",'+,!X1'.'
BW"!6EF+,".'B?'51!.'K@17<M-.">@'.'H"&2.'
Tỷ giá hối đoái hữu hiệu<@!.'K'51?"BW"!6"I_j?"'.'
BW"!62.'t'5A#%<@BW"!6'51'.'_M@"M!8%1"/;G"
'518%&'!1[!.&!BF.!X%!9%'F-e-B.!.BC'+L'M"B&!
'51?"BW"!62!8%&'!1"!#@_%3_.>*!!6%_M@2.'1%
Tỷ giá hối đoái thực tế<@"[!.-K."8%1+L'%1!X11!BW
"!6"/F"[!. !!.@1>@E'>Q"/FFJ'F@!*'"g<:FJ'
!K]%&"U23"0].'BBC'!.'K"8%1'51@1>@E'>Q
'51*'F@!#%'N'g'L>@F"[!.&!BF.!E1=1@23"I
B#'.'_!#B?!.'KB
[!.&!BF.!",'"#|[!.&!BF.!E1=1}u'N+&!.'K*'F@!q
'N+&!.'K"/F*'v
F@!/17\!"1'O-H<FM!"[!."SF'.'"!:%'I+1%'g'L>@F-
"!9'%A0FM!&!u"[!.B!9&!7"[!."&!v~'g'L>@F-"!9"1
"F.8%&'"#u"[!.e'7"[!.&!-!#%"/K1A7"[!.&!-!#%'2zM7"[!.
'%A02FK7"[!."!6J"v~'g'L>@F"\!B!0!1FE'u"[!.D'P17"[
!.B'P1v~'g'L>@F!9->Q%1_.FM!":u"[!.%17"[!._.v
1.1.3. Các nhân tố ảnh hưởng
p•D"/,'"!#-
- Mức chênh lệch lạm phát giữa hai nước: /FB!6%2!9'M"/17L'<M
-."'511!*'2.'1%E€B#!.'K@1D1!*''+,_!#B?
2.'1%71!.+L'%1'511!BW"!6_-.>•7U"@1!.
*!t‚"1ABR!"[!.&!BF.!
- Cung và cầu ngoại hối trên thị trường:'%FM!&!‚'V%FM!&!t‚FM!
"9!K!.7?!"9"g!.~>@C'<M!.'H"&KDB#'%'V%
FM!&!"/:""/\"UU'.'H"1"F.8%&'"#7"%T-",'"#

uL'B?"gl",'"#v7X%'V%FM!&!_G""\EF"!:"1!7'!#
"/17
- Mức chênh lệch lãi suất giữa các nước: #%<Y!+%G"fM"/F*''1F
+F>*!'.'*'2.'t‚"%d"EO>&fM'KA>@F"/F*'t‚
'%FM!&!"gt‚?!"9"g!.
ph•D!."!#-
F@!/1'O''.'H"&KD!."!#-B#+,_!#B?'51"[!.
'I"/ uRB1A''!#"/17]%B?"7_G"R2%>,'>@8%&'!1v~2!"#
u"g"/D1A+%A"F.!v~]Y?!~",!:u"!:"1!72IT%v~'I+.''51
I-5u'I+.'"!6"97'I+.'"@!'I78%K<kFM!&!v
1.1.4. Vai trò của tỷ giá hối đoái trong hội nhập kinh tế quốc tế
n3'QB!6%"!#"'.'FM"B?FM!"
w?"62!"#DBO!{!-K!].'B?""[!.&!BF.!"I'C-B0'"0
2%A#2I'7"TEQ%W<,'+K]%G""/F*'>@'K_:F@!jD
/?62!"#@17BƒAM]%G"2ƒ%7"4BD/?8%192!"#B&!
FM![!.&!BF.!-K.'%'V%FM!"9>@B!6%"!#"FM"B?FM!
">@FM"B?+K]%G"2!EF1"/F*'
!.@]%G"2ƒ%'51?"*'+`BC'"I"SF!.'51*'T-2ƒ%#%
_!#""[!.&!BF.!!X1BW"!6'511!*' !BW"!6'51?"*'G"
!.7\!*'F@!T/1/j@]%G"2ƒ%'51*'B/„B!:+`%1
!6%<@"g]%G"2ƒ%7"/F2!\!EH"/F*'T"GA@T-
2ƒ%"4*'F@!Bf"7B!6%B<@'F\!EH"/F*'EZ@T-
2ƒ%I":T-2ƒ%!K)U>TA"[!.&!BF.!BC'+PEQB0B!6%"!#"
FM"B?]%G"2ƒ%1AT-2ƒ%@F.'51?"*''62!"#D'P1
?!T-
nh3'QB!6%"!#"+,E''%A0'.'EO>&
w?""[!.-ZC-+`--V"%d"BV%""4_:F@!7WBV%""/,'"!#-
>@BV%"!."!#-7+`"MF!9%L"/F>!9'B!6%'N+,E''%A0'.'EO
>&)!9'H'1F>1!"/O"[!.&!BF.!"/F?!T-8%&'"#<@'V"!#"7+P
EQ'3'Q"[!.B!6%"!#"""/\j"MF+,"3"F.'F8%."/U<%

"3>&7G-"%!9%8%K'.'%W>&"4*'F@!B0-.""/!02!"#7D
/?!1F<%2!"#
&!>*!BV%""/,'"!#-7"[!.&!BF.!".'B?"*!!."/-V>&@@BV%
"*'F@!BV%"FJ'->&<!:EF1)&FM!"9FJ'"<!9%+K]%G"
B1>@F*'+D"M!"\BC''%A0BR!/1BW?!"9"SF"[!.'I"L'
:'MB7"[!.'O".'B?"*!'!-I+K]%G">@!9%8%K'51'.'FM"B?
BV%"*'F@!
&!>*!BV%"!."!#-2!BV%">@F'.'"@!+K8%&'"#"U"R<C!"L'T
BC'W<C!"L'TBC'"4"@!+K"I_jFM!"9>@2FK<Y!>&u1A<
>&v-."+!EF!K!.u1A"g!.v'51BW?!"9"/F"\!!1B
np3'Q'51'I+.'"!6"98%&'!1
m)!9"17H@@*'<@'8%1].'B>@'3_&"[!.&!
BF.!'51BW)!9"1H@@*'?"J">TEQ''#8%K<k"[
!.-ZC-2!"#""/\7J"2.'"SFE…!f_f"",'"#7E,_.F"<1!
B0'3_&"[!.BW)!9"1jBM"BC'Q'"!:%'Q"0'51'I+.'"!6
"98%&'!1
H@/%!*'].'B"[!.&!BF.!>@>TEQ''#
8%K<k"[!.-ZC->*!2!"#""/\'O--VBK_KF?"'I+.'
"!6"9B?'<T-7'I+.'"@!'I>XM7!K!8%A#"'5B?>@!9%8%K'.'
>GB62.'RBH+.'7RB"!6"97C*'F@!)!9'].'B
?""[!.&!BF.!-ZC->*!+L'%1'51?!"9>@8%19'%'V%"/:"
"/\FM!"9+`!d-8%&'!1'5B?BC'"/F>!9''1"!9->@F"[!.2!
'_!#B?_G""\B0!X'H_j@"/.'F62!"#"F."2{!X
'd+&'4B7!d-RB!.'K7RB"!6"97"%d"BV%"72!0+F."BC'
<M-."7M'#"G"!9-7"MFBC'<O"!'51\!EH>@F?!"97>@F'I
+.'2!"#
1.2. Chính sách tỷ giá hối đoái
1.2.1. Khái niệm
I+.'"[!.&!BF.!<@?"9"&'.''3'QBC'EZB0".'B?
>@F8%19'%t'V%FM!"9"/:""/\FM!&!7"4B!d-B!6%'N"[!.

&!BF.!jBM"BC'XQ'"!:%B6/1)6'_K7'I+.'"[!.&!BF.!
"T-"/%>@F!K!8%A#"1!>GB6<*<,1';'#B?"[!.&!BF.!>@B!6%
'N"[!.&!BF.!
1.2.2. Các chế độ tỷ giá hối đoái
hh#B?"[!.&!BF.!"KR!F@"F@
#B?"[!."KR!F@"F@<@'#B?"[!.@DB"[!.BC'].'B
"38%18%19'%'V%"/:""/\@23'+,'1"!9-'51H
@/%1AI-5
Ưu điểm:
LG"7!d-'.'H"1"F.'H_j2!'?"*'@FB''.'H
>Y<1!"HQ"+`2!#BW?!"9!K!.%A!:B!6%@A+`"d'BƒA
]%G"2ƒ%7M'#T-2ƒ%'FB#2!'.'H"1"F.'H_j"/D<M!
L1!7-K.Bd"UU'%'V%'51""/\FM!"97+,_!#B?
'51""/\
L_17--VRB62!"#7"/.BC'X'd+&'_G"<C!"4_:
F@!7>U2!!.'K*'F@!"g+`<@'F"[!.",B?B!6%'N"SF'
'#1!."4B"/.'.'".'B?FM!<1!
L"7"!#"2!9'!-I8%K<k'51@*'
Nhược điểm:
LG"7<@%A:HHA:+,_G"REF'.'FM"B?BV%'<@eF
7+1!<9'""/\
L1!7EF+,_!#B?2<\:HA:+,22g'F>!9'FM'
B'I+.'2!"#'51@*'>@8%A#"BBV%"'51'.'@BV%"
hhh#B?"[!.&!BF.!'&B
#B?"[!.'&B<@'#B?"[!.@DBH@/%'.'*'
'12#"E%A"/U"[!.'&BD?"L'"[!.;!<@"[!."/%"H7"[!.'N
E1FB?D?"_!:B?†-]%8%1"[!."/%"H
Ưu điểm:
LG"7"[!.'&B"d'BƒABV%">@"M!8%&'"#7EF"[!.BC'
E%A"/UDL''&B:'.'@BV%"'"0"/.BC''.'/5!/F>6"[!.7"I

"F.BC'<C!I'2!"#"%BC'2!"!#@"M!1ABV%"
L1!7>*!'#B?"[!.@A7H@/%>@I-5'"0Ea
E@BM"BC''.'Q'"!:%B6/1
Nhược điểm:
LG"7""/\FM!&!23-.""/!07<%3"!6ƒ%A'G"'H
'%'V%FM!"9
L1!7"&!6%'!-I"/F'1"!9->@8%K<kFM!&!
hhp#B?"[!.&!BF.!"KR!'B!6%"!#"
#B?"[!.&!BF.!"KR!'B!6%"!#"<@'#B?"[!.&!BF.!@"/FB
H@/%'X'1"!9-"I'','<:""/\jE%A"/U"[
!._!#B?"/F?">ZG"B7-ZC->*!'.'Q'"!:%'51'I+.'
"!6"9'518%&'!1HABC''F!<@+,2#"C-!X1'#B?"[!."KR!F@"F@
>@'#B?"[!.'&B
1.2.3. Các công cụ của chính sách tỷ giá hối đoái
hp‡Y!+%G"".!'!#"2G%
- Lãi suất tái chiết khấu‡@<Y!+%G"H@/% EQ2!'F'.'
H@"M!>1AE*!U"L''!#"2G%<M!'.'!GA"\'!.'51H
@"M!‡Y!+%G"".!'!#"2G%<!:8%1B#'!-I+PEQ>&'51'.'
H@"M!
tẢnh hưởng của sự thay đổi lãi suất tái chiết khấu đối với tỷ giá hối đoái:
ˆ !H@/%"gL'<Y!+%G"".!'!#"2G%B&!>*!!GA"\'
!.!_jFM!"9<@'F'!-I+PEQ>&'51'.'H@"M!
"g0'<Y!_%&''.'H@"M!-K!B!6%'NL'<Y!+%G""g
<Y!+%G"'F>1AFJ'!K<Y!+%G"%AB?_jFM!"9X\!f!X
FM!"9+`_.FM!"9B!B0T<GA?!"9EFBV%">@F?!"9'<C!FB7
'%FM!"9+`"g<:1A'V%?!"9"gE€B#FM!"9!K!.
ˆ/F"/\C-2!H@/%!K<Y!+%G"'!#"2G%+`'
".'EQC'<M!7<@FM!"9"g!.
hph!9->Q""/\D
tNghiệp vụ thị trường mở<@FM"B?%1_.!GA"\'!.!X1H@

/%>@'.'"R'L'"IEQ
t Ảnh hưởng khi Ngân hàng Trung ương thực hiện nghiệp vụ thị trường mở lên
tỷ giá hối đoái
3"\7'.'H@/%+PEQ!9->Q""/\DB0
G-"Q<CE'%1A_R+%-V"!#%Q""!6"9"/F<%"3)*!
!9-'Q""/\D7H@/%".'B?"/,'"!#-<:%W>&
2KEQ'51'.'"R'L'"IEQ7"4BB!6%"!#"<C'%L"!6"9
ˆ !H@/%%1>@F'.'!GA"\'!.+`_ZBf-<C"!6
"!#%Q""/F<%"37"g'%L?!"97<@?!"9!K!.
ˆ !H@/%_./1'.'!GA"\'!.7+`d"_*"<C?!"9
B1E"41"/F<%"37!K'%?!"97<@?!"9"g!.
hpp.''3'Q2.'
a) Tỷ giá bình quân liên ngân hàng và quy định về biên độ dao động
m)!9"17"[!._U8%H<!:H@>@8%AB>6_!:B?E1FB?<@
?""/FX'3'QX%!9%'51H@@*''1"!9->@B!6%'N
"[!.%1_.'51'.'H@"M![!.<!:H@'I<@L'
"1'!#%B0'.'H@"M!GB!.2!EF1'51U_j
'.''?FJ'"/4":_!:B?"SF8%AB'51H@@*'
b) Quy định tỷ lệ dự trữ bắt buộc bằng ngoại tệ
[<9E,"/X_f"_%?'_jFM!"9<@8%AB'51H@"/%>6
"[<9!X1"!6J">@"!6P!_jFM!"9@'.'H@"M!_f"_%?'
-K!"%H"5B0BK_KF"I"12FK
c) Quy định trần lãi suất tiền gửi đối với tiền gửi bằng ngoại tệ
/V<Y!+%G""!6P!B&!>*!"!6P!_jFM!"9<@<Y!+%G"'1FG"@\!
P!FM!"9"M!H@"M!BC'D !H@/%8%A
B"/V<Y!+%G""!6P!_jFM!"9"G->!9'P!"!6_jFM!"9+`2eG-
E€>*!\!P!FB\!P!+`_.FM!"9<GA?!"9<@"g'%FM!
"972!#'FFM!"9!K!.>@C'<M!
d) Quy định trạng thái ngoại tệ đối với các ngân hàng thương mại
/M".!FM!"9'51H@"M!<@+&EFM!"9%1>@F

u!1F  1A  >@  2z  Mv @'1_./17FJ'_./1  u!1F1A>@2zMv
@'1%1>@F
/:""/\FM!&!72!'V%>C"8%.'%7"[!.'% <,'"g
X@BV%'+`%1>e"FM!"97'\2!"[!."g+`_./1B02!#<\!
H@"M!<@EF1!9-BJ'_!9"72!EF1"/:<=>,'"!6"97
>U>TAQ'BI''I'51;'^<@<C!%TwJ"2.'7'.'H@"
M!'"!6<,'"@!'I<*7'^+`"1!1>@FBV%'7<@"[!.&!BF.!"g
",'+,E,BF.0"[!.BC'RBH@/%-K!8%AB
!*!M"/M".!FM!"9B&!>*!H@"M!
e) Biện pháp kết hối và quy định hạn chế đối tượng được mua ngoại tệ
)*!]%"#D'P162!"#>@",EF1"M!"U'.'_!9- '1
"!9-@'I@A@A'@"/D:23-ZC->@I"BC'+PEQ
2. Thực trạng chính sách tỷ giá
2. Thực trạng chính sách tỷ giá
2.1. Thời kì trước năm 1989: tồn tại chế độ tỷ giá cố định - đa tỷ giá
Diễn biến tỷ giá:
Bảng: Tỷ giá chính thức và tỷ giá tự do bình quân (so với đồng Rúp Liên Xô:
SUR/VND)
(Đơn vị: Đồng)
g [!.'I"L' [!.",EF :<9'u<Vv
rs   ‰o‰
rso si nh ‰
rs‰ pos h‰i pn
rss piii iii o‰
rsr prii n‰ii i
(Nguồn: Ngân hàng Nhà nước Việt Nam)
Chính sách tỷ giá
/*'grsr*'"1",'!9'I+.'"[!.'&B7!.'KFM!"9EF
H@@*'8%A#"B>@V23BR!"SF"\!!1/F"\!2U
@A7"[!.&!BF.!'51*'"1BC'GB!/G"'1F>@23-K.Bd!."/

'51BW?!"9"0!"[!.&!BF.!'51BW)!9"1<d'B'N<@9+&
8%ABR!B0'.''3"A"M!8%&'EF1<T-2#FM'>@"I"F.?!_?
[!.&!BF.!"/F"\!!1@A'5A#%BC'].'<T-!X1BW)!9"1>@
BWŠd-'51‡!:‹37'O"[!.!X1BW)!9"1>*!'.'BWFM!"92.'
BC'].'<T-23'I"L'!1!BFM@A'+,"W"M!'51'#B?!6%<FM!"[
!."[!.'I"L'1A'O;!<@"[!.T%E'uEFH@@*''3
_&7EZB0"1"F.T%E'>*!‡!:‹3>@'.'*']Y?!'5=1v~"[!.
-!T%E'uBC' EQ"1"F."/F'.'8%19B&!FM!2.'FM!
!1F7E%<'7>g17!.FEQ'7"/F-M>!'.'*']Y?!'5=1v~"[!.
2#""F.?!_?uBC'"I"/:'+D"[!.'I"L'j_Z<'F'.'B>
]%G"2ƒ%>@23'3_&/1F@!@'N EQ"/F?!_?vF@!/1"\!2U
1A7""/\FM!&!)!9"1V23-.""/!07"W"M!'N<@1
"IU"L'
Đánh giá
FL'"[!.'I"L'8%.':<9'+F>*!""/\",EF>@BC'GB
8%.'1F+F>*!!."/",''51BW"!67BY<@'FFM"B?T-2ƒ%'@
M`E€B#"HQ""@!2FK>Y<1!!:"/;#B?"[!.'&B
@ABY2UY;!B?<,'>*!'.'EF1!9-+K]%G"@]%G"2ƒ%7'Z
>*!>!9'@*'_1F'G-"F@_?BY2!#'.'EF1!9-@A[<M!7'N+K
]%G"B5"SF2#FM'BC'!1F"/\FM!&!",'"#'^'N<@U"L'
!6%@ABY2!#'F%'V%-K!BR!*!"/F<=>,'"[!.!/!:>@<=
>,'"@!'It"!6"9!'%"/D:'G-_.'
2. 2. Thời kì từ 1989-1997
2.2.1. Giai đoạn từ 1989-1991: tỷ giá được nới lỏng để đưa dần các yếu tố thị
trường vào xác định tỷ giá
Diễn biến tỷ giá
Bảng: Diễn biến tỷ giá USD/VND
(Đơn vị: Đồng)
g . .p .o .r .h
rsr

H@ pii nhii npi nii nhii
H hii pi nnii nhh n‰
rri
H@ npii npii nsii ‰i ooi
H noi nni oii opii ‰ii
rr
H@ ‰iii ‰nii spii i‰ii hrii
H ‰nii ‰rii sspi ii hi
Nguồn: Ngân hàng Nhà nước Việt Nam
Chính sách tỷ giá
tK!'.'9"&@'I"/F@H@Š1Bpq
'51?!BW?"/D>6>!9'".'9"&H@)!9"1"@1!'G-
H@@*'",'!9'L'g8%K<k>=3>@9"&H@
"M!",'!9'L'g2!EF1"!6"9>@"IEQ
t%A0BR!'#B?"[!.&!BF.!N"+&h‰t8%AB"[!.)>*!
FM!"9EFH@@*')!9"1-&!C->*!?!BW@!'It!6
"98%&'!.].'<T-'F-ZC->*!"[!.""/\>@E1FB?"/F_!:B?"4
iŒthiŒ+F>*!"[!.""/\#".pqrsr7I-5"%A:_&_Y!_{9
"&_1F'G-'51@*'B&!>*!'.'FM"B?FM!"8%1"[!.~BW
"\!B!6%'N+1F'F"[!.'I"L'>@"[!.-!T%E'-ZC->*!1%7
'_!:B?E1FB?2FKhiŒ1%2!'#B?"[!.*!BC'",'!97"[!.
'I"L'BY@A'@-ZC->*!"[!.""/\
t1ABR!'.'8%K<kFM!"97BR!*!''#B!0%@'I+.'"[!.
ˆ1A"#'.'_!9- @'Iu_f"_%?''.'B>2!"#8%&'EF1'
FM!"9-K!_.'FH@"SF"[!.'&Bv_j'.'_!9- 2!"#
u"@<T-'.'"/%"H!1FE'FM!"9"M!"@-&WIw!>@"M!@
?!vB0'.'EF1!9-7H@'B!6%2!9"/1FBR!%1_.FM!"9>*!
1%"SF!."{1"%THA'I<@"!6"H'51""/\FM!"9<!:H
@
ˆY!_{U"L'8%AB"[!."SF@"/F"1"F.FM!

"!X1H+.'>@'.'EF1!9]%G"7T-2ƒ%1A>@FB7"[!.&!
BF.!BC'U"@"/:'+D!."{1"%T"M!'.'-!:!1FE'FM!"9>@"[
!.'I"L'BC'H@@*''3_&
Đánh giá
/F!1!BFM@A'I+.'"[!.'51)!9"1BY'!6%"!#_?+F>*!
"\!2U"/*'7B!"SF]%*>TB?'5162!"#B1'%A0BR!+1'
'#""/\>@8%."/UD'P1EV62!"#)!9'"[!.BC'].'B"3
8%1'.'!1FE'"M!1!"/%"H!1FE'FM!"9BY!d-"[!."/D:2.'
8%1>@+."+F>*!%'V%'51""/\%A!:>€"W"M!'.'C'
B!0+1%
t%'V%FM!"9"M!1!"/%"H@A'1"0-K.Bd'%'V%FM!
"9'51"F@_?62!"#7"T'I!6%<d''+,':<9'!X1"[!.!1FE'
!X11!"/%"H
tH@@*'>€'1'8%AB'Q"0>6>!9'2!0+F.""/M".!
FM!&!>*!'.'H@"M!%'V%T-2ƒ%'51'.'B>+K
]%G"2!EF1"/F*'1"I"\!>Q7"/F2!BE,"/XFM!"9'51
H@@*''OI":!6%<d'+,'1"!9-'51H@@*'"M!
1!"/%"H!1FE''O1J"I@'I-H-&!u'f"_*"2&!
<CBg2I!1FE''51'.'"@>!:v
2.2.2. Giai đoạn từ 1992-1997 (trước khi xảy ra cuộc khủng hoảng tài chính
tiền tệ khu vực): tỷ giá được ấn định và điều chỉnh gần như cố định để kiềm
chế lạm phát, đẩy mạnh thu hút đầu nước ngoài
Diễn biến tỷ giá/F!1!BFM@A7\X'I+.''1"!9-2-"\!'51
H@@*'@"[!.&!BF.!U'%2.RB<%3E1FB?
8%1L'y|iii)[!.'I"L'"SF+."!.'K'51""/\",
EF2!#MBV%'FM!"9>6'_K<@BC''f"!K
Chính sách tỷ giá
0g'J%A'".!<M-."7I-5)!9"1BY'%A0+1<,1
';'I+.'"[!.>UQ'"!:%'&<M-."7'&fE%A"/U+,RB'51"[
!.&!BF.!E1=1

tH@@*'BY2-"\!'1"!9->@F""/\7"38%1'.'!1F
E'FM!"9B0"/C'F+,RB'51"[!.&!BF.!'F-ZC->*!Q'"!:%
BJ"/1F)']%*<:!.KD]G%"*!FM"B?]%G"T-2ƒ%
:H@@*'BY-K!'1"!9-"SF*!K!.)/FV%
#"'.'-!:!1FE''51$%kqrrp7H@@*'BY%1>@Fy
!d-'F)!K!.EV>@2.RB"4".pqrrpF@!/1H@
@*'BY<!:"Q'*!/?_!:B?!1FE''51"[!."4i7Œ<:Œ>@F
".qrro>@<:Œ>@F".hqrr‰F@!/1"[!.'I"L''^BC'
HEV"4'%&!grro<:BV%grr‰B0!K_*"+L'e-
t #"C->TEQ'3'Q<Y!+%G"B0RB"[!.FT"GA<Y!+%G""!6
P!?!"98%.'1F+F>*!"!6P!FM!"9<@'F)"g!.7H@@
*'BY'5"/!K_*"+,':<9'<Y!+%G"_j'.'H<Y!+%G"FM!"9
t@Ahiqiqrrn73B&'H@@*'/1$%A#"B+&hipqt
>6"@<T-""/\FM!"9<!:H@"1A'F1!"/%"H!1FE'
"/*'BHA)U""/\<!:H@'8%A3<*7"[!.!1FE'@A
'@-K.Bd>@BVAB58%19'%t'V%"/:""/\
tH@@*'"38%1FM"B?'51""/\<!:H@B0
f_f""I!9%""/\>6"[!.&!BF.!7'3_&"[!.'I"L'@@A
>@_!:B?!1FE'8%AB'FH@"M!<@'3'Q"/C'1
"!9-7B!6%O1>@*"[!.!1FE'B0",'!9'.'Q'"!:%2!6'#<M
-."72%A#2I']%G"2ƒ%>@M'#T-2ƒ%
Đánh giá
)!9'E%A"/U"[!.RB"/F"\!!1E@!'51H@@*'BYB
>1!"/O8%1"/;"/F>!9''5'&+L'%1"/F*''51)72!6'#<M
-."u"/%_U!1!BFM@A<M-."DL'•iŒqgv
%A!:"/F!1!BFM@A>!9'8%K<kFM!"9>€'1",'+,!:
"d'L1!EF<Y!+%G""!6P!DL''1F7"[<9<M-."D)!9"1"G-+F
>*!'.'*'"/F2%>,'BY2I'"I'<%WFM!"9BR>6)!9"1"/FB'
/G"!6%'.'2FK>1ACI-5>@>&(H@@*'
'1'_!9- X%!9%B08%K<k+PEQ>&>@8%K<kFM!"9BY"MF:

.JCV+1%@A>@"!#-"Q'HA <,'"g!.)+F>*!y
2.3. Thời kì từ 1997-nay
2.3.1. Giai đoạn từ 7/1997-2/1999
HA<@!1!BFM'%?'25FK"@!'It"!6"9_f"BV%D.!‡1+1%B
<11+12%>,'362!"#)!9"1<d'@A-K!B&!BV%>*!
X'+&'/?2f-"/F'.'<=>,'"@!'ItH@~FM!"~
BV%"~'I+.'"@!21~"g"/D2!"#7E,"/XFM!"9>@C*'F@!
%?'25FK"@!'It"!6"9BY<@'F?"<FM"BW"!6'51'.'*'
"/F2%>,'!K!.M+F>*!BWy%?'25FK"!6"9@ABY
HAKDMB#"H<k\!EH7%'V%%1FM!"9BJ'_!9"<@BW
y"g'1F7\!EH>@'.'"R'L'2!"#']%*g!XFM!"9
M
Chính sách
/F"\!2U@A7H@@*'BY'XB!6%'N'"I'5
B?B0'&B•".'B?'51'%?'25FK>@2f'-Q'"U"/M
)_B.!.8%.'1F
t%A:_&*!/?_!:B?"[!.%1_.FM!"9'N"/F>O'1BVAh
g7H@@*'BY'2FKi<V"1ABR!_!:B?
t1@Bopqrrsqtl>68%K<kFM!&!7"SFB"[!.&!
BF.!'51)>*!'.'BWFM!"9BC'U"@"/:'+D'%'V%FM!"9
"/:""/\'+,B!6%"!#"'51@*'
t/!021!'.'!K!- M"/FB!6%@'I+.'"!6"9_1@
8%A#"Bp‰qrrsq$tb)6?"+&_!9- 8%K<kFM!"9cj2!0
+F."?"'.''J"'`'.'FM"B?<!:8%1B#FM!"98%AB'.'
"R'L''%W"%FM!"9"4_.@1>@E'>Q-K!'%A01A>@F"@!
2FKFM!"9'51U"M!'.'"R'L'"IEQBC'-e-2!EF1FM!"9>@
-K!_.#"+&EFM!"9'O<M!+1%2!BY"/4B!'.'%'V%'!"!:%FM!"9
C-<kI-52ŽB8%A62!0+F."E%AG"'51UB&!>*!;!
%WFM!"9<%@"/:""/\'^>!9''%'%A0FM!"9'516
2!"#"/:<Y"R)!9"1

tŠ1$%A#"B+&‰qrsq$t>6b$%A'#FM"B?!1FE'&!
BF.!c)*!+,]%G"!9'518%A'#@A7FM"B?2!EF1FM!&!BY'
BC''+D- <k'V"!#"
tI-5BY_1@$%A#"B‰p>@H@@*'BY'"3"
is*E€",'!9j!K!"{1"U"/Mg!XFM!"97B!6%O1'%
'V%FM!"9"/F62!"#!X1'.'"R'L''FM!"9'1FJ'23
'%'V%+PEQ>*!'.'"R'L''%'V%"1"F.<M!23'FM!
"9
t!K"/V<Y!+%G"FM!"9'51'.'"R'L'2!"#jM'#7"/!9""!:%"U
"/M?"+&EF1!9-g!XBWy"/F"@!2FK
t!6%'N"[!.yq)'I"L'"4‰<:sii7!d-'F"[!.
!1FE'V+.">*!"[!."M!""/\",EF
Đánh giá
X_!9- BW_?"/:BY-V@F<@!K-V@F'+&">6BW
y"/:""/\[!.'I"L'>@""/\",EF']%*E'<M!V
1%7"MF+,RB'F62!"#7M'#'.'".'B?'51'%?'25
FK%A!:BHA>€'N<@'.'_!9- 'G-_.'1"I'G"B&!-
'11"I'!#<C'<H%E@!
2.3.2. Giai đoạn từ tháng 2/1999 đến nay: chế độ tỷ giá linh hoạt
hph4rrrthiio
Diễn biến tỷ giá hối đoái
Năm
Tỷ giá bình quân USD/VND (Đơn vị: Đồng)
Thị trường liên ngân hàng Tự do
rrr prni pr‰h
hiii nr nho
hii n‰ro nsh
hiih hp pi
hiip oi ‰
hiin o‰h

hii sir
(Nguồn: Ngân hàng Nhà nước Việt Nam)
Chính sách
tH@@*''I"L'_Y!_{F@"F@''#B!6%@"[!."SF
2!0%_1F'G-"/*'BHA"38%1$%A#"B+&onqrrrq$t‰>6>!9'
'3_&"[!.&!BF.!'51BW)>*!'.'BWFM!"9>@$%A#"B+&
oqrrrq$t‰>68%AB%A:"f'].'B"[!.%1_.FM!"9'51
'.'"R'L'"IEQBC'-e-2!EF1FM!"9SFB?"''#B!6%@
"[!.*!BC'U"@"1A'F>!9''3_&"[!.'I"L'7@@A
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@'51)+F>*!yg'L>@F"[!.@A'.'"R'L'"IEQ].'B"[
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B>TA7_*'BV%"[!.BYBC'U"@"/:'+D""/\J'EZ>€
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'%'V%'51""/\
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'F'.'H@"M!4q‰qhiih7H@@*'BY*!<{_!:
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BHA

t@ApqrqhiihH@@*'/18%A#"Brsqhiihq$t8%A
B8%K<kFM!&!B&!>*!>!9'%1_.'L2F.'51"R'L'7'.H*'
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'L'"IEQ
tghiip7H@@*''F-e-'.'H@"M!",'
!9!9->Q8%A6<,1';"!6"97!K"[<92#"&!'.'EF1!9-]%&
iŒ
t@AhsqqhiinH@@*'BY'F-e-'.'H@"M!
BC'"FK"%T"[!.2zM>*!2.'@"/:'+D':<9'<Y!+%G"'_K
EFH@@*''3_&>@<Y!+%G"y'51••HA<@?"B!0BR!
*!8%1"/;"/FB!6%@'I+.'"[!.7>U'd+`!d-<@!K!"FK"H
<k'51""/\>6X2z>;"<1!B&!>*!'.'_!#B?"[!.
t@AsqhqhiinH@@*'_1@8%A#"B+&nhqhiinq$t
>6B!6%'N!1FE'&!BF.!'51'.'"R'L'"IEQ'!9%<,'"!
@"1A"#X8%ABBC'_1@"4grrs?!E%8%A#"B
"/:BYD/?8%A6!1FE'FM!"9~*!<{8%AB>62!0+F."7<@"
"/\FM!"9E!a_!#<!FM">@"[!.-K.'%'V%FM!"9BdBf

t@Aqoqhiio'I-5_1@l <9FM!&!"SF*",EFF.
'.'L'<Y!+%G""/F!9->Q8%A6';7232!0"/1'L"4!1FE'
FM!"97_{L'2&'#"/V"[!.!1FE'2zM'.'8%AB@A-ZC-
>*!"3<98%&'"#"SF*",EFF.7!d-)!9"1"!#+."B#>!9'!1T-
‘
Đánh giá
U'%\'I+.'"[!.<!FM"@"[!.&!BF.!EV'+,RB
+F>*!'.'"\!2U"/*',RB@ABY<@!KB!"H<kg!Xy
-V@F7"d'BƒA+,-.""/!0M`'51""/\FM!&!)!9"1
hpph4ghii‰t1A
a. Năm 2007
Diễn biến tỷ giá

Biều đồ diễn biến tỷ giá hối đoái tại các ngân hàng thương mại và tỷ giá
giao dịch BQLNH năm 2007
Diễn biến tỷ giá tại các ngân hàng thương mại
Diễn biến tỷ giá bình quân liên ngân hàng
Nguồn: Sbv.gov.vn
Chính sách tỷ giá
V%ghii‰7"/M".!'%FM!"9<*'V%:"[!.%1_.
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_f"%W"4""/\'F>1A"#'G-E*!"!:%'%ƒ<@yG"!.M
"/:""/\8%&'"#7••<!:"Q''f"!K<Y!+%G"y7>&BV%"*'F@!
>@2!6%&!"gM7"[!.yq)RB7':<9''1F!X1<Y!+%G"y
>@)BY2%A#2I'\!EH_.yP!)
.''3'Q'I+.'"!6"9BY+PEQB0B!6%"!#"'!9%8%K2&!<C
"!6'%L7M'#+L'e-"g!.)
t@Aihqiqhii‰qBY_1@8%A#"B+&hnq$t"1A"#
8%A#"B+&o‰rqhiipq$t@Aiqi‰qhiip>6>!9'*!<{_!:B?"[
!.FM!"9"g_!:B?!1FE'<:L'i7Œ
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!.FM!"9'51H@"M!23"g@'O/*"]%&E*!+@v
t/Fg@A7H@@*'"38%1!9->Q""/\DBY
"/%O1<C"!6'%L/1'FQ'BI'%1FM!"9Q"0<@7/Fo
".BV%hii‰7H@@*'BY%1>@FE,"/X‰"[y>@?"<C
"!6"BhU"[BWBC'b_c/1<%"3u"SF‡:‹%H
=17>Q"/D>Q'!#<C'-.""/!0H@"%?'H@@*'v
&FM!"9@ABC'U"@'5A#%"4BV%"*'F@!>@F""/\'L
2F.>@2!6%&!
tV@@*'BYB!6%'N"g"[<9E,"/X_f"_%?'G-h<V+F>*!
ghiio7"!#@M'#"g"/D"IEQ>@FX<=>,'2e!9%
8%K7M'#'F>1A'_KFBK_j'V'&!GA"\'!.>@'F>1A'!#"2G%
"/FML'-H_R7BW"\!",'!92!0+F.""&'B?"g"/D"IEQ

'^"&'B?"g"R-"!9"1"F.>*!Q'"!:%<K!K+L'e-<M
-."'%&!g
t4@Aiqipqhii‰H@@*'_{8%AB>6"/V<Y!+%G""!6P!
y'51- H"M!'.'R'L'"IEQ-ZC->*!"!#"/U?!T-8%&'
"#7BK_KFRB"!6"97RB<Y!+%G"V%".sqhii‰"[!.yq)'
'!6%*"gEFQ'E,"/X<!:_1wx>@‘'.'*'"/!021!'.'
_!9- 23!-Q'"@!'I7@BV%"wx/d">&>6*'B0'HB&!"@!'I~
%'V%%1FM!"9B0"1"F.@T-2ƒ%"g_.FM!"9'1
"!9-""/\7_.'F'.'w'"/M".!FM!"9!K]%&HtŒ"1A
>UtiŒ"/*'2!1
b. Năm 2008
Diễn biến tỷ giá
Diễn biến tỷ giá USD/VND năm 2008
(Nguồn: BIDV)
Chính sách tỷ giá
tuiqithqpqhiisv"[!.<!:"Q'!KE*!L'+@"4L'ohhBW
]%&roiBW7L'"G-G"<@oi)qyv
t‚/F2FK"\!!1@A7'I-5>@H@@*'B1BƒA
M>!9'2!6'#<M-."7+PEQ_!9- "f"'J""!6"97"g<Y!+%G"'
_K"4s7hŒqg<:s7‰Œqgu".hqhiisvH@@*'",'!9
%1FM!"9yjM'#>!9'_"!6/1<%"37"g_!:B?"[!.
yq)"4i7‰Œqg<:Œqg"/F@Aiqpqhiis
t4hoqiptoqi‰qhiis[!."g"&'B?'J""MF'+&"y"/:'K
""/\<!:H@<€""/\",EF
t‚%FM!"9"G-EFH@@*'23'F-e-'F>1AFM!"9
B&!>*!EF1!9-]%G"2ƒ%u"SF$%AB+&irqhiisq$723'F
-e->1AB0'!#"2G%_?'L"4]%G"2ƒ%7>1A",'!9E,.+K]%G"]%G"
2ƒ%v!K!9"CEF1!9-]%G"2ƒ%>1AFM!"9_.<M!"/:""/\
t4‰qi‰tqiqhiis!KM>@EVB!>@F_UR"[!.!KM"4
rniiBWqy]%& onii)qy >@!1F E'RB 8%1L'

ooiiBW
ˆ/*'"U"/M+&"yDL'_.FB?7<VBV%"!:"/F<'+P7H
@@*'BY'321F'3_&E,"/XFM!&!8%&'!1hi7‰"[y2!
"3"!"/:""/\'F/jyB1"/D<:21!#
ˆH@@*'BY_1@?"<FM"'.''I+.'jRB"
"/\FM!"92!0+F."'J"'.'BM!<k"%BR!FM!"9u'G%1_.FM!
"9"/:""/\",EF23Bg2k>*!'.'H@"M!v7'G%1_.
y"38%1FM!"92.'B0<.'_!:B?7'GT-2ƒ%>@>@'F-e-
]%G"2ƒ%>@~_.FM!"9'1"!9-""/\"38%1'.'H@"
M!<*
t4oqit#"hiis"[!.y"gB?"?""/D<M!"4L'ooii<:L'
orrs+1%B!K†1%2!H@@*'"g_!:B?"[!."4hŒ<:
pŒ"/F@A‰qqhiis7"g"\!‰nni)qy
ˆ/F2FK"\!!1@A7'V%y"/:""/\",EF"g'.FEF2!
H@@*'23'F-e-T->@"U!9"CT-<T%>@!1
"g7<@"g'V%yB0T-2ƒ%uEFy<@BW"!6"1"F.'Iv
ˆH@@*'_."[y'F'.'H@"M!B
L%'V%T-2ƒ%?"+&J"@"!#"A#%
c. Năm 2009
Diễn biến tỷ giá
Biều đồ diễn biến tỷ giá hối đoái tại các ngân hàng thương mại và tỷ giá
giao dịch BQLNH năm 2009
Diễn biến tỷ giá tại các ngân hàng thương mại
Diễn biến tỷ giá liên ngân hàng
uNguồn: Ngân hàng Nhà nước Việt Nam)
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Chính sách tỷ giá
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