Quản trị rủi ro thị trường tại ngân hàng TMCP công thương việt nam

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./ 0/123456315789:2.1;<=>1? 1;?/@12AB2C3=/@1;<./#D2<?.1;</1E:
FG<HBI1;?/@12AB<=61;9BJ1D19:K6<./<L<>4?/MBN5O2FG<E:P?71<Q2?4R<2D2?
<=B1;<?L2NP?S?TPEU/<>1??>1?<?L2<G#

 /012345/1.
671-481.61-
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W X8Y31HBI19Z<:/[I1TE:\
W ]BI19Z<:/[I11T2\
 315/^B?:1?
_+) D1?:1;E:P?D<<=/M1F/1?K631?
W 31W`1?5a6
b32F6cc/2de RP?J1<D21;?/fP
) I1;<g1;FG<<:/[I1
 ?Q1?[D2?</^1<f
 h1?2?G<:/2?Q1?
i ;71?:1;<=B1;jk1;?7BB
li m2KL<=n9/@1Y31;63Fo
lbl=61<6cc/2de RP?J1F/1?K631?
l-[ TP5p1;9`/[Bq<Fo?a1
l+ h1?;/D5/^B2?B8M1Er11R/YR
+s )?d?t1?a82I49`/[Bq<
) 6a<5R1;F/1?K631?
] R/5p1;]BI1<=h
- TP5p1;?6D15g/9`/[Bq<
) )/1?K631?1;6a/<f
) )/1?K631?Er1
W W/@11;71?:1;
 B3YD11;6a/<f
+ .?>1?4.P?u1;
b/KK9d6cc/2de RP?J1HBI1<=h=C/=6

 ;71?:1;?:1jU2/f<134
 ;71?:1;?jk1;4a/
+ ;71?:1;?jk1;4a/gP?v1
] ;71?:1;?jk1;4a/]Br2K631?
 ;71?:1;?jk1;4a//f<134
!
]W ]BI19Z2715r/Er1
]W W ]BI19Z=C/=69`/[Bq<
] ]BI1<=h=C/=6
] ]BI1<=h=C/=6<?h<=jw1;
W -C/=69`/[Bq<
-C/=6<x;/D
 -C/=6<?h<=jw1;
) g2?A2)/1?<G
 g2?A2Q1Km1;
]) ?31?HB8G<<6D1Er1F/1?K631?
 :/[I1\y:/[I1
 :/[I1Ty;Bp1Er1
] ?31?<6D1HBr2<G
/d</1Y31F +2.1;<?jk1;/f<34
z g2?A2<?jk1;4a/<?G;/U/
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6a<5R1;2C32D2<?jw1;5r/4~<EU/=q<1?/^B=C/=6N<=61;5\2\
=C/=6<?h<=jw1;#/f1138N2S1;EU/HBD<=>1?5g/4U/ 2k2?GHBI19Z9:0B<?G<6:1
2vB?\3NF?BEL2?\3531;K/•1=31;:82:1;4a1?4€E:<=t<?:1? 0B<?G<q<8GB
5r/EU/Yq<Fo1^1F/1?<G1:6N5/^B5\2•1;?6:1 <6:15O1;5r/EU//f<34#3B
F?/;/31?JPE:6<g2?A2<?jk1;4a/<?G;/U/bzeN4A25R?R/1?JP2C3/f<
34E:61^1F/1?<G<6:12vB1; :82:1;[7BE:=R1;#R/1?JP2\<?M431;5G1
2?62D21;71?:1;/f<342k?R/<=61;E/f2?‚2 ?u/N</GP<?BF/1?1;?/f4HBI1
<=h2•1 ;1?j<J1Km1;2.1;1;?f</@1</G1N53Ka1;?\3[I1P?ƒ4Kh2?Em<„1?n1;
HBr2;/32\1^1F/1?<GP?D<<=/M1#B81?/@1N?R/1?JP2•1;9:41I8[/1?1;:8
2:1;1?/^B1?n1;F?\F?…1E:<?D2?<?A2N4:<?D2?<?A2F?.19jw1;5r/EU/
9:1?n1;9L29jT1;=C/=6<=61;F/1?K631?2S1;EU/2D28GB<r<?h<=jw1;
1;:82:1;P?A2<aP5`5jT2;/I/P?\1;E:0Bq<?/f11;:84R<1?/^B?k1E:2\<Q1?
2?q<P?A2<aP?k1#t/9€L53Ka1;?\3[I1 P?ƒ4 <:/2?Q1?1;71?:1;<?>4A25R
=C/=61;:82:1;9U1†4./<=jw1;<:/2?Q1?Y/G15R1;F?.1;1;„1;E:F?\F/M4
[6D<N=q<K•0I8=3P?I1A1;K7 82?B8^1#=61;F?/5\2D2/f<349a/
<?/GBF/1?1;?/f4<?L2<GN9O1;<O1;<=61;2D2?5/^B?:1?E:F/M4[6D<2D2?6a<
5R1;F/1?K631?</^1<f#>EJ8N[61;[61;EU/4m2</@BP?D<<=/M1<6:1K/f1<?>
HBI1<=h<r<=C/=6 <?h<=jw1;5M<a6=34R<4 ./<=jw1;F/1?K631?g15h1?531;9:DP
9L29U12C3<q<2I2D2/f<34?/f1138#
=61;Yr/2I1?5\NE/f21;?/@12ABHBI1<=h=C/=6<?h<=jw1;1?‡4;/I4
<?/MB1?n1;4q<4D<2?69:Eq15^?G<[A2HB31<=‚1;N2\Z1;?ˆ39Z9BJ1E:
<?L2</•1YA20O2N2I<=@1Y>1?K/f1<6:12vB2•1;1?jt<„1;HBr2;/3#„2Br/
1…4"&&"N5M<…1;2jw1;?k11n3F?I1…1;2?hB5L1;2C31;71?:1;<?jk1;4a/
Yt/ <>1??Br1;0qB<=61;?6a<5R1;F/1?K631?N2•1;1?j5M5I4YI6<Q1?31<6:1
2C32I?f<?r1;NX8Y31;/D4[D<?‚3<5R1;1;71?:1;2\<=m[t<a/3[d95`Y31
?:1?2D2HB/5h1?5M2?Bƒ1?\3HBI1<=h=C/=6<?h<=jw1;#„ 5\5G1138N2D22.1;
2mE:P?jk1;P?DP9jT1;?\32D 2;/D<=h2?hB=C/=6<?h<=jw1;5`E:531;5jT2 2I/
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</G1 E:5vB<j9/@1<m2#‰/f<34N5`2\1?/^B1?: 1;?/@12ABN1?:F/1?K631?E:
5^<:/F?63?‚25^2JP5G12?C5^] E:9Z;/I/1\<„1?/^B;/D25RF?D2

1?3B# \1?n1;ZF/G15^0Bq<431;;/D<=hF?63?‚2236N2v15jT21;?/@12ABE:
EJ1Km1;E:62BR2[r1 ;#61 ;<?L2</•1F/1?K631?</^1<f9:4R<KŠ1;2?I85v8
Y/G15R1;N2\1?/^B[\1;KnNF?.19jw1;#?n1;Yq PY@1?E^<x;/DN9`/[Bq<N5r/
<D2F/1?K631?N<?h<=jw1;‹N1?n1;2?q15R1;2C31^1F/1?<G<?G;/U/1;:8138
531;5Š/?u/2?O1;<3P?I/1?a82I4N</GP<m25g/4U/P?jk1;<?A2F/1?K631?2C3
<=@11^1<I1;<jKB8E:<=>1?5R2.1;1;?f1;71?:1;?/f15a/5M?a12?G
=C/=6N<?B5jT29T/1?BJ1236<=61;F/1?K631?</^1<f#
?n1;1…4HB3N+5`DPKm1;4R<[r2? Q1?[D2?1?‡4
;/I4<?/MB 5M2\<?M5A1;En1;<=61;2a1?<=31?E:HB8G<<74<?L2?/f1
2?/G19jT22C34>1?9:078KL1;+<?:1?4R<<JP56:1<: /2?Q1?
?S1;4a1?2C3HBr2;/3NF?BEL2E:<6:12vB# B81?/@1N<=61;5/^BF/f14./
<=jw1;F/1?<GYq<g1?/f1138N9`/[Bq<N<x ;/D‹Y /G15R1;Yq<<?jw1;N9/@1<m20ƒ8
=31?/^B<?w/5/M45`431;5G1<g1<?q<F?.1;1?u2?6;71?:1;#@12a1?5\N
K6EŒ12Š1<?/GBF/1?1;?/f4N2D/1?>1<6:1K/f1NK65/^BF/f1F/1?<GN0`?R/NE/f2
DPKm1;2D22?Bƒ14L 2HBI1<=h=C/=6<?h<=j w1;5O1;<?d6</@B2?Bƒ1HBr2<G?/f1
?:1?E:6?6a<5R1;2C32D21;71?: 1;<?jk1;4a//f<341\/2?B1;E:2C3
;71 ?:1 ;2.1;<?jk1;/f<341\/=/@1;9:Eq15^=q<F?\ F?…1N2v15jT2</GP
<m2<=365g/N9:4[D1;<u#
„1? n1;Eq 15^9Z9BJ1E:<?L2</•1<=@1N<./2?‚12?C5^
5M1;?/@12ABE:YI6Ef9BJ1D1
</G1[•2C34>1?#
(CM1..M1.1 /01234
=@1<?G;/U/HBI1<=h=C/ =6<?h<=jw1;<a/5`5jT21;?/@12AB1?/^Bt
2D21jU2P?D<<=/M1E:531;P?D<<=/M1#?65G1138NFG<?TP<„1?n1;2.1;<=>1?
1;?/@12ABE:5O2=O<<„<?L2</•1N2\<?M1\/9Z<?B8G<E^HBI1<=h=C/ =6<?h<=jw1;
<a/5`?>1?<?:1?<jk1;5r/2kYI1#
'"
?j1;4./<=jw1;F/1? K631?<?385g/E:F?D21?3B;/n32D2HBr2;/3N1?n1;
9L29jT1;=C/=6<=61;F/1?K631?2S1;EU/2D28GB<r<?h<=jw1;1;:82:1;P?A2<aP
5`5jT2;/I/P?\1;E:0Bq<?/f11;:84R<1?/^B?k1E:2\<Q1?2?q< P?A2<aP?k1N

E><?G HBI1<=h=C/=6<?h<=jw1;<a/2•1;P?I/9/@1<m25jT21;?/@12ABN?6:1
<?/f15MP?S?TPE:2\?/fBHBIEU/<?L2</•1#
                
 !
y d11/dE31=dB/1;E:61/3 =3Ž6E/2=3<316E/2NEU/1;?/@12AB431;
<@1•W•)-)N "&&$NP?71<Q2?E:
HBI19Z2D2=C/=62? B1;<=61;1;7 1?: 1;Y36;p4=q<1?/^B96a/=C/=6<=61;
1;71 ?:1; 1?j=C/=6<Q1Km1;N=C/=6<?31?F?6I1N=C/=6<?h<=jw1;E:2D2 Eq15^
F?D22\9/@1HB31#
]BI1<=h <=61;1;71?:1;9:4R<5^ <:/431;<Q1?2?q<<?L2<G2361@1
Q<2\2D2;/I<?B8G<9Z9BJ1<=61;2D21;?/@12AB 2C32D2<D2;/I5/<=jU2N<B81?/@1
F?/1;?/@12AB5h1?9jT1;E^=C/ =6<?h<=j w1 ;Y‡1;P?jk1;P?DP;/D<=h2\<?M <g1
<?q<b39Bd3<-/[FeN2D2<D2;/I1;?/@12AB<=jU25`;/I<?/G<9`/[Bq<N<x;/DY/G1
5R1;<=61;<jk1;93/9:4R<Y/G11;ŒB1?/@12\?:4P?71P?r/0D2[Bq<9:?: 4P?71
P?r/2?Bƒ1#„;/I<?/G<1:85`KŒ1<U/P?jk1;P?DP<Q1?;/D<=h2\<?M<g1<?q<
b3-e2C34R<K31?4m25vB<j<„2D2;/D<=h5R9f2?2?Bƒ1b<31K3=KdE/3</61e
E:?f[r<jk1;HB31b6==d93</61e2C32D29`/[Bq<N<x;/D<=61;HBDF?A#
=61;1;?/@12AB2C34>1?N<D2;/I5`2?C8GB1@B9@1 P?jk1;P?DP9jT1;
?\3 Y‡1;F•<?BJ<<Q1?<6D1-#D2P?jk1;P?DP<Q1? -;p4+?jk1;
P?DPP?71<Q2?HBDF?Ab/[<6=/239[/4B93</613PP=632?eN+?jk1;P?DPP?jk1;
[3/N?/fPP?jk1;[3/bKd9<3y16=4396=E3=/312ds26E3=/312d4d<?6K696;8eE:P?jk1;
P?DP4.P?u1;69<d3=96e#
"#$
a//f<34N<Q1?5G1<?w/5/M4?/f1<a/2\1? /^B2.1;<=>1?1;?/@12AB
F?63?‚20B1;HB31?Eq15^HBI1<=h=C/=6#D21;?/@12AB1:8?6~25jT2
'$
<=>1?Y:8<=61;1?n1;[D2?E^HBI1<=h=C/=61?j2Br1‘
 !"#N;B8•1…1/G1 ’?r1;F@N:R/N
"&'&#?6~25jT25…1;<I /<=@11?/^BY:/YD6E:Y:/1;?/@1 2AB5jT25…1;<=@1aP
2?Q1;71?:1;beNaP2?Q?h<=jw1;<:/2?Q1?</^1<fb/fP?R/1;71

?:1;/f<34e‹#
 ?j32\2.1;<=>1?1:61;?/@12AB[7BE^Eq15^1:8<a//f<134N<B8
1?/@12\<?M1@BWBJ1E…1<?a2[ˆj?h/1?N‘$%&'
() !* "#"()+,-.#
/'/•N"&'"NN<=61;5\2\9BJ1E…15` 1@B9@15j T21?n1;2k[t9Z9BJ1E^
HBI1<=h=C/=6<=61;F/1?K631?1;6a/?r/1?j2D2=C/=6<=61;F/1?K631?1;71
?:1;N HBI19Z=C/=6<x ;/DY‡1;2D2?TP5p1;;/36Kh2?N2.1;2m ?a14A2N2.1;2m
9f1?N1?n1;1?71<rI1??jt1;5G1=C/=61;6a/?r/#WBJ1E…12•1;1@B9@15jT2
2D2<?:1?<LBN?a12?GE:1;B8@11?712v1F?“2P?m2<=61;HBI1<=h=C/=6<x;/D<a/
2gP?v1]B715R/E:5^0Bq<4R<[r2D2F/G11;?h<a/<?w/5/M4?/f1<a/#
‘/I/P?DPHBI19Z=C/=69`/[Bq<<a/ ;71?:1;.1; 1;?/fPE:P?DP<=/M1
1.1;<?.1/f<34•WBJ1D1</G1[ˆF/1?<G2C3<D2;/I”?h)/4I6y"&&V#
WBJ1D15`1;?/@12ABF?D<6:1K/f11?n1;9Z9BJ12kYI1E^=C/=69`/[Bq<E:
2.1;<D2HBI19Z=C/=69`/[Bq<<=61;?6a<5R1;F/1?K631?2C3;71?:1 ;<?jk1;
4a/N <„E/f2 [•Km1;4.?>1?5M9jT1; ?\3=C/=69`/[Bq<5G12D2Y/f1P?DPP?Š1;
1;„3N?a12?G W#WBJ1D15`9:4=–<?L2<=a1;=C/=69`/[Bq<E:<?L2<G2.1;<D2
HBI19Z=C/ =69`/[Bq<<a/6E:+/f<34# =@12k[t5\5D1?;/D<?L2
<=a1;=C/=69`/[Bq<<a/;71?:1;1:8Y‡1;E/f2[•Km1;4.?>1?5h1?;/D9a/5M
9jT1;?\3=C/=6KL3<=@11?n1;;/I5h1? P?S?TPEU/<?L2<G#D2;/I2•1; [•Km1;
P?jk1;P?DP P?71<Q2?5h1?9jT1;5MF?“2P?m24R<[r?a12?GE^4.?>1?1?‡4
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9`/[Bq<#D2;/I5` 5D1? ;/D5jT21?n1;4~<?a12?GE:1;B8@11?71I1? ?jt1;
5G12.1; <D2HBI19Z=C/=69`/[Bq<<a/1;71?:1 ;2v1<>4;/I/P?DPF?“2P?m2#…1
2AE:6FG<HBI1;?/@12AB 2I E^9Z9BJ1E:<?L2</•1E^HBI19Z=C/=69`/[Bq<N9BJ1
D1 5^0Bq<4R<[r;/I/P?DPE:F/G11;?h1?‡4<…1;2jw1;HBI19Z=C/=69`/[Bq<<a/
6E:+/f<34N2D2;/I/P?DP<J P<=B1;E:6078KL1;2?Q1?[D2?N[•
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Km1;E:9L32?‚14.?>1?9jT1;?\3NA1;Km1;2D22.1;2mP?D/[/1?5MP?Š1;
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5R1;F/1?K631?2C3;71?:1;#

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138 E^1R/KB1;HBI1<=h=C/=6<?h<=jw1;<a //f<34#61;4m2</@B1;?/@12AB
2C3 5^<:/5~<1?/^B<=‚1;<74E:64R<[rP?jk1;P?DP9jT1;?\3=C/=6<?h<=jw1;
E:2D25^0Bq<DPKm1;2D2P?jk1;P?DP9jT1;?\3 <=@15r/EU/EU/?f<?r1;
/f<34#
vB?G<1?n1;2.1;<=>1?1;?/@12AB<=61;1jU22?j3</GP2J15jT24R<
2D2?<6:1K/f1E^HBI1<=h=C/=6<?h< =jw1;<a/4R<2D2?<g1;<?MNY36
;p42I=C/=69`/[Bq<E :=C/=6?r/56D/NFG<? TP;/n39Z9BJ1E:<?L2</•15M9:4
=–4m2</@BE:1?n1;1R/KB1;2kYI12C3] N1;?/@12AB5jT2<g1;?TP
E^2D2P?jk1;P?DP5h1?9j T1;=C/=6<?h<=jw1;N D22.1;<=>1?1;?/@12AB
<=jU25782?j31@B9@15jT22D2;/I/ P?DP5p1;YR5^0Bq<<g1;<?M<„4.?>1?N
HB8<=>1?HBI1<=h=C/=6<?h<=jw1;N2D2P?jk1;P?DPEJ1Km1 ;5MHBI1<=hNKL
YD6Y/G1 5R1;<?h<=jw1;##5~2Y/f<;“1EU/5/^BF/f12m <?M2C3+.1;
<?jk1;#W:;71?:1 ;+4:?:1jU22?/G42gP?ƒ12?/P?r/N531;
2qB<=O29a/2k2qB<g2?A2NHBI1<=h1?‡4HBI1<=h=C/=6<r<?k1E:431 ;9a/
?/fBHBIF/1 ?K631?236?k1#
?n1;‘F?6I1;<=r1;•<=@15785`;T/4t2?6<D2;/I1?n1;?jU1;1;?/@1
2AB4U/1?‡4<?L2?/f1<r<9BJ1D12C34>1?#
6EJ8N2\<?MF?˜1;5h1?9BJ1D1‘]BI1<=h=C/=6<?h<=jw1;<a/;71
?:1;<?jk1;4a/2gP?v1.1;< ?jk1;/f<3 4•9:9B J1D1</G1[•F/1?<G5vB
</@11;?/@ 12AB4R<2D2??f<?r1; E:<6:1K/f1E^2D21R/KB1;2C3]BI1< =h=C/
=6<?h<=jw1;<a/;71?:1;9:2k[t9Z9BJ15M5D1?;/D<?L2<=a1;E:HB35\
5j3= 32D2;/I/P? DP171 ;2361…1;9L2HBI1<=h=C/=6<?h<=jw1;<a/ +
.1;<?jk1;/f<34#
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5h1?N56 9jw1;E:F/M4[6D<=C/=6<?h<=jw1;†?f<?r1; P?v14^4HBI1 <=h=C/=6<?h
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KB1; 2kYI1;p4 -C/=69`/[B7<E:=C/=6<x;/De<a/+.1;<?jk1;/f<
34<„1…4"&&|5G1"&'"E:5h1??jU1;5G1"&'V#
ZC.U[1-F.SF1 /01234
+/'/!7.58-4.#!7.5$-9:6;?/@12AB[L078
KL1;E:P?D<<=/M12C3P?jk1;P?DPHBI1<=h=C/=6<?h<=jw1;<a/+.1;
<?jk1;/f<34<=61;<=a1;<?D/5R1;NK6<D25R1;2C32D21?71<rF?D2?HB31C
+/'/$-6;?/@12AB1?n1;K/•1Y/G1<=61;[L<D25R1;2C32D2
8GB<r1R/<a/EU/1?3BN<=61;5\2\2D2<D21?712?C8GBNHB8G<5h1?#
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<=61;&V1…4;v15782C3+.1;<?jk1;/f<34N2C32D21;71?:1;
<?jk1;4a/N2C32D2F?I6[D<HBr2<G‹
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<=61;5/^BF/f1?R/1?JPF/1?<GHBr2<GE:;/3<…1;DP9L22a1?<=31?<=61;?6a<
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5R1;F/1?K631?2C3#/U/<?/fB2D21R/KB1;2kYI1E^ =C/=6<?h<=j w1;
b/.$#6$<9=.#&'>2 C3#~2Y/f<9BJ1D1
5j3=35jT22D2?<?A2078K L1 ;4R<?f<?r1;2?Bƒ1?\3E^H BI1<=h=C/=6<?h
<=jw1;<a/<„4.?>1?N2?Q1?[D2?5G1HB8<=>1?] #@BF/1?

1;?/f4HBI1<=h=C/=6<?h<=jw1;2C34R<[r1jU21;6:/E:=O<=3 Y:/ ?‚2
F/1?1;?/f42?6/f<34#
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/d</1Y31FNP?7 1<Q2?5jT2<?L2<=a1;2.1;<D2HBI1<=h=C/=6<?h<=jw1;<a/;71
?:1;+2.1;<?jk1 ;/f<34N2?—=31?n1;<?:1?2.1;2kYI12S1;2D2<p1
<a/N?a12?GN8GBF™4E:1;B8@11?712C32.1;<D2HBI1<=h=C/=6<?h<=jw1;2C3
;71?:1;9:42k[t5M0Bq<;/I/P?DP5g/4U/N ?6:1 <?/f12.1;<D2HBI1<=h=C/
=6<?h<=jw1;2C3/d</1Y31F<=61;<?w/;/31<U/#
WBJ1D15^ 0Bq<?f<?r1;&!;/I/P?DPP?S?TPEU/5/^BF/f1 2C3;71?:1;
+.1;<?jk1;<„E/f2078KL1;F?B1;HBI1<=h=C/=6<?d62?Bƒ14L2
HBr2<G†078KL1;N?6:1<?/f12?Q1?[D2?HBI1<=h=C/=6<?h <=jw1;†?6:1<?/f14.
?>1?NHB8<=>1?NP?jk1 ;P?DPE:2.1;2m HBI1<=h=C/=6 <?h<=jw1;†2D2;/I/P?DP5M
171;236<?/G<YhF•<?BJ< ?/f15a /N<?/G<9JP2D2P?v14^4HBI1<=h=C/=6†<…1;F?I
1…1;KLYD62?65G15:6<a65R/1;•2D1YRHBI1<=h =C/=6<?h<=j w1;1?‡4<?L2
?/f1<r<?k12.1;<D2HBI1<=h=C/=6<?h<=jw1;2C3/d</1Y31F<=61;<?w/;/31<U/#
^C%HG2E4Q4R1S1
;6:/P?v14t5vBE:FG<9BJ1N9BJ1D15jT22qB<=O2<?:1?&$2?jk1;1?j[3B
.U[1-*_?n1;Eq15^2?B1;E^HBI1<=h=C/=6<?h<=jw1;2C31;71?:1;<?jk1;4a/
.U[1-(_?L2<=a1; 2.1;<D2HBI1<=h=C/=6<?h<=jw1;<a /;71?:1;<?jk1;4a/
2gP?v1.1;<?jk1;/f<34#
.U[1-O_/I/P?D P171;2361…1;9L2HBI1<=h=C/=6<?h<=jw1;<a/;71?:1 ;
<?jk1;4a/2gP?v1.1;<?jk1;/f<34#
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*
;`,aa

1.1. RI RO TH TRƯNG TRONG HOT ĐNG CA NGÂN HNG
THƯƠNG MI
*C*C*C%.S/1/bYcI/c6G.dGcUe1-f(\g
-C/=6<?h<=j w1 ;b e5jT25h1?1;?ˆ39:F?I 1…1;0ƒ8=34q<4D<5r/

EU/1;71?:1;K6[L<?38 5g/2C32D28GB<r<?h<=jw1;#\9:=C/=64:;/D <=h2C3
2D2<=a1;<?D/1R/? 6~21;6a/YI1;2715r/FG<6D1b)e2?hBI1??jt1;Yq<9T/
Yt/1?n1;Y/G15R1;<=61;<?h<=jw1; 2?A1; F?6D1N9`/ [Bq<N<x ;/D?r/56D/?38;/D
2I?:1;?6DN?389:=C /=65r/EU/<?B1?JPE:Er12C31;71?:1;K6[L<?385g/<=@1
<?h<=jw1;E^9`/[Bq<E^;/D2?A1;F?6D1N<x;/DN;/D2I?:1;?\3š"!N<=31;|%V›#
2\<?M5jT2P?D<?/f14R<2D2?=–=:1;<=61;2D2K31?4m25vB<j
1?j2?A1;F?6D1bgP?/GBN<=D/P?/GBN2D2P?D/[/1?2?A1;F?6D11?j2D2?TP
5p1;Fo?a1N<jk1;93/N[œ3P[NHB8^12?‚1‹eN?:1;?6Db2D2[I1P?ƒ4P?D/[/1?
?:1;?\3N2D2<:/[I11 TN2\4: KŠ1;</^15jT20D25h1?2…12AE:6;/D2I?:1??\3
?382?— [r;/D2I?:1;?\3‹eK6 2D296a/?>1?5vB<j1:85jT2;/36Kh2?4R<2D2?
<=L2</GP# 5jT20D25h1?HB32D2F?6I14m22?hB=C/=6<x;/D1?j 2D2;/36
Kh2?1;6a/?r/N2D2F?6I14m2<:/[I11TN<:/[I12\Y‡1;1;6a/?r/N2D2[I1P?ƒ4
P?D/[/1? 2C3 2D2;/36Kh2?1;6a/?r/N 2D2F?6I14m21T2\4: KŠ1; </^15jT20D2
5h1?KL3E:6<x;/D#B81?/@1N=C/=6<?h <=jw1;2Š12?hBI1??jt1;F?.1 ;1?uYt/
4R<8GB<r1;v45\9:=C/=69`/[Bq<NP?D<[/1?K62\[LF?.1;F?UP5O1 ;E^<?w/
?a1?38HB/4.?B85R1;E:[•Km1;Er1NI1??jt1;5G19jB2?B8M1</^1<f2C3
1;71?:1;#D2F?6I14m22?hB=C/=69`/[Bq<1?j2D2F?6I1</^1;•/N2D2F?6I1
</^1 E38N<=D/P?/GBN2D2[I1P?ƒ4P?D/[/1? <:/2?Q1?###@12a1?5\ 2Š10Bq<
?/f1Yt/1?/^B1;B8@11?71F?D24:F?.1;5jT2<?M?/f1<=@1YI1;)#
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/MB4R< 2D 2?<g1;HB311?q<<?> 9:F?I1…1;?A1;2?hB4R<FG<HBI
<?B39”<=61;F/1?K631?F?/4:<?h <=jw1;2\1?n1;Y/G15R1;E:<?38 5g/1;jT2
2?/^B[6EU/KL56D12C31;71?:1;#D28GB<r=C/=62?Q1?<=@1<?h<=jw1;5jT2
0D25h1?HB3[L2?@1?9f2?E^9`/[Bq<N<x;/DN2?A1;F?6D1E:;/D2I?:1;?\3#
*C*C(CS2Q6X/cI/c6G.dGcUe1-
?>12?B1;N Y36;p4=C/=69`/[Bq<N=C/=6?r/56D/N=C/=62?A1;
F?6D1E:=C/=6?:1;?6D#
&'&'('&')#*
!'+,
W<a/2D29:1?n1;<g1<?q<</^4<:1;4:;71?:1; P?I/;D1?

2?hBF?/9`/[Bq<<?h<=jw1 ;Y/G15R1;#-C/=69`/[Bq<9:1;B82kY/G15R1;<? B
1?JPE:;/D<=h=Š1;2C31;7 1?:1;F?/ 9`/ [Bq<<?h<=jw1;Y/G15R1;š%N<= 31;$›#
 =61;?6a<5R1;1;71? :1;NE/f22?qP1?J196a/=C/=61: 89:5/^BY>1?
<?jw1;E:=C/=61: 82•1;I1??jt1;<U/F?I1…1;[/1?9w/E:;/D<=h2g5.1;#
B81?/@1 W236[€5dK‚35G19T/1?BJ1E:Er12?C[t?nB2C31;71?:1;#
/G15R1;9`/[Bq<<=@1<?h<=jw1;[€9:4<?385g/9 T/1?BJ1?/f1<a/2C31;71
?:1;b2B= =d1</1<d =d[<d3=1/1;e<?.1;HB3E/f2<?385g/<?B1?JP=Š1;N<?B1?JP
1?a82I49`/[Bq<E:2D22?/P?Q?6a<5R1;2C31;7 1?:1;# ?385g/2C39`/ [Bq<
2•1;9:4<?385g/;/D<=h5h1?; /D9a/NE :2D22. 1;2m1;6a/YI1;F?D2
E>; /D<=h?/f1<a/b+=d[d1<39Bde2C32D2KŠ1;</^1<=61;<jk1;93/<?385g/F?/
9`/[Bq<<?385g/#\/4R<2D2?F?D29`/[Bq<<?385g/2\I1??jt1;<U/;/D<=h<?h
<=jw1;2C32D2F? 6I15vB<jE:2D2<:/[I1T2C31;71?:1;#L<?385g/1:82\
<?MF?.1;<D25R 1;1;38<U/YI1;YD62D6<?B1?JPb/1264d[<3<d4d1<e2C31;71
?:1;1?j1;1;:82:1;<=t1@1HB31<=‚1;#
/'"*#0 
-C/=69`/[Bq<2\$96a/-C/=6?/M11?/@1bB<=/;?<-/[FeN=C/=65jw1;261;
9T/[Bq<b/d9KB=Ed-/[FeN=C/=62kYI1b3[/2-/[Fe#
'}
?@A36W:=C/=6;78=3K65jw1;261;9`/[Bq<2?B8M1Kh2?[61;
[61;9@1?6~20Br1;N2D2Fo?a1F?D21?3B[€Y/G15g/;/r1;1?3B#
?@(-$29=W:=C/=6;78=3K65jw1;261;9`/[Bq<
<?385 g/?>1?Ka1;#)?/9`/[Bq<<?385g/9`/[ Bq<2C32D2Fo?a1F?D21?3B[€
<?385g/F?D21?3B #-C/=65jw1;261;9T/[Bq< 9:=C/=64:F?/5jw1;261;9T/
[Bq<<=t1@15I61;jT2 F?/9`/[Bq<2C3Fo1;“1?a1<=t1@1236?k19`/[Bq<2C3
FoK:/?a1#
?@-86W: =C/=6;78=3F?/2\[L <?385g/F?.1;5p1;5^B2C32D2
2k[t9`/ [Bq<F?D21?3B#QKm1?jY@1N2? 6E385p1;5.93•KL3<=@12k [t
9`/[Bq<W-N<=61;F?/5\Y@15/E389a/KL3<=@12k[t9`/[Bq<-4:
?3/2k[t9`/[Bq<1:8<?385g/F?D21?3B#?jEJ8[€2\ W;‚/9:=C/=62kYI1
<=61;<=jw1;?TP1:8#

')!
L<?3 85g/2C39`/[Bq<2\1?n1;<D25R1;<U/2I<?B1?JP2C31;71?:1;
2•1;1?j;/D<=hF/1?<G2C3<:/[I1[I1E:1;Bp1Er1#
?'-()B5/$-"#CDE9/E-.E>
JBHBI2C3E/f2<?385g/9`/[Bq<5`I1 ??jt1;<U/9T/1?BJ1<?Bv1E:
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