Tải bản đầy đủ (.pdf) (61 trang)

LUẬN VĂN VIỄN THÔNG PHƯƠNG PHÁP XỬ LÝ TÍN HIỆU NBDP Ở ĐÀI HẢI PHÒNG RADIO

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (724.51 KB, 61 trang )


OèLQLâX

1J\QD\WK{QJWLQOLzQOF~DQJQJ\FQJSKWWULQY~SằQJUQJUL
WURQJPăLOĂQKYẳFFD~đLVơQJ[KLWURQJ~ĐFĐQJQK+QJKL9LW1DP
&QJYLVẳOQPQKNK{QJQJáQJFD~LWXWURQJQ}FYQ}FQJRLFQJ
NKQJ~ÊQKUƯYDLWUÔWROQFD~L7K{QJWLQ'X\zQ+LWURQJYLF~SằQJFF
GÊFKYãWK{QJWLQOLzQOFJLDWXYEđSKãFYãFKRPãF~ÂFKFSFằXNKQFSDQ
WRQYWK}|QJPL+QJ+L&QJYLVẳSKWWULQQ\WK\zXFXYYQ~DQ
WRQVLQKPQJQJ}đL~LELQDQWRQFKRWXYKQJKRFQJ~}FTXDQWyPK|Q
/PWPW[ÂFKTXDQWUăQJWURQJKWKơQJ~L7K{QJWLQ'X\zQ+L9LW1DP
YOPWWURQJQKQJ~L7K{QJWLQ'X\zQ+LOQQKWKLQ~LQKWWURQJF
Q}F~L7K{QJWLQ'X\zQ+L+L3KÔQJ+L3KÔQJ5DGLR~JĐSPWSKQUW
OQWURQJYLF~PERDQWRQWÂQKPQJWLVQFKRWXYFRQQJ}đLWUzQELQ
FàQJQK}~SằQJ~}F~\~FF\zXFXPWêFKằFKQJKLWKJLL,02~
UDw~W~}F~LXQ\+L3KÔQJ5DGLR~SGãQJYWULQNKDLWKQKF{QJK
WKơQJWK{QJWLQDQWRQYFằXQQKQJKLWRQFX*0'66YRF{QJYLFFD
PQK7KD\~êLJQQK}WRQEWUDQJWKLWEÊFàWKHRF{QJ}FFD62/$6
EQJFFWKLWEÊWURQJWK{QJWLQYWLQKWK{QJWLQPW~WQK},10$6$57'6&
1%'3FĐSKPYLEDRSKWRQFXYWÂQKQxQJKRW~QJFDRWUzQPăLGLWQ
Y{WX\Q
&ĐWKQĐL~L+L3KÔQJ5DGLROPWFKôGẳDYQJFKFFKREWNẵPWFRQ
WXQRNKLUDNK|L
wKLX~}FPWSKQQRYF{QJYLFP~L+L3KÔQJ5DGLR~PQKQFã
WKOYLF[ạOFFWÂQKLXWU}FNKLSKW[XơQJWXFàQJQK}NKLWKXWáWXY~L
7URQJTX\QOXQYxQWơWQJKLSQ\HP~~LYRSKyQWÂFKSK}|QJSKS[ạOWÂQ
KLX1%'3~L+LSKÔQJ5DGLR1%'3OPWWKLWEÊWUX\QFKExQJKS~}F
FXWKQKNK{QJWKWKLXWURQJKWKơQJ*0'66YLGLWQKRW~QJWá.+]
~Q.+]wKôWUWURQJWK{QJWLQFSFằXNKQFSYDQWRQQJRLUDWKLW
EÊ1%'3QKPPãF~ÂFK~SằQJFFGÊFKYãWK{QJWLQOLzQOFWUzQFFGLVĐQJY{
WX\QPW ~W JLDWXYLEđYQJ}FOL9L~WL~}FJLDRO [ạO WÂQKLX


1%'3~L+L3KÔQJ5DGLRHP~QJKLzQFằXYWUQKE\WKKLQTXDSKQ
FKÂQKWURQJQLGXQJTX\Q~WLQ\
3KQ,.KLTXWFKXQJ
3KQ,,;ạOWÂQKLX1%'3WURQJ~L+L3KÔQJ5DGLR
;ạONKDLWKF
-

;ạONWKXW
3KQ,,,.WOXQ
(P[LQWUyQWUăQJFP|Q$QK1JX\Q&{QJ&KLQFFWK\JLRWURQJE
P{Q9{WX\Q~LQKQJKLFFF{FKảWURQJwL7K{QJWLQ'X\zQ+L+L3KÔQJ
FQJEQEWURQJOS~WQWQKJLảS~HPWURQJTXWUQKWKẳFWSYKRQWKQK
OXQYxQWơWQJKLSQ\

+L3KÔQJWKQJl

6LQKYLzQ


1JX\Q7KÊ1JăF+




3KĂQ,
.KLTXWFKXQJ


&KwvQJ,
.KLTXWKáWKấQJ


7UX\QFKEQJKS
QEGSWURQJ*0'66



,7QJTXDQYKWKQJDQWRqQYqFƯXQuQ+qQJ+rLWRqQ
F{X*0'66*OREDO0DULWLPH'LVWUHVVDQG6DIHW\6\VWHP



/FKVÔKQKWKqQKYqSKtWWULQ

7á NKL ~}F WKLW OS QxP Wê FKằF +QJ +L 4XơF W ,02 l
,WHUQDWLRQDO 0DULWLHP 2UJQD]DWLRQ ~WP NLP ~WxQJ F}đQJ FL WLQ K WKơQJ
FXQJFSWK{QJWLQY{WX\QWURQJF{QJ}F4XơFWYDQWRQVLQKPQJWUzQELQ
62/$6l6DIHW\RI/LIHDW6HDY~OLGãQJQKQJFLWLQWURQJNWKXWWK{QJ
WLQY{WX\Q
7UDQJWKLWEÊWK{QJWLQY{WX\QWUzQWX~}FTX\~ÊQKELF{QJ}FY
EDRJâPFFWKLWEÊY{WX\Q~LQERFKRWXNKFKYLPăLNÂFKFYWX
KQJFĐWUăQJWL WQWUOzQ FàQJ QK} WKLWEÊY{ WX\Q~LQ WKRL FKR WX
KQJFĐWUăQJWL~QWQ1KQJWX~}FOS~WQK}Y\PFGFĐWK
QKQ~}F PW ORDQ ER FS FằXQK}QJ FKảQJNK{QJWK OLzQOF ~}FYL QKDX
7QKWUQJ~ĐNRGLWLQxPWWFFFWX~~}F\zXFX~FĐWKOLzQOF
EQJY{WX\Q~LQWKRL9+)Y0)7KDQJWPKRW~QJFD0)FKOKL
OGRY\FFWXNKFQPQJRLNKRQJFFKQ\WÂQKWáPWWUPEđJQPW~W
QĐFKFĐWKOLzQOFWKHRNLXWXWX
1xPYLVẳWUJLảSFD\EDQKSWFY{WX\Q4XơFW&&,5,02
EW~X[HP[WQJKLzQFằXWK{QJWLQYWLQK+QJKL
1xPWK{QJTXDQJKÊTX\WFXFKăS$,02[HP[WOLFKÂQKVFK

FDQĐWURQJVẳSKWWULQFDKWKơQJFằXQQ+QJKL~OLGãQJFF~F~LP
WLzQWLQFDWK{QJWLQYWLQKWURQJYLFORDQERWẳ~QJYSKWWK{QJWLQDQWRQ
YFằXQQ+QJKL
1xP,02WêFKằFKLQJKÊYWPNLPYFằXQQWUzQELQYKLQJKÊ
~WK{QJTXDF{QJ}FYWPNLPYFằXQQWUzQELQ6$5PãF
WLzXFKÂQKOWKLWOSPWNKRFKWRQFXFKRF{QJWFWPNLPYFằXQQ+QJ
KL+LQJKÊFàQJ\zXFX,02SKWWULQPWKWKơQJFằXQQYDQWRQ+QJ
KLWRQFXYLQKQJTX\~ÊQKYWK{QJWLQOLzQOFFKRKRW~QJKLXTDFD
F{QJ}FWPNLPYFằXQQ
&KR~QQxPWKKWKơQJDQWRQYFằXQQ+QJKLWRQFX*0'66
~~}FWK{QJTXDG}LGQJEê[XQJVạD~êLF{QJ}FDQWRQVLQKPQJWUzQELQ

62/$61KQJEêVXQJVạD~êLQ\~FĐKLXOẳFNWáWKQJWKHR~ĐK
WKơQJ*0'66V~}FSGãQJWáQJSKQFKR~QWKQJWKV~}FSGãQJ
WRQE
*0'66OKWKơQJWK{QJWLQOLzQOFPLSKãFYãFKRPãF~ÂFKDQWRQY
FằXQQ+QJKLWRQFXW}QJFK~RFDKWKơQJOWPNLPYFằXQQ
&F~|QYÊWêFKằFFằXQQFàQJQK}FFWX~DQJKRW~QJYQJOyQFQWXEÊ
QQV~}FER~QJPWFFKNÊSWKđLVDRFKRKăFĐWKWUJLảSQKQJKRW~QJ
SKơLKSWPNLPYFằXQQYLWKđLJLDQWUOQKƠQKW~}F+WKơQJQ\~}F
WêFKằF,02~[}QJYSKWWULQYLVẳSKơLKSFDQKLXWêFKằFTXơFWNKF
QK}7êFKằFOLzQPLQKYLQWK{QJ4XơFW,78WêFKằFWK{QJWLQGL~QJ4XơF
W,10$56$7+WKơQJWPNLPYFằXQQ&263$66$56$7WêFKằFNKÂ
W}QJWKJLL:02

izFWUoQJFnErQYqFKƯFQjQJWKmQJWLQFDKWKQJ*0'66

D

izFWUoQJFnErQ


+WKơQJ*0'66FĐ~FWU}QJF|EQOWÂQKWRQFXYWÂQKWêKSFDR~F
WU}QJQ\~}FWKKLQQK}VDX
-

3KyQFKLDYQJWK{QJWLQWKHRFẳO\KRW~QJFDWXWá~Đ[F~ÊQKFFORL
WKLWEÊV~}FOS~WWUzQWXFQJYLWQVơYSK}|QJWKằFWK{QJWLQWKÂFK
KS
-

.K{QJVạGãQJFFWQVơ FSFằX.+]EQJY{WX\Q~LQER YWQVơ
.+] EQJ Y{ WX\Q ~LQ WKRL ~ ER ~QJ Y JăL FS FằX PGQJ N
WKXWJăLFKăQVơ '6& 'LJLWDO6HOHFWLYH&DOLQJYLQKQJWQVơWKÂFKKS
GQKULzQJFKRER~QJYJăLFSFằX
-

1KQJWK{QJWLQFẳO\[DV~}F~PERWK{QJTXDWKLWEÊWK{QJWLQYWLQK
Y
FFWKLWEÊKRW~QJWUzQGLVĐQJQJQ+)
-

9LFWUẳFFDQKFSFằXYWKXQKQFFWK{QJERDQWRQKQJKL1DYLJDWLRQ
:DULQJYGẳERWKđLWLW:HDWKHUIRUHFDVWZDULQJEQJSK}|QJWKằFWẳ~QJ
-

6ạGãQJNWKXWJăLFKăQVơ'6&LQFKWUẳFWLSExQJKS1%'3YY{WX\Q
~LQWKRLWURQJWK{QJWLQOLzQOFEƠNK{QJGQJY{WX\Q~LQER0RUVHGR
~ĐNK{QJQKWWKLWSKLVạGãQJVTXDQFKX\zQQJKLS



E&KƯFQjQJWKmQJWLQ


7URQJKWKơQJ*0'66FFWUXQJWyPFằXQQWXELQFàQJQK}FFWXOyQ
FQWURQJNKXYẳFFDPWWXEÊQQVQKDQKFKĐQJ~}FER~QJYVQVQJ
WKDPJLDKRF JLảS ~KRW~QJWP NLPFằXQQ,02~~}DUDFKằF QxQJ
WK{QJWLQFKÂQKFQ~}FWKẳFKLQELWWFFFWX6RQJVRQJYLYLFQ\O\zX
FX Y WUDQJ WKLW EÊ Y{ WX\Q FQ WKLW ~ WKẳF KLQ QKQJ FKằF QxQJ ~Đ WURQJ
QKQJYQJELQPWX~DQJKRW~QJ
1ĐLPWFFKNKFEWNWXKRW~QJWURQJYQJELQQRPôLWXSKL
~}FWUDQJEÊWKLWEÊY{WX\QFĐNKQxQJWK{QJWLQ[X\zQVXơWFXFKQKWUQKFD
PQK

FKơFQpQJvOw


3KWYWKXER~QJFSFằXWKHRFKLXWáWX~QEđ




3KWYWKXER~QJFSFằXWKHRFKLXWáEđ~QWX



3KWYWKXER~QJFSFằXWKHRFKLXWáWX~QWX



3KWYWKXFFWK{QJWLQSKơLKSWPNLPYFằXQQ




3KWYWKXFFWK{QJWLQKLQWU}đQJ



3KWYWKXWÂQKLX~ÊQKYÊ



3KWYWKXFFWK{QJWLQDQWRQKQJKL



3KWYWKXFFWK{QJWLQWK{QJWK}đQJ



7K{QJWLQEXâQJOL

9LFKằFQxQJWK{QJWLQQ\WDFĐWKQKĐPWKQKFFFKằFQxQJVDX


%zRvQJFơXQ{Q

7ÂQKLXER~QJFằXQQ~}FWK{QJWLQNKQFSYWLQF\WLPWF|VFĐ
NKQxQJFằXQQ~ĐOPWWUXQJSKơLKSFằXQQ5HVFXH&R2UGLQDWLRQ&HQWHU
5&&KRFFFWXKRW~QJWURQJYQJOyQFQ.KLPW5&&QKQ~}FWÂQKLX
ER~QJFằXQQTXDPW~LWK{QJWLQGX\zQKLKRF~L EđPW~W5&&V

FKX\QWLSWÂQKLXER~QJFằXWLPW~|QYÊWPNLPYFằXQQ6HDUFK$QG
5HVFXH6DUYFFWXOyQFQWURQJYQJEÊQQWăD~WXEÊQQWÂQKFKWWDLQQ
FQJFFWK{QJWLQFQWKLWNKFFKRKRW~QJWPNLPYFằXQQ
6ẳSKơLKSWK{QJWLQWURQJ*0'66V~}FWKLWN~FKRSKSWKẳFKLzQ
WK{QJWLQER~QJFằXQQWKHRFEDFKLXWáWX~QEđWáWX~QWXYWáEđ
~QWXWUzQWWFFFYQJELQ&KằFQxQJER~QJ~}FWKẳFKLQEQJFKDL
KQKWKằFWK{QJWLQYWLQKYWK{QJWLQPW~WYWÂQKLXER~QJFằXQQEDQ
~X~}FSKWWKHRFKLXWá~QEđ.KLWÂQKLXER~QJFằXQQ~}FSKWEQJ
SK}|QJWKằF'6&WURQJYQJSKVĐQJFDWXEÊQQ~}FSKWEQJSK}|QJWKằF
'6&WUzQFFGLWQ9+)0)KRF+)FFWXFĐWUDQJEÊ'6&WURQJYQJSK
VĐQJFDWXEÊQQFàQJ~}FER~QJER~QJWKHRFKLXWáWX~QWX
7K}đQJ WK PW WÂQ KLXER ~QJ FằX QQ ~}F ~ [}QJ EQJ SK}|QJ WKằF
QKyQF{QJYWWFFFWÂQKLXER~QJFằXQQ~}F[FQKQFàQJEQJWKDR
WFQKyQF{QJ.KLPWWXEÊFKPWKPW)3,5%VWẳ~QJOPYLFKRW~QJ
WURQJYQJELQ$FĐWKWKD\WK6DWWOOLWH)3,5%EL9+))3,5%SKWWUzQNzQK

6ẳFKX\QWLSFFWÂQKLXER~QJFằXQQWá5&&~QFFWXOyQFQWXEÊ
QQ~}FWKẳFKLQEQJSK}|QJWKằFWK{QJWLQYWLQKKRFSK}|QJWKằFWK{QJWLQ
PW~WWUzQFFWQVơ~}FTXL~ÊQK7URQJWáQJWU}đQJKS~WUQKER~QJYL
WWFFFWXWURQJYQJELQUQJFKFKX\QWLSWÂQKLXER~QJFằXQQWL
FFWXOyQFQWXEÊQQWURQJPWYQJKQFKELPWiYQJJăLjTXDQKYÊWUÂ
WXEÊQQ.KLQKQ~}FWÂQKLXFKX\QWLSER~QJFằXQQFFWXOyQFQWX
EÊQQSKLWKLWOS~}FWK{QJWLQYL5&&OLzQTXDQ~SKơLKSWUJLảS


7KsQJWLQOLrQO{FSKăFYăWPNLPYwFơXQ{Q



wĐOQKQJWK{QJWLQFQWKLWFKRVẳSKơLKSJLDFFWXYP\ED\WKDP

JLDYRKRW~QJWPNLPYFằXQQWLSVDXPWWÂQKLXER~QJFằXQQEDR
JâPFF5&&YLQJ}đL~LXKQKKLQWU}đQJKRFQJ}đL~LXSKơLWPNLPPW
ELQWURQJYQJ[\UDWDLQQ
7URQJFFKRW~QJWPNLPFằXQQFFEằF~LQ~}FWK{QJWLQWKHRF
KDLFKLXEQJSK}|QJWKằFWKRLKRFWHOH[NKFYLEằF~LQER~QJFSFằX
FK~}FSKWPWFKLXEQJ'6&
1KQJF{QJQJK~}FVạGãQJWURQJWK{QJWLQSKơLKSYLFằXQQOY{
WX\Q~LQWKRLKRFWHOH[FKDL1KQJWK{QJWLQ~ĐFĐWKWKẳFKLQWK{QJTXD
WK{QJWLQYWLQKKRFWK{QJWLQPW~WWXẵWKXFYRWUDQJWKLWEÊWUzQWXYYQJ
ELQ[\UDWDLQQ





7KsQJWLQKLQWUuQJ


/WK{QJWLQFĐOLzQTXDQWLKRW~QJWPNLPFằXQQEQJFFSK}|QJ
WKằF~LQ WKRL57KD\ 7HOH[1%'3WUzQFF WQ Vơ ~}FTXL ~ÊQKULzQJ FKR
WK{QJWLQDQWRQYFSFằXGLVĐQJ0)Y9+)wơLYLWK{QJWLQORLWK}đQJ
VạGãQJFK~OLzQOF~|QNzQK6LPSOHVFÔQ1%'3VạGãQJSK}|QJWKằF)(&
1KQJWK{QJWLQQ\JLDWXEÊQQYLFFSK}|QJWLQWUJLảSWXyQWKHR
FFTXL~ÊQKWUJLảSFKRWXYQJ}đLEÊQQ.KLFĐP\ED\WKDPJLDWK{QJWLQ
KLQWU}đQJFKảQJFĐWKVạGãQJFFWQVơY.+]7KzPYR
~ĐP\ED\WKDPJLDWKDPNLPFằXQQFĐWK~}FWUDQJEÊWKLWEÊWK{QJWLQ
WQVơGLGQJ+QJKLNKF


7KXSKzWWQKLXvQKY


&KằFQxQJWK{QJWLQQ\OPNKQxQJFằXQQ1Đ~}FVạGãQJ~QKDQK
FKĐQJ[F~ÊQKYÊWUÂWXKD\QJ}đLEÊQQ7XYWUẳFWKxQJFằXKFĐWKQKQ
~}FQKQJWÂQKLXGQKQELWWáFFWÂQKLXSKW~LWáWXEÊQQiwÊQKYÊjO
PWWKXWQJ~}F~ÊQKQJKĂDWKHR~LX,962/$6OVẳSKWKLQWXP\
ED\KD\QJ}đLEÊQQ7URQJ*0'66FKằFQxQJQ\~}FWKẳFKLQELWKLWEÊSKW
~SVĐQJ5DGDUWXELQ6$57V6$55DGDU7UDQVSRQGHUKRW~QJWUzQGLWQ
*+]~}FWUDQJEÊWUzQWXYKRFQJ}đLEÊQQWUzQ~Đ7QVơ0+]WURQJ
KXKWFF(3,5%YWLQK~}FVạGãQJ~WK{QJWLQWUYFFF|VFằXQQKQJ
NK{QJ


7KsQJWLQDQWRwQ+wQJKxL06,


+ WKơQJ *0'66 FXQJFS GÊFK Yã SKW ~L FF WK{QJER +QJ KLTXDQ
WUăQJFFEQWLQNKÂW}QJYGẳERWKđLWLWWUzQFFGLWQVơNKFQKDX~~P
ERWPKRW~QJO[DQKW
&FWXFQSKLFSQKWFFWK{QJER+QJKLGẳERNKÂW}QJYFF
WK{QJWLQDQWRQ+QJKLNKQFSNKF7K{QJWLQDQWRQ+QJKL~}FSKW
EQJ SK}|QJ WKằF ~LQ ER WUX\Q FK WUẳF WLS ExQJ KS 1%'3 FK ~ SKW
)(&WUzQWQVơ.+]'ÊFKYã1$97(;4XơFWwơLYLFFWXKRW~QJ
QJRLYQJSKVĐQJ1$97(;WKVạGãQJGÊFKYã(*&(QKDQFHG*URXS&DOO
FDKWKơQJ,10$56$7PQJ6DIHW\1(7&FWXKRW~QJYQJELQ~ÊD
FẳFWK{QJWLQDQWRQKQJKL~}FSKWEQJ SK}|QJWKằF~LQER WUX\QFK
WUẳFWLSExQJKSWUzQGLVĐQJ+)



7KsQJWLQWKuQJ


&KằFQxQJWK{QJWLQQ\~}FWKLWN~SKãFYãFKRWK{QJWLQF{QJFQJ
PDQJWÂQKFKWWK}|QJPLJLDWXYEđYFFSK}|QJWLQNKFEQJ~LQWKRL
~LQWÂQWUX\QWK{QJJLOLXWUzQEWNẵPWWQVơQRQJRLWQVơGQKULzQJ
FKRFằXQQYDQWRQ+QJKLwĐOFFWK{QJWLQOLzQTXDQ~QKRW~QJFD
WXTXQOWXJLDRGÊFKJLDWXYLFQJ~LOKRDWLzXFFF|TXDQFXQJằQJ
WXELQ

&~XWUĂFFD*0'66

7ÂQKWêKSYWÂQKWRQFXFDKWKơQJ*0'66NK{QJFKWKKLQ~F
WU}QJYFKằFQxQJPFÔQWKKLQFXWUảFFDKWKơQJ&XWUảFFD*0'66
~}FSKyQWKQKSKQFKÂQK+WKơQJWK{QJWLQYWLQKKWKơQJWK{QJWLQPW
~W
D

+WKQJWKmQJWLQYWLQK

.KLQLPYWK{QJWLQYWLQK
7ÂQKLXY{WX\Q~LQFĐWK~}FWUX\Q~LW|LFFYÊWUÂNKFQKDXWUzQE
PWWUL~WWK{QJTXDYWLQK1ĐLFKXQJPWKWKơQJWK{QJWLQOLzQOFYWLQKV
EDRJâPEDNKyXFKÂQK~ĐONKyXYàWUãNKyXPW~WYNKyXQJ}đLVạGãQJ
.KyXYàWUã+XKWFFWK{QJWLQYWLQK~XVạGãQJFFYWLQKQKyQWRWUzQ
TàL~R~ÊDWĂQKFDRNPVRYL[ÂFK~R9OWKX\WFKFQYWLQK~ÊD
WĂQKWKFĐWKEDRSKWRQEWUL~WWUáFFYQJJQTàL~RFẳF
.KyXPW~W
+RW~QJFDFFYWLQKWUzQTàL~RFàQJQK}KRW~QJFDPQJO}LWK{QJ
WLQ~}F~LXNKLQEQJWUPPW~W7K{QJWK}đQJNKyXPW~WEDRJâPPW
WUXQJWyP~LXSKơLPQJO}LFFWUP~LXSKơLPW~WYFFWUPPW~W
-


.KyXQJ}đLVạGãQJ
1J}đLVạGãQJFĐWKGQJPQJO}LWK{QJWLQOLzQOFYWLQKWK{QJTXDFF
WKLWEÊWK{QJWLQYWLQKFDQJ}đLVạGãQJ0ôLWKLWEÊQ\VEDRJâPPW$QWHQ
NPWKHRFFP\PĐF~LQWạ~LXNKLQYWK{QJWLQ1ĐFXQJFSPơLOLzQK
JLDFFQJ}đLVạGãQJYPQJO}LWK{QJWLQOLzQOFYWLQK
+WKơQJWK{QJWLQYWLQKOPW~FWU}QJTXDQWUăQJWURQJKWKơQJ*0'66
+WKơQJWK{QJWLQYWLQKWURQJKWKơQJ*0'66JâPFĐ
7K{QJWLQTXDKWKơQJYWLQK,10$56$7
-

7K{QJWLQTXDKWKơQJ&23$66$5$7


+WKQJYWLQK,10$56$7


*LLWKLXYKWKơQJ,10$56$7
,10$56$7OFKYLWWWWzQWLQJDQKFDWêFKằFY WLQK+QJKLWKJLL
,QWHUQDWLRQDO 0DULWLPH 6DWHOOLWH 2UJDQL]DWLRQ ~Q WKQJ QxP ~êL WzQ O
,QWHUQDWLRQDO0RELOH6DWHOOLWH2UJDQL]DWLRQOPWWêFKằF~DTXơFJLD~}FWKQK
OSQxP7ÂQK~QWKQJEDRJâPTXơFJLDFRQVơQ\VFÔQWxQJ
WKzP
&FTXơFJLDQ\KSWFFQJQKDXYLPãF~ÂFKWKLWOSPWPQJYLQWK{QJ
WRQFX~FĐWKOLzQOF~}FYLWWFFFWXWUzQELQFàQJQK}FĐWKPDQJ
[FKFKX\zQFKKRF~WWUzQFFSK}|QJWLQJLDRWK{QJWUzQPW~WWUzQP\

ED\,10$56$7~LXKQKPWKWKơQJWK{QJWLQOLzQOFYWLQKWRQFXFXQJ
FSGÊFKYãWK{QJWLQWUzQPLNKXYẳF~ÊDOWUáQKQJYQJJQFF~ÊDFẳFYĂ
~

16WUOzQQPQJRLYQJEDRSKFDFFYWLQK~ÊDWĂQK
&XWUảFFDKWKơQJ,10$56$7
+WKơQJ,10$56$7EDRJâPEDSKyQ~RQFKÂQKQK}VDX
3KyQ~RQNK{QJJLDQ
3KyQ~RQWUzQPW~W
&FWUPWK{QJWLQGL~QJ
3KyQ~RQWURQJNK{QJJLDQOSKQFKÂQKFDKWKơQJ,10$56$7EDR
JâPEơQYWLQKYLQWK{QJYLPWVơYWLQKGẳWUNKFFFYWLQKQ\~}F~W
VQWUzQTX~R~VạGãQJEWFằNKLQRFQWKLW&FYWLQK~}FSKĐQJOzQ
ELWzQOạD~\OzQTX~R~ÊDWĂQK*(2~FDRNKRQJNPTX~R
Q\FFYWLQKFKX\Q~QJFQJWơF~TXD\FDWUL~WYWKYÊWUÂFDQĐOFơ
~ÊQKW}|QJ~ơLVRYLWUL~W~ĐOFFYÊWUÂQPQJD\SKÂDWUzQFD~}đQJ[ÂFK~R
QK}WKFF$QWHQWUzQPW~XFĐWKGX\WUOLzQOF~}FYLYWLQK
&F Y WLQK ,10$56$7 ~}F ~LX NKLQ EL WUXQJ WyP ~LX NKLQ Y
6DWOOLWH&RQWURO&HQWH6&&FĐWUãVFKÂQK~WWL/RQGRQ$QK
0ôLYWLQKFĐPWYQJEDRSKKD\FÔQ~}FJăLOFFYWFKLXOPW
YQJWUzQEPWWUL~WFĐWKOYQJELQKRF~WOLQPPôL$QWHQFơ~ÊQK
KD\GL~QJQPWURQJYQJ~Đ~XFĐWKK}QJWKQJ~OLzQOFYLYWLQK\
9ÊWUÂFDYWLQKWURQJNK{QJJLDQFQJYQJEDRSKFDFKảQJYLWzQ
JăLFãWKFDYQJ~LG}|QJ
9QJw{QJwLWy\G}|QJ$25($67
:
9QJ7y\wLWy\G}|QJ$25:(67
:
9QJQ~G}|QJ,25(
9QJWKLEQKG}|QJ325

3KyQ~RQPW~W
&FWUPPW~WWXELQ6(6V
&FWUPPW~WGL~QJ/0(6V

&FWUPPW~WP\ED\$(6V
3KyQ~RQWURQJNK{QJJLDQ
3KyQ~RQPW~WOPWPQJWRQFX JâP FFWUPEđPW~W &RDVW
(DUWK 6WDWLRQ&(&6V/DQG (DUWK 6WDWLRQ/(6V FF WUXQJ WyP SKyQ Eê PQJ
1HWZRUN &RRUGLQDWLRQ1&6 Y FF WUXQJ WyP ~LX KQK PQJ 1HWZRUN
2SHUDWLRQ&HQWUH12&V
7UPEđPW~W&(6V/(6VOPQKLPYãNWQơLWK{QJWLQJLDYWLQKYL
FFPQJYLQWK{QJTXơFJLDKRFTXơFW&F$QWHQOQPPôLWUP&(6/(6
GQJ~OLzQOFYLYWLQKW}|QJằQJWURQJYQJEDRSKFDQĐFĐWKFKRSKS
Vạ GãQJ FKR QKLX ~}đQJ WKRL ~âQJ WKđL YL 6(6 &K ~LX KQK FD &(6/(6
WK}đQJOPWF{QJW\YLQWK{QJOQ~PERWUzQPWYQJ~WUQJFFGÊFKYã
YLQWK{QJFKR6(6WK{QJTXD&(6/(69LPôLKWKơQJ,10$56$7WURQJPW
YQJEDRSKFĐPWWUXQJWyPSKyQEêPQJ1&6OPQKLPYãWKHRGƯLY~LX
NKLQWK{QJWLQWURQJYQJEDRSK~Đ
0ôL1&6~}FQơLYLFF&(6VWURQJYQJEDRSKFDQĐYQơLYLFF
1&6VNKFWK{QJTXDWUXQJWyP~LXKQKPQJYWLQK12&~WQJD\WLWUãV
FKÂQK/RQGRQEQJFFK~ĐWK{QJWLQWURQJWRQPQJ~}FO}XWK{QJ
&F1&6WKẳFKLQYLFWKLWOSFFFXFJăLWLYWá6(6V1&6~SằQJ
\zXFXWKLWOSNzQKWK{QJWLQJLD6(6VY&(6VEQJFFKFK~ÊQKPWNzQKFã
WK
7UPPW~W7XELQ6(6

0WWUPPW~W7XELQ6KLS(DUWK6WDWLRQ6(6OWKLWEÊ~}FOS~W
WUzQWXKRF~WFơ~ÊQKP{LWU}đQJELQ~QJ}đLVạGãQJFĐWKOLzQOF~}F
YLFFWKXzEDRWUzQEđWK{QJTXDPWYWLQKY&(6/(6~}FFKăQ



+WKQJYWLQK&23$66$5$7


+ WKơQJ
&23$66$5$7
O PW K WKơQJ Y WLQKWU JLảS WP NLP Y FằX
QQ ~}F WKLW OS ~ [F ~ÊQK YÊ WUÂ FD WKLW EÊ

(3,5% (PHUJHQF\ 3RVLWLRQ
,QGLFDWLQJ5DGLR%HDFRQWUzQWQVơ0+]KRF0+]+WKơQJ
&23$6
6$5$7
~}FVạGãQJ~SKãFYãFKRWWFFFWêFKằFWUzQWKJLLFĐWUFKQKLP
WPNLPYFằXQQWUzQELQWUzQNK{QJYWUzQ~WOLQwy\OKWKơQJYWLQK
PDQJWÂQKTXơFWGRFFWêFKằFYWLQKFDFFQ}F&DQDGD03KS/LzQ;{
FàWKLWOS+WKơQJ~}FVạGãQJSKãFYãFKRPWO}QJOQFFKRW~QJWP
NLPYFằXQQWRQFX+WKơQJQ\KRW~QJGẳDWUzQQJX\zQONKRDQKYQJ
~ÊDO

E+WKQJWKmQJWLQPzWp~W



7KLWEJLFKQV'6&

&FWKLWEÊJăL FKăQVơ'6&OPWSKQTXDQWUăQJFDKWKơQJ*0'66
WUzQFFJLLVĐQJQJQ0)+)Y9+)'6&&FWKLWEÊ'6&Q\~}FVạGãQJ
~SKWER~QJFSFằXWáWXFàQJQK}SKW[FQKQ~LQFSFằXWáEđ7KLWEÊ
Q\~}FFWXYEđGQJ~SKWFKX\QWLSFFEằF~LQER~QJFSFằXKRF
SKWFFFXFJăLNKQFSYDQWRQ1JRLUDWKLWEÊ'6&~}FFWXYEđGQJ
~JăLYEWOLzQOFWURQJWK{QJWLQWK{QJWK}đQJ



7KLWE1%'3

7KLWEÊ1%'3WKLWEÊWUX\QFKWUẳFWLSExQJKSOPWESKQFX
WKQKWURQJKWKơQJ*0'66~KôWUWURQJWK{QJWLQFSFằXNKQFSYDQWRQ
QJRLUDFFWKLWEÊ1%'3QKP~SằQJFFGÊFKYãWK{QJWLQWUzQFFGLVĐQJ
97wPW~WJLDWXYLEđYQJ}FOL
&FWKLWEÊ1%'3KRW~QJWUzQGLVĐQJ0)+)FFFK~$54GQJ~
WUDR~êLWK{QJWLQJLD~LYFK~)(&GQJ~SKWFFWK{QJWLQFĐWÂQKFKW
WK{QJERWLQKLX~L7UzQPôLGLVĐQJ97wKQJKL~X~}FWKLWNPWWQ
VơJLQKULzQJFKRFSFằXNKQFSYDQWRQEQJWKLWEÊ1%'3


&zFWKLWEWKsQJWLQWKR{L

&FWKLWEÊWK{QJWLQWKRLWURQJKWKơQJWK{QJWLQ*0'66OPYLFWUzQFF
JLLVĐQJ0)+)Y9+)FFFK~-(+(FKRWQVơFSFằX
NK
]Y
*(&FWKLWEÊWK{QJWLQWKRLQ\FàQJ~}FGQJ~JăLFSFằXNKQFSYDQ
WRQYQĐOFFWKLWEÊWK{QJWLQFKÂQKSKãFYãFKRWK{QJWLQKLQWU}đQJJLD
PWWXEÊQQYLFF~|QYÊOPQKLPYãFằXQQ



%SKzWvzS5$'$5WPNLPYwFơXQ{Q6$57




&FESKW~SUDGDUGQJWURQJWPNLPYFằXQQ6$57OSK}|QJWLQ

FKÂQKWURQJKWKơQJ*0'66~[F~ÊQKYÊWUÂWXEÊQQKRF[XâQJFằXVLQKFD
FFWXEÊQQ~Đ6$57FĐFK~KRW~QJEQJWD\KRFWẳ~QJU|L[XơQJQ}F
6$57FĐWKKRW~QJ~}FFK~67$1'%<WURQJNKRQJJLđWURQJ~LX
NLQQKLW~Wá~&~Q~&



(3,5%9+)'6&

wơLYLFFWXKRW~QJWURQJYQJELQ$FĐWKVạGãQJ(3,5%JăLFKăQ
Vơ'6&WUzQNzQK9+)SKW~LWÂQKLXER~QJNKLEÊNÂFKKRWWKHRFKXNẵ~
~}F TX\ ~ÊQK (3,5% '6& FKR SKS KLQ WKÊ OX{Q WÂQK FKW EÊ QQ JLơQJ QK}
(3,5%~SKW~L1JRLUD(3,5%Q\FÔQFĐESKW~SSKQ[5$'$5KRW
~QJWUzQWQVơ*K]



1$97(;TXFW

1DYWH[
T
XơF W O PW GÊFK Yã WUX\Q FK WUẳF WLS ExQJ KS WUzQ WQ Vơ

NK
]OWQVơ
Q
DYWH[
T
XơFWVạGãQJNWKXWWUX\QFKWUẳFWLSExQJKS
1%'3YFK~SKW)(&~WUX\QQKQJWK{QJWLQDQWRQKQJKL06,EQJ

WLQJ$QKYLSKPYLSKVĐQJFFKEđNKRQJKLO+WKơQJ
Q
DYWH[~}F
SKyQFKLDWKHRYQJ~TX\KRFKYSKơLKSYLGÊFKYã1DYWH[
T
XơFW

,,7QJTXDQYKWKQJWUX\QFKƠEjQJKS1%'3

.KtLQLPY1%'3

7áNKLKWKơQJ*0'66FK}DUD~đLWK{QJWLQ0RUVH~ĐQJPWYDLWUÔTXDQ
WUăQJWURQJWK{QJWLQWK{QJWK}đQJNKQFSFSFằXYDQWRQ
K
QJ
K
L1K}QJ
SK}|QJ WKằF Q\ EF UƯ QKQJ QK}F ~LP FD QĐ O WKX SKW EQJ QKyQ F{QJ
NK{QJFĐNKQxQJSKWKLQYVạDOôL
wNKFSKãFQK}F~LPQ\WURQJVRQJVRQJYLVẳUD~đLFDFFWKLWEÊY{
WX\QF{QJQJKFDRWURQJKWKơQJ*0'66QK},QPDUVDWWKRL'6&(3,5%
WKLWEÊWUX\QFKExQJKS1%'3KD\5DGLR7HOH[[XWKLQQĐFĐWÂQKQxQJ}X
YLWK|QUWQKLXVRYLSK}|QJWKằFWK{QJWLQ0RUVH7KẳFUD 1%'3OSK}|QJ
SKSFKX\QQKQJWK{QJWLQWÂQKLX~LQEROzQPWNzQKY{WX\QQR~Đ+
WKơQJ1%'3VạGãQJSK}|QJSKSSKWKLQYVạDFKDQKQJVDLVơ~FELWGR
QKK}QJFDQKLX~}đQJWUX\QJy\UDKD\GRVẳJLPyPWUzQYÔQJJLPyPY{
WX\Q
7KLWEÊ~LQERWUX\QFKExQJKS~}F[y\GẳQJQKPPãF~ÂFKWKD\WK
FKR~LQ ER0RRUVHGQJ WU}F~y\ 7KLW EÊWUX\Q FKExQJ KS~}F QơLYL
P\0)+)Y~}FVạGãQJFKRWK{QJWLQOLzQOFWK{QJWK}đQJYWK{QJWLQFằX

QQDQWRQ+QJKLJLDWXYLEđFàQJQK}JLDFFWXYLQKDX
.WKXW1%'3FĐWKWKẳFKLQWUX\QGQWKHRSK}|QJSKS~ĐO7HOH[Y{
WX\QPW~WWUzQExQJWQ0)+)NK{QJFĐWKLWEÊ7HOH[GLExQJGL~QJ
KQJKL9+)YSK}|QJSKSWUX\QGQWKHRWK{QJWLQYWLQK
1%'3FKÂQKO7HOH[WURQJGÊFKYãWK{QJWLQGL~QJKQJKLKD\FÔQJăLO5DGLR
7HOH[
3K}|QJWKằFWUX\QFKExQJKSGQJWêKSPEÂWWắO<%WURQJ
~ĐTX\}FEÂW% EÂW<

1K}WURQJEQJYEQJG}±L~y\





=



↑(



%QJ

0RGH$$54 7UDQVPLWWHG6LJQDO 0RGH%)(&
&RQWURO6LJQDO&6
&RQWURO6LJQDO&6
&RQWURO6LJQDO&6
&RQWURO6LJQDO&6

&RQWURO6LJQDO&6
,GOH6LJQDO
β

,GOH6LJQDO
α

6LJQDO5HSHWLWLRQ54
%<%<<%%
<%<%<%%
%<<%%<%
%<%<%%<
%<<%<%%
%%<<%%<
%%%%<<<
<%%<<%%





,GOH6LJQDO
β

3KDVLQJ6LJQDO
3KDVLQJ6LJQDO

%QJ



5DGLR7HOH[KRW~QJWUzQFFGLWQ0)Y+)GQKULzQJFKRWK{QJWLQ
KQJKL


0).+]

.+]
+).+]

.+]
.+]

.+]

5DGLR7HOH[KRW~QJKDLFK~~ĐO)%~LQERWKXWẳ~QJWÂQKLX
~LXWQNK{QJVạGãQJVĐQJPDQJSKãY-%~LQERWKXWẳ~QJWÂQKLXWULW
WLzXVĐQJPDQJ~LXFKKDLOQ
wWK{QJWLQEQJ7HOH[JLDWUPYLQKDXQJ}đLWDVạGãQJSK}|QJWKằF
$54 $XWRPDWHG 5HSHWLWLRQ 5H4XHVW Wẳ ~QJ \zX FX SKW OL FĐ NK
QxQJSKWKLQYVạDOôL7X\QKLzQQJ}đLWD\zXFXF~LSKLFĐFFP\WKX
YP\SKWKRW~QJ~âQJEYLQKDX
.KLWK{QJWLQTXQJEWằFOWá ~LWLQKLX~L NKFQKDXWDVạGãQJ
SK}|QJWKằFKRW~QJ)(&)RUZDUG(UURU&RUUHFWLRQVạDOôLWU}F
.KLSKWSK}|QJWKằF)(&FKRSKSFXFJăLNKL~XNRGLÂWQKWV
YVDX~ĐSKWÂWQKWGXY~XGÔQJ&5&DUULDJH5HWXUQWKHRVDXOÂWQKW
PWGX[XơQJGÔQJ/)OLQHIHHG1X~LXQ\NK{QJ~}FWKẳFKLQ~LWKXV
NK{QJ~SOLFXFJăLQ\
+{KLXJăLY$QVZHUE$&.FRGH
0ôLPW~LWXKRF~LEđ~}FWUDQJEÊWKLWEÊ7HOH[~XFĐPWVơQKQ
GQJGX\QKWJăLOK{KLXJăL.KLKDL~LPXơQWK{QJWLQYLQKDXWKEzQJăL

SKL~}DUDK{KLXJăLFDEzQEÊJăL&ĐWKWURQJTXWUQKWUDR~êLWK{QJWLQKDL
EzQFĐWK~}DUDK{KLXJăLFDPQK
w~PERUQJNKDLWKFYLzQ~NWQơL~ảQJYL~LWXKRFPW~L
WKXzEDR WUzQEđKDLEzQWK}đQJWUDR ~êLWU}F$QVZHUEDFNFRGHYL QKDX0ôL
WKLWEÊ7HOH[FĐPW$QVZHUEDFNFRGHGX\QKW~[F~ÊQKQĐYVơQKQGQJ
Q\~~}FOSWUQKWURQJWKLWEÊ
7K{QJWLQEQJ5DGLR7HOH[FĐWKWKẳFKLQWKHRFFFKLX

WáEđ~QWX

WáWX~QEđ

WáWX~QWX
FFWKWãFNKDLWKFFĐWKOWẳ~QJKRFQKyQF{QJWUzQFSWQVơWKXSKW~
WKƠDWKXQWU}F

&tFSKonQJWKƯFWKmQJWLQ

3KonQJWKƯF$54

D7KQqROq$54$XWRPDWHG5HSHWLWLRQUH4XHVW

$54 FĐ QJKĂD O Wẳ ~QJ \zX FX SKW OL O FK ~ ~}F Vạ GãQJ WURQJ
WU}đQJKSKDLWUPWK{QJWLQWKHRNLXEQVRQJF{QJ7UPSKWJạLWK{QJWLQWKHR
WáQJNKơLPôLNKơLJâPNWẳFÔQWUPWKXVQKQYJạL[FQKQOLSKÂDSKW
QXWK{QJWLQWKX~}F FKÂQK[F YSKÂDSKWOLWLSWãFJạLNKơLWK{QJWLQWLS
WKHR7URQJWU}đQJKSFĐOôLWKEzQWKXV\zXFXEzQSKWSKWOLNKơLWK{QJWLQ
EÊOôL9LFSKWOLNKơLEÊOôLFĐWKOSOLOQ6DXOQYQEÊVDLWK~}đQJ
WUX\QVEÊKXắEƠOảF~Đ~LWLQKQKWKWãFEWWD\


7X\QKLzQ\zXFXFKDLWUPWK{QJWLQSKÂDFĐFFP\WKXYP\SKWWÂFK
FẳFW}|QJằQJ&K~Q\WK}đQJ~}FKQFKSKPYLWK{QJWLQJLDKDL~LYÂ
GãJLD~LWXYPW~LEđKRFJLD~LWXYLQKDX


E1JX\lQOôFKXQJFKRYLFVÔDVDLEvQJSKonQJSKtS$54

7URQJTXWUQKWUX\QWLQWằFYLFNLPWUDVDLEDRJâPYLFNLPWUDWPY
VạDVDL~}FWKẳFKLQOLzQWãF~JLPVW~}đQJWK{QJWLQ
wGGQJJLPVWWK{QJWLQ~}FSKyQFKLDWKQKFFNKXQJIUDPHKD\
FÔQJăLONKXQJGOLXKRF~}FFKLDWKQKFFNKơLWLQWằF0ôLPW)UDPH~X
FKằDWKQKO}QJWLQQKW~ÊQK)UDPH~}FWUX\QOLzQWLSQKDX
0ôL)UDPHNKL~QEzQWKXSKLER~PVẳ~FOSYFĐJLWUÊWUXQJWKẳFVR
YLEzQSKW
7URQJTXWUQKWUX\QWLQPW)UDPHFĐWK
%ÊPWWU}đQJKSQ\WK{QJWLQEÊPWWUQJEzQWKXNK{QJQKQ~}FJ
%ÊOôLWURQJWU}đQJKSQ\EzQWKXQKQ~}F)UDPHQK}QJEÊOôLEÂW
9LFNLPWUDVDLGẳDWUzQF|VWUX\QWLQY[FQKQWLQEQJWÂQKLX[F
ER $&. $FNQRZOHJGHPHQW 7UzQ F| V ~Đ YLF NLP WUD VDL WURQJ TX WUQK
WK{QJWLQJâPFĐQKQJYQ~VDX
3KWKLQVDLEzQWKXWLQFĐWKVạGãQJPWSK}|QJSKSSKWKLQVDLQR~Đ~
NLPWUD.LPWUD[RQJEzQWKXVSKW~L
0W[FER$&.WÂFKFẳFNKLWKX~}F)UDPH~ảQJ
0W[FER$&.NK{QJWÂFKFẳFNKLWKX~}F)UDPHOôLKRFNK{QJWKX~}FJ
VDXPWWKđLJLDQTX\~ÊQK
%zQSKWQKQ[FERYFàQJNLPWUD
1XWÂQKLX$&.~ảQJWKSKW)UDPHWLSWKHR
1XNK{QJFĐ[FERKRFQKQ~}FWÂQKLXQK}QJEÊVDLWKEzQSKWVSKW
OLEORFNKRF)UDPHWU}F~ĐW}|QJằQJYLWÂQKLX$&.VDL
1JX\zQOSKWKLQYVạDVDLYáDQĐWUzQ~y\FKÂQKOSK}|QJSKS~LXNKLQ

WK{QJWLQWURQJWKẳFWKD\FÔQJăLOSK}|QJSKSWẳ~QJ\zXFXSKWOL$54
$XWRPDWLF5HSHDWUH4XHVW


$54WUO{L*REDFN$54


9LORL$54Q\WUPFĐWKJạL~LORWFF)UDPH1XQK}WUPWKX
QKQ~}FPW)UDPHWKằL~ảQJWKQĐVSKWWÂQKLX[FERWÂFKFẳFWKằL
$&. L FÔQQXWKX~}F)UDPH WKằL VDLWKWUPWKXVSKW ~L[F ER
NK{QJWÂFKFẳF1$.WKằL1$.L&F)UDPHP~LWKXWKX~}FNWáNKLQKQ
)UDPHLVDLFKR~QQKQ~}F)UDPHL~ảQJVEÊEƠ~LYQĐV~}FSKWOL
QJD\VDXNKLWKX~}F)UDPHL~ảQJ
0WNKFSK}|QJSKSQ\NK{QJ\zXFXNKLSKW)UDPH~LSKLFĐ$&.
1J}đLWDFKFQWÂQKLX$&.LQR~Đ~ERUQJ~QKQ~}FFF)UDPHWU}F
~ĐO~ảQJ






7UPSKW




+QK$54GáQJYFKđ
7URQJKQKYWUzQNKLQKQ)UDPHVDLWKEzQWKXVSKWWÂQKLX[FER
NK{QJWÂFKFẳF1$..KLEzQSKWQKQ~}F1$.WKQĐVSKWOL)UDPH

~âQJWKđLQĐVSKWOL)UDPHWU}F~Đ&ÔQEzQWKXNKLQKQ~}F)UDPH
~ảQJWKFF)UDPHWU}F~ĐVEÊEƠ~L


$54WUX\QO{LFODFKQ

*LơQJ YL SK}|QJ SKS $54 WU OL FF )UDPH ~}F SKW ~L PW FFK
WXQWẳYVDXPôLOQWKX)UDPHWKằLVDLWKEzQWKXVSKWPW[FERNK{QJ
WÂFKFẳF1$.LQK}QJ~LPNKFVRYL$54WUOLONK{QJORLEƠFF)UDPH
WKX~}FWU}FNKLQKQ)UDPH~ảQJ
7UPSKW






+QK$54OẳDFKăQ
7KHR KQK NKL QKQ~}F )UDPH VDL WKEzQ WKXV SKWWÂQKLX[F ER

NK{QJ
WÂFKFẳF1$.YFF)UDPHYQ~}FJLOLFKR~QNKLQKQ~}F)UDPH
~ảQJGR~Đ}X~LPFDSK}|QJSKSQ\OWơQÂWWKđLJLDQ


$54GâQJYwFK

%zQSKWVWUX\Q~L)UDPHYQĐVFKđWÂQKLX[FERFFEORFNNKFV
NK{QJ~}FWUX\QFKR~QNKLEzQSKWQKQ~}FWÂQKLX[FER$&.
.KLEzQWKXQKQ~}F)UDPH~ảQJWKLQĐVSKWWÂQKLX[FERWÂFKFẳF$&.

ERUQJNKơLWK{QJWLQ~~}FWKX~ảQJ9PđLEzQSKWSKW)UDPHWLSWKHR
1K}QJJLVạEzQWKXNK{QJQKQ~}FEORFNQRKRFFĐQKQ~}FQK}QJEÊ
VDLQXVDLQĐVEƠ)UDPH~Đ~LYSKW~LWÂQKLX[FERNK{QJWÂFKFẳF1$.Y
EzQSKWYLKPPđLEzQSKWSKWOL)UDPHWU}F~Đ)UDPHOôL&ÔQNKLEzQ
WKXNK{QJQKQ~}FJWKQĐVSKWWÂQKLX[FER1$.KRFNK{QJWUOđL%zQ

(
)UDPH~ảQ
J


(
/ôL


SKW NKL QKQ ~}F 1$. KRF NK{QJ WK\ FĐ [F ER WK SKL SKW OL )UDPH
7U}đQJ KS EzQ WKX QKQ ~}F )UDPH ~ảQJ Y SKW ~L WÂQ KLX [F ER $&.
QK}QJ$&.EÊVDLWKEzQSKWSKLSKWOL)UDPHWU}F~Đ1K}Y\EzQWKXVFĐ
KRFQKLX)UDPHGRSKWOLQKLXOQwNKFSKãFYQ~Q\FF)UDPH~}F
~QKVơWKD\~êLYWDVFĐFFWÂQKLX$&.2Y$&.W}|QJằQJWKHRKQK



3K}|QJSKS$54GáQJYFKđFĐ}X~LPO~|QJLQQK}QJFĐQK}F~LPOWơQ
WKđLJLDQ
7URQJWK{QJWLQKQJKLQJ}đLWD~VạGãQJSK}|QJSKS$54GáQJY
FKđFKRSK}|QJWKằFWK{QJWLQWUX\QFKExQJKS~WUDR~êLWLQWằFWáPWWX
Q\~QWXNKFWáEđ~QPWWXKRFPWWX~QEđ














OôLKRFPWWK{QJWLQ
+QK$54GáQJYFKđ


F4X\pQKYKLJLDQ
W
W
W

+QK&KXWUQKWKđLJLDQF|EQ

7KđLJLDQF|EQFDPWFKXNẵWáQKĐPWK{QJWLQQ\~QQKĐPWK{QJWLQWLS
WKHROPV7WFFF~LSKW~XWXyQWKHRNKRQJWKđLJLDQQ\NKLSKW
7KđLJLDQSKWQKĐPWK{QJWLQKWPV0WQKĐPWK{QJWLQEDRJâPNWẳ
WKđLJLDQSKWNWẳKWPV1K}Y\FÔQPV~GQKFKR
73 / WKđLJLDQ QKĐP WK{QJ WLQ ~}FWUX\Q Wá ~L SKW~Q ~L WKX
.KRQJWKđLJLDQQ\V~}F~LXFKQK~FKRSKKSYLNKRQJFFKJLD~L
7(/NKRQJWKđLJLDQ~WUFDWKLWEÊ.KLWKX~}FQKĐPWK{QJWLQ
WKWKLWEÊWKXWL~LWKXSKLPWNKRQJWKđLJLDQO7(~WLQKQKFFWKDRWF

WU}FNKLSKWWÂQKLXSKQKâLYSKÂDSKW7}|QJWẳWL~LSKWNKLWKXWÂQKLX
SKLKâLWKWKLWEÊFàQJPWWKđLJLDQWUO7(WU}FNKLSKWQKĐPWK{QJWLQWKHR
PV7KđLJLDQSKWWÂQKLXSKQKâLNWẳ
1K}Y\\zXFX~WUDOWKđLJLDQ~WUDR~êLPWQKĐPWK{QJWLQWá~LSKW
~Q~L WKX JâPWKđLJLDQWUWKLWEÊWKđLJLDQSKWNKơLWK{QJ WLQWKđLJLDQ
SKW WÂQ KLX SKL KâL O Fơ ~ÊQKWURQJ PV .KRQJ WKđL JLDQ Q\ ~}F ~LX
FKQKFKÂQK[FEL~âQJKâFĐ~FKÂQK[FWL


G&tFTX\pQKYQKPKmKLXYqQKQGuQJ
0WK{KLXJăLFĐWKEDRJâPKRFNWẳQKQGQJNKL~ĐKD\NWẳ
QKQGQJVằQJYLYÊWUÂWá~Q~ơLYLNWẳQKQGQJKD\Wá~QYL
NWẳQKQGQJ1J}đLWDTX\~ÊQKQKĐPJăL&DOOEORFNOK{KLX~LQKĐP
QKQGQJ,GHQWLILFDWLRQEORFNOK{KLX~LSKW
4X\~ÊQKYQKĐPJăLQK}VDX
;54;QKĐPJăL
1KĐPJăLFD~LWKXEDRJâPSKQFĐYÊWUÂTX\~ÊQKWKHRWKằWẳ
YÊWUÂVơONWẳQKQGQJVơYÊWUÂOWÂQKLXQKFOL54YÊWUÂWKằONWẳ
QKQGQJVơFD~LWKX
;;541KĐPJăL
1KĐPJăLVơQ\FD~LWKX~}FGQJFKRK{KLXJăLFĐNWẳ1KĐPJăL
VơFàQJFKLDOPSKQYLFFYÊWUÂ9ÊWUÂVơONWẳQKQGQJVơYÊ
WUÂVơONWẳQKQGQJVơYYÊWUÂWKằOWÂQKLXQKFOL54
54;;1KĐPJăLVơ
1KĐPJăLVơFD~LWKXGQJFKRK{KLXJăLFĐNWẳEDRJâPWÂQKLXQKF
OL54YÊWUÂWKằQKWYÊWUÂWKằONWẳQKQGQJVơYYÊWUÂWKằONWẳ
QKQGQJVơ
;;;1KĐPJăLVơ
1KĐPJăLVơFD~LWKXGQJFKRK{KLXJăLFĐNWẳEDRJâPFFNWẳQKQ
GQJVơW}|QJằQJFFYÊWUÂ

4X\~ÊQKYQKĐPQKQGQJ
<

<1KĐPQKQGQJ
1KĐPQKQGQJFD~LSKWFàQJ~}FFKLDOPSKQQK}QKDXYLFFYÊWUÂ
7URQJ~ĐYÊWUÂVơONWẳQKQGQJVơYÊWUÂWKằOWÂQKLX~QJKÊ
SKWWÂQKLXNLPWUDVơYÊWUÂWKằONWẳQKQGQJVơ


<<1KĐPQKQGQJ
1KĐPQKQGQJ~}FFKLDOPSKQYÊWUÂVơOWÂQKLX~QJKÊSKWWÂQKLX
NLPWUDVơYÊWUÂVơONÂWẳQKQGQJVơYYÊWUÂVơONWẳQKQGQJVơ
<<<1KĐPQKQGQJ
1KĐPQKQGQJFàQJ~}FFKLDOPSKQW}|QJằQJYLFFYÊWUÂVơ
OFFNWẳQKQGQJVơFD~LSKW
545454
1KĐPNWẳQKQGQJQ\EDRJâPWÂQKLXQKFOLWURQJSK}|QJWKằFQKQ
GQJWẳ ~QJQĐ FKUDUQJSK}|QJ WKằFQ\~NW WKảFY~QJKÊFĐWÂQ KLX
SKQKâLSKKS7URQJTXWUQKWK{QJWLQOLzQOFQKĐPWÂQKLXQ\OQKĐPWÂQ
KLX~QJKÊQKFOLWÂQKLXSKQKâLFXơLFQJ7URQJWU}đQJKSWKD\~êLWUQJ
WKLFDFF~LWKQKĐPWÂQKLXQ\OQKĐPWÂQKLXNWWKảFYLFFKX\Q~êL







1KĐPWK{QJWLQQ\~}FVạGãQJNKL~L~QJKÊFKX\QWUQJWKLOPYLF
FKRQKDXWằFONKLYLFWUDR~êLWK{QJWLQJLD~LSKWY~LWKX~[RQJNKL~Đ

QXSKWQKĐP





WK~LSKWYWUQJWKLWKXWLQFÔQ~LWKXYWUQJWKLSKW
WLQ







1KĐPWÂQKLXQ\~}FVạGãQJ~NWWKảFOLzQOFJLD~LYLQKDX

&FWÂQKLX~LXNKLQ
&67ÂQKLXSKQKâLVơ~}FVạGãQJWURQJTXWUQKEWWD\KRFEW
WD\OL\zXFXSKWQKĐPWK{QJWLQWKằQKW

&67ÂQKLXSKQKâLVơWÂQKLX~}FGQJWURQJTXWUQKWK{QJWLQ
OLzQOFJLD~LNKL~WKX~}FQKĐPWK{QJWLQVơWK~LWKXSKWWÂQKLXSKQ
KâLVơ
&67ÂQKLXSKQKâLVơ~}F~LWKXGQJ~WKD\~êLWUQJWKLOLzQ
OF1X~LWKXPXơQFKX\QVDQJSKWWK{QJWLQWKSKWWÂQKLXSKQKâLVơ1Đ
~}FGQJ~SKWVDXNKLWKX[RQJQKĐPJăLFĐNWẳWURQJWKWãFEWWD\OL
&67ÂQKLX~LXNKLQVơ~}F~LWKXSKW~LWURQJWU}đQJKS~WKX
[RQJFFQKĐPJăL1X~LWKXWK\UQJQKĐPJăLQ\~ảQJOK{KLXFDPQK
WKOSWằFVSKWWÂQKLXSKQKâLVơ7ÂQKLXSKQKâLVơ~}FGQJWURQJWK

WãFEWWD\OL
&67ÂQKLXVơWÂQKLXQ\~}FVạGãQJFKRWKWãFEWWD\OLwL
WKXNKLWKXFFQKĐPJăLQK}QJWK\UQJFFNWẳQKQGQJNK{QJ~ảQJYL~L
PQKWKNK{QJSKWWÂQKLXSKQKâLVơ1J}FOL~LSKWNKLSKW[RQJFF
QKĐPJăLQK}QJNK{QJWKX~}FWÂQKLXSKWOLQ\~LWKXWK\FFNWẳQKQ
GQJ~ảQJFDPQKWKOảF~ĐVSKWWÂQKLXSKQKâLVơ
547URQJTXWUQKQKQGQJWKWÂQKLX54~}F~LWKXSKWWL~L
SKW~~QJKÊSKWOLQKĐPNWWKảFQKQGQJ7URQJWK{QJWLQOLzQOFWKWÂQ
KLX54OWÂQKLX~QJKÊSKWOLQKĐPWK{QJWLQ7URQJWKD\~êLWUQJWKLFKÂQK
OWÂQKLX~QJKÊOLSKWQKĐP







H&tFTX\pQKYpqL



wLSKWWLQ,66,QIRUPDWLRQ6HQGLQJ6WDWLRQ
1KQJ~LEW~XWKLWOSFKXNẵWK{QJWLQOLzQOFJăLO~LSKWwLSKW
WKẳFKLQYLFFKX\QWK{QJWLQ~LEQJFFKQKĐPWK{QJWLQWKQKFFNKơLPôL
NKơLJâPNWẳ7KđLJLDQSKWPôLNKơLOPV
ì
PV

wLWKXWLQ,56,QIRUPDWLRQ5HFHLYLQJ6WDWLRQ
wLWKXO~LEÊJăL~LWKXVQKQWK{QJWLQWá~LSKWJạLWL6DXPôLOQ

QKQ~}FNKơLWK{QJWLQ~LWKXVSKWWÂQKLXSKQKâLY~LSKWYLWKđL
JLDQPV

J&tFKSKtWKLQOLWURQJSKonQJWKƯF$54


7URQJTXWUQKWUDR~êLWK{QJWLQUWFĐWKNKơLWLQWằFKRFWÂQKLXSKQ
KâLEÊVDLKRFEÊPWWUQJ7URQJWKẳFWNKL[\UDVẳFơQ\WKEzQ~LWKXSKW
OLWÂQKLXSKQKâL~SKWWU}F~ĐQXQK}QĐQKQ~}FNKơLWK{QJWLQEÊVDL
KRFNK{QJQKQ~}FJVDXPWWKđLJLDQTX\~ÊQKQJ}FOL~LVSKWOLNKơL
WK{QJWLQWU}F~ĐQXQK}QĐQKQ~}FWÂQKLXSKQKâLEÊOôLKRFNK{QJQKQ
~}FJVDXPWWKđLJLDQTX\~ÊQKFĐWU}đQJKS~LVSKW~LPWFKXôLNWẳQR
~ĐWKHRTX\~ÊQKQXQK}WÂQKLXSKQKâLWKX~}FEÊVDL9ÂGãNKLEzQWKXQKQ
~}FNKơLWK{QJWLQEORFNQK}QJWURQJNWẳFDNKơLWK{QJWLQQ\EÊVDL
EzQWKXVNK{QJFKRLQUDNKơLNWẳQ\PQĐVSKWOLWÂQKLXSKQKâLWU}F
~ĐWằFO&6+RFNKL~LSKWSKW~LNKơLWK{QJWLQEORFNWK\zXFX~L
WKXSKLFĐWÂQKLXSKQKâL&6WUOL~LSKWQK}QJ~LSKWOLNK{QJWKX~}F
&6KRFWKX~}F&6QK}QJEÊVDL.KL~Đ~LSKWVSKW~LPWFKXôLFFWÂQ
KLX545454~ERFKREzQ~LWKXELWUQJWÂQKLX&6~EÊVDLY\zXFX
SKWOL

1KQJ\zXFXSKWOLQĐLWUzQFĐWKOSOLWLOQQXQK}VDXPôLOQ
SKWOLYQNK{QJFĐNWTX1XVDXOQYQNK{QJ~}FWKKDLEzQWẳ~QJ
FKX\QYWUQJWKLFKđ~L

&tFKSKtWKLQOL
&FKNLPWUDWêKSELWGẳDYRWắOELW<%EQJFFKFKRFKXôLELW~L
TXDFFPFK~P
.KLP\QKQ~}FWêKSELWEWNẵVSKLWXyQWKHRFFE}FVDX


%oF

wPVơELWWURQJWêKSELWQKQ~}FQX~ảQJEQJWKWKẳFKLQE}F
WLSWKHRFÔQVơELWNKFWKWêKSELWQKQ~}FOVDL
%oF

wPVơELW<KRF%WURQJWêKSQXEQJKRFWK~ảQJWKẳFKLQ
E}FWLSWKHRFÔQQXNKFWKWêKSQKQ~}FOVDL
4XDE}FP\VFĐ~}FP~ảQJVDX~ĐQĐWKẳFKLQJLLPYLQNWẳ
6RYLFFEPNKFQK}P+DPPLQJPYÔQJPNKơLWX\QWÂQK~
WUQKE\SKQWU}FWKEP~}FVạGãQJWURQJSK}|QJWKằF1%'3FKFĐNK
QxQJSKWKLQ~}FWáPVDLPNK{QJFĐNKQxQJWP~}FELWQROELWVDL
~y\FKÂQKOQK}F~LPFDPQ\

3KonQJWKƯF)(&

D.KtLQLP

)(&)RUUZDUG(UURU&RUUHFWLRQOVạDOôLWU}FYGX\QKWFKFĐVẳSKW
KLQOôL
1XEWNẵPWFKQR[\UDOôLWURQJQLGXQJEằF~LQV[XWKLQFKô
WU{QJKRFGXVDR~Đ9LFK~)(&NK{QJFĐTXWUQKSKWWÂQKLXSKL
KâLWá~LWKXY~LSKW'R~ĐFK~NKDLWKFQ\OPWFK~OW}QJ~SKW
TXQJEWLKQJORW~LFQJPWOảFYQĐ~}FGQJ~SKW~LPGDQKWK{QJ
WLQNKÂW}QJYFQKERKQJKLFàQJQK}FFEằF~LQ7HOH[FKRWK{QJWLQFS
FằXNKQFSYDQWRQ9LFK~)(&WKPôLNWẳ~}FSKWOQOQSKWWKằ
QKWFFKOQSKWWKằKDLPV~JLP[F[XWOôL

&K~)(&~}FFKLDOPKDLFK~NKFQKDX
FK~)(&OẳDFKăQ6HOOHFFGLYH)(&6)(&

FK~)(&FKXQJ&ROOHFWLYH)(&&)(&
&KDLFK~Q\FĐPW~F~LPFKXQJO~LWKXNK{QJFQFĐWÂQKLXSKQ
KâLY~LSKW
7URQJFK~&)(&WKWÂQKLXJăLNKL~XWK{QJWLQWÂQKLXNWWKảFWK{QJ
WLQ~}FPKRWKHRWắO%<QK}QJWURQJFK~6)(&WKFKFĐWÂQKLXJăL
NKL
~X~}FPKRWKHRWắOQ\FÔQWK{QJWLQYWÂQKLXJăLNWWKảFWK{QJWLQ~}F
PKRWKHRWắO~R%<
9LFK~Q\NKLSKWWK{QJWLQWKWK{QJWLQFK~}FSKWPWFKLXJLD
~LSKW~LWLQKLX~LWKXTXWUQKSKWWK{QJWLQQ\NK{QJ~}FQJWTXQJ
0ôLNWẳ~}FSKWOQ
-

/QSKW~XSKW';'LUHFWUDQVPLW
-

/QSKWVDXSKW5;5HWUDQVPLW
*LDOQSKWSKLFFKQKDXNKRQJWKđLJLDQJLQFFKEQJPV

.KLWKXWWFQKQJ~LQRQPWURQJYQJSKVĐQJOWKX~}FWKXPôL
NWẳOQ';Y5;.KLWKX~LVNLPWUD';5;WKHROXW<%YTX\OXW
Q\~}FKLXQK}VDX
-

1X';Y5;WUQJQKDX~X~ảQJOXW<%WKNWẳQ\~}FLQUD
-

1X~ảQJWURQJOQWKNWẳQ\YQ~}FLQUD
-


1XOQWKXVDLWằFOWK{QJWLQEÊPWWKVNK{QJ~}FLQUD
9LQKQJ~F~LPQK}WUzQWDFĐWKWK\FK~&)(&FĐ}X~LPO~GQJ
SKWEDR1DYWH[GQJ~SKWWK{QJWLQFSFằX
&K~6)(&~}FVạGãQJ~WK{QJWLQWL~L[F~ÊQKJăLWKHRWÂQKLXFD
~LWKXFÔQFK~&)(&~}FVạGãQJ~WK{QJWLQWLQKLX~LNKFQKDXQP
WURQJYQJSKVĐQJFD~LSKWPNK{QJFQ~ÊDFKFD~LWKXwLSKWVSKW
WK{QJWLQ~LPWFFKOLzQWãFPNK{QJTXDQWyP~QWK{QJWLQFĐEÊOôLKD\NK{QJ
YLFSKWKLQYNKFSKãFOôLFKSKãWKXFYREzQWKX
9LFK~Q\~XEằF~LQSKLFĐ~ÊDFKFDKRFQKĐP~LWKXNKLSKWWK
PôLNWẳ~}FSKWOQWKHROXW~R<%.KLWKXSKLNLPWUD~ÊDFK~XFĐ
WURQJEằF~LQ1X~LWKXQR~ảQJ~ÊDFKWKWKXWK{QJWLQWKHROXW~RwLWKX
QRNK{QJ~ảQJ~ÊDFKWKVFKX\QVDQJWUQJWKLFKđWKX6WDQE\
9LFF~F~LPQK}WKWKFK~Q\FK}D~}FVạGãQJUQJUL

EiqLSKtWYqpqLWKX


wLSKW
wLSKWEQJFK~)(&FKXQJ&%66&ROHFWLYH%PRGH6HQGLQJ6WDWLRQO~L
SKWVạGãQJFK~)(&~SKWWK{QJWLQWLFF~LPNK{QJFQ~ÊDFK~LWKX
wLSKWEQJFK~)(&OẳDFKăQ6%666HOHFWLYH%PRGH6HQGLQJ6WDWLRQO
~LSKWVạGãQJFK~)(&FKRYLFSKWWK{QJWLQWLFF~LFĐ~ÊDFK[F~ÊQK
wLSKWFK~Q\VSKWPôLWÂQKLXOQ/QSKWWKằ5;FKPK|QVR
YLOQSKWWKằQKW';ONWẳW}|QJ~}|QJYLPVPV
ì


wLWKX
7}|QJằQJYL~LSKW~LWKXFàQJWKXFK~)(&FKXQJ&%56Y)(&OẳD
FKăQ6%56~LWKXVNLPWUDFWÂQKLX';Y5;YVạGãQJWÂQKLXQR

NK{QJEÊOôL1K}QJWU}đQJKSFNWẳNK{QJEÊOôLQK}QJOLNKFQKDXWKF
NWẳYQ~}F[HPQK}NK{QJ~}FWKX


/}X~â&FKEơWUÂWKđLJLDQYÊWUÂ'[Y5[
&%56KRF6%56FKX\QVDQJFK~i6WDQGE\jNK{QJTXPVVDXNKL~WKX
~}FÂWQKWWÂQKLXGáQJ

OLzQWãFWLYÊWUÂ';

F7KLJLDQSKtWWURQJFKp)(&


7KđLJLDQSKWNWẳKWPVWKđLJLDQJLQFFKOQSKWWKằKDL5;VR
YLOQSKWWKằQKW';OPV

7KđLJLDQSKWWÂQKLXJăL
wWKẳFKLQWKWãFJăL~LSKWSKLSKWFSWÂQKLXJăLEDRJâPWÂQKLX
JăL~}FSKWOQSKWWKằQKW';YWÂQKLXJăL~}FSKWYÊWUÂ5;
+DLWÂQKLX~}FSKW[HQNQKDXVDXNKLSKW[RQJWÂQKLXJăLYÊWUÂ5;
WK~LSKWVSKWWKzPWÂQKLXJăLQD'R~ĐWÂQKLXSKWOQWxQJWKzP
PV

7KđLJLDQSKWK{KLX
.KLOLzQOFYL~LWKXFK~)(&OẳDFKăQ~LSKWSKLSKWK{KLXFD~L
WKX1K}Y\WDSKLFĐWKđLJLDQFKXQFKRFORLK{KLXONWẳYNWẳ

7KđLJLDQSKWK{KLXJâPNWẳ7KHRTX\~ÊQKNKLSKWK{KLXFD~LWKX
WK~LSKWSKLSKWOQPôLOQSKW[RQJSKLWKzPYRNWẳ


FXơLK{
KLX
9\WKđLJLDQSKWK{KLXJâPNWẳKWPV
ì
WKđLJLDQFDFFNWẳ


WKđLJLDQJLQFFK PV9\VDXOQSKWKWPV

7KđLJLDQSKWK{KLXJâPNWẳ7}|QJWẳYLK{KLXFĐNWẳK{KLX
JâPNWẳ~}FSKWOQYVDXPôLOQSKW~}FSKWWKzPPWNWẳ

.W
TXWKđLJLDQOQSKWOPVYVDXOQSKWOPV

G&tFKSKtWKLQYqVÔDOLWURQJSKonQJWKƯF)
(
&

wNKFSKãFYQ~OôL[\UDEzQSKWVSKWPôLNWẳKDLOQOQYÊ
WUÂ'[OQYÊWUÂ5[OQSKWFFKOQSKWPV

EzQWKXP\FàQJ
WKẳFKLQOQWKXQ\WLPôLYÊWUÂWKXP\VNLPWUDWêKSELWWKX~}F&{QJ
YLFNLPWUDFàQJW}|QJWẳQK}WURQJFK~$54QK}QJFKRFKDLWắOELW<%
Y%<6RVQKNWẳJLDKDLYÊWUÂ'[Y5[WDFĐFFWU}đQJKSVDX
YÊWUÂ
7+
'[ 5[ 0\V



wảQJ 6DLPW ,QNWẳYÊWUÂ'[


6DLPW wảQJ ,QNWẳYÊWUÂ5[


6DLPW 6DLPW ,QGX




wảQJ wảQJ
-

1X'[JLơQJ5[

FKRLQNWẳ
1X'[

5[

FKR LQ GX

KRFGXFFK

7URQJWU}đQJKSWKằP\SKLVRVQKWêKSELWJLDOQWKX
wWKẳFKLQF{QJYLFQ\WDO\WêKSPYÊWUÂ'[FQJP{GXOYLWê
KS5[NWTXQXEQJWKKDLWêKSPJLơQJQKDXFÔQNWTXNKFWKWê
KSQ\NKFQKDX









&KwvQJLL
+WKQJJPGVVÂxyLWKuQJWLQGX\tQKzL
KzLSKQJKzLSKQJUDGLR

,*LLWKLXYpqL+rL3KQJ5DGLR

+L3KÔQJ5DGLROPW~LWK{QJWLQGX\zQKLWKXFKWKơQJFF~LWK{QJ
WLQ'X\zQKL9LW1DPGRF{QJW\wLQWạKQJKL9LW1DP9,6+,3(/TXQ
OYNKDLWKF&ĐYÊWUÂ~ÊDOO
9Ă%F .LQKw{QJ
wS ằQJQKXFX WK{QJWLQOLzQ OF +QJKLQJ\PWSKW WULQ FàQJ QK}
NKFSKãFQKQJQK}F~LPFDKWKơQJFằXQQ+QJKLFàWáQxP+L
3KÔQJ5DGLRQyQJFSWKQK~LWK{QJWLQ'X\zQ+LTXơFWORLPWGX\QKW
NKXYẳFSKÂD%FSGãQJQKQJWKQKWẳXWURQJF{QJQJKWK{QJWLQOLzQOFKLQ
~LWUDQJWKLWEÊYLNWKXWWLzQWLQ~FLWKLQWÂQKDQWRQFKRWXWLVQY
VLQKPQJFRQQJ}đLWUzQELQ
+L3KÔQJ5DGLRFĐFKằFQxQJYQKLPYãFKÂQKVDX
&KằFQxQJFD~L+L3KÔQJ5DGLROSGãQJWRQEKWKơQJOLzQOF
PL*0'66SKãFYãFKRPãF~ÂFKDQWRQYFằXQQ+QJKLWRQFX~âQJWKđL
FXQJFSFFGÊFKYãWK{QJWLQOLzQOFJLDWXYLEđWXYLWX
1KLPYãF|EQFD~L+L3KÔQJ5DGLROWUẳFFDQKFSFằXNKQFS
YDQWRQWUzQWWFFFGLVĐQJ9+)0)+)WKẳFKLQ~ảQJFKằFQxQJYYDL

WUÔWURQJKWKơQJ*0'66
1KQFFER~QJFSFằXYWUẳFFDQKOLzQWãFOLzQWãFEQJ'6&WUzQ
FFGLVĐQJ9+)0)+)
3KWFFEằF~LQ[FQKQ~LQFSFằXWLFFWXEÊQQYOPQJ}QJ
EWFằTXWUQKSKWQRWLWK{QJWLQFằXQQ
3KWER~QJFKX\QWLSFSFằXWLPWF|VFĐNKQxQJSKơLKSFằX
QQ~ĐOWUXQJWyPSKơLKSFằXQQ5&&Y5&&VFKX\QWÂQKLXER~QJWL
PW~|QYÊWÂPNLPFằXQQ6$5KRFWLFFWXEÊQQWURQJYQJOyQFQ
3KW~LQKQJWK{QJER+QJKLTXDQWUăQJFFEQWLQNKÂW}QJYGẳ
ERWKđLWLWWUzQFFGLWQVơNKFQKDX~~PERWPKRW~QJFDWXO[D
QKW
1JRLUD+L3KÔQJ5DGLRFÔQ~PQKQFKằFQxQJFDPWPW[ÂFK
WURQJKWKơQJ*0'66YLQKQJ~LEđGăFWKHREđELQWá%FYR1DP~WR
QzQPWKWKơQJ*0'66~SằQJ~}F~\QKQJ\zXFXFD,02

7UXQJWkPpLXNKLQ61JX\Q7KoQJ+LQ +rL3KQJ

7UXQJWyP~LXNKLQFĐQKLPYã~LXNKLQYQKQKWRQEKRW~QJFD
F~LSKWY~LWKX
-

wLX NKLQ WKX FF WK{QJ WLQ FS FằX NKQ FS DQ WRQ Y WK{QJ WLQ WK{QJ
WK}đQJWáWXTXDFFP\WKX9+)0)+)WKXFFWK{QJWLQFSFằXWáYWLQK
TXD,QPDUVDW
-

wLXNKLQNWQơLYJLPVWJLDWKXzEDREđYWX

-


&KX\QSKWFFWÂQKLXY{WX\QYWÂQKLX~LXNKLQWá23&UDWUPSKW
&QJYLQKQJWUDQJWKLWEÊWK{QJWLQOLzQOF~LXNKLQKLQ~LOPW~L
QJàNKDLWKFYLzQFĐ~\~WUQK~YQxQJOẳFWURQJPăLOĂQKYẳFQK}
;ạONKDLWKF
;ạONWKXW
7UXQJWyP~LXNKLQ~}FSKyQWKQKNKơLQK}VDX

D.KLpoQJWUX\Q9,%$

.KơL ~}đQJ WUX\Q 9,%$ KRW ~QJ WUzQ JLL WQ *+] WKHR QJX\zQ WF
WUX\QVĐQJY{WX\QWKHRWLDQKQWKQJ/26.KơLQ\~}FSKyQWKQKK}QJ
K}QJYWUPWKXYPWK}QJYWUPSKW7XẵWKHRWÂQKLX~}F~}D~Q~X
YRFDKWKơQJ~WUX\Q~LPKWKơQJ9,%$~}FFKLDWKQKORL9,%$W}|QJ
WẳKD\9,%$Vơ7URQJ~}đQJWUX\Q9,%$WơF~FDPWOXâQJO0ESVYL
GXQJO}QJONzQKWURQJ~ĐNzQKERKLXYNzQKWK{QJWLQ&{QJVXW
WLzXWKãO:~ơLYLWUP~XFXơLY:~ơLYLWUPOS

E.KLFKX\QpLWQKLX
.KơLFKX\Q~êLWÂQKLXEDRJâPFFNKơLVDX
.KL$8',20$75,;

.KơLQ\KRW~QJOLzQWãFJLđ~WUQKKLQW}QJPWQJXâQ~W
QJW
7ÂQKLX377YWÂQKLX$)FĐWK~}FFKX\Q~êLFQJPWWKđL~LP
7ÂQKLX377YWÂQKLX$)WơL~DFĐNzQK~XYRYNzQK~XUD
7URQJ

$8',20$75,;JâPFĐNKơL$8',2(;&+$1(KRW~QJFK
~PDVWHUYVODYHwy\ONKơLTXDQWUăQJQKWWURQJNKơL$8',20$75,;YQĐ
EDRJâP,&FKX\zQGãQJ~FKX\QWÂQKLXVơ&38YFFPFKOLzQTXDQ1JRL

UD$)3&0&219WKẳFKLQFKằFQxQJFKX\Q~êLFFWÂQKLX$)GLWQWá
~Q.+]VạGãQJ3&03733&0&219FKX\Q~êLWÂQKLX377GL0+]
~LXFK3&0

&FWÂQKLXWáP\WÂQK~}F~}DWLNKơLQ\.KơLOPQKLPYã
FKX\Q~êLW}|QJWẳVDQJWÂQKLXVơQKđFF0RGXO3&0O&0+Y&0+
&0+GQJ~VơKRFFWÂQKLX$)&0+GQJ~VơKĐDFF
WÂQ KLX 377 QJRL FKằF QxQJWUzQ NKơL$XGLR PDWUL[ FÔQ FĐ QKLP YãFKX\Q
PFKWK{QJ TXDWêQJ ~L 14/ wy\O PW WêQJ ~L Vơ FKR SKS WKẳF KLQ
FKX\QPFKFKRWơL~DONzQK

7ÂQKLXYRNKơL$XGLR0DWUL[OWÂQKLXW}|QJWẳFFWÂQKLXQ\V~}F
VơKR~~}DYRWU}đQJFKX\QPFKFDWêQJ~LYWêQJ~LOWêQJ~LVơVDX
NKL~LTXDWêQJ~LWÂQKLXOL~}FFKX\Q~êLWKQKWÂQKLXW}|QJWẳQKđFFE
&0+KRF&0+WUằ|FNKL~LUDNKƠLNKơL$XGLR0DWUL[7á~y\QX
O WÂQ KLX WKRL WK}|QJPL WK V ~}F ~}D WUẳF WLSVDQJ NKơL 02'(0 0,$1
)5$0(FÔQFFWÂQKLXNKFV~}F~}DVDQJNKơL*0'665$&.


.KL*0'665$&.

.KơL Q\ OP QKLP Yã [ạ O ~LX FKJLDR WLS WÂQ KLXWK{QJ TXD FF
0RGXOFKằFQxQJ
0RGXO'6&02'&10$
wy\OPWPRGXOGQJ~~LXFKWÂQKLX'6&GL0)+)&FEằF~LQ
'6&G}LGQJPQKÊSKyQV~}F~}DWL0RGXOQ\~~LXFKYLVĐQJPDQJ

SKãO+]NLX~LXFKQONKRGÊFKWQ)6.YLNKRQJGÊFKWQO

+]

WơF~~LXFKOEDXGV
7ÂQKLXVDXNKL~LXFKV~}F~}D[XơQJP\SKWWK{QJTXDWX\Q9LED
WLP\SKWWÂQKLXV~}F~LXFKPWOQQDWU}FNKLSKW~L
0RGXO'6&'(0&1'$
wy\OPW0RGXOFĐFKằFQxQJJLL~LXFKWÂQKLX'6&7ÂQKLX'6&G}L
GQJWÂQKLXGÊFKWQWáP\WKX~}D~QV~}F0RGXOQ\JLL~LXFKWKQKWÂQ
KLXQKÊSKyQ~VDX~Đ~}DWLP\WÂQK
0RGXO9+)02'(0&10l$
wy\OPWPRGXOGQJ~~LXFKYJLL~LXFKWÂQKLX'6&GL9+)
1KLPYãYFKằFQxQJFDQĐJLơQJQK}0RGXO'6&'(0Y'6&02'QĐ
FKNKFPWVơWKDPVơNWKXWQK}~GÊFKWQO+]WQVơVĐQJPDQJSKã
O +] V GÊFK OzQ +] Y GÊFK [XơQJ +] 7ơF ~ ~LX FK O
%DXGV
0RGXO)602'(0&+)$
0RGXOQ\OPQKLPYã~LXFKYJLL~LXFKWÂQKLX~LQERWUX\QFK
1ĐFàQJFĐFFFK~OPYLFW}|QJằQJYLFFSK}|QJWKằFWK{QJWLQ
wơLYL1%'3$54&)(&6)(&FFWK{QJVơNWKXWQK}VDX
7QVơVĐQJPDQJSKã+]
wGÊFKWQ

+]
7ơF~~LXFKEDXGV
7URQJSK}|QJWKằFWK{QJWLQQ\WÂQKLX1%'3WÂQKLXGÊFKWQWKX~}F
P\WKXVJLL~LXFKEL0RGXO)602'(0&+)$~LXFKWKQKWÂQKLX
GÊFKWQ~}D[XơQJP\SKW
wơLYL7(/(;WK{QJWLQOLzQOFYLPQJ/$1'7(/(;FFWK{QJVơ
WKXWF|EQFàQJJLơQJQK}1%'3FKNKFOWơF~~LXFK%DXGV
0RGXO7(/(3+21(,)&4$7HOHSKRQH,QWHUIDFH
wy\OPW0RGXOFĐFKằFQxQJOFXQJFSJLDRGLQNWQơLFKRWÂQKLX
WKRL~QPQJ36717URQJNKơLQ\FĐFFPFKQJWWLQJYăQJPFKTXD\Vơ

WKXz EDR Y PW PFK QKQ ELW WÂQ KLX NW WKảF FXF JăL .KơL Q\ ~}F ~LX
NKLQELKWKơQJP\WÂQKWK{QJTXD&20021%86&FWKQKSKQWLQJYăQJ
~}FK\EƠQKđTXWUQK[ạOWÂQKLXVơ'63QKđFF,&.KơL'63WÂQKWRQ
FF~}đQJYăQJYYWRUDWÂQKLXYăQJJLVDX~ĐWUQWÂQKLXYăQJJLYLWÂQ
KLX~XYR~ORLEƠWKQKSKQyPYăQJ
0RGXO5$',2,)&4%
0RGXO5DGLR,)&4%FĐPWPFKWULWWLQJGLYPWPFK92;
9RLFH2)2SHUDWLRQ
0FKWULWWLQJGLFĐFKằFQxQJORLEƠWLQJUảUÂWFKRSKSWK{QJWLQOLzQ
OF~}FWKẳFKLQEQKWK}đQJ
0FK92;VWRUDWÂQKLX377NKLFĐWÂQKLXyPWQ~~}D[XơQJNÂFK
KRWP\SKW7URQJPWFXFJăLWKRLJLDWKXzEDREđYWXWKFQSKLFĐ
PFKWRUDWÂQKLX377~~}D[}ơQJP\SKW92;VWKẳFKLQFKằFQxQJQ\
&XQJFS FKằF QxQJ377 FKRWÂQKLX Y{WX\Q~LQ WKRL.KơLQ\ ~}F
~LXNKLQELFFOQKWá&RPPRQ%861JRLUDPFK(FKRFDQFHOHUQJxQFQ
KRZOLQJFKRSKSOLzQOFEQKWK}đQJ
0RGXO%8675$16&(,9(5
/PWNKơLPUQJ~}đQJGy\%86YLFNWQơLFDQĐ~FOSYL&20021
%86 1Đ FĐ WF GãQJ OăF EƠ QKQJ WÂQ KLX OFK QKQJ WÂQ KLX NK{QJ FQ WKLW
WURQJVXơWWKđLJLDQWUDR~êL~WUQKWFQJKQWUzQ&20021%86
0RGXO&38,17(5)$&(&'&$

wy\OPWPRGXOOPQKLPYãJLDRWLSYLP\WÂQKQĐFĐWÂQKQxQJFKX\Q
~êLWÂQKLXFDP\WÂQKVDRFKRW}|QJWKÂFKYLWÂQKLXFDFFNKơLFKằFQxQJ
0RGXO7(/(;,17(5)$&(
wy\OJLDRGLQYLP\~LQWKRLFDWKXzEDREđYLFNWQơLJLDWXYL
WKXzEDREđSKLWK{QJTXDEJLDRGLQQ\PôLPWFXFJăLFQPWE7HOH[
,QWHUIDFHuWUXQJWyP~LXNKLQFĐWKNWQơLFQJPWOảFFXFJăL~âQJWKđL
WáWKXzEDRWX~QWKXzEDREđ'R~Đ~}FFĐEPRGXOQ\
0RGXO6(5,$/,17(5)$&(

wy\ONKơLJLDRGLQJLDKWKơQJP\WÂQKYL&20021%86

.KL02'(05$&.
.KơLQ\JâPFĐFF&DUG0RGHPWKẳFKLQYLF~LXFKYJLL~LXFKFKR
FF WÂQ KLXWU}FNKL~}D VDQJWX\Q9LED KRF VDXNKL WKX ~}FWáWX\Q 9LED
7URQJNKơLQ\EDRJâPNKơL00)0RGHP0DLQ)UDPH0RGXO7HOHFRQWUROOHU
~}FVạGãQJFKRFFFKằFQxQJVDX


02'(0FKR9+)


02'(0FKRWKXSKW0)+)


02'(0FKRNKơL~LXNKLQ5;


&KX\Q~êLJLDRWKằF


wLXNKLQFKX\QPFKDQWHQ
0RGHP0DLQ)UDPH
/PWNKXQJFKằDFF0RGHPFKR
-

0\WKXSKW9+)
-

0\SKW0)+)

-

%~LXNKLQP\WKX
9LF~LXNKLQFFP\WKXSKW9+)FFP\SKW0)+)E~LXNKLQ
P\WKX ~}FWKẳF KLQWK{QJTXD FF 0RGHPQ\ 1JRLUD WURQJ NKơL0RGHP
0DLQ )UDPH FÔQ FĐ PW PRGXO 3URWRFRO &RQYHUWHU 0RGXO Q\ O PW JLDR WKằF
FKX\Q~êLWÂQKLXFKRYLF~LXNKLQ0DWUQDQWHQWKX
0RGXO7HOHFRQWUROOHU1&+
0RGXO7HOHFRQWUROOHU1&+FĐF{QJWFGQJ~~LXNKLQYLFNWQơLJLD
P\SKWYDQWHQYPWEFKERGQJ~FKWKÊWQKWUQJNWQơLJLDP\
SKWYDQWHQFKảQJ~}F~WPWWU}FFD0RGXO
1KQJWÂQKLX~LXNKLQJạL~LWá0RGXOQ\WLEFKX\QPFKDQWHQWK{QJ
TXD~{LGy\FyQEQJW}|QJWẳWÂQKLXSKQKâLWáEFKX\QPFKY0RGXOQ\
FàQJ~}FWUX\QWUzQ~{LGy\FyQEQJ
0RGXOQ\WKẳFKLQ~LXNKLQWá[DFKRFKX\QPFKDQWHQ~LXNKLQNW
QơLJLDPWSKWYDQWHQVDX~ĐKLQWKÊWQKWUQJNWQơLWUzQSDQHOSKÂDWU}F
FDWKLWEÊw}đQJWUX\QGy\~ơL[ằQJ~}FVạGãQJ~JạLWÂQKLX~LXNKLQWá
WKLWEÊQ\~QFKX\QPFKDQWHQ1.=l7URQJPFK~LXNKLQOPWYL[ạ
OEÂWYPFK~LXFKJLL~LXFKGOLX
&XKQK
-

3K}|QJWKằF~LXFK)6.
-

7QVơVĐQJPDQJSKW+]
-

7ơF~SKWELWV
-


0ằFWÂQKLX$)G%P

G%
-

<zXFXQJXâQ9$&+]
0RGXO7(/(&2752//(51&+0
0RGXOQ\WKẳFKLQYLF~LXNKLQWá[DFKRFFP\SKW-56


F.KLp{XFXLKLQWK
7WFTXWUQK~LXNKLQYJLPVW~X~}FWKẳFKLQNKơL

~XFXơL

KLQ
WKÊ
WK{QJTXDFF3HVRQDO&RPSXWHUNKơLQ\EDRJâPP\WÂQK~}FQơLPQJYL
QKDXWK{QJTXDPQJ/$10WP\WÂQKSKãFYãFKRYLFWUX\QGOLXWKNK{QJ
~}FQơLPQJ
.KơLQ\FĐFKằFQxQJFKÂQK
wLXFKQKVơO}QJNzQKNWQơL~XUD~QE+HDGVHW
+XắNWQơLFKRWÂQKLXyPWKDQK~XUD
&DQWKLSYRFFSKLzQOQKFD&20021%86
0ôLPWP\WÂQK~}F~PQKQPWFKằFQxQJULzQJELWQK}
.KDLWKFSKyQPQJWK{QJWLQ7KRLGL0)
.KDLWKFSKyQPQJWK{QJWLQ7KRLGL+)
.KDLWKFSKyQPQJWK{QJWLQ7KRLGL9+)
.KDLWKFSKyQPQJWK{QJWLQFSFằXYDQWRQKQJKLKRW~QJGL

0)+)9+)
wĐQJYDLWUÔOWKLWEÊ~XFXơLFKRP\WKX1DYWH[
9~}FWKDRWFPWNKDLWKFYLzQ0ôLP\WÂQK~}FNWQơLYLPWE
+($'6(77(50,1$/WK{QJTXDFêQJ&20WKHRWLzXFKXQ56+($'6(7
7(50,1$/ FÔQ FĐ PW JLDR GLQ WKHR WLzX FKXQ 56 l GQJ ~ NW QơL
&RPPRQ%XVPWFêQJYRUDFKRWÂQKLXPWFêQJYR)2276:GQJ~WR
WÂQKLX377PWFêQJYRUDFKR0LFYWDLQJKH1JRLUDQĐFÔQPWFêQJGQJ
FKR~LQWÂQ
&FOQK~LXNKLQWáP\WÂQK~}DWL+($'6(77(50,1$/V~}F~}D
UD~}đQJGy\&RPPRQ%XVWK{QJTXDJLDRGLQ56QKP~LXNKLQFFNKơL
FKằFQxQJWURQJKWKơQJ~ơLYLSK}|QJWKằFWK{QJWLQ1%'3Y'6&FFEằF~LQ
WRUDP\WÂQK~}F~}DWL+($'6(77(50,1$/WK{QJTXDJLDRGLQ56
VDX~ĐWÂQKLXV~}FO\UDFêQJYVDX~Đ~}F~}DWLNKơL[ạOWÂQKLX
wơL YL SK}|QJ WKằF WK{QJ WLQ WKRL WÂQ KLX 0LF ~}F ~}D YR +($'6(7
7(50,1$/WÂQKLXUD~}F~}DWLNKơL$8',20$75,;&FYÊWUÂNKDLWKF
YLzQFĐWKOLzQOF~}FYLQKDXWK{QJTXDTXWUQK~LXNKLQFDPQJ

iqLSKtWimQJ+rL$Q+rL+rL3KQJ

wLSKW~}F NWQơLYLWUXQJWyP ~LX NKLQ23&WK{QJTXDPWWX\Q
9,%$GL*+]
&KằFQxQJOWKẳFKLQSKWFFWK{QJWLQOLzQTXDQ~QFSFằXNKQFSY
DQWRQFFWK{QJWLQWK}|QJPLFKLXWáEđ~QWXEQJFFSK}|QJWKằF'6&
1%'37KRL7HOH[~}F~LXNKLQSKW[XơQJWá23&
&XWUảFFD~LSKWEDRJâPWêQJFQJP\SKWWURQJ~Đ
-P\SKW.ZFĐWKGQJFKRYLFSKWGL0)+)7X\QKLzQP\
Q\~}FFKX\zQGQJFKRSKWFFEằF~LQ'6&GL0)WQVơ0+]
-P\SKWFÔQOLEDRJâPP\.ZP\.ZYP\.ZGQJFKR
SKWGL+)


iqLWKX&k\VpoQJ;s+rL7KqQK.LQ7KÂ\+rL3KQJ

7KHRF{QJ}FTXơFWY*0'66FFWXSKL~}FWUDQJEÊKWKơQJWK{QJ
WLQOLzQOFWơLWKLXWKHRYQJELQPWXKRW~QJ9Y\WLFF~L'X\zQ+L
FàQJ\zXFXSKLFĐ~\~FFWKLWEÊOLzQOFW}|QJằQJQKP~PERDQWRQ

×