Tổng hợp câu hỏi và đáp án ôn thi môn bảo hiểm nhân thọ phần Sản phẩm

Investment Linked Products
I. Bảo hiểm liên kết đầu tư
A. Giới thiệu về Bảo hiểm liên kết đầu tư:

 !"#$%&''(')*+,-./
0'1'+2345*67-89:;<=+>**?
+>**@<%&'A'B3B2'C'D
-E'F<GH3I3;3JC
$;672K89"0'$GH(F<L93M
89:;N'"#'%0B(6
1. Khái niệm ILPs:
M3J.O#
+'P;";Q;B'9;';
%&'A'B6K#'RS';
3T';';'BUVC
'936L9#>-F-#'3KM-#'3K%
W6
2. Quỹ liên kết đầu tư:
XM33KQ;B'<;"G0B
3K3KQ<R3.YBZV6
[K1'33K3.YCQ;H3T'
'#3-R\'B%Q;BZV]6
3. Giá đơn vị quỹ (NAV)
^BF%UV'B%0'F%UVF'A'0'&6
^B%F%UV_`'Y''B%Q;B'UV<0
Ba' #!<;Y'='F%UV6L9-<9%
'BF%UVb'6
4. Tính độc nhất của ILPs:
c3JHF3J3
9b967C<'B3J.O
3B#;"\3Jda';"e6

]=(B3J.Of3B<UV
\03KRa'Cg
Investment Linked Products Page 1
Investment Linked Products
h'bHB'\a'CR;
MA"=%B' 3J#;"!6]=(
3J'&;';RQ
Q;BUV\RD'"iQ;BUV
B'i;O #'j;UV#";B'R
D'";<'-UV"G3$a'#"
B'RD'"G3$a'2'\!6:2C<
1''&=#FM("G;;';3J
6
5. Khả năng đầu tư vào quỹ liên kết đầu tư:
[B3J&''(9B
'HUV(1'AMQk2B;`
'G3Hi;OB='B'#WO'
+'G32QB;6XAMQ+'D'
SCM0'UV6
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7UV Xhb XAaQ
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7'\[;
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#23=%B
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ZV7H$ [N'(ZV7H
96ZVC23'B
bH$<bH'g'.'<
Bh0%&'bH96
7G3
ZV[.`' = 3    Y  3 N'
B;h#23
=%6
7'\
:'Tm.Ob;!
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XAM+'D'Q;BUV'3J
Ra'67a'&';';-3J
C<'&;';K'&D'MUCH%OM
Q'6nUQ;0'UVRUC%'B%
3T'Q;B'6
B. Sự khác nhau giữa ILPs và Bảo hiểm nhân thọ truyển
thống:
k KHQ;B
33K36
k ;QM'i;OBUV6
'(.C;;1'B9K'1;3J
.OCH='6
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C. Lợi ích của ILPs
1. Lợi ích của ILPs đối với công ty bảo hiểm nhân thọ

oKb3#9C';Q
BQ3T'6[Ba'C.O'C'GC#+
F'9BA";(Q3T'<G
'=%&'Ka#1'M'B3
T'.O&'-6
oKA;#9Ugh'=6:1'CH
+';B B(.pC+';B)q
i3'BOM'*<rqY'=bHQ ;!<8:N'C
2C(1'3T'0s*+D<'#1'C
$;(3T'G3F sq'B%UVM'(*<rq=bH
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Q!6[K\2C4O'3JHR#CH
+';BG3F<\2C4G=R;F6
oKA;9A'd3KI3e6]=(3T'.
O\3KUtG3F (3T';';
;"CH='!K0923+';B
G33KG3F 4G;F!6
:2C<Ba'C.O#+'EH
B'(<1''&'=#4G;F
(9GCA0B3T';';;"CH='T
BUVF'f6
2. Rủi ro của ILPs đối với công ty bảo hiểm nhân thọ
uvQHKmX$S=(-3T'\Q
Q3T'UC%''w\-;%
&'<Ba'C&'M=UCH'3T'\
Ba'Cx'1-M3Q6XM=QHK
#yG3B0BUCHm
oZCH_NC= ^Xzk^;;X
z;b{!ma'CR%QA;=

;F'B%_NC-&;BUCH6
o  ZCH      c7L  g  '  =    ^Xl  k  ^;;
Xl;{!m[a'CRF'(QC
_3KQg'H|&';<'#c7L
g'Y%6
oZCH'B%'(= ^X}k^;;
X};~{!m3I3Q3T'#2M
49=3K"#'<#a'+A'B%Q;Bh
6
oZCHCYm(B3T'B-<Q
3T'#C;'M-\(49P;2
(67'-\HCN'Q=(Ba'C6
oZCH'M&-G%6
Investment Linked Products Page 5
Investment Linked Products
oZCH2'B%'(mBa'CR'B%Q=(
1'3T'a'_3K'(";BB3K
t3T';6
uvQ'UB\-M'm3hMw\%&'
K<'B%B49QC3T';F \a'
'MH9;';;"!
uvQUC%Q;3B32m1'UC%U;HK
B<3KUt1';CY'KB
K6
3. Lợi ích của ILPs đối với khách hàng
oKb+'ii;OBQ;B'6
]HC3S3=(B%&'=#i3B<#Q3
T';';ib3%&'=aM'6
oKA;#KB6[B3T'C&-
3T'=UCHg'D'"H6•

M=U=';<A23'&-3T'
€67CUCH2\23%
 $'|9!6]=(UCHg'Q
3T'(-3T'<#a'CR
UCHg'$'B%_NCM'(UCHg'=
6
oKA;_-6]=(B3T';';;
"C='\9yB%h$23R
a'•'-`'3T'6
oKA+'CYh'1;B
UV6[Ba'C3I3BQ3T'CY;h
M=G%a'_3K3hM6
]•FF-M'Q;s3T'<E';y
yI'bHQ;M3T'#'3K+#UCHg'm
Investment Linked Products Page 6
Investment Linked Products
D. Những trở ngại khi sản phẩm ILPs được triển khai
ci3BQ;%&'A'B&';U;"
H'&'ji;&3BQ;-\<WO'D
ia'CG(67C#1'D'-9
;-\CG#'&';'‚‚3(6
tAG<\0'#MK<9;';
.O-;'&;';MC'j`'.Ca'3
'3B3-HK(B-\b9<B
$Sx$_U;O'Q;.O9!6XM
'&AP\&'DMY9'"&'#
y(''j`'yBGg'G'&;CQ#U;A
P<_-'Q;\R`DAG3<\‚\
Mt'j`'H#Ra'yC;\6X$B<#'#\
Q;'&;H3K6:'&;';.

OR#y(';3Khd%G<%fe'
9-<\2C-;.td%'BG3e1'd&e<A1'
2'F'; ;&'3#yC;Q
OOT&'<;C'&'33T'B-!6
]B'B;1'H%G'9-<B'BG3230
F';93.BB'bHCBdD'
'e ;;!2C'.K
.O S#C=!#%G3FB-\
ECB6
tA;<%&'A'B8:;3BA
H'i;&Q;-\6c='Y
3<A'|UVC+';';2i;'-'
3'3E<9xB-UV<GUVQC
B6-#<Q;'&.HK<A'B<
#GK<23'QCDB3=<a%(68\
2C'dB'bH+'ƒQ;-\C‚‚G
-6na'1'<&';0;U;%&'A'B8:
hh'<dHbeH%&'%h''O'<H
C‚‚G(9;'3JC68
Investment Linked Products Page 7
Investment Linked Products
i&C|#Ma'CL:7;'
3JC(Ua'GCU;66
tA;<#;\N'R%B3i-;
(0B%KBa'CA'B<UV<
'.'„(3J;-'<b9G3x6
:2C<WO'Hi;&a'Q;-\'
';-CGG36:'S;E';N'"2GC
UC23B<`'3JN'RyG9D8:<
M"yG9\R3hMHi3BQ;%&'

A'B67-Q;Ba'CL:7xR'G3i96
7%&'%&'KDB(3B(
8:Gy;'4O'3JQ;Ba'CL:73(xB
3J;'_9;gW<O&;-AP6
Q;Ba'CL:7FDV2='<#M-
K-'9UtQU;_-'
APQ;'&xR(B%KB6
7'F';'<Ba'CL:7D8:EO'H
B#3J;'_G9CH='F<…#
1''3Jd&'eB3A'Q;B
'6lS;N'a'UM'%h$
9<%h-B'€;'=UB\(<
';t3T'6KQ;L:72
•G'&;'; '&D'UCH!2
bH68\2CG'3hh0.G<U
t3T'<'B%UCHRUC%B'i;
Oa'C3JQ;Ba'C'=';6
[K\1'D'-0;<Hb2y3
b33._w\y"M89:;9-iB
';->*s*k>*>*#&'+'3B
+'D'Q;H<…1'M'#yC;'
&';‚3(<a'U;#BM''-=(-\3J
GbH+'C6
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II. Dự báo tình hình kinh tế xã hội Việt Nam giai đoạn 2010 –
2020:
A. Kết quả đạt được trong giai 2000 – 2010:
1. Hệ thống tài chính:
a) Sự xuất hiện lại của lạm phát

n0H-3B3"'1;1'+s5†*<
89:;"a''9-M=M+'D'
F'=;Y%6[S'(UB\3BM23Q;H
<9C\Ma&'ja-D#
+FH6ciE'E'Q;K3Q'9=3#(-3B
&';U;A'PBHjaQ;89:;;
‡'<$;';1'a'hKBV2
6X$S89:;#1'O-D
\M;<'i‚'a&'2<3._K
B<i2-3Q;H9'A&'-O'9
B3A'Q;-M';KB1'D'-ii
figh'+'i#_V2-%KB6nU
'B'1;3#1'KBbH
H;C"D3A-3F(GH+'i
iiQ;B-%KB'C'%(M'6
-3B'&.C"D='-Q;'&.xK
3Q<M3A-3Bi;FH(=9a'
=KA6[b'("+'-'B%yGJ
g;+';'G<B93BKA<ˆl<;C
H=xb3hSSY89:;6n0+>**r<;=B
‰;'j;Q;89:;h+'(=M>*qf+6]
+';F1;<'''i `''
iM'.hF'-i!|+'(s*qM+6:
b+'F>*q<'''i+';g;=#<
\9'1;;-'3-3B6Šs‹X$S=9-
3Ba'=KAG3Fi;'BQ;M'P'#;G
%<'01'_B#Œ'%`'i<
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-3B"(A;=<"C\DA;='GC

+D-.C6
].Ca'3MHB''-67=M+''bH
hDA(>•qf+0+>**r<_h'M%;
N'+'r•q67'23J+'M'GC+'
.CB3A'('M%;+'\=(M='#;
B-<+3'<9<;M'#V+'o;C#'1'
'#;QCyG'(oa'+'MB
F'A'6nU'BQ;1''#;C3+'=M
+''bH67'-;=M+'D'Q;89:;-|
+'#@o†q''+Q;H(r•q
^lŽt];"0'+'D'(s*qh's†+
(M'=FH<|'s•)^l
a6
[K3Q89:;"UC%+''bH`C\=M
+'D';'M&';67C<iG.='1;
=M+''bH=M+'D'^lD'CM(\
AI3-3B‚yG96:O;'L\†<'
;+>**•>**?<^lQ;89:;+'s@q<'#X> 'T
bH$'a'bH'g'.'!+'(@rq67B-<'
S'';-C<^lQ;7'Z=+'>>q'X>|+'#
r?q6[9'1;+'D''bH^lD7Bo;G3F
1;67+'D'Q;89:;G3FQ;7'Z='=
M+''bH-;''G3a6nU'|='BbS'
D7'Z='+>**@|'?<•q\D89:;(s><?q6
Investment Linked Products Page 10
Investment Linked Products
7-;'bHQ;89:;-+';2CŽXM'C
.K%3M+'bQ;(67Y'bQ;
('+>**?r>s'\|T'<+'>>s6†'\|T' ;C
)•q!(+>**)6:2C<=M+'b'+Q;(

'';->**)o>**?>*<rq+ F'F'(=M+'
D';=B‰!6[N''';-C<'.B+'Q
Ca'30'TM%;0P<9(
'67M%;'+>**)|-ss5'\|<'+>**?
s5*'\|<+'#@s'\|67'#<bQ;(+'
srs'\|<0s5*(r>s'\|<A''G3aA+'M
%;6nbQ;(+';FH(B'T
'P ';C'T+'C0P;C9!
\1'bCR+'Y'67'B
bC-a'gh'MB9U<|#''#3
E|' Aa'Y''+'MB
F'A'!\GCRx(-3B6
Investment Linked Products Page 11
Investment Linked Products
XM=U;AQ;K3Q"YfB.=BU;
'B<‚I3<i3J'(+'Q3-Q;-3B6
]E'BE=H3K;'M'1''T'.C-3B
D89:;6[+>**)<'&bS'89:;#'<$
9'&'…<"'B'-G367C<'GC+
D-.C<-9'B'-+'\'By+''B3.#;O
N'H+';6:1'E=Ca'|D''
(89:;<BM'(BU=';[./B<'A
M-3BDB(C-G3FD89:;GH L\>!6]H
C#'j;<$S9'B'(+'M'1''C
.'.C-3BD89:;<'#a'3'=€Q;GH6:
'bH+'2F\bQ;(N'R3+'2
-6:'By+'+'<bQ;'&bS'y+'#
R+'<2C<OR3‚'bS'=(B3J
B'BQ;E''y='689A-3BD7Bo;
G3FGH(89:;<'i<H7Bo

;bhHy+'F89:;MA'HC6
b) Hiệu quả của đầu tư
L9U'3.Y'TiRUC%UQ;H
<M'F<UC%i3BQ;y"M689:;7'Z=
#S'MGHo#-hb+'D'<;(H3
Investment Linked Products Page 12
Investment Linked Products
C\M|9G;67'GH;'j;
3.-'i-1'bS'B
\67;N'"'3K'HiBQ;(Q;
Bl:::'=;C\3-CBiB\--C
bS';CEB.6-#<HiBQ;(
a'-%J2Ga';6:1'
CDbHb9'(\#R
GFMQ;BT'b9CDBiBB6[
E'a'U;B;C('\#R-;
1''j;h<i90'TbHyGJ<B
g;<3<'-<;1''#;B'F';67
'C‚<1'iBC3EJCyGyGJ6
7'&'3CCa'-\#-D'B
$'i3B'F';6].CM$Q;BH
D]a':;/\1'(CHM|9G
;#C\MA+'D'0;36
'sm'B[•v :'T};!
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BP\89:;MHd((e<3BG
;\2CH[cL7<a''966Z;C
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Investment Linked Products
xA'MiC9=[•vQ;89:;#;'N'
|DAyG3y|(7'Z=oM(;'3B;'
x'…89;oH\&'6232Ca'
JyBDM=K;-6]b<232CPU;MiD
';-3BF'i89:;<Q;B(]a'/
9UF89:;GH y's!681'+s5@*
LZ=‚3BB'a''93$'<#'#;
Go1''P(o\9=[•vQ;(CN'|
DA(r67A;<9B(7'Z=N'a'
K36X$SN'M(;'3B'7'Z=
"(89:;'s234<2CB'R;9=[•vQ;89
:;3G3FQ;7'Z=(3\M(''\[•v
-'#y('+'6]GC;#MiQ;
7'Z=N'a'ii9U<\2Ca'
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989:;#;'A'(MMQ''KŽ
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0''C.Q;MQ''s55@;'yG9D89:;6
]b<$S%&'A'B 77[n!"3BG
;'&';U;'9='KQ;89:;x%
i3=DB'.'F'-a'BMB
9U('yGB(6
7A;<UBA ')*q^l!9=[•v)<) #'j;
89:;9)<)F%-;MF%+'D'!G

;(B(B'iD1'';-3BF'
F'89:;.C'& 9=[•v'\Q;B('
i'r!6
7A;<M'bH(#'T'=;N'<g;bH<
(';'Y%&'GM'A'B<-
'#'6
7A<.hF'-+';|'B;M'G
&' QCUtCI!1'G9Q;1'
Investment Linked Products Page 14
Investment Linked Products
Q'J689:;N';'_VM'('-9
a'3'967G1'Q;x(MMQ'
'K&89:;x;i#;=<
(''‚-Q;89:;DAB<'=
('x;'b3hY'E3.=-3B
."';6
'>m:'C.Q;MQ''s55@
89:;;'fiy.Ci'M9='K9-
M&F'=2%&'=U=<$9D
[./;'#_;G;6[|=‘XQ;’X';
&''9'1;"GB3Q;K3QXVQ;
BH(Y9;'DAG3G's*+D-.C
L\>!6
X$S%&'0;(U;M=M'%&'
;C=GM'DXVh3Y'|=‘Xx;'D
AGG3=B's*6[9"GQ;B3U=
Investment Linked Products Page 15
Investment Linked Products
bQ;89:;3B=+>**• WO'R
FDB23(;C=%&'U=!aG3

FA‘X'\6]HC#'j;B(;'3B
89:;#;C=0%&'U=(A"GG3<
.CiiMFM89:;9`'=;C(
'i9MBJO'67C<#M'CF
K3QBa'b'(RD3hMUBHB
;C('<IB1'UC%#+F'
Q'=9='K'(6[Bl:::;'gh'
=MBI9U6:w-'Cb3€B;
'93C-3I3b32(%&'=U=\MQ
i89:;R3MB'BB‚1';C
a';'-GC'B%6-#<';C'';-%&'
2\(x32O''9'1DA
BB1'E=‚‚RyC;'F';6]H
C#'j;'.h'.B(<2K3
hC\$''.B6:(3='-dBfeQ;9
;C=('.h'.B\$S=9;C
;'‰'a'#‚‚`'#Rb3h‰'
1'+(6
2. Môi trường kinh doanh
Xa&'KB.=UC%+'i-;
U=';67y3-'+'i-;'+Q;l€n
7'(<89:;A'(BB''H']a'/]a':;/6
X$S€'BUH;M-C3G2
O'<'y3-'+'i-;Ma'h1K'9
B'B=MBQ;89:;'=F'U;(B=Q
-;QC6Z;O'a'I<B('H
\1'|=H+'i-;a&'KB<
(;UC%6ci+'“HA-'Q;89:;R
DKt'j;1'(-;(89:;+';
F67a7g"0'#<=M.=UC%O‚'6

'rm[|=+'i-;Q;l€n7
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ˆlR#'M;='i3Bb3hQ;89
:;67C<#2h';G9A';Q;ˆl\

1'C3'‚MB1F(H6
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'9Ut_39=''A'M'(F67'
i<M=MH;Ha&';Q;89:;
"GCB;'93.;Q;89:;;''$33H
D'-D(-#A-;;F6-;
D(G'T.i[cL7"H23D\
B;'93.;3%i'M9='K
U;I9UN'€67B;'93
B\hU;;FU;'.COH#+G6
:1'3KN'€C#MAdG
+eBi.;ˆlo;iyGJ
-GQ;H6
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[       9    '  1 ;   =    M   +  '     '  b H      ^ l  <  > * * ) o > * * @ 6 
['bH `'X>!;'TbH$'a'<bH'gQ;BYA_h'-'.''F'<BbH'ga'W-#W-6:'TmXˆ<7='7KZ= ;b;ˆ;;c;bb!<0=9=M+'D'^l?B'+>**@GC0‘'•6
:1'ji9;C89:;;'#_-;G
'a'a3<-H<;<'-;C'.h';
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E'-;GK'B%';+'<-2GP'<=M+'
D'GG367BAF';Q;89:;M$b3h
C\_-;'1''C\S;E'N'
-Q;89:;<$BQM'b(yGB3J
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:;#OHH0KUCa'Q;B(]a'
/<\B(CH23'1'3J'"
;=(23<'j;''&;bhHF
'9gbS'Œ'-6Š>‹:H89:;9;C#_

-;=(B'a''93+'D'22
G367BAQ;89:;'F';F(B
'+'D';F<.h'FHA<#'B%';
+';F6
7#<';C1''a''93FGN'
33hM'C<2923J6L9;C<89:;
323J(†*q'C9';C?•qM'GC
''GC6:';C89:;#M1'(U$'I3\|9
23J3aI3N'(?*q67'];gh'Bl:::
a''93H.\89:;-gh'Bl:::
-;(B-'T67#<Bl:::
Ca'-M'v–l<GK-
M'-.';;C'H6
B. Duy trì tăng trưởng:
]-1'hb3BC;O'Q;\<H
89:;3#+'b3h+'D';a'`'
'234(6n'93BQ;B('i
Investment Linked Products Page 18
Investment Linked Products
GC.CM9haS'#+\i<(|#M
(]a'/i9HC68F'i2C<B
(23'\'(&'+'D'2-;
U;'—'23'\G368\2C<B"-Q;
89:;iPm89:;b3hC\%3M
+'D'9;CŽ
v•'`'<#-hbC\=M+'D'
'1'234(<9b2-'1'i
#bH+'+'D';G<;#-OH9=GB
iCb3h3B6CR|;`'iˆl.
;'(dM'F'aeQ;H89:;6].C

;i#HbH+'G'9'E389:;C\
=M+'D'MB.67'K3Q89:;
x;ii-H92;iC $9
i.;'(!b3ha'67;C#<
3CRA'<KBa''93Q;89:;-aa
BioG1'3._BU;GoI-
;G<-Ka'+9(G<#=M+'D'2
G6:KM;;M'a%#'B\
KBCQ;(i;9'hbd-E3
'e\GC9-|;.1'QIGQ;
\6
7'';F+U;<$'FGQ;H
89:;w-'d—'e<;C#MB#'JCodMH
o;e6].C`C\%;%='%Q;
i(<T'&Dg;('3I3
if2CQ;i.;aS'+'M'6[d—'
eC#"HiQ'MH$K%
B67'j;C<#"G9Um9;C<i.
;('(5*q+'D'a''93Q;
89:;'T-;9(H6
1. Các nguồn tăng trưởng
:1'';'-;+'D'89:;Ž:1'
'U;O'Ga''93-<yG3.3=9<
Investment Linked Products Page 19
Investment Linked Products
K(<y.Ci'<B-<'M=%hB#''#3
'@•q+'D'Q;89:;670+>***<a''93-<
yG3.3=9<K(<y.Ci'()•q+'D'
i<'a''93;B'|;(s•?+'
D'i67F'-<2<K'BhCN'#1'

#''#3B' '>?q'Y'+'D''!6L
1''+'D';CHgh';M'#V+'
a''9N'=('6
t`'9Mi#+'D'2a'#'j;
iGCa'U;O'6lC\%3M+'D'Q;
ia''93RUB\a%#;2-<'E3+'
D'D.`'F<9_\Œ''1;BS'
H67=M0a'a;%2-N''E3'B3
iBa%<HC#'E3+'&'iY%y"
M6Šr‹-#<a''93N'M'TyGJ'-
9U;O'Q;89:;67C<ia''93%h(
=M+'D';Fx#''#3HF^l6
2. Những xu thế chủ yếu
[#Ra';''&H#''#3(Q;ˆl=(+'
D'Q;89:;6l;Q;B;'93('
+''\r*q•+'';->**so*•'B9 yG
J'aQ;B;'93('N'+''\
>?q•+0+>***!6Š)‹7_CG'CQ;B;
'93ˆl|Ifi.;'(6^B%yG
iC-;"+') 'B9!''•+U;<
A=M+'D''\-'r)q•+67=M+'
D'Q;i(CG3G'N'GU;<-
As?q•+'B967'';-C<-3B;M'
''•o@q6
9Bi+'D';#C\=M+'
D';CE'‚3dFeŽ[.&B;B-\
D1B;6ni('FG3h3('T'
A';M'#V+''C29aQ;89:;6[N'
'P9;C;''E<'T';M'#V
Investment Linked Products Page 20

Investment Linked Products
+'%-9a'db3e%3&\H+'+'
D'Q;i#=('R2-67G
B;'93('#23J;M'#V+'0
'<'(3K;F6Š•‹XM-1;Q;923
J;M'('Œ';C\Mt#H
+'D'2-3T';M'Q;'&('%G
A\1';M'CRH(;CCM(B<
-;'GK'9A6]HC"yC;D7Bo;
1'+s55*6]-;M'%;3F'M'3B3j
'9CP3#&';6-#<;M';
--#%B;'93BGCG6[K\1't
CK3Qf;C'&;M';CbH
3BV+'67''ˆlxb3hC89:;<A'
P`'U;.Q;B('=(89:;ii
.‚'CMHF\N'(`'iS'YˆlN'
"0'yC;GADHFB'i]a':;/6
89:;G|B(1'H9C\ˆl<$
9'9'G39;M'#V+'6L9;C<D;
jiC89:;H;'G-6
ni.;-'$331'GHB6[B;'93
.;&'#UCaP<-M';F'<
+'#-'9b32a'bF'-a''96
-#<G;K1'#+&'iQ;H
;'93.;<$S=M+'D'_h'Q;89:;
'1'+U;aG;6[B;'93.;&'
3`''.'&'|O;C'‚-KT't
O;C-67031'GHC'UC<`'a'
=M+'D'G;Q;i.;0+>***R%
2-\FMB;'93PC'<T'&|#M

=K;'93.;#+'3B1';
'93(6:B;'93.;a'(D1'
'A'B'b2CB;'93ˆl\9U#=
M+'D'Q;;iCH%C'689DB
'A'-fB;'93('R'E3B;
'93.;=-'('A'<T'&
Investment Linked Products Page 21
Investment Linked Products
#FM9(1'bJG'a&'
;U=6ciT-Q;M-'(C$B'A'%;
3F'N'M.=EJCE('89
:;67C<&C<B('x3
`'B'A''(UBPa''9UB-
2#i9;GU;O'C6
XMK;-_i1;Q;.;##y('
3.3=M'"T'HF(Q;((
'6c(Bl:::ˆl\B;'93.;3A'
;-CF(BFM(Q;%&'-f<M3
O''N%&'F<'3B\Bl:::ˆl
(&'a'U;.1'FMP6:2C<Mi
.;(-R'#333Ba'a6[Œ'-
;'93.;R=9U'1;'&a'.%
&''(<U;#'E3'&a'.9G';
-'#;3J6n+'-a'+9Dia'a
bHH=#“33'B%oa'
a'(AI33=6
ci+'D'Q;i(CU;'3hM
'Q;(HUCa=A=
'\Ma'.6?s7'+>**•<|9=•;M'Q;
Bl:::;'G3r(B;'93.;67'

;='\Ma'.-;Dl:::-|;F))q
(i.;6c(iˆl<A='\s;
M'Q;i(;F'@*q<';=\
U.Q;M;M'-F'i;67#<;M'-B
l:::#\MV+';F(;M'Di.;6
:2C<$S#FŒH=V+';M''B
l:::a'CiMH+'G6:'C
.FQ;w-'I9UCBl:::&'
D'MUCH<K3-;\Œ'(BiB
$9'9i9B3T'((!9='
CKC6L9;C<Hl:::x=b3h
M"H=<G;<%;%%&'<3T'(
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Investment Linked Products
(6X$S.CMBD<'Ab3h"
<\.CN'T'&M&'‚‚x(G-6
'rm8=<;<;M'Q;Bl:89:;-
\D1 >**•!Š?‹
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i.;ˆlG;6[A;rr<•+\='Ch'

Q;i.;ˆl-+''G3a6Xf+#s<s9
'&;';i';M'67K=+>**•<i
ˆl.;#)<>9;M'6]HC#'j;0+>**?
(>**†o>**5<=M+'O'9b3h9;C\
Fs**qi';M'REDi;'93
KAoHCyC;(#iS'YHˆl';+
>**?>**@68\H9Dh%a'`'
iKA;M'0S'a'a =#AF'G3!R
%IHB3=<=Ma%#;+'B'6[B
3=Q;89:;3J%‡'iCQ;'9
'&23'+(6:R2D3;<B
a%-;‡'9h#+C6Š@‹
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3. Chiến lược “những đỉnh cao chỉ huy” của nhà nước
XMhb'KBa''93Q;89:;EC
iyG9Q;B;'93(<-;Ha'+9<
#\M;Ha''9<#+'i-;U=68H$t
C<9B;'93C(;C.a'U;
O'6]HiiU;O'Oa'b<a'3.9-\D
1<3B'Bi;AM-Bhb67'
K3Q89:;aŒ'%KBCK;
iS'3B\i<M3(_h'
Bi(67C<=9='
a''93KyB\|O'yGa''93Q;i
(hh'(i.;ˆl yL\)!6:
+>**s<i(B's•r'a'
'93\+>**?<|9C"'y='(>*q6LF1;<
ia''93(N'#=M+'D'G3<\2C'
+>**?|#''#3's>qY'A+'D'

3Ja''93Q;H6
Investment Linked Products Page 24
Investment Linked Products
ni(a'-9(6
-#<0M='-9<Bl:::a'yGJB
3J-,=(1';'93yGJ&G3
Q;(\a'‚9E'ii#+'iyGJ<
;C|FCbH#'Q;'&.;'EQ;
'&bS'('6L\•GC#''#3Q;i
('T''B%';+'Q;i;'93a'1'
'H$F'=#=M;y;iˆl.;
'(67G1'=CGCiˆl.;
'(;'3BG+'M'"DM'iK
Q;H<'i(;'G-'9
-1'hbH;;6
L \    • 6 ] #  '  ' # 3   H  '  B    %  '  ;   +  '   Q ;   ;       i          
[K3Q89:;QF'y.Ci'1'23
(UCa(<-M';'6].CMfi`;B
UCa9FGUt6XMhKBQ;
fiCHC\idM23iQeŠ†‹H$a'U;
9dB%&'M%;e6Š5‹X$S1'3BC
0'-DAM-F'<'E'GCMiG23H
Investment Linked Products Page 25