Bàn thêm về một số giải pháp huy động vốn trung, dài hạn đầu tư cho nền kinh tế

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BAriTHEMVE MQTSOGIAI PHAPHOYDQriGVO"

Titono. Din HenDRO
TUCHOnEn KlnHTE
.
TS. Ha "nang Bao

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hl,fChi~ncac ke ho~ch,chienhlqcpMt trienkinhte
xii h<)id13dvqcBang,Chinhphude ra, hanglo~tdl,f
an lan, congtrinhtrQngdi~mdangva se dvqctri~n

khai,t~o nen m<)tnhu cau van trung dai h~nrat Ian. Ben
c~nhd61anhucauvandau tvtrung, dai h~n,cac nhucau
van khaccua mQithanh phankinhte, Theotfnh toan,d~
d~tdvqcmyctieutangtrvongGDPcuaca nvactrongnam
2004tCt7,5%- 8%thit6ngvandautv toanx13 h<)iphaidam
bao chiem36%GDP.
,

Khaiquat kinh nghi~mva thl!Ctr~ng thai gian qua'

.

Trongcacnamqua,d~cbi~ttrongnam2003,Vi~tNam
d13c6 m<)tso bai hQckinhnghi~mthanhcongban dau ve
thl,fChi~ncac kenhhuyd<)ngvan mai,d~cbi~tla van huy
d<)ngtrung,dai h~nchodau tv phattri~nd6 la:
- Phathanhtrai phieudo th!,trai phieuChinhphu,trai
phieucong trinh, trai phieudoanhnghi~p,congtrai giao
dyc, chi riengtrai phieudo thLTP. Ho Chi Minhtrong

Liinh d<;lova can be?nganh Ngan hang huang ltng
tham gia mua trcii phi~u Chinh phU
Anh: MQnh Ha
18

*

nam2003 d13huy d<)ngdvqc 2.000 ty dong. Ngansach
NhanVaccOngd13pMt hanhdvqc2.579 tYdongc6ngtrai
giao dyc, bang 129%ke ho~chde ra. Bong thai,tfnhden

het 11/2003,trongca nvacd13phathanhdvqc815tydong
va gan 16tri~uUSDtrai phieuChinh phu. Benc<;Inh
do,
sotienthu dvqcWphathanhtrai phieudaukhicOngdad~t
300ty dong,...Tuynhien,vi~cphathanhtrai phieudaih~n
tren Trungtam giaod!chchUngkhoanTP.Ho ChiMinhthi
con d~t rat khiemton, chi khoangvai tramty dong.
- Huyd<)ngvantCtdaugia quyensadyngdat,di~nhinh
la TP.HaN<)iva m<)tso d!aphvdngkhac.Tfnhtl1daunam
den het tMng 12/2003,Ha N<)it6 chltc dau gia quyensa
dyngdatd~tkhoanghdn 1.200 ty dong.Dl,fkientrongnam
2004, nhieudl,fan se tiep tyc dvqc dVara dau gia.NhLl
v~y, dl,f.kien se cho pheptiep tyc thu dvqc hangtram~
dongcho dau tv cua Ngansach.Tp. Hai Phong,tlnhBac
Ninh...cOngd13t6 chltcdvqc m<)tso phiendaugia,Thanh
pho Ho Chf Minh cOngc6 ke ho~chtri~n khai vi$chuy
d<)ngvan qua kenhdauthau quyensa dyngdat.
-Phat tri~nth! trvong bao hi~m.Tfnh den nay,trong
ca nvacd13c6 21 DN bao hi~mthuoc nhieuloai hinhso
hLtu.Riengt~p doan bao hi~m Prudentialnangvandau
tv len 75 tri~u USD.Vi~c philt tri~n th! trvong naycho
phep mo r<)ngva da d~nghoa cac kenh huy d(mgvon
trong va ngoainvac. Nguonthu phi bao hi~mdl1qccac
doanhnghi~pbao hi~mdau tv VaGcac linh Vl,fCva hinh
thltc khacnhautrongnenkinhte Vi~tNam,nhV:muatrai
phieu,dautv trenthj trvongtienglti,...Tuynhien,dennay
th! trvongbao hi~mVi$t Nammajchi d~t mltctren1%so
v6i GDP;trong khi tY I~ nay cua m<)tso nvactrongkhu
vl,fCd~t kha cao, nhv: Thailand la 3%, Malaysia5,8%,
Singapore6%,...Bieu d6 cOngcho thay tiem nanghuy

d<)ngvan qua kenhnay con rat Ian.
Songm~cduv~y,nhinnh~nm<)tcachkhachquanco
th~ kh~ngdinhso van huy d<)ngqua cac kenhd6 conn3t
khiemton,chuyeutrongchoVaGvontin dyngnganhang.
Nh~nthltc r6 trach nhi~mnay,dong thoi trvac nhu.cau
cua nen kinhte, trongnam2003 vua qua, m9tnamdl1gc
danh gia la nam dinh cao, nam bung n6 th! trvongphat
hanhtrai phieucua cac ngan hangthvdng m~i (NHTM)
huy d<)ngvan trung, dai h~n. Ngan hang Cong thl1C1ng
Vi~t Namt6 chltc tai 3 dqt phat hanhtrai phieu,vai moi
dqtc6 ke ho~chhuyd<)ng3000ty dong.CacNHTMquac
doanh khac, nhv: Ngan hang Ngo~ithvClngVi~t Nam,
Ngan hang Bau tv - Phat tri~n Vi~t Nam, Ngan hang
Nong nghi~p& Phat tri~n nongthOnVi~t Namva Ngan
hangPhattri~nnhadongbangsong CltuLong,cOngmo
nhieudqt pMt hanhtrai phieu.Con cae NHTMc6 phan

.

DQi hQc Ngan

hang

TP. Ho Chi Minh

T~ cut NGM IIANG- &6 3 HAM'ZOO4


~q
!himaranhiauhinhthucdad;;lng,linh

ho9t
vailaisuathapd~nd~ huyd(>ng

nguonvon ODAthi c6 nhU'ngyeu cau
Cl,)th~ va khong phai Iuc nao cOng
vonco kyh;;lntren1namden3 nam. dap Ctngdugc cac yeu cau cua cac
Vait6ngth~ cac bi~n phap khac nha tai trg cOngnhu giai ngan dung
nhau,nen tinh den het nam 2003, tien dQ.Conthi truC1ng
chCtngkhoana
long nguon
vonhuyd(>ngcuangfmh nUdcta thi nhUda n6i a phandaubai
Nganhang d;;lt khoang 350.000 ty viet, dang a giai dO;;lnv~n hanh ban
dong,
trongd6 so von trung,dai h;;ln dau,vonhuyd(>ngqua kenhnaychUa
chiem
ty tr9ng khoang 30%, tuang dangk~. Hai10;;litraiphieu:Trai phieu
dl1cJng
gan100.000ty dong.
Chfnh phu (CP) va Trai phieu Ngan
Hi$nnay va trong thai gian tdi, hangdautu - phattri~n(BIDV)kYh;;ln
chacchanap Il,J'C
doi vdi cac t6 chuc 5 namvadai hand;;ltketqua ratthap.
tind~ngtrong vi~c dap Ctngnhu cau Bai v~y, hau het cac dl,J'an Idn va
tiep
vontrung,dai h;;lncho cac dl,J'an v~n quan tr9ng Nha nUdcphai trl,J'C
dautu
thongquacacT6ngcongty
90
ratIan.Thaigianqua, cl,)th~ la trang
6thangdau nam 2003,do m~1tbang - 91 tLtnguon von vay.

laisuatlen cao, nen Nganhang Nha
Song,thC1igian qua va hi~n nay,
nuaccomQtso bi~nphapd~ giamlai da va dang nay sinh mQtmau thu~n
suat,cact6 chuctin dl,)ngcOngchu Idnla von dau tu cuacac dl,J'an tr<;mg
d9nggiam lai suat mQtso ky h;;ln di~mphanIdnphaitrongChC1
vao vay
ngan.NhLtngnhinchung,lai suathuy cac NHTM. Cac t6ng cong ty dau
d9ngvonnQit~ trung,dai h;;lnv~nrat dangdu ngcacNHTMrat Idn,vugtrat
cao.Hi$nnay,lai suatky phieuva trai Idn so vdi von tl,J'c6 cua cac doanh
phieukyh;;lntren 1 nam den 2 nam nghi~p,cOngnhUIdnhannhiauso vdi
cuacacNHTMNha nUdcph6 bien a quy dinh cua Lu~t cac T6 chuc tin
muc 0,58% - 0,60%/thang, tuang dl,)ngla du ng cho vay mQtkhach
dUC1ng
tren 7%/nam,trai phieuky h;;ln hang Idn nhat khong dugc vugt qua
5namcua NganhangNo&PTNTVi$t 15% von tl,J'c6 cua mQtNHTM,m$c
Nam c6 thai di~m len tdi tren du Chinh phu c6 cho phep ndi rQng
hgp, mQtso dl,J'
9,17%/nam.
Lai suathuydQngvon ky doi vdi mQtso truC1ng
an
do
Chinhphu
chi
d!nh.
h~n2 namcuamQtso NHTMc6 phan
Va cac NHTM,cOngbai c6 them
tai0,71% - 0,73%/thang,tuangduang
8,4%- 8,7%/nam;ky h;;ln3 nam tdi nguyennhanquantr9ng kMc la cac
an c6thC1i
gianhoanvondai,dQrui

0,74%- 0,75%/thang,tLlangduang dl,J'
ro
Idnbai
biend(mgcuathitruong,chi
9,0%den gan 9,2%/nam,nhungv~n
phi dau tu, bien dQnglai suat va ty
ratkh6huy dQngvon.
gia,...nencac
nganhang10sg khOng
Vi$t Nam tLtxuat phat di~m thap
damcho
vaytiep.
dangtrang qua trinh d&y nhanh sl,J'
Do d6, cang cho vay cac dl,J'an
phattri~nkinhte, thl,J'C
hi$nsl,J'nghi~p
trungdai
h;;lncuacacT6ngcongty 90
cong nghi~phoa - hi~n d;;lihoa dat
- 91 thi cac NHTMcangc6 the b! rui
nLldc,ma mQttrong nhi1ngyeu cau la
can phai dau tu rat Idn xay dlfng h$ ra Idn,con neu khongchovaythi anh
tiep den tien dQdUacac
thongca sa h;;ltang cOngnhu nhi1ng' huangtrl,J'C
cC1
sa cong nghi~pthen chot cua nan cong trlnh tr9ng di~m cua dat nUdc
kinhte. D~ thuc hien dUacmuc tieu vao Sltdl,)ng,anh huangdenvi~c lam
laD dQng,cOngnhu hi~1;J
chienJugcd6 cua n~n kinhte thi can cua ngUC1i
quahO;;lt

dQngcuadoanhnghi~p,don
phaic6 von. Songcac congtrinh n6i
trendoivdi cac nhadautu nUdcngoai ganhn$nglen nguonvon ngansach,
hO$cla khong hap dan, hO$cla thC1i nguonvon phat hanh trai phieu cua
gianthu hoi von rat lau,hO$cla dQrui Chfnhphu,...
ro Idn, hO$cmQtso linh vl,J'ckhong . MC>t sogiai phap
dLlc;1c
phep dau tLl,...nen h9 it tham
Trudc thl,J'Ctr;;lng n6i tren theo
gia.Doi vdi cacdoanhnghi$ptLlnhan chung toi can xem xet tdi cac giai
phapsau day:
trong nUdcthi tiam Il,J'C
tai chinh eo
h~p,kinhnghi$mquanIyva khanang
M(Jtla, Chinhphu can chi d;;lOCl,)
va cong ngh$ c6 h;;ln,nen chua the the va linhhO;;lthanni1a,baodamhai
tham gia vao dau tLl dugc cac cong hoa vi$ctiep tl,)ccho vay binhthuong
trinh Idn d6,... Nguonvon ngan sach cua cac NHTM,dam bao tinh lientl,)C
NhanUdcthi co h;;lnva luontrongtinh cua hO;;ltd(m9tin dl,)ngtheo cac yeu
tr;;lngcan doi rat kh§n tru~ng. Con
cau tien dQthi cong cua ~cua
T~ CIJi NcAN IIANc - &5 3 NAM 2004

dan vi thi cong.Trongnam 2003,
Chfnh phu da c6 quyet dinh khong
bao lanhcho cac dll an do TM tUdng
Chinh phu quyetd!nh dau tu khi vay
von NHTMtrongnUdc(keca n(>it$ va
ngo<;lit~). Chinh phu cOngdong'1de
cac NHTMdugc phepcho cac dll an

do Thu tUdngChinh phu quyet d!nh
dau tu vUgtqua 15% von tll c6 cua
ngan hangd6. NhLtngChinhphu can
xemxet giaiquyettiep cactrLtonghgp
cho vay cacdll an khaccua cacT6ng
congty 90 - 91 Vugtqua 15%von tll
c6 cuat6 chuctindl,)ng.Dongthaid&y
nhanhvi~ctrien khai cac phudngan
phat hanhtrai phieuChinhphuva trai
phieucac diaphudng.Vi$cphathanh
nay can dugc t~p trung chu yeu tren
Trungtam giaod!chchling khoanTP.
Ho Chi Minh. B€mcanh d6, cac Cd
quan thu(>cChinh ph~ trong chi d<;lo
va dieu hanhvi mo can ton trc;mgtinh
quy lu~t cua lai suat trong Cdche th!
truC1ng,
d~ n6 dieu tiet quan h$ cung
cauva phananh cungcauvontr€mth!
truong, nhat la trong eneuki$n nhu
cauvontrung,dai h<;ln
cuanenkinhte
rat kh&ntrudng.
Halla, ve trungh<;ln,
can t~ptrung
phattri~nthi truongchling khoan,coi
day la ndi huyd(>ngvontrung,dai h<;ln
chu yeu cho nen kinhte vdi vi$c phat
hanh cac 10<;li
trai phieu Chinh phu,

trai phieu d6 thi va trai phieu c6ng
trinh.Theohlidng nay,cOngcanxlt 1'1
tot moi quan h$ gii1a lai suat phat
hanhtrai phieuChinhphu vai lai suat
phat hanh trai phieucua cac NHTM.
Dong thC1i
d§y nhanhtien d(>c6 phan
hoa doanh nghi$p nha nUdc, huy
dQngvon trang can b(>,cong nhan
cho thuc hien cac du an cua doanh
nghi~p:giam ap IIICien von tin dl:lng
nganhang.
Ba la, phoi hgp ch~tche gii1acac
NHTM, c6 th~ thllC hi~n thong qua
Hi~ph(>iNganhangtrong vi~c thong
nhat cac muc lai suat huy d(>ngvon
n6i chung,lai suathuyd(>ngvontrung
dai h;;lnn6i rieng,nham dam bao Igi
fch chungcua h$ thongNHTMva 6n
dinh m$t banglai suattrong nan kinh
te.
Bon la, tiep tl,)Ct~ienkhai r(>ngrai
vi~c danhgia quyanSltdl,)ngdat, huy
dQngvon cho ngansachNhanUdc.
Nam la, cac t6 chuctin dl,)ngcan
chu d(>ngca cau l<;Iinguon von cua
minhtang cUC1ng
huy d(>ngvon trung,
dai h<;ln..
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