Cơ sở lý luận và thực tiễn để xây dựng và phát triển thị trường OTC việt nam

U\' BAN Clll)Nn KIH);\N NIIA NHOC
: VU. PilAT THlftN Till. THUDNO
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1.1.1 Kluli ni¢m co b
v~

thi tnrung OTC ....................·......................... .

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I .1.2 Thi tnr(mg phat trien ttr ltlnh th:li " tv do" de'n thi tnr<111g co qui'm
' S' 11ha 1nT<.Jc ........................................................................-..._. .................. ..

10

1.1.3 Thi tnrung plu\ltrien ttr giao djch tht1 d>ng lruyen th6ng de'n gino
d jch qua lll~lllg may lfnh d i¢n ttr hi~ll d<;1 i. .............................................. .

12

1.2 Nhiing, lf{ic die"m co· bdn crla .thf trm)ng OTC .................................. .

14

. 1.2.1 La thi tnr(tng co cct ch6 xac IQp gi:1 Ia tlnrung luqng gia ............... ..

14

· 1.2.2 U\ tl!j tnrcmg co hlnh tht'rc giao djch nnw ban phi IQp trung ......... .

15

. 1.2.3 L~l thi tnr()·ng duc,rc td chl'rc.
may tfnh di¢n ti'r di~ll rQng ..

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1.2.4 La thi tnrctng co cht'rng kho:ln gino djch tren thi tnrt1ng chtt y€u Ia
cac cht'mg khoan clnra dtt liCu clmrln niCm y€ltren StY giao djch ..........

17

1.2.5 La tlij tnr0ng co s~r t1mm gia vQn hanlt ctm cac nha l<:Jo 1Qp thi
lrtT011g ..................................................................................................... .

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1.2.6 La thj tnr(tng duc,rc qw"m ly ch~t cite de d<'un b?10 Jc,ri fch ci'm mqi
. tI'
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<.I"
(n tuqng lI wm gm

1! tnrong
................................................... ;............

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lll<;Jilg

da d~111g .................... .

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1.3 l'luill bi¢1 t!rf ti·mhrg OTC J lli cc1c !tin!t tldtc thf trm>ng cl11lng
kliodn klr6c ...... :...... ~ ........................................................................__, .... .

20

1.2.7 La thi lnrcntg co co chc' tlwnh loan linh

lto~11

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PI~Dn

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bi¢t v0i llij tnrl'111g !Qp !rung ( c:lc s<'t giao djch) .... :............... .

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1.,1 1,fl 11 l JJ~I

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II q. lnrung
IV (1o ....................................................
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1.4 Vf trf, rai tn) ccia thf (rmhrg OTC tnmg hf. tlu1i1g thf tnn1ug
chri"T1g khodn .. ~ ...... :............................................................................... .

25

1.4 . I V.! I n' cua
• I I1!. lrtrt1ng
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0'1 'C .............................................................. ..

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I .'l •2 V <11. t ro~ cua
• t I1!. lrtrong
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o·1·c ........................................................... .

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''II liON(; 2: l\1 (rr s(j Til~ Tit HUN<; OTC Til ft
2<)

?./ Tlrf tnrung OTC ''1J........................................................................ ..

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'.1.1 Gi(l'i thi~u clnlng .....·...................................................................... .

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~.1.2 Lo~ti

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~.1.3

clnl·ng kiJOan thrqc gino dich lrcn thi tnrong OTC ................ ..
t~w I~p

thi tnrong ............................................... .

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-" : tl I!. t-tUOilg
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c,ll I lc~, Ill

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Quan
• 1y"' ll q. I rtrong
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·!lu l I11· tr ·trung
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' .2. I Kl ICII
" quat
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O"I'C Nl 1Qt B'an .......................................... .

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).. 2•2 D1, 1I g k"'y c I1li'ngT kl JOe\/ II tr·"en I1I!• tr .trong
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O'I'C .................................. .

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11¢ thong cac nidi

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'.2.3 Giao djch ch(rng kho:l1i trtn thi tnr(mg OTC................................ ..

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'.2.4 Kldi qm\t ve II¢ tiJ0ng fASDAQ ............·....................................... ..

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'.2.5 Qu?m ly thi tnrong trcn thi tnroug .Ji\SD/\Q .................................. .

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.2.6 Chuyen gino va thanh loan cluing khmln ..................................... ..

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.. " I'e- " II11. tnmng
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• xan I1,, ............... ..
.2 .7 Cl urng

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'·. 3..1'1zr. I rrrong
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.-..........: ............ ..

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·.3.1 1'1Jj trtrung KOSDJ\Q .................................................................... ..

68

.3.2 Thi !nr(mg tht'r ba (TIIs third nwrket) ........................................... ..

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.4 Tlrf trm)ng OTC llfalaysia ............................................................. .

88

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.4.1 Gi
tiii~u

clnlllg v~ thi tn.rang OTC Malaysia ............................ ..
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.4.2 V;li tro cttlf(nJg t~ti ciJfnlt .rvtnlaysia ...................................................................... .

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.4.3 'I'!Ij tnr(tng IV1ESDAQ ..................................................._. ................ .

91

vKN vrt Vf~ xA Y IJ~JNG

lOG

lltfUNG 3: NIIONG

ltU{lNti

VA QUAN L\' Tlq

o·rc Vl!J:'l' NAJ\·1 ................. ."............................................................... ..

. I Tlr~rc tr~mg tllf fr~tc}ng chrlng kllOllll Viqt
j S~i nin thief rcrmvc clfch czia

•·ifc xay
2

rwm...............................

1OG

d~mg t!rJ trrtung OTC \'i(t

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3.3 Nf:f:·ng nguyen !iic xdy d{tnK !hi 1-ruiing OTC Vifl11am ................. .

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' M llinft tTt; trttchiN OTC Firt uam tl~r Tciei1 .................................... .

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3.4. 1 TO cht'rc vft qw'111 1:9 tlli lrtrLmg O'l'C .............................................. ..

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3.4.2 Cht"rng kho:ltt thrqc gino dicit ltcntlli tnr(mg .......................... :...... .

121

3.4.3 Th~llllt vicn !rung lf\111 gino d!clt OTC ............. .'............................ ..

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3.4.4 II¢ thelng giao dicit - tlt(>ng I in ............................. ~ ........................ .

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" tl t!. I nrong
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3.4.6 Datig ky, Iuu ky, tlwnlt loan bit trir. ............................................. ..

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4• 7 C'''
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nant. snt

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3.5 Nhiing ihu~ri h;i, k/u) khan n1 cdc gidi pluip xrlc tieir lliuh tlu111l1

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I[ 1'11Ul1g ............................................................................................... .

3.5.1 Nltli"ng tlfu~n l~1i ......._. ..................................................................... .

3 .5.2 Nltiing khc) kltiitt .................................................................... ."...... ..
tit! tnr(mg .............. ..

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3.5.3 Nhli"ng gi:'ti ph{tp Cl1 b;'m xtk tic:rtltlnh
I<.

th~nlt

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TAl LI~:lJ Tllt\~1

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LlJI 1\I(j u;\u
I. LS' do chvn

d~ ti1i
t~p

Tlli tnrO'ng c,hl'rng kiJmln

lrung tluqc thf'mh IQp,

ho<;~l

d<)ng, da

lnr6'c dflu ph<'il huy Uic d':Jng va hl'ra hr;n trong vai lro ci'ra thj tnrO'ng
ti:ti chfnh b Vi¢t rwm. V{ti Sl! ra dtti cl'ra thi tnrO'ng clnrng kho(tn, mQI

plnrong ti¢n huu lti¢u

b~n

C
ngfin hang tlnrong lll~i c.la chfnh llnrc duqc thanh l~p
pllfin bd ngucJn von cho

nen

kinh te';

llo

cle

liuy d(ing va

trq, thuc drly qua trlnh

co

phnn hoa, s~p x6p l~t_i ciic doanlt nghi¢p nha lllftnrO'ng phal ld'urh

va

~lfll

h!lnh clni"ng klrmln clJa c(tc c.loanh nghi~p cd

phnn hoa; tlnic drly qua lrlnh H111h n~<.mh hoa ho<;tt d<)ng cOng ty. Thi

t_nrung clnrug. kho{tn ra doi dtrgc ghi nhQn Ht m6c quan tr9ng t rong
vi~c hol'm thi~n h¢ lh 6ng Lhi tnr(mg tl'ti chfnh Vi9lnam, m<)t tien d~
1

de phat

lri~n kin!~ te' theo cache' tllj tnr(mg.

D~

etta tlivc lien, h¢ th6ng thi

tnrung clnrng khoan pldti khflllg ngirng dtrqc nghie.n eCru, lwf'm

thi~n

trcn m9i plnrung di~'lt. D~c hi¢1 Ia v~o th(ti diem. .hi~n nay, klli thj
lnT(tllg Vi~t rwm dang ?.1 giai do~lll ph:lt lridn S<1 khni, c
kllic'nt kltuyc't, bn't c~p doi ht,i pldti

s{tm

dtrqc kll~c ph~1c, lroi'11t tlti~n.

Xet l'e· m(it tlqrc tieu, 1n(H lrong n!Jung vfin de cifp bach, ht'rc xtic din
dtrqc gi:'li quyC:t (1 Vi¢t nam hi¢11 nay Ht xfly
lo<;~i

d~rng

thi tnr(11lg clw cac

chl"rng kho:ln clnra dl't ticu c!Jurln nieni yC't tren thi tnr(tng tQp

trung. Thj tnr(mg ni'ty se l<;10 dieu ki¢n tl,tu~n lqi cho cfic donnh

..

nghi(:p vira va nhb, donnh nghi¢p m6i thl'111h l~p co khit nftng ticp c0n

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nguc>n v6n tn111g va dai h~m qua thi tnrki¢11 cho c:!c nita dnu ttr ltrt~ chuyen c0 phiOu cl'w c(tc donnh ngl1i¢p

_ ni'ty. d0ng th(t! lllll h~p thj lnr(mg IV clo hi~n nay d
nhiCu bfi.l l<,ti cho ngtr(ti dnu ltr vi't xfi h(>i. Vfi"n

de

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~J:; 1.;-ri(mg i~r1o d~ (tp d~n~g cho-Vi~t nam?

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•. • I t

thi tnrl'mg tQp trung hay

phi tQp trung ~e pht1 IH/P v{ti di.tvl~t klu\c,

tie d~l ra ll\H tli'd lrong ltH1llg lni 11'1 tlli tnrt'mg ch(rng
IH\111 sc di theo con throng nao? phiil triCn nlnr·th~ nao?.

vi\n

khm\n .. Vi¢1

Nh frng d\ ll ld> i l rcll dfly chi co the

<.1 lf(,JC

t l'~l ioi m(>t dich th ll ye't ph~IC

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trcn c~:t si:1 nghicn ctru dny dl't h¢ th6ng thj tnr.t'mg cht."rng khm\n hi¢n

dnng (t)n t:~i va ph{lt tri~n trl'n the' gi<'ti, di tnr{tc ViQt
the' k);, lrollg do

thi (rtftfllg phi l~p lrtlllg O'l'C,

C<)

11:1111

tll/)1

hang v~i

Jo::d hlnh thi

tnrl'tng clnrng khoan xullt hi9n lnu dl'ti nhn'l, co plnrctng tht'~c giao
djch mua b:\n chtrng kho;\n cd didn nhilt; Ia myl bl) ph0.n qwm tn,1ng
etta h9 th6ng ,thi tnrl'mg cht'rng khm\n lf hriu he't cnc Jltf(k trl'-n thl"
gi(1i. Ctmg v(ti

sv phat

ngay nny <.1ang bi:mg

trien cl'ta klton IH,>c ky·thuqt, thi tnr(mg OTC

nO vi

dlf(/C

ap d~tng

cOng ngh~ ky lhu~l lien ti0'11

nh!\t, dtr(,tc xcln Ia huu d~tng vi\ n> tiem nang ph:lt trien m<:mh trn11g
vi~c

ltrnng lai. Chfnh vi vQy,
nghicn cl'ru

ro :rang

clt911 thi tnr(mg OTC l:mt d6i ltH,ftlg

Ia mangy 11ghia thvc tU~n cao, kh011g nhfi'ng ph~tc

e

v ~I c h 0 Ill ~I c l i ll It 0 ~111 t h i ~ 11 h ~ t h 6n g t h i
tl
tnr0c 111~( ma

cllll

t n r(111 g c In rII g k h 0 (t 11

v i ¢I

pft~tC V~t cho vi~c Xfly d~rtlg chif~ll hH,JC ph:\(

tridn hoan thi911 tlti tnr(mg clnr11g kho:\11 v~ lnu dai .
Xet

re'

11 g It i e 11

m{it IJi ·luc,iu, dny

c lf\1

Ill ()t

Ia llll)t de tai ltoa11 toi'in nH1i, clmn
c acIt h ~ I It 611 g I r o 11 g d d I a i kIt o a It (,l c 11 a o

ngltien cuu thj tnr(mg

ll~Y.

sc

C(1 y ngltia quan

trqng lnmg

c

11 11 vi~ c

vi~c

hoa11

thi~11 c
clw c:k
li11lt

v~rc

m~tc

tieu nghien ctru, gi:'mg d()y, qu<'m ly, trng

cln.l'ng kho:\11

v~

thi lnr(mg cht'ritg kho:ln b

2. 1\l~tc fi{'unghien cti'n ci'ta

de tili

Vi~t

d~11tg ... trong

nnm.


Thri· nhfrt lit 1I9 t!Jc>ng lJo;l \'i't xny d~rng co s('r If luQn vi't ccr s(r tl!t/C

:icn \'C thi tnr<'tng OTC Into g6rn klt;li qu:lt kh;li 11i9lll, c:lc d0c diCrn
d~c trlfng ella thi lnr(rng OTC, c;lc

quan vui cac

lo~i

hlnh thai vQn d(lllg., so s:lnlt ltr(111g

thj tnr(mg klnlc dt! phAn bi~.t. nhQn di~~ll bill! ch!lt

cib thi tnr(rng OTC; dh¢ th6ng thi tnr
trucmg

n~ty

trong ruung lai trcn co str nghien ctru mQt sfi thi tnrirng

OTC the' gi
•

Tlrr't llai Ht !1m hifu, d;lnh gi:l kln't nang ling d'='ng thi tnr
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Vi~t nam tnr6c m_ilt

tr{> etta

no

C:iing nlllr lrong ltWng l
d6i v6i thi tnr(tng cl11htg khmln

plulp xf\y d\rng thi tnr(mg OTC b

Vi~! rwn1.

3. Plnn.1ng ph{tp nghien cri'u

hlm

Cac plnrung pil:lp

c(t

C(J'

bt111 dt! thvc hi<;n

de

Vi~.t

nam; mQt s6 giiti

ti'ti Ia th6ng ke, phnn tfch,

so s;\nh, tOng hqp. Ticp cQn doi ttrqng nghicn ct.'ru tl'r c(tc khfa qlllil

.khac nhau

nlnr:
khfa canh
lich
ca biet
.
. si'r, khfa canh
.
. & so s
. __c~lllll phfin tfch & tiing hqp ... giup cl10 vi¢c nhQn tlnk dtrqc bi111 ch!lt.

'"vai lro, vj lrf Clla d(')j (trr,1Jig nghicn

4. I
d~

c(Tll

V~l dtra ret C
t.fti

De Ui.i tltrqc kC't cfi'u gt)m pi!Dn
Clurmtg 1. 1H
l'fi'll

T~p !rung xfly dvng

C(1

~nt1

dnu, 3 chtrong va kC't IIIQil

de' lf lu{ill chung

st'1

ly

l'e· t!1f

tnrun~: OTC

luQn vtS thi tnr(mg OTC, phfln bi¢1 ro thi

I

tnrtmg OTC, :v:ti tr(> va vj trf ci't:t thj tnr(·mg OTC trong ~~~ tlt6ng tlli
~

.

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•·tnr(;·ng clni·ng k1Jo<1n. Trong
.

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~-Jnwng n1'ty, hfing cac plmrmg plnlp tiC'p

-rQn, lich sl'r d(nglti0n ctru c;lc hlnh '!•:li, d(lng rlt{li cita tlti tnr{mg qu:t
c:lc

g1<11

doan :ljclt si'r, ticp cQn c;l !·ii:t so s{tn!J

de

nh~n di~n c:lc d:ic

trung ,Hun ru lH'ut chflt etta thi tnr(mg OTC, Hun c<1 s(t ly luQn cho c:lc
vfln d~ giai quy~t tiep theo. Ngoai ra, hftng jJinwng ph:lp phnn tfch &
tOng ht,tp,

Jll~IC 5

lam

ro

vi trf va vai tru

Clla

thi tnr
th6ng thi tnr(mg cht'rng khoan.
Cl11ro·ug 11. iHcJ td uu)t

Slf

tltf trmhtg OTC the' gi(H

Gi(ti thi¢u. 1110 ttt kh:li quilt thi tnr(mg OTC cfw mQt s6 mr0c nhftm
xlly d~rng

S(1

nlinh hm,t

dto

s?.1 tlt~rc
:C(1

s?.1

tien d1n d6i ttrqng nghicn cl'ru dOng tht'ti ding

ly

lu~n l~ti

clnrctng I.

Thi tnr(mg. OTC ci'ta c:lc Jllfck (llrqc tva ch<,Ht hao gdm m<)l sci thi

tnri'mg di~n hlnh (My), thi tnrtnr(mg m6i dtr~tc thllnh IQp trong klnt vvc ch:tu
Tvtnlnysia. Vi¢c

l~ra

A

nhtr lllln qu0c,

chqn c:'lc thi tnr(tng nay cung nhflm minh h(,w

nhung n¢i dung co s& ly luQn dtrqc trlnh bay

t~i

clnrong I va lnm

luQn ct'r cho nhfrng ~1~ xuflt trong clnwng III, Hun cc1 s?.1 th~rc tien

de

tham .khi\o t'rng d~tng thi tnr(fllg nay ... Cac thj tnr(tng trong chtr<1ng
n1'ty Ia

My

va NltQt h?111 vi dlly Iii cac thj tnri'111g OTC dien hlnh nhllt,

ph
he't cChnu

A dtrqc

tr~n

th6 gioi. Thi tnr
tva ch<,Hl vi xcl ttr 111\}l s6 k!tfn c:~nh llao

lh),

cac

Jllf(fc

nay co nhirng d~c diem, dicu ki~n hlnh thi'\llh kllVi~t nnm,

clning ta co the c<) nhUng bai hqc kinh nghi¢m thiC't tlt~rc

1ir 11 hung tltj t nr(mg n:ty.

...

Nltiiug r£i'll de' t•e' xriy

Cl11ro·ug III.

cl~otg

t•a qudn

IJ' tlti tntfl'llg

OTC l'i¢t Nam
T~p

trung vao nH)t sc> nyi dung co h<'in nlnr phlln tfch thvc

t rtf ( 111 g CIJ lf 11 g

k1J 0 (t 1l V j ~ t

Ita Ill

h j ~ 11

11 :1 y

d ci t h fly d lJVC )' CII

tr~ng

tlti

Crt ll !10 a II

thi~·n lnr(1c 111~1 cli11g nlnr !flu dili, due hi~t nhfl11 tll~lllh hn~1t d<)np. v~

7

•


nhirng vfln

de

bflt cQp cua thi tnr(mg tv do, nhfi'ng hfit cQp etta thj

tnrong t~p trung d~ thtly thrgc vi~c xf\y dvng thi tru(mg OTC

(.1 Vi~t

I

Ia mQt lrong nhfi:ng gii'ti ph<\p hoi'111 thi¢n h¢ th6ng th! tnr(mg

Itam

clnrng khm\n tnr6'c milt

va

va <.lieu ki¢n d~c lhtt Y:i¢t

xfiy

d~rng

dai. Tren
nam, de xuill
lflu

thi tnrong OTC Vi¢t

l1ghi¢m th~rc tien cac nu6'c
~~am,

-.

,;'

-r.---:

so kinh

nghi¢m cac mr
va phnn tfch cac nguyen tile

IHlm. D~rn

vao co so

ue de xuilt mO hlnh thj

ly

lu~n

va kinh

tru(mg OTC Vi¢t
I

phi\n tfch nhfi'ngthuQn lqi, kho khan trong vi¢c xny d~rng thj

tnrong nay

.

co

va mQ~ s6 ~i~ti

plntp xlic tien co b~lll .


Nll\J'NG _VAN- Df~ LY LU~N CHUNG Vf~ Tlll·THU'<'JNG

OTC
!

-

1.1 KIIAI QUAT S\f PilAT ·nuf.:N ClJA Till TRU'('JNG OTC
'

1.1.1 Khai i•i~m co b?w "~ thi truong OTC ,
I

Thj tnrung O'(C la mOt lo~ti thi tnr(mg cht"rng kho{tn xu!lt hi~n ~(1m
nhflt, t6n t~_d

tnu d0i alltn'L Thj tnr(mg tltr
mnng ten OTC (over-the-

counter) theo nghia tiC'ng Vi~t 111 "qua quny" xufi't ph(tt tir mQt d~c

thtl cu bii.n nhfit ctw thi tnr0ng Ia cht"rng. khoan dtrqc mun ban thllng
qua qudy ella I cac ngfln hang ho~c cac cOng ty chl'rng khu:ln Ill~
khOng pldti thOng qua c:lc tnlllg ginn mOi gi6i d~ dtra v~10 dfiu gi(l tQp
trung t~ti m<)t dja diem kl;ac. ThuQt ngu nay cling c6 nghin Ia 11gtri'1i
mua ban chl'rng khoan sc thod t/u((f/1 gic1 tqr'c ticjJ vui cOng

ty

chtrng

khoan chl'r khOng: thOng- qun cOng ty cht"rng kho{tn de dfiu gin vui_
nhffng ngtri'ti mua, ban khac

tr~11

thi tnrong.
i

Thi tnr0ng OTC sau do pld.t triCn hlnh thanh mOt m:,lllg hrt1i c<'ic nh1\
llHli

gj(jj V~l

tv duanh chtrng khoan

llllla

ball VUi nhall Va V{ti

C
nita

dnu ttr, diCn ra (J bfll ky dja diCm thuQn l\1i td'10 va khdi~lll tQp lrung

ella

CUC ben

111\ta

ln\11 ch(rng khoall nJtU

<)()j

V
'

tnrong tQp trung. D%1-c diem cu h:'111 va xuyen su6t nhn't
l

OTC

I~

.

.

--

etta thi

tnam'g

hlllh thl'rc tlinh gi:\ tiH!ng qua

flllnJ'Itf? lrr~ntK SOllf? plurcJ'ug

ma

khOng pldd bfing d !lu g i (t t~ p

g i if a niyt ben mua vn mOL ben b:\ n,

trung idua nhicu ben mua va nhieu ben ban. Illnh tlni'c dinh gi:\ nay
~c kco·thco

mOt s6 d~c tht1 kh:\c nlw dja diem unw b:ln phi t~p trung;

s~r co lll~t d~a cac nha t~to IQp thi tnri'111g d~ t~o tfnh th:lllh khm'ln cho


thi tnrong; di'tm ph;\n giao dich qua m~ng di~n thoQi, di~n tlr; co ch6
thanh loan da d ~ng ...

De dtra

rn m<)t kln\i ni~m cct h:'tn nhrlt, r~Jng nhfll, bao qual nhf\1 v~ thi

truang OTC, co thci dtmg d~c di~m plnrong tln'rc djnh gia. DAy Ia thj ·
tnr<:mg co h!nh tln.Ic tlloa thuQn gia song phuong giUa m<)t ben mua

va m<)t ben ban, vi¢c giao dich nay tlien ra t~i bift

ky m<)t

din di~lll

.. thu~n lqi nao cho dt ben mua vi't ben biin. Cho de'n nay thj tnr(mg
-

I

nay da khOng ngtrug phiit tri<5n, hoan thi~n va trb thanh m<)l h~ th<5ng

"

thi tnrong <.l~c tnrng bbi hang lo~t cac d~.c diem rie1ig d1a mlnh,

khiic hlin

v{ri

hlnh tlnrc su kiwi ban dfiu, nlnrng m<)t s6 d~c tnrng c<.1

b<in, xuycn suC>t nlnr d~c cJidm tlw<'t thuQn gia song plnrang, giao djc!J

:phi lQp trung, co sv lham gia mua ban etta cac nha t~o lQp thi tnr<:mg,
vftn dugc giu nguyen nlnr ban dfiu. Ch:

·o

hai h'inh tht'rc V~ll uyng

quan lrQng Hun bien ddi din blm, sfiu s:· · h~ th6ng thi tnr<:mg OTC
ng~ty

nay so vvi hinh thti'c nguyen thuy cl:ta n6, do Ia dyng thai phnt

tden Ltr hlllh thai "t~r do" khOng co tO chCrc de'n hlnh th:\i co tO clnrc,

-- c6.qu<'t.n ly va ~1~c hi~l Ia qu?m Jy nh~t ntr{1c va d<)ng thai phat tri:, h'inli thuc giao· djch truyen thong thl't cfmg sang hlnh tltt'rc gino dicit
.~

. -

!

i

- ."tli¢tltl'r hi¢n

d~i.

l.l.2 Th! tru~mg ph:H trien tir hlnh thai thi truO'ng "t~r do" den
'

Dt! phfin bi¢t v~• tranh dOng nhfit thi tnrtnrong clnrng kho{tn

"tv

do" hi~n nay vlin dang tOn tai

r mruc, th'i tlny la m<)l d~c di~m phat trien din lam ro.
i .... --

.

~

' I-' •

1:

v

mQt s6

.

I

.•c

1 II~ th6ng tltj tnr

l

·.

L!1hat trien

:

.,

,

nh?ty v91 khOng thua kcm thi tnr(mg tQp !rung cua cac

i .·.

.,
S(t

-

[C:;iao djch, n¢ duqc: !ck~lt !din kh{\i h~ tlt6ng thj tnr(mg ho~t d<)ng "tv

\-.do" nfim ngo;ti

tiu.Y d~ti>

qtdtn

ly

noi chung, hlnh than It m<)t h~ th
L
i
!

10


Tltj tt:trt11tg OTC <.t cac tnHk plu\t tri~n nlnr My, Nh~t, cac ttH(tc Clt011

Au,

~Gng

tucmg l\f nhu

h~

th6ng thi tnrang sb gino djch, dtrgc h1nh

thanh· tv do rfft lfiu tnr(tc khi co fi\f quan ly cl'ta nha nul'k. Tnruc khi
'

'

ap

d~mg c-h~

d~111g

C(1

d<;> qulm ly nha

ch~ IV quan, la

C(1

"

ap -~ ..

b hnu ·h6t cac tllj tnrang dfi

llH
.7.

ch6 qu:"111 ly do chf~1h cac td ch(rc, ~a nhflrt ·:
.

\

'

,'

thnm gin hrmh ngh~ tr~n thi tnrl'mg th\m.nh~n, tv to chtrc va qulm ly:
,

I

,

chfnh mlnh, tihflm h~n ch~ nhfrng ho~1l dQng l~11i1 d~mg tren thi tnr(1ng : -• ·
va lu~n cite' nliung khuy~t tQt tlti tnrt'mg. N6u nhu thi tnrl'tng tQp trttng
'

tlnt(111g do

Sl1 igiao

djch dtrtti hlnh t)ni'c cac c()ng ty tlti'inh vien, Cflllg .

ty cd phfin ... tV quan, thl thi tnr(mg OTC 0 ld\u het cac mruc d~u do
hi¢p hQi cac nha mui gioi cht'rng khoan dung ra to cht'rc va tv qu:'m. ·
i

Co ch~ t~! qu~m dugc thi~t IQp dva tr~n cac di~u 1~, quy djnh ci'ta
chtrc l\f qtdlll Va

Co'

ch6

l\1'

gi a Ill Sal,

X

t6
"•

l( ph~l 11 hung ld\11 h vi vi plupn

quy djnh nay. '

ly

Qu<\n

nha mruc, dm dugc g9i la qtdtn ly theo phnp lttQt vi

d~ra

tren

hi~n

hbi

I

cong qt qulm ly Ia luQt ph<\p, dfly Ia vi¢c quan ly dtrcJc thvc

-

..

d\c to cht'rc qm\n 1.9 dQc IQp do nha nuoc IQp rn. Vi<;c ap dvng qui'm· ·.

ly nha nuoc d6i vui cac thi tnr0ng chung khm\n trong do co thj .
l

tnrt'mg OTC dtrqc bftl dnu ti:r gifra nhUng nam 1930 v~ d~c bi¢1 plult
triCn lrong lwn hai th~p ky tr0 l<;ti df\y, khbi dnu Ia thi tnr0ng
tltj tw{mg dnu tien ap

d~111g

My Ia

cuche' qtH\n ly nha nu{tc ke lir snu khi'mg

hoimg thi tnr(mg nam J 929. Ne'tt LuQl chtrng kho{ln

My

ra d('1i tir

niim 1933 -1934 dt dtra ho~l dQng chtrng khm\n noi chung vao quy ;::

d:.w qui\n ly nha ntrvc,

d~c

hi0t Ia di0u chinh ho~tl dQng d1a cnc

f't1

J:!iao dich clnrng khoan, thl Lu~t Cht'rng khm1n Mnloney si'ra ddi n:tm ·
· I YJX cia bao quat dicu chin II d\c lo<;~i hlnh thi tnr0ng hao gOm c~t thi · .._
tnrl'mg OTC. K€ ti:r do dC'n nay hnu he't cac ntn'k da

ap

d~mg qu::\n ly

nhi't tnr(rc deli voi th! tnr(mg clnrng kho;\n n6i clnmg \'nlhj tnr(mg
II

..


OTC nt>i-_ricng c6 kcl h~rp v(ti ch( de) IV qu~n lu)' then difu ki~n cli"ic
1II tl c l'w Hrn g 11 tr
(J m<;ll s6 mr6'c dang phat triC:n l!o~c kern pln\1 trien nlnr

chflu

a,

nhiCU

tt nhieu

dOng fiu, ch!\q phi, do tlli tnrvng clnhtg kho{tn dnra ton

llfilll

lnr(1c VH Ido diCu kien
due
thtl ella m()j
.
.

tnrvng OTC c~ th~

lltT{1C,

mr(rc
t<;~i

11t11

tir

tJJi.

nha mr6c ho~c cac td cht'rc t ~r qui111 thrng ra

db

th~mh IQp, vQn hanh va qu

ly, kh{Jc v6'i hlnh llnrc ph{Jt

tJ:i~u ltr thi

'.

tnrvng "tv do" nl11r t1 ;cac ntr(Malaysia), thi ti-uun;g Bangkok Stock Dealing Center (Thai Inn),
Scsdnq (Sing gaporc); ROC OTC (Dai Loan) ...

ly thi tnrong OTC tn'd qua qu{t
. trlnh phat trien kha ll:rong dOng V(ti qua trlnh qua11 ly thi tnr(mg tQp
lntng (cac SO giao- uich) Xet Ct!n'rc qulm Jy v~t nOi dung qu?m ly. Tuy nhien, do m()t s6 diem d~c.
Co the ket luQn rfing, co che' qu~·m

thLt d1a thi tnrong nay,
~~~u~n,

d~c

bi¢t Ia do plnro·ng thuc djnh gi:i thco thm't

giao djch mua ban phi t~p trung ... nen co che' qu?m

ly

kh6

· ch~t che nhu d6i vui thj tnrong t~p trung. Nlnrqc diem td\y chi dtrqc

khftc ph~tc khi thj tnr(mg OTC du~1c phaL tri~n hi~n d~i qua h~ th6ng
gino dich tli¢n tl'r lrong m(H v~ti thQp nicn trb l~li dny.

L1.3

Thi tnrU'ng l>hal tri~n tir giau ujch thii cung truy~n thong
den giao djch
Nlnr da tr1nh bay trcn dfiy, phtr
qTc· dtrqc

d~~ tnrng bbi hlnh thl'rc tho?t thu~n (tlurong ltr~mg) gia
I

·. son'g plnrrtng,:gitr<~
.

lll(ll

ben

lllll
vi\ m(H ben ban clnrng kfto:ln,

1111\

t

' khOng b~ng d;\u gia IQp !rung gifi'a nhieu ben mua vii nltif-u hen b:ln
....

;

i

-

nlnt dc>i v0i tlji tnr(11lg IQp t.rung b ciic

so giao

dich. lllnh tft(rc nwn

. ~ h;\n nay ve cu'him vl\n thrqc dlly trl elm den nay, nlnrng

ky

thu~l

darn

ph:ln, tlnwng tr~mg va chia se thong tin da khOng ngi:mg cltrvc ph{tt


X;

t: ·

i '\ ......n .... •

"tii~ng qmt qtif\y'', trvc ti~p g~l) nhat~"m~t d6i m~i" thl ti~p d6 111.

va

thtr(11lg luq.ng thm\ thuQn gia qun di¢n tho~i

de'n nny

Ia

ginn djch

qua m~ng m:l)i tfnh di~n tl'r di~n r<)ng. Cling chfnh vi d~c dirlm n~y
tna hi¢u nay

tl1! tnrong OTC dm co

t~n g9i la "tllf trmh1g mrmg"

I

.

hay "tl1f. tr'cnh~g
bao gill. di¢1l tzl' ccia cdc llha miH gicH giao dfch ".
1
~

I

Sv bi:mg nO dta h¢ thOng thi tnr(mg OTC

ql,Ia 111911g tn:\y

Huh t9i

· nhieu mr6c tr~n th~ gi.

Nasdnq

:My

I

'

nflm 1971, tlwy the' cho thi lnr(1ng OTC lt:uyen thc5ng

-

i

.

giao djch trvc tiep
tnr(mg OTC

llH~

va

qua di¢n tho<;Ii. K~ ti:r do d~n nay hang lo~t thi

hlnh Nasdnq

Con thr(mg hlnh

th~mli

nhau ph\' tlw<)~

vao

rtl

d(ti

v cac

lllHYc

thi tnrtmg OTC hi¢n

d~i

va di vao

ho~t

d<)ng.

b cac ntt
d~c thi:t vi\ diCu ki¢n ti:rng nwk.

0

m<)l s6 rnr<'tc

phhi~n d~ti duqc hlnh th~nh tir c(lc thi fnr(tng
.
,/

OTC thi:t cOng truyen th6ng nlttr My,· Nh~t b~\n, Jlan qu6c, Anh~
Plul.p ... , trong khi (; m<)l sO

lllHYc

khac nlnr cac nu(tc dang phat trien

th1 thi tnrong nay tlnrong dtr<;tc hlnh

th~nh

m6i va

hi~n d~i

hm\ngny

ti'r df\u nhtr Thai Lnn, Singapore, Mnylnysia, Dai lonn ...
Ciing k~ ti:r d6 thuQt ngu "thi tnr0ng OTC " tren the' gidimg de cld thi tnrung duq·c td chti'c ch~t che, si:r d'='ng ky thu~t vien
thfmg hi¢n d<;Ii, bao g6m mQt m~ng Iuoi c(lc tO chtrc trung gian moi
gil1i,

tv doanh va t~o IQp thi

trung U\m qu:'m
kh~p

cit mrt'1c

Iy

tnr
thtmg qua

n~(lt rn~ng

m(ly tfnh

di~n

ti"r di¢11 rQtig

vi\ thQm chf quti'c tc'. Qun m~ng di¢n ti'r di¢11 rQng nily,

c:\c dC1i ltr
clnrng'k!to;\n, c([~1

tlii: (rtfltllg ... C
va

ho

lrtty cQp) cac lh<)ng lin

d\n thlct. D~c hi¢t Ia qua m~ng die cfmg ty cht'rng kho(Jn cling cc) th~
bao gi:l. lQp trung, thlfc hien dam plt;1n, thtr
I~

ltr~:,mg

gil! ·va kh()i

.

.

ltr~mg gi_;.to dich- trcn
i

C
.

~i:l h;lo ttl! niJiU. th0ng kin k(l qn:'t ~ino

'

d ic It c I! o: t run g I i'lm q u <'• i 1 Iy, I r till g I f\ 111 tlwnll I o :In h i 1 f ti r v ;, 1tr 11 k y
clarng khmln ... Pinrn·11g tlni'c gino dj.ch qun mt.~ng

11ay

se c<'1 nhfi'ng lq·i

the' sau:
-

T~o di~u ki~n cho
I i en,

T~o

nh an h chon~

tnc nha dnu ttr lie'p cQn thi tnrong thuQn

(JU a

h¢ t hfin g gino d j ch

111 ay t fnh

ti~n, rc

d i ~11 t l'r;

dieu ki¢n dw ngtroi df\u ttr th~rc hi¢n giao djch v6i thOng tin

thj tnrong t6i da, db vQy c'l\10 dicu ki~n cl10 ngtr(ti drtu

-

ttr

c6 the mua han cht'rng klwan hilt

k y lti c nl'10 , b 11 t k y b d nu v a v c't i h ff t k y d 6 i

t

ac n ao v a t i en wi

c6

the tri1y c~p thi tnri'tng clni't1g khmln tren loan the' gi('fi;

-

T~o dieu ki~n cl10 cac nita qu~·m

ly thi trutmg co the giam sat t6t

thi tnr(mg va cac nidi mf>i gic1i, giao djch chtrng khonn co the ho~t
d(mg llniQn li¢n .
....,.

Co lh~ noiJs~r ra d(ti
~~·

.

Clla lll<;ll1g

Internet

va

h¢ thOng giao djch di¢n tl'r

. dfi lam tlw1 d0i vC chfit ci'w giao djch chl'rng khoan, l<;~o nC11 n1(1l thi

lnrt'tng c6 ti:l lelt, cfmg b:ingd, tnmg thvc vii hi¢u qu:\ hon hftn thi
tnr(mg thl't cOng tnr{tc

II~ tlt6n_g thi

do.

:lnr(mg OTC trcn th~ gi<1i hi¢n nay chit yeu dtr(,tc xny

dvJig tl!co iliQ hlnh tlti tnrong Nnsdnq Clta My va mang nhvng d~c·
'
di0m ricng tu.)' thu(lc vao ctieu ki¢n va d~ci thu cl'ta lllOi mr6c. Tuy
I

.

nhicn, co the'k!Jai qunt 111(11 s6 d~c di~m

C(1

b~'m th6ng nhfi't cl1a thi

• tnr(mg OTC cac mroc nlnr sau:

1.2.1
• tllll{lll)

La tlzf trwhzg

ClJ

co··cJze' xac l~ip gid la tlutong lrr~mg (tlzod

gid giffa ben 'mua vii han, khac voi c(J che' dfiti gia ci:ia thi

tnrt'mg sb giao djclt. Chfnh

C(1

che' djnh gia tho?t thunn nay tau

11

11Cil


tho~! ihti~H; gi~n-lll(l( ngH{1i Hlll:l Va m<)t ngt!(ti h:1n, khac Vl1i thj

tnrt'mg tQp tn11lg luC'Jn co ulti0u ligtrt'ti nwn vi\
qua C(1 ch6

t~p lrt111g

nlti~u

ngtrt'tl bnn thOng

d!(u l¢nh ci'ta c:\c t~ha ddu ttr v(ti uhmL

i

.

.

.Vi~c thm\ thu~n gia c.ltrqc thvc hi?n giG'a cac nld't kinh (foanh chtrng
•

i

.

klJOan voi khv{ti nhau. Gi:\

tltr~ic

hlnh thilnh qun tlnwng lugng ricng nen tlnr(mg
I

ph\1 lhu<)c vao ti:rng nha kinh doanh cltt'rng khm\n va l~li m<)t thui

diem co nhic~u 1 mt'rc gia duqc hlnh tld\qh, khac v'ai thi tnr(1ng su giao
djch do dn'u gia tQp trung nen chi co m<;>t mt'rc gia l<:ti mOt th?ti dit!m. ·
Tuy nhien voi co ch~ h:lo gia lQp trung qua m~mg tml.y tfnh di~n ti:r
hi~n

nlttr

nay va co co che' qmh lrnnh gia cOng kiwi gfifa cac_ nha

k i 11 h doanh cht'rng khogiti ttYt uluit trong cac bao gia ct•a cac nha t<;to lQp thi tnrung va gia

du<,1c hlnh th~mh khung ·chenh l¢ch nhieu so vl'1i co che' dffu gift, vi ·

thvc le' co th8 coi nhu dfi co sv "dfftt gia" gilt'a cac nha

IQO

IQp thi

t nrl'111 g.

...
..

Ld tlzf trm>ng cti Tzilllt tldi·c til cldtc giao dfch mua han plzi

1.2.2

t~ip tnwg v{ti nghia

Ia khOng co dja

di~m, vj lrf giao djc.h tQp lrtmg

gifi'a bc~l llltla Va bell ban nJnr dfij Vtnr(mg OTC dU~n rn t~i nhieu dja diem, (J bfit

hrqng

v~

xac

l~p

gi:'l giUn ben mila va

h~n

ky

ban.

11e1i

nao cc'l the thuang ,

N~u

nlur b thj tnroa!_g _

st't ~iao :dich, mqi giao djch xa.c iQp gia duqc dien ra t~i mOt din dit!m
tQp lrttn.g,

t{l't

c:\ l~nh mtta va h:\n dCu dtr<,1c IQp !rung dffu gia t<;~i s(t

I

.

I

giao djl'h, tltl (1 thi tnr
bflt k)' dja di~lll thiiQill•lp d\111g

Ctla

ky thuQt giao djch hicn

ngtr(1i

d~ti

llllla

va ngu(ti b:\n. V6i vi~c;

nhtr hi~n nay thl thu~t ngu " tQp.

tnmg" kln>ng c(m dimg d~ chi dja diem l~p trung gifi'a nhii'ng nguiti

mua

va

1ihifn~ ngtr(ti kin nlnr tnr<'tc dfly nfi'a, 111~ chi c(m dl111g dCchi
I)

d{a dilm hay plnrong tllli·c xdc l~1p gia

ct'rn thj tnr(tng. D6i v<'ti thi

tnr(mg OTC thl vi~c ;u~c lQp ghl dien ra l~i rfll nldeu uja diCrn klrac
t h 0111 c h f c 0 t II

II II a tl ,

tin,

COil

e Ia

Ill Ql

d ia d i

e

Ill

v {) h lll h q u a

r hlH111 g

t i ¢ n t 11 (lll g

doi v(ti thi tnr(mg l9p lrung thl dja diem xac IQp gia Ia dtry

I

nhflt, do Ht t~i si'.1 gino djch cht'rng khoan. Chfnh vl d~c diem nay ma
-. thi tnr(mg OTC dm dtr~1c gqi Ht "thj tnriJng phi t~p trung".
.

1.2.3
n)ng.

La tlzj tntchtg dra.;-c to" cltri·c qua m{lng may tfnh di¢rz tri· di¢n

Co

~C"t

lien

I

thrl coi thi tnrung Ia m(ll m~ng may tfnh di¢.n tt'r di¢n r<)ng

tnt dt cac doi ltrqng tham gia thi tnr(mg ttr cac nha dnu

ltr,

cac cOng ty cht'mg khoan, d)ng ty niem yC"t, cac. t6 cht'rc ho trq th i
Lnrung va cac nhtt quim

Iy .. :I'hj

tnr<:tng nay vl vQy con dtrqc g9i Ia

"tlzf trrrcJng m{lng " hay "tlrf tntlJng bao gia t1i¢n t1t c1ia cac uha

mui givi giao dfelz ". M~ng di¢ri ti'r duqc cac d6i tuqng tham gia thi
-~··< tnrung si:r d~mg de d~t l¢nh giao djch, dam phan thuong ltr~mg gia,

,.. bao gi:l, truy cQp cac thOng tin

v~

gia ca cua cac d6i tac khac, thfmg

.• bao va lnry cqp cac thf>11g tin lien qu. s_i'r ~~~rng ky th'uQt hi¢n d~i nay ncn luy tltj tnrong <.lien ra m<)l each
~·phi ;tQp trung ~<;ti rill nltieu dja di~m khac nlu\u nh.trng vAn tUun bc'w

cl10; cac d6i tnqng !lwm gia
I

:

tllj t nr(mg c6 tluqc thOng lin t6i da, t i~n

l~1i cho vi¢c gi,ao djcll, th0ng tin, dOng th(ti t1c'un lH•IO vi(·c quan ly thj
.

I

tnrung.

Kink vdi h~ th6ng thi tnri"111g IQp trung hi~n rwy, c6 the si'r d~mg
· mc.~ng di¢n tir di~n r(>ng ho~c ki{Ong, nlnrng deu co si'r d\)ng tltl pln,1m
' ~ . vi s i'r d \111 g h ~ 11 It y p IH ~II h a 0 p. 0 Ill s lr d \Ill g d

·7~cac nllil. d:lu

:;~\dao

djch

d~

ttr,

e cl ~ t I

¢II h

g i a () d i c I ; clrn

truy~n: J~nh gino djch ttr cOng ty chtrng khofin v~o

kh(1p

l¢11~1

tQp trtrng va truyen phat c:lc th
s(1

pln~rc

"v~:~thanh to,an· giao:dicll, quitit Jy thi tnr{mg ... D6i v6'i thi tnr(mg OTC,
~J)(rc nang dta ;n~ng tfuqc kiwi thac si:r d~rng nhi~u m~t lwn, tfch qrc
h~1t1.

Ne'u nhu vni tr(> etta m~mg di¢n ti:r doi v{ti thi tnr(mg IQp trung

IG


. "'
yet!

.l l~.;
l:

tnTl1tig, bi~n thj tnrtmg ttr klH) t.~6 kl11'\ nung qu1·,n

ly

thi'lnh llll)t thj

tnrl:!ng co thd qui;111 ly L6t, bi6n mQl tl~i tnrl:!og hlnh thanh nhieu gi:\
klu\c nhnu vi't 1 chcnh l~.ch lun thi'tnh thi tnrl:!ng c6 ct1c t~11."rc gi:\ gAn
nlnr nhau, ttr mQt thi tnrang khung kiem so_a·t noi thOng tin va th<>ng ·
tin khung d6i xt£ng thf111h mQl thi tnr0ng co. thOng tin dAy di't nhn't,
nhanh nhi\L...

1.2.4 Clui·ng k.lzodn giao djclz tren tllf trml'ng chi't yeu Ia ci'ta cac

ctmg ty vira va nho, c()ng ty cOng ngh~ cao, cOng ty m6i tld1nh 10p
nlnrng co ti~m nang pluH trien t6t, tom l<;ti Ia clul'rig klwan clura dri
tieu clzrufn niem

yet

tren thj fn't'chrg s& giao dfclz, co cff) nii ro cao

lzcnz so vo'i clul:ng klwcfn trert thftrmhrg t{ip trung. DQ ri:ti ro thfip ·

ci'ta chtrng .khoan nie_m ·y
t~p

trung khOng co 11ghia Ia

· chn't ltrgng cao lwn va cho lili sufit cao lwn, dl) ri'ti ro
h i ¢11 l1
cho lfii
cho

tUi

.Jlllfc

u

o dny

.

chi th~

d Q On c.1! 11 h c a c ()II g l y ph at h a 11 h' d ~ c hi ¢ t 1a k h

a Jt a 11 g

dinh ci'ta cong ty do v6n cao, ho~t d(111g On dinh, kh:\ nling

On

som, Chtrng khoan co dQ ri'ti ro cao hon

o d!ly th~ hi¢11 b m(rc

ll<) on:djnh kcm lwn do v6n nht>, m6i di vao ho:,ll dQng hay ho~f I

b nhu!tg nganh nghe m6i, nganh cOng
x:lm va cong

ngh~

can. Tuy nhien quy

ngh~
ltt~t

cao doi ht>i s\r dyng clt{\t

th0ng thu
rtti ro:cao thu0ng cho lfii cao ( high risk- high return), nhung cln:i'ttg

.

-

khml.n nay tuy co dQ rtti ro can hon'nlnrng kh~\ nang cho lfii th.tr'Ifllg

10n

1H111.

Tien c:hf (I'd cl~tl'ng klto;\n dtT!,-ic gian dich tren thi tnr(mg nay tlnrtmg
chi C~ll d;\m h_:'IO tfnh th:mh kho?llt 16i thiCu va !.h'im h:'io c0ng ty ho~ll
!

I

,d~ng nghit:m luc, kht>Itg lira d
.

•

'

s6 th! tnr0ng OTC the'

I

'!_dt1i nlnr l\ly tlgtr('ti Ja con giao d!ch clnrng kho:tll ci'tn cac c()ng ty
J(m~

cod<) ri'Ji ro thllp, chfrt lw,tng can, nl11rng nhfi'ng tnrctng h<,1p
17

n~y


ft phd biEn. D0c cli~m ni'ty c6 ngtH~n grk lien quan d~n phwmg tlnrc

g i n o d ic h llw ;'1 t lw Qn
tlw~'1 thu~n,

c tw t h

i

t n r till g .

X u nt ph at d i ~ 111

g i n o cl ic h

c tl a

trvc ticp khCmg qua trung ginn thuong Ia gino djclt

ctiCI

cac nita d!lu tu cHi co trlnh d<), hieu bie't va LV mlnh dfiu ttr, cling
v~y

cltfnh vl

ma hQ co khn lliillg l1iinh gia tiem nang etta nhilng c()ng

ty cod() ri'ti ro cao, tlnrong cho lfii cno ho'n so v6i cac cOng ty co dQ
• ri'ti ro thn'p, On djnh. Chlnh vi vQy mil vi~c gino dich. cac lo<;Ii clnrng
khoan nay gfin voi hlnh tln"rc gino djch thoa tlnl~ll.

Til{ truo·ng C(J S~( tham gia r{ill lu1nh Clta cac nlul

1.2.5

tntong.

II~

1(10

lqp thf

th6ng cac cOng ty clnhig khoan tham gia thj tnrvng nay

ngo!li cac nhi\ mOi gilti, tV donnh nlnr c16i v(ti thi tnrbng sc'1 gino djch,
Ct>ll

CO

'

CclC llflll f(IO

{qp thj /nt'(}'llg CO

nhi~lll V\J Jj~JI (~JC l~O

tfnh

khm'm cho thj tnrung thOng qua vi¢c tlnrvng :x uy~n nnm gi ii
1

I ln\nh

m<)l' ltrqng clit.'rng
khm1n nhfft djnh ma h9 lam t~o l~p thi tnr(mg de
.

San sang

lliUCI:

ban V
llllla

ban.

Dfiy Ia m{)t d~c di~m rfit d~c trung d1a thi tnrung OTC. Cac nidi t~w

Iqp thj Lnrung dtr<;tc coi Ia d{)ng l~Jc ctla thj tnrung nay, h9 mua ban
- cht"rng khoan kie'm Jvi va tv chju ri'Ii ro. H9 phai dang ky hoQl dQng
voi cac co quan qu~lll

ly cht"rng khoiill, co nghin

"'='

lllflll thi't die

churln mvc cao vt. ky thu~l nghi¢p v~1 cling nhu d~o dtrc hanh ·nghe.

De duqc Hun
pldti

co

nha t<;to. IQp thi tnr{mg cho m{)l lo<;ti chtrng khoan, dln

m<)t lu~mg vein t6i thi~u v:t luOn t>h<'d nfim giu m('l ltr~mg
~

.

'

chti·ng khoctll 11hfit c.Jinfi, Jo~i lllU llq J:lm l~O iQp t!Jj lnT(fllg de Jj~ll I~IC

ch~lO ban

va san sang n1lia lo~ti clnrng khoan nay lrcn thi tnr(tng.

Vi<;c " 1~10 lQp " ~hi tnr{mg (J dfly co nghia Ia t~o lfnh thnnh kho:'111,
tfnh kh~t m~i cho thi·tnrung, nun cliO thi tnr{mg khung ngtrng ho~tl
dQng.
Ben canh cac ·nha tao IQp thi tnr{mg, dm co mat cr.c nha mf)i gi(ri
cung cflp dich vu

111\m

han clnrng khoan cho klu\ch hl'mg, thu xc'p
18


, .~
~

ch~nh

t

va khOng phi'ti lufln tldt

r

ky

l¢ch gia nlnrng h9 kll0ng diing

CilC

1nr0ng chenh

l~ch

nhl\
.

l~to

IQp

quy djnh nlnr l16i v{ti cnc nlta
kho~\n

tnrt11lg. M('t nha kinh doanh cht."rng
m<)t ltlc dung hai vai tro

Hull

de

I hi lnrung

l~to

IQp thi

kh()ng dtr<;tc· phcp dtng

vi:ra htH'mg phf djch v~t nH>i gi(1i vi:ra

gia clnrng khoan, ngtrl1i mO.i . gi(ti thu(tng phtli cOng

kiwi vui k!.tach h~ng vai tru etta mlnh va mud phf hoa hong ma h9
thu trong khi ngtr0i

l<;~o

IQp thi tnrv.ng

va

etta mlnh lllnrng khfmg cfin ph
LV c.ldanh cOng b() vai
llltfc

chenh 1¢ch gia

ma

tru
h9

lnr0ng.

· 1.2.6 ; TAr tltf t1:m>'llg cfn{rc qudn 1)1 clr{it cluf cfl cfdm bdo Ieli leTt eli a
uu;i tfcH tmprg tllam gia tltf tn··,)·,g, cluJ'ng nlrrtug lw~r

d~tllg t/rf trrtchrg .. Ttrung t-V nlnr l·F- ·.;'\ng thi tru
gino djch), thj-tnrt111g OTC tlnri't1· ·
c!fp qu;an

Jy 11ha lltr
Vlt

dlp lV

10 chtrc qu:'111 ly theo 2 dip,

.j :·

lJIIi•ll .

·I

I

~Cop·


Uy ban clnrng khoan
:~ clnrng kho{Jn va cac luQt lien quan.

: noi chimg nlnr

lr~Jc

tie-'p qm1n ly tren

I C!lp IV q~u1n chit y6u co ltai ltlnh tlui'c, do lti~p hyi c:lc

nlta

C<1

sbluQl

gino djch

:.:chungkho:in t.do St1 gino djch dOng· thl'ti qu?m ly (J\nh, . .J-ncl. Nl!Qt, Ph(lp,
_:canatla ... ).'lliqp hyi ho~c s(t gi;10 djch

tO

chuc h¢ th6ng gino djch vi'1

:}thOng tin, vQn itanh It~ th6ng, hnn hnt~h-c:lc quy ch~
:.-,:i

.·.l-·.~

hi~n t6t nhflt

tv qut111 d~ thttQtt
ky niing

nghi~p

~

(VI;I VU d~10 ~lt{c

!tanh nghC C\•ta th~nh Vicll.

\~,NQi dung, phtr~mg thuc va nnk dl) qmin ly b mM tnr{tc c6 khac nhau

tu)' di~u ki~n va d~c thi't ci'w ti'rng mr(1c nlnrng dcu c6 cimg chttng


nt~tc Lieu Ia diun hito sl! 011 djnlt dt pll
v¢ ngtrO'i c.ldu ttr.
1.2.7
llgtrO'i

La thf trrrch1g cl} co· clle' tlwnlz toan linlr lzo{lt da d{lng giua
llllla

va ngtr(1i ban khac V(ti plnrong tlnrc Lhanh IOilll bit trir cia

plnrong th6ng nhflt nhu thi tnr(mg t~p trung. D~c diem nay cling xuflt

· 'plu\t tu

cc:J

ch6 djnh gia tholt

thanh loan cung
I

thu~n

co thci theo hlnh

gia ci:ta thi tru0ng, dlin de'n vi¢c
I

tlnrc thm't thuQn de t~o thuQn Jqi cho

dt ben mua llii1 ben ban clurng khoan.
i

D~c

;

tlnk thanh toan rfft linh

ho~t.

khOt.tg cO dinh: mil rflt da

.

Th(1i

d~ng,

C(J

bi¢t Ia thai ln;~n va hlnh

h~n

thanh toan tren thj tnrO'ng nay

th~

Ia T+ 0, T+ i, T+3, T+x ... tren

--I

cttng myt thi ll\rang, luy lhuyc vao s~r thm\ thuQn giao djch.
-~-Tom l~i, tltj lr:u(mg OTC hi~n ne1y Ia myt lol:li hlnh thi tnr(11lg cht'rng
I

•

khoan hi~n d~ti, gino d!ch

va qul"lll

djch chtrng khoan khOng dtrr.·

ly qua llll)llg mlty tfllh di¢n ti'r, giao
,liC111 y€1 tren sb giao dich cht'rng.

kho(Jn, c6 tl~~ coi Ht cht'rng kL· :In lo~ti · .

co sv

nha

ch~ xac

lllT{1c

.va Cclc t0 chtrc lt! qu
I

Uj

qulm

Jy

ch~t ch_e ci:w

IQp gia chtt ye'u Ia

· tlnrong ltH/llg gia clnr ~hOng qua d:\u gia lQp tnmg va co Rl! lhnm gia

~tta cac nh~t l~o IQp tlli! tnrang de t~to tfnh tlmnh kho?111 cho thj tnr(mg.
.
i .
Thj tnr0ng nay kh:lc Jilin vui thi tnrong lQp tnmg (lwy tlti tnr(tng SCJ
~

gino djch) va thi tnr(mg .• t! do Ia lo~i hlnh thi tnr0ng khOng chiu

S\(

q\t:\n ly ci:ta bfit ky cl!lt tit~ nao, hi¢11 dang tOn t~i 0 111yt s6 nu{tc tren
:

!

1h6 gioi.

1.3 PIIAN BIQ:T Tllf THU'(JN(; OTC Vdl, ChC LOf\.1 lllNII TIIJ

THU"UNG Clll}N(; KIIOAN KII,\C

1.3.1

Plu1n b i~l vd"i lh! fl·uhn g f Qp lrnn g ( cnc

sa gino d i ch)

::~-~ 1.3.1.1 So sdnh uhfing dieiu gicfug l'a klulc: nhau gitl'a lwi thf tnrr)ng
B:'mg I: So s:lnh thi tnr(mg OTC vt1i thi lllf(mg IQp ln111g

20


g;'''1() ·<1::'"'.'
-- 1·)
( .. ....~~""-' 's.'"
\._/
\,..

r-----~--~--~---~~~--~---~--------------------------~

T~~~

Thi tnr(mg OTC

tnrimg

t~p

tt·ung

(c:lc s('t gino d!ch)

..
NhHng di~m khnc nhitu
·..

---

-·---.--------,-----------Dja di~m xac l~p gia plri t~ip - Dia diem xac IQp gia tc,lp·
I rung t~ i sc'1 g i ao d ich

tnlllg

Tho:i

·"

~ '

'

thu~n

( tlnrong ltrqng) gi;\

Sir :d ~tng m~ng may tfn h d i ~n t i:r

Dffu gia

Co the

Sl(

dyng m~ng.

tid ,giao dich, thOng tin va qu?m
i

ty_l.-

. <

Chuc nang chi:1

Cfnrc
di~n

nang ch\1 )'6n c\1a m:;mg

t\r Ia thOng tin, dam ph:ln

th~wng

tw. mg.

y~u

·ct:w h¢
nh~u

th0ng gino djch Ia

1¢nh, kh6p l¢nh IQp ti·ung,

th
lit'l
.;

Gino dicit :clnrng klwan

lo~li

2 - Gino

(co dQ ~-i:d ~o caolwn)

lo<:~i

djch

clnrng

\.-

kho:ln

1 ( c<) dQ rtti ro tho~P

.,...

""-"

.::;:-

-~....­

.. : ·!<

._

. - ~:"-

;,.

hon)

Str d911g h¢ thOng ·c;\c nhi't t ~10
l~p lh i l nrfmg ho~t
phaplu~t

TO ch(r~
ho~c

dyng

l hco

•

tv qtdm Ia lli~p hyi

St1 giao djch.

T6 c h t rc t V q u ~ n Ia S(t gino

!: '
·-~!)'~

djch
-!I-_·

21


--------

- Co che' tl!anh to{t 11 dn
thoi gian

vn

cl~ll!!

·------ ------··------ - - - - - - - rvt\)l C(1 cll6 th
vi: -

hlnlt tlll'rc.

t rir da plnwng tlt6ng nit flt
,

co

I II (t i

han vn' hlnh tlnrc

xac djnh.

'

:

•

!

I

i

l

I

NhHng di~m giflng nhnu

:

I

i
..

i

I

I

I

- co

clnrc

-

ly nh ~.

ch~t

11 uvc,

d trqc to -

co

--

•
I y.. nha nu6c,
quan

dtrqc tO cht'rc ch~t chc

chc

Do h¢ thOng. lu Qt ch(rng kltoan - Do h¢ thOng luQ t c I urn g
khoan ttieu chinh

dieu chinh
:

--

o::;_~; !.3.1.2 So .w1nll' frf'(~'f1g quan nltii"ng m
111{11lh

J'a yeit

co· ban ghi'a.

llai tlzf. trrrc}ng
Thi tnr(mg OT;C luOn co uu the' hun thi truung si:1 gino djch v6
- tfnh Iinh ho~1t, th()ng thmlng ti9n lcJi cl10 ngH(ti dnu llf trong vi¢c tie'p
C~ll lhj tnrong, tiet J~i¢111 t!J(rj ginn va chi phf giao dich. fJ~c hi~l

Ht

lhj tnr0ng OTC hi~n d<;ti hi¢n nay c6 the d~un b?w cho nH,>i d6i tuqng

tham gia thi tnrung c6 th~ tie'p cQn thi tnr

se thOng tin thi

-

I

lnrl'mg ttii da, c:lc nhi\ qmiri ly co th~ giam s:Ht6t thi

tnrt1ng. Voi co chC' vQn h~lllh

Cttn

cac nld\ l~o IQp thi lnr(mg, Ju(in Silll

sang mu a ban ell t'rn g k hoa n b fit k y k IIi nao n en l f 11 h t 11 a 11 h k h o:'m dw
.: "'-.

thi tnrong nay t)ltf(111g
~

-;_

!' •

CliO

hun so v(1i thi tnr(mg IQp lnmg. Tuy nhien

thi tnr0ng n~•Y !:1 hlnh th:li truyen thOng thi't cOng

. •·t ·.

co

nhtr~tc diem Ia

, ·. kh6 qu~m ly, kho b:'w v9 ngtr(ri dnu IH do hlnh tln'rc giao dich phi IQp
I rung.

d ,hlnli

th:li lti~n d~d hi~n nay, thi tnr{mg co d~c diem c<') the

coi Ia diem hrlt l<,ti doi V
22

de xny

d~mg lt::l l!lng

ky


; ,., ., f.'

.

p;::'

• '·'

.... ~-~ ..

.~~~:..J

, s;,;· <.:uLu
·.
;.c~·.o,- ncu
,., .K..:ong
., ,.
., lrd•
•
C"'·
~

t~;;,c

m~l

cilc

yc'u

ll~e

tiitl

ctHt

·~y·
X ...
.

'

·:nro:n~
c;

- . ' (\

i.

thi tnrong.

tvl~tl

tt i't y

'

1 '\

c

1

•

1 • k Iwe

~
p I1~1c

khd)

l~p

tli 11 h

v~t IIi ~u q u ii

gii\ phi tQp trung nen·

nhiCtl mt'r<.: gi:l tren thi tnr(1ng, .•

c 6 l II d d i'\ 11 d c' 11 vi ~ c x 11 g b fi 11 g t r e 11 tII i
I

tnr(mg, nlnr11g

diem n~y

!

'Jj'•'l)
I"\. i (

au) Iii khii nang giilm ~:\t, <.pll'llt ly tiii tnr(tng

t<.ti m(ll thc1i <.~iem nhllt dinh tlnri'111g
d i 0u

~

sc k.nunoc- < ~tm )ao

dd dii.1n btw ~to~ l dQng d'mg bfi 11 g, eOn g klta i, dn
. etH\

•
(,·;···•:··(}
\
... ':". 0

v{ti C<1

sc duqe

chc' gino djch

nn~11g

.

di¢11 ti'r

hi~n

nny tltl

nlttr~1c

.

git1111 thieu t6i tla.

So v0i tlti tnr(tng OTC, thi tnri111g t~p trung do xul\'t pltal ti.r

c<1

chc' dffu gia t~p trung t~ti m~)t djn diem duy nh«t di\11 dc'11 uu diem ciw
tltj tnr0ng Ia chi hlnh th~mh myt ml'rc gia duy nhffl tren thi tnr(mg t~1i
lll(>l thoi diem Va 11\lrC gh\ nay tltf<.JC hlnh tld1nh theo pi1U011g tiHTc

ph:in ~1nh kh. Ciing chfnh vi

Cl1

che' dnu gi;\ tQp lnltlg nay dnn dc'n

vi~c

gi
qut'mly thi tnrvng dun ghin va hi¢u quiiiH111 so VTuy ~thien nlnrqc diem
h~n che

ve

Clla

thi tnr(mg nay so vvi thi tnrbng OTC Ht

tfnh linh ho~t. ffnh ti¢11 lqi cho ttgtr(ti dnu ltr, linh tiel. "

ki~m.th(ti ginn va chi phi gino djeh.
i

.

De thve hi~n llH)l giao djch

llltlH

hu~c ;ban cht.fng khm\n, bftt buQc nguoi giao djch vl\1i phai trlti qua·

. , tf\'t C
-·: l¢nh,:

x(J('

SC1

giao djch, chc1 k!H'fp

nhQn gino dicit, htl trl:r giao dicit, t.hanh l

·-: djch.~.,vi~c tlwy doi gia ci\ vii kh6i ltr~mg·mua ban kh<> th~rc hi~n tit()t

.:~ khi da d~t l~nh, d~c bi~t Ia dt)i

voi

cac thi tnrc1ng co co sb h~ tfing

J thunt kcm.

; r

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hf 1.3.2

il:; 1.3.2.1
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So sdlllznlzii"ng

cliein girfug ra kluzc nlzau

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B~'ing

2: So s{inl! lhj

tn~(1;:g.

--

OTC vii tlti tnr(mg IV do

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Th! l nrang OTC

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Thi tnr(mg lt! do

Nhil'ng di(.;Jll ldt;lc nltnu
---~----'

- Dtrvc t6 ch(rc ch~tl che
- Thoa tlwQn gia qua m~ng

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- 'l'lt o c't thuan gJa.I nrc tiep,

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- Clnrng khoan

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lo~ i 2
,
Co, quan ly nhil JIIJ(tc vn' t ~r

quan

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- Dia d i~m x:\c

cht'rng kho:ln

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gJCt phi

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lnmg

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lo~d

T!lt ca cac

di~m

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XHC

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gia phi

t~p

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Thoit thu~n gia

-

Thoa thuQn gin

1.3.2.2 So saull tm;·ug quau nltii'ug m~U 11l{lltll J'a y{u giii'a lwi th;
truiJug
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N€u so s:lnh Inti thi tnrvng n~y till diem khilc nhau cu b:'m Ia mQI ben

____ c6 tO dnk, co s\r qtJ~III ly gi(lm s{tt ch~t che dta ci\c chi:t the qu?m 1)',
_"' • trong do co nha mr6·c, con 111(11 hen Ia kh<'mg co ·to clare ho~c c6 t<')
. cl nrc b q ll y

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v il d ~ c hi~ t Ia I hi C' ll s

v q ll ?Ill

Iy ci'Ja

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i

tunn thi't bfit ky quy t~c lu~l I~ n~o. Thi lnr(11lg nay b:ln chfll etta

tHl

11'1 lto~tl d(lllg mang tfnft tfch qrc cita xfi hQi cOng dfln, xcl v~ clllTc

nang cfing c6 vai tr(> nhflt djnh d6i v..

. : ;, vOJl, luy nhien dmg phat lrieh ve quy

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nhfi'ng m~l ticu qrc etta

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thi tnr(1ng. C~llg the hi9n

d6 Ia n!Jfi'ng

sv

IC;Jill d~rng trcn thi

" tnr(mg hay dm g9i l~t khuyt't IQI thi tnr(mg, m~l kln\c thi tnr(mg ding
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ly

Ctla

nhil lltftk m<.Ji c<) th0 tl
111(,11

ph:\1 tridn thl.chi citra vao

ly,

d~c bi~l Ia qui\n