Huy động các nguồn vốn và quản lý sử dụng hiệu quả nguồn vốn đầu tư phát triển cơ sở hạ tầng : kinh nghiệm Quốc tế và hàm ý cho Việt Nam

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Huy dong cac nguon von va quan ly SLF dung

hieu qua nguon von dau tu' phat trien cc s6>

ha tang: Kinh nghiem quoc te va ham y cho

Viet Nam

TS. LE KIM SA

Mddau

Viet Nam dang tang trudng nhanli chdng va
da trd thanh qudc gia cd mirc thu nhap trung
binh (thap). Tuy nhien, da tang trirdng dugc vun
dap trong qua trinh ddi mdi dang giam dan. Cac
cai each tir do hda da giup cho cac ngudn lire
dugc khai thac tir do va hieu qua ban, nhung
cac cai each nay gan nhu da di het chang dudng
ciia minh.

Theo nhieu danh gia thi he thdng co sd ha
tang (CSHT) yeu kem neu khdng dugc nang
cap thi se trd thanh rao can cho tang trudng
trong mdt vai thap ky tdi. Do dd, viec khac
phuc tinh trang bat cap ve CSHT hien nay se
phai la uu tien hang dau ciia qudc gia. Dieu nay
ddi hdi cac ngudn lire ciia Chinh phii phai dugc
su dung mdt each hieu qua. Thieu vdn dau tu
cho CSHT se la diem nghen ldn ciia xa hdi.
Chinh vi vay, neu khdng tim dugc cac ngudn
vdn mdi, trong nhirng nam sap tdi se khdng the
dap irng nhu cau thuc tien.

Hien nay. nhu cau cho diu tu CSHT ciia
Viet Nam khoang 16 ty USD/nam trong khi kha
nang dap img ciia Nha nudc chi khoang 7 - 8 ty

USD. Tir nay den nam 2020, vdn dau tu cho
phat trien co sd ha tang udc tinh cdn ciiiem
khoang tii' 10 - 11% GDP. nen kha nang thieu
hut vdn la hoan toan hien hiru , trong khi nhu
cau vdn dau tu cho CSHT ngay cang ldn, ngudn
lire Nha nudc, thu hiit vdn ODA han hep dan.

Mot sd hinh thuc dau tu cd su tham gia ciia
khu vuc tu nhan van chua phat huy hieu qua
nhu mong mudn, ty trgng vdn tir cac hinh thirc
nay van rat thap so vdi vdn ngan sach va ODA.
Rat nhieu nha dau tu ca trong va ngoai nudc cd
y dinh tham gia dau tu vao ITnh virc CSHT, dac
biet la tai cac dir an dudng cao tdc ldn, nhung
khi tim hieu co che, chinh sach, thii tuc ciia Viet
Nam thi deu td ra quan ngai va rdi bd y dinh
dau tu. Hinh thirc hgp tac nha nudc - tu nhan
(PPP). dii each day 2 - 3 nam, rat nhieu doanh
nghiep ngap nghe tham gia nhung van rat it
doanh nghiep nudc ngoai va ciing nhu trong
nudc vao cudc. Ly do chinh la co che thu hiit 
vdn dau tu cho cac du an CSHT chua hap dan 
va cdn nhieu bat cap.

Bai viet nay se xem xet cac van de ciia viec
liuy ddng cac ngudn vdn cho phat trien CSHT d

* Trung tam Phan tich va Dy bao •• yheo ^^o [^j^h tg Do thi, ngay 3/3/20 10.

Nhung vdn dd KINH TE VA CHINH TRj THE G i a i Sd 11 (175) 2010

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Huy ddng cac ngudn vdn va quan ly su dung... Le Kim Sa

mdt sd qudc gia. dac biet chu trgng tdi cac
ngudn vdn tii' ben ngoai, chii yeu la vdn vien trg
nudc ngoai (ODA) va tir khu vuc tu nhan, bao
gdm ca FDI. Tir dd se riit ra mdt sd bai hgc cho
Viet Nam.

Thuc day dSu tir vao CSHT

Qua kinh nghiem tir cac nudc dang phat
trien, Ngan hang thd gidi (WB) da chi ra ring,
su thay ddi vai trd ciia chinh phii se tao ddng
lire cho viec phat trien bdn viing CSHT (WB,
2007). Md hinh tai ehinli cho viec phat tridn
CSHT dugc xay dung tren 2 nguyen tic, dd la
quan ly chi tieu chat che va tang kha nang huy
ddng ngudn vdn vdi sir phan biet 2 mii'c do sau:
huy dgng vdn thdng qua thu phi ngudi hudng
Igi tir CSHT ciing vdi cac dich vu lien quan, va
huy ddng vdn tir cac nha dau tu vao CSHT.

Cac nha dau tu vao CSHT cd the la chinh
phil (trung uong hoac dia phuang), tu nhan,
hoac ket hgp giiia chinh phii va tu nhan. Dac

biet khi cac ngudn vdn tir nha nudc khdng the
dap ung dugc yeu cau ve chi phi dau tu cho
CSHT thi rit cin phai thu hut ngudn vdn tir tu
nhan. Theo Ngan hang the gidi (WB, 2007), de
cd thd thanh cdng trong viec dua khu vuc tu
nhan diu tu vao CSHT thi co ciu tai chinh cin
xac lap nhiing nguyen tac co ban cho viec chia
se rui ro cd hieu qua, dinh rd trach nhiem phap
ly trong nhirng trudng hgp rui ro.

Nhu da trinh bay, dd bao dam qua trinh tu
nhan hda dugc thanh cdng can cd su chuyen
dich ben viing trong vai trd cua chinh phii. Ben
canh dd, vai trd va ddng co ciia nha cung cap
dich vu va CSHT can phai dugc lam rd va cung
cd viing chic thdng qua viec tao quyen tu chu
trong quan ly, nang cao trach nhiem trong phuc
vu, xay dung cac quy dinh luat phap phii hgp de
thiic day canh tranh hieu qua, va tao dieu kien
cho ngudi sir dung va chu sd hiiu cd tieng ndi
va trach nhiem hon trong viec tham gia lira
chgn quydt dinh (WB, 2007).

Hop 1: Ngudn v6n cho s y phat triln CSHT: Tru'd'ng hccp Thu'dng Hai

Sir tang tru'd'ng nhanh chdng cua Thurgng Hai trong ba thap nien vira qua ddi hdi phai cd sy
phat triln manh v l CSHT va cac djch vu ma nhCrng ngudn thu thdng third'ng khdng du d l tai
trg. Ngudn thu ngan sach cua Thurgng Hal du d l chi tra cho cac khoan chi hoat ddng thu'dng
xuyen, cac duf an dac biet, va cac hoat ddng d4u tir tren quy md nhd nhurng khdng du d l dap
irng nhirng nhu c^u dau tu' dai han tren quy md Id'n. Do dd, Thu'gng Hal phai sur dung mdt so

CO c h i tai trg ngoai ngan sach d l dap irng cac nhu chu d i u tu' nay.

Vay mwan tCy cac to chiK tai chinh qudc te

Hinh thurc tai trg ngoai ngan sach chu y l u cua Thu-gng Hal tir giu'a nhCrng nam 1980 d i n
dau nhCrng nam 1990 la vay mu'gn tir cac td churc tai chinh qudc te (IFIs). Cac khoan vay nay
giiip bil dap khoang 1,9 ty nhan dan te mdi nam cho d i u tu' CSHT. Vi du, cac khoan vay trj gia
3,2 ty USD tir Ngan hang Phat triln chau A (ADB) cho hai chile c i u Nanpu va Yangpu.

Cho thue dat va hoan doi dat

Cac khoan "vay IFI khdng dap irng du nhu c i u d i u t y cua Thurgng Hal, cho nen chinh quyen
bat d i u huy ddng t i l n thdng qua cac hgp dong cho thue d i t dai han, chu yeu 6' khu trung tam

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Le Kim Sa Huy dpng cac ngudn vdn va quan ly sir dung.

Thu'gng Hai tir giCra thap nien 1990 d i n nam 2000. Khoan thu tir cho thue dat va hoan ddi dat
wac lygng chilm tir 20% d i n 30% thu ngan sach dja phuang.

l-iop ddng chuyen nhwang quySn khai thac hoat dong

Bat d i u vao giira nhirng nam 1990, Thurgng Hai huy dgng ngudn vdn thdng qua viec ky k i t
cac hgp ddng chuyin nhurgng cd d i l u tilt. Vi du, vao nam 1994, quyIn khai thac hoat dgng cua
hai chile c i u Nanpu va Yangpu dygc ban cho mdt cdng ty t y nhan, Cdng ty trach nhiem hiru
han CITI Pacific, trong 20 nam. Khi Chinh quyIn Trung yang han c h i viec s y dung ngoai te d l
thanh toan thi Thygng Hai phai dam phan lai hgp ddng chuyin nhygng d l mua lai quyIn khai
thac hoat ddng tryd'c tho'i han va d i n bu cho cac nha d i u ty.

Thi truong vdn

Mdt phyong tien quan trgng khac d l huy ddng vdn d i u t y la thdng qua thi trydng cd philu
va trai philu. Phyong thirc ca ban la niem y i t cac cdng ty phat triln CSHT dat tieu chuin tren
thi trydng chirng khoan, rdi sur dung t i l n huy ddng dygc qua cac cdng ty nay d l phat triln
CSHT mdi. Vi du, Cdng ty Jiushi Thygng Hai phat hanh trai philu trj gia 4 ty nhan dan te d l tai
trg cho hai d y an dydng sat tren cao.

l-iap tac gida nha nu&c va tu nhan

Phyang thirc hgp tac giQ'a nha nydc va t y nhan (PPP) dygc Thygng Hai sur dung tir cuoi
thap nien 1990. H i u h i t nhirng d y an CSHT ma cd t h i tao ngudn thu khdng Id va cd cac ngoai
tac tich cyc manh d i u dygc xay dyng bang phyang thirc PPP, chang han nhy dydng cao tdc
tir Thygng Hai di Giang Td va dydng xe dien ngim d Thygng Hai.

Thdng thydng, cd ba ben tham gia cac d y an nay: cac nha d i u t y t y nhan, cac cdng ty d i u
ty thudc sd hu'u nha nydc va chinh quyln. Cac nha d i u t y t y nhan va cac cdng ty d i u t y cuia
nha nydc ddng gdp mdt lygng tien mat nhat djnh, va chinh quyln cung urng d i t dai lam vdn sd
hCru, sd thu dygc phan chia giira ba co ddng nay.

Nguon: Chi tra cho ca sa ha tang va dich vu do thi: Nghien ciru so sanh ve tai chinh do thi a 
Tp. Ho Chi IVIinh, Thuang Hai va Jakarta, UNDP, 2007.

Vien trg phat trien (ODA)

Vdn ODA dugc danh gia la ddng vai trd
quan trgng ddi vdi phat trien kinh te ciia nhieu
nudc chain va dang phat trien, dac biet la trong
ITnh vuc CSHT. Tuy nhien, viec sir dung ngudn
vdn ODA ciia cac nudc ngheo tren the gidi
khdng phai luc nao va d dau cung thanh cdng.
Viec sir dung vien trg cd hieu qua hay khdng

cdn phu thudc vao chinh sach kinh te, xa hdi.
the che chinh tri, ddi ngu can bd... ciia nudc
nhan vien trg.

Nhin chung, cac qudc gia can phai xac dinh
dugc uu tien hgp ly va cd dinh hudng rd rang
trong viec thu hut va sir dung vdn ODA de nang
cao hieu qua sir dung va tranh dugc ganh nang ng
nan cho dat nudc. Nhiing qudc gia sir dimg ODA
thanh cdng nhu Malaysia, Thai Lan... da can
nhac ky ludng chien luge tap trung vao cac van de
nhu quy md, mirc do vien trg, loai vien trg, nhiing
chi sd va dieu kien dugc cho la cd the chap nhan
dugc, muc tieu ciia nudc cap vien trg, cac thii tuc
va cac bd phan dam nhiem qua trinh vien trg.

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Huy dgng cac ngudn vdn va quan ly sir dung... Le Kim Sa

Hop 2: That bai trong quan ly ODA cua Indonesia

Tai chau A, ODA Nhat Ban danh cho Indonesia tirng dygc Bd Ngoai giao Nhat Ban l i y lam
tieu bilu. Nam 1994, bg nay cdn so kit: "Cung cap vdn vay xay dyng cac nha may dien cd
cdng suit chilm 15% tdng san lygng dien, xay dyng va tan trang 12% tuyIn dydng sat, 15%
tuyIn dydng cao tdc thu phi, 60% cap thdng tin thu dd Jakarta, xay dyng 54% he thdng Igc
nydc d thu do nay..." Cac thi du nay chirng minh ODA Nhat Ban da dat muc dich la vien trg
nham giup cac nydc c i t canh v l kinh t l ^ .

Ba nam sau bao cao tren, khung hoang tai chinh chau A biing nd. b i t d i u tur Thai Lan.
Indonesia khdng thoat khdi. Ba nam sau nu-a, tire nam 2000, Indonesia trd thanh con ng h i p
hoi phai d y g c cap ciru dac biet qua mdt hdi nghj tham v i n vdi cac nha tai trg rieng danh cho

Indonesia td chirc tai thu do Tokyo. Vi trydc nam 1996, ng cua Indonesia la 30% GDP, nam
2000 con sd nay da len d i n 128% GDP.

v i n d l nay xay ra la do cac quan churc di vay quen rang ng thi ngay cang tang do lai luy
t i l n : ng nydc ngoai phai tra nam 2000 chi la 3,7 ty USD, nam 2001 la 5,4 ty, nam 2002 la 7,6 ty
USD, nhyng Indonesia da ra khdi danh sach nydc cd thu nhap t h i p va ng nhilu (Severely
Indebted Low Income Country - SILLC), dygc khoac cho cai ao g i i y "nydc thu nhap trung binh"
di vay vdi lai s u i t thj trydng.

Chinh v i n d l ng cua Indonesia da lam cho ngydi Nhat Ban da phai dat cau hdi: "ODA cua
Nhat Ban dygc nha nydc nydc vay quan ly, d i u t y cdng cdng, hieu qua d i n dau?".

! Ngudn: NFDI. Background Paper, Response to the CGI Meeting, October 17-18/2000 in 
Tokyo, Japan.

Tai mdt sd nudc My Latinh, viec thu hut vdn
ODA da khdng tao dugc dieu kien tang trudng
kinh te do dai bd phan sd vdn sir dung vao muc
dich phi san xuat, nhap hang tieu diing nen da
bien ngudn vdn nay trd thanh manh dat mau md
cho cac te nan tham nhung, lam diing cdng quy
ciia cac quan chirc.

0 chau Phi, ngudn vien trg da tap trung qua
ldn vao xay dung cdng xudng, biet thu ldn, dau
tu chii yeu vao phat trien do thi, khdng quan
tam den phat trien ndng nghiep, dau tu khdng
can ddi, chii trgng nhieu den khu vuc lam an
thua Id. can sir bao cap ciia nha nudc da dan den
sir dung vdn kem hieu qua gay tdn that ldn cho

nen kinh te qudc dan.

Phan vdn ODA hoan lai thudng chiem ty
trgng ldn trong tdng ODA, thdng thudng khi
tdng mirc ODA cang cao thi ty trgng vdn hoan
lai ciing ngay cang cao. Do vay, neu khdng quy
dinh mirc vay va tra ng hang nam thi se dan den
sir dung khdng hieu qua ddng vdn, vay tran Ian
va de lai ganh nang ng nan cho the he sau.

Mdt trong nhii-ng bien phap giiip Thai Lan
khdng bi sa lay vao vdng ng nan la xac dinh
"tran" vay, tra hang nam. Chinh phii Thai Lan
quy dinh mire vay ng khdng dugc vugt qua

10% ke hoach thu ngan sach, mirc tra ng bing
9% kim ngach xuat khau hoac 20% chi ngan
sach hang nam. Su khdng che nay nhim can ddi

" MOFA.History of Official Development Assistant.

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Le Kim Sa Huy ddng cac ngudn vdn va quan ly su dung.

kha nang vay, tra ng, mirc xuit khiu ciia dat
nudc. Do do, mac dii la mdt nudc cd muc vay
ng nudc ngoai cao nhung Thai Lan ludn tra ng
dimg han.

Trong ITnh vuc van ddng ODA, Malaysia,
Indonesia xuat ban "Sach xanh" vd cac du an uu

tien de nghi vdn diu tu tir ODA va cac ngudn
vdn khac cho tai khoa nani sau. "Sach xanh"
dugc giri den cac td chirc qudc te va cac nudc
cap vien trg. Ddng thdi, cac co quan cua chinh
phil cd lien quan chuan bi tdt cac tai lieu va
nhiing binh luan can thiet de cd the kip thdi
cung cap cho cac td chuc vien trg ve tii'ng du an
cu the. Malaysia chgn Igc rat ky cac du an vay
vdn ODA va chi tiep nhan nhirng du an cd quy
md ldn.

Mdt van de quan trgng trong viec quan ly ODA
la viec phdi hgp va phan cap hgp ly cho cac co
quan quan ly nha nudc. Vi du, tai Malaysia cd su
phan dinh ro ve chirc nang, nhiem vu ciia cac co
quan quan ly ODA va cd su phdi hgp chat che
va cd chung mdt nhan thiic la tao thuan igi tdi
da cho cac ban quan ly du an, lam sao thuc hien
cac du an ODA dung tien do, ap dung cac thu
tuc trinh duyet nhanh ggn nham giam bdt phi
cam ket. Nhiing hgp phan nao trong du an khd
thirc hien, Chinh phii Malaysia chii ddng de
nghi vdi nha tai trg huy bd hgp phin nay.

Cudi cimg, can phai nhan manh ODA la
manh dat mau md ciia te nan tham nhung va cac
bien tirdng cua nhieu dang thao timg, bien thii
ngan quy vien trg. Chinh ban chit ciia ODA
-"hd trg phat trien" da bi nhieu nude tiep nhan
"igi dung" de muu cau cac muc dich rieng. 0

mot sd nudc My Latinh, ma dien hinh la Peru
- mdt trong nhiing nudc dirng diu vd nhan
vien trg trong khu vuc, nhung cho ddn nay.
dit nudc nay van nam trong dien cac nudc

kem phat tridn nhit vi nhiing vu be bdi tai
chinh lien quan tdi tai chinh vien trg ciia lanh
dao dit nudc. Tuong tu, theo nhieu danh gia,
ODA tai cac nudc chau Phi la mot trong
nhiing nguyen nhan hang dau tao ra cac nha
chinh tri ddc tai, sdng lang phi va xa hoa, coi
tai san qudc gia la ciia chinh minh.

Tren thuc te nhieu qudc gia, khdng it quan
chuc nha nudc van cho rang, ODA la vdn vien
trg hoac cho vay dai han uu dai, mot each don
gian, hg coi ODA la mdt bg phan ciia ngan sach
danh cho chi tieu theo cac chuong trinh da dinh
va bd sung vao cac cac khoan thu ndi dia. Viec
hoan tra ODA dugc chinh phii nudc nhan tai trg
cam ket bang cac khoan thu cua ngan sach nha
nudc, do vay, cac riii ro thanh toan hau nhu
khdng dat ra.

Von tir khu vu'c tu' nhan

Cimg vdi su suy giam manh me trong cac
ngudn vdn ODA, bat dau tir cudi nhiing nam
1980, nhieu nudc dang phat trien da cho phep
khu vuc tu nhan cung cap cac dich vu CSHT co

ban nhu dudng cao tdc, tau hda, nudc, ve sinh
dien, ga, vien thdng... Muc tieu ciia viec cho
phep khu vuc tu nhan tham gia vao djch vu
CSHT la nham da dang hda ngudn vdn dau tu.
Viec tu nhan hda thudng di kem vdi mdt sd
hinh thirc quy dinh ciia chinh phu nhu thue, chat
Iugng dich vu, kha nang cung cap, bao ve ngudi
tieu dimg tir meo md ddc quyen va thuc day igi
ich xa hdi ndi chung.

Viec tu nhan hda da thu hut hon 1.000 ty
USD cho CSHT d cac nudc dang phat trien
trong giai doan 1990 - 200d, theo udc tinh ciia
WB (xem Bdng 1). Dau tu vao CSHT tir mirc rat 
thap vao giu'a nhiing nam 1980 va dat mirc ky
luc 144 ty USD vao nam 1997, nam khiing
hoang tai chinh chau A nd ra, sau dd giam
xudng 5 - 6 nam, va chi bat dau phuc hdi vao
nam 2004.

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Huy ddng cac ngudn vdn va quan ly sir dung. Le Kim Sa

Bdng 1: Dau tu- tu- n 
Linh vyc

Nang Iugng

Giao thdng van tai

Vien thdng

Nudc

Tong

han trong CSHT toan cau, giai

Khu vuc

Ddng A va Thai Binh Duong
Chau Au va Trung A

My Latinh va Caribe
Trung Ddng va Bic Phi
Nam A

Chau Phi can Sahara
Tdng

Ddng A va Thai Binh Duong
Chau Au va Trung A

My Latinh va Caribe
Trung Ddng va Bac Phi
Nam A

Chau Phi can Sahara
Tdng

Ddng A va Thai Binh Duong

Chau Au va Trung A

My Latinh va Caribe
Trung Ddng va Bac Phi
Nam A

Chau Phi can Sahara
Tdng

Ddng A va Thai Binh Duong
Chau Au va Trung A

My Latinh va Caribe
Trung Ddng va Bac Phi
Nam A

Chau Phi can Sahara
Tdng

doan 1984 - 2006

IMu-c dau tu- (ty USD) 
98,36

43,76
133,39

17,47
29,34
7,65

329,97

69,89
14,91
76,18
3,00
13,82
10,04
187,94

61,91
142,5
218,57

31,03
50,25
32,04
536,30

19,27
5,30
15,08

1,08
0,26
0,26
41,69 
1.095,90

Nguon: World Bank Private Participation in Infra.slructure Database,

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Le Kim Sa Huy dpng cac ngudn vdn va quan ly su dung.

Mdt sd nghien ciru cho thiy hiu het. khdng
phai tat ca cac du an tu nhan cung cip CSHT
deu cd Igi (Fay and Morisson 2007, Nellis
2006. Shirley 2005) nhung tinli hieu qua cua
cdng ty cd xu hirdng tang len nhanh chdng
trong va sau khi tu nhan hda, chu ydu la nang
suat lao ddng. Trong mdt nghien cim cua
Gassner (2007) ve 1.230 cdng ty dien, nudc d
71 nudc dang phat trien tren toan thd gidi, nang
suat ciia cac doanh nghiep da tu nhan hda tang
nhanh hon so vdi cac doanh nghiep nha nudc.
Mac dii gia ca thudng cao hon sau khi tu nhan
hda nhung kha nang tiep can dich vu dugc cai
thien, dn dinh va chat Iugng tdt hon.

Cac nha kinh te lap luan rang, sir khac biet
ve mat hinh thirc ciia chi phi vdn tu nhan va vdn
nha nudc la do cac khoan tai chinh cdng bao
ham cac khoan chi phi an ciia nhii'ng ngirdi tra

thud. Ndu mdt du an tu nhan khdng thanh cdng
thi nha diu tu tu nhan phai chiu trach nhiem tai
chinh. Nhung neu mdt dur an tir ngudn vay ng
ciia chinh phii thi ngudi tra thue phai ganh chiu
cac khoan ng khi du an that bai. Tuy nhien, dieu
dd khdng cd nghTa la mdt dir an do tu nhan dau
tu nghTa la nha dau tu tur nhan phai ganh chiu

toan bd rui ro.

Mdt van de niia ddi vdi sir tham gia cua
khu vuc tu nhan la dac diem ciia mdt qudc gia
nhu muc thu nhap, dan sd, dia ly... Su tham
gia cua khu vuc tu nhan da dugc chirng minh
la khd hon d cac nudc ngheo, nhd va cac nudc
ndng nghiep. Tuong tu, cac van de nay cung
se xay ra tai cac nudc dan sd thap va dia ly
rgng. Dan sd it va mat do thap se khdng tao ra
dugc kinh te quy md de tao ra sir quan tam
ciia khu vuc tu nhan.

Hop 3: Khu VLFC tu" nhan trong CSHT nganh nu'o'c 6" cac nwcyc dang phat triln

Hon 20 nam qua, chinh phu cac nydc dang phat triln da tim kha nang md cura nganh
nydc cho khu vyc t y nhan: 64 nydc dang phat triln da cd sy tham gia cua khu vyc t y nhan
vao nganh nydc tinh d i n 12/2007.

Cd mdt sd ly do ma chinh phu cac nydc cho phep khu vyc t y nhan tham gia vao nganh nay
la do he thdng nydc da xudng c i p nghiem trgng d mdt sd quoc gia. Chinh phu cac nydc nay
cho phepsy tham gia cija khu vyc t y nhan chu y l u la d l t i l p can ngudn vdn cua khu vyc nay
cung nhy nang lye quan ly CSHT nganh nydc. Them vao dd, sy tham gia ciia khu vyc t y
nhan cdn thuic d i y cai each trong ITnh vyc nay.

Tuy nhien, khdng phai mgi khia canh cua nganh nydc dygc md ci>a cho khu vyc t y nhan.
Khu vyc t y nhan chii y l u tham gia vao ITnh vyc cung c i p va xur ly nydc sach. Cac hinh thurc
hgp ddng cung da dang tir hgp ddng dich vii dan gian d i n t y nhan hda 100%.

Nguon: UNCTAD (2008).

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Huy ddng cac ngudn vdn va quan ly sur dung... Le Kim Sa

Dau tu- tryc tiep nu-d-c ngoai (FDI)

Bao cao Diu tu thd giai nam 2008 da cho
thay, ngudn FDI dang cd nhiing ddng gdp tich
cue trong kd hoach phat tridn CSHT cua nhidu
quoc gia. Nhirng khoan thu tir tu nhan hda
mdt lan ciing nhu cac thda thuan nhugng
quyen cd gia tri lam giam cac sure ep tai
chinh, it nhat la trong ngan han. C) cac nudc
My Latinh, viec tu nhan hda cac doanh nghiep
CSHT (chii yeu la cho cac cdng ty xuyen qudc
gia - TNC) cd vai trd quan trgng trong viec
duy tri dn dinh kinh te vT md va cac hoat ddng
tu nhan hda dugc coi nhu lam giam sire ep tai
chinh (Besant-Jones, 2006). Cac doanh nghiep
nha nudc cd the dugc tu nhan hda d cac nudc
dang phat trien neu cd sir tham gia cua cac
TNC thdng qua FDI se lam cho dau thau canh
tranh • hon vi cac nha dau tu nudc ngoai
thudng cd xu hudng lam tang gia thau, ke ca
vdi cac hgp ddng nhugng quyen (Birdsall va
Nellis 2003; Auriol va Picard, 2006).

Ciing theo Bao cao Diu tu thd gidi 2008,
FDI vao ITnh vuc CSHT da tang len nhanh
chdng. Tir nam 1990 - 2006, FDI toan ciu trong
ITnh vuc CSHT da tang 31 lin, dat 786 ty USD.

Trong dd, Iugng FDI vao cac nudc dang phat
tridn tang 29 lin, dat khoang 199 ty USD.

Mac dii, ngudn vdn FDI vao ITnh vuc phat
trien CSHT van chu yeu la tir cac TNC cua cac
nudc phat trien, nhung FDI tir cac TNC ciia cac
nudc dang phat trien ciing ngay mot gia tang.
Cd khoang 22 TNC cua cac nudc dang phat
tridn dugc UNCTAD ghi nhan trong 100 TNCs
diu tu CSHT ldn nhit vao nam 2006 (UNCTAD,
2008). Nhidu hinh thiic diu tu qudc te trong ITnh
vuc CSHT ciing mdi xuat hien, bao gdm quy dau
tu tu nhan (chu yeu tir cac nudc phat trien), cac
quy tai san ddc lap cua chinh phu (chii yeu tii cac
nudc dang phat trien). Nhiing hinh thuc dau tu
nay ngay cang md rgng va tao sir da dang ve
ngudn vdn cho chinh phu cac nudc dang phat
trien khi tim kiem dau tu vao CSHT.

BUng 2: Dong FDI vao CSHT tai cac khu vyc giai doan 1990 - 2006

Dan vi: trieu USD

Khu vyc

The gidi
Nudc phat trien

Nudc dang
phat trien

1990 
Dien, ga, 
nu'o'c 
7.427
5.120
2.307
Van tai, 
vien 
thong 
17.542
13.026
4.488
1995 
Dien, ga, 
nu'o'c 
, 22.543
14.591
7.824
Van tai, 
viln 
thong 
54.806
30.5-14
20.476
2000 
Dien, ga, 
nu'o'c 
91.938
57.833
33.277

Van tai, 
viln 
thong 
337.910
253.380
78.566
2006 
Dien, ga, 
nu'o'c 
186.847
137.996
47.270
Van tai, 
viln 
thong 
598.328
439.217
151.626

Ngudn: UNCTAD (2008): World Investment Report, Table III. 4

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Le Kim Sa Huy ddng eac ngudn vdn va quan ly sir dung.

Theo danh gia cua Bao cao Diu tu the gidi
nam 2008, ngudn vdn FDI chi cd thd bd sung,
khdng the thay thd dugc diu tu cdng va dau tu
tu nhan trong ITnh vuc CSHT. Nhung Igi ich
tiem nang cua FDI trong phat tridn va quan ly
CSHT la ngudn vdn, cdng nghe chuyen giao va
nang lire quan ly. Tuy nhien, UNCTAD ciing

canh bao rang cac qudc gia khdng nen thu hut
FDI bang mgi gia. Cac du an dau tu neu that bai
cd the anh hudng xau tdi CSHT hien hiiu va gia
ciia cac dich vu ha tang. Cac qudc gia can phai
cd kha nang ky thuat va hanh chinh de quan ly
nhu'ng hoat ddng va quyen igi cua cac nha dau
tu nudc ngoai.

Hop tac nha nu'dc - tu* nhan

Hgp tac nha nudc - tu nhan (PPP) da ndi len
nhu mdt phuong thuc thuc hien cac du an co sd
ha tang trong nhiing nam gan day. Neu dugc
thiet ke va quan ly mdt each dung dan thi mdt
PPP cd the mang lai nhieu Igi Ich cho cac khu
virc cdng cdng nhu giam ganh nang tai chinh
cho khu VU'C cdng, cho phep "chuyen" riii ro tir
khu vLi'c cdng sang khu vurc tu nhan, va tang
"gia tri ciia ddng tien" sir dung trong dich vii
CSHT bdi vi phuong thuc nay hieu qu& hon. chi
phi thap hon va dich vu dang tin cay hon (Li va
ddng nghiep, 2005).

Trong hai thap ky qua, PPP da trd thanh mdt
phucmg thirc cung cap dich vu cdng chii yeu tai
ca cac nudc phat trien va cac nudc dang phat
trien. Trong giai doan 1985 - 2004, cd tat ca
2.069 du an PPP tren toan the gidi vdi tdng gia
tri gin 887 ty USD (AECOM, 2005).

Lan sdng tu nhan hda dich vu cdng bat dau d
My Latinh vao nhiing nam 1970 va 1980 khi
cac chinh phii d khu vuc nay gap nhieu khd
khan ve ngan sach ciing nhu nhu cau cai thien
viec cung cap thieu hieu qua cac dich vu dien

nudc, giao thdng, vien thdng cua cac doanh
nghiep nha nudc. Cac td chirc tai chinh da
phuong da khuyen khich chinh phii cac nudc
nay ap dung tu nhan hda ITnh vuc CSHT vi mdt
sd ly do trong dd chu yeu la nang cao chat
iugng va hieu qua dich vii. Viec tu nhan hda
cdn ky vgng Iam giam ganh nang cho ngan sach
nha nudc va cd the lam dn dinh kinh te vT md.

Ddn nhii'ng nam 1990, nhieu khoan dau tu tu
nhan da chuyen hudng vao khu vuc Ddng A do
qua trinh tang trudng nang ddng d day. Hang
loat cac hoat ddng dau tu tu nhan vao CSHT
dudi cac hinh thirc khac nhau da dien ra, keo
theo mdt ludng dau tu ldn do vao cac nudc
trong khu vuc nhu Malaysia, Thai Lan,
Indonesia va Philippines.

Khac vdi khu vuc My Latinh, ddng vdn dd
vao khu vuc Ddng Nam A trong nhiing nam
1990 lai khdng phai do chinh phii cac nudc
trong khu vuc gap ganh nang ve tai chinh. Tren
thuc te, chinh sir ddi dao ve tai chinh, tang
trudng nhanh d khu vuc ma hgp tac nha nudc

-tu nhan da xuat hien va tang trudng vdi tdc do
nhanh chdng la do su can thiet phai cd mdt
phuong thirc mdi va nhanh chdng eho cac du an
trong viec cung cap tai chinh, len ke hoach va
thirc hien, va d mirc do nao dd la nham tranh su
tri tre cua he thdng hanh chinh va ky vgng chat
Iugng CSHT tdt hon.

Mdt mdi trudng dugc khuyen khich thda
dang (cd CO che phap luat tdt, cac chinh sach uu
dai phil hgp), cac nha cung cap dich vu tu nhan
lam tdt hon cac nha cung cap dich vu thudc khu
vuc cdng cdng va theo kinh nghiem thuc tien
cho thay cd it nhat hai ITnh vuc ma md hinh PPP
cd the phat huy hieu qua, dd la cac du an khdng
the hoac khd ap dung ddi vdi phuong phap cd
phan lida va cac du an ma nha nudc khdng the
tham gia true tiep. Hieu qua ma md hinh PPP

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Huy ddng cac ngudn vdn va quan ly sir dung..

(1 8 [:ô&ãã> if'!'!.

Le Kim Sa
dem lai la: i) giam chi phi, giam riii ro va tao ra

mdt mdi trudng canh tranh cao; ii) giup tidp can
dirge vdi cac ngudn tai chinh, cdng nghe tien
tien, quan ly hieu qua. hoan thanh cdng trinh
dung thdi han va khai thac cdng trinh cd hieu

qua nhat; iii) gdp phan dich chuyen ganh nang
thanh toan tir ngudi chiu thue sang ngudi tieu
diing bdi vi muc dich ciia hg la doanh thu va bii
dap chi phi; iv) gdp phan vao viec chdng tham
nhung lang phi, bdi ngudn vdn ciia tu nhan ludn
dugc quan ly chat che nham mang lai hieu qua
cao nhat.

Ngan hang the gidi (1994) ciing neu ra
nhimg bai hgc that bai khi ket hgp giira nha
nudc va tu nhan trong viec phat trien CSHT, vi
du nhu chuang trinh xay dung mang ludi dudng
thu phi dudi hinh thirc BOT ciia Mexico trong
nhurng nam dau thap ky 1990. Chinh phu
Mexico luc bay gid da thuc hien dir an 6.000
km dudng thu phi day tham vgng trong khi
danh gia riii ro ve tai chinh va khao sat nhu
cau van tai khdng dugc thuc hien ky ludng.
tCet qua la ngudi sir dung khdng chgn sir dung
he thdng dudng nay va Chinh phii Mexico da
phai tang thdi gian chuyen nhugng tii' 10 hoac

15 nam len 30 nam va ngan chan cac xe tai
nang sir dung mang ludi dudng cu nhu mdt
bien phap cudng che.

Ham y cho Viet Nam

Nhu da dd cap d tren. CSHT da trd thanh trg
ngai cho sir phat trien ciia Viet Nam. Nhieu du

an CSHT bi lang phi, thieu hieu qua hoac la ddi
tugng ciia tham nliung. Mdt sd nha dau tu nudc
ngoai, dac biet la Nhat Ban, Han Qudc va mdt
sd nudc phuang Tay da tii'ng cd du dinh dich
chuyen diu tu sang Viet Nam khi ma tinh hinh
cac nudc trong khu virc cd nhieu bien dgng.
Song, tinh trang thieu dien va tac nghen co sd

ha tang dang Iam hg can nhac lai trong viec lira
chgn dia diem dau tu trong khu vurc.

Theo udc tinh. trong giai doan 2011 - 2020,
Viet Nam cin khoang hon 100 ty USD diu tu
phat tridn CSHT thidt ydu dd duy tri tdc do tang
trudng d mirc trung binh 7 - 8%^. Do dd, de dap
irng dugc nhu cau huy dgng vdn nay, cd the suy
ngliT mdt sd bai hgc tir nhiing kinh nghiem qudc
te d tren.

Thir nhdt, ra soat lai cac dir an day tham 
vgng va quy hoach lai ve phat trien co sd ha
tang vdi cac tieu chi ve hieu qua va canh tranh
qudc te vdi nhung tinh toan dua tren nhu cau
thuc td chif khdng don thuan la du an phat trien
khu VLi'c. Nhii'ng quyet dinh diing dan se Iam
giam chi phi va lang phi ciia cac du an CSHT.

Thic hai, Viet Nam cung nen cho phep cac 
tinh thanh canh tranh ngudn tai chinh. Hien nay,
Bd Ke hoach va Dau tu hien dang phan bd ngan

sach tai chinh cho cac thanh phd ldn dua tren co
sd quy md dan sd, cap do hanh chinh va mdt sd
yeu td khac. Nhirng Chinh phii trung urong cd
the dua ra yeu td canh tranh ngudn vdn giiia cac
tinh, thanh nhu nang luc canh tranh (hien nay
cd the xem xet qua Sang kien Danh gia nang luc
canh tranh ciia cac tinh) . Nhieu nudc tren the
gidi da nhanh chdng cai thien dugc hieu qua
hoat dgng ciia cac thanh phd bang each quy md
phan bd ngan sach dugc lien he vdi cac chi sd
hieu qua hoat ddng ciia thanh phd.

Thic ba, ddi vdi ngudn vdn phat trien chinh 
thirc ODA, can phai cd mdt chien luge mdi sir
dung ODA khi ma Viet Nam se nhan dugc it
vdn ODA cd dieu kien uu dai cao ma se phai
hudng tdi cac ngudn vdn vay thuong mai.
Viec huy ddng va sir dung ODA phai can eir
vao cac yeu td kinh te - xa hdi va phai danh
gia ky cac Igi ich mang lai tir viec chuyen
^ Bao Tudi tre, ngay 9/6/2010.

^ Xem ket qua bao cao nam 2009 tai www.vnci.org.

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Le Kim Sa Huy dpng eac ngudn vdn va quan ly sir dung.

giao vdn, kien thuc, cdng nghe, ky nang va
kinh nghiem quan ly tien tidn. Them vao dd,
can md rdng dien thu hudng ODA tdi khu vuc
tu nhan vi day la mdt phuang thirc tdt de bao

dam ngudn vdn ODA dugc sir dung cdng
khai, minh bach, cd hieu qua, tranh dugc that
thoat, lang phi va tham nhiing.

Thic tu. tang cudng hinh thuc huy ddng vdn 
tir ngudn vdn tu nhan. Hien nay, rit nhieu du
an cd the de khu vuc tu nhan tiep can. Tat
nhien, ddi vdi cac du an nay, viec kiem tra
tinh hieu qua de ddi hdi phai thu hdi chi phi
bang nhiing phi tdn vira phai. De cho khu vuc
tu nhan tham gia bang ddng vdn ciia hg ung
vdi riii ro nhat dinh la phuong thirc tdt nham
bao dam cac gia tri du bao doanh thu se thuc
te va nghiem tuc.

Rat nhieu co quan chirc nang dang ky vgng
trong thdi gian tdi, PPP se la phuong thudc hieu
nghiem de giai bai toan thieu vdn cho dau tu ha
tang. Tuy nhien, de md hinh PPP thanh cdng,
phai cd nhung khung phap ly dii rdng. Chinh vi
vay, Viet Nam can phai nhanh chdng xay dimg
hanh lang phap ly de dam bao cho PPP hoat
dgng hieu qua. Mat khac, nhii'ng yeu td ve thu
tuc, CO che, giai phdng mat bang... vdn liet sire
phirc tap trong cdng tac dau tu CSHT ciing la
mdt rao can khdng nhd khien cac nha dau tu lo
ngai ve mirc do riii ro ldn khi bd vdn vao PPP d
Viet Nam.

Thic ndm, ddi vdi nhung du an ma khdng the

ky vgng dugc se thu hdi chi phi va can dugc tai

trg bing ngudn ngan sach nhu dudng sa ndng
thdn va cac vimg dd thi nhd, nhung chiee cau
nhd (khdng thu phi), can thiet lap cac tieu chuan
so sanh va xay dung thanh mdt mirc do dich vu
nhit dinh va nhat quan vdi kha nang tai trg
nham giam thieu dugc lang phi do bao dam tinh
cdng bang va cac tieu chuan CSHT tdi thieu.

Thic sdu, viec ddi dat lay ha tang can phai 
dugc xem xet lai. Kinh nghiem qudc te ciing
nhu kinh nghiem thuc tien d Viet Nam chd tliay
xu hudng nhan dat re de rdi xay dung CSHT
vdi quan niem se thu hut dugc nha dau tu la kha
phd bien vdi dat cdng nghiep nhung tren thy; te
cac nha dau tu lai khdng den. Dieu dd cd nghia
la dat dai da khdng dugc khai thac het gay lang
phi dat dai va tien ciia.

Thic bdy, ddi vdi cac du an cdng mang tinh 
"dot pha" va "chien luge" nhu du an dudng
sat cao tdc thi ciing phai dua vao nhiing tinh
toan thu hdi chi phi thuc te. Kinh nghiem cua
chau Au va Nhat Ban cho thay ddi vdi nhiing
chuyen di keo dai hon 4 gid, hanh khach
mudn di bang dudng hang khdng hon. Trong
thirc te Viet Nam, kha nang thu hut dugc ddng
dao khach hang di tau cao tdc that la han che.
Ngugc lai, viec phat trien cac dudng bay gia

re se la hgp ly hon. Van de la, cac du an kieu
nay cdn mang tinh mao hiem cao hon nUa vi
chi phi thuc te khdng chi don thuan la ddng
tien chi tieu ma la sir tac nghen, thdi gian lang
phi khdng dugc giai quyet*

Tai lieu tham khao:

AECOM Consult Inc (2005): Synthesis of Public-Private Partnership Project for Roads, 
Bridges and Tunnels from Around the World, 1985 - 2004. Washington DC: United 
States Department of Transportation.

Auriol E. and O. Picard (2006): Infrastructure and Public Utilities Privatization in 
Developing Countries, World Bank Policy Research Working Paper, No. 3950 
Washington DC.

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Huy ddng cac ngudn vdn va quan ly sir dung... Le Kim Sa

3. Besant-Jones. .lohn E. (2006): Reforming Power Markets in Developing Countries: What 
have We Learned? Energy and Mining Sector Board Discussion Paper. No. 19. 
Washington D.C.

4. Dapice, D. va Nguyen Xuan Thanh (2008): Co so ha rdng, ddn s6, giao thong va nhd o 
Viet Nam: Lieu co cdn nhien lieu cho c6 mdy tang trudng. Bao cao chuyen de. Harvard 
Kenedy School, Chuang trinh giang day Kinh td Fulbright tai Viet Nam.

5. Estache A and M. Rossi (2005): Do Regulation and Chvnership Drive Efficiency of 
Electricity Distribution? Evidence from Latin America. Economic Letters 86: pp. 253 
-257.

6. Estache Antonio and M. Pinglo (2005): Are Returns to Private Infrastructure in 
Developing Countries Consistent with Risks since the Asian Crisis. .lournal of Network 
Industries 6(1).

7. Fay M. and T. Yepes (2003): Investing in Infrastructure: What is Neededft-om 2000 to 
2010? Policy Research Working Paper, No. 3102, Washington DC.

8. Gomez-Ibanez (2007): Private Infrastructure in Developing Countries: Lessons from 
Experience, Paper to the Commission on Growth and Development.

9. Hiep, Dinh Van va K. Tsunokawa (2007): Nguon von ben vung cho su phdt trien vci 
qudn ly co so hq tdng giao thong van tdi cua Viet Nam, Tap chi Giao thdng Van tai, sd 
thang 8.

10. Himg, Nguyen Son (2007): Cdc bien phdp cdi tien de tqo nguon tdi chinh cho cdc du dn 
giao thong van tdi a My vd chduAu, Tap chi Cau dudng, sd thang 5.

11. Kirkpatrich Colin, D. Parker and Y. Zhang (2006): Foreign Direct Investment in 
Infrastructure in Developing Countries: Does Regulation Make a Difference, 
Transnational Corporations, Vol. 15-, No. I. April.

12. Li, B., A. Akintoye, P. Edwards and C. Hardcastle (2005): Perceptions of Positive and 
Negative Factors Influencing the Attractiveness of PPP/PFI Procurement for 
Construction Projects in the UK, Engineering, Construction and Architectural 
Management 12/2: pp. 125-148.

13. Nellis John (2006): Privatization: A Summary Assessment, Center for Global 
Development, Working Paper, No. 87.

14. OECD (2006): Interim Report on the Role of Private Participation in Major

Infrastruclure Provision. GOV/TDPC/URB(2006), Public Governance and Territorial 
Development Directorate. OECD, Paris.

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Le Kim Sa Huy ddng cac ngudn vdn va quan ly sir dung...

15. Park H. (2006): PPI System Jn Korea and its Policy Issues. Seoul: Korea Development 
Institute.

16. Renato Reside and A. Mendoza (2010): Determinants of Outcomes of Public - Private 
Partnerships (PPP) in Infrastructure in Asia, Discussion Paper No. 2010-03. UP School 
of Economics. - - - ' - —

17. UNCTAD (2010): Promotion of Investment into Infrastructure: A Survey of Investment 
Promotion Agencies, Ocational Note.

18. UNCTAD (2008): World Investment Report 2008: Transnational Corporation and the 
• , Infrastructure Challenges, New York and Geneva.

"•'•' 19. UNDP (2007): Paying for Urban Infrastructure and Services: A Comparative Study of 
Municipal Finance in Hochiminh City, Shanghai and Jakarta, Hanoi.

20. World Bank (1994): World Development Report 1994: Infrastructure for Development, 
World Bank: Washington DC.

21. World Bank (1996): Sustainable Transport: Priorities for Policy Reform. World Bank, 
Washington DC.

22. World Bank (2002): Transport Strategy of Vietnam: Transition, Reform, and Sustainable 
Management. World Bank: Washington DC.

23. World Bank (2006): Public - Private Partnership Units: Les.sons for their Design and 
,,_, Use in Infrastructure, ^ash\ngXonX2)C.

24. World Bank (2007): A Decade of Action in Transport: An Evaluation of World Bank 
Assistance to the Transport Sector: 1995-2005, World Bank: Washington DC.

. ' I '

. : • i,,'i

< ••

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