Phát triển thị trường chứng khoán ở Việt Nam thực trạng và giải pháp

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<b>Phat trien thj trirong chung khoan a Viet Nam </b>

thut trang va giai phap

<b>ThS PHAM QUOC TUAN* - ThS NGUYEN THI KIM DOAN** </b>

D

e day nhanh qua trinh cbng nghiep hba (CNH),
Men dai hba (HDH) dat nubc, mpt trong nhiing
nhan tdtae dbng hang dau dd la cung irng vb'n
cho nen Mnh te. Thi trubng chiing khoan (TTCK) chinh
la mpt trong nhiing ngudn eung quan trpng dd. Chinh vi
vay, xay dung va phat trien TTCK la mbt mue tieu
quan trpng dupe Nha nude ta rat quan tam nham tao
dieu Men eho viee huy dpng vb'n dai han cho phat trie'n
dat nuoc.

<b>1. Tinh hinh phat trien thi truong chihig khoan </b>
<i><b>a nudc ta thoi gian qua </b></i>

Qua muoi nam phat trien thi trubng chung khoan d
Viet Nam, cd the khai quat mbt sdket qua chinh dat
dupe nhu sau:

<i>Mot Id, quy mo ciia TTCK ngdy cdng dugc md rong, </i>
<i>tao thudn lgi cho nen kinh tethu hiit vd sddung vdn mgt </i>
<i>cdch cd hieu qud han </i>

TTCK d nudc ta khi mdi ra dbi (7 - 2000), liie dau ehi
niem yet 2 ma co phieu (CP) la REE va SAM vdi gia tri
vdn hda la 444 ty ddng, nhung sau 10 nam hoat dbng,
tfnh den ngay 04-5-2010 tb'ng gia tri vb'n hba cua toan

thi trubng la 740.000 ty ddng (gan 40 ty USD), bing 38
% GDP ke hoach cila nam 2010. Sd chung khoan niem
yet va dang ky giao dich tren 2 san HOSE va HNX la 576
loai CP, 612 loai trai phieu (TP) va 4 chung chi quy.
<i>*, " Hoc vien Chinh tri - Hanh chinh khu vwc III </i>

TTCK Viet Nam Men cd 105 cbng ty chirng khoan,
46 cbng ty quan ly quy va 8 ngan hang luu ky, sd cbng
ty dai chiing da dang ky vdi IJy ban Chirng khoan
Nha nudc (SSC) nhung chua niem yet la 959. Sd lupng
tai khoan cua eae nha dau tula 879.730 tai khoan.
Sau gin 10 nam hoat dbng, theo tinh toan ehua day
du cua SSC, tdng lupng vb'n huy dbng qua TTCK dat
gan 200.000 ty ddng (khoang 10 ty USD), day la con
sdrat cd y nghia trong bdi eanh nen kinh te'nudc ta
dang trong qua trinh CNH, HDH rat can vb'n eho dau
tu phat trien.

<i>Hai Id, TTCK ngdy cdng trd thdnh kenh huy dong </i>
<i>vdn quan trgng cho cdc doanh nghiep </i>

Cd the nhan thay, sir ra dbi va phat trien eua
TTCK d nude ta trong nhiing nam qua da tao thuan
lpi cho cae doanh nghiep (DN) huy dbng vd'n dau tu
phat trien. Rat nhieu DN da tfch cue khai thae kenh
huy dbng vdn nay thbng qua viee phat hanh co phieu
va trai phieu, nha't la nhiing doanh nghiep co phan
(DNCP) da Mem yet. Nhb dd ma khbng ft DN da cd
tdc dp tang trudng vb'n dieu le (VDL) va lpi nhuan
kha cao, cb the thay rb qua bang 1.

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<b>NGHIEN CUU- TRAODOI </b>

<b>Bang 1: So von dieu le va gia tri von hoa ciia mot so doanh nghiep co phan </b>
Ten cbng tyvasd vdn

didu le khi niem y§t
CTCPCKSaiGdn(SSI)
VDL: 799 ty ddng
CTCPCNn(FPT)
Vfi L: 608 ty ddng
CTCPHAGL(HAG)
VfiL: 1.798 ty ddng
CTCP Hba Phat (HPG)
VfiL: 1.320 tydong

Nam thanh lap

2000
1999
1988
1992

Ngay niem ydt

29-10-2007
13-12-2006
11-12-2007
15-11-2007

Sd VfiL hien nay
(tydong)

3.511
1.916
2.925
2.945

Gia trj vdn hda
(ty ddng)

12.569
13.129
29.236
12.194

s d c d phieu dang
lifu hanh(trieu)

351

191,67

292
294

yet. Ne'u nhu eae DN nay chi don thuan keu gpi cae
chil sd hiiu gdp them vb'n thi chac ehan trong thbi gian
ngan DN khbng the tang nhanh vb'n dieu le dup-c nhu
vay. Nhung do cac cbng ty nay kinh doanh dat hieu

qua cao, tao dupc uy tin db'i vdi cae nha dau tu, phat
hanh bo sung CP va TP chuyen db'i thanh cbng nen da
gia tang VDL eua minh mbt each nhanh chdng.

<i>Ba Id, viec phdt trien TTCK a nudc ta da tqo thudn </i>
<i>lgi cho viec ra ddi vdphdt trien loai hinh doanh nghiep </i>
<i>cophdn </i>

DNCP la loai Mnh DN cd kha nMeu uu die'm so vdi
eae loai hinh DN khae trong nen kinh te thi trubng.
Loai hinh DN nay khbng ehi ed kha nang huy dpng
mbt lupng vb'n ldn trong mpt thbi gian ngan (ke ea vdn
trong va ngoai nude) ma nd cdn la loai hinh DN da sd
hiiu nen han che dup-c tinh trang tMe'u trach nhiem,
tinh trang tham b, tham nhung, lang phi trong DN.

Cd the ndi, uu the ldn nhat ma DNCP cd the khai
thae dup-c dd chinh la kha nang huy dbng vb'n tren
TTCK. Chinh nho kha nang nay ma cd kha nhieu
DNCP sau mpt thbi gian hoat dbng da vuon len trd
thanh nhiing tap doan Mnh te' ldn, Mnh doanh da
nganh, ed kha nang canh tranh manh me tren thuong
trubng. Dien hinh nhu Cdng ty eo phan Chiing khoan
Sai Gbn (SSI) kM thanh lap nam 2000 VDL ehi 6 ty
ddng nay da tang len de'n 3.511 ty (tang gin 600 lan).
Ngoai ra, DNCP ebn eb nhieu thuan lpi trong viee
thuc Men cae Mnh thiic mua ban, sap nhap DN (M&A),
rat phd bie'n trong nen Mnh te thi trubng. Day la Mnh
thirc giiip cae DN md rbng quy mb hoat dbng vdi ehi
phi thap, hieu qua dem lai kha cao. Viee mua ban,

sap nhap tren TTCK cua cac DNCP ed rat nhieu uru
diem: tranh dupc sir canh tranh chdng cheo lin nhau
trong hoat dbng cua cae DN, giam tMeu su lang pM ve

<i>Nguon: Tong hdp cua tdc gia tii cae tai lieu </i>

ngudn lire va khai thac dupe eae the manh cila nhau,
Dien hinh trubng hpp sap nhap giiia CTCP dbng lanh
Hiing Vuong (HVG) vdi CTCP dbng lanh An Giang
(AGF) sau khi HVG mua 51,08% ed phan tai AGF
thang 8 - 2009. HVG la DN xua't khau ea tra va ea ba
sa hang dau Viet Nam, ed thi trubng xua't khau rat
ldn, gia tri xuat khau eao nhung lai khdng dil hang de
xuat kha'u, trong khi dd CTCP AGF lai ed ngudn hang
ddi dao nhung lai tMe'u thi trubng. Sau khi sap nhap,
HVG da tan dung duoe thiet bi, nha xudng, nguon
nguyen lieu ddi dao cimg vdi ngudn nhan lire da qua
dao tao va cd nhieu Mnh nghiem cila AGF. Dieu nay
db'i vdi HVG la hieu qua hon nMeu so vdi viee dau tu
mdi mat nhieu thbi gian, lang phi cohpi Mnh doanh;
ebn AGF lai sir dung Meu qua hon ngudn nguyen heu
cila minh, thi trubng xuat khau va Mnh ngMem quan
ly cua HGV. Ket qua cho tha'y, ngay quy I nam 2010
AGF thu dupc 12 ty ddng lpi nhuan sau thue, tang gin
8 lan so vdi eiing ky nam trude.

<i>Bdn Id, gop phdn hinh thdnh mgt dgi ngU cdn bg, </i>
<i>chuyengiagidi trong linh vuc qudn ly thi truang chiing </i>
<i>khodn, qudn ly DNCP vd ddu tu chieng khodn </i>

Trong nhiing nam qua, ciing vdi sir phat trien cua
TTCK, d nuac ta da Mnh thanh mbt dpi ngii kha dbng
dao can bb quan ly, cac ehuyen gia d cae eo quan quan
ly nha nude trong linh vue chung khoan, d cac DNCP
va cac nha dau tu CK. Cd nhirng nha quan ly DN tai
ba, trong sb'hp da cd nhiing ngubi da lam eho tai san
eua DN tang len hang tram lin chi trong mpt thbi
gian ngin. Hay Mnh thanh nen nhung nha diu tu CK
gidi, nhirng Waren Buffet^ eua Viet Nam trong tuong

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lai. Chfnh hp da gdp phin quan trpng trong viec phat
trien manh me TTCK d nubc ta trong thbi gian qua,
tao dieu Men thuan lpi de cac DNCP huy dbng dup-e
cac ngudn vb'n nhan rbi eho diu tuphat trien.

<i>Ndm Id, TTCK da budc ddu thu hut dugc mgt lugng </i>
<i>ddng ke vdn ddu tugidn tiep cua nuoc ngodi </i>

Ne'u nhunam 2000, kM TTCK dnude ta ra dbi cM cd
vai ehue nha dau tu nubc ngoai dang ky md tai khoan
dau tuCK vdi sdvb'n rat nhd be tM den nay da cd khoang
14.026 tai khoan eua nha diu tunudc ngoai (gdm 1.276
tai khoan cua nha dau tuto ehiic va 12.750 tai khoan
cua nha dau tuca nhan), cMem khoang 1,5% td'ng sdtai
khoan dupc md de dau tu CK; da ed tren 10 ty USD vb'n
dau tugian tie'p (FPI) dupc thu hiit thdng qua TTCK^.
Mac dil day la sdvb'n ebn kha kMem ton so vdi tren 60 ty
USD ma chiing ta da thu hiit dupe qua diu tu true tie'p
nudc ngoai (FDI), nhung sdvb'n nay da gdp phan giiip
cho nMeu DNCP ed dieu Men mdrbng quy mb san xua't.

Men dai hda thiet bi cbng nghe va gdp phan lam tang
tfnh thanh khoan cua thi trubng.

Xet ve trung va dai han, day la kenh thu hiit vd'n
nudc ngoai quan trpng eua nen Mnh te. Khdng phii nhan
nhiing han che ma dbng vb'n nay cd the gay ra cho nen
kinh te, dd la nguy eo gay bat dn khbng cM trong linh vuc
tai chfnh, ngan hang ma ca db'i vdi nen Mnh te do dbng
vdn dau tu gian tiep mang lai. Dieu nay xuat phat tir
dac tfnh nb'i trdi eua ngudn vdn dau tu gian tie'p la su
linh hoat trong luu ehuyen vdn qub'c te'va tinh lay lan,
day ehuyen... Thbi gian qua, eae ea quan nhu Bb Ke
hoach va Dau tu, SSC, Ngan hang Nha nubc da cd nhiing
bien phap tfch cue de khai thac nhiing uu diem va han
che nhiing tae dbng tieu cue eua dbng vb'n nay nhu quy
dinh room ma cae nha dau tu nuac ngoai dup-c phep
mua ddi vdi eae DNCP trong nube, dua ra eae dieu Men
dbi vdi cac quy dau tunudc ngoai kM thoai vb'n va chuyen
tien qua cac qub'c gia khae, tang cubng du trii ngoai
hoi... CMnh vi vay ma sd vdn dau tu gian tiep mac dii
da thu hiit dupc mbt lupng dang ke nhung do cd nhiing
cM'nh sach hpp ly nen da khbng gay nen bie'n dbng ldn
choTTCKvanenMnhte.

Ben canh mdt sb ket qua da dat dupe, qua trinh
phat trie'n TTCK d nude ta eiing da bpc lb mbt sdmat
tdn tai ye'u kem nhu:

<i>Thu nhdt, dd co giai doan de cho TTCKphdt trien </i>
<i>qud nong, gdy thiet hqi cho khong it nhd ddu tu </i>

Chiing ta da chiing Men giai doan TTCK Viet Nam

phat trie'n qua ndng nam 2006 va diu nam 2007. Dd la
thbi ky TTCK nudc ta phat trien bong bdng, cM sd VN
Index tang rat nhanh va len de'n dinh eao 1.170 diem
vao ngay 29 - 02 - 2007, sau dd bi vo; gia eua tat ea eae
loai CP niem yet deu rat eao, vupt qua xa so vdi gia tri
that eua ehiing. Vao thbi ky dd, rat nhieu ngubi, trong
dd cd ca cac nha quan ly va cae nha dau tu ngb nhan va
eho rang TTCK Viet Nam dang di diing hudng. Chinh vi
vay ma cac nha quan ly d SSC va d eae san giao dich da
khbng cb nhiing bien phap ddi phd Meu qua de ngan
ehan da phat trien qua ndng, tMe'u nhiing canh bao cho
cac nha dau tu, cae cbng ty ehirng khoan (CTCK) va eae
ngan hang thuong mai. Ke't qua la khi thi trubng vo
bong bdng, cpng them nhiing tac ddng tieu cue eua cube
khung hoang tai cM'nh the gidi, cM sd VN Index tir 1.170
die'm liie xudng thap ehi cdn 234 diem (02 - 2009). Gia
eua nhieu ma cd phieu tut ddc phi ma, chang han nhu
CP eua CTCP Cdng nghe thbng tin (FPT), thbi ky hoang
Mm len den 660.000d/CP, liie giam tha'p nhat cM cbn
45.000d/CP, hay CP cua CTCP Khoang san Binh Dinh
(BMC) liie cao diem len tdi 560.000d/CP, luc giam thap
chi cbn 40.000d/CP. Ke't qua la nhieu nha dau tu da bi
tMet hai nang ne. Day la bai hpc Mnh ngMem ldn cho ea
cac can bb d cac co quan quan ly nha nude ve TTCK va
cho ca cac nha dau tu CK d nuoc ta.

<i>Thu hai, khong it cdc DNCP, CTCK vi pham cdc </i>

<i>quy dinh ciia Nhd nudc </i>

Trong thM gian qua, tinh trang vi pham Luat
Chung khoan va eae quy dinh cua Nha nubc trong linh
vue dau tu chiing khoan la kha pho bie'n vbi cac muc
dp va linh vue khae nhau. Chang han nhu nhieu cbng
ty dai ehiing tien hanh phat hanh cd pMeu nhung khbng
bao cao vdi SSC, mbt sd CTCP niem yet cbng bd ke't
qua kinh doanh lb hoac lai chenh lech rat ldn so vdi sd
lieu Mem toan^, cd CTCP da niem yet hoat dpng thua
lb nhieu nam nhung tae dbng vdi edng ty Mem toan de

<i>2. Han Tin: Lap "Id hdng"phap ly tren thj tn/dng chiing khoan, </i>
<i>www. cafef. vn, 14-4-2010. </i>

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<b>NGHIEN CUU-TRAODOI </b>
cbng bdket qua kinh doanh ed lai^; mbt sd co dbng ldn

su dung thbng tin nbi gian de true lpi eho bin than va
gia dinh^; mbt sd CTCK da chen lenh tu doanh cua
minh hay chen lenh ngubi than trubc lenh cua eae nha
diu tu khae, eho phep nha diu tu su dung cac dbn bay
tai cMnh vupt qua eae quy dinh cua Nha nubc nhu dupe
mua, ban khdng trubc kM CK ve den tai khoan cua hp,
tham cM cd CTCK tuy tien khda tai khoan cila nha dau
tuma khdng thdng bao trubc; hay mbt sd CTCK cd tinh
trang nhan vien mbi gibi tiiy tien sir dung tien, CK cua
nha diu tude Mnh doanh CKMem Ibi cho ban than^...
<i>Thuba, mgtsdcache, chinh sdch chdm dugc thay doi </i>
Mac dil Luat Chung khoan mbi thi hanh dupc 3

nam, nhung da bpc lb mpt sdhan che'nhu:

- Cae dieu Men de dupe cbng nhan la cbng ty dai
ehiing qua dd dai, din den tinh trang nhieu cbng ty
dai ehiing phat hanh CP khbng dang ky vdi SSC.

- Viee thie'u eae quy dinh ve thbi gian cae cbng ty
dai chiing phai niem yet dan de'n thi trubng phi tap
trung (OTC) ngay cang phat trien so vdi thi trudng
niem yet, day la thi trubng tiem an rat nhieu rui ro,
ehua dung nhieu nguy ea lira dao.

- Trong Luat Chirng khoan hien nay khbng quy
dinh ve viee phat hanh rieng le (phat hanh cho dudi
100 nha diu tu). Tan dung lb hdng nay, nhieu DNCP
thay vi phat hanh CP ra cbng chiing thi hp lai tie'n
hanh nhieu dpt phat hanh rieng le va phan phdi CP ra
dai chiing thbng qua viec mua di, ban lai quyen mua,
khbng dam bao lpi ich eho cac co dbng Men hiiu. De'n
diu nam 2010, Chinh phii mbi ban hanh Nghi dinh sd
01/2010/ND-CP hudng din viec chao ban rieng le.

- Do siryeu kem trong khau luu ky CK va tMet bi cbng
nghe nen thbi gian thanh toan tien va chung khoan cua
cae nha dau tuvan la T+3 ve tien ban CK va T+4 ve CK
mua ve. Dieu nay da lam giam dang ke tfnh thanh khoan
eua thi trubng va lam tang dp rui ro cho cac nha diu tu.

- Viec quy dinh cae thil tuc eho DN cd vb'n diu tu
nubc ngoai dupc niem yet trien khai ebn eham. Mac dii

Chfnh phu da ban hanh Quye't dinh 55/2009/QD-Ttg
ngay 15 - 4 - 2009 ve ty le tham gia cua nha diu tu
nubc ngoai tren TTCK, nhung thbi gian qua, nhieu
DN FDI xin dupe niem yet tren TTCK vin ehua dupe
phep vdi ly do phai chb thbng tu hudng dan. Viee eho
phep nhieu DN FDI dupe Mem yet tren san chang
nhirng lam cho DN nbi - ngoai dup-c binh dang hon, ma
eae co quan quan ly cung dd kie'm soat dbng vb'n chu

ehuyen, tang lupng vb'n hba eho thi trubng...

- Miie dp xu phat db'i vdi cac hanh vi vi pham theo
quy dinh eua Luat Chung khoan la qua nhe (tu 70
trieu ddng trd xub'ng)''. Do mue xu phat qua thap so
vdi cai lpi thu dupe khi tie'n hanh cac hanh vi thao
tiing eung ciu, liing doan gia, mua ban npi gian... nen
thie'u tinh ran de, nhieu nguM vin cb tinh vi pham.

<i>Thu tu, tinh trqng thao tiing gid, gian ldn chung </i>
<i>khodn diin ra con khd pho bien </i>

Viec day, dim gia mpt sd co phieu la do chil dfeh
cila mbt sdcbng ty ehiing khoan, chil dfeh cila mbt sd
thanh vien trong cbng ty chirng khoan hay do nhiing
nhdm nha dau tu dpc lap ben ngoai (hay cbn gpi la cac
"dpi lai"). Thbi gian qua, viee lam gia, gian lan ehung
khoan diin ra kha pho bie'n nhung ehua ed nhung bien
phap hiru hieu de ngan chan, phat Men, da gay thiet
hai nang ne eho eae nha dau tu.

<i>Dien hinh nhu trubng hpp thao tiing ehi sd HNX h </i>
san Ha Nbi trong thbi gian qua. Viee lam nay da vi
pham Khoan 4 Dieu 9 eila Luat Chiing khoan ve tao
eung cau gia va thao tiing gia, nhung nhiing vi pham
nay cham dupc xir ly va chua nghiem. Hay trubng hpp
mpt sd CO dbng ldn eua eae CTCP da niem yet dang ky
mua nhung khbng mua ma lai ban, dang ky ban nhung
khbng ban ma lai mua hoac dang ky mua, ban nhung
lai khbng thuc Men nham true lpi. Nhiing trubng hpp vi
pham tren mdi ehi bi phat vai ehue trieu ddng la ehua
nghiem khae, ehua ed tinh ran de cac db'i tupng khae.

Gin day, mbt sd co pMeu cua cae CTCP eb gia tri vdn
hda nhb, tinh thanh khoan thap (CP thupe nhom pennys
stock) thubng bi lam gia. Dieu dang ndi la ngay ca nhiing
CTCP bi thua Id keo dai, khbng ed thbng tin gi tb't nhung
gia CP van tang tran nMeu pMen lien, ehi trong mbt

<i>4. Trwdng hap cua CTCP Bdng Bach Tuyet (BBT), mac du Id 2 </i>
<i>nam lien nhung kiem toan vin bao eao iai, khi phat hien thi sold </i>
<i>cua cdng ty da chiem gin het tong tai sin eua DN, dieu nay da </i>
<i>gay biic xue Idn eho cac nha diu twnam giw CP eiia edng ty nay. </i>
<i>5. Trwdng hgp IPO a CTCP Xuat nhap khau Ha Ndi (Intimex </i>
<i>Ha Ngi). Hay mdt su viec dien ra da lau nhung gin day mdl </i>
<i>bung phat la viec rd ritin mat thdng qua viee hang ngay dwa </i>
<i>len mang danh sach tu doanh cua 40 CTCK, cdng ty quin ly </i>
<i>quy nhw bao ehi da phanh phui hoi thang 4-2010. </i>

<i>6. Chi tinh rieng nam 2009, SdGDCK HNX cho biet, qua theo </i>
<i>ddi 484 lugt giao djeh cua 280 cd' ddng Idn, ca quan nay da </i>

<i>phat hien co 155 trwdng hgp vipham ve cdng bd'thdng tin. </i>

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thbi gian ngan dupe day len vai chuc phin tram.
<i>Thu nam, tinh thanh khodn tren TTCK a nuac ta </i>
<i>cdn thdp </i>

Tfnh thanh khoan cila TTCK thap the'Men khbi lupng
CK dupc mua ban tien thi trubng chua nMeu. CM tfnh tic
dau nam den nay, gia tri giao dieh binh quan cac pMen
ciing cM dat khoang 2.300 ty ddng tren ea hai san. Tham
cM cd pMen cM dat tien 1.000 ty. 0 day ed nhiing nguyen
do cua nd, dd la mac du TTCK d nudc ta da di vao boat
dpng dupc 10 nam, nhung vin ebn rat non tie so vbi TTCK
dnMeu qub'c gia khac^, nen Mnh tenubc ta van cbn la nen
kinh te cham phat trien, thu nhap binh quan dau ngubi
thap, sd nha dau tu CK ehuyen ngMep ehua nMeu, sd
hang hda ed chat lupng cao ebn ft, tinh trang thao tiing,
liing doan gia ehua bi xir ly ngMem khae va kip thbi, thbi
gian thanh toan tien hay CK cbn cham... Tat ca nhiing
dieu nay da lam cho nMeu ngubi dan chua man ma vbi
viec bb tien ra dau tu vao ehiing khoan, nMeu nha dau tu
nudc ngoai bb vdn vao TTCK d Viet Nam.

<i><b>2. Mot so giai phap nham p h a t trien TTCK 6 </b></i>
Viet Nam

De cd the phat trie'n manh TTCK d nubc ta trong
nhiing nam tie'p theo. Men nghi mbt sdgiai phap chu
ye'u sau:

<i>Thiinhdt, hinh thdnh nhiing hdng hda cd chdt lumg </i>
<i>cao decung cdp cho TTCK </i>

De ed dupc nhiing hang hda cb chat lupng eao cung cap
cho TTCK, mbt mat nha nubc cin tie'p tuc day manh viec
cd phan hba (CPH) nhiing DN nha nudc (DNNN) khdng
can tdn tai dudi Mnh thiic DN 100% vdn nha nubc hay
hinh thiic edng ty tiach nMem hiiu han mbt thanh vien.
Viec CPH nay dupc tie'n hanh ke ea mbt soDN ldn, DN
trong cae tap doan cila Nha nubc nhu Vinaphone,
Mobiphone, Viettel, Ngan hang Dau tuphat trien, Ngan
hang Nbng ngMep va phat trien nbng thbn, Nha may
thuy dien ffoa Binh, Nha may lpe diu Dung Quit,... Mat
khae, eiing can nhanh chbng hoan tat cac thil tue de eho
phep cae DN cb vdn diu tunudc ngoai (DN FDI da chuye'n
ddi thanh CTCP) dupc mem yet tren hai san giao dieh
CK (GDCK). Cac DN nay dupe len san chang nhiing giiip
cho TTCK d Viet Nam phat tiien manh me ban ma nb
cbn tao nen subinh dang giiia DN "npi" va DN "ngoai",
ddng thbi cac co quan quan ly ciing dd dang Mem soat
dbng vdn diu tir han. Tuy nMen, viec CPH cac DNNN Ion
tranh lam d at, dd din den viec tang lupng cung CP qua
ldn tren thi tinibng, pha bang CP, lam suy giam gia CP.

<i>Thu hai, tien hdnh cdc bien phdp nhdm ldm tdng </i>
<i>tinh thanh khodn tren TTCK </i>

Lam tang tinh thanh khoan tren TTCK chang
nhiing han che bdt dupc rui ro cho eae nha dau tu, ma
nd cbn thu hiit dupe nhieu nha diu tu mdi tham gia

vao thi trubng, qua dd lam eho thi trubng phat trie'n
hieu qui va ben viing hon. De thue Men dupc dieu nay
can phai giai quye't tb't mpt sdvan de chu ye'u nhu:

- Uy ban Chirng khoan nha nubc (SSC) va eae CTCK
can sbm thuc Men viec nit ngan thbi gian mua ban chirng
khoan cho eae nha diu tu, trudc mat la nhanh chdng thuc
Men viee thanh toan T+2 eho cae nha diu tu (tien hay
ehirng khoan dupc khdp lenh mua hay ban 2 pMen sau
phai ve den tai khoan cua nha dau tu chiikhbng phai la 4
nhu Men nay) va sdm tien tdi thuc Men viee thanh toan
T+0 eho cac nha diu tu (ngMa la tien va ehung khoan ve
ngay tiong pMen giao dich). Ngoai ra, cac CTCK can riit
ngan de'n muc thap nhat thbi gian khdp hoac huy lenh
eho nha dau tu va eho phep tien hanh eae hoat dpng
mua ban ehung khoan true tuyen mpt each rbng rai (chu
khbng gidi han nhu Men tai d mbt sdCTCK).

- Can tao thuan lpi hon cho cae nha dau tu su dung
eae dbn bay tai ehinh. Khi nen Mnh te da vupt qua suy
thoai va da Mem che dupc lam phat, TTCK hdi phue va
phat trie'n tM cac ngan hang thuong mai nen manh dan
tang ty le vdn tfn dung eho cac nha dau tu chirng khoan
vay. Ben canh db, SSC va eae CTCK eiing nen eho phep
nha diu tu dupc vay CK de ban (kM CK da mua ehua ve
de'n tai khoan). Cin khuyen khfch cae cbng ty mem yet
su dung eae loai CK phai sinh nhu quyen mua co phan,
quyen chpn mua, quyen chpn ban, hpp ddng tuong lai...
de da dang hda viee mua ban eae loai CK tien thi trubng.

- Tao mbi trubng thuan lpi tiong viec thu hiit vdn cila
eae nha dau tunube ngoai. De thuc Men dupe dieu nay,
SSC can tap trung vao viee dua ra cac quy dinh Uen
quan den viec diu tuCK cua cae nha diu tunudc ngoai
nhu sdm dua ra eae quy dinh de cac DNCP ed vb'n dau tu
nubc ngoai dupe niem yet tren hai sd GDCK, manh dan
tang room^ eho cac nha diu tunudc ngoai dnhiing DN ft
cd vai trb quan trpng trong nen Mnh te (Men nay theo
quy dinh eua Nha nubc thi nha dau tu nubc ngoai ehi
dupc sdhiiu 49% CP dnhiing DN da mem yet, rieng ddi
vdi cac ngan hang eo phin tM nha dau tu nubc ngoai cM

<i>8. TTCK cua Phap da hoat ddng 465 nam, eda Anh la 445 </i>
<i>nam, cua My eung la 193 nam. </i>

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<span class='text_page_counter'>(6)</span><div class='page_container' data-page=6>

<b>NGHIEN CUU- TRAODOI </b>
dupc sb hihi 30% CP). De han che viee thoai vb'n d at d

nhung DN nay, gay bien dbng xau db'i vdi TTCK trong
nude, SSC cin dua ra cac dieu Men chat che hon trong
viee thoai vb'n va chuyen vb'n ra nudc ngoai. Chang han
quy dinh chat che ve thbi gian, sdvb'n dupe riit va ty le
vdn dup-c chuyen ra nude ngoai sau mbi dpt thoai vbn
eua cac quy dau tu eila nubc ngoai; cin cd cMnh sach uu
dai eho eae nha dau tunudc ngoai la cac co dbng chien
lupc d cac CTCP dai chiing, chang ban uu dai ve gia mua
CP, uu dai tiong viee mua trai pMeu chuyen ddi... nham
tao dieu Men cho cac DNCP khai thae dupc the manh ve
vb'n, ve cbng nghe, ve Mnh ngMem quan ly, ve thi tnrong
xuat khau eiia cac co dbng cMen lupe nay.

Ngoai ra, de thu hiit manh me vb'n diu tu nube
ngoai, nha nubc cin khuye'n khich cac DN ldn da Mem
yet d sd GDCK manh dan dang ky niem yet d TTCK
nubc ngoai. Thbi gian qua, mbt sdDNCP niem yet ldn
kinh doanh thu dupe nhieu hieu qua nhu VNM, VCB,
HAG, ACB,... dang tien hanh cac thu tuc de niem yet
tren TTCK d Singapore, Hdng Kdng, Anh... Day la each
thiie huy ddng vb'n nube ngoai rat thuan tien, qua dd
lam gia tang tinh thanh khoan eua CP va uy tfn thuong
hieu eiia nhiing DN Mnh doanh hieu qua cao dang can
vb'n cho dau tuphat trien.

- Md cac ldp dao tao, bdi dubng cac Men thuc ve Mnh
doanh ehirng khoan eho cae nha dau tu. Hien nay, phan
ldn cac nha diu tu d nude ta la nha diu tu ca nhan,
trong db hiu he't khbng qua trubng lop dao tao nao.
Chfnh vi vay hp thubng dau tu CP theo phong trao (ed
ngubi gpi la tam ly biy dan) va rat de bi tae dbng tam ly
hay dau tutheo cam ti'nh. Vi vay, eae eaquan chiic nang
nhu iiy ban ehirng khoan, cac sd giao dich chirng khoan,
cac cbng ty chiing khoan va cac ea sd dao tao nen mb cac
ldp dao tao vdi cac chuong trinh khae nhau de cac nha
dau tutham gia nang eao trinh dp Men thirc cila minh.

<i>Thie ba, ldm tdt cong tdc kiem tra, kiem sodt viec </i>
<i>cong bd thong tin vd xiily nghiem minh cdc hdnh vi vi </i>
<i>phqmtrenTTCK </i>

Cac CO quan chiic nang eua SSC va cua cae sd GDCK

cin day manh hon niia cac hoat dbng Mem tra, Mem
soat db'i vdi cac CTCP dai chiing, CTCP niem yet. Dac
biet la eae hoat dbng cbng bd thbng tin, mua ban ndi
gian hay lung doan gia. Chi ed phat Men kip thbi va
xir ly nghiem cac hanh vi vi pham nay mdi lam cho
TTCK d nudc ta hoat dbng lanh manh va giam thieu
rui ro cho cac nha diu tu. Mudn vay, SSC va ban quan

ly cua hai sd GDCK can day manh hon niia viec hpp
tac vdi CO quan quan ly TTCK ciia nudc ngoai de hpc
tap kinh nghiem, bo sung nhiing can bd cd nghiep vu
chuyen mbn gibi vao bb phan thanh tra, giam sat lam
cho eae bb phan nay boat dbng ngay mbt hieu qua han.

<i>Thutu, hodn thien khung phdp ly cho TTCK </i>
De han che de'n muc thap nhat cae hanh vi vi pham
tren TTCK, lam eho hoat dbng eua cac DNCP minh
bach hon, qua dd han che eae rui ro va tao dieu Men
ngay mpt thuan lpi hon eho cac nha dau tu CK, nha
nubc can sdm siia db'i Luat Chung khoan va cac van ban
hen quan den cac boat dbng dau tu CK nhu eho phep cac
nha dau tu CK dup-c md tren mbt tai khoan tai CTCK.
Can quy dinh chat che hon eae hanh vi vi pham ve cbng
bd thbng tin, ve mua ban nbi gian, ve liing doan gia, ve
thao tiing thi trubng, ve phat hanh CP d eae cbng ty dai
chiing. Tang muc dp xu phat db'i vdi nhiing hanh vi vi
pham va tich thu sung cbng toan bp nhiing khoan lpi
thu dupe khi thuc Men cac hanh vi vi pham nay.

<i>Thii ndm, hi$n dai hoa he thdng ket cdu hq tdng ky </i>

<i>thudt cho TTCK </i>

Nha nudc can dau tu mbt each thda dang hon cho
viec nang cap va Men dai hda he thd'ng ke't eau ha tang
tren TTCK, nha't la cac tMet bi phan ciing va phan
mem khdp lenh eua cac sd GDCK va trung tam luu ky
CK de dam bao viec giao dich diin ra an toan va thdng
sudt trong mpi tinh hub'ng. De dam bao lpi ich va giam
de'n miic thap nhat rui ro eho cae nha dau tu khi tien
hanh sir dung mang de giao dieh, ben canh cac CTCK,
trung tam luu ky CK phai sbm trie'n khai cbng nghe,
thiet bi de cap nhat kip thbi mpi hoat ddng giao dich
eua tat ca cac nha dau tu. Cac CTCK can day manh viec
ling dung cbng nghe Men dai de tiong thbi gian ngan cac
nha dau tu deu cd the tie'n hanh giao dich true tuyen
trong qua trinh mua ban CK cua minh. ,

<i>Tai lieu tham khio: </i>

<i>1. Q.'Sdn: Vd'n hoa TTCK dat 45% GDP, Bao Dau twehiing </i>
<i>khoan ngay7-5-2010. </i>

<i>2. Bui Huy Hoan: Nang cap, hoan thien TTCK Viet Nam, Bdo </i>
<i>Sal Gdn giii phdng ngay 19-7- 2010. </i>

<i>3. Hoang Liem: TTCK Viet Nam - cung ed'phap ly, nang chat </i>
<i>lugng hang, Bao Sal Gdn giii phong ngay 21 -7-2010. </i>
<i>4. B.S: Huy dgng vd'n qua thj trwdng chiing khoan dat hdn </i>
<i>45.500tyd6ng, Bao Dautu chiing khoan ngay 24-11 -2010. </i>
<i>5. TS Ho Cdng Hudng: TTCK Viet Nam, 10 nam nhin lai, Bao </i>

<i>Dau tuehUngkhoan ngay29-11-2010. </i>

<i>6. HUu Hoe: Khd xii ly hinh Sli tgl pham chUng khoan, vi sao?, </i>
<i>Bao Dau tu chUng khoan ngay 20-11-2010. </i>

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