Thị trường chứng khoáng Việt Nam năm 2010 kênh huy động vốn quan trọng của doanh nghiệp

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<b>H|T,RiraNGCHl/N </b>

<i><b>y\ij NAM NAM 201.1 </b></i>

Kenh huy dong von quan trong cua doanh nghiep

<i>I S . NGUYEN SON - (ly ban Chiing khoan Nha nude </i>

<i>Kinh te Viet Nam bUdc vdo ndm 2010 vdi nhieu thdch thdc khi cdc gdi kich thich kinh te'md </i>
<i>Chinh phu dp dung trong ndm 2009 hit hieu lUc. Cdc doanh nghiep gap khd khi ho trp Idi sudt </i>
<i>vd Uu ddi mien, gidm, gidn thue het hiiu lUc... Trong bdi cdnh do, nhieu doanh nghiep dd tim </i>
<i>den kinh huy dpng vdn quan trpng Id TTCK. </i>

<b>Boi canh kinh te qud'c te va trong nUdc </b>

Nam 2010, kinh td the gidi, dac biet la kinh td My va
cac qud'c gia chau A da cd su hdi phuc dang ke. TTCK
toan ciu cd su hdi phuc nhanh, tuy nhien, van dd khung
hoang np chau Au do nhimg b i t dn trong tham hut
ngan sach \-a su yeu kem ciia he thdng cac ngan hang d
mdt so qudc gia Trung Au (Hy Lap, Tay Ban Nha) da
lam day len lo ngai \'e cudc khiing hoing kep da khidn
kinh td toan ciu va cac TTCK tren thd gidi didn bidn
phuc tap. Thi trudng tidn te the gidi vdi ndi lo vd mdt
cudc "chien tidn te" \ a o cudi nam khi ddng USD mat
gia kha nhanh \"a su len gia cua mdt sd ddng tien chii
<i>chdt khac (ddng Yen Nhat va ddng Nhan dan te cua </i>
Trung Qudc), ciing nhu nhiing bidn dpng tren thi
trudng vang thd gidi da lam cho thi trudng tai chinh
toan ciu nam 2010 khdng thuc su "yen i".

Trong bdi cinh dd, kinh td Viet Nam nam 2010 cung
cd nhidu thach thiic khi cac gdi kich thich kinh td ma
Chinh phu ap dung trong nam 2009 bet hieu luc. Cac
doanli nghiep phai timg budc tidp can \'di cac ddng \'d'n
theo quan he cung ciu \-dn ciia thi trudng, "bau siia"
hd trp lai suit \-a uu dai midn, giam, gian thudhdt hieu

luc da dat ra cho doanh nghiep nhieu khd khan khi gia
ci nguyen lieu tang nhanh, lam phat tang trudng tid lai,
lai suit ngan hang len cao... Ben canh dd, nhiing yeu
kem trong quan ly tai chinh ciia cac tap doan nha nudc
d i n bdc Id ma khdi d i u la vu " d i m " tau Vinashin, vdn
dupc xem la "bieu tupng" ciia md hinh tap doan nha
nudc da nang ciia Viet Nam, ciing lam day len lo ngai
tiong cdng ddng cac nha d i u tu trong nudc va qudc te.
Dil gap nhieu khd khan, song vdi su nd luc dieu
hanh ciia Chinh phii va ca nen kinh td, cac chi tieu kinh
td tiong nam 2010 vin dat miic dat ra: tang trudng GDP
(dat 6,78°o); kim ngach xuat nhau khau dat miic tang
trudng kha. Tuy nhien, ben canh dd, nhieu chi tieu kinh
td khac chua dupc nhu mong mudn nhu lai suit ngan
hang tang cao (14-17%), chi sd gia tieu dimg (CPI) tang
manh (11,75% so vdi miic dat ra ciia Chinh phii 7%) da
day len lo ngai bimg phat lam phat trang nam 2010 lam
cho ty gia VND/USD bidn ddng manh, gay khd khan
cho khu \-uc doanh nghiep va ndn kinh te.

<b>Dien bien cua TTCK Viet Nam nam 2 0 1 0 </b>

TTCK Viet Nam nam 2010 khdng cd nhidu bien

<b>BI^N DONG C H I SO V N - I N D E X VA HNX-INDEX N A M 2010 (DIEM) </b>

\.

<b>Thang 2 </b>

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<i>tMCHim-thang 1/201 </i>
<i>^ </i>

ddng Idn nhu nam 2009: chi sd gia cd phieu VN-Index
<i>ngay 31/12/2010 la 484,66 diem, giam 2% so nam 2009. </i>
Tdng gia tri vd'n hda thi trudng ciia 623 cdng ty niem
yet ti-en cac sd giao dich chiing khoan (SGDCK) la
650.150 ty VND (trong do HOSE la 523.933 ty VND;
HNX la 121.217 ty VND), chiem 39,56% GDP nam 2009
va du kien khoing 37% GDP nam 2010. Mac dii sd
lupng cdng ty niem yet gia tang dang ke (623 cdng ty
so vdi 455 cdng ty ciia nam 2009) nhung miic vd'n hda
thi ti-udng tang khdng dang ke (39,56% so \'di 38% GDP
nam 2009).

Dil sd lupng cac trung gian tai chinh khdng gia tang
(105 cdng ty chiing khoan; 47 cdng ty quin ly quy)
nhung sd lupng tai khoan giao dich chiing khoan ciia
nha diu tu tang dang ke (1.031.000 tai khoan, tang 126%
so vdi 793.000 tai khoan nam 2009). Trong dd, sd lupng
tai khoan nha d i u tu nudc ngoai khoang 15.000 tai
khoan va gdp phin dang ke trong giao dich dan dat thi
trudng, dac biet la cac thang cud'i nam khi lupng mua

rdng ciia nha d i u tu kha Idn (khoing 15.000 ty VND)
va keo dai qua nhidu phien giao dich tren TTCK.

<b>Kenh huy dong von cua doanh nghiep </b>

Nam 2010 la nam cd chi sd lam phat tang nhanh, keo
theo dd lai suit huy ddng va lai suit cho vay cua ngan
hang thuang mai tang kha cao (khoing tii 14-19%).
Dieu nay khien cho khu vuc doanh nghiep rat khd tiep
can dupc ngudn vd'n vay ngan hang. Mat khac, viec
tang cudng kiem soat ve he sd an toan tai chinh ddi vdi
cac ngan hang thuang mai tir NHNN thdng qua cac
Thdng tu 13/2010/TT-NHNN va Thdng tu
19/2010/TT-NHNN khidn cho he sd sii dung vdn ciing
nhu kha nang cap tin dung ciia ngan hang ddi \'di nen
kinh td ciing nhu khu vuc TTCK bi giim sut dang ke.
Ngoai ra, viec tang vdn ciia cac ngan hang thuong mai
de dap ling yeu ciu miic vd'n phap dinh la 3.000 ty
VND theo Nghi dinh 141/2006/ND-CP cung dat ra
nhiem vu cho cac doanh nghiep ndi chung va cac ngan
hang la phai tim kiem ngudn vdn thdng qua TTCK.

Tir ap luc ciia viec cit giam ngudn hd trp lai suit uu
dai trong nam 2009, cac doanh nghiep cdn khd khan
hon khi he thdng ngan hang siet chat cap tin dung, dac
biet la tin dung bat ddng sin va cho vay d i u tu chiing
khoan, kiem soat va thu hdi cac khoan d i u tu tai chinh
vuot qua gidi ban an toan, lam cho tdng mirc du np tin
dung toan nen kinh te xudng tha'p (khoang 19%) so vdi
tdng miic du np tin dung nam 2009 la 37%. Muc tieu

kiem soat tang trudng tin dung toan he thdng la 25%
ddng nghia vcVi \'iec ban che cap vdn vay ngan hang cho
nen kinh te va khu vuc doanh nghiep khidn cac doanh
nghiep phai tu can dd'i ngudn vdn thdng qua TTCK.
Ngoai ra, vdi ap luc lai suit vay qua cao, cac doanh
nghiep sin xuat kinh doanh khd dap ling miic loi suit
diu tu cao de can ddi chi phi \'d'n va lai kinh doanh, do

Mot goc Sd giao djch Chiimg khoan TP. Ho Chi Minh

vay huy ddng vdn thdng qua phat hanh cd phidu de
dap ling vdn kinh doanh se la each lam tdt nhat vi
<i>khdng bi ap luc vd lai suit cao (chi tri cd tiic cho c6 </i>
ddng neu doanh nghiep lam an cd lai).

Vdi cac ap luc tim kiem ngudn \'dn ndi tren nen dii
nam 2010 nen kinh td cd nhieu khd khan nhung viec
huy dpng vdn cua cac doanh nghiep qua TTCK lai cd
miic tang trudng dang ke. Tdng miic huy ddng vdn qua
TTCK trong nam 2010 (diu gia cd phin hda; phat hanh
tang vd'n; phat hanh tiai phieu) khoang 110.000 ty VND,
tang gin 3 lan so vdi muc huy ddng ciia ci nam 2009 la
39.000 ddng va nam 2008 la 27.000 ty VND (nam 2007,
do TTCK tang trudng manh nen ky luc huy ddng vdn
qua TTCK dat 127.000 ty VND).

<b>Danh gia chung </b>

Vupt qua nhung khd khan, thach thiic trong giai
doan "hau suy giam kinh td", vdi cac chinh sach dieu

chinh hop ly tir Chinh phu \'a cac ca quan hiiu quan,
TTCK Viet Nam dupc giii vung, dan di vao dn dinh va
timg budc phat trien phii hop vdi su dn dinh kinh te vi
md. TTCK Viet Nam timg budc dupc hoan thien theo
cau triic hpp ly, bao gdm: khu vuc niem ydt cd phieu
quy md vdn Idn (HOSE), khu vuc doanh nghiep quy md
viia va nhd (HNX), khu vuc cdng ty dai chung chua
niem yet (Upcom), khu \'uc giao dich trai phieu CP
chuyen biet (HNX). He thdng giao dich timg budc dupc
hoan thien, vdi viec dua vao giao dich be thdng giao
dich true tuydn tai HOSE va HNX ciing nhu khu vuc
Upcom da cho phep gia tang nhanh khdi lupng giao
dich va giam thieu cac riii ro, sai sdt trong qua trinh
nhap lenh tai san giao dich. Ben canh dd, de timg budc
thu hep thi trudng tu do va dua cac boat ddng giao dich
tu phat (thdng qua cac "san" giao dich tai cac td chiic
phat hanh va cdng ty chung khoan) vao quy dao quin
ly, Uy ban Chiing khoan Nha nudc (UBCKNN) da day
manh viec kiem tra, giam sat viec lap cac san giao dich
tu phat tai cac cdng ty chiing khoan, chin chinh viec lap
cac san vang va san giao dich chi sd ciia mdt sd cdng ty
chiing khoan.

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Ben cann c:*, . ,->; • \ e r a o " ciia cac cdng tv
chirno-k h o a n chirno-khi cho chirno-khach n a n g sii d u n g cac " d d n bay tai
c h i n h " (cho vay ky quy; cho ban chiing khoan trudc
nga\' T+3; cho \ a y c h u n g khoan de ban...) cung duoc
c h i n chinh \-a cham dirt. UBCKNX da phdi hc)p \ d i co
quan didu tra de xem xet \ a xii ly cac trudng h p p thao
tiing gia cd phidu tren thi trudng. Trong p h a m \ i xii Iv

h a n h chinh, budc d i u L T B C K N N da xii phat nghiem ddi
<i>\-di cac vu thao tiing gia c6 phidu VTV va AAA, phdi </i>
hpp vdi CO quan an ninh dieu tra de khdi td hinh su ddi
\ d i vu \ i e c thao tiing gia cd phidu D\T), DHT.

<b>Giai phap phat trien on djnh, ben vuTng TTCK </b>

Kinh td thd gidi da qua giai d o a n khd k h a n n h a t
d i n h , tuv nhien cac veu td tidm an \'an cdn kha Idn.
Nhiing thach thiic dat ra cho bdi canh kinh t d n a m 2011
\'a thi t r u d n g tai chinh la khd ludng. Vdi Viet N a m ,
trudc n h u n g tac d d n g cua kinh td the gidi, kiiil-i td trong
nudc ben canh n h i i n g t h u a n Ipi nhat dinh v i n cdn
nhieu khd khan, thach thiic Idn. Cac chi tieu kinh t d \ i
md trong n a m 2010 vd ca ban tao tien dd cho su p h a t

Nam 2010 danh dau chang dudng 10 nam cua TTCK Viet
Nam. Thj trudng da co nhUng phat trien vUOt bac, vUOt xa
ke hoach ban dau ve quy mo vdn hoa. TTCK da trd thanh
kenh huy dpng vdn cho DN vdi hang tram ngan ty dong.
Nam 2010, thi trudng dat ky luc len san niem yet: them 81
CO phieu tren HOSE, 110 cd phieu niem yet tren HNX va 82 co
phieu dang ky giao dich tren UPCoM. Nam 2010 cung la
nam ky luc cua DN huy dong vdn qua TTCK vdi tdng gia trj
huy ddng vdn len tdi 110.000 ty VND, tang 3 lan so vdi nam
2009 va tang 4 lan so vdi nam 2008...

^ hda
a, dia
lao ban

dich tren

trien ciia n a m 2011, tuy nhien van de chi sd gia tieu
diing tang cao, chi sd d i u tu ICO cao ddi hdi p h i i cd
cac giai p h a p de kiem soat muc tang trudng tin d u n g ;
kidm soat lam phat \-a xem xet lai hieu qua d i u t u toan
xa hdi.

N h i m muc tieu phat tridn dn dinh, ben \'iing ciia
TTCK trong nam 2011 va chuan bi cac dieu kien cho su
<i>phuc hdi va tang trudng trong giai doan tiep theo, cac </i>
giai p h a p phat tridn TTCK trong n a m 2011 c i n tap
trung:

(i) H o a n thien kl-iung p h a p ly, the chd, chinh sach
cho thi trudng thdng qua \ i e c ban h a n h cac Nghi dinh,
Thdng til h u d n g d i n thi h a n h Luat Chirng khoan sua
ddi, bd sung \-iia dupc Qudc hdi thdng qua. H o a n thien
\ a trii-ili Tlru tuong Chinh phii Chien lupc phat tridn thi
ti-udng 2011-2020; De an quan ly vd'n dau tir gian tidp...
Timg budc dua \ a o ap d i m g cac s i n p h i m mdi cua thi
trudng (nha d i u tu dupc md nhidu tai khoan; m u a ban
chiing khoan trong ngay giao dich; ban chiing khoan
ngay T+2; giao dich ky quv.. .1 iil-iim gia tang tinh thanh

khoan ciia thi trudng.

(ii) Tang cudng cdng tac quan ly, phat trie"'
thi trudng: Tidp tuc phdi h p p \ d i cac bo .
p h u o n g d e g i n cdng tac cd p h i n hda ^

chiing khoan ra cdng chiing \'a d u a vao -.

thi t r u d n g cd td chiic; Tang c u d n g gian-. sat, kiem tra,
q u i n ly chat che viec chao ban chirng k h o a n ra cdng
chiing va \-iec sii d u n g vd'n h u v d d n g cua cac td chiic
p h a t hanh.

(iii) Thuc hien cdng tac quan Iv, p h a t trien cac dinh
chd t r u n g gian h o a t d d n g tren thi t r u d n g : Tridn khai
\-iec thuc hien cac tieu chi an toan tai chiiih trong cac
<i>cdng tv chirng k h o a n , co chd xii ly riii ro trong cac td </i>
chiic kinlt d o a n h chirng k h o a n ; T a n g c u d n g cdng tac
q u i n ly, giam sat cac dinh chd t r u n g gian, van phdng
dai dien nudc ngoai; Trien khai cac n g h i e p \-u mdi nhu
repo, margin, ban c h u n g khoan nga\' T-i- va cac nghiep
\-u giao dich p h a i sinh n h a m tang tinh t h a n h khoan
nl-iimg phai d a m bao kha n a n g q u a n Iv, giam sat chat
che \"a an toan cho thi t r u d n g

(i\-) Timg b u d c trien khai tai c i u true TTCK Viet
N a m thdng qua \ i e c h o a n thien he t h d n g cac tl"u trudng
niem ydt; Thi trudng giao dich cd phidu dai c h u n g chua
n i e m ydt (Upcom); Thi t r u d n g trai phidu Chinh phii
chuyen biet. H o a n thien \'iec n a n g cap he thdng cdng
n g h e t h d n g tin ciia SGDCK \'a TTLKCK n h i m tang
cudng giam sat cac boat d d n g giao dich tren thi trudng.

(v) Tang c u d n g q u i n ly, g i a m sat boat d d n g thi
<i>trudng, xay d u n g q u y trinh t h a n h tra ve cdng bd thdng </i>
tin ciia cac td chiic t h a m gia TTCK; Thuc hien cdng tac

kidm tra d i n h ky va bat t h u d n g dd'i vdi SGDCK,
<i>TTLKCK va cac thaiih vien thi t r u d n g ; Tang cudng </i>
p h a n cap, liy quydn cdng tac giam sat, kiem tra thanh
vien dd'i vdi SGDCK va TTLKCK.

(vi) Tang c u d n g cdng tac dao tao, nghien cuu khoa
hpc, thdng tin tuyen truyen; Phdi h p p vdi cac ca quan
thdng t i n , bao chi dd tuyen truyen, p h d cap kidn thuc
<i>vk chiing k h o a n \-a TTCK \'a qua dd tuyen truyen cac </i>
<i>chinh sach chii t r u o n g ve q u a n ly thi trudng, xii ly va </i>
cdng b d cac tin d d n tren thi trudng; H o a n thien cdng tac
td chiic thi sat hach h a n h nghd, c a chd cap c h u n g chi
h a n h nghd, he t h d n g n g a n h a n g dd thi theo thdng le
qud'c td.

(vii) T a n g c u d n g vai trd ciia H i e p hdi kinh doanh
chiing khoan, Hdi kiem toan vien hanJi n g h e , Hiep hdi
cac nha d a u t u tai chinh, Cau lac bd cdng ty niem ydt,
Cau lac bd cdng t\' quan ly quy d i u t u vd: N a n g cao dao
<i>due nghe nghiep ciia cac thanh \ i e n the ^ yj^^ ^^y </i>
<i>d u n g , p h d bidn va giam sat cac quy t i c A^^ hanh </i>
nghd; Phdi h p p vdi ca quan quan ly th\

chat lupng cdng bd thdng tin ciia cac t
h p p vdi cac thanh vien dd xay d u n g , bai
sat cac cac quy trinh npi bd ve kiem soa,
tri riii ro, cac quy trinh nghiep \ u .

iam sat
n; Phdi

giam

l u a n

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