VIET NAM
TU- DO HOA TAI K H O A N V 6 N C O A VIET NAM
TRONG B 6 | C A N H HQI NHAP
Nguyen Cam Nhung*
TOM TAT
Trong mdy thgp ky qua, tang trudng kinh ti cua Viet Nam chU yiu dua vdo tang trudng vdn ddu lu. Trong boi cdnh hgi nhdp kinh ti khu vuc vd todn cdu. Viet Nam buoc phdi lu do hoa va md cua thi trudng trong nudc theo cam ket WTO va AEC, trong do co cd nghTa vu phai tu do hoa lai khodn von. Bdi viit de cap din cdc cam kit lir do hoa tdi khodn von ciia Viet Nam khi hgi nhdp khu vuc vd todn cdu, nhiing biin phdp vd budc di trong lu do hoa tdi khodn von, ddnh gid muc dg tu do hoa tdi chinh hien nay cua Viet Nam. Kit qud nghiin cieu cho thdy Viet Nam hiin nay vdn rdt than trgng vd co dp md tdi chinh hgn che de trdnh nhirng riii ro tic moi trudng ben ngodi mang lgi
1. Nhimg cam ket tur do hoa tai khoan von cua Vift Nam khi hpi nhdp khu virc va toan cau
LL Tir do hda tai khodn von cua Viet Nam trong khuon khd WTO
Tu do hda tdi chinh trong khudn khd WTO Id vifc cac nudc thanh vifin thuc hifn vific md cua cdc dich vu tai chinh cua minh.
Ndi each khdc, cdc nudc thdnh vien phai cam kit ndi Idng din nhiing han chl vl tilp cgn thj trudng ciing nhu ddi xii qudc gia ddi vdi vifc cung cap cac djch vy tai chinh dugc lift ke thdng qua bdn phuang thiic: 1) Cung cip qua bifin gidi; 2) Tifiu thy djch vy d nudc ngodi dudi hinh thiic ngudi tieu dimg di chuyfin dfin ldnh thd ctia nha cung cip; 3) Hifn difn thuang mai; 4) Hifn difn thi ' Tien sT, Truimg D^i hpc Kinh t^, Dai hpc Qu6c gia Hi Nfi
nhan. Mdt khi bdn cam ket cu the cua mdt nudc dugc WTO thdng qua, nudc dd phdi thuc hien diing theo ndi dung vd Id trinh ma minh da cam kit. Ty do hda tai chinh trong khudn khd WTO Id ndi ldng han chfi ve quyen tiep can thi trudng cua cdc bfin tham gia tim kiem Icri ich. Tuy nhien, cac cam kfit ciia mdi nudc thdnh vien khdng chi ddnh cho mdt nudc rieng le ndo dd, ma nd danh cho tat cd cdc nudc thanh vien khdc cua WTO.
WTO khdng bat bugc cdc nudc thdnh vifin cua minh phdi cam kfit md cua hodn toan thj trudng tdi chinh. Cam kfit trong nhiing ITnh vuc ndo, miic do vd lg trinh thuc hifn ra sao Id cdn tiiy thudc vao difiu kien kinh tl cua timg qudc gia tren ca sd thuang Iugng vdi cdc thdnh vien khdc. Mdi qudc gia, trong qua trinh ddm phdn, phdi ty dilu chinh khung phap chl ciing nhu ty tien hanh nhiing cai td cin thilt trong hf thdng tdi chinh cua minh
Tgp chi nghiin cu-u CHAU PHI & TRUNG DONG SO 12(124) thang 12/2015
Ty do hda tai khoan von.. Nguyen Cam Nhung
de phii hgp vdi thdng If qudc tl, dap iing yeu ciu ciia cac thdnh vien trong WTO.
Trong WTO, Viet Nam da cam kit md ciia lien quan din djch vu thanh todn, kinh doanh ngogi hdi, lai suit... nhung khdng cam ket vfi thdi han hoat ddng cua cac td chiic tin dyng. Theo phap lugt Vift Nam hifn hanh, thdi hgn hogt ddng tdi da cua cac td chiic tin dyng dugc quy dinh nhu sau:
Doi vdi ngan hang Iifin doanh, ngan hdng 100% vdn nudc ngodi: khdng qua 99 nam;
- Ddi vdi chi nhdnh cua ngan hdng nudc ngodi: khdng vugt qua thdi hgn hogt ddng cua ngan hang me vd khdng qua 99 nam;
- Doi vdi vdn phdng dai difin ciia ngan hang nudc ngoai: khdng vugt qud thdi hgn hogt dpng cua ngdn hang me;
Cdng ty tdi chinh lien doanh, cdng ty tai chinh 100% vdn nudc ngodi, cdng ty cho thue tai chinh lifin doanh va cdng ty cho thufi tai chinh 100% vdn nudc ngodi: khdng vugt qud thdi hgn hogt dpng 50 nam.
Thdi hgn hoat dgng cu the dugc quy djnh trong giay phep dugc cap vd cd the dugc gia han theo yfiu cau (thai hgn gia hgn khdng vugt qua thdi han hoat dgng trudc dd dugc quy djnh trong giay phep).
Ve ngoai hdi, Vift Nam cam kfit nhu sau:
- Giao dich vang Iai: dd bd tat cd cdc bifn phdp kilm sodt.
- Giao djch vdn: ndi long cac giao djch chuyfin vdn ciia cac nhd dau tu nudc ngoai va vifc vay nudc ngoai ciia cdc td chiic cu tni;
- Qudn Iy ngogi hdi: chi dugc dp dyng trong nhiing trudng hgp ngogi If, do chinh phu quylt dinh, dk duy tri an ninh tdi chinh
va tifin tf qudc gia phii hgp vdi dilu If cua Quy Tifin tf Qudc tfi;
v l cdn ddi ngogi tf: Chinh phu cam kit bdo ddm can ddi nhu ciu ngogi tf cho cac nhd diu tu nudc ngodi diu tu vao cdc du an d§c bift quan trpng trong cac chuang trinh ciia Chinh phu va hd trg cdn ddi ngoai tf cho cdc du an ca sd hg ting va mdt sd dy an quan trgng khac trong trudng hgp cdc ngan hang dugc phep giao djch ngoai hdi khdng thfi ddp iing dugc tat ca cdc yeu ciu vl ngogi tf.
L2. Tlf do hda tdi khoan von cua Viet Nam trong khudn kho AEC
Dfi ddm bao vgn hanh thdng sudt thj trudng chung, cdc nudc thugc Cdng ddng kinh tl ASEAN (AEC) da xdy dyng Id trinh hdi nhgp tdi chinh gdm: ty do hda djch vy tai chinh, ty do hda tdi khodn vdn vd phdt triln thj trudng vdn, xay dung hf thing thanh todn chung. Dfi tdng cudng hdi nhgp vd phat trifin thi trudng vdn ASEAN, cho ph^p di chuyin vdn mgnh han giiia cac thdnh vien trong ASEAN, AEC Blueprint (2008) dd vgch ra ke hogch chi tiet nham tao thuan Igi cho hf thdng tai chinh khu vuc hoat dpng tdt hem, vdi dac tnmg chfi dp tai khoan vdn ty do han va thi trudng vdn gdn ket vdi nhau hem.
(Bang 1).
Ddi vdi tu do hda tdi khoan von, dieu kifn tien quyfit cho giup cho vifc t\i do hda tai khoan vdn trong AEC dat hieu qua la (i) dat dugc hdi hda hem trong tieu chudn ve thi trudng vdn trong AEC; (ii) tao difiu kifn thda thuan cdng nhgn Ian nhau hoac thoa thugn thira nhgn ve bdng cap, ddo tgo vd kinh nghifm cua cac chuyfin gia thj tnrdng vdn;
dgt dugc su linh hogt hem trong ngdn ngii vd cac yeu cau luat phap vfi phat hanh chiing
Tgp chi nghiin curu CHAU PHI & TRUNG DONG SO 12(124) thang 12/2015 47
Nguyen Cam Nhung Tu' do hria tai khoan von..
khoan; va (iii) too thuan lgi lien kSt thj ASEAN, bao g6m ca cac ho?t dpng huy tmong np va ngoai hoi trong khu vuc dpng v6n qua bien gioi.
Bang 1: Khuon kho hfi nhap t^i chinh ASEAN Noi dung
hfi nhap Tu do hda dich vu tdi chinh (FSL).
Tu do hoa tdi khodn vdn (CAL).
Phdt triln thi trudng vdn (CMD).
Hf thong thanh todn (PSS).
MIJIC tieu Cung cap nen tang dfi dam phan vfi djch vu tdi chinh trong AFAS.
Hudng din cac thdnh vien thuc hifn tu do hoa tdi khodn vdn vd dgt dugc ddng vdn tu do hon.
Phdt triln thi trudng vdn khu vyc, hgi nhgp thi trudng chiing khoan ASEAN.
Tao dieu kifn phdt trien cdc moi lifin kit cua lmh vuc tdi chinh cua cac nudc thdnh vien ASEAN.
Tien trinh trien khai
- Goi cam kit thii sdu dang dugc dam phdn bao gom cdc djch vu bdo hilm va cd lien quan den bao hiem, dich vy ngdn hang vd tdi chinh khac.
- Vi tu do hoa ngan hang khdng cd nhilu tien trien, hifn cdc nudc dang no Iuc tim ra mgt khudn khd chung dl cho phep cdc ngdn hang dgt chuin ASEAN
dugc phep hogt dgng. | - Ddnh gid lan nhau tren nguyfin tic ty do hoa dau tu [
true tilp nudc ngoai (FDI) vd danh muc dau tu hodn thdnh.
- Thilt Igp mdt khudn khd chung cho ty do hda tai khodn vdn.
- Thifit ke cdc ke hogch chi tiet tung moc thdi gian cho cdc thdnh vifin.
- Lien kit giao djch ASEAN ket ndi giao djch chiing khodn cua Malaysia, Singapore vd Thai Lan.
- Tap trung phat trifin thj trudng trdi phieu vd hd trg cac nudc CLMV trong vifc phat triln thj trudng vdn.
- Ap dung cdc tieu chuan chung de phdt trien hieu qud tdi chinh xuyen bifin gidi.
- Cdi thifn mdi trudng ca sd hgting vd cdc khoan | thanh todn hifn hdnh.
- Khai thac cac tiiy chpn cua hf thdng thanh todn vd giai quylt cdc moi lifin kit trong ASEAN.
Ngudn: Tdc gid suu tdm vd tong hgp.
Do cd su khac bift ve trinh dp phat triln giiia cdc nudc ASEAN trong Iinh vuc tdi chinh, miic dp md cua tdi khoan vdn ciing nhu nhGng bdt dn ma nfin kinh tfi co the gap phdi khi ty do hda tai khodn vdn nen Id trinh ty do hda tdi khoan vdn trong AEC ciing quy dinh tuong ty trong khudn khd hpi nhap WTO, ty do hda ddng vdn hon niia vin cin ddm bdo thyc hifn theo cac nguyen tic sau day: (i) Ddm bdo tu do hda tdi khoan von cd trdt ty phu hgp vdi chuong trinh nghj su ciia mdi quoc gia vd su sdn sdng cua cac nin
kinh tfi cdc nudc thdnh vifin; (ii) Phai thuc hifn cac giam sat ve khd ndng mit dn djnh kinh tfi VI md tiem tdng ciing nhu nhCing nii ro he thdng cd the xudt hifn trong qua trinh tu do hda; vd (iii) Dam bao vifc chia se lgi ich tii ty do hda tai khodn vdn giiia cdc nudc ASEAN.
AEC Blueprint (2008) ciing chi ro tiln trinh triln khai dl dat myc tieu ty do hda tdi khodn vdn trong AEC gdm (i) Ddnh gia Idn nhau tren nguyfin tdc ty do hda diu tu tryc tilp nudc ngodi (FDI) vd danh myc diu tu
Tgp chi nghien cdru CHAU PHI & TRUNC D6NC S6 12(124) thdng 12/2015
Tu' do hoa tai khoan von... Nguyen Cam Nhung
hoan thanh; (ii) ThiSt Ijp mpt khuon kho chung cho tu do hoa tai khoan v6n; va (iii) ThiSt kS cSc ki hoach chi tiSt timg mic thai gian cho cac thanh vien. Chinh vi vay, AEC Blueprint (2008) da thiJt k6 Ip trinh cu thi la djn h6t nam 2015 cin tu do hoa cac luu chuySn danh muc dSu tu va dSn hSt nam 2020 sS tvr do hoa cac dong luu chuyen vay va cho vay.
Viet Nam da cam kSt thuc hien theo dung 16 trinh chimg ve tu do hoa lim chuyen danh muc diu tu, djch vu thanh toan va chuyen tiSn, cam ket cung cap dich •vu bao lanh tren thi tniong v6n.
2. Thyc hifn chinh sach tu- do hoa tai Idioan v6n ciia Viet Nam
2.1. Llnh vifc dau ttr true Hep nu&c ngodi
Ngay sau khi doi moi, Luat Dau tu nuoc ngoii da dupc thong qua vao thang 12 nam 1987 v4 ddy dupc coi la mpt budc di diu tien trong chinh sach thu hut von dau tu nuoc ngoai t?i Viet Nam. Ki tir do cho din nay, FDI luon dupc t?o diSu kien uu dai t6t nhit va dupc coi la mot ngu6n luc rit quan trpng ben canh ngu6n von trong nuoc de thuc day tang truong kinh ti. Trong 10 nam qua, cimg voi tiin trinh hpi nhap kinh te quoc te, chinh phli da din tao lap moi trucmg binh ding giu'a c^c doanh nghiep trong nuoc va doanh nghifp diu tu nudc ngoai thong qua cac quy dinh phap ly. Ben canh do, Viet Nam cQng tao thuan lpi cho cac doanh nghiep co co hpi diu tu trvc tiip ra nudc ngoai. Cy thi, Luat Diu tu dupc Quic hpi khoa XI, Ky hpp thii 8, thSng qua ngay 29/11/2005, co hifu lire tCr ngay 01/07/2006, thay thi Luat Diu tu nuoc ngoai nam 1987 va Lujt Khuyin khich diu tu trong nudc nam 1998 la mpt budc tiin
quan trpng trong vifc tao ra mpt moi trudng dau tu tu do, thong thoang, thuan lpi va canh tranh hon tai Vift Nam. Cac nha dau tu dupc chuyen von va tai san ve nudc sau khi da thuc hifn day dii nghia vu tai chinh theo luat va tai san dupc chuyen doi theo miic ty gia t^ ngan hang do nha dau tu lua chpn. Tuy nhien, thii tuc chuyen von phai theo quy dinh ve quan ly ngoai hoi cua Ngan hang Nha nudc (NHNN) l^i la mpt rao can nhat dinh doi vdi nha dau tu.
Do vay, ngay 26/11/2014 Quic hpi Vift Nam da thong qua Luat Dau tu 2014 va Luat Doanh nghiep 2014 vdi tinh than md hpn, pham vi dieu chinh ro rang hon so vdi Luat Diu tu nam 2005. Lujt Diu tu 2014 da tach ndi dung dang ky kinh doanh cua doanh nghiep ra khdi giay chiing nhan dang ky diu tu, chi dieu chinh cac du an dau tu, con vifc thanh lap doanh nghiep do Luat Doanh nghifp diiu chinh. Ngoai ra, trudc day tit ca cac dy an diu tu cd von nudc ngoii dii chi la 1% von dieu le cung phai xin giay chiing nhan dau tu. Tuy nhien, vdi Luat Dau tu 2014 chi nhirng d\r an ma nha dau tu nudc ngoai nim giO tir 51% v6n diiu If mdi phai xin giiy chiing nhjn dang ky diu tu. Cac du an CO vin FDI khac dupc ddi \it nhu du an trong nudc, khong cin xin giiy chimg nhan dang ky diu tu.
* Vdn ddu tu trifC tiep ra nu&c ngodi Chinh phu quan tam tdi vifc tao thuan loi cho dong vin diu tu true tiip ra nudc ngoai.
Diiu nay da dupc thi Men d Chuang VIII, Diiu 74 din 79 t?i Luat Diu tu 2005, Nghi djnh 78/2006/ND-CP ngay 09/8/2006 cua Chinh phu, Quyit dmh 236/QD-Trg ngay 20/02/2009 cua Thli tudng phe duyft De an
"Thiic diy diu tu cua Viet Nam ra nudc
Tgp chl nghien ciru CHAU PHI & TRDNG DONG SO 12(124) thing 12/2015 49
Nguyen Cam Nhung T.i-Hnhna far khoan vdn-_i
ngodi", va Quyfit dinh 1175/2007/QD-BKH ngay 10/10/2007 ciia Bo Ke hoach vd Ddu tu vfi mau cdc vdn bdn thuc hifin thu tyc ddu tu true tifip ra nudc ngoai vd mot sd van ban cua Ngan hang Nha nudc Vift Nam vd cac Bo ngdnh hiiu quan vfi quan Iy ngoai hdi vd cac van dfi lifin quan den ddu tu tryc tifip ra nudc ngodi. Tuy nhifin, tai Nghi dinh 78/2006/ND-CP thi vdn diu tu true tilp ra nudc ngoai khdng cd quy djnh cu thfi vfi ddng Vift Nam duac sii dyng dem ra nudc ngodi diu tu. Nghi dinh mdi hudng dan Luat Dau tu 2014 quy dinh vdn dau tu true tifip ra nudc ngodi bao gdm ca tien Ddng Viet Nam phd hgfp vdi phdp ludt ve qudn Iy ngoai hdi cua Vift Nam.
Cd the ndi, Vift Nam da rat tich cyc trong vifc thiic day tu do hoa ddng vdn ddu tu true tiep nudc ngodi vdo Viet Nam ciing nhu vdn diu tu tryc tiep cua Vift Nam ra nudc ngodi;
nghifim tuc thyc hien cac cam kfit thdng qua vifc rd sodt vd dieu chinh Iai hf thdng van ban ludt cung nhu nd Iuc trong cdi each mdi trudng kinh doanh trong nudc nhim tao thudn Igi cho nhd dau tu trong vd ngoai nudc.
2,2. LTnh vut dau tir gidn tiep nwdc ngodi Chifim ty trong Idn trong ddu tu danh myc tai Vift Nam Id cac ddng vdn ddu tu vao thi trudng chiing khoan (TTCK) Vift Nam.
TTCK chinh thiic di vdo hoat ddng tir nam 2000 vdi su hinh thdnh cua sdn giao dich chdng khodn TP Hd Chi Minh ngdy 20/7/2000 vd sau dd Id sdn giao djch chiing khoan Ha Ndi ngdy 8/3/2005. Tuy nhifin, trong giai doan 2000-2005, quy md thi trudng cdn nhd, tdng sd cdc cdng ty nifim yfit chi Id 44 cdng ty tinh din cudi ndm 2005 vdi tdng gid tri nifim yit Id 4,94 nghin ty ddng.
Khi dd, vdn hda thi trudng chi dat khoang
1% GDP vd sy tham gia ciia cdc nhd dau tu nudc ngoai Id vd ciing h ^ chfi. Nhdm phat triln thi tnidng vdn, giiip khai thdng ddng vdn tdt ban, giiip thanh khodn thi trudng tang Ien va cd budc chuin bi cho hdi nhap tai chinh trong tucmg lai, Viet Nam da ban hanh Luat Chiing khodn duac Qudc hdi thdng qua ngdy 23/6/2006 va da cd hifiu lyc tu ngdy 01/01/2007. Tifip sau dd, Nghj dinh sd 58/2012/ND-CP ngdy 20/7/2012 cua Chinh phu quy dinh chi tilt vd hudng din thi hdnh mdt sd difiu cua Ludt Chiing khodn vd Lugt sua ddi bd sung mdt sd difiu cua Ludt Chiing khoan. Din ngdy 12 thdng 3 nam 2014, Ngan hang Nha nudc Vift Nam da ban hdnh Thdng hi sd 05/2014/TT-NHNN hudng ddn vifc vifc md vd su dyng tdi khodn vdn ddu tu gian tilp dl thyc hifn hoat ddng diu tu gian tilp nudc ngodi tai Viet Nam. Thdng tu ndy cd hieu lyc thi hanh tii ngdy 28 thdng 4 ndm 2014, thay thfi Thdng tu sfi 03/2004/TT-NHNN ngay 25/5/2004 ciia Ngdn hdng Nha nudc hudng ddn vl quan ly ngogi hdi ddi vdi vifc gdp vdn mua cd phan ciia nha dau tu nudc ngodi trong cdc doanh nghiep Vift Nam.
Ve nguyfin tdc, moi boat ddng diu tu gian tiep cua nha dau tu nudc ngodi tai Vift Nam phdi dugc thuc hifn bdng ddng Vift Nam.
Hoat ddng diu tu gian tifip tgi Viet Nam cua nhd dau tu nudc ngoai bao gdm cdc hinh thiic sau day:
(1) Gdp von, mua, bdn cd phin, phin vdn gdp trong doanh nghifp Vift Nam chua nifim yfit, chua dang ky giao dich trfin thi trudng chiing khodn Vift Nam va khdng tryc tilp tham gia qudn Iy, dieu hdnh doanh nghifip.
(2) Gdp von, mua, bdn cd phin trong doanh nghiep Vift Nam trfin thi trudng dang
50 Tgp chingltien cdu CHAU PIN & TRUNG DONG SO 12(124) thang 12/2015
Ty do hoa tat khoan von... Nguyen Cam Nhung
ky giao dich (UPCOM) va thi trudng chiing khodn nifim yIt vd khdng tryc tilp tham gia quan Iy, dilu hanh doanh nghifp.
(3) Mua, ban trdi philu vd cac Ioai chiing khodn khdc tren thj trudng chiing khoan Vift Nam.
(4) Mua ban cdc giay td cd gid khdc bdng ddng Vift Nam do ngudi cu tni la td chiic dugc phep phdt hdnh tren Ianh thd Vift Nam.
(5) Uy thdc dau tu bang ddng Vift Nam thdng qua cdng ty qudn Iy quy, cdng ty chiing khodn vd cac td chiic dugc ph^p thuc hien nghifp vy iiy thdc ddu tu theo cdc quy dinh cua phdp luat vfi chiing khodn; iiy thdc diu tu bing ddng Vift Nam thdng qua td chuc tin dung vd chi nhanh ngan hang nudc ngoai dugc ph6p thuc hifn nghifp vu iiy thdc dau tu theo quy djnh ciia Ngan hang Nha nudc.
(6) Gop vdn, chuyfin nhugng vdn gdp cua nhd ddu tu nudc ngodi (khdng true tilp tham gia qudn ly) trong cac quy diu tu chumg khoan vd cong ty qudn ly quy theo quy djnh cua phap ludt ve chiing khodn.
Cac giao dich lien quan den boat ddng dau tu gidn tilp nudc ngoai tai Vift Nam cua nha diu tu nudc ngoai phai dugc thuc hifn thdng qua mdt tdi khoan vdn dau tu gidn tiep md tgi mft ngdn hdng dugc phep (ngan hang thuang mai va chi nhanh ngdn hang nudc ngodi dugc phep kinh doanh va hogt dgng cung ling dich vu ngoai hdi theo quy dinh cua phdp lugt). Sd du trfin tai khodn vdn dau tu gian tiep cua nha ddu tu nudc ngoai khdng dugc chuyfin sang tien gOri cd ky hgn vd tiln giii tilt kifm tgi td chuc tin dyng, chi nhdnh ngdn hang nudc ngodi.
Nhan thiic ro dugc ngudn vdn diu tu gidn tilp nudc ngodi ngay cang gi& vai trd quan trgng, cd tac ddng kich thich thi tnidng tai chinh phdt triln theo hudng ndng cao hifu qud hogt ddng, md rgng quy md vd tdng tinh minh bgch, cai thifn chit Iugng qudn tri doanh nghifp nfin trong nam 2015, chinh phli da ban hanh Nghj dinh 60/2015/ND-CP va Thdng tu sd 123/2015/TT-BTC hudng ddn hogt ddng dau tunudc ngodi trfin thj trudng chiing khoan Vift Nam, thay thi Thdng tu sd 2I3/2012/TT-BTC ngdy 06/12/2012 ciia Bd Tai chinh hudng dan hogt ddng cua nhd dau tu nudc ngodi trfin thi trudng chiing khodn Vift Nam. Theo do, tir ngdy 1/9/2015, Nghi dinh 60/2015/ND-CP quy dinh chi tifit vd hudng dan thi hdnh mot sd difiu cua Ludt Chiing khoan vd Lugt siia ddi, bd sung mgt sd difiu ciia Lugt Chiing khodn chinh thiic cd hifu Iuc. Mgt trong nhiing ngi dung quan trpng ciia Nghi djnh mdi la ndi room (ty If sd huu) cho nhd dau tu nudc ngodi tham gia thi trudng chiing khodn Vift Nam, room cho cac nhd cung ling dich vu chiing khoan nudc ngodi dugc phep thdnh lap vdn phdng dgi difn vd sd hOu 100% vfin dilu If cua td chiic kinh doanh chiing khoan se dugc ndi 100% thay vi 49%
nhu trudc dd, cdn vdi cdc ngan hang tdi da la 30% nhu cii vdi Id trinh than trgng. Miic 30% la phii hgp vdi cam kit md rgng thi trudng ciia Vift Nam theo lg trinh gia nhap WTO. Tuy nhien, ndi room cho cac nhd diu tu nudc ngodi sg la xu hudng khdng the tranh khdi trong tuong Iai gan. Theo cam kfit trong AEC, cdc nudc se phdi md cua tit ca cac ngdnh dich vu (trong dd cd djch vu ngdn hang) vd nha diu tu trong khdi cd the tham gia tdi miic 70% vdn tuy thugc vdo miic dp sdn sang cua timg nudc thanh vien.
Tgp chi nghien curu CHAU PHI & TRUNG DONG SO 12(124) thang 12/2015
Nguyen Cam Nhung Tu'do hoa tai khoan von..
Von ddu tugidn tiip ra nirdc ngodi Thuc te, nudc ta mdi dang d giai dogn diu ciia qud trinh ty do hda tdi khodn vdn, chinh phli vdn chu truong kilm sodt chat ddi vdi vdn diu tu gidn tifip ra nudc ngodi ban so vdi vdn diu tu gidn tilp vao Vift Nam. Vifc ddu tu gidn tiep ra nudc ngodi van cdn dugc qudn Iy rdt chat che vd than trgng vi trong bdi canh kinh tfi ciia Vift Nam hifn nay, nfin kinh te phdt trifin chua thyc sy dn djnh vd ben viing, dy trii ngoai hoi cdn mdng, vdn ngogi tf van thieu phyc vy nhu cau phat trien kinh tl trong nudc. Chinh vi vgy, hifn nay NHNN van dang lay y kien vfi dy thdo Nghi dinh quy dinh chi tilt boat ddng ddu tu ra nudc ngodi dudl hinh thiic mua, ban chiing khodn, cdc giay td cd gid khdc hogc ddu tu thdng qua quy ddu tu chiing khodn, cdc dinh chl tdi chinh trung gian khac d nudc ngoai.
Sy than trpng nay nhim tranh tdc ddng gay xao trdn thi trudng ngogi hoi, dnh hudng tifiu cyc dfin dieu hanh chinh sdch tien tf, chinh sach ty gid, tranh tac dpng bat lgi len can can thanh toan qudc te va cdn doi kinh te vi md ndi chung. Ben canh dd, vifc thyc hifin chinh sdch qudn Iy chdt chfi hogt dgng dau tu gidn tiep cdn nhdm myc dich bdo vf nhd ddu tu, gidm thifiu nii ro kinh doanh khi ddu tu vdo cac ITnh vyc nhieu bien dgng vd khd kilm sodt trfin thi trudng tai chinh qufic tl.
2.3. LTnh v^c vay ngf nirdc ngodi Ngodi cdc khodn vay dugc chinh phu bdo Ianh, cdc khodn vay ciia doanh nghifp khdng dugc chinh phii bdo Idnh cin quan ly chat che nhdm hgn che nii ro do djch chuyen vdn ngdn hgn, hgn che nh|lp khdu nhiing hang hda khdng thyc sy can thiet cho nen kinh te, cdi thifn can cdn thanh todn. Chinh phii qudn ly vay nudc ngodi ty vay, ty trd trong khudn
khd qudn Iy ng nudc ngoai ciia qudc gia, bdo ddm an todn ng trong gidi hgn dugc cip co thim quyln phfi duyft vd bao dam an ninh tdi chinh qudc gia. Ngdy 25/12/2013, chinh phu dd ban hdnh Nghi dinh sd 219/2013/ND- CP vl qudn Iy vay, tra ng nudc ngodi ciia doanh nghifp khdng dugc chinh phu bdo Idnh vd trach nhiem ciia cdc ca quan trong vifc qudn ly boat dgng vay, trd ng nudc ngodi cua doanh nghifp khdng dugc chinh phli bao Ianh. Cy thi, cac khodn vay nudc ngoai ty vay, ty trd cua doanh nghifp dudi hinh thiic phdt hdnh trai phifiu qudc te, phat hanh cdc cong cu ng ddi vdi ddi tugng Id ngudi khdng cu tni phai tuan thii quy djnh tai Nghi djnh nay, quy dinh cda phap luat vfi phdt hdnh trdi phifiu quoc tfi, vfi quan Iy ngogi hdi va cdc quy dinh khdc ciia phdp luat cd lien quan. Bfin di vay khi thyc hifn vay, tra ng nudc ngodi phai tuan thii cac difiu kifin vay, tra ng nudc ngodi; thyc hifn ddng k^
khodn vay, md vd sit dyng tdi khoan, nit vdn vd chuyin tien ng, bdo cao tinh hinh thyc hifn khodn vay theo quy dinh ciia Ngan hang Nhd nudc Vift Nam. Ngan hdng Nhd nudc Vift Nam xac nhgn dang ky khoan vay trong ban miic vay thuang mgi nudc ngodi do Thu tudng Chinh phu phe duyft hang ndm.
Nghi djnh ndy da cd hieu lyc thi hdnh kl tir ngdy 15/2/2014 va bai bd Nghi dinh sl 134/2005/ND-CP ngdy 1/11/2005 cua chinh phii ban hdnh Quy chl qudn ly vay, trd ng nudc ngodi. Ngdy 31/3/2014, NHNN da ban hdnh Thdng tu sd 12/2014/TT-NHNN quy dinh vl dilu kien vay nudc ngoai ciia doanh nghifp khdng dugc Chinh phii bdo ldnh co hifu lyc tir ngay 15/5/2014, bdi bd cdc quy dinh tai Chuong II Thdng tu 09/2004/TT- NHNN ngdy 21 thdng 12 ndm 2004 cua Ngan hang Nhd nudc hudng dan vifc vay,
Tgp chi nghiin cvcu CHAU PHI & TRUNG D6NG SO 12(124) thdng 12/2015
Tlf do hda tai khoan von... Nguyen Cam Nhung
trd ng nudc ngoai cua doanh nghifp. Theo Thdng tu mdi nay, cdc ngi dung da cy thfi ban vfi timg difiu kifn vay ngdn ban, trung ban vd ddi ban nudc ngodi ddi vdi Bfin di vay Id td chiic tin dung, chi nhdnh ngan hdng nudc ngodi vd doi vdi Ben di vay khdng phai Id td chiic tin dung, chi nhanh ngan hdng nudc ngoai.
Cdng tac quan I^ vay, tra ng nudc ngodi Id mdt trong nhiing chinh sach qudn ly ngoai hdi rit quan trpng vd da dugc cy thfi hda trong cac van ban phdp luat vl ngogi hdi. Theo Nghi djnh vd Thdng tu mdi hifn nay, hogt ddng vay, tra ng nudc ngoai dugc thyc hifn theo nguyfin tdc ca ban Id cdc ddi tugng di vay ty vay, tu chiu trach nhifm trd ng vd sii dung vdn vay diing muc dich hgp phap.
Chinh sach quan ly nhd nudc ddi vdi vay, trd ng nudc ngodi da dugc dinh hudng theo mdt chien lugc ro rang han, nhdm muc tieu vay ng bfin viing va dn djnh kinh tl. Mpi khodn vay nudc ngodi trung vd dai hgn ciia ddi tugng Id ngudi cu tni la td chuc kinh tfi, td chiic tin dung deu phai thyc hifn viec dang ky khoan vay vd bdo cao djnh ky tinh hinh nit vdn vd trd ng vdi NHNN. Mgi hogt ddng nit vdn vd tra ng deu phai thyc hifn qua mdt tdi khodn von chuyen diing de thdng nhat qudn Iy. Vifc phan cap quan Iy vay va tra ng nudc ngodi cho cac Ngdn hang Nhd nudc chi nhdnh tinh, thanh phd vira giiip gidm tdi hogt ddng quan Iy cua co quan trung uong, vira dam bao kha ndng theo doi cua co quan quan Iy ddi vdi hoat dpng nit vdn, vay vd trd ng cdc khodn vay nudc ngodi. Ddng thdi, ng nudc ngodi cdn dugc dilu hdnh vT md thdng qua viec xay dyng vd dilu hanh tdng hgn muc vay vdn nudc ngodi hang ndm phii hgp vdi chinh sdch va dilu kien kinh tl vT md cua timg giai dogn.
ciing nhu cac chien lugc quan Iy ng ngin, trung vd dai ban.
2.4. LTnh virc qudn ly ngogi hdi Cimg vdi qua trinh hdi nhap sdu vao nin kinh tl thi gidi, chiing ta da chip thuan dilu khoan VIII cua IMF (IMF Article VIII) kl tir 18/10/2005, theo do, chap nhgn ty do hda ddi vdi giao djch vang Iai, khdng dp dat cac han chl hay rang budc ddi vdi cac khoan thanh todn hay chuyfin nhugng tir cac giao dich qudc tl vdng lai vd khdng phan bift ddi xu lien quan din cac Iogi ddng tiln khdc nhau, ngogi tni su cho phep ciia IMF. Trong nhiing nam gdn ddy, NHNN dd chu ddng tang cudng cdng tdc quan Iy ngoai hdi nhim dam bdo dn djnh thi trudng, tang quy md dy tru ngoai hdi, thu hiit ngoai tf tir cac ngudn nhu kilu hdi, diu tu tryc tifip nudc ngoai va ddu tu gidn tiep nudc ngoai thdng qua viec ban hanh cdc van ban phdp ly, dac bifit trong giai doan 2013 - 2015 cac van ban dugc ban hanh da cd hudng dan cy the han ve ty do hda ddi vdi giao djch vang Iai, chuyfin tifin mpt chieu. Cu the, ngdy 18/3/2013, chinh phu dd ban hanh Phap Ifnh sua ddi, bd sung mpt so dieu ciia Phap Ifnh Ngogi hdi dugc ban hdnh ngay 13/12/2005. Ngdy 26/12/2013, NHNN da ban hanh Thdng tu sd 32/2013/TT-NHNN hudng ddn thyc hien quy dinh hgn chfi sii dyng ngogi hdi tren Ianh thd Vift Nam ciing vdi cac bifn phap khdc dfi ban chfi sir dyng ngogi tf trong nudc da cd nhiing tac dfing tich cyc gdp phan ngan chdn dang ke tinh trang do la hda trong nudc, tang nifim tin ciia ngudi dan vdo tien Ddng Vift Nam, ban che nhiing tdc ddng tifiu cyc den cung - cau ngoai tf vd chinh sdch ty gia, tiln tf trong nudc.
Ddi vdi viec qudn Iy dy trii ngoai hdi nhd nudc, Nghj dinh s6 50/2014/ND-CP dugc ban
Tgp chi nghien ciru CHAU PHI & TRUNG DONG S6 12(124) thang 12/2015 53
Nguyen Cam Nhung Tu" do hoa tai khoan von..
hanh ngdy 20/5/2014 da tgo ca sd phap ly cho vifc tap ming ngogi tf vao NHNN dl cai thifn quy md dy trii ngoai hdi, dong thdi NHNN chii ddng hon Uong dilu hanh vd ddu tu du trii ngoai hdi nha nudc, gdp phan nang cao hifu qua diu tu dy trii ngoai hdi.
Nghj djnh sd 70/2014/ND-CP ban hdnh ngdy 17/7/2014 da cd hifu Iuc tir ngay 5/9/2014, hudng ddn thi hdnh mpt sd difiu ciia Phdp Ifnh Ngoai hdi siia ddi, tgo dieu kifn thudn lgi vd bao dam Igi ich hpp phdp cho td chiic, ca nhan tham gia boat dpng ngogi hdi, phii hgp vdi yeu cau thuc tien, gdp phdn thiic day phat trifin kinh te. Nghi dinh nay da Idm rd hem vfi ty do hda giao djch vang Iai, ngudi cu tni cd ngudn thu ngogi te tir xuat khdu hdng hod, dich vu hoac tir cac ngudn thu vang Iai khdc d nudc ngoai phdi chuyen vdo tai khodn ngogi tf md tgi td chuc tin dyng dugc phep tgi Vift Nam phii hgp vdi thdi han thanh toan cua hgp ddng bode cdc chiing tir thanh todn, trir mdt sd trudng hgp dugc NHNN Vift Nam xem xet cho phep giii Iai mgt phan hogc todn bd ngudn thu ngoai tf d nudc ngoai. Dac biet, mgi giao dich thanh todn vd chuyen tifin Iifin quan dfin xuat khdu, nhdp khdu hang boa, djch vy phdi thyc hifn bang hinh thiic chuyfin khodn thdng qua td chiic tin dyng dugc phep. Ben canh do, ngudi cu tni Id cdng dan Vift Nam dugc su dung ngogi tf tifin mat dfi gui tifit kifm ngoai te tai td chiic tin dyng dugc phep, dugc nit tien gdc, Iai bang ddng tifin da giii.
Nghj dinh 70/2014/ND-CP ciing quy djnh rd, ty gid hdi dodi ciia ddng Vift Nam dugc hinh thdnh tren ca sd cung cdu ngoai te trfin thj trudng cd sy difiu tifit ciia nhd nudc.
NHNN thyc hien difiu tiet ty gid hdi doai thdng qua vifc su dyng cdc cdng cy cua chinh sach tien tf va thuc hifn phucmg an
can thifp trfin thi tnidng ngoai tf. Che dp ty gid hdi doai cua ddng Vift Nam la che dp ty gid thd ndi cd quan Iy do NNHNN xdc djnh trfin ca sd rd tifin tf cua cdc nudc cd quan hf thuong mai, vay, tra ng, diu tu vdi Vift Nam phu hgp vdi myc tieu kinh tl vT md trong timg thdi ky. Tgi Vift nam, Vu Chinh sdch Tien tf thudc NHNN dang xay dyng ke hogch dua ddng Euro vdo rd tien te gdm 3 ddng tien chu chdt Id USD, Yfin Nhat vd Euro de xdc djnh ty gid hdi doai cua VND can cu vao ty trgng nhgp khdu, vay ng nudc ngoai va dy trii ngogi tf bdng cdc ddng tien nay. Che dp ty gid hdi dodi tren co sd rd tien tf se hd trg tich cyc cho vifc phdng tranh nil ro do bifin dgng ty gid vd hgn che sy If thudc qua Idn vao USD cua nen kinh tfi - tai chinh Vift Nam.
Ngdy 17/10/2014, chinh phii ban hanh Nghj djnh sd 96/2014/ND-CP quy djnh xu phgt hanh chinh trong ITnh vyc tien te va ngdn hang (thay thi Nghj djnh 202/2004/ND-CP vd Nghj dinh 95/2011/ND-CP), trong dd bd sung tuong ddi diy du cac hanh vi vi phgm quy dinh vl boat dpng ngogi hdi va boat dpng kinh doanh vdng.
Nhu vdy, cd the ndi, hifn nay vdn bdn phap 1^ cao nhit dilu chinh hogt ddng ngoai hdi la Phap Ifnh Ngogi hdi 2005 vd Phdp Ifnh Ngogi hdi siia ddi, bd sung ban hanh nam 2013. Cac van ban nhu Nghj djnh vd Thdng tu hudng din budc diu da tao ca sd phap Iy vd nang cao hifu qud trong hoat ddng qudn Iy ngoai hdi, hgn che sii dyng ngoai tf tren Ianh thd Vift Nam. Tuy nhifin, nhieu ngi dung lien quan dfin ngogi hfii da dugc quy dinh tai cdc van ban phap ly cao hem nhu Ludt Qudn Iy ng cdng vd Luat Ngdn sach Nhd nudc dan den bit cap v | hifu lyc thyc thi chinh sdch vd quy dinh vl qudn Iy
54 Tgp chi nghien ciru CHAU PHI & TRUNG DONG SO 12(124) thang 12/2015
TU do hoa tai khnan von.. Nguyen Cam Nhung
ngo?i hdi. Trong xu hudng hoi nhap trong giai d o ^ tdi, nham dam bao tinh nhat quan va dn dinh lau dai cin tidp tuc hoan thien Ichung phap ly vg quan ly ngoai hdi.
3. Mot vai danh gia vi do md tai chinh cua Vift Nam
De do ludng do md tai chinh, cac bd chi s6 thudng dupc dung la Chinn-Ito Index. Chi so Chinn-Ito (KAOPEN) la mot chi sd do ludng muc do md tai khoan von ciia mot fflnh 1: Chi so KAOPEN cua Viet
qudc gia. KAOPEN duac dua tren cac bidn gia nhi phan ma he thdng hda cac bang ve cac han che giao dich tai chinh xuyen bien gidi dugc bao cao trong Bao cao thudng nien cua IMF, vi chi do ty gia, kiSm sat tai khoan vang lai va tai khoan vdn cung nhu cac kiem soat cac dong vdn khac. KAOPEN duoc chuin hda tir 0-1, gia trj cang cao phan anh nSn kinh ti md cua hon ddi vdi cac dong vdn va tai chinh qudc te.
Nam va cac nu-dc trong ASEAN-H3
1 - ^ . , ; ^ ^
^
1 ^ ^ S ^
CTl O Cl o
— Nh^tBan
— Hin Quoc
— Singapore
O l O O O O O O O O O O
" O O O O O O O O O O Ol O --I
-Myanmar -Lao -Thailand
-Campuchia •
— Malaysia -Viel Nam
-Indonesia -Philippincse -Trung Quoc
Ngudn: The website of the Chinn andllo Index (http://web.pdx.edu/~ito/Chinn-Ilo_website.htm) vdn chu chuyen vdn qudc tfi da dugc ndi Thyc tfi, ngay tii khi md ciia nen kinh te,
Vift Nam da bit diu cd nhimg ndi Idng kilm sodt chu chuyin vdn qudc tl tii ndm 1993 vdi chi sd KAOPEN tai miic 0,163, vd miic nay dugc duy tri dfin ndm 1995 rdi tang Ifin 0,224 din nam 2000. Sau do, chi sd KAOPEN Igi hg xudng 0,163 vd duy tri den ndm 2007, Dilu dd phdn dnh nin kinh tl vdn chua ty do hda tai khodn v6n va Viet Nam vdn kilm soat chat chu chuyin ddng vdn.
Tuy nhifin, sau khi Vift Nam gia nhap WTO va gdi dam phdn thii 5 trong hdi nhdp tai chinh cua AEC cd hifu lyc, Vift Nam da tich cyc thyc hien cac cam kit md cua theo dung Ip trinh, cac bifn phdp kilm soat ddng
Idng hon qua vific siia ddi bd sung cac vdn ban phdp ly nen chi sd KAOPEN da tang Ien 0,409 vd duy tri d mire dd den nay.
Viet Nam van cdn tucmg ddi than trgng trong qua trinh md cira vd ty do hda tdi khoan vdn. Hien nay, Viet Nam van duy tri mpt sd kilm sodt nhat dinh ddi vdi cdc ddng vdn, cy the la: (1) Cac giao dich chuyfin vdn ra nudc ngodi de ddu tu cua cdc doanh nghifp trong nudc van phai dugc cac ca quan cd thim quyen cho phep va trong phgm vi sd ngogi tf thudc sd hihi ciia doanh nghifp; (2) Cac giao djch thanh toan va hodn tra cdc khodn vay
Tgp chi nghiin citu CHAD PHI & TRUNG DONG SO 12(124) thang 12/2015
i
Nguyen Cam Nhung TU do hoa tai khoan von^
nudc ngoai ciia cac td chiic trong nudc van phai ddng ky vdi NHNN; (3) Cac hoat ddng vay ng nudc ngoai cua khu vuc tu nhdn vdn bj kilm sodt chat.
chinh, hogc nhirng ylu to khach quan khac.
Do vay, dfi ty do hda tdi khodn vdn mgt each bin viing, rat can Idnh mgnh hda hf thdng tai chinh ngan hdng, tilp tyc phdt trien thj trudng tdi chinh trong nudc. Cung vdi do, Vift Nam rit cin quylt lift thyc hien vdi Id trinh phii hgp trong qud trinh md cda can can thanh toan qudc tl, ddc bift tdi khoan vdn;
tdng cudng he thdng giam sdt; dp dyng cac chudn muc, thdng If tdt cua qudc te... Do dd, viec tdi cau tnic hf thdng tdi chinh ngan hang quylt lift theo hudng ddp img dugc cac yfiu cau vfi hgi nhgp la rat quan trpng. B6 ciing la yfiu cau tat yfiu dfi phat trifin thj trudng tdi chinh cdn ddi ban, gidm bdt gdnh nang cung nhu su phy thupc cua thj trudng vdn len he thdng ngan hang.
Vfi nguyen tdc, khi hdi nhdp sau vdo khu vuc va todn ciu, ty do hda tdi khodn vdn d Viet Nam Id rdt can thilt. Bdi khi ty do hda tai khoan vdn, cd sy hifn difin cua cdc dinh che tdi chinh nudc ngoai tgi Vift Nam thi bao gid cung mang Igi mat tich cue Id canh tranh. Ciing vdi do Id ca hpi hpc hdi ve ky nang, cdng nghf, qudn trj..., ngudi tieu dimg djch vy tai chinh se dugc tiep can dfi ddng vdi sdn pham cd chat Iupng va gid ca cgnh tranh hem. Tuy nhien, rui ro tii ty do hda tdi khoan von rat ldn, ddc bifit d nhiing nudc cd nhiing yfiu kem ndi tgi ciia hf thdng tdi
Tai lieu tham khao
1. Chinn, M.D., and H. Ito. 2008. "A New Measure of Financial Openness," Journal of Comparative Policy Analysis, Voi. 10, pp. 309-22.
2. Demirguc-Kunt, A., & Levine, R. (1999). Bank-based and market-based financial systems: Cross- country comparisons. World Bank Policy Research working paper No. 2143.
3. Klein, M., &Olivei, G. 2000. Capital Account Liberalization, Financial Depth, and Economic Growth. Klein, M., &Olivei, G. (2005). Capital Account Liberalization, Financial Depth, and Economic Growlk^BEK Working Paper No. 7384
4. Kose and Prasad. 2004. "Liberalization Capital,"
https://www.imfor^extemal/pubs/ft/fandd/2004/09/pdf/basics.pdf.
5. Prasad, E., Rogoff, K., Wei, S., Kose, M., 2004. Financial Globalization, Growth and Volatility in Developing Countries. NBER Working Paper no. 10942.
6. Peter Blair Henry. 2006. Capital Account Liberalization: Theory, Evidence, and Speculation.
NBER Working Paper No. 12698. November 2006.
7. To Trung Thanh va Tran Thp Dgt. 2015. "Ty do hoa tai khoan von va on dinh tai chinh trong boi canh hgi nhgp," Tgp chi Khoa hgc Cdng ngh4 Viet Nam. Tgp 1 So 5 nam 2015.
8. Le Thi Thiiy VSn. 2013. "T\r do hoa tai khoan v6n a Vift Nam: Nhu'ng rui ro va thach thiic chinh sach trong giai doan tdi," Tgp chi Ngdn hdng. S6 17 thang 9/2013.
56 Tgp chi nghiin cuu CHAU PHI & TRUNG DONG so 12(124) thdng 12/2015
