(^So03(164)-2017~) TAI CHI'NH V I M 6
Chinh sach tien te vdi muc tieu kiem soat lam phat & Viet Nam
Tran Dire Trung*
TOM TAT
Th&i gian qua, nh& triin khai dong bp vd quyit Hit nhiiu biin phdp, chinh sdch tiin ti (CSTT) dd dgt dugtc nhirng kit qud tich cue. Song bin cgnh do, CSTT vdn bgc Ip nhirng hgn chi. Viic chi ro nguyin nhdn vd de xuat cdc gidi phdp la cdn thiit ddi v&i thuc tiin & Viet Nam.
' Til- khda: lai sudt, chi'nh sdch tiin te, lam phdt.
ABSTRACT
Recently, the monetary policy has achieved positive results by implementing the synchronous and drastic measures. But besides that, the monetary policy still presents some disadvantages. Point out the causes and propose solutions is essential to Vietnam.
• Keywords: interest rate, monetary policy, inflation.
Dieu hanh CSTT la mdt trong nhCmg yeu td quan trgng, gop phan dn dinh kinh le vT md.
Trong giai doan dau 2011 -2015, tinh hinh kinh te the gidi dien bien phirc tap, kinh le trong nude bgc Id nhieu bat dn, lam phat lang cao. Dac biet trong bdi canh nam 2011, trudc khi lien hanh lai eau triic he thdng ngan hang, lam phat d mirc rat cao, khoang 20%.
Lai suat cho vay len tdi 26%, lai suat lien ngan hang co thdi diem len tdi 35%. He thdng ngan hang ihu'ong mai (NHTM) rai vao nguy CO mat thanh khoan. Hau hel cac NHTM deu roi vao linh irang riii ro khi lao vao cuoc chay dua liii suat ..
1. NhuTig diem tich cue trong dieu hanh chinh sach tien te
Trong thdi gian qua, nhd trien khai qu\et lict \a ddng bd nhicu bien phdp. cac yeu id chinh tren Uii trudng nhu mat bang lai suat
\ il lin dung da cd nhijng ihay ddi
"" TS - Hoc vien Tai chinh
tich cue. Mac dii phai ddi mat vdi nhieu khd khan, thach thiic, Ngan hang Nha nude Viet Nam (NHNN) da the hien tinh chii ddng, linh hoat trong dieu hanh CSTT tren co sd chi dao ciia Chinh phii, phii hgp vdi nhiing thay ddi Idn ciia linh hinh thuc te. Nhiing ket qua dat dugc cho thay, CSTT da ddng gdp quan trong trong viec duy tri dn djnh
kinh te vT md, danh dau thdi ky dn djnh Iam phat dai nhat trong mdt thap ky. Dudi day la minh hoa ve chi sd gia lieu diing (CPI) thang 7 qua cac nam.
Lam phat dugc kiem che, day liii va nam trong tam kiem soat.
Sd lugng ngan hang, cac td chiic tin dung (TCTD) dugc tai ca cau tang manh. Cac ngan hang yeu kem dugc sap nhap, xir ly;
Bieu do: Chi sd gia tieu diing giai doan 2006 - 2015
Nguon- long cue TliSng ke
Tap chi nghien ctfu Tai chinh ke toan < 1 ^
TAI CHINH VI MO (sS 03 (164)-2017) thanh khoan va chat lugng hoat
ddng tin dung dugc ndng len; ng xau giam, tir miic tren 17% dau nhiem ky xudng 2,55% d cudi nam 2015.
Ky luat, ky cuong thj trudng dugc Cling cd vung chac, thanh khoan cua toan he thdng timg budc dugc dam bao an toan; thi trudng tien te dn djnh va thdng sudt; lam phat tir mirc 18,13%
nam 2011 xudng 6,81% nam 2012, 6,04% nam 2013; 1,84%
nam 2014 va den nam 2016 d mirc dudi 5%i, vdi mirc tang ciia lam phat co ban tir thdng 1 den [hang 12/2016 so ciing ky ed bien do dao dgng trong khoang khd hep, tir 1,64% den 1.88%.
Mgt so diem chinh Thii- nhat, chii ddng dieu hanh miic cung tien hop ly. Thdi gian qua NHNN da chii dgng quyet dinh luong tien cung img bo sung cho luu thdng ciing nhu cac cdng cu kicin soat tang trudng tin dung va tdng phuang lien Ihanh loan (M2, TPTTT).
Vdi cdch thirc nay, NIINN da dieu hanh theo khdi lugng va gid cd. Khi do md eiia nen kinh ic nga\ cang Idn, TP'ITT tang len nhanh chdng. khdng ehi phu iluioc vao tang trudng tin dung cua cdc TCTD ma con phu thudc KVn \ao cung cau thi irudng, nen klio \dc dinh diing luu lugng lien cho kiu ihdng Luang lien cung ung tii'p luc duoc dic'u hanh phii lio["i ilico muc lieu hd tra dn dinh l> gia \a thi trudng ngoai hoi, kicni soat lam phdt nhung van J.iin hao hai hda \di cdc muc tieu
\i md khdc Tl-*rrr den nga\
1\ 12 2015 tang 13.55"b bO \di CUOI ndm irudc. phii hap vdi kmh li- \i md, Uen le \a cdc gidi phdp dicii hdnh cua NIINN
Thu- hai, dilu hdnh Iai suat chii ddng, linh hoat. Vi8c keo gidm mat bdng lai suat, ha nhiet lai sudt Id mgt trong nhung dau dn quan trgng trong thdi gian qua. NHNN da dilu chinh gidm cac mirc lai sudt tren ca sd bam sat diln biln vT md, dieu kien thj trudng lien te de giam lai suat cho vay, gdp phan tiep tuc thao ga khd khan cho khu vuc san xuat kinh doanh. Mat bdng lai suat giam manh, chi bdng khoang 40% lai suat vao nira cuoi nam 2011; lai suat cho vay ngan han phd bien d mirc 6-9%/nam, lai suat cho vay trung va dai han d mirc 9-1 l%i/
nam, nhieu doanh nghiep cd linh hinh lai chinh Ianh manh, minh bach, cd phuang an/du an kha thi thi lai suat chi cdn 5-6%/nam.
Mat bang lai suat giam da giup cdc doanh nghiep yen lam hon trong dau tu.
Thir ba, dieu hanh chinh sdch ty gid - muc lieu trung gian quan trong ciia CSTT. Chinh sach ty gia thdi gian qua da ed tinh chii ddng, dan dat thj trudng.
Mac dii phai chju nhieu sire ep va cac cu sdc ben ngoai, song NHNN da the hien dugc su kien dinh trong timg thdi diem, phdi hop ddng bd vdi ehinh sach lai suai va cdc cdng cu CSIT, quan ly ngoai hdi va cdng tae truyen thdng de dn djnh thi trudng ngoai te. nang cao niem tin vao ddng Vict Nam. NHNN da chii ddng cdng bd dinh hudng dilu hanh ly gid trong lung thdi ky. Tinh trang do la hda gidm manh, ngoai te lap trung chii yeu vao he thong ngan hdng \d NHNN da mua dugc sd lugng ngoai te Idn, gia lang du tru: ngoai hdi quoc gia. Du trii ngoai hdi lang, cd thai dicm tdi hem 35 ty USD. cao nhat irung 30
nam qua. D^c biet nam 2016, dy tru ngoai te dd dat tdi 41 tj' do la.
Thur tir, chinh sach tfn dyng dugc gia tang cd v l so \\iqt\g va chat lugng. Giai doan 2011 - 2015, tfn dung tang binh quan khoang 13,5%/nam, thap hon nhieu so mire tang binh qudn 33,3%/nam ciia giai doan 2006 - 2010, nhung phii hgp kha nang hap thu vdn ciia nen kinh te, ho trg tang trudng kinh te hgp ly.
Dieu kien tin dung dugc cai thien, linh hoat va phii hgp vdi muc tieu dieu hanh CSTT, tao dieu kien thuan Igi cho viec tiep can von vay ngan hang; Ddng thdi, cacau tin dung tiep tuc dugc cai thien, hudng manh va can ddi hon vao cac ITnh vuc san xuat kinh doanh, nhat la cdc nganh, ITnh vuc uu lien ciia Chinh phii (cho vay ddi vdi ITnh vuc ndng nghiep ndng thdn lang ude den thang 12/2015 tang 11%, ITnh vuc doanh nghiep img dung cdng nghe cao tang thang 10/2015 tang 45,13%...).
Thii nam, hoat dgng thanh loan khdng diing tien mat gdp phan giam bdt lugng lien mat trong luu thdng; edng nghe, djch vu ngan hang tiep luc dugc phat trien manh me, dang di dan vao cugc sdng, phii hgp vdi xu the thanh loan ciia cac nude trong khu vuc vd tren the gidi.
v l mat phap ly, ngay 1/7/2016, Chinh phii da ban hanh Nghj djnh sd 80/2016/ND-CP sira doi, bd sung mdt sd dieu cua Nghj djnh sd 101/2012/ND-CP ngay 22/11/2012 vc thanh todn khdng diing lien mat vdi nhieu ndi dung mdi. Trudc day ty trgng lien mixJ long phuang lien thanh loan la 20%, sau qud trinh trien khai quyet liet vdi nhicu giai phdp thi vai nam Ird lai day. ty trong nay
14> Tap chi nghien ctfu Tai chinh ke' toan
(^So 03 (164)-2017) TAI CHINH V T M 6
dmurc ll-12%.Dd chinh la minh chiing cho nhihig nd lyc ciia Chfnh phu va NHNN trong triin khai cac gidi phdp thyc hien D l an day manh thanh todn khdng diing tiin m^t.
2. H^n c h i va nguySn nhSn CSTT thdi gian qua dd cd nhieu tich eye, ddc bift trong viec chuyin tir kiem chi sang kiem soat lam phdt, tao da tdng trudng. Song ben canh do, trong qua trinh thuc thi cung bdc Ig nhirng han chi nhat dinh.
Mpt Idy dinh hudng muc tieu cua CSTT con chua nhdt qudn, nhi€u muc tieu trung gian da anh hudng den myc tiSu chfnh la kiem sodt lam phat. Cd the ndi kiSm sodt Iam phdt la myc tieu hang dau eua CSTT, tuy nhien trong timg bdi cdnh cy thi, NH^JN phai xac dinh dl uu tien muc tieu nao hon. Mudn giam lai sudt, hd trg tang trudng kinh tl, NHNN se phai tang cung tiin.
Tuy nhien, tang cung tiin cd the khien lam phdt gia tdng. Bi§n phap nay ed the gidm lai suat, kich thich tang tnrdng kinh te, song cung ddng nghTa vdi l^m phat cao cd the quay lai. Bdi loan chgn tang trudng hay kilm soat lam phat vdn chua dugc giai quyit triet At.
Hai Id, viec sii dung cdc cdng cu true tiep va gidn tiep ciia CSTT cdn bi ddng. Muc tieu kiem soat lam phat va thuc tl dieu hanh chi'nh sach ddi khi chua nhat quan. Viec xdc djnh mirc cung tiin hang nam chua thuc su chinh xac nen gay khd khan cho viec kiem soat tdc do tang ciia M2. Tac ddng ciia M2 cung chua ro rang. Ca che lua chgn, sii dung cac cdng cu cdn
han che. Lai suat chua thyc su phdt huy va trd thanh cdng cy qi^en lyc nhdt Cdc lo^i lai suat van ch6ng cheo, vi&: lya chgn lai sudt chu d^o cdn chua thong nhdt, m6i quan h$ giiia Idi sudt thj trudng vd lai sudt chfnh thtic cdn Idng leo, trong nhiiu trudng hgp chua phdn anh diing tin hieu ciia thi trudng. Trong khi dd cdc cdng cy gidn tiep cdn dang trong qud trinh hodn thi5n, nen cung cd nhiiu han chi trong thuc thi.
Trong mgt s i tnrdng hgp, ca quan qudn I^ cdn thilu chi'nh xac va chii dgng trong viSc ehgn di6m red chfnh sach.
Ba Id, CSTT trong m^t sd trudng hgp cdn mang tfnh hanh chfnh va ngdn han. Dilu ndy thi hiSn ro net trong thdi ky l^m phat cao, CSTT bj "thdt ch^t".
Viec "thdt chdt" hay "ndi Idng"
tren thue te d \^et Nam ddi khi cdn mang tfnh chdt hdnh chfnh, chua theo dien biln thi trudng va nIn kinh tl. Cd ^ kiln cho rdng, nen ddi cym tir "thdt ch|t" thdnh
"qudn {^ chdt chS" d l chinh sdch mang tfnh Imh hoat hon.
Mgt so DguySn nhan ctf ban
* Nguyen nhdn khdch quan - Tinh hinh kinh te thi gidi cd nhieu biln dgng. Trudc hit, nhu cdu thi trudng thi gidi gidm, tir dd dan den nguy co hang hda eua cdc nude se tap trung vdo thi trudng Viet Nam, anh hudng nghiem trgng den nganh sdn xuat trong nude, ddc biet trong dilu kien Viet Nam dang hdi nhap sau rdng vdi kinh tl gidi. Gid dau vd gia nguyen lieu giam sau tdc ddng tieu cue tdi cac nude xuat khdu dau va nguyen lieu Idn.
Nam 2015, the gidi dd chimg kien viec gid nguyen lieu vd ddu
thd tiep tyc giam xuong muc thap nhdt trong nhiiu ndm qua. Thj trudng tdi chfnh, tien t$ qu6c te biln d0ng phOrc t^p va khd luong, tdc dgng tiSu cue din sy on djnh kinh t l thi gidi.
- Thi tnrdng hang hda ndi chung va thi tnrdng tdi chfnh chua thyc sy phdt triin. Sir phdt triin ciia thj tnrdng tdi chfnh V i ^ Nam hi^n tai dang phdi doi di^n vdi nhDng thach thiic khdng nhd tir qua trinh hgi nh^p. Bdi diln biln thj trudng tdi chinh todn cdu van chiia dyng nhiiu bdt In khd ludng, khi cdc nen kinh t l phyc hdi chdm, cac nIn kinh t l mdi ndi tang tnrdng cham lai, su suy giam eua thi trudng hang hda, sy co h?p ciia thanh khoan todn cdu... Hang hda, dich vy eung nhu viec luu thdng trSn thi trudng CO nhiiu han chi, can tiing budc da dang hon v l s6 lucmg va nang eao han vl chdt lugng.
- Tinh trang dd la hda, vdng hda. CJ Viet Nam, theo thdng ke, ri I? dd la hda ludn d miic trSn 20%. Nhung nam qua, lirgng tiin giii tuyet doi bdng USD tai cac ngan hang da khdng ngimg tang len, dac biet la d he thing ngan hdng t^i hai thanh pho Idn Id Ha Ngi, TP.HCM. Viet Nam dugc coi la nude cd nhu cau vdng cao tren the gidi. Lugng vdng cdn tdn trong ngudi ddn Viet Nam dudi dang cdt trir Id khodng 1.000 tdn, tuang duong vdi khodng 56 ty USD theo thdi gia ndm 2016.
* Nguyen nhdn chu quan - Tfnh ddc lap va ehu dgng eiia NHNN chua eao, trong mdt sd trudng hgp sii dung cdc bien phap hanh chfnh hem theo lin hieu thi tnrdng. Dilu 1 quy dinh v l vj tri, chirc nang eua NHNN thi
Tap chi nghien cuTu Tai chinh ke toan ^ 1 ^
TAI CHINH VI MO (S^03 (164)-2017) NHNN Id don vi cung ung dich
vu tien te eiia Chinh phii, quan ly nhd nude cdc dich vy cdng ( t ^ la chiic nang NHNN don thudn ciia Chfnh phii), vira la NHTW, la ngan hang ciia cae TCTD. Chinh vi vai trd, nhiem vy chua r5 nen quyin han ciia NHNN vdi tu each la NHTW ciing chua dugc quy dinh rd trong Nghj djnh. CJ Viet Nam, NHTW ehi ddc lap tuang doi, NHTW chi xay dung chfnh sach, cdn quyet dinh phdi dgi Chfnh phu, Qude hgi phe duy8t. Trong mdt sd trudng hgp nguy cap, nlu phdi dgi trinh nhieu cap, dgi nhiiu Bg, nganh cd y kien thi se khdng kjp xii ly.
Viec sir dyng cac cdng eu dieu hanh ciia CSTT cdn chua nhat quan. Sy phdi hgp chi'nh sach giita NHNN va Bd Tai chinh, cu thi hon la giiJa CSTT va chinh sach tai khda trong mdt sd trudng hop chua thuc su chgt che. Cd luc CSTT qua chat, tai khda qua rgng; cd luc tin dung md nhanh nhung tai chi'nh lai md cham. Lieu lugng cac cdng cu trong timg giai doan chua tao ra siic manh kit hgp tdng thi. Hai chinh sach vdn chua cd su phdi hgp trong viee hoach dinh va thuc hien muc tieu d tdm ngdn han va dai han, su phdi hgp trong viec sir dung cac cdng cu cdn han che.
- Cdng tac du bao cdn nhieu han ehe, thong tin tai chi'nh chua minh bach. Nhin chung, nang luc du bdo ban che nen viec xay dung muc lieu, mdt sd chi tieu phat trien kinh te cdn chua phii hgp; mdt sd co che, chinh sach con thieu tam nhin dai han, ti'nh kha thi chua cao va phan img chinh sach trong mdt sd trudng hgp chua that kip thdi. Thdng
tin tir nhiiu doanh nghiep tren thj trucmg tai ehinh ehua minh bach, anh hudng gian tiip din cae chfnh sdch kinh tl, thi hien d mgt so hdnh vi nhu: che dau cong ng, ghi nhan doanh thu khdng cd diat, djnh gid sai lech tdi sdn, hoac khdng edng b6 day du thdng tin.
3. Dinh hirdng va giai phap trong thdi gian tdi
Ve dinh hu&ng:
Trudc het, trong nam 2017, CSTT cdn tiip tue dugc dieu hdnh mgt each chii dgng, linh hoat, phdi hgp chat che vdi chinh sdch tai khda va cae chfnh sach kinh te khdc nham bdo dam dn djnh eae cdn ddi vT md vd kiem sodt lam phat.
vi lai sudt, NHNN xac dinh tiep tuc thyc hien cdc gidi phdp dieu hanh nhdm phdn ddu on djnh lai sudt nhu nam 2016.
Ve tang tnr&ng tin dung, thyc hien cdc bien phap kiem soat tang trudng tin dyng theo chi tieu djnh hudng, dam bao tang trudng tin dung an toan, hieu qud, tao dilu kien thuan Igi eho doanh nghiep;
tdp trung tfn dung vao ITnh vyc uu tien theo chii truang eiia Chinh phii; kilm soat tin dung d mgt sd nganh, lihh vyc tilm dn riii ro.
Ve ty gid, NHNN theo doi sat dien bien ciia kinh tl vT md, tiin te trong nude va qude t l dl chii ddng thuc hien cac bien phap va cdng eu dieu hanh phii hgp.
De kilm soat lam phat vdi muc tieu tdc do tang gia tieu diing binh quan khoang 4%, tang trudng tin dung khoang 18%
va tdng phuong tien thanh toan khoang tir 16 - 18%, NHNN Viet Nam can chii dgng va phoi
hgp chat che trong ddnh gid tinh hirih gia cd, xay dung cdc phuong dn dilu harlh (gid djch vy y tk, djch vy giao due, gia dien, nude sinh hoat), Idi sudt va t^ gid...
Mgt s6 giai ph^p cu the:
Thir nh^t, sir dyng cac cdng cy ciia CSTT phii hgp vdi ndi dung kilm soat lam phdt d ViSt Nam trong tinh hinh mdi.
Dy bao thdi gian tdi cd thi l£tm phdt gia tdng trd lai, cdu trong nude trd lai, kh6i iugng trai philu Chinh phd phat hdnh tiip tuc Idn, ddy la nhirng ylu t l se tae dgng den viec dieu hanh, 1dm cho vi§c dilu hdnh CSTT dac biet Id dieu hdnh lai sudt rdt khd khan. Trong thdi gian tdi, vdi myc dich hd trg doanh nghiep va binh dn thi trudng, NHNN xac dinh dat myc tieu phdn dau dn dinh mat bang lai sudt, neu cd dieu kien phan dau giam Idi suat eho vay vdi ddi tugng va ky han cy the. Viee sii dung ty gid trung tdm can dugc tiep tyc, nham han ehi nii ro cho doanh nghiep. Dong thdi, viec dy trii ngoai hdi, mua bdn ngoai te cimg phai dugc kilm soat chat che.
Thii hai, dieu hda lugng tien mat trong luu thdng vd dilu hanh cac giai phap tin dung linh hoat. Mirc cung tien can dap img nhu cau eiia nIn kinh te, dam bao yeu cdu dy trir tiin mat; tang cudng kilm tra cdng tac an toan kho quy d l kilm sodt viee thyc hien quy trinh nghiep vu va nang cao chdt lugng, hieu qua, dam bao an toan cho cdng tac tien te kho quy. Nghien ciiu, trien khai img dung cdng ngh§
mdi trong cdng tac kho quy, ddi mdi CO che quan ly, cung ling tien mat.
Tap chi nghien ciifu Tai chinh ke toan
(^o 03 (164)-2017) TAI CHfNH V T M O
Thir ba, theo doi sat diln bien thi trudng tai chinh qude tl. Vice ndm bat thdng tin de chii dgng cd cac bien phap phii hgp, nham han che tdi da tac ddng tieu cue cua hgi nhap kinh te den thi trudng tai chinh, dn djnh thi trudng ngoai te. Giam sdt nham quan ly cd hieu qua thj trudng ngoai te, han che dd ta hda, vdng hda trong nen kinh le, thu hut cac ddng von dau tu va ngudn ngoai te trong nude de cai thien du trir ngoai hdi phii hgp vdi dieu kien thuc te, Thii tu, tiep tuc tai ca cau cae TCTD. Trudc mat can xir ly diit diem 5 ngan hang yeu kem, gdm 3 don vj "0 ddng" da dugc mua lai la VNCB, Ocean Bank, GP Bank... Ben canh dd, cac td chirc tdi chinh phi ngan hang va quy tin dung nhan dan cung phdi dugc NHNN xem xet xir ly neu cd vi pham. Ngoai viec day manh qud trinh xay dung va hoan
thien khung kho phap ly, can tiep
^ c ndng cao trdch nhiem cua cae TCTD trong viee xir ly cdc yeu kem, ciing nhu tao dieu kien thuan Igi cho cdc TCTD thyc hien boat ddng tai cdu tnic.
Ket luan
CSTT ed dnh hudng trye tiep den lam phat va kiem sodt lam phat. Thuc tiin da chirng minh, diem nhan trong dieu hanh CSTT d Viet Nam thdi gian qua chinh la viec NHNN thanh edng trong kiem soat lam phat. Trong bdi canh the gidi dang cd nhung bien ddi nhanh chong, van de kiem soat lam phat ludn dugc dat len hang dau trong cac chinh sach kinh te vT md. Viec dieu hanh CSTT chii ddng, linh boat, phdi hgp chat che vdi chinh sach tai khda va cac chinh sach khac se giiip kiem soat lam phdt theo muc tieu de ra, dn djnh kinh te vT mo va gdp phan hd trg tang
tnrdng kinh te Vi?t Nam trong thdi gian tdi.
Tai li^u tham khao:
Bo Kihogchyd Ddu tu, Xu hu&ng va chinh sdch kiem chi Igm phdt sang kiim sodt lam phdi, 2015.
Ddi Truyin hinh Vi^t Nam (VTVl).
Thach thuc kiim seal l^m phdt nam 2017. Chinh sdch vd cugc song 08/01/2017.
Dd Thien Anh Tudn (2015), Bdi gidng 6 - Chinh sdch tien te, Chi/ang trinh giang day kinh te Fulbright.
Li T6 Hoa (2015), MQt sd thdch thuc ddi vdi chinh sdch tien t? trong thdi gian tai, Tgp chi Khoa hoc vd congnghe VietNam, Sd 12, trl5-19.
To Anh Duong (2014), Chinh sdch tien te cua Vi4t Nam nam 2014, thdch thuc vd trien vgng Tgp chi Ngdn hdng. So 21 (11), tr9-!3.
Trdn Hoang Ngdn (2014), Chinh sdch tien ti vd cdc cong cu thuc thi tai Viet Nam giai doan 1986-2013. Tgp chi Phdt triin kinh ti. SS 288 (10), tr2'18
Xir ly no* xau Nhieu vuoiig mac ve phap ly...
xdu Idn. ehua trich lap dii du phdng rui ro theo quy djnh cua phap luat, hieu qua kinh doanh thap phdi kiem soat chat che chi phi qudn ly, khdng tang lien luong, lien thudng, thii lao, dac biet la cdn bd Ianh dao, quan ly;
khdng lam ling, chia cd tire, Igi nhuan cho cd ddng. thanh vien gdp von Cac TCTD tich cue tnen khai ddng bd, quyet liet cdc giai phap xii ly ng xau ddng ihdi tiep luc cd bien phdp hd trg phii hop eho khdch hang khac phuc kho khdn vd tiep tuc phdt iiicn san xudt kinh doanh.
Tiiii nam, tang vdn dieu le cua \AMC len mirc 2 000 l>
(Tiep theo trang 12) ddng. VAMC tich cue mua ng
xau cua cae TCTD; tang cudng trien khai viec mua ng xau theo gia thj Irudng; phdi hgp chat che vdi cac TCTD trong viec thu hdi ng, \ix ly, ban ng, lai san bao dam va CO cau lai cae khoan ng da mua; lang cudng nang lue ddnh gid, dinh gia tai sdn, td chiic bdn dau gia ng, tdi sdn bao dam eiia cdc khodn ng da mua. Vdi vice trien khai ddng bg, quyet liet cac giai phdp neu tren va su hd trg tich cue ciia cdc ca quan, td chirc cd lien quan. muc ticu dua ly le ng xdu vc mirc dudi 3% sc trd thdnh hien thuc.
Tai lieu tham khao:
"Naxdu ciia he thong ngdn hdng - nut that cua nen kinh le", http//
www ncseifgov vn
Xi[ ly no xdu thong qua AMC vd kmh nghiem cho Viel Nam Http.//
ub com \n
Ddu Id vu&ng mdc trong xu ly lai san bdo ddm cua VAMC vd cdc TCTD vietnamfinance vn 13/02/2017.
Kho khdn lie xu ly tdi san bdo ddm de thu hoi ng xdu hllp //www. lualdaiviet vn [7] TS Nguyen Dai Lai, "Lam gi de xu ly na xau ". Tap chi Cong san 05/01/2013
Tap chi nghien ctfu Tai chinh ke'toan < 1 ^
