- HOAT DONG NGAN HANG TRUNG UONG i
C
ong cp phi t r u y e n t h d n g t r o n g d i ^ u hanh chinh sach t i e n t e (CSTT) la m o t van de con kha mdi d6\ vdi Viet Nam. Tuy nhi§n, dieu do khfing co nghTa la tiJ truoc den nay, Vi?t Nam chua tCing ap dung cac cong cy nay.Opng t r e n quan diem v § CSTT vol cong cu phi t r u y i n t h d n g t o n t?i m p t each song song voi cong cu t r u y e n t h d n g , n h u m o t bi$n phap dpc l^p, mpt kenh t r u y i n dan bd sung khi kenh t r u y i n dan cu bj tac nghen, c6 t h i thay, Viet Nam da tiJng ap dgng r a t nhieu cac chuong t r i n h , chfnh sach thupc loai cong cu noi long t i n dung. Bai viet se t a p t r u n g lam ro cac chinh sach ndi Idng t i n dyng tieu bleu duoc ap dyng tai Viet Nam t r o n g giai do?n t u nam 2 0 1 0 den nay
L C d s d nghien cdu
M p t each n g i n g o n , cd t h e hieu ve CSTT phi truyen t h o n g nhP sau:
Trong cac giai dogn thi trudng bat on va khung hodng kinh te toan cau, cac cong cu vd cac kenh truyen ddn CSTT truyen thdng, dgc biet la lai sudt trd nen k^m hiiu qud hodc khdng cdn thuc hiin duac vai trd on dinh thj trudng. Khi dd, cdc ngdn hdng trung t/ang (NHTW) cd thesis dung CSTT phi truyen thdng vdl cac nghiep vu pho bien, bao gdm: thay ddi kit cau, md rong bdng cdn doi
* Hoc vien Ngan hang
ONG DUNG CONG CU PHI TRUYEN THONG
TRONG fli!u HANH CHINH GACH TIEN TE TAI WET NAM
•(S, Vu Tbi Hang v l Hoang Out Minh *
cda NHTW va djnh hudng cho lai suat du tinh trong dai hgn di thay thi cho cdc nghiep VIJ truyen thdng.
Cdc bien phdp ndy duac thuc hiin nhdm ngan chgn khung hodng cija he thdng tdi chinh, khdi phuc chCtc ndng cua thi trudng tdi chinh vd trung gian tdi chinh, nhd dd cdi thiin tinh trang nen kinh fe.' Ba cdng cu CSTT phi t r u y i n t h o n g p h o bien trgn t h e gidi g o m : ndi Idng djnh Ippng, ndi long t i n d u n g va djnh hPdng mpc tieu.
Co t h e ndi, N g i n hang Nha nPPc (NHNN) Viet Nam tCrtrPdc d i n nay gan n h u chua tCfng sCf d p n g ndi Idng djnh Ippng de t i c d p n g tdi lai suat dai han, bdi III suat lign ngan hang cua Viet Nam cdn cao v l chPa gap p h i i van de mufc s i n III s u i t 0% (Zero Lower Bound).
Cdng cu CSTT phi truyen t h o n g chu yeu ma NHNN I p d u n g chfnh la cac gdi ndi Idng tin d p n g nham ho trp c i c khu vpc thj trPdng dang gap kho khan h o l e c i c doi tPpng can dPpc quan t i m nhP n g p d i n , ndng d i n , ngydi ngheo,...
CSTT truyen t h d n g hau het deu t i c d p n g t d i toan b d he t h o n g n g i n hang, tCf do, dieu hanh nen
kinh te t h e o mpc tieu CSTT qudc gia. Chang han, khi NHNN thay doi quy d j n h ve ty' le d p trO b i t bupc (DTBB), d u t a n g hay g i i m deu t i c d d n g t d i trang thai von kha d u n g cua toan b d c i c n g i n hang thPPng mai (NHTM). Hoac nhijfng thay doi ve dieu kien tai cap v o n , tai chiet khau, sy can thiep cua NHTW tren thj trUdng m d cung tac d d n g t d i toan he t h d n g n g i n hang. Viec dinh hPdng cp t h e v i o tCfng khu vpc t h j trPdng rieng biet la kha ban ehe ddi vdi CSTT truyen t h d n g . Vi vay, neu coi nhOfng chinh sach ndi Idng t i n d u n g doi vdi tCfng khu viic, du khdng m d i doi vdi Vigt Nam, I I CSTT truyen t h o n g thi chua t h y c sy h o p ly.
Mdt so quan diem hien nay cdn d d n g nhat CSTT phi truyen t h d n g vdi ndi Idng d j n h lUPng, va chi dupc sCf d p n g khi cac cdng cu truyen t h o n g khdng con tac dung. Tuy nhign, theo quan diem cua cac nha kinh te c h i u Au va My, ndi Idng tin d u n g la CSTT phi truyen t h d n g cd the dPPc sCf d y n g ke c l khi c l e cdng cu truyen t h o n g van cdn k h i n l n g t i c d d n g tdi nen kinh te, nhung t o n tai m d t
TAP CHi NGAN HANG j Sd 20 j THANG 1[V2015 Q
IHOIT SdNG NGAU HANG TRUNG UONG -
Bieu ( 6 1 : Tang truclng tin dung bat ffing san giai iSoan 2007 tfen tiiang 31/12/2014
400000 300000 200000
100000 t^a
,040%
,030%
,020%
,010%
,000%
-,010%
-,020%
I Dir no' BBS (ty dong) -T6C do tang du-nc
BOS Q^"^ # ^^"^ ^^'' ^^v^ ^ ^ ^"^
sd van de ma CSTT truyen t h o n g khdng g i l i quyet dUPc. Bien hinh la d c h i u Au, ndi Idng t i n d u n g lign tuc dypc si!f d y n g trong sudt cudc khung hoang tai ehinh 2008, bdi khu vpc Cdng d d n g chung c h i u Au bao g d m q u i nhieu t h j t r u d n g , nhieu quoc gia vdi nhOng dieu kien kinh te khac nhau. Vf dp, ECB khi thpc hign ndi Idng t i n d u n g bang each mua cac chijfng khoan cd bao hiem (CBPP1 va CBPP2), khong phai vdi mpc dich tang cung tien n h u ndi Idng djnh Ippng, ma la de vPc day khu vyc thj trPdng n i y , d o day la m d t trong nhufng t h j trudng chu chdt.
Hay chuong trinh t h u mua n p cong (SMP v l OMT) cung la nham hd t r p cae quoc gia dang gap khd k h i n . Tuy nhien, do cCing dupe t h y c hien t h d n g qua phuong thPc mua cac tai san tai chinh nen m d t sd chPong trinh ndi Idng tfn dung t h u d n g bj hieu lam la ndi long djnh lUPng. My cijng tCfng SLf d u n g ndi Idng t i n d u n g , d d I I chuong trinh eho vay trpc tiep nam 2008, d u chi t r o n g m p t thdi gian ngan. Theo ChCi tich cua Fed - Ben Bernanke, ndi Idng t i n d p n g l i m thay ddi ket cau cua b i n g can ddi NHTW, ha chenh lech lai s u i t giPa cac thi trPdng ma khdng phai la ha Hi s u i t toan t h j trudng n h u
^ TAP CHi NGAN HANG | SO 20 | THANG 10/2015
ndi long dinh Ippng. Chinh s i c h ndi Idng t i n d u n g cua Viet Nam cd nhieu net tPOng d d n g vdi ehfnh s i c h cua ECB. Tuy nhign, d o t h j trudng chufng k h o l n Viet Nam chPa phat trien den mC^c NHNN cd t h e t h d n g qua mua ban t i i s i n de t i e dpng t d i tPng khu vpc t h j trudng n h y cac nPdc ehau Au ngn cdng cp dPPc siJdung chu yeu la Hi s u i t .
2. Cac chinh sach ndi long tin dung tieu bieu
2.1. Ndi long tin dung nham dieu tiet thi trUdng bdt dong san (BDS)
a) Bdi cdnh thj trudng BDS Trong giai doan t i n g trPdng t i n d u n g ndng 2007-2010, m o t iPpng vdn Idn d l chay vao cac ITnh vpc phi san xuat, d i e biet p h i i ke den thj trPdng BDS vdi mu'c dP n o t i n g lign tpc v l dat dinh vao nam 2010 6 ngpdng 235 nghin t y ddng.
(Bieu dd 1)
Dau nam 2011 ,trPdc ap lpc kiem soat lam phat va dn dinh kinh te vi md, NHNN t h y c hien that chat t i n d u n g , g i a m t 6 e d p v a t y t r o n g d P n P cho vay linh vpc phi san xuat, nhat I I ITnh vyc BDS theo Nghj quyet so 11/NQ-CP n g i y 24/2/2011, ban hanh Chi t h j 01/CT-NHNN ngay 1/3/2011, theo do, ygu c l u han che tfn d y n g phi s i n xuat xudng
Nguon: NHNN Viit Nam cdn 16% vao cud! nam 2011, dong t h d i , ban hanh cac q u y djnh dUa tin d u n g BDS vao danh myc tai san CO riJi ro cao nhat tai c l e n g i n hang t h y o n g mai (NHTM)^ Ket q u i la d p nP BDS t r o n g toan he thdng NHTM d l giam dang ke (13,19%) tCf 235 nghin t ^ d o n g xuong cdn 204 nghin t^ d o n g (Bieu do 1), chiem 9,25% t o n g d u n p toan he t h d n g , t r o n g khi tang trPdng tin d u n g toan he t h o n g dat 10,9%^
cho thay dU n p t i n d u n g BDS da dypc khong che.
b) Dieu hanh CSTT ndi Idng hd trp thi trUdng nha d
Dau n i m 2012, t r o n g boi canh lam p h i t d l dupc kiem soat, thj trPdng BDS gan n h P " d d n g bang", hang loat d p an giam g i l . Nham ho trp, t h i o g d khd khan eho thi trPdng BDS, Thu tUdng Chinh phu d l ban hanh Chi t h j 2196/CT-TTg ngay 6/12/2011 ygu cau NHNN
"chCi tri, phdi h p p vdi Bp X i y dpng va e i c dja p h p o n g ra soat, tiep tuc cho vay ddi vdi cac d p an BDS se hoan thanh va cd kha nang ban, t h u hoi v d n dau tP t r o n g n i m 2012". Ngay 10/4/2012, NHNN ra Cdng van so 2056/NHNN-CSTT nham ndi Idng t i n d u n g BDS, dPa m d t so n h d m tfn d u n g BDS ra khdi n h d m tin d y n g khdng khuyen khich n h u xay d y n g , sCfa chiJa
HOAT DDNG NGAN HANG TRUNG u a N G ^ ^ i
mua nha de ban, cho t h u g ; x i y d p n g cae c o n g t r i n h d p an phat t h e n t r o n g c i c khu d d t h i , . . . Day CO t h e coi la m d t bien p h i p ndi long t i n d p n g gian tiep. Tuy nhien, t i n h hinh thj t r u d n g BDS van chPa cho thay nhieu dau hieu tich cPc, mac dCj d p no BOS d l tang t r d lai mijfc 229 nghin t / d d n g . Den cudi nam 2012, t h e o bao cao cua Bp X i y d y n g , hang t o n kho ca nudc cd khoang hon 16.000 can hp chung eP, hon 4.000 nha thap t a n g va gan 26.000 m^ nha van p h o n g cho thue. Do t o n kho tang da keo theo t y le n o xau BDS tai cac NHTM cung t a n g v o t tii t r o n g nam 2012 vdi so lieu t i ^ NHNN la 8.6% v l Fitch Rating Agency la khoang 12%.
Oe hd tra thj trudng BDS, xU ly ng xau cua cdc doanh nghiep, t h p c hien Nghj quyet 02/NQ-CP ngay 7/1/2013 cua Chinh phCi, NHNN da ban hanh Thdng t P so n / 2 0 1 3 / l T - N H N N . Theo dd, NHNN quy dinh 5 NHTM nha nPdc v l NHTM CO phan do Nha nUdc nam giOf trgn 50% v o n dieu le se tien h i n h cho vay theo quy djnh.
Mu'c Hi s u i t cho vay ho t r p nha d eua ngan hang doi vdi khach h i n g d y p c NHNN cdng bo hang nam va I p d u n g cho cac k h o l n vay cd d u no t r o n g n i m . Djnh ki v i o t h i n g 12 hang nam, NHNN xac djnh va cdng b d mPc lai suat ap d u n g cho nam tiep theo, bang khoang 50%
Hi s u i t cho vay binh q u i n cua c i c n g i n hang tren thj t r u d n g , nhPng khdng vPpt qua 6%/nam. NHNN thpc hien g i l i ngan khoan cho vay t i l cap v o n k h o i n g 30.000 ty d o n g doi vdi n g i n hang trgn co sd d p n p cho vay cua n g i n hang ddi vdi khach h i n g . Lai suat t i i cap v d n cua NHNN thap hOn Hi s u i t
cho vay cua n g i n hang doi vdi khach hang la 1,5%/nam tai cung t h d i diem. Ngoai ra, m o t quy d j n h d i n g chu y cOa NHNN la gidi han t o n g mdc cho vay cOa c i c n g i n hang doi vdi doanh nghiep chiem toi da 30% n g u d n tai cap von ho t r p nha d.
c) Kit qud dieu hdnh chfnh sdch Thdng tU sd 11/2013/rT-NHNN dd cd nhC^g tdc ddng ddng ki tdi thi trUdng ndy. N i m 2011, t h e o so lieu ciJa Bd X i y d p n g , tfn d u n g BDS chu yeu nghieng ve n h d m tao cung trgn t h j trPdng, khi ma tin d u n g tao cung chiem 65.5%
t r o n g khi tin d p n g tao cau ehi ehiem 34.5%. Trong d d cac khoan muc n h u vay x i y d p n g do t h j ; xay d p n g van p h d n g ; vay x i y d p n g SLfa chPa, mua nha de b i n deu tang lan iPpt la 13.8%; 20.81% va 76.6% so vdi 31/12/2010. 6 xu t h e ngppc lai, cho vay xay dpng, SLfa chda mua nha de d giam gan 27%; vay mua quyen si^ d u n g d i t g i i m 13%. Dieu nay lam cung cau nha dat t r d ngn mat c i n ddi, cung khdng gap dPpc cau. Ket q u i la hang t o n kho tiep tpc t i n g v l day cac doanh nghigp BOS vao t i n h the n g i y cang khd khan. Theo sd lieu t i n h den 31/12/2013 cho thay, CO cau tin d u n g BDS van nghigng chO yeu ve n h d m kich cung, ty t r p n g d u n p chay vao n h d m nay ehiem den 68.36%, nhpng toe d d tang d y np cho vay nhdm tao cau (24.8%) cao gap 4 lan so vdi nhdm tao cung (6.84%) cho thay quy djnh cua NHNN da ed tac d u n g t r o n g viec dieu tiet cung cau tren thj trPdng BDS. DP np n h d m BDS sau 6 thang dau n i m 2014 tang 2.78%, da tang manh t r o n g hai t h i n g tiep theo dPa d p n p tin d p n g BDS t i n h den h^t
t h i n g 8/2014 tang 9,85%" so vdi dau nam, Idn hon so vdi mdc tang chung eCia nen kinh te (5,82%).
Tham chi, chi sd nay cdn cao hpn d nhieu khu vpc dPpc Pu tien n h u nong nghiep, n o n g t h o n vdi 6,1 %;
cdng nghiep ho t r p (6,12%). Day la dau hieu cho thay thj trPdng dang am dan len.
Tuy nhien, viic gidi ngan gdi ho trd 30.000 ty ddng van gap mot so khd khan nhdt djnh. Theo sd lieu cua Bd X i y d y n g , t i n h den 30/11/2014, t o n g dP no mdi dat 4.364 t y dong, tPong dPOng hPn 14.5% CLia gdi ho t r p 30.000 t y d d n g , t r o n g khi t h e o ke hoach 2014, gdi ho t r p sg phai giai ngan dupe 50 - 60%. Nguygn n h l n la do thieu ngudn cung nha d phan khuc binh d i n phiJ hpp vdi ygu cau eua gdi tin d u n g . Thi t r u d n g d p thda san pham nha d cao cap, dien tfch Idn, g i l ban cao, nhPng lai thieu san pham n h i d phu h p p vdi nhu cau cua dai b d phan dan e P d d t h j .
Ddi vdi thj trPdng BOS, t i n d p n g n g i n h i n g van la m d t t r o n g nhijfng kgnh quan trong nhat, vdi hon 70% von dau tP kinh doanh BDS la vay n g i n h l n g ^ Hon nfla, g i l BDS van cdn d mdc eao khi m l trong mot t h d i gian d l i trPdc do, khi lai s u i t cho vay cao, d ^ duy tri mdc t h u nhap ki vpng, c l e nha dau t u , dau CO d l d i y g i l BDS v u p t ra khdi gia trj thyc, g i l nha cao hon 25 lan t h u nhap binh q u i n CLia ngypi d i n , cao gap nam lan so vdi gia trong khu vyc va 100 lan so vdi mdc cua 20 n i m trydc *.
NHNN chu trUdng tiip tuc ndi Idng tin dung thi trudng BDS. Thdng t y 32 ban hanh ngay 18/11 /2014 m d rpng doi tPpng vay Lfu d l i , bo sung t h g m nha d thPpng mai TAP CHI NGAN HANG | SO 20 | THANG 10/2015 Q
i HOAT DONG NGAN HANG TRUNG UONG -
CO gia trj h p p d d n g dPdi 1.05 t y d o n g . D d n g t h d i bo sung t h g m cac NHTMCP khdng thudc sd hdu nha nudc v i o pham vi cua gdi tin d u n g , ndi Idng t h d i gian cho vay t d i da t d 10 nam Ign 15 nam. Bgn canh do ban hanh Thdng t y 36 ngay 20/11/2014 g i i m he so rOi ro cho vay doi vdi BDS t d 250%
xuong 150%. NhOng quy djnh cho thay quyet t i m t h y c hien chinh saeh ndi Idng de ho trp thj t r u d n g nha dat cua Chinh phO sg cdn duy tri trong t h d i gian t d i .
2.2. Ndi long tin dung nhaw ho trdngttddn
a) Hoan cdnh ra ddi chinh sdch ndi Idng tin dung hd tranguddn
Trong boi canh vigc d i n h bat t h u y hai san trgn bien ngay cang gap nhieu khd khan do hoat d d n g danh bat gan b d chiem t^y' trong ldn ( k h o i n g 80%) t r o n g sudt mdt t h d i gian dai da lam tai nguyen can kigt, cac tau danh bat nhd le khdng mang lai hieu q u i , can phai cd cac ke hoach danh bat xa bd. Tuy nhien, nhdng con t l u vd go vdi cdng suat hien tai khdng d i p dng duoc yeu cau c i n thiet ddi vdi hoat d d n g danh b i t xa b d d l i ngay. Mat k h i c , de ddng dUpc m o t cdn t l u cd t h e ra khoi xa can ngudn vdn rat Idn. Thi diem d d n g t l u vd thep tai Quang N g i i cho thay sd tien phai bo ra la k h o i n g 23 ty ddng. NhU vay, t i i s i n cua n g u d i n khdng d u de t h e chap.
Tham chf, ban t h i n ngU d i n cung khdng d i m vay sd tien Idn n h p vay de d d n g tau bdi vigc ra khoi hien nay p h i i ddi mat vdi rilii ro thign tai va nguy co t d t i n h hinh cang thang tren bien D d n g . Neu sd d u n g chfnh con t l u lam t i l san t h e chap cung khdng cd gi dam bao khdng cd rui ro x i y ra. TrPdc
t i n h hinh do, NHNN d p kien dPa ra gdi tin d u n g 100001>^ d o n g ho t r p n g p dan c i i hoan tau cu, d d n g t l u mdi cdng s u i t Idn v p o n khdi xa.
Ngay 07/7/2014, Thu t P d n g Nguyen Tan Dung d l ky ban hanh Nghj dinh 67/2014/ND-CP (N067) ve m o t sd chfnh sach p h i t trien thCiy san, ed hieu lpe thi h i n h ke t d n g i y 25/8/2014.
b) Ndi dung
ND67 quy djnh c i c chinh sach dau tU; tin d p n g ; b l o hiem; Pu d l i t h u e v a mot so chinh sach k h i c l p dpng cho c i c doi tPpng: t d chdc, c l n h l n Viet Nam hoat d d n g thCiy san; to chdc, ca n h l n (sau d i y goi la chu tau) dat h i n g d d n g mdi tau, n l n g d p t l u phyc vy hoat d d n g khai t h i e hai san; t o chdc, c l n h l n thpc hien d y an dau tU co sd ha tang phuc vu hoat d d n g t h u y san.
Ve chinh sach tin d u n g , ND67 da dua ra nhdng y u d l i ve v o n vay ddi vdi cac chu tau cd ke hoach ddng mdi, n l n g d p tau h o l e p h i t trien djch vp hau can khai thac vdi m d t so chinh sach noi bat n h y sau: chu tau d d n g mdi hay nang cap tau duoc vay n g i n h i n g tdi da 95%
t o n g gia tri dau t y d d n g mdi, n l n g d p ; thdi han cho vay se keo dai t r o n g 11 nam, trong d d , n i m dau tign chu t l u duoc mien Hi va chua phai tra np gdc; Hi s u i t dPpc duy tri dn dinh 7%/nam, nhung chCi tau chi phai tra 1-3%/nam, phan cdn Hi do Ngan sach Nha nUdc d p b i j ; ehu tau dupc t h e c h i p g i l trj tai san hinh thanh t d v o n vay lam tai s i n de d i m b l o khoan vay.
Trong trudng hop chu t l u gap rui ro do nguyen n h l n khach quan, b i t k h i khang, tuy t d n g t r u d n g hpp, chu t l u dupc n g i n h i n g co c l u lai thdi han t r i np va dPpc x d ly theo hop dong b l o hiem.
c) ThUc ti qud trinh tiin hdnh thuc hiin Nghi dinh 67/2014/ND- CP vd kit qud
Ve p h H c i c NHTM, ngay 19/11/2014, c i c NHTM da cong bo gdi tin d u n g vdi quy m 6 k h i Idn. Trong do, Agribank trich 5.000 ty' d o n g , BIDV 3.0001^ dong, VietinBank 3.000 t y d o n g , MHB 2.000 t y d o n g , Vietcombank 1.000 t y dong...
D d n g t h d i , c i c NHTM eCing r i t tich cpc chu d d n g t r o n g cdng tac chuan bj de cd t h ^ nhanh chdng trien khai dPa v o n den tay ngp dan.Dien hinh, BIDV d l h o i n thien quy t r i n h , hPdng dan thO tuc cho vay doi vdi khach hang theo tinh t h a n ngan g o n , don g i l n . BIDV cung ehi dao cac chi n h i n h chCi d d n g bam s i t , H m viec vdi UBND t i n h , t h i n h pho de dang ky ke hoach d p tfn d u n g t r u n g , dai han d d n g m d i , n l n g cap tau theo ND 67 tren co sd sd Idpng t l u dPpc B6 Ndng nghiep v l P h i t trien ndng t h d n (Bd NN&PTNT) p h i n bd cho 28 t i n h , thanh phd. Cac can bp ci!ia BIDV d l trpc t i e p xudng mdt so dja ban, tiep xuc vdi n g d dan d ^ chu d d n g nam t i n h hinh thyc te, xac dinh dypc danh sach cac t r y d n g hpp du dieu kien vay. Den cudi nam 2014, cdng t i c chuan b|
cila BIDV da h o i n t h a n h , chi can c o v i n b i n phg duyet cua d p tinh , la phfa BIDV se l i p tdc giai ngan, d p v d n cho cac hd dan n i y .
Nghi djnh 67/2014/ND-CP ra ddi n h l n dPpc sy hudng dng rat tfch eye CLia n g p d i n va da bPdc dau dat dppc nhdng ket q u i nhit djnh. (Bang 1)
Tuy nhign, trgn t h p c te, q u i trinh giai n g i n ngudn vdn vay t h e o ND 67 edn gap mdt sd khd khan.
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ddpc vay v d n cd t h e gay k h d khan nhat d j n h cho cdng t i c trien khai ehinh sach. Cu the, theo diem b, khoan 1, dieu 4, Nghj djnh 67/2014/ND-CP, dieu kien vay doi vdi chinh sach tin d u n g la "Cac ddi t P p n g dang hoat d d n g nghe c l cd hieu q u i , cd k h i n l n g tai chinh v l cd p h d o n g an san xuat cu the, d y p c UBND cac t i n h , thanh phd t r p c t h u d c T r u n g pong phe duyet."
Phan ldn n g p d i n cd nhu d u vay v o n k h d cd t h e chdng m i n h ddpc k h i n l n g tai chfnh cung n h u dPa ra m o t phPPng I n s i n xuat d u n g t h e o ygu cau cua cac n g i n hang.
Bgn canh d d , d o rat nhieu dja p h y o n g cdn cham tre t r o n g cdng t i c phe duyet ho so ngn cdng t i c g i l i ngan con cham tr^.
T h d hai, n g y d i n gap khd khan t r o n g vigc xay d y n g d p toan chi phf va ke hoach t r i np t r o n g hd so vay v d n . D e dPpc n g i n hang
phe duyet va tien hanh giai ngan, n g p d i n p h i i g i l i quyet hai van de tren t r o n g hd so vay vdn. Tuy nhign, khdng p h i i moi n g u dan deu cd ke hoach cp t h e rd r i n g ve loai tau se d d n g , cdng suat cua t l u . Mpt mat, dieu nay xuat phat t d vPdng m i c : Bd NN&PTNT cdn cham tre t r o n g viec cdng bd chfnh thde tat ca c i c mau t l u c l v l danh sach d e don vi d d n g tau d u dieu kien. Vigc thieu c i c quy dinh trgn khien n g p d i n khdng cd co sd de' x i c dinh loai tau, ca sd ddng t l u v l t d do khdng cd eo sd de xac djnh t o n g mdc dau tP, lap phPong an san xuat kinh doanh de vay von n g i n h i n g ; ngpoe lai, ngan hang cung khdng cd co sd de xet duyet t h a m djnh ho so vay cua n g u d i n . Mat k h i c , khi Bd NN&PTNT d l cdng b d 21 mau t l u c l , len danh sach v l gdi v ^ cac dja phUPng, van cd nhieu ho so vay v o n dang c h d
x d ly do chPa cd thiet ke t l u , ehua cd hpp dong vdi cp sd d d n g t l u . . . Ben canh dd, sau hon 5 t h i n g trien khai thpc hien ND 67, dd'n nay, da so d e dja phPOng chi tap t r u n g v i o tri^n khai chfnh s i c h tin d u n g vay vdn d d n g tau, chua quan t i m trien khai d o n g bp cac nhdm g i l i p h i p d l ban h i n h nhP:
chfnh sach dau tP, chfnh s i c h thue, chinh s i c h b l o hiem, vay vdn iPu d d n g ; ho so, quy trinh t h a m dinh vay vdn ddng mdi, n l n g cap tau d v l vay vdn liai d d n g doi vdi cac NHTM chPa dPpc t h d n g nhat;
cdng t i c t h a m d j n h d y t o i n de xac djnh gia trj bao hiem edn gap khd k h i n . . .
2.3. Tin dung ho trcf nong nghiep, nong thon
a) Hoan cdnh
Theo sd lieu t h o n g ke cua Tong cue Thdng kg den ngay 01/01/2013, t r o n g so 89,7 trieu TAPCHiNGANHANG|s620|THANG10/2015 O
I ^ ^ HOAT DONG NGAN HANG TRUNG UdNG
d i n Viet Nam, dan sd ndng thdn chiem tdi 60.8 trieu ngudi (hon 2/3 d i n so); ty le dat sin xuat ndng nghiep va dat lam nghigp chi^m tdi 77.4% tong dien tich dat d nddc. Mae du sd hdu mpt phan khdng he nhd eua hai loai lpc lypng sin xuat quan trpng la dat dai v l sdc lao dpng, song, ddng gdp cOa khu vpc ndng nghiep, ndng thdn v i o tang trPdng kinh te cdn ehPa tPPng xdng. Sd lieu thdng kg cho thay, ty trpng khu vpc ndng lam thuy sin trong GDP g i i m td tren 40% GDP trPde khi ddi mdi xuong dao ddng quanh mde 20% GDP trong nhdng nam gan day.
Cd nhieu nguyen nhan cho v l n de nay, song, nguyen nhln cO ban nhat phii ke den do la khu viic ndng nghiep, ndng thdn chPa d\jgc dau t y tuong xdng. Nhu clu ve vdn san xuat ngay d n g t i n g len, song, cac chfnh saeh tfn dung cho ITnh vyc nay van chPa d i p dng dypc nhu cau do.
N i m bat dPpc van de niy, Nha nddc d l cd nhdng chfnh saeh tfn dpng kjp thdi nham thuc day bp phan quan trpng trong c d d u nen kinh te Viet Nam. Noi bat nhat phai ke den Nghj djnh 41/2010/NO-CP ngay 12/04/2010 (ND41), cd hieu IPC thi hanh td ngay 01/06/2010 ve ehfnh sach tin dung phuc vu p h i t trien ndng nghiep, ndng thdn vdi nhdng cP ehe phij hpp nham d i p dng nhu cau ve vdn cho sin xuat ndng nghiep va phat trien ndng thdn. Ngay sau khi Chfnh phu ban hanh ND41, NHNN da ban hanh Thdng tP sd 14/TT- NHNN ngay 14/06/2010 hydng dan chi tiet viec thpc hien Nghj djnh nay tdi t i t ca cac don vj tryc thudc, cac to chdc tfn d u n g (TCTD)
^ TAPCHiNGANHANG|S620|THM^G10/201b
va cac dia phPong tren toan qudc.
Dang chu y, NHNN da ban hanh Thdng tU so 20/TT-NHNN ngay 29/09/2010 hudng d i n thUc hien cac bien phap dieu hanh cong cy CSTT de hd trp TCTD cho vay phat trien ndng nghiep, ndng thdn.
b) Noi dung chfnh sdch va qud trinh thi/c hien chinh sach
Nghi dinh 41/2010/ND-CP quy dmh cy the ve cac to chdc, ca nhan duoc vay von de phuc vu san xuat, kinh doanh va tieu dung trong linh vyc ndng nghiep, ndng t h d n cung n h u cac to chdc dupc thuc hien cho vay (gdm cac TCTD; t d chdc tai chinh quy md nhd; ngan hang, to chPc tai chinh do dupc Chinh phu thanh lap). Ngudn von cho vay cua cac TCTD ddi vdi khu vpc ndng nghiep, ndng t h d n bao gdm ngudn von huy ddng ngudn vdn t d cacTCTD va cac t o chdc cho vay khac; vdn vay, n h l n tai tro, nhan uy thac cua cac t o chdc tai chinh, tin dung trong va ngoai nPdc;
ngudn von uy thac cua Chinh phu hoac vay vdn t d NHNN '
Thdi han cho vay va iai suat cho vay duoc xac dinh chu yeu dpa tren co che tin d u n g t h u o n g mai hien hanh. Rigng cac khoan cho vay bang ngudn vdn cua Chinh phu, to chdc ca n h l n k h i c uy thac hoac theo chuong trinh, chinh
sach theo chi djnh cua Chfnh phu thi phai do Chfnh phu quy dinh h o l e theo thda thuan vdi ben uy thac.
ND41 nhan manh ve chfnh sach hd trp cua Nha nPdc nhU sau:"Cac ngan hang, t d chdc tai chfnh thpc hien cho vay cac ddi t y o n g chinh sach, c i c chuong trinh kinh te cua Chfnh phu d ndng t h d n , dupc Chinh phu b l o dam ngudn vdn cho vay t d ngan sach chuyen sang h o l e cap bu chenh lech gida lai suat huy ddng va lai s u i t cho vay cua TCTDT' "Chfnh phu c6 chinh sach khuyen khich, ho trp viec cho vay ddi vdi ITnh vUc ndng nghiep, ndng t h d n t h d n g qua cac cdng cu dieu hanh CSTT, chinh sach XLT ly rui ro phat smh tren dien rdng trong linh vUc ndng nghiep, ndng t h d n va cac chinh sach cu the khac trong t d n g thdi ky."^ De hien thu'c hda quyet tam cua minh, Thdng t u sd 20/2010/TT-NHNN quy dinh viec NHNN thuc hien ho trO ngudn von cho vay doi vdi ndng nghiep, ndng t h d n cua cac TCTD thdng qua cac cdng cu dieu hanh CSTT bang each ap dung ty le DTBB doi vdl tien gdi bang d o n g Viet Nam thap hon so vdi mdc ty le DTBB thdng t h u d n g ; danh lupng tien cung dng hang nam de tai cap vdn cho TCTD cho vay phat tnen
- HOAT €ONG NGAN HANG TRUNG t/dNG^^I
Viec tiep (yc thtic hiBn tai ccf cau he thong ngan hang, xiJ' ly na xau aong vai no hit sOc quan trong trong viec khOi Mng l<Bnh tin dung, cung cap ngudn von cho nen iiinh te
ndng nghiep, n d n g t h d n phu hop vdi mpc tieu, bien phap dieu h i n h CSTT. CIc k h o l n cho vay tai d p von doi vdi ITnh vpc n d n g nghiep, n d n g t h d n ddpc NHNN Pu tien ve t h d i han va nguon von cho vay, so vdi d c ITnh vpc khac. Td t h i n g 5/2012, NHNN cdn quy d j n h tran lai s u i t cho vay doi vdi 5 ITnh vuc LTu tien, t r o n g d d cd ITnh vpc n d n g nghigp, n d n g t h d n . Theo chu t r u o n g nay, lai suat cho vay da giam m a n h , t d t r g n 20%/nam vao n i m 2011 xuong cdn 1 5 % / n l m v i o nam 2012 v l den nam 2014 cdn 8%/nam. Hien nay. III s u i t cho vay ddi vdi khu vpc n i y phd bien mdc 6,5 - 8%/nam, t h i p hon nhieu so vdi III suat cho vay t h d n g t h u d n g .
Tliyc hien chi dao eua NHNN, cIcTCTD d l t o chdc hdi nghi trien khai chinh sach cho vay ndng
nghiep, n d n g t h d n ; khan truong ban h i n h hPdng dan chi tiet ve thpc hien eho vay de ap d u n g t h o n g nhat t r o n g toan he t h o n g d c TCTD; m o t sd TCTD da ehu d d n g x i y d p n g de I n cho vay doi vdi ITnh vpc nay... NHNN t h y d n g xuyen phdi hop vdi d e TCTD tien hanh k h i o s i t tinh hinh cho vay, kjp t h d i p h i t hien v l x d ly nhdng khd k h i n , vPdng mac trong q u i trinh trien khai thpc hien ND 4 1 .
c) Kit qud thuc hiin chinh sdch Viec trien khai chfnh sach tfn d u n g ve eho vay ndng nghiep, ndng t h d n theo Nghi djnh 41/2010/ND-CP da giup d c ddi t u p n g k h i c h h i n g trong linh vpc nay tiep can dPoc nhieu hon, hieu qua hon nguon v o n tin d p n g ngan hang, d p np cho vay ITnh vPc ndng nghiep, ndng t h d n tang len d i n g ke, g d p phan quan trpng giCip
Bang 2: Tang tnidng tin dung khu vUc nong ngliiep. nong thdn Thdi diem
Cu6i nam 2012 30/06/2013 30/09/2013 31/12/2013 31/12/2014 31/05/2015
DU ng cho vay (t^ dong)
561.533 621.584 646.706 671.986 758 000 798.000
Ty trpng tren t6ng dif nS cho vay n l n kmh te {%)
18 19.26 19.58 19.32 19.3 19.3
Tang so v6i nam 2009 (khi Ne41 chtfa ra 3dij (lan)
1.9 2.2 2.2 2.29 2.56 2.7
Tang so vdi cudi nam tnidc (%)
12,52 10.69 15.17 19,67 12,S 717 NguSn: Tdng bap vi tinh toan tH nhiiu nguSn
nganh n d n g nghiep phat trien on d j n h va dat dPpc n h d n g ket q u i t o Idn, dac biet ddi vdi d c ITnh vpc lua gao, t h u y s i n , d p h e . . . Trong t h d i gian trien khai ND 4 1 , tin d p n g dau tP phat trien ddi vdi ITnh vpc ndng nghiep, ndng t h d n d l dat dPpe mde tang t r d d n g manh me. (Bang 2)
Tde d p tang binh quan cCia d u n p tfn d u n g cho vay ndng nghiep, ndng t h d n t r o n g 3 n i m (2012 - 2014) la 15%. Co d u tfn d u n g cho p h i t trien ndng nghiep, ndng t h d n t u o n g doi toan dign, bao g o m tat c l cac k h i u cCia qua t r i n h s i n x u l t ndng nghiep, xay d p n g ndng t h d n mdi v l n l n g cao ddi song n h l n d i n . Budc dau, hoat ddng tfn d u n g n g i n h i n g d l ket hpp vdi d c ehfnh saeh khac cua nha nUdc n h y chfnh sach khuyen ndng, khuyen cdng de tao ngn hieu q u i t d n g hpp cua chupng trinh.
Mac du da dat dPpc nhdng ket qua bPdc dau d i n g khfch le, tfn d u n g phat trien ndng nghiep, ndng t h d n cdn gap khd k h i n , thach thde nhy: ngudn vdn cho vay han ehe; k h i nang huy d d n g von trgn dja ban ndng nghiep, ndng t h d n edn thap; TCTD cdn gap nhigu khd khan ve nguon von de x d ly rui ro, hd t r p k h i c h h i n g ; tfnh lign ket trong san x u l t ndng nghiep cdn thieu chat che; tien dp d p giay chdng n h l n quyen sd dpng dat, giay chdng nhan trang trai v l xac n h l n g i l y t d vay vdn d d c dja phPpng cdn cham, anh hPdng tdi tien dp t h a m d j n h , quyet djnh cho vay von, tdi viee s i n x u l t kinh doanh mang nhieu tfnh thdi vp d d j a b i n ndng thdn...
Chfnh vi vay, ngay 9/6/2015,
TAPCHiNGANHANG 1S020 I THANG10/2015 ®
I ^ ^ HOAT OONG NGAN HANG TRUNG L/dNG -
Chinh p h u da ban hanh Nghj d j n h 55/2015/ND-CP ve ehfnh sach tfn d u n g phue vu phat trien ndng nghigp, n d n g t h d n , thay t h e eho Nghj djnh 41/2010/NO-CP nham thao g d n h d n g khd khan vPdng mac eua Nghj djnh nay.
3, Han ctie trong dieu hanh chinh sach tien te phi truyen thong
M d hinh t a n g trPdng kinh te cua Vigt Nam t r o n g t h d i gian qua chu yeu dpa vao vdn, t r o n g d d ngudn vdn t d n g i n h i n g d d n g mdt vai t r d rat Idn. Ben canh do, cd the thay cac bien p h i p ndi tdng NHNN dPa ra deu t a p t r u n g vao viec g i i m III s u i t cho c l e nganh, d c khu vpc t r p n g diem, thpc hign ap III s u i t tran va giam III s u i t t i i d p v o n n h i m khuyen khfeh ngudn v d n c h i y v i o d c khu vpe cdn yeu. Tuy nhien, t i n g trPdng tfn d u n g lai kem nhay cam vdi III s u i t . Dieu do cd nghTa la diJ lai s u i t cao cac doanh nghiep van t i m moi each de vay v o n n g i n h i n g , va ngPpc lai, lai suat thap cung chua han da g d p phan kich thfch cac doanh nghiep vay v o n .
Cd the g i l i thich mot phan nguygn n h l n cua hign tPpng tren I I do sy phoi hpp chya dong bd gida d c Bd, ban, nganh vdi NHNN, t r o n g khi phan Idn d e quy d j n h ve ddi t y p n g dupc hPdng mdc Hi s u i t Pu dai phu thudc v i o s p d i e u chinh CLia d c co quan k h i e ma khdng hoan toan n i m t r o n g sp dieu hanh cua NHNN.
Nguyen nhan t h d hai d i n den sp chya hieu q u i cCia d e gdi tfn d u n g va chfnh sach ndi Idng tfn d u n g cCia NHNN la do t i m ly cua chfnh nhdng ngUdi di vay va cd nhu d u vay v d n . Vdi thj trudng BDS,
^ TAPCHiNGANHANG I S020 I TKAN61Q/a015
d c nha dau t d cdn kha e de bdi thj trudng nay rat bap benh, hau het d^u lo ngai neu lam phat lai m o t lan nda t i n g cao, lieu NHNN cd tiep tuc that chat cho vay n h d nam 2011 hay khdng. Phfa nhdng ngddi d i n ed nhu d u mua nha eung chua ed nhieu e h u y i n bien tich cpc, bdi hp cdn ky vpng vao viec NHNN se tiep tuc ndi long gdi tfn dung, dieu nay g i y ra t i m ly c h d dpi. Vdi gdi tfn d p n g ho t r p ngPdi ngheo va ho t r p ndng nghigp, ho t r p n g p d i n danh bat xa bd, d c ddi tPpng ddpc Pu d l i phan Idn chua cd nhieu quan he tin d u n g vdi ngan hang. Hon nda, do t i n h chat c i c nganh nghe nay php thupc nhieu vao dieu kign t p nhign v l thdi tiet ngn kha nang x i y ra rui ro cao. Ben canh do, do chira ed nhieu hieu biet ve d c chinh s i c h tin d u n g do Nha nddc dPa ra v l chya cd k h i nang xay d p n g nhdng phPong I n kinh doanh, dau t y hieu qua de vay v o n v l d i m bao kha nang t r i np ngn neu khdng cd sp hPdng dan cu the va chi tiet, hau het d c gdi ndi Idng tfn d p n g n i y van chPa t i e d d n g nhieu tdi d u di vay cilia ngydi d i n .
Nguygn nhan t h d ba I I m d t so NHTM van cdn that chat cho vay.
Du dupc NHNN ho t r p Hi s u i t tai d p vdn d mdc rat t h i p , nhung d o tinh trang np xau cdn cao khien cac n g i n hang khdng dam mao hiem trong boi d n h hien tai. D i e biet la vdi thj trPdng BDS khi dien bien nhdng nam vda qua cho t h i y thj trudng nay qua nhieu rui ro va chda the phpe hoi trong tPPng lai gan. Vdi gdi ho trp ngU d i n , kinh nghiem t d gdi ho t r p t r o n g q u i k h d la bai hoe dat g i l va budc d c
NHTM p h i i het sdc t h a n trong t r o n g viec xet duyet cac doi tupng cho vay.
Nguyen nhan t h d t d la thj trPdng ehdng k h o l n (TTCK) ehPa p h i t trien. 6 nhdng nPdccoTTCK hoat d p n g sdi noi, NHNN cd the ehCi d d n g mua ban chdng khoan tren t h j t r d d n g de hudng ddng von e h l y ve noi d n Pu tign. Hon nda, d n h d n g nddc nay, do tre cua chfnh s i c h ed t h e dupe rut n g i n dang ke do khdng phu thudc vao n h d n g quy d j n h thudc tham quyen cua cac ca quan khac.
4. Mpt sd khuyen nghi chinh sach 4.1. Khuyen nghf chinh sdch ve l(hd ndng tiep tuc dp dung cdc CSTT phi truyin thong tgi Viet Nam
a) Cac CSTT p h i truyen thdng hien tai d Viet Nam va k h i nang ap d u n g t r o n g t P o n g lai
Cd t h ^ thay, hau het cac bien phap phi truyen t h d n g ma NHNN Viet Nam dang ap d u n g hien nay deu thudc n h d m cdng cu "Ndi Idng tfn d p n g trpc tiep". Cu the, NHNN sg tryc tiep cung d p thgm k h i n l n g t h a n h k h o l n cho cac NHTM bang m d t sd nghiep vu n h u t i l d p von, chfnh sach tai chiet khau,... va t h d n g qua cac NHTM, eung d p nguon von cho d c khu vpc t h j t r u d n g h o l e cac doi t y p n g dang gap khd khan va can ho trp. Mac d u , ngudn von nay chCiyeu I l y t d NHNN do tfnh chat t u o n g doi php t h u d c cda NHNN Viet Nam vao Chinh phu va cac chfnh s i c h deu xuat p h i t t d chi dao cCia Chinh p h u , song, ehCi the quan trong t h a m gia v i o q u i trinh dieu h i n h va giam sat viec trien khai d c nghi djnh chfnh la NHNN
- HOAT OONG NGAN HANG TRUNG UONG ^ ^ I
va he t h o n g d c NHTM. Mat khac, cung ed t h e t h i y , day la dang "ndi Idng tfn d u n g " kha d o n gian so vdi ly t h u y l t ve cdng eu n i y va n h d n g ehfnh saeh d l ddpc I p d u n g bdi d e NHTW Idn nhP ECB ve mat khoi Idpng n g u o n v o n ddpe eung d p , tfnh da dang va phde tap cua cac nghigp vu ciJng n h u hieu q u i dem lai.
Tuy nhign, khdng t h e phu n h l n , ndi Idng tin d u n g d l cd nhieu t h a n h edng, c h l n g han c h y p n g t r i n h ho t r p d c huyen ngheo. Nhdng t o n tai cdn gap phai ehu yeu den t d nhdng yeu t o ed t h e khac phuc nhP sy phdi hpp chya that sy I n khdp vdi d c ban, nganh k h i e , h y d n g dan thpc hien chda rd rang, ban than ehinh sach ed t h e ndi da di d u n g hddng v l g d p phan khdng nhd vao viec p h i t trien d c nganh, cac khu vyc cdn yeu, kjp t h d i ngan chan da suy giam eua t h i t r u d n g BOS.
Nhpng can iPu ^ rang, cdng cu nay cd t h e dan tdi mat d n ddi nen kinh te, khi m o t sd n g i n h h o l e dja p h y o n g duac yu tign qua nhieu. D i e biet la khi dau t y vao m o t nganh h o l e m p t dia phPong n h y n g khdng hieu q u i se gay l i n g phf. Xem xet trPdng hop cua ECB hay Hoa Ky, ndi idng tfn d u n g chi dypc d u n g de ho t r p mot sd thi t r u d n g ehij chdt, va nham thu hep chenh lech III suat. Viet Nam cung nen ap d u n g d mdc g i i m khoang c i e h gida d c khu vyc va chan d l suy giam cua mot so nganh m l khdng ngn can thiep qua s i u , tap t r u n g q u i nhieu vao m d t n g a n h / k h u vpc.
CIc bien p h i p nham n l n g eao hieu q u i cOa d e CSTT phi truyen t h o n g hien nay se dupe n h d m nghign edu de c i p d phan sau.
b) Cdc cdng cu CSTT phi truyen thong khdc
C l u hdi dat ra I I ben canh ndi Idng t i n d u n g , lieu Viet Nam ed nen ap d u n g t h e m d e edng cp phi truyen t h o n g khae? Vdi ndi Idng dinh luong, k h i n l n g I p d u n g tai Viet Nani la khdng nhieu. D i e t r p n g eua ndi Idng djnh lypng la viee NHTW mua t r i i phieu Chinh phu de b o m tien ra nen kinh te.
Thi trPdng t r i i phieu chPadili p h i t trien cung nhdng quy dinh p h i p ly gidi han dieu ki§n c i c chdng khoan d P p c t h u mua n h u h i g n nay se han ehe dang ke k h i n l n g mua b i n cua NHNN. Thgm v i o dd, thj trudng hign tai r i t nhay d m vdi lam p h i t , ke t d sau nhdng bien d d n g Idn ve ehi so gia tigu dung nam 2008 va 2011. Viec b p m tien khien lam p h i t d o t ngpt t i n g Ign de dang khien d e nha dau t u mat niem tin vao kha nang kiem soat cua NHNN, di kem vdi do I I t i n h trang rut vdn 6 at eua d c nha dau t d nydc n g o l i se khien nen kinh te bi I n h hudng nghigm trong.
Hon nda, cP che t y g i l vdi bien dp dao d p n g hep hien nay cung gidi han sp linh hoat cua CSTT, cdn neu chung ta cd tien h i n h tha ndi f^ g i l , d n d n n h i c tdi kha nang n p edng tang cao d d t bien, t u o n g t y n h u t r y d n g hop cua Nhat Ban.
Tdng hpp nhdng yeu t d ke' trgn, rd rang nen kinh te Viet Nam ehua s i n s i n g cho ndi Idng dinh Idpng.
T r i i lai, d j n h hddng mpc tieu I I m p t ehfnh sach m l chung ta ed t h e hpc t i p . Nhdng tuygn bd rd rang ve CSTT t r o n g tUPng lai giup g i l i tda t i m ly cua thj trPdng, d l t d ra d i e bigt hdu d u n g t r o n g viee day nhanh tde ddc truyen dan chinh s i c h t d i nen kinh te d d c nude p h i t trien. CIc n h i dau
t d de dang hieu dupc muc tigu eOa NHNN, d i e biet la khi m d t chi sd kinh te dPpc dpa ra lam d n c d thpc hien chinh s i c h , t d do khien ki v p n g eua thj t r d d n g duac khueeh dai v l san s i n g di theo d u n g d j n h hddng CSTT.Tuy nhign, NHNN d n than t r o n g t r o n g viec rang budc minh vdi bat cd tuyen bo nao, neu khdng sg de dang danh mat niem tin cCia c l e nha dau tP trong v l ngoai nPdc, g i y k h d khan eho viec thpc hien CSTT t r o n g tPOng lai.
4.2. Ndng cao hieu qud cita cdc cong cu CSTT phi truyen thong
NhP da trinh bay, c l e cdng cu phi truyen t h d n g ma NHNN Viet Nam da v l dang sd d u n g la cae ehfnh s i c h ndi Idng tfn d u n g . Mat khac, bdi d n h eua Viet Nam hign tai ed the chda du dieu kien de ap dpng edng cu ndi Idng dinh lupng. Chinh vi vay, dpa trgn phan tieh nhdng han che va t d n tai cua c i c chinh s i c h d l dupc dPa ra, nhdm nghign cdu de xuat m d t sd g i l i phap nham n l n g cao hPn hieu q u i eCia viec t h y c hien ndi Idng tfn d u n g n h y sau:
ThU nhdt, can khan t r u o n g ban hanh c l e t h d n g tP hPdng dan c l e quyet djnh, nghj djnh ve chfnh sieh mdt. Cac chfnh sach ndi Idng tfn d u n g hau het deu t a p t r u n g v i o mot sd n h d m ddi t d p n g d n dPpc quan t i m va tao dieu kien phat trien nhP ngPdi d i n hoat dpng trong ITnh vpc ndng, lam, n g d nghigp, ngydi d i n d khu v\jc ndng t h d n , vCing s i u v u n g xa, ngydi ngheo, ngddi lao d d n g cd t h u nhap t h a p . . . Vdi nhdng ddi t d p n g nay, neu khdng cd sU hydng dan ehi tiet va thiet t h y c t d phia c i c CO quan chju t r i c h nhiem thi hanh chfnh sich, se r i t khd de
TAPCHiNGANHANG | SO 20 | THANG 10 2015 ^
} HOAT OONG NGAN HANG TRUNG UONG —
chfnh saeh p h i t huy duoc hieu q u i n h d m o n g d p i . Ben eanh do, viee t h u d n g xuyen cd sy kiem tra, g i i m sat d l kip t h d i nam bat ddpc d e van de edn t o n tai va t i m each t h i o g d cac vPdng m i c gap p h i i t r o n g , q u i trinh trien khai chinh s i c h b i n g each ban hanh cac v l n ban hPdng dan bo sung h o l e sda doi la het s d c d n thiet.
Thiy hai, NHNN va Chfnh phu cd t h i dda ra nhdng t h d n g d o v l tuyen bo cp the, rd r i n g v l ndi d u n g , tien t r i n h va hPdng di cCia d c chlnh sach t r o n g t u o n g lai de ngPdi d i n va d e ehu t h e t r o n g n l n kinh t l nam bat dPpe rd chu trPong cCia Nha nPdc, t d d d , g i i m bdt tam ly e ngai do thieu hieu b i l t cung n h p nhdng ky vpng sai lam do cac t h d n g t i n chua dupe xac minh tren thpc te. Vdi t h j t r u d n g BDS, d n x i y d y n g v l cdng bd nhdng kjch ban doi phd vdi nhdng b i l n d d n g cua nen kinh te. Cd the eoi day la m d t dang eiia djnh hydng muc tieu (Forward Guidance) m l NHTW d c nen kinh t l phat t r i l n dang sd d u n g .
ThU ba, can don g i l n hda d e t h u tpc, quy djnh va tap t r u n g quyen k i l m s o i t c i c chuong trinh tfn dung vao mot sd ft b d phan n h i t djnh, c h I n g han, NHNN va he t h d n g d c NHTM, nham day nhanh tdc d d hien thpc hda eung n h u kiem tra va g i i m sat viec t h y c hien d c ehfnh sach. Nhdng han che cda d c chfnh s i e h ndi Idng tfn d u n g dang sd d p n g chu yeu deu x u l t p h i t t d nguyen nhan sp phoi hpp chya d o n g bd gida d c CP quan cd traeh nhiem thi h i n h chfnh s i c h . Vigc khdng p h i n d j n h rd rang, eu t h e traeh nhiem cua t d n g don vj ciing cd t h i dan den k h i n l n g , khi cd sai sdt x i y ra, d c
d o n vj se d i j n day t r i e h nhigm cho nhau t r o n g khi chfnh s i c h van khdng dypc trien khai higu q u i .
ThU tu, viec tlep tuc t h p c hien t i l CO d u he t h o n g n g i n hang, x d ly np xau d d n g vai t r d het sde quan trpng t r o n g viec khoi t h d n g kgnh tfn d y n g , cung d p nguon vdn cho nen kinh te. Td khi t h i n h lap den t h i n g 8/2015, Cdng t y Quan ly tai s i n cua d c TCTD Viet Nam (VAMC) da mua dupe gan 208 nghin t^' d d n g np x l u , p h i t hanh 177.000 t y d d n g trai phieu d i e biet. Tfnh den h i t t h i n g 6/2015, no xau edn 160.000 t y ddng, chiem 3,72% t d n g dP np, g l i m 305.328 t y d d n g so vdi cuoi t h i n g 9/2012.Tuy nhign, mudn x d ly nhanh np xau, d n p h i i ed thj t r y d n g mua ban n p v a s p t h a m gia cua c i c t o chdc nPdc n g o l i . Trong t h d i gian sap t d i , NHNN eiJng d e Bd, nganh lien quan d n b d sung, hoan thign d c quy djnh p h i p luat lien quan den van de mua ban np cCia d c t o chdc nPdc ngoai. Trgn eo sd d d , k h u y i n khich d e t o chdc n i y t h a m gia v i o q u i trinh x d ly no xau cua he t h d n g n g i n hang. Cd nhU vay, q u i trinh nay mdi dPpc x d ly m d t each thpc sp nhanh chdng v l triet de.
ThU nam, t d n g bydc nang cao vai t r d cCia TTCK t r o n g nen kinh te, giup ngudi d i n n h l n thde rd vai t r d kenh huy ddng ngudn vdn dai han cho d e doanh nghiep trong nen kinh te. D o n g t h d i , d n nhanh chdng dua ngan h i n g t r d ve d u n g vdi nhiem vp v d n ed I I chu the cung d p d c nguon von ngan han. Hien nay, ehung ta chua thpc hien t d t dypc hai v l n de: sau hon 14 n i m ra d d i , TTCK van chua t r d thanh kenh huy d d n g von dai han hieu q u i eho d c doanh nghiep.
C I c nha d i u t d t h a m gia TTCK thieu chuygn nghiep, ehu yeu mua b i n t h e o t i m ly d i m d d n g , nhdng t i n d o n trgn thj t r d d n g thay vi dpa tren ca sd phan tfch nang lde tai chinh v l n l n g ldc kinh doanh eua eac cdng t y cd co phieu dupc niem yet. Xuat phat t d t i n h trang trgn, he t h o n g d c n g i n hang van I I ngudn eung d p v o n ehfnh - c l n g u d n v d n ngan han v l ngudn v o n d l i han - cho nen kinh t l . Ben canh do, viec m d rdng TTCK giup NHNN cd t h e m cdng ep v l kgnh truyen dan de d i l u h i n h CSTT, giam b d t sp phu thupc v i o d c eP quan khac. Bai hoc kinh nghiem rut ra t d vigc I p d p n g edng cy CSTT phi t r u y i n t h o n g tai cac quoc gia phat trien cho thay, viec cd m o t TTCK phat t r i l n lam t i n g t i n h kha t h i cCia d e bien p h i p phi truyen t h o n g . C h I n g han, viec thu mua cac tai s i n t i l chfnh cd rui ro cao hon nhP cac chdng ehl quy d N h i t B i n n h i m lam giam phan bii rui ro chi cd higu q u i do d c loai chdng k h o l n nay dupc giao djch t h u d n g xuygn tren TTCK Nhat Ban. Cuoi cCing, viec da dang hda d e loai hinh g i l y t d cd g i l , chdng k h o l n hda d c k h o l n np d thdi diem hien tai se giup NHNN can thiep tryc tiep v i o c l e ITnh vyc can t h i e t J
'Ttiam kiiao quan diem' Intemational Monetary Fund, 2013 "Global impact and challenges at unconventional monetary policies.', IMF policy paper.
miang tu sfi 13/2010/TT-NHNN.
nrieo NHNN.
'Vu Tin dgng (NHNN).
=iHoi thio "Quin iy thj trddng b^t flCng sin vS vai tro ciia dinh che tdi chinh: Kinh nghiem NhSt Ban vS gOi 9 chinh sSch cho Viet Nam" ddijctd chile v i o ngiy 6/8/2014.
'So lieu nghien cdu ciia liy ban Kinh te quoc hgi.
'Dieu 2 v i Dieu 7 Nghj dinh 41/2010/ND-CP.
'Khoan 2 DiSu 7 Nghi dinh 41/2010/ND-CP.
^ l e u 6 Nghi djnh 41/2010/IW-CP
