BAO VE NHA D A U TlT TRONG TRlTOfNG HOP THAY D 6 I CHINH SACH, PHAP LUAT d VIET NAM HIEN NAY
Ngd Vinh Bgch Ducmg Nguyen Thu Dung**
Tom tdt: Bdi viit phdn tich, ddnh gid cdc quy dinh phdp ly cua Viit Nam vi bdo v^
nhd ddu tu trong trudng hgp Nhd nudc co sit thay ddi ve chinh sdch vd phdp ludt, lit do de xudt mdt sd kiin nghi hodn thien.
Abstract: This article analyses laws and regulations on investor protection in the situations of law and policy changes. It then makes some relevant proposals.
1. Khdi qudt ve bao v^ nha dau tir trong tnrdng hpp thay doi chinh sach, phdp luat
Nhd ddu tu Id ngudi tham gia vdo mdt hay nhieu hogt dpng ddu tu dudi cdc hinh thiic khdc nhau. Nhd ddu tu cd the la mpt cd nhan, mdt doanh nghiep, mpt td chuc. Theo quy djnh ciia phdp ludt Viet Nam, nhd ddu tu la to chuc, cd nhdn thyc hidn boat ddng ddu tu kinh doanh' thong qua vide thanh Idp td chiic kinh td; ddu tu gdp vdn, mua cd phdn, phdn vdn gdp cua td chuc kinh tl; ddu tu theo hinh thiic hgp ddng hodc thyc hidn dy an ddu tu.
"Bdo ve nhd ddu lu" dugc hieu dudi gdc dp phap ly Id vide xdy dung vd thyc thi cd hidu qud cac co che phdp Iy nhdm bdo vd cdc quyen va Igi ich hgp phdp cua nha ddu tu. Bao vp nha ddu tu khdc vdi khdi niem
"bdo dam ddu tu". Bdo ddm dau tu nhdn manh ve mat ndi dung, edn bao ve nhd ddu tu nhdn mgnh tdi qud tiinh thuc thi vd thue hien cac ca chd phdp ly. Bdo vd nha ddu tu khdng chi ddi hdi Nhd nudc ghi nhdn ede ndi dung bdo ddm ddu tu md con phdi thilt lap cdc CO che bdo ve vd dara bdo cho qua trinh thyc thi cac ca chd dd.
• ThS., Vien Nhi nudc va Phap luit.
' Khoin 13 Dilu 3 Luat Diu tu 2014.
Bdo ve nhd ddu tu khi cd sy thay ddi cua chinh sdch, phdp ludt dugc nhin nhdn d khia cgnh khi chinh cdng cu bdo vp nha diiu tu la phdp lugt ciing cd thd bj thay dii. Sy thay ddi cua ehinh sdch, phap ludt Id tdt yeu khdch quan, bdi bdt ky nhd nudc nao ciing deu cd nhiing djnh hudng dieu hanh kinh te khac nhau theo timg thdi k^ phdt trien. Vi dy, ddi vdi mdt ngdnh, Iinh vyc, d giai doan nay Nha nudc cd chinh sdch quoc hiiu hda, nhung d giai dogn sau Nha nudc Igi cd thi tu nhdn hda vd ngugc lai. Vide thay dii chinh sdch, phap ludt the hien vai tro qudn ly va cdch thdc ma Nhd nudc su dyng de dieu hanh nen kinh te nham nhiing myc tidu cy the. Tuy nhien, giiia sy thay ddi ve chinh sach, phap ludt vd mgt mdi trudng phdp \^
khdng dn djnh Id hai phgm tru khdc nhau.
Ndu nhu su thay ddi ve chinh sdch, phap ludt gan lien vdi nhimg tuydn bd ro rang ciia Nha nudc va thyc hidn trong cdc dilu kien cy the khdch quan, thi mdi trudng phdp ly khdng dn djnh la do hp thdng phdp ludt khdng minh bgch, khdng ro rdng. Bdi the, khi danh gid ve bdo ve nhd dau tu, cdc tidu chi mdi trudng kinh doanh cda Ngdn hang thd gidi (WB) hodc cac nguydn tdc qudn trj ciia Td chiic hgp tde vd phdt triin kinh tl (OECD) ddu dh cao tinh minh bach. Vdi tieu chi nay, sy thay ddi trong chinh sdch,
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BAO VENHA DAU TU"TRONG..
phdp ludt mdc du Id khdch quan nhung phdi dugc thuc hien vdi mot "ddng co" minh bach vd chinh dang.
Vide thay ddi chinh sdch, phdp ludt cua Nhd nude dua ddn nhiing tac ddng khdng nhd tdi quydn vd Igi ich hgp phdp ciia nhd ddu tu. Xdc dinh dugc tdc ddng nay se la co sd dd thidt lap vd xdy dyng ede co ehd phap Iy bao ve nha ddu tu trong trudng hgp phdp ludt hodc ehinh sdch thay ddi. Cde tdc dpng dugc thd hien d hai khia cgnh: (3 gdc dp quydn, vide thay ddi ehinh sach, phap ludt lidn quan mat thidt vdi vide thuc thi cac quyen co ban ciia nhd ddu tu, nhu quyin sd hdu, quydn hudng Igi nhuan, quydn qudn trj, quydn khidu kien... d muc dd khd khan hon hoac tgo ra cdc chi phi khdng cdn thidt de nhd ddu tu thyc hidn chiing. Ci gdc dp tdi sdn, thay ddi chinh sdch va phap lugt lidn quan se tdc ddng true tiep den cdc uu dai ddu tu md nhd ddu tu se, dang vd da dugc hudng. Thay ddi chinh sdch vd phdp ludt se Idra gidm muc Igi nhuan mong mudn trong tuong lai ciia nhd ddu tu (vdi didu kidn eac yen td anh hudng tdi qud trinh ddu tu khdng thay ddi); hoac eiing cd the gay ra thipt hgi khdng ludng trudc duge eho nhd ddu tu (vdi didu kidn cdc thipt hgi ndy khdng phdi do cdc yiu td cua thj trudng gay ra). Vi vgy, vide bao vd nha dau tu trong trudng hgp thay ddi chinh sdch, phdp ludt chinh Id gdp phdn vdo vide tgo lap mpt mdi trudng phdp ly on dinh khi quyin vd Igi Ich cua hp ludn dugc Nha nude dam bdo trong bdt ky trudng hgp ndo.
Viec bdo vd nhd ddu tu trong trudng hgp cd sy thay ddi ehinh sdch, phdp ludt dugc thuc hidn dya trdn cdc nguydn tac nhdt dinh. Thu nhdt, bdo vp nhd ddu tu ludn hudng tdi viec bdo ddm sy ddn bit thda ddng vl tdi san vd Igi nhudn dd nha ddu tu cd thi tidp tuc duy tri muc tieu dau tu cua minh.
Nguyen tac nay cd thd ed mdt sd ngogi Id nhdt dinh neu viec thay ddi chinh sdch, phap ludt Id vi trdt ty cdng edng (an ninh, qudc phdng, sue khde, mdi trudng...). Do do, cdc hinh thuc "ddn bii" tir phia Nha nudc dii bdng phuang thiic nay hay phuang thiic khdc ddu nham vao muc tieu ndi tren. Thu hai, vide bdo ve nhd dau tu khi ed sy thay ddi chinh sdch, phdp ludt ludn hudng tdi vide tao lap vd hodn thidn cdc ca ehi phdp Iy de nhd dau tu cd thd "tu" bdo vd quydn va Igi ich hgp phdp ciia minh, nhu quyin khdi kien ca quan nhd nude (nudc tiep nhgn dau tu) vd nhiing thay ddi trong chinh sdch vd phap lugt ddn ddn vide dnh hudng cdc quyen sd hiiu tdi sdn ciia nhd ddu tu nudc ngoai.
2. Cac quy dinh ve bao v^ nha dau tu*
trong trurdng hpp thay ddi chinh sach, phap luat d Vif t Nam hien nay
Vdi myc tieu thu hiit ddu tu nudc ngodi vao thdi diem "md cua" ndn kinh td, cdc quy djnh vd bdo vd nhd ddu tu trong trudng hgp thay ddi chinh sdch, phdp ludt d Viet Nam da dugc ghi nhdn ngay tir khi xdy dyng phdp ludt vd dau tu. Nhdn thiic duge nhip dp phdt tridn nhanh chdng cua nen kinh tl giai doan ddu thdi ky "rad cua" se tdc ddng khdng nhd tdi sy dn dinh cua he thong phdp ludt vd ddu tu, Viet Nam da ed nhiing quy djnh vl bdo dam ddu tu ti-ong trudng hgp chinh sdch, phdp ludt thay ddi, duge ghi nhdn tai Dilu 21 Ludt Ddu tu nudc ngodi tai Viet Nam ndm 1992: "Trong tritdng hgp do thay ddi quy dinh cua phdp lugt Viet Nam md ldm lhi$t hgi den quyin Igi cda cdc ben tham gia hgp ddng hgp tdc kinh doanh vd xi nghiep cd vdn ddu tu nudc ngodi da dugc cdp gidy phep thi Nhd nudc cd bien phdp gidi quyit thoa ddng ddi vdi quyin Igi cua nhd ddu tu". Mac du radi dugc ghi nhan mdt cdch chung chung nhung nhung quy djnh tai Ludt Ddu tu nudc ngodi tgi Viet
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NHA NUdc VA PHAP LUATSd 2/2016
Nam nam 1992 da tgo co sd phap ly ban ddu cho viec hinh thdnh va ngay cdng hodn thidn cua mdt trong nhiing chd dinh quan trpng, gdp phdn tgo lap mdi trudng phap ly dn dinh, minh bach cho hoat ddng ddu tu ndi chung ciing nhu ddu tu true tiip nudc ngodi tgi Viet Nam.
Hidn nay, Ludt Ddu tu ndm 2014 dugc ban hanh thay thi cho Ludt Ddu tu nam 2005 tiip tiac kl thua cac nguydn tdc bdo vd nha ddu tu vd ed rapt sd sira ddi, bd sung.
Cu thd, Dilu 13 Ludt Ddu tu nam 2014 thi hien cam kit ciia Nha nudc lien quan ddn vide duy tri va thuc hien cdc uu dai ma nhd ddu tu dang dugc hudng. Trong mpi trudng hgp, neu co su thay ddi vd chinh sdch, phap luat cua nha nudc Viet Nam tdc ddng tdi quyen Igi cua nha ddu tu thi nhd nude cam kdt bdo dam tdi da quydn Igi cho hp. Theo do, trudng hgp van bdn phdp luat mdi dugc ban hdnh quy dinh uu dai dau tu cao hon uu dai dau tu md nhd ddu tu dang dugc hudng, thi nhd ddu tu duge hudng uu dai ddu tu theo quy djnh cua van ban phap ludt mdi cho thdi gian hudng uu ddi cdn lai ciia du dn. Trudng hgp van bdn phap ludt mdi duge ban hdnh quy djnh uu dai ddu tu thdp hon uu dai dau tu raa nha ddu tu dang dugc hudng, thi nha ddu tu dugc tiip tyc dp dyng uu dai ddu tu theo quy djnh trudc do cho thdi gian hudng uu dai edn lai cua dy an.
Tuy nhien, se khdng dp dyng tirong trudng hgp thay ddi quy djnh cua van ban phdp ludt vi ly do qudc phdng, an ninh qudc gia, trdt ty, an todn xa hdi, dgo due xa hdi, siic khde eiia cpng ddng, bdo vd mdi trudng.
Trong ti-udng hgp, nlu nhd ddu tu khdng dugc tidp tuc dp dung bien phap uu ddi thi dugc xem xet giai quylt bdng mdt hodc mpt sd bidn phdp gdra: khdu tni thidt hgi thyc td cua nhd ddu tu vdo thu nhdp chju thue; dieu chinh raye tieu hogt ddng eua du
dn ddu tu; ho trg nha ddu tu khdc phyc thidt hgi. Khi dd, nha ddu tu phdi cd vdn bdn ydu cdu trong thdi hgn 03 nam kl tir ngay van bdn phdp Iu|t mdi ed hidu luc thi hanh giii cho Co quan dang ky ddu tu kem theo Gidy phep ddu tu, Giay phep kinh doanh, Gidy chdng nhan uu dai ddu tu, Gidy chung nhdn ddu tu, Gidy ehiing nhan ddng ky ddu tu, vdn bdn quyet djnh chii truong ddu tu hoac van bdn khdc ciia co quan nhd nudc cd thdm quyin, quy djnh vd uu ddi ddu tu. Co quan dang ky ddu tu quydt djnh dp dyng bien phdp bdo dam uu ddi ddu tu theo de xuat ciia nha ddu tu trong thdi han 30 ngdy ke tu ngay nhan duge hd sa hgp Id .
So vdi quy dinh tai Lugt Ddu tu nam 2005, cac quy djnh vd bdo dam dau tu trong trudng hgp thay ddi chinh sdch, phap ludt trong Ludt Ddu tu ndm 2014 cd rapt sd diem mdi. Mdt la, thay cym tu "chinh sdch, phdp lugt" mang tinh chung chung bang cym tir
"van ban phdp ludt". Hai Id, quy djnh r5 viec gidi quydt quyen Igi eua nha ddu tu trong trudng hgp dy dn dau tu khdng dupc tiep tuc hudng cdc uu dai, nham khdc phuc tinh trang dy dn khdng tiip tyc dugc hudng cdc uu dai nhung ciing khdng cd bien phap gidi quydt thay the. Ba la, Lugt Dau tu nam 2014 da hoan thien viec dp dung nguyen tac khdng hdi td trong trudng hgp vdn bdn phdp lugt lam anh hudng bat Igi den uu dai ddu tu da dugc dp dyng. Theo do, Ludt Ddu tu ndm 2014 dd bdi bd quy dinh chi dp dyng nguyen tdc hdi to ddi vdi dy dn cd Giay chiing nhgn ddng ky ddu tu nham ddm bao binh dang trong viec dp dyng nguydn tde khdng hdi to giGa nhd ddu tu trong nudc va nhd ddu tu nudc ngodi. Bdn Id, Ludt Ddu tu ndm 2014
^ Dilu 3 Nghj dinh sd 118/2015/ND-CP ngiy 12/11/2015 vl quy dinh chi tiet vi hudng din thi hinh mpt sd dilu ciia Lu§t Dau tu.
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BAO V$NHA DAU TV TRONG ..
da quy dinh cu thi nguyen tdc hdi td chi dugc dp dyng trong thdi gian hudng uu ddi cdn Igi cua du dn.
Tuy nhidn, cac quy djnh vd bdo ve nhd ddu tu khi cd su thay ddi vl chinh sdch, phdp ludt trong Ludt Ddu tu ndm 2014 vdn cdn mdt sd hgn chi:
Thic nhdt, cdc quy dinh vd dam bdo ddu tu mdi chi dirng Igi d mdc dp dd cap, rapt sd Igi ich nhd ddu tu cd thd mdt di khi Nhd nudc thay ddi chinh sdch, phdp ludt, cy the Id cac uu ddi dau tu the hidn cde cam kdt ciia Nhd nudc nham thu hiit vd khuydn khich ddu tu. Tuy nhidn, nhiing thidt hgi cua nhd ddu tu do Nha nudc thay doi chinh sach, phap ludt cdn ndm d nhilu dgng khac md khd cd thi "do, ludng" dugc. Khdi nidm thidt hgi theo quy djnh vd bdo dam ddu tu mdi chi duge hidu theo nghia Id nhung thua thidt so vdi cdc uu dai raa nhd ddu tu dang dugc hudng, dugc quy dinh trong cac chinh sdch, phdp ludt ciia nha nude.
Thit hai, khdi nidra "van bdn phdp ludt"
ti-ong Ludt Ddu tu nam 2014 khdng rd. Ludt Ban hdnh van bdn quy phgm phdp ludt ndm 2015 cung khdng gidi thich "van ban phdp ludt". Trdn thuc td, ehinh sdch, phdp ludt trong mdt thdi gian ddi da dugc hidu Id cdc Gidy phep ddu tu, Gidy chiing nhdn ddu tu...
ghi nhdn cac uu dai ma nhd ddu tu dugc hudng. Vgy vdi cdc logi gidy td ndi trdn va khai nidm "vdn ban phdp ludt" phdi dugc hilu nhu thi nao? Vdn dd nay khdng dugc idra rd thi nhd ddu tu se khdng cd co sd dd dua ra cdc yeu cau bdo ve Igi ich cua minh.
Thu ba, mdt trong nhung co chd quan trpng bdo vd nhd ddu tu trong trudng hgp thay ddi chinh sdch, phdp luat la co che giai quylt tranh chdp giiia nha ddu tu vd co quan nhd nudc. Mac du ca che ndy da dugc ghi nhdn tai cd Ludt Ddu tu ndm 2005 (Dilu 12)
vd Ludt Ddu tu nam 2014 (Didu 14), tuy nhidn, cac quy djnh edn kha chung chung vd chua cd thuc tien de nhd ddu tu cd thd thuc hien quyen khdi kidn.
3. Mpt so kien nghi
Trong bdi cdnh Viet Nara budc phai tudn thu cde cam kdt qude td vd ddu tu vd thuang mai, ddng thdi, quan he giiia nha ddu tu va Nha nudc da dugc nhin nhdn d mdt gdc dp mdi thi van dd bao ve nhd ddu tu trong trudng hgp Nha nudc cd su thay ddi chinh sach va phap luat cdng duge chii trpng. Hoan thien cdc quy djnh phdp ludt vd bdo ve nhd ddu tu khi cd thay ddi vd ehinh sdch, phdp lugt, cdn thuc hien mdt sd vdn de sau:
1) Bdo vd nhd ddu tu trong trudng hgp thay ddi chinh sdch vd phap lugt cdn phdi dugc nhin nhdn Igi d mue dp rpng hon, vugt ra ngodi nhirng uu ddi md Nha nudc da ghi nhdn. Bdo ve nhd ddu tu phdi tinh tdi cdc tdc ddng to Idn hem, cac thidt hai khdng thd "do ludng" ddi vdi nhd ddu tu. Dd thuc hidn dugc didu nay, trudc hdt can cd su ghi nhdn ve mat nguydn tac d cdp dd vdn ban ludt nhiing cam kit bdo ddra tu phia nhd nudc.
2) D I kjp thdi bao vd quydn vd Igi ich eua nha ddu tu trudc nhiing thay ddi ve chinh sdch vd phap ludt, cdn phdi hoan thidn cdc CO chi thuc hien quyen khdi kien cua nhd ddu tu. Mac dii, viec khdi kidn cd thd dp dyng theo cdc nguydn tdc, trinh tu, thu tuc td tung dan su vd hanh chinh, nhung Viet Nara con phdi thyc hien cde cam ket quoc te vl gidi quylt tranh chap gifia lihd ddu tu va nhd nude trong cdc hidp djnh da phuong vd song phuang. Vi vdy, viec ndi ludt hda va quy dinh cu thd ve vide gidi quydt ti-anh chdp giiia nha ddu tu va co quan nha nudc, tgo tiln dl cho vide bao vd nhd dau tu khi Nhd nudc cd su thay ddi ve chinh sach, phdp ludt Id edn thidt.
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