Dien dan doanh nghiep
Go nut that thi truang v 6 n fle ngan hang giam ganh nang
Tren thUc te, viec phat trien thj tradng von nhang chu yeu van dao vao von tin dung, dang dgt ra thach thCfc cho he thong ngan hdng trong viec cdn doi nguon von ngan hgn cho cac nhd dau ta co nhu cau phat trien ddi han.
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Moi lo lam dung von ngan hdng Theo ly thuySt, chi sd ti sd ng/vin chu sd hiru Id thudc do nang lyc su dyng va quan ly ng cua DN. NSu hp sd ttSn cdng nhd thi muc dO lgm dyng vdn vay cdng it vd ngugc lgi. Mgt frai cua vipc lgm dung von vay la phai fra lai nhiSu, ddi mgt vdi nii ro lai suat vd mdt dilm frong ddnh gid cua ngdn hdng. Difiu nay bupc DN phai cdn nhac giira nii ro ve tai chinh vd Ipri the ndi fren de lya chgn ti lp vay phii hgp.
TS Cdn Vdn Lyc, Gidm ddc Trudng ddo tgo nhan lyc BIDV cho bifit, bipn tgi, tdng tdi sdn hS thdng ngan hang va td chiic tin dyng phi ngan hang chilm tdi 75%1/tdng tai san ciia ca hp thdng tai chinh. Phan cdn lgi (25%) ddnh cho trdi philu (chinh phu, cdng ty, ngan hang) tlnh theo gid vin hda:
9%; bdo hifim (61 cdng ty bao hiem, tdi bdo hifim) tinh theo tdng
tdi san: 1,9%i vd chiing khoan (gia vfin hda cd philu niem yIt) chi 14,1%. "Dieu nay cho thay, mire dg lp thuOc vdn vay ngdn hang ciia DN ldn nhu thfi ndo vd xet d gdc nhin cung vdn, nlu ngdn hdng tang tin dyng thi DN mdi tang ddu tu"
- dng Lyc phan tich.
Theo sd lieu ciia Uy ban Chting khoan Nha nudc, cho den thdi dilm hipn nay, quy md thi tnrdng trdi phiSu, tinh ca ttdi philu chinh phu vd ttai phieu DN chilm khoang 25% GDP. Tuy nhiSn, riSng ttai philu DN chi chilm khodng 3%
GDP. Khi so sdnh vdi cdc qufic gia Cling khu vuc ASEAN cho flidy, vi sao thi trudng vdn cua Viet Nam cdn kem phat trien.
Thyc te, nhu cdu von cua thi trudng ViSt Nam khdng phdi qua nhd, song diSm bat hgp ly la ttai phifiu chinh phii hipn vin chilm ti lp dp dao. De phat triln thi trudng vdn mgt each chuySn nghiep, thi
cac CO quan quan Iy can quan tdm tdi viec phdt trifin thi trudng vin bang cac co che, chinh sdch hgp Iy. Thi trudng trdi phifiu DN, trai phieu chlnh phu can dugc chuyfin nghifip hda dfi ttong tuong lai se cd nhifiu phdn dogn thi trudng hon.
Khi dd, ngdn hdng se ddm duong ngudn vdn ngan hgn Id cbii yeu, giiip cdn ddi vdn Ianh mgnh vd hieu qua ban.
Ba Nguyen Thi Hdng - Phd thdng ddc NHNN cho bilt: "Tir nam 2011 den nay, hogt dOng cua he thdng ngan hang hau nhu chi hudng vS DN. Trong dd, dieu hdnh lgm phat, tin dyng vd ty gia noi ISn nhu nhiing dilm nhan cua chinh sdch tiSn tS. Chi sau 3 nam thyc hipn chuong trinh "KSt nli ngan hdng - DN", doanh sd tin dyng dugc cac ngan hang thuang mai van dyng co chl, thao gd vudng mac, giam lai suat ISn tdi 458.000 ti ddng. Song song, mat bang lai sudt tiSn vay ddi vdi todn bO nen kinh t l da gidm tii frSn 22% vdo nam 2010 xuong 17% vdo nam 2011 vd den nay, chi cdn 6- 7%/nam vdi ngan hgn, 9-10%/nam vdi tiung, ddi hgn".
Ong Kiyoshi Nishimura - Tdng giam ddc Quy bao ddm tin dyng vd ddu tu (ADB) cho bilt, thi trudng trai phieu DN d nhieu qudc gia ASEAN da phat triSn khd nhanh vdi toe dO tang trudng binh quan 10-12%/ndm, cdn ViSt Nam till khd tri ttp, thdm chi cdn bj thu hpp lgi. d A S E ^ , thj tiudng frdi phifiu DN ldn nhdt Id Malaysia, dgt qui mfi 120 ti USD vdo gi&a nam nay, frong khi d Viet Nam chi khoang 12.000 ti ddng. Trdi philu DN la ngudn cung cap khodn tdi chinh ddu tu dai han vdi mire Iai sudt phu hgp cho cac DN. Cdc DN ciing cd the cd ngudn tdi chinh bdng cdch di vay ngdn hdng, nhung ky hgn rat ban chfi, vdi mire ldi suat khd phii hgp vdi nhu cdu ddu tu ddi hgn. Nhung vdi frdi philu thi k^ hgn ddi hon, ngudn tdi frg vdi lai su^ cfi dinh, cd lgi tbe hon - dng Nishimura phdn ticb.
22 I Thue Nhs niTdc • s,i 44 (sssi • 2013
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Go- nut thSt th} tnrdng von va mua bdn ng _Ba Nguyfin TW Hdng - Phd thdng ddc NHNN n h ^ dinh, cac ph&i dogn cua thi trudng tdi chinh cdng phat triln se gidp chuyin tdi chinh sach tit hon. Thoi gian tdi ddi vdi tiii ttudng trai philu DN ngoai NHNN vd BO Tai chinh ciing cdn su tham gia ciia cdc thdnh vien trong tiu trudng. Bd Hdng hi vgng cac CO quan qudn Iy chuySn nganh se cd nghifin cim vd dfi xudt dl thi ttudng phat triln dugc vdi cdc tifiu chudn, cd dufirng cong lai suat. Ddi vdi thi trudng trdi phieu chinh phii phdi da dang hda dk nguoi mua khdng chi tap trung vdo cdc t l chdc tin dyng. Cdn dli vdi flu trudng trai phifiu DN, mufin phdt triSn dugc theo ba Hdng, vai ttd cac DN Id vd cung quan trgng. Mudn h ^ ddn nhd ddu tu nudc ngodi vd trong nudc thi ban thdn cdc DN phai cd sy cd gang trong viSc ndng cao nang lyc cua minh. Vfi phia co quan Chinh phu se tilp tuc hodn thipn co sd phap ly dfi hodn thiSn thi trudng.
Theo phdn dnh ciia Hipp hpi thi trudng trdi phieu Vipt Nam, viSc chi cho phfip phdt hdnh trai philu chmh phu ky hgn tir 5 nam ttd ISn, theo Nghi quyet 78/2014/QHI3 cd tdc dOng Iam gia tdng ni ro thanh khodn cua cac nha ddu tu frSn thi trudng trdi phieu, dan den sdn phdm trfin thi truong trdi phieu chinh phii khdng da dgng. Trong 9 thang ndm 2015, tdng gia tri trdi philu chinh phii dugc phdt hdnh thanh cdng ttfin thi
Irudng so cdp chi dgt khodngl 127.473 ty ddng, dgt 51% kl hoachi phat hanh cd nam. Nlu tilp tyc tiiuc | hipn phdt hanh ttii philu chmh|ihu|
I Dan Qudc hd trd phattriin thl tnTKngtr^i phieu
doanh nghiep
chi tir 5 nam trd len thi t cudi nam 2015 se khdng n u y ^ ^ dli Iugng vdn cdn thilt dk S ^ i T ^ nhu cdu chi thyc hifin cac myc tieu phdt ttiSn kmh tl xa hOi theo Nghj _ quylt cua Qudc hdi.
Ddy cung la Iy do Chj xuat da dang hda ky hai trdi phiSu chlnh phu tgil ttong nudc. Tbeo dd, Cninn pnu • ttinh Quic hOi cho phep phdt hdnh tt^ phifiu chinh phu vdi tdt ca cdc ky han theo quy dinh tgi Luat Quan ly ng cdng. Tren co sd chu truong dugc Quoc hpi phe duypt, trong dilu hanh Chinh phii se tap trung phdt hdnh trai phifiu cd ky ban dai tir 5 nam trd ISn, dy kifin vdo khodng 60-70%» tfing khdi lugng phat hdnh tuy vdo tinh hinh thi trudng. Vdi dilu kipn kinh tfi vi mfi, thi trudng dn dinh vd khdi lugng huy dOng qua kfinh trdi phifiu chinh phu phu hgp vdi kha nang hdp thu cua thi trudng thi Chinh phit du kiln, k^ hgn phdt hanh binh quan ciia trdi philu chinh phu Id 5,5 nam trong giai doan 2016-2020.
Bfin cgnh dd, Chinh phu cung dfi xuat dugc phep phdt bdrtii ttai phifiu chinh phii ra thi trudng vdn qudc tfi d l tdi co cdu danh myc ng Chinh phli trong nam 2015-2016.
Du kifin khoi lugng phat hdnh trdi philu qudc tl cua Chinh phii khoang 3 ty USD •
S
d Giao djch chimg khodn Hd NOi (HNX) cho bilt, dodn chuyfin gia Han Qudc KSP (Knowledge Sharing Program) va HNX viia ky ket biSn bdn ghi nhd vl k l hogch triln khai dy an KSP, giiip phdt trifin thi trudng ttdi phieu doanh nghipp Viet Nam.Theo dd, KSP se ho frg HNX triSn khai cac hogt dgng: chia se kinh nghiSm thyc t l tii thi ttudng tt-ai phieu DN (TPDN) vd ha tang IT cua Hdn Quoc; phan tt'ch thyc trang thi ttudng frdi philu Viet Nam; ddo tao nguon nhan lyc; khuySn nghi chinh sdch thuc day phdt triln thi ttudng TPDN ViSt Nam.
Dodn chuyen gia KSP ciing da cd bufii thdo ludn chia se thdng tin vS thi trudng TPDN Hdn Quic vd ViSt Nam vdi HNX. Hai ben da thao lugn, chia se thfing tin vfi kha nang tdi cdu tnic va thuc ddy su phdt triln cua thi trudng TPDN Vifit Nam frSn co sd phdt huy hg tang hiSn cd ciia thi trudng frai phieu Chinh phu tgi HNX.
BSn canh dd, dodn chuyen gia ciing chia se co hgi d l 'V^et Nam cd the sdm kit nli tin trudng trai philu Vipt Nam vdi tin trudng khu vyc frong khudn khd sang kifin thi tnrdng trdi phiSu chau A (ABMI) giai dogn 2016-2020.
Trong dgt ldm viec, dodn chuyen gia KSP se tdi Idm vipc vdi BO Tdi chinh, Uy ban Chiing khodn Nhd nudc, HiSp hgi thi ttudng tcii phieu VBMA va thdnh vifin thi trudng dl khdo sat chuyen sau vl flii ttudng TPDN Vipt Nam.
Theo VPG
15 • ThuAHIian''