taicniniij
OANH hCHU^
$ Hoan thi#n khung phap ly cho hoat dong M&A: Do! hoi tir thirc tien
$ Ve hoat dpng M&A tren TTCK
$ Lam gi de d^y manh M&A cac to chiTc tin dung?
Hoan thien khung phdp ly
cho h o q t ctpng M & A o V i e t N a m
PHAM TH! TtfCTNG VAN - ThS. PHAM TIEN PAT
Tinh den nay, hoqt dong mua bdn, sap nhdp DN (M&A) a Viet Nam dd ra dai trdn 10 ndm. Nhiing ndm gdn day, mdi ndm cd nuoc co toi hdng chuc vu M&A vd khong it trong sddo ldm tdn khd nhieu gidy muc cua bdo giai.
Nguyen nhdn thi ngodi su la ldm, mat me, mot vdn de noi len Id khung phdp ly cdn chua hodn chinh vd mang tinh saluoc. Dieu ndy ldm cho cdc chit the tham gia hoqt dong M&A gap khong it kho khan...
Hoat ddng M&A tai Viet Nam
Theo sd lieu cua PriceWa- terhouseCoopers (PWC), nam 2007 cac vu M&A d Viet Nam tang nhanh nhit trong khu vuc chau A - Thai Binh Ducmg, vdi tdng gia tri len tdi g i n 1,8 ti USD qua 113 vu M&A, tang 233% v i sd lupng so vdi nam trudc dd. Nam 2008, hoat ddng M&A tai Viet Nam diin ra kha sdi ddng vdi 146 thuong vu, nhiiu hon 26%
so vdi nam 2007 va con sd nay tiep tue dot bien trong nam 2009 vira qua.
Theo udc tinh ciia Avalue Vietnam - mot td chiic cung cap dich vu tu van trong cac linh vuc dinh gia, tu van tai chinh, tu van quin tri va dau tu, trong nam 2009, sd thuong vu M&A tai Viet Nam la 287 vu vdi gia tii giao dich dat 1,09 ty USD. So thuong vu tuy tang 71% so voi nam 2008, nhvmg
gia tri thuong vu thi lai giam nhe. Nhiiu thuang vu M&A da tao dupe tieng vang ldn v i miic dp thanh cdng, gdp phan vuc day thi trudng tai chinh Viet Nam sau thdi ky chiu tac ddng xiu ciia khiing hoang kinh t i toan ciu. Tai linh vuc hda diu, dien hinh la cudc hpp nhat Motul - Vilube, sau khi Tap doan Diu nhdt Motul, mot cong ty sin xuat va phan phdi d i u nhdt ciia Phap da mua 70% cd p h i n cdn chua n i m giii tai Cdng ty cd Phin Hda Chit va Diu Nhdn (Vilube). Hoat ddng M&A gay chii y trong nam 2009 cdn dupc khing dinh vdi cac thuong vu giiia Lotte va Coralis; Eland - Thanh Cdng;
Pomina - Thep Viet; Sab MiUer - Cdng ty lien doanh bia vdi Vinamilk; ICP - Thuan Phat;
BIDV - PIB Campuchia...
Tuy nhien, cac sd lieu tren chua phai la thdng ke day dii cac vu M&A bdi gin day
nhiiu thuang vu M&A khong thong bao rdng rai tren cac phuong tien thong tin dai chiing; neu cd thi gia tri giao dich ciing khong dupc tiit Id.
Cac hoat ddng M&A ngay cang phat trien nhanh v i so lupng va quy mo.
Cd the thay hoat ddng M&A da, dang va se la mdt hoat ddng cue ky tiim nang trong nhung nam tdi ci v i mat sd lupng, hinh thiic va linh vuc. Nhan dinh nay ciing phii hpp voi danh gia ciia Cue Quan ly canh tranh (Bp Cdng Thuang), theo dd, hoat ddng M&A tham chi se tang trudng vdi tdc dd 30-40%/nam. Diiu nay xuat phat tir mot so nguyen nhan chii yiu sau:
Thii nhdt, viec ra ddi cac luat va nghi dinh ve kinh doanh nhu Luat DN 2005, Luat Dau tu 2006 va Luat Chiing khoan 2007, giiip cho thi truong tai chinh ndi chung va thi trudng M&A ndi rieng
Tai chinh THANG 4/2010 25
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TAI CHINH D O A N H N G H l g Ptrd nen minh bach hon, thu hiit dupc nhiiu nha d i u tu c i trong nudc l i n ngoai nudc.
Thii Itai, hoat ddng M&A tuy mdi d Viet Nam, nhung tai nudc ngoai, hoat ddng nay la tuong ddi phd biin. Cac nha dau tu nudc ngoai da quen vdi cac hoat ddng M&A tai nudc sd tai nen hp se cd thuan lpi hon khi dau tu vao Viet Nam theo hinh thiic nay.
Thii ba, cac giao dich M&A ciing se la su lua chpn tdt cho nhiing nha d i u tu nudc ngoai khi Viet Nam da b i t dau md ciia cac linh vuc dich vu nhu viin thong, ngan hang va tai chinh.
Tuy nhien, la mdt thi tiudng non tre, hoat dpng M&A tai Viet Nam v i n cdn nhiing tdn tai c i n khic phuc ma dien hinh nhat la khung phap ly va ngudn nhan luc.
Ve khung phdp ly cho hoqt ddng M&A
Cd the ndi cho tdi nay, hoat ddng M&A d Viet Nam v i n chua cd mot khung phap ly hoan chinh quy dinh ma chi dupc diiu chinh rdi rac va rai rac d Luat Doanh nghiep 2005, Luat D i u tu 2005, Luat Canh tranh 2004, Bp luat Dan su va cac thong tu, nghi dinh hudng d i n khac. Hon niia, nd chi mang tinh so lupc. Diiu nay lam cho cac chii the tham gia hoat ddng M&A gap khd khan trong qua trinh thuc hien va ty le thanh cdng thudng khong cao, ddng thoi cac ca quan quin ly khd kiem soat cac hoat ddng M&A. Ngoai ra, hoat ddng M&A la mdt giao dich thuong mai tai chinh, doi hdi phii cd quy dinh cu the, cd mot co chi thi tiudng de chao ban, chao mua DN, gia ca, chuyen dich tu each phap nhan, cac nghia vu tai chinh va hang loat van d i lien quan true tiep den giao dich nay ma chua dupc quy dinh cu the nhu kiem toan, dinh gia, tu vin, moi gidi, bao mat thdng tin...
Ben canh do, mdt sd quy dinh phap ly cd the rat hpp ly va diing tren phuong dien ly thuyet nhvmg lai khong the thuc hien dupc tiong thuc tiin. Ching han: Diiu 20 Luat Canh tranh quy dinh: "Cac DN tap trvmg kinh te cd thi phin kit hop tir
Ti L | % CAC GlA TR! MUA B A N THEO CAC NGANH NGHE - MUC TIEU M&A TAI VIET NAM
Tai chinh Cong nghiep Nguyen vat lieu Giai tri va Hang tieu dung truyen thong
30% d i n 50% tren thi trudng lien quan thi dai dien hpp phap ciia cac DN do phii thong bao cho co quan quan ly canh tranh trudc khi tiin hanh tap trung kinh te". Dieu nay tren thuc te rat khd thuc hien, do he thdng thong tin dii lieu v i DN ciia Viet Nam thieu va rii rac d nhiiu ca quan. Hon the, tieu chi nay dang dupc cho la thieu dinh lupng va gay khd khan cho cac DN, khi hp phai mat chi phi kha ldn de nghien ciiu, danh gia thi phan de xac dinh xem thuang vu ciia hp cd thupc dien phai thong bao cho Cue Quan ly canh tranh tiudc khi tien hanh hoat ddng M&A hay khong. Nhu vay ca hpi kinh doanh ciia DN se mat di va cd the se phat sinh tieu cue trong kinh doanh.
Quan diem ciia ca quan quan ly nha nudc v i M&A hien chua thdng nhat. Vi du, trong linh vuc phan phdi, ke tii ngay 1 1 / 1 / 2009, cac DN 100% vdn d i u tu nudc ngoai se dupc quyen phan phdi tai Viet Nam. Tuy nhien, gidi han cho cac DN nay la chi dupc phep md mot ca sd phan phdi. Van d i la n i u nha d i u tu nudc ngoai mua lai DN phan phdi cua DN Viet Nam cd han mdt CO sd, thi se giai quyit the nao?
Nhiiu dia phuong coi M&A nhu la mdt dang thudc diiu chinh ciia Luat Diu tu 2005, phai tuan thii theo thii tue d i u tu la cd du an, co quan nha nudc cd tham quyen chap thuan...
Trong khi dd, theo Nghi dinh 139/2007/ND-CP ban hanh 05/9/2007, hoat ddng gdp vdn mua cd phin thudc pham vi diiu chinh
Ngudn : Hang Price Waterhouse Coopers (PWC)
Ciia Luat DN 2005, mpi thay ddi theo trinh tu thii tue da dupc quy dinh tai Nghi dinh sd 88/2006/ND- CP ngay 29/8/2006 ciia Chinh phii v i dang ky kinh doanh.
Mdt sd quy dinh phap luat thieu hoae khong ro rang gay khd khan cho ca ngudi quin ly va ngudi thuc hien. Cd t h i d i dang nhan thay dieu dd qua mdt sd quy dinh sau:
- Chua quy dinh cu the vdi nhiing cdng ty chua niem yit co phiiu thi gidi han sd hiiu nudc ngoai tiong cac DN Viet Nam la bao nhieu (cdng ty niem yet 49% tdng vdn diiu le, ngan hang 30% tdng vdn diiu le). Nghi dinh 139/2007/ND-CP va cam kit WTO:
Nha d i u tu nudc ngoai dupe mua cd p h i n trong mdt linh vuc phan phdi den 99%, tuy nhien thuc te chua dupc thuc hien. The nao la DN cd vdn d i u tu nudc ngoai, nha diu tu nudc ngoai, DN ed vdn d i u tu nudc ngoai cd dupc xem la nha d i u tu nudc ngoai, DN Viet Nam cd phii chuyin ddi thanh DN cd vd'n d i u tu nudc ngoai n i u nha d i u tu nudc ngoai mua tren 49% vdn cd phin?.... rat nhieu v i n d i khong ro rang gay khd khan cho nha dau tu, dae biet la nha dau tu nudc ngoai trong viec thuc hien cac thuong vu.
Cac quy dinh phap ly hien nay dang gay nhieu khd khan cho ca cac ca quan quan ly nha nudc khi khdng the xac dinh chinh xac loai giao dich M&A ma DN du dinh tien hanh la loai giao dich nao, bdi chi khi xac dinh diing loai giao dich M&A mdi giiip cho cac ben xac
26 T H A N G 4/2010 Tai chinh
dinh, nhan thirc cu thi loai giao dich ma minh tien hanh; luat diiu chinh chii yeu trong giao dich M&A; ca che, quy trinh tien hanh giao dich; dinh hudng viec thiet lap cac dieu khoin trong hop ddng M&A; va xac dinh nghia vu thang tin, thong bao den ca quan quin ly ciia cac ben.... Vi du: (i) Sap nhap, mua lai chii yeu theo quy dinh ciia phap luat v i DN; (ii) Sap nhap, mua lai nhu mdt hinh thiic dau tu true tiep nudc ngoai chii yiu theo quy dinh ciia phap luat v i d i u tu; (iii) Sap nhap, mua lai nhu mdt hinh thiic tap trung kinh te chii yeu chiu su diiu chinh chii yeu ciia phap luat canh tranh; (iv) Mua cd p h i n chii yeu theo cac quy dinh ciia phap luat chiing khoan; (v) Sap nhap, mua lai DN n h i m muc dich phat trien thuang hieu chii yeu chiu su dieu chinh ciia phap luat v i sd hiiu tri tue...
Mdt so de xudt hodn thien khung phdp ly
Xdy dung vd hodn thien khung phdp ly cho hoqt dong M&A. Trudc het, can phai thdng nhit co quan chii tri xay dung cac van ban phap luat ve hoat dpng M&A. Do hien nay chii yeu hoat ddng M&A lien quan d i n yeu td nudc ngoai (nhu phin tren da phan tich) do vay nen de Bd Ke hoach va D i u tu chii tri.
Vi nguyen tic, xay dung khvmg phap ly phai dupc dua tren su k i thira cac van b i n phap luat da ban hanh trudc day, ddng thdi phai tham khio cac van ban phap ly ciia cac nudc tiong khdi ASEAN, va mdt sd nudc phat trien de tao diiu kien tdt cho tien trinh hdi nhap kinh te khu vuc va qudc ti.
Vi npi dung ciia van ban phap luat cin phii can cii theo quy trinh chung ciia mot hoat ddng M&A thi mdi cd the phii hpp vdi thuc tiin dupc. Ve phuong dien phap ly, cd thi chia mdt giao dich M&A lam 5 giai doan:
+ Giai doan tien hpp ddng/Dam phan sa bd (Pre - contract);
+ Diiu tra/tham dinh cong ty muc tieu (Investigation / due dili- gence);
+ Giai doan hpp ddng (Con-
tract): Soan thao, dam phan & ky kit thda thuan mua ban (Sales&Pur- chase Agreement - SPA);
+ Hoan tit giao dich (Comple- tion);
+ Giai doan sau hoan t i t / h a u M&A (Post-completion).
Xdy dung vd hodn thien khung phdp ly cho ca che cung cdp vd kiem soat thdng tin cho hoqt dong M&A.
BChvmg phap ly cho hoat ddng nay tai Viet Nam chua dupc quy dinh cu the, xac dinh chi phi thuc hien giao dich mua lai DN chua ro rang;
thong tin v i cac cdng ty sap nhap, mua lai chua dupc cap nhat day dii, thiiu tinh minh bach; nhiiu DN chua tham gia vao thi trudng chiing khoan, vai tro kiem toan chua dupc quan tam gay khd khan cho viec tim hieu v i tinh hinh hoat ddng, tai chinh ciia cac cong ty... la nhiing can trd khong nhd cho viec thuc hien M&A. De xay dvmg va hoan thien khvmg phap ly cho ca chi nay, can:
Thu nhdt, cac thong tin tai chinh ciia cac DN M&A phai dupe minh bach hda. Nhiiu van b i n phap luat da d i cap tdi tinh minh bach hda thong tin tuy nhien do dae thii hoat ddng M&A nen ddi hdi phai quy dinh minh bach nhiing thong tin tai chinh gi va minh bach tdi miic dp nao.
Thii hai, cin phai cd quy dinh phap luat v i viec cdng khai hda cac vu M&A thanh cdng ciing nhu that bai de giiip cho cac nha dau tu, chuyen gia phan tich cd them nhiing kinh nghiem khi mua ban DN. Viec cong khai hda cd the bing nhieu hinh thiic nhu dang tii tren website, tren bao in, bao hinh...
Ngoai ra lam nhu vay cdn giiip cho chinh ca quan quin ly thiy dupc nhiing van ban phap ly v i M&A da ban hanh cd gay can trd gi trong hoat dpng M&A de cdn cd bien phap siia ddi thay the n h i m thiic day hoat ddng M&A di diing quy dao. Day la diiu rat can ddi vdi thi trudng cdn dang non tre nhvmg d i y tiim nang phat trien nhu Viet Nam.
TJ-iii ba, trong ban hanh van b i n phap luat cin d i cao tinh "hau kiem"- tiic la dinh ky tren co sd cac thong tin cac bao cao ciia cac DN v i
hoat ddng M&A ciia minh, ca quan quan ly Nha nudc se kiem tra thuc t i v i nhiing bao cao da giii. Do vay c h i tai ddi vdi viec xii ly cae vi pham v i bao cao cin phai dii manh va mang tinh ran de de sao cho cac chii thi tiong xa hdi cd dupc nhiing thong tin trvmg thuc va khach quan nhat.
Xdy dung hdnh lang phdp ly vita theo huong tqo dieu kien cho M&A vita kiem soat chat che su ddc quyen, bdo ve lgi ich ciia cd ddng thieu sd trong hoqt dong M&A.
* Theo huong tqo dieu kien: O Viet Nam hien nay cac DN dang ddi dau vdi 2 van d i ldn:
• Viec gia nhap WTO se giam dang ke cac yeu td b i o hd ciia Nha nudc ddi vdi cdng nghiep npi dia.
Cac DN se phii ddi phd vdi su canh tranh true tiip ciia cac ddi thii canh tranh nudc ngoai.
• Cac DN Viet Nam p h i n ldn la d quy mo vira va nhd nen tinh canh tranh yiu so vdi cac DN nudc ngoai.
N h i m khuyen khich cac DN nang cao nang luc canh tranh bing hinh thiic M&A cd the dung cong cu thue thong qua hinh thiic miin giam, uu dai, hd trp... Kinh nghiem cho thay, cong cu nay da phat huy tac dung rat ldn khi khuyen khich duac cac DN tien hanh niem yit tren thi trudng chiing khoan.
* Theo huong kiem sodt chat che su ddc quyen:
Thii nhdt, phii cd van ban phap ly diiu chinh tham quyin ciia cac ca quan canh tranh, co quan dang ky kinh doanh trong nhiing cdng doan phap ly khac nhau ciia qua trinh tiin hanh M&A. Su phdi hap trong hoat dpng giiia cac ca quan nay la hit siic cin thiet de d i m bao hieu q u i ciia viec kiem soat M&A.
Thd hai, viec khdng che, kiem soat hoat ddng M&A cd vai tro dae biet quan trpng trong hpi nhap kinh t i qudc te. Khi hpi nhap Viet Nam phai md ciia cho cac tap doan da qudc gia vao. Vdi siic manh kinh t i vupt trpi, cac tap doan nay cd kha nang thon tinh cac DN khac, nhat la cac DN trong nudc. Neu hoat ddng nay khong dupc kiem soat se gay lung doan va khdng che thi truong
d mirc dp cao. $
Tai Chinh THANG 4/2010 :.27
