Ngliienciiti-Trao doi
Thi triTdng t r a i phieu chinh phu
kenli buy ilpng von quan trnng cho dan tir phat trien
Sou 5 nam hoot dong (2009-2014), thj tradng trai phieu chinh phu (TPCP) da trcJ thanh kenh huy dong von quan trong cho dau tu phat trien, cung cap cong cu chi bao phuc vu dieu hdnh kinh te vT mo, dong thdi gop phdn cung c6 hinh anh vd dp tin nhiem cua Viet Nam tr©n thj trudng tdi chinh quoc te. Danh gia ndy duoc ThCi trudng Bp Tdi chTnh Iran Xuan Hd dua ra tqi Hoi nghj tong ket 5 nam hoqt dong vd phdt trien cua thi trudng TPCP di§n ra ngdy 23/9 tqi Hd Noi.
C>(-^J^ i^-^'i- • Pham Mga
5 nam huy ddng dupe 654.493 ty dong Theo bio eio cua Uy ban Chdng khoin Nha nudc, sau 5 nam hoat ddng, cflng tic phit hanh TPCP da ed nhihig cai cich manh me theo hudng chuygn biet, hudng tdi muc tigu co ban lau dii la CO ciu lai np cdng mdt cich hpp 1^ va tao hing hda chuin cho thi trudng tii chinh. Ddn nay, thi trudng TPCP da thuc hien tdt chiic nang huy dOng vdn trung va dai han cho NSNN d^ phuc vu diu tu phit tri^n. Td thing 9/2009- 9/2014, viec diu thiu tip trung tai Sd Giao djch chdng khoan Ha Ndi da huy dgng dupe 654.493 ty ddng eho NSNN, trong dd Kho bac Nha nudc huy dOng dupe 5i3.292 ty ddng, gip 13 lin so vdi giai doan 2000-2008. Dac biet, tii nam 2012, phuong thde diu thiu da trd thinh k6nh chu dao trong huy dPng vdn cho ngin sach qua phat hanh trai phig'u; gia tri huy dong qua diu thau tang manh, dat gin 18% tong miic diu tu toan xa hdi. 5 nam qua, quy mo thi trudng TPCP dat tdc dp tang trudng binh quan 23%/nam, la mdc tang trudng din diu cac nin kinh tg mdi ndi tai khu vuc Ddng A vi ASEAN+3. Thanh khoan thi trudng dupe cai thien ding ke, gia tri giao dich binh quan phi6n da tang gip 7,5 lin trong 5 nam qua, tCr 365 ty ddng/phien \tn 2.734 ty
ddng/phien. Toan b6 tin phigu kho bac diu thiu qua Ngan hing Nha nudc dupe tip tnmg giao dich tren thi trudng TPCP gdp phin eung cip diy du thdng tin cho nha diu ni (NDT) vi giao dich TPCP ky han dai va ngin.
Dang ehii y, he thdng chi bao thi trudng ngay cang dupe hoan thien. Tii thang 3/2013, he thdng dudng cong Ipi suit dupe chuih thiic ap dung va hoat dong dn dinh, da cung cip thdng tin co ban v^ diln bign lai suit cua cac loai ky han trai phig'u giao dich trdn thi trudng thii cip. Ciing vdi he thdng thong tin vi lai suit hinh thanh tren thi trudng diu thiu, hg thdng dudng cong lai suit da tao thanh mdt loai chi bao tham chieu cho cac CO quan di^u hanh kinh tg vi m6, td chiic phat hanh ciing nhu cac NDT trong vi ngoai nudc.
Dac biet, Ihi tnicmg da ghi nhan su tham gia cua NDT la cac
cdng ty bao hiem, cuig ty quan 1^
quy va NDT nudc ngoai. Ndu nhu nam 2009, NDT nudc ngoai tiiam gia vao thi trudng khi de dat vdi ty trpng d thi trudng so cip li 4%, thi ddn nay, con sd niy da len tdi 30%, gia tri tning Uiiu va mdc dd tham gia diu thiu da len tdi 12%.
Ong Pham Thanh Hi, Phd chii tich Higp hdi thi hitdng trii phidu Viet Nam (VBMA) dinh gia, dii da dat duoc nhigu kgt qua, song khi dat trong tuong quan ciia tdng th^ thi hudng tai chfnh Viet Nam ciing nhu so sinh vdi thi trudng cic nudc khic trong khu vuc thi quy md thi trudng TPCP chua tuong xthig vdi tidm nang; thi phan kha khiem tdn so vdi thi trudng cd phigu va hoat ddng tin dung ciia cic ngan hing thuong mai; san phim phit hirji cdn don gian, ky han chu ygu ddn 5 nim trong khi sd lucRig ma trai phigu luu hanh
T
rong khudn kho hdi nghi, Sd giao dich chiing khoin Ha Ndi (HNX) da td chdc khai truong hg thdng giao dich TPCP phign bin 3- Modul kgt ndi vdi he thdng thdng tin qudc tg Bloomberg va ra mat bp chi sd TPCP (Bond index). Giai phip giao dich trii phidu mdi niy cho phep cic nha diu tu dit Ignh vi chuygn Ignh tu ddng tilt hg thdng giao dich teii phigu cua Bloomberg tdi he thdng cua HNK, diy nhanh qui trinh khdp Ignh, xic nhin va thanh toin giao dich. Giii phip niy cung hd trp cac thanh vign thi tiudng va cic nhi diu tu tra cdu gii vi giao dich tren cQng mdt min hinh h i ^ thi, vita tao digu kign thuin Ipi hon trong giao dich trii phidu d^ qua dd lim ting t&ih minh bach vh thanh khoin ciia thi trudng.10 1 TIlUC! Nhi NtfOIG • so 40 (502)-2014
Idn. "Cic san phim giao dieh phdng ngila rui ro lai suit, ty gia trong hoat ddng diu tu trai phigu hiu nhu chua cd khung phip 1^ de tri^n khai thuc hign. Do viy, thi trutoig ti6m in rui ro khi lai suit bign ddng bit Ipi", ong Pham Thanh Hi dinh gii.
Cam kgt manh me vdi NDT D^ tigp tuc thuc diy su phit tri^n ciia thi midng TPCP, Thd trudng Trin Xuan Ha kidn nghi, Chfnh phii nhit quin vdi chign lupc, chfnh sich tii ciu true n^n kinh tg hudng ddn dn dinh kinh tg vT mfl, ning cao chit lupng tang trudng. Theo dd, ed th^ xem xgt thinh lap mdt uy ban hen bd dg digu phdi tri^n khai ddng bd eac hoat ddng phit trien thi trudng, dim bao thuc hign diing tign dp theo Id trinh da dg ra. Ddi vdi cflng tic phit trign thi trudng so cip, se lim rd quy^n Ipi va nghla vu ciia he thdng eac nhi tao lap thi uudng trii phie'u, cdn vdi thi trudng thii cip, ngoii vigc thuc hign nghigp vu hoan ddi TPCP d^
giim sd lupng ma cic trii phigu dang luu hinh. Bd Tai chfnh ciing sg md rflng phit trie'n them cic hing hda mdi, siJr dung chfnh sich thug linh boat dg ting miJc dd hip din cic NDT nudc ngoii.
Theo Thii trudng Trin Xuin Hi. dii TPCP da phit huy dupe vai
tid trong khu v\ic thi trufng tai chinh va vdn vdi quy md thi trucflig dgn cudi nam 2014 da dat 43 ty U ^ , nhung san phim ciia thi trudng TPCP cdn ngheo nan, 80%
du np trai phidu dupe nim giii bca cic td chtic tin dung va ngan hang thuong mai, trong khi cic quy diu tu, bao higm tham gia thi trudng nay rit tfch cue nhimg quy mfl tai chtoh vi nang luc diu tu han che, ngn phin nio anh hudng d6a tinh b^n vihig va phit trien higu qui cua thi trudng.
Di khac phuc nhiing han chg nay, Thii trudng Trin Xuin H i cho bigt, thdi gian tdi Bo Tai chfnh se tigp tuc xiy dung cic nghi dinh, thdng tu hudng dan song song vdi eac quy tic, chuin muc cua thi trudng. Cung vdi dd, se tigp tuc tii CO ciu lai hoat dflng thi trudng trai phigu theo tii co ciu cic hing hda, san phim thdng qua vigc gidi thieu cic san phim mdi; co ciu lai cac khoan np da cd nhim muc dich thu hut cae quy diu tu, quy bao higm, huu tri tigp tuc tham gia. Bgn canh dd, bd chu quin Cling tigp tuc hoin thign co sd ha ting giao dich luu k^ thanh toan bCi trOt ddi vdi thi trudng trai phigu; diy manh phdi kgt hpp thuc hien co chg thanh toan tidn giao dich chiing khoan qua ngin hing dg gdp phin tang cudng tfnh thanh khoin vi phdng ngira riii ro, tao CO sd ha ting hinh thanh viec thanh toin ddi tic bii tr^. Hien, Bd Tii chinh dang trinh Chiiih phii ban hanh nghi dinh vi td chiie dinh mdc tin nhiSm, tren co sd dd se cd giai phap hinh thanh td chiic dinh mlfc tin nhigm danh gia phat hanh, dam bao tfnh cdng khai, minh bach tao ni^m tin cho NDT.
Bd Tii chfnh cam kgt vdi cic NDT se phdi hpp chat che vdi Ngan hang Nha nudc trong viec hoach dinh cung nhu thuc thi chfnh sich tii khda ti^n tg; ting cudng cdng tic chia se thflng tin ddi thoai uuc tigp vdi NDT, d^
cho thi tmdng TPCP phat m^n nhanh vi bdn vdng •
NgliiencilU-Trao doi
Trai phl^u chdu A ifoi mat nhieu riil re
B
io eio theo ddi trai phigu chau A ngiy 23/9 ciia Ngin hing Phit trien chiu A (ADB) danh gii euacic uii jdiigu bang ddng ndi te tai cic n ^ kinh tgdang pliit t r i ^ d chau A tii diu nam dSh nay van tiai trien tdt. Tuy nhign, vide lai suit tai Hoa K^ ting sdm hon du doan, thi trufng bit ddng san tai Trung Qudc tang tmdng cham va tim Ijr ngai nii ro vi lam phit tang cao do cang thing d khu vuc Trung Dflng cd th^ lam xdi mdn nhOng kgt qua niy.Tfnh dgn cuffi thing d, tdng du np trii phigu tai cic n^n kinh tg dang phit tri^n d chiu A li 7.9 nghln ty USD, ting 2,5% so vdi thdi digm cudi thing 3 vi tang 9,3% so v6i thdi di^m cudi tfiing 6 nam 2013. Tdng gii tri i^it hinh trii phigu bing ddng ndi te trong qu$ n i i 1,1 nghln t^ USD, ting so vdi miic 852 ty USD trong qu^ I. Trong khi dd, doanh sd cic trii phigu bing ddng USD, Euro vi Yen Nhit tir thing 1 dgn thang 7 la 121,4 t^ USD, eho thiy khu vuc se tigp tuc lip thdm mdt ky luc khic vg tdng gii tri phit hanh trii phigu hing nim.
Thi trudng trii phigu bing ddng nfli td tai Viet Nam cd miic tang trudng cao nhit, c i so vdi qu^ trudc cQng nhu so vdi cing ky nim trude. Tiiy nhign, Trung Qudc vin la thi tnibng tdn nhit tai chau A sau Nhat Bin vdi du np tiii phigu li 4,9 nghln ty USD.
Miic du np niy ting 3,4% so v(n qu^ tiudc vi ting 10,8% so vdi ciing ky nam trUdc, chii ygu li do ting du np tiii phigu ciia ngin hing chfnh sich vi uii fAu€u cdng ty trong nitdc. Minh DAc
s640(502j-2iilJ •Thu^NliiNuoc 1 11
