TAICHINH-TIENTE
Kha nang tiep can nguon von tm dung ddu tu cua Nha nudc: nhin tur yeu to lai sudt
NGUYEN CANH H I E P j ^ d i viit nhin lgi cd chi'ldi suat tin dung ddu ta cua Nhd nadc qua cdc thdi, pkdn tich
» dnh hadng cua cd cki ldi suat den kkd ndng tiep can cua doanh nghiep dot vdi nguon von tin dting ddu ta cua Nhd nadc vd di xuat mdt so gidi phdp hodn thien cd cki'ldi suat tin dung ddu tli cua Nkd nadc nhdm md rdng khd ndng tiip can cua cdc doanh nghiep dot vdi nguon vo'n ndy trong thdi gian tdi.
Tii k h o a : tiep can nguon vd'n, cd cki'ldi suat, tin dung ddu ta cua Nhd nadc.
1. Gidfi t h i e u
Tin dung dau tfl (TDDT) la mdt lunh thfie hd trd ve vdh dUde Nhd nude dp dung n h i m khuyen khich cdc thanh phan kinh td' thfie hien edc dfl dn d i u tfi phat trien vdo mpt sd"
ngdnh nghe, finh vtie hoac dia ban md Nhd nfidc fiu tien d i u tu. d nUde ta, chinh sach TDDT cua Nhd nUde bat d i u dUdc t r i i n khai thfie hign tfi nam 2000 vdi nhilu uu dai cua Nha nudc ddnh cho doanh nghidp vay vd'n, bao gdm ca fiu dai v l thdi han cho vay, lai sud't cho vay vd tdi san bao dam tiln vay. Tuy nhign, cung vdi sfl phat t r i i n cua n i n kinh te va qud trinh eai each tdi chinh cdng, cae flu dai trong chinh sach TDDT cua Nhd nflde ed xu hfidng giam din. Theo dd, chenh lech ve thdi han eho vay gifia ngudn voh TDDT eua Nhd nUdc vd ngudn vd'n eua edc ngan hdng thUdng mai ngdy cdng thu hep, bien phap bao dam tiln vay vd'n TDDT cua Nhd nflde dflde thfle hign theo quy dinh chimg ve giao tiich bao dam nhfl cac ngdn hang thfidng mai, cdn lai suat cho vay thi ngay cang tig'n g i n tdi mdt bdng lai suat eua thi trfldng. Td't ca nhiing thay doi nay da tao ra mdt rdo can rd't ldn ddi vdi doanh nghiep trong viee tiep can ngudn vd'n TDDT, anh hfldng den vide thfle hien chinh sdeh d i u tu phat trien eua Nhd nUdc.
Trong b ^ canh kha nang dap flng eae khoan vay cd ky ban dai cua cdc ngdn hdng thfidng mai ngdy cdng dfldc nang ldn va Cbinh phu dang thfle hien viec dd'i mdi phUdng thfle phdt trien tin dung nha nfldc theo nguyen tdc
thUdng mai, thi vd'n de thdi ban cho vay vd tdi san bao dam tiln vay vd'n TDDT cua Nha nude khdng cdn gifl dflde sfl hdp ddn ddi vdi doanh nghigp vay von nhu trUdc day. Trong khi dd, vdi dp lflc v l chi phi tai ehinh ludn de nang cac doanh nghiep Vidt Nam nhu hidn nay, thi ldi sudt vay vd'n vdn ludn Id yeu td dfide cac doanh nghidp dae bidt quan tam khi Ifia chpn phfidng dn tdi ehinh cho cac dfl an d i u tU. Day ddng thdi eung la mdt ye'u to quan trpng anh hfidng den kha ndng eua doanh nghigp trong vige tilp can edc ngudn vd'n tin dung, trong dd bao gdm ca ngudn vd'n TDDT cua Nhd nUdc. Vi vay, nghien cfiu tac ddng eua cd che' lai sua't cho vay nhdm tim ra giai phdp phfl hdp dam bao kha nang tilp can ngudn vd'n TDDT cua Nhd nude cho eae doanh nghiep Id vd'n d l ein thilt hidn nay.
2. ThUc t r a n g cd c h e lai s u a t t i n d u n g d a u tfi c u a N h a nvtdc
Ngay tfl khi hoat ddng TDDT eua Nha nUde mdi bat dau dfide trien khai, lai sua't cho vay ngudn vd'n nay dfide Chinh phu quy dinh kha tha'p nham thu hut cac doanh nghiep vay vd'n de d i u tfi vdo edc ngdnh n g h i , linh v\lc va dia bdn ma Nha nfldc can khuye'n khieh. D i u tien, lai sud't TDDT dUde Chinh phu a'n tiinh bdng 9%/nam tai Nghi tiinh sd'43/1999/ND-CP, rdi sau dd giam xudng edn 5,4%/nam theo Nghi quyg't sd 05/2001/NQ- CP. Mfle lai sud't nay chi dUdc thay ddi sau Nguygn Canh Hifip, TS., Ngfin hang Phat tri£n Viet Nam.
Nghiin cdu Kinh Iff sff 8(471)-Thing 8/2017 4 9
Kha nang tiep can nguon von ,
khi Chinh phu ban hanh Nghi dinh so 106/2004/ND-CP thay t h i Nghi dinh sd 43/1999/ND-CP, md theo dd lai sud't TDDT dUdc xac dinh tUdng dfidng 70% lai suat cho vay trung - ddi ban binh quan cua cdc ngdn hdng thfidng mai nhd nfidc.
Cd e b l xac dinh lai suat TDDT nhu trdn dupe duy tri den khi Chinh phu ban hanh Nghi dinh sd 151/2006/ND-CP vdo nam 2006 dl thay t h i Nghi dinh so' 106/2004/ND-CP.
Sau khi Nghi dinh sd 151/2006/ND-CP ra ddi, flu dai vl lai suat TDDT hi thu hep dang k l vdi dilu khoan quy dinh ldi suat cho vay ndi te bang ldi sudi trdi phieu chinh phu kJ han 5 ndm (ddi vdi mot sd' dfl an ddc thu) hode bdng lai sud't trdi phieu ehinh phu ky han 5 ndm cdng 0,5%/ndm (ddi vdi cdc dfl an thong thfidng)^ Ty le nay sau dd dUdc nang len mfic 1% khi Chinh phu ban hanh Nghi dinh so 106/2008/ND-CP sfla dd'i, bd' sung mot sd dieu cua Nghi dinh sd 151/2006/ND-CP.
Din ndm 2011, khi Chinh phu ban hanh Nghi dinh sd 75/2011/ND-CP thi nguyen tac xde dinh ldi sud't TDDT lai cd sfi thay ddi so vdi Nghi dinh sd 151/2006/ND-CP vd Nghi BANG 1: Ctf c h e Iai s u a t tin d u n g
dinh sd 106/2008/ND-CP, theo dd, fiu dai vl lai sud't cua nguon vdn TDDT cdn lai gin nhu khdng ddng k l , bdi ldi suat TDDT dfide xac dinh khdng thap hdn ldi sud!t binh quan cac ngudn vd'n cdng vdi phi boat ddng cua Ngan hdng Phat triin Viet Nam (VDB) - la ed quan dUdc giao thfle thi chinh saeh TDDT eua Nha nUdc.
Tfl ngdy 15-5-2017, ed e b l lai sud't TDDT cfla Nha nfldc dUdc thfle hidn theo quy dinh tai Nghi dinh so 32/20 i7/ND-CP. Theo Nghi dinh nay, ldi sud't eho vay TDDT dudc xdc dinh bang mfic ldi sud't bmh qudn gia quyen ede mfle lai sud't trung thau trai philu VDB dupe Chinh phu bao ldnh ky han 5 nam trong thdi gian 1 ndm trfldc thdi diem cdng bd lai suat cdng ty le chi phi quan ly boat ddng va dfl phdng rui ro eua VDB do Thu tUdng Chinh phu quylt dinh^.
Cung vdi su thay ddi ve ed che xae dinh lai sudt nhu tren, t h a m quyin cdng bo va dilu ehinh lai sud't cung nhU ed che dp dung lai suat TDDT ddi vdi cde dU an vay vd'n ciing dfldc dilu chinh qua tfing Iln suta doi chinh sdeh TDDT cua Nhd nude (bang 1).
d a u tfl c u a N h a nifcfc q u a c a c thiii k y Vsnban phaply
Nghi dinh &6 4 3 / 1 9 9 9 ^ - C P Nghi dinh sff 106/20d4/ND-t3'
Nghi dinh s6' 151/2006/NIKPva
Nghi dinh s6 106/2008yNI><P
Nghi dinh sd 15P.0hJND-CP
Nghi dinh s6 32/20 i7/ND-CP
Co quan cong bo 1^ suat Chfnh phi
BO Tai chi'nh
Bd lai chi'nh
B6 Tai chinh
VDB
Tan suat cong bo liii suat Khi Iai suS't CO bkn tang,
fiiam 10%
T6ida2 lii^^am T6'i da 2 Idn/nam
Khdng quy dinh Dinh ky hang
quy
Co so xac dinh lai suat Trong han An dmh bang 9%/nain (sau do
giam xufing con 5,4%/nam)
"Hrong duong 70% lai suSt cho vay tmng - dai han binh quan cua cac ngiln hang thucmg mai nhk nuoc Bang lai su^t trai phiSii chuih phu ky han 5 nam cong ty le %
B ^ g lai suat bmh qudn cac ngu6n vCin c6ng v6i phi boat
dflng ciia VDB B k g lai suat trai phieu VDB kJ
han 5 nSm cflng ty lfi chi phi quan 1^ hoat dflng va du phong
nii ro cua VDB
Q u i han Bang 130% lai suSl trong han Bang 150% lai sua't trong han Bang 150% lai suSt trong ban
Bang 150% lai sufCt trong han Do VDB quyg't dinh, tfli da bJiig 150% lai sua't trong han
Cache ap dung l^i suat Cfl dinh trong suflt th£ri han cho vav Cfl dinh trong
suflt th£ri han cho vav Cfl dinh trong
suflt thffi han cho vay Dieu chinh theo iCmg 1^
giai ngan Di^u chlnh dfii v6i toki bfl duno ciia
du^n i Ngudn: T6ng hop t& cac nghj dinh lifin quan.
1. Tai Nghi dinh sfl 106/2004/ND-CP, Chi'nh phu con quy djnh lai suift cho vay bang ngoai lfi tu do chuyan ddi duoc x&c dinh trfin ccr sd lai suit Sibor 6 thSng cflng thfim ty lfi %. Tuy nhifin, vific cho vay bang ngoai tfi duac thuc hifin khflng nhifiu vk sau khi Chi'nh phu ban hanh Nghj djnh sfl 75/2011/ND-CP thi vific cho vay nay khfing duac'thuc hifin ntta. Do d6, d^ thuan tifin cho vific phfln tich, bai vifit nay chi dd cap den lai sufl^t TEffJT bang dflng Vifit Nam.'
2. Theo quy dinh ^ i Nghj dinh sfl 32/2017/ND-CP, Thu Wong Chtnh phu quyfit dinh ty lfi chi phf quan ly fin dinh trong thdi kj" 3 nam, dam bao cho VDB dii ngufln kinh phi hoat dfing va trich lap du phong nii ro.
50 Nghiin ciiu Kinh tff sd 8(471) - Thing 8/2017
Kha n^ng tiep cdn ngudn vfi'n ,
Mac du cac quy dinh dUdc thay doi, bd sung n h i l u I l n , song nhin ehung, ed ehe' lai sud't TDDT cua Nha nUdc dfide dp dung nhfing nam qua cd mpt sd dde dilm ndi bat la: lai sud't TDDT thoat tien hdm ehfla sfl Uu dai rd't ldn cua Nha nfidc, nhfing mflc flu ddi ngay edng giam dan va tie'n tdi bu d i p chi phi eua cd quan eho vay; t h i m quyin cdng bd lai sud't TDDT eua Nhd nfldc dUdc thay dd'i qua titng thdi kf theo hfldng ehuyen dich d i n tfi cac cd quan quan 1^
sang cd quan eho vay; cd che ap dung lai sud^t dfide thay dli tfing bfidc theo thdi gian, tfi
BANG 2: Thong k e lai sudft TDDT
cho cd' dinh trong sud't thdi ban cho vay den dilu chinh theo tflng I l n giai ngdn vd de'n tha noi toan bd.
3. Anh hflding c u a cd c h e lai sua't d i n k h a n a n g t i e p c a n n g u d n vo'n t i n d u n g dau tii c u a N h a nvCdc Vdi cd che' xdc dinh lai sud't neu trdn, ldi sud't TDDT cua Nha nUdc trong nhfing nam gan day do Bp Tdi ehinh edng bd ed sU thay dd'i qua tfing thdi k^ khde nhau can efi vao chi phi ngudn vdn, ehi phi boat dpng cua cd quan cho vay (VDB) vd cd tinh dg'n tinh hinh big'n dpng ldi sud't trdn thi trudng (bang 2).
cua N h a nfldc tfi n a m 2011 de'n n a y Th6i diem
hieu iuc 1-1-2010 1-2-2011 15-2-2012 25-6-2012 4-6-2013 14-11-2013 11-8-2014 11-12-2014 19-5-2015
L i i suait (%/nam) 9,6 11,4 14,4 12 11.4 10,8 10,5 9,5 8,55
Co so phap iy Van ban QuySt dinh sS 3280/QD-BTC ThOng tu sS 203/2010/rT-BTC ThSng m stf 201/201 l/IT-BTC Thtfng tu stf 104/2012/TT-BTC Thtfng tustf 77/2013/TT-BTC
•nitfngmsS 161/2013/rT-BTC Tli6ngtusS108/2014/IT-BTC Thtfng tu stf 189/20I4/IT-BrC
Thtfng tu sS 76/2015/rr-BTC
Ng^y ban h^nh 25-12-2009 14-12-2010 30-12-2011 25-6-2012 4-6-2013 14-11-2013 11-8-2014 11-12-2014 19-5-2015 Ngudn: Tdng hpp tir cac quyfi't dinh, thflng tu cCia Bfl Tai chfnh.
Ddi chieu vdi mflc lai sud't cho vay trung, ddi b a n b^ng ddng Viet Nam phd bien cua cdc ngdn hang thfidng mai dupe Ngan hdng Nha nfidc Viet Nam thdng kd hang nam, ed t h e thl^y r i n g chgnh lech gifla lai sud't TDDT cua Nha nUde va lai sud't eho vay cua cdc ngan h a n g thUdng mai trong nhflng ndm gan day da bi t h u hep dang k e ^ Ddc bidt la tfi ndm 2012, lai sud't TDDT khdng edn thd'p hdn nhieu so vdi lai sud't cho vay thdng thudng eua cdc ngdn hdng thfldng mai, thdm chi lai sud't
TDDT cua Nhd nude tai mdt so' thdi diem cdn cao hdn lai sud't eho vay cua cdc ngdn hang nay (hinh 1).
3. Theo thfing kfi cia Ngin hSng Nha nui3c, lai sufft cho vay trung - dai han bang dfing Vifit Nam nam 2011 phfi bifin 6 mUc 17-20%/nam, nSm 2012 phd bifin 6 miic 12-15%/n5m, nam 2013 ph6 bi^n 6 mtic 11,5-13%/nam, nam 2014 phd bifin d miic 9,5- 11%/nam. nam 2015, 2016 vk 5 thdng d^u nam 2017 phd bifin d miic 9-11%/nam.
Nghiin ciiu Kinh tff sff 8(471) - Thing 8/2017 51
Kha nang tiep can nguon von ...
HINH 1: Di6n b i e n lai s u a t cho v a y t r u n g - d a i h a n giai d o a n 2011-2016
20 '
15
10 -
5
•—"^
*
2D11 2012 2013 Z014 2015 A
2016
( Lai suit ngin hang IhuUng mai cao phi bien
^ LSI uiSl ngan hang IhUtfng mai thap ph£
bien
_ . ^ L a i suat TDDT cao nhat
— • — Lai s u i t TDDT thap nhal
Nguffn: Tong hop tir cJic thflng tu cua Bfl TSi chinh vk Bao cao thucmg nifin cua NgSn hkng Nha nu6c.
Ben canh sU thu hep uu dai nhU tren, lai sud't TDDT eua Nha nfldc cdn trd nen kem ha'p ddn so vdi ldi su^t cho vay cua ngdn hang thfidng mai do cde ngan hang nay cd the cho eae khdch hang ldn vd khach hang uy tin vay vdn vdi ldi sud't thd'p hdn lai sud't thdng thfldng, bode cho vay bang ngoai te vdi ldi sudt thd'p hdn lai sua't cho vay npi tg. Sd' ligu tfl bao eao thfldng nien cdc ndm gan day cua Ngdn hang Nha nfldc cho thay, ldi suat cho vay trung - ddi ban bang ddng Vidt Nam ddi vdi khach hdng td't nam 2012 chi khoang 9-11%/ndm, ndm 2013 ehi khoang 6,5- 7%/nam, nam 2014 chi khoang 5-6%/ndm...;
cdn lai sud't cho vay trung - ddi han bang HINH 2: T a n g trfldng t i n d u n g d a u
ddla My ndm 2012 phd bid'n d mflc 7- 9%/nam, ndm 2013 phd big'n 6 mflc 6- 7%/nam, ndm 2014 phd bie'n d mflc 5,5- 7%/nam, nam 2015 pho bie'n d mflc 5,3- 6,2%/ndm.
Vdi cd che* lai sud't nhu tren, vige tiep cdn ngudn vdn TDDT eua Nha nUdc tfi cac doanh nghiep dau tu du an thudc ddi tupng vay vdn TDDT thdi gian qua gdp rd't nhieu khd khdn, the hien ro nhd't d sfi sut giam quy md vd tdc dp tdng trfldng TDDT eua Nha nfldc trong nhflng nam gan day. Dae bidt, trong cac nam 2014-2016, tang trfidng du nd TDDT cua Nha nude ludn d mflc dfidi 0%, tdc dp sut giam nam sau eao hdn ndm trfide (hinh 2).
tuf c u a N h a nfldfc giai d o a n 2011-2016
140.000 120.000 1QO.O0O 80.000 60.000 40.000 20.000
23,6%
^^"^m^
H"8.2% - ^ ^ - - - -^
1 y H , • ,
2011 20121 ••Di^ni^TDST
I H ^M
^ H B . ---H-.:
l^^t^kl^^^^ H-: ra-.-B'T-ll-1 2013 2014 2015 2016
— ^ T 6 C dp tang trudng du np* TDDT |
^°«
15%
lOK
• 5 % OX
• - S %
• • 1 0 »
Ngudn: B3o cao tdng kfit cdc nam 2011-2016 cua VDB.
52 Nghien aiu Kinh tesd 8(471) - Thing 8/2017
— Kha nang tiep can nguon vd'n ,
Hien tai, vide eho vay von TDDT eua Nha nude dupc thiic hi$n theo Nghi dinh sd 32/2017/Nb-CP cua Chinh phu (ban hdnh ngay 31-3-2017, ed hieu Ifie tfi ngdy 15-5-2017). Ng'u so s a n h gifia ed chg' ldi sud't TDDT cua Nha nflde dUdc quy dinh tai Nghi dinh ndy vd ed chg' ldi sud't cho vay cua cac n g a n h a n g thUdng mai dfldc quy dinh t a i Thdng tfi so' 39/2016/TT- NHNN eua Ngan hdng Nhd nfidc, t h i cd the thd'y cd ehe' ldi sud't eho vay h a i loai ngudn vdn n a y n h i n e h u n g Id tUdng ddng.
Sfi khac biet cdn lai cd t h e n h d n r a gifla cd che ldi sud't TDDT eua Nha nudc vd lai suat cho vay cua ngdn h a n g thfldng m a i ndm d hai d i l m : (i) cdc n g a n h a n g thUdng mai dupe thilc hien vide p h a n bidt lai sud't cho vay theo mfic do tin nhidm eua khdch hang, cdn VDB t h i chi dupe ap dung mdt mfle lai sua't TDDT ddi vdi mpi doanh nghiep theo quy dinh cua Chinh phu; (ii) khdch h a n g vay vd'n cua ngdn hdng thfldng mai p h a i t r a ldi ch^m t r a ti'nh tren ea nd gd'e qua h a n va nd ldi qud ban, cdn khach h d n g vay von TDDT cua Nhd nfidc ehi phai chiu lai sud't qua b a n t i n h trgn so nd gd'e qua b a n .
Mac du sfl khdc biet ve vige dp dung lai sud't qud b a n ndi trdn eho thd'y ed che' dp dung lai sua't qud h a n ngudn voh TDDT cua Nhd nfldc vSn cdn ed diem flu dai hdn so vdi ngudn vdn cua ngan h a n g thfldng mai, tuy nhign theo n h d n dinh cua chung tdi, diem Uu dai n a y khdng lam ngn sU hd'p d i n ddng ke eua lai sud't TDDT, bdi khi lap dfl an vay vd'n, eae doanh nghiep thfldng chi t i n h den ehi phi lai vay vdi gia dinh vide t r a nd cua dfl dn dfide thfie hidn theo dung phUdng dn tax chinh md khdng quan tdm nhidu ldm ddn ehi phi tai ehinh phdt sinh khi dfl dn khdng t r a dUdc nd dung b a n . Trong khi dd, vide khdng p h a n biet lai sud't cho vay dd'i vdi eae k h a c h h a n g theo mflc dp tin nhiem da ldm giam k h a ndng tie'p cdn ngudn von TDDT cua
Nhd nfidc dd'i vdi ede doanh nghiep cd uy tin, ed du dn ddu tfi hieu qua.
Vdi each thfle xdc dinh lai sud't cho vay theo quy dinh tai Nghi dinh sd 32/2017/ND- CP, thi ed ehd' ldi sud't TDDT cfla Nha nudc hign n a y vdn edn nhflng diem ehua thuc su hpp l;y, the hidn trgn hai khia canh:
Tha nhd't, lai sua't TDDT cua Nhd nudc dfldc xde dinh edn cfl vao ldi sud't t r u n g t h i u trdi phig'u ky h a n 5 n a m ma VDB phdt h a n h t r o n g thdi gian 1 nam gan nha't, trong khi vige p h a t h a n h t r a i phie'u cua VDB p h u thude rdt nhieu vdo t i n h hinh t h i trudng tdi chinh, khdng phai luc nao VDB cung cd t h e phdt h d n h dUdc t r a i phie'u k^ b a n 5 ndm. Vi vdy, ve 1;^ thuyg't cd the xay r a trudng hdp khdng xdc dinh dupe lai sua't TDDT cua Nhd nude, boEic ldi sud't nay khdng p h a n dnh dflng cung cdu ve" vdn trdn thi trfldng tdi ehinh.
Tha kai, nd'u khdng tinh ehi phi quan ly vd ldi n h u d n ky vpng, thi lai sud't eho vay vg* nguygn tic dupe xdc dinh chu yg'u dfla trgn chi phi ngudn vdn cua td chflc cho vay. Tuy nhien, chi phi ngudn vdn lam can cfl xdc dinh lai sud't TDDT cua Nha nflde lai dfldc tinh theo lai sua't t r u n g t h i u t r a i phig'u ky b a n 5 ndm, trong khi loai trdi phie'u nay khdng gifi vai trd quye't dinh trong tong ngudn vd'n huy dpng tfl p h a t h a n h t r a i phig'u ndi rigng cung nhfi tdng ngudn von boat ddng ndi chung eua VDB. Mdt khac, lai sud't huy ddng trdi phie'u ky b a n 5 ndm cua VDB trong nhflng ndm g i n ddy lai thfidng cao hdn ldi sud't huy ddng t r a i phig'u binh quan cua ngan h a n g nay (hinh 3). Do dd, n^u t i n h h i n h nay khdng t h a y doi trong thdi gian tdi, thi viee dfia vao lai sud't p h a t h a n h trdi phig'u ky b a n 5 n a m de xdc dinh lai sud't cho vay se lam giam k h a ndng tig'p cdn ngudn vd'n TDDT eua Nha nfidc.
Nghiin cdu Kinh Iff sff 8(471) - Thing 8/2017 5 3
Kha nang ti^p can nguon von
HINH 3: K^t q u a p h a t h a n h t r a i p h i e u c u a VDB g i a i d o a n 2011-2016
2011 2012 2013 2014 2015 2016
• Khdi lupng trai phieu kJ hgn 5 nam -Lai suat trOng thau trai phieu ky hgn 5 nam I ^ S T o n g khoi li/p-ng trai phieu phat hanh
—•—Lai suat triing thau trai phidu binh quan Nguffn: Tinh todn ttt s6 lifiu do S6 De'n thdi tiidm bign tai, ty le chi phi quan ly boat ddng va dfi phdng rui ro eua VDB trongthdi kj^ 3 ndra tdi vdn chfia dfide phe duydt, do dd ehfia cd cd sd de xde dinh chinh xdc lai suat TDDT cua Nhd nfidc. Tuy nhien, ng'u gia dinh rdng ldi sud't binh quan gia quyg^n cde mfle ldi sud't trung t h i u trdi phid^u kJ ban 5 nam dUdc lay bang lai sud't binh quan gia quyen cdc mflc lai su£t trflng t h i u loai trdi phie'u ndy md VDB phat hdnh trong ndm 2016 (binh qudn Id 6,7%/ndm) vd ty le ehi pbi boat ddng vd dfi phdng rui ro cua VDB dupe xac dinh tbeo tinh todn cua Bd Tdi ehinh (bang 2,05%/nam, bao gdm bao gdm 1,3% phi quan 1^ vd 0,75% du phdng rui ro tin dung chung)*, thi trong nam 2017, lai sud't TDDT cua Nha nude (chfia bao gdm ebi pbi du phdng eu the) tdi thilu se Id 8,75%/ndm, eao hdn mfic lai sud't 8,55%/nam dang cd hidu lflc dflde Bd Tai chinh cdng bd tai Thdng tfl sd 76/2015/TT-BTC. Ng'u tinh thgm ca chi phi dU phdng rui ro cu the cua VDB, thi ldi sudt TDDT cua Nha nfldc se cdn cao hdn mflc 8,75%/ndm dupc tam tinh d tren, anh hudng rat nhieu de'n kha nang tigp can ngudn vd'n nay cua doanh nghiep.
Giao djch chiing khoan Hk N6i cOng bfi.
4. Ket l u a n vd khuyd'n n g h i Lai sua't cho vay la ye'u td' quan trpng hdng d i u trong ehinh saeh TDDT cua Nha nUdc, the hign rd net nhd't mflc dp uu dai cua Nhd nude ddi vdi doanh nghiep vay vdn va anh hfldng de'n tinh hd'p ddn cua ngudn von TDDT. Do d6, viec dp dung cd ehd^ lai suat phu hdp se cd tdc ddng rd't ldn de'n kha ndng tig'p cdn cua doanh nghiep ddi vdi ngudn vdh nay.
Cd che' lai sud't TDDT cua Nha nfldc hign nay da dUdc hoan thien hdn so vdi ed che' cua edc thdi ky trudc day va tie'n g i n hdn t6i thdng Id boat ddng ngan hang. Cd chd' nay cung phu hdp vdi chu trfidng dd'i mdi phfidng thfle phat t r i i n tin dung nhd nUdc theo nguyen tdc thUdng mai dfldc ddt ra tai Chien
4. Theo bao cao cua B6 Tai chfnh, ty lfi 1,3% la tJ lfi phfquanl^ trung binh giai doan 2010-2015 cua VDB vii cung la miic phi quan I;? dupc B6 Tai chi'nh du kifin ap dung cho ngan hang nay trong giai doan 2016-2018. Cac s6 lifiu uky cang vin s6 lifiu v^ kfi't qui phat hanh uai phieu cua VDB chl cd tfnh chJft minh chiing cho nhan dinh cua tac gia bai vifit, khflng co tinh chSx cflng bd.
54 Nghiin cdu Kinh Iff sff 8(471) - Thing 8/2017
Kha nang tiep can nguon von
Ifide tai chinh Vidt Nam dd'n ndm 2020 vd nguyen tac tig'n tdi bu dap chi phi ve vd'n, chi phi boat ddng va dfl phdng rui ro tin dung trong boat ddng cua VDB dUdc quy dinh tai Nghi dinh sd 32/2017/ND-CP.
Tuy nhidn, vdi kg' hoaeh phdt t r i i n kinh te' - xd hdi dUdc xde dinh eho giai doan 2016- 2020 va eae ndm tiep theo, nhu c l u vd vd'n d i u tu cua nen kinh te' giai doan sap tdi la rd't ldn, trong dd bao gdm ea vd'n TDDT eua Nha nude. Trong bra canh dd, de ndng cao kha nang tidp cdn cua doanh nghiep doi vdi ngudn vdn nay nham thiic ddy boat ddng d i u tu vao edc ngdnh nghe, dia bdn theo danh muc ma Nha nUde khuye'n khich, chflng tdi eho rdng Chinh phu vd VDB can xem xet thfle hien mdt sd' giai phap sau day:
Doi vdi Chinh phu:
- Thay ddi cd sd xdy dfing ldi sudt TDDT cua Nhd nUdc tfi eho dfla vdo lai sud't huy ddng trai phieu k^ b a n 5 nam nhfl hien nay sang dfla vdo chi phi ngudn vd'n binh qudn eua VDB, tao didu kien de giam ldi sud't eho vay nhdm thu hut dfl an dau tfi sii dung ngudn vdn TDDT eua Nha nude.
- Cho phdp thuc hien chinh sach phdn biet lai sud't TDDT theo khdch hang vay vd'n phfi hdp vdi mflc dp tin nhiem va hidu qua cua dfl dn vay vd'n theo kg't qua tham dinh eua VDB, tao dieu kien d l cac doanh nghiep uy tin, cd du an d i u t u higu qua dUde tie'p can ngudn vdn TDDT eua Nhd nflde vdi lai sud't thd'p hdn cde doanh nghiep khdc.
Bdi vdi VDB:
- D^y manh huy ddng vd'n hling edc hinh thfle khac nhau da dupc cho phep tai Dieu lg td' chfic va hoat ddng eua VDB nhdm md rdng quy md cung nhu da dang hda k^ ban eua ngudn vd'n, dap fing nhu c l u cho vay cae thdi
ban khde nhau vdi ldi sud't phfl hdp vdi cbi phi ngudn vd'n tUdng fing.
- Chu trpng thfie hien cae giai phap nang eao ndng Ific vd hieu qua quan tri rui ro (bao gdm ea rui ro tin dung, rui ro lai sud't vd rui ro thanh khoan) nhdm giam thidu cac tdn thd't vd chi phi phdt sinh trong boat ddng TDDT, lam cd sd giam ldi s u i t eho vay nham nang eao kha nang tig'p cdn eua doanh nghiep ddi vdi ngudn vd'n TDDT eua Nhd nude./.
TAl LIEU THAM KHAO
1. Lfi Minh Hung (2017), Kfit qua di6u hanh chinh sich ti^n tfi nam 2016 va trpng tam dilu h^nh trong nam 2017, Tgp chi Ngdn hdng, sff 1+2, thang 1/2017
2. N g a n h a n g N h a n u 6 c ( 2 0 1 2 , 2013, 2014, 2015, 2016), Bio c i o thucmg nifin 2011, 2012, 2013, 2014, 2015.
3. Ngan hang Nha nu6c (2017), Thdng tin ve dieu hdnh chinh sdeh tiin te vd hogt ddng ngdn hdng 5 thdng dau ndm 2017 (dang tai ngiy 6-6-2017 tai Trang thflng tin difin tit Ngan hing Nha nudc.
4. Nghi dinh sfl 32/2017/ND-CP ngay 31-3-2017 cua Chinh phu vfi TDDT cua Nha nuiSc.
5. NguySn Canh Hifip (2016), Ddi mdi boat dflng tin dung &&Q tu va tin dung xuift khdu ciia Ngan hang Phit Iri^n Vifit Nam. Tgp chi Nghien cicu kinh li, sff 8 (459) 8/2016.
6. Quyfit dinh s6 450/QD-'rrg ngay 18-4-2012 cua Thu tirdng Chi'nh phii vi vific phfi duyfit ChiSn luoc Tii chfnh dfin nam 2020.
7. Thflng IU s6 39/2016/TT-NHNN ngay 30-12- 2016 cfia Ngan hing Nha nu6c quy dinh vfi hoat dflng cho vay ciia t6 chiic tin dung, chi nhinh ngin hing nudc ngoii dfii vdi khich hang.
8. T& trtnh s6 174/TTr-BTC ngiy 25-11-2015 ciia B6 Tii chfnh vfi vific ban hanh Nghi dinh v6 TDDT cila Nha nu6c.
Nghiin ciiu Kinh Iff sff 8(471) - Thing 8/2017 55
