i l l \ DAUTUTAICHINH
KINH DOANH BAT DONG SAN THdl KHUNG HOANG
Lifu V i n h Quang C o n g t y Co p h a n B a o h i e m Phii Hvtag
C
ugc khung hodng tdi chinh My tU ndm 2008, lan rgng tdi nhieu nUdc vd dd ddn tdi suy thodi kinh te the gidi. Mac dd, Vi?t Nam khdng chiu tdc dgng tryCc tiep nhUng chiu tdc dgng gidn tiep cUng khd Idn. Suy thodi kinh te the gidi khien nen kinh te nUdc ta gap phdi nhieu bdt dn nhU chi sd gid tieu diing cao, moi trUdng kinh doanh kem thuqtn ldi... vd thi trUdng bdt dgng sdn (BDS) Vi^t Nam cung khdng ndm ngodi tdm dnh hUdng. Thi trUdng dd cd khd khdn nhUng nhu cdu vi nhd d cua ngudi ddn vdn ludn d mUc ccu>, ddc bi$t Id d phdn khuc trung binh, thdp. Dvtng trUdc thUc trang dd, cdc doanh nghi?p vUa vd nhd cdn phdi thay ddi cd cdu bg mdy quan ly, chien lUdc tiep thi kinh doanh cho sdn pham BDS sao cho phd h(fp vdi tinh hinh thi trUdng vd nhanh chdng tim kiem nhUng kenh huy dgng vdn mdi de cd the tdn tg,i vd phdt trien trong giai doan ndy.Cupc k h u n g h o a n g t a i ehinh d My biing p h d t hdi t h d n g 9/2008 da khidn n h i l u dai gia trong linh vUe t a i chinh ngdn h d n g My l a m n a n , n I n kinh td My lao dao vd a n h hudng cua nd da lan rpng sang cdc nUdc t r e n t h d gidi trong dd ed Viet Nam.
Chiu tdc dpng bdi ehinh sdch t h a t c h a t t i e n te ciing nhUng a n h hudng xa'u tU cupc k h u n g h o a n g t h d ky nay, n e n kinh t d ndi chung vd n g a n h BDS Viet Nam ndi r i e n g khong the t r d n h khdi nhUng c h a n dpng n h a t dinh. SUe mua cua thi trUdng giam m a n h do ngUdi mua vUa khd vay vd'n cua ngdn h a n g lai vUa phai chiu ldi suat qua cao. Nhd dau tU (NDT) p h d t t r i e n BDS cham t r i e n khai eae dU a n vi khd huy ddng dupe vo'n. Nhieu chuyen gia lo ngai r d n g thi trudng BDS n a m 2011 cung se rdi vao t r a m Idng nhU n a m 2008 - giai doan ma cdc bdo cdo tdng hpp v l t i n h hinh kinh te Viet Nam ndi chung va tinh hinh thi trUdng BDS ndi r i e n g d I u chi ra r a n g gid BDS ed ndi giam tdi 40% 50% md van khong bdn dupe h a n g (VietRees).
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So 66-Thang 09/2011
Nhin chung thi trUdng BDS dang rd't khd k h d n nhung nhu cau v l nhd d van d miJc cao, ddc biet la nhd d mUc trung binh, thd^p.
Trong boi c a n h dd, neu edc doanh nghiep chiu ddi mdi va cd cac chinh sdch hS trp tif phia n h a nUde t h i se cai t h i e n ty sud't Ipi n h u a n , b o a t dpng k i n h doanh BDS se soi dpng trd lai va t h i trUdng BDS phdt triln b i n vUng.
Dd^i vdi doanh n g h i e p , can td chUc lai b6 mdy, kdt cau l a i doanh nghi§p vd dp dung nhUng chien lupe tidp t h i , k i n h doanh mdi cho s a n p h a m BDS ciia minh b a n g cdch: (i) N h a n dien va xdc dinh quy md cdc phdn khuc chii yeu va ed hpi t h i trUdng thdng qua phdn tich t i n h c a n h t r a n h , rd sodt cd c^u s a n p h a m theo hudng t a p t r u n g vdo nhiing s a n p h a m ehii lUc, t i d t gidm chi phi vd dn dinh dupc t h i trUdng tieu thu cu the t4P t r u n g vao p h a n khiic nhd d cho ngUdi thu n h d p tha'p, vdn dang cd ngudn cung han h e p ; (ii) P h a n tich ldi t h d , yeu diem, thdch thUc vd cd hpi ciia b a n t h a n doanh nghiep n h d m ddnh gid vd xdy dUng chien lUtfc
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canh t r a n h phu hpp; (iii) Tim ra nhUng gid tri ddc ddo, hiem ed t r e n tUng dU dn BDS;
(iv) Tidt giam vi§e d^u tU vUpt qud ndng lUc tdi chinh doanh nghiep, cd the dan tdi viec 1^ thude vdo vd'n vay; (v) Dam bao giU vUng he thdng phdn phoi s a n ph^m - dich vu cua minh bdng duy tri chat lupng s a n pham; (vi) Xdc dinh va Uu t i e n cdc do'i tupng khdch hdng t i l m ndng, hieu dupe nhu cdu vd kha ndng sinh ldi tU nhdm khdch hdng muc tieu hpn la chi chii t r p n g den edc ddc diem vd tipn nghi vdt c h a t ciia BDS; (vii) P h d t t r i e n chidn lupe v l gid eho mdi thi trUdng sd cd'p vd cdc san ph£m mdi then cho't, thudng xuygn ddi mdi chidn lUpc m a r k e t i n g de vipc bdn san p h ^ m t h d n h cdng; (viii) Khong ngilfng ndng cao t r i n h dp, ky t h u a t , thidt kd kidn triic hien dai.
Ben canh dd, mud'n ddn d I u nhu cau nhd d cho ngudi thu n h d p trung binh vd thu nhdp thd'p, doanh n g h i e p cAn phai cd ngudn vdn B x d y dung vd p h d t t r i e n cdc dif dn cua minh. Vdi dUng trUde khd khdn v l vdn trong
thdi diem hien nay cdc doanh nghiep can da dang hda cdc hinh thUe huy dpng von nhU:
(i) Tidp tue huy dpng ngudn vo'n tCf trong dan thong qua hinh thUc mua ban nha t r e n giay theo ty le p h a n trdm eho phep (20% theo Nghi dinh 71/2010/ND-CP, ngdy 23/6/2010), ngudn von hpp tac tU ngUdi mua nha dat, tu nhUng NDT nho le. Theo ddnh gid, lUpng tien nhdn roi hien trong ddn con khd Idn, dang tdn tai dUdi dang vang tich trU. Do vay ndu ngudn nay dUpc huy dpng vd dUa vdo thi trUdng BDS, thi cdc doanh nghiep se ed mpt ngudn tdi chinh ddng ke; (ii) P h a t huy ngudn vo'n dau tU trong npi bp edc doanh nghiep, thong qua viec chuyen nhUpng dU dn. Hpp tdc dau tU, hpp tdc tU doanh nghiep thupc linh vUe, loai hinh khde vdo BDS, ddc biet Id ngudn vo'n dau tU nUde ngoai; (iii) Kien nghi nhd nUde cho phep the chd'p BDS t a i eae ngan hdng nUde ngodi de t a n dung dupe ldi sud't cho vay thd'p, thudng chi tU 4-5%/ndm vdi tin dung BDS mpt mUc thd'p hdn n h i l u so vdi ngan hdng trong nUde. Thu hiit ddu tu ciia edc doanh nghipp nUde ngodi
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ngan hang Rfn
• Th in r. no/on 11 E l i l
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XAY DUNG VA BAT DONG SAN VIET NAM
va cdc doanh nghiep BDS b a n g n h i l u hinh thUe trong dd khong loai trU viec giam gid cdc doanh nghiep trong nUdc de thu hiit cdc NDT chien lUde mua lai mpt p h a n cd phieu cua eae cong ty dd cd p h a n hda. Ddng thdi, t a n g cUdng cdc bien phdp thu hiit dau tU nUde ngodi vd kieu hoi vdo linh vUc BDS, huy dpng vo'n thong qua Quy Tin thdc Dau tu BDS (REIT). Kidn nghi Chinh phu can n h a n h chdng dUa ra cdc ehinh sdch thud Uu dai, ban h d n h luat ed lien quan ddn REIT de tao d i i u kien t h u a n Ipi eho viec dp dung md hinh REIT t a i Viet Nam.
Vi viec kinh doanh ed t h d n h cong hay khong con phu thupc vdo sU dn dinh ciia thi trudng n e n ngodi nhUng nd lUc tU phia doanh nghiep, thi nhd nUde cung ddng vai tro khong kem phan quan trpng. Khd k h d n v l vd'n d l thii tuc hdnh ehinh luon chd sdn edc NDT t r e n h d n h trinh dau tU, kinh doanh cung khien cho cdc doanh nghiep luon d trong tdm t r a n g cdng thdng, khd todn t d m toan y tin tUdng de hoach dinh ke hoach
l a m a n ddi h a n ciia minh. Vi t h e giai quydt dupe t a m ly e ngai tU viec xdc dinh vd cam kdt n e n t a n g phdp ly tU phia n h a nUde ddi vdi t h i t r u d n g BDS la mpt viec 1dm cd the kich thich t h i trUdng p h d t t r i e n . M6t khi chinh sdch t h a y ddi lien tuc, t h i ngUdi dan dii cd nhu cau mua n h a de d v a n cdn cd tam ly e n g a i .
Ngodi ra, viec sdm hodn t h d n h vd dUa vac b o a t dpng cdc dU dn cd sd ha t i n g se gdp p h a n k h o n g nhd vdo viec p h d t t r i e n BDS ndi cd ha t a n g hodn chinh. V l m a t lau dai, nhd nude n e n cd mpt chidn lUdc phdt trien thi t r u d n g nhd da't b e n vUng. Hien nay, viec chuyen ddi tU da't nong nghiep sang daft phi nong nghiep qud n h a n h , tinh t r a n g nay dien ra g a n nhU ngodi t a m k i l m sodt ciia nhd nude. Cd nhUng dU dn thu gom hang t r d m bee t a da't rdi dd dd hoac xdy dUng t r d n lan, vUa l a n g phi, vUa day ndng dan den chd md't da't, vUa gay 6 n h i l m , maft dn dinh xa hpi. Day Id v a n d l Idn c i n dUpc xem xet vd giai quydt.
Thi trudng BDS n a m 2011 van cdn nhieu khd k h d n , cdc doanh nghiep phai biet tii s a p xep lai doanh nghiep ciia minh, nhlim thich nghi vdi mpt moi trUdng kinh doanh mdi ddng t h d i p h a i t a n dung mpi nguin liic de thu hiit vd huy ddng vo'n dau tU nh^m p h d t t r i e n dU a n trong giai doan khd khdn ndy cung nhU chuan hi cho mpt thdi ky phat t r i e n b i n vUng eiia t h i trUdng BDS trong t h d i gian t d i "
Tai li^u tham khdc
1. Nghi dinh sd 71/2010/ND-CP ngdy 23/6/2010 quy dinh chi tiet vd hudng ddn thi hdnh Ludt Nhd d.
2. VietRees (2009), Bdo cdo nghiin cdu thi trudng http:ll vietrees.com / download / report / economic / P161 _VietnaM^
Economics_Quarter_l_2009.pdf. '\
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