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THI TRUCING CHDNG KHORN
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M c cm loc suy llioai ^cKliung lioang Kinli le
• Hd Dtfc HIEP Tn^ng DH Cong nghidp T h ^ phim TP. Ho Chi BUnh
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uy 2 da qua, quy 3 dang bdt ddu nhUng da tyt ddc den gan 40% ciia chi sd HNX noi rieng va xu hudng lao ddc khong phanh ciia ttd trUdng chUng khoan Viet Nam noi chung trong quy 2 da cd nhieu cd philu hien dang niem y^t gidm gia tren cd 3 sdn HOSE, HNX, UPCOM. Tlnh hinh cho thay cac san giao dich vdn chUa co gi la sang sua d quy 3 nay.Nha ddu tu chdng khodn vdn cdn than trpng trUdc khi dUa ra quylt dtnh mua hoac bdn.
Dieu dd cho thay chinh sach luon di cham hdn thUc te, ma cy t h i Id Uy ban Chdng khoan Nha nUdc da qua chgm chap trong vide d l xudt vdi Chinh phii vl nhiJng bidn phdp khd thi nhdm "hdi sdc" thi trUdng chdng khodn.
Bp trUdng Bp Ke hogch va Ddu tu Bill Quang Vinh nhin nh^n mUc tang GDP 6 thang ddu nam 2012: 4.38% la "cdn khodng each xa so vdi muc Ueu tang til 6 - 6,5% cua cd nam 2012". Cung theo Tong cue Thdng kd. tdng sdn pham trong nUdc (GDP) cd nUdc tinh theo gid so sdnh 1994 trong 6 thdng ddu nam 2012 la
270.115 t j ding, tang 4.38%
so cung Ity 2011.
Lai sudt da hg vd ci]fa vay vdn cd vl rpng hdn. nhUng thUc td, DN vdn phdi vay vdn vdl ldi sudt cao trdn 17%/ndm. chU chUa t h i tilp cdn mUc lai sudt khodng 13%/nam, mdc du ngan hdng Nhd nUdc da dieu chinh gidm lai sudt ve mCfc tdi da la 15%/nam vao khodng giila thang 7/2012 de giup cac DN vd hd dan vUpt qua khd khan, duy tri on dinh vd tifng budc phdt trien sdn xuat kinh doanh. nhUng thUc te van con con la "bUc tudng vo hinh" giila ngan hang va DN.
Viec thye hidn hang logt bidn phdp va chinh sach nhdm klm ham lam phat cung nhU phue hoi tang trUdng kinh td ciia Chinh phu, song mat trai cua nd cho thay sUc mua tren thi trUdng gidm, ton kho Idn, dan den np xdu tang, thu nhap gidm xudng va nguy cd thdt nghidp tang Ien la dilu khdng tranh kh6l.
ChUng khoan chau A gidm dilm sau khi Thii tUdng Trung Qudc cdnh bdo vl trien vong vide lam toi td vd tang trUdng kinh t l dang gidm siit. Trong khi do tgi khu vUc Chau Au vd My n l n kinh t l Idn ciia the gidi van dang i ach chdng dd trUdc cdn khijng hodng kinh t l , Iam phdt vd bdi todn nd cdng.
Theo nguIn Un td Bp Kd hoach - Dau tU (KHDT) da trinh bdo cao tinh hinh khdo sat bdn thdng ddu nam 2012.
c a c nha ddu tu khdng con hao hUc nhu trUdc nijfa. hp ngay cang trd nen xa vdi vdi DN.
dong tien trong tht trUdng chdng khodn dd dUpc xac nhan rut ra nhilu hdn Id ngp vao.
Khd nang thanh khodn gidm silt ddn trdn cd ba san, dac biet la san HNX va toi td nhat la tmh trang mua vdo nhUng khdng the ban ra dUdc. Nhieu nhd ddu tu da cdng khai thiJa nhgn trong thdi gian gdn day thi trUdng chdng khodn dang u dm trUdc tdc dpng ciia nhiJng kho khan chung ciia nen kinh te da keo ddi qud lau, cdc bidn phap, chinh sdch hd trd thUdng cham hdn vdi mong dpi ciia DN va nha ddu tu. Nhilu DN huy niem yet ngay cang nhleu. Vide lien tuc phdt hanh co phieu d l huy dpng vdn nhdm thdo g3 khd khan da khien quy md DN phlnh to trong khi cd hpi kinh doanh bt co h^p Iam mdt long tin nhd ddu tU.
Mac du gdn day Bp trUdng Tai chinh VUdng Dinh Hue cho rdng chdng khoan Vidt Nam sd khdi sdc tu cudi quy nay, nhUng dieu do van cdn le thupc vdo vide xay dUng long tin ciia cdc DN vdi nha ddu tU nhu the ndo? Hidn tgi cdc nhd ddu tu van con dang de
dat va tham do. ^
IMONBIilflSg 22/2012 1 9
NGHltN CliiU-TBflODtfl |
c y T h e o T h d n g k d d hai s d n n i d m y i t . Hose co 150 m a va HNX CO 2 5 6 md dUdl m § n h gid. S d n g lpc h d p h d n thi cd hal s a n co x d p xl 3 0 m a gid t h d p h d n 3 . 0 0 0 d i n g , 7 0 0 DN n i d m y I t thi c o tdi hdn 4 0 0 DN CO tht g'd t h d p hdn m ^ n h gid 1 0 . 0 0 0 d i n g (vdl n h i l u m a d d n g d mUc 2 . 0 0 0 5 . 0 0 0 d o n g / c d p h i l u ) . trong khi gid tr} s d s d c h ciia hdn 9 0 % c d c DN n d y c a o h d n s o vdi m d n h gid, N h i l u DN k h d c da x i n hiiy n i d m ydt nhU: TBC. CSG, V I 1 . SQC, TRI. S 2 7 , SGT...
Trong bdi c d n h hi^n nay.
DN. Uy b a n ChUng k h o d n Nha nUPc va Chinh phu n d n c u n g nhau d l tim ra n h d n g c h i n h s d c h . gidi p h a p n h d m cUu vdn thi trudng chUng k h o a n p h y c hoi trd Igi, nhU:
- Ngdn h d n g Nha nUdc c a n gidm s d t v i e c t h p c thi c h i n h s d c h cua cdc to c h d c tin dung, k h u y e n k h i c h c d c t l c h d c tin d y n g t g o d i l u kidn c h o c a c DN tiep c a n nguon vdn vay q u a viec b d o l a n h h a n g ton kho.
- C h i n h phil c d n tim k i e m . md rpng tht tnfdng XK, ho trp thu t y c h d n h c h l n h d l k h u y e n k h i c h DN s d n xudt va t a n g cudng XK. D o n g thdi Chlnh phii c d n t a o d i l u ki$n c h o cdc DN tU n h a n t h a m gia ddu tU vdo c d c l i n h vUc m a DN co t h i m g n h thay vi chi co DNNN t h a m gia.
- Chlnh phii h o a c Ngan h a n g Nha nudc n e n d^y n h a n h vi$c m u a lai np xdu ciia cdc DN va t h u c hidn s d m vide tdi cd cdu c d c DN ddu t a u cd t i n h t a p trung c h u y d n nghidp vd t h e m g n h n h d m trdnh k h u n g h o d n g t h a t nghidp v e sau.
- B d n c g n h d o , m u d n k i c h t h i c h tht trUdng c h d n g k h o d n 1 0 1 THNNGMtlSf; 22/2012
phiif hoi Irong yUii d o a n killing h o i i n g k i n h tc v:'i l a m p h a i , C h i n h phli vii liy b a n chiYng k h o a n Niia n\Uli c a n x r i n x r l ifjani lK)a< ix) vir* l i n h l i m e Ihu n h a p (if v i r c m u a - b a n <'lii/ng k h o a n dr Ihu hiil ntiiion von lif n h a tiau tU
- Oy b a n rhi'fng k h o a n Nha ni/de r a n l a o cd c h d t h o n g t h o a n g va dUa ra c a c c h i n h s a c h k i l m s o a t n g h i e m nj.io;)t, c h a t c h e . c a c l l i o n u lin p h a i dUUc c o n g kliai m i n b l):.uh. k|)) llk/i. c h i n h x a c d c \ a y difny Inn.Li lin c h o n h a d a u lif.
- Uy b a n c h d n g k h o a n N h a nUdc l a o m o i d i e u k l c n t h o n g I h o a n g c h o c a c n h a d;iu lU nUiic n g o a i t h a m gia v a o t h | tnfdng chUng k h o d n va c6 c h i n h s a c h b d o v^ q u y l n lpi h d n ni7a c h o n h d ddu tu.
- Uy b a n c h d n g k h o d n Nhd nUdc p h d i rd s o d t Igi c a c quy dtnh k h d n g h p p ly vd d^y n h a n h vide cdi c d c h thu t y c h a n h c h i n h .
B d n c a n h d o . c d c DN c d n t h a n trpng, t i n h tdo trong v i e c md rpng quy md s d n xudt. m u a
sflm till s;in va h a n che vay nd n g a n h a n g k h i k h o n g that sif r;'in Ihid'l. DN n e n thay ddi pinfifni; lliTfr q u a n ly va sdm llufc h i e n uii cd cau xay dUng lai b p m a y q u a n tri tii cap cao d e n c a p t r u n g . ISng cUdng Um k i d m ddi t a c . md rong thi trUcing m d i d l p h a n phdi tieu thu s a n p h a m . d o n g thcfi xay d p n g c h i n h s a c h gan giii, than lliicii, k h u y e n k h i c h . dpng vien n h a n \ l c n biin h a n g va quan l a m chAm s o c k h a c h hang nliicu htfn,
SU hoi s i n h ciia thj tnidng c h d n g k h o i i n va ca DN khong c h i p h u t h u d c vao Chinh phii n i a b a n U i a n Uy b a n chdng k h o d n vd c d c DN cdn diy n h a n h cai e a c h trong quan ly:
c d n g k h a i m i n h b g c h thdng tin m p t e a c h k i p t h d i . chinh xac, n h a n h c h o n g va co bidn phap x d p h a t n a n g k h i DN vi pham.
Co n h u v a y m d i h a n che sal p h a m tif DN. t a o long tin va thu h u t dUdc n g u d n v o n td cac nha d d u tu. d e m d i q u a n h e "cong s i n h " glUa DN vd n h a ddu tii t6n t a i d a i lau •
