NGHliN CUU - TRAO DOI
phifdng thifc XK t a i c h o . 2.3 Ndng cad sdc cgnh tranh cda hdng hda. dich vu trang trao ddi gida hai ben
T r u n g Qud'c va Viet N a m b d t d d u thiic h i e n g i d m t h u e NK c a c m a t h a n g n d n g , t h i i y s a n t h e o EHP tuf 1 / 1 / 2 0 0 4 . Nhif v a y , t a i t h d i d i e m n a y , h a n g ciia h a i nifdc d a cd cd h p i t h u a n ldi de t h a m n h a p v a e t h i trifdng c u a n h a u . De tie'p t u c p h a t h u y difpc Idi t h e ciia m i n h va chie'n t h d n g t r e n g c a n h t r a n h t r e n t h i trifdng Viet Nam, c a c DN t i n h Q u a n g T a y n e n thifc h i e n c a c b i e n p h a p s a u :
- Khdng ngifng cdi t h i e n va n a n g cao cha't lifdng, d a d a n g h d a s a n p h a m t h e e n h u cdu tieu dimg ngay e a n g c a c ciia thi trifdng Viet Nam.
- Ddu tif ddi mdi thie't bi de n a n g eae c h a t lifc?ng s d n p h a m , n a n g eao n a n g s u a t lao d d n g , h a gia t h a n h s d n p h a m . C a e DN c d n cd c h i n h s a e h d a u tii du m a n h , cd t i n h d d t p h a de ddi mdi cdng n g h e , n a n g cao n a n g Iile s a n xuat, cai tie'n m a u m a , chiing Ioai s a n p h a m d a c b i e t la n a n g eao c h a t lifdng h a n g h d a de h a n g t i n h Q u d n g Tay cd t h e c a n h t r a n h vdi c a c ddi thii k h d c t r e n thi trifdng Viet Nam.
- Nang cao t r i n h d p , n a n g liic k i n h d o a n h , didu h a n h va q u a n ly DN cua gidm dd'c.
- Dd'i vdi h a n g h d a , cdn chii trpng d e n bao bi, n h a n m a c , a p d u n g h e thd'ng m a v a c h p h d c a p ddi vdi h a n g XK s a n g thi trifdng Viet Nam de t h u a n lpi trong k h a u b a n le tai e a c sieu thi; h a gia t h a n h s d n p h a m de cd t h e c a n h t r a n h vdi h a n g NK tuf EU va N h a t B a n ; n g h i e n cufu xay diing chien Iifpc m a t h a n g
1 4 I THUOHGMfll So 10/2010
t h i c h h(?p vdi Viet N a m t r o n g tifng giai d o a n cu t h e .
2.4 Xdy ddng kenh phdn phd'i chd hdng XK
Mpt didu d a c biet Iiiu y treng h d a t ddng XNK h a n g h d a la c a c DN n e n giac dich t n i c tie'p vdi c a c Cty, t a p d e a n cd uy tin de t r a o ddi h a n g hod h o a c hgfp t a e ddu tii. Trifdc k h i ky hq)p d d n g vdi k h a c h h a n g ehifa quen b i e t n e n t h d n g qua cdc hdi xiic t i e n m a u dich eiia c a c sd thifdng mai, cd quan c h u y e n t r d c h c u a C h i n h phii Trung ifdng h a y dia phifdng ciia Viet Nam de t h a m t r a thiie lufc. T h d n g qua nhiing b a n h a n g ldn va d a n g tin cay thie't l a p e a c k e n h p h a n phd'i t r e n thi trifdng Viet Nam.
Mdt e a c h k h d c ed t h e d a t h i e u qud t n i c tie'p, dd la difa h a n g de'n t a n tay ngifdi tieu d u n g b a n g e a c h l a p van p h d n g dai dien tai thi trifdng Viet Nam de n g h i e n cufu tim hieu n h u cdu thi hieu ciia k h a c h h a n g , d a c diem va h e thd'ng p h a p luat ciia thi trifdng, gidi thieu s a n p h a m va tim ddi t a c ; h o a e l a p h e thd'ng d a i ly p h a n p h d i . C a c h n a y chi p h u h p p vdi n h i i n g Cty ldn va ed tiem liic ve tai e h i n h . Cdn dd'i vdi c a c Cty vila va n h d t h i ed t h e t h d n g qua Cue Xiic tie'n Thifdng m a i , Sd Thiidng m a i t i n h Q u d n g T a y t h a m gia cdc hpi chd, t r i e n l a m de gidi thieu s a n p h a m va tim dd'i t a c .
B e n c a n h do, c a c DN ciing cd t h e tiep c a n m a n h m e vao c a c ddu mdi cung c a p , che' b i e n ldn, h e t h d n g h d a c m a n g lifdi p h a n phd'i c a c s a n p h a m ciia Viet Nam. Chii d d n g t h i e p l a p m a n g lifdi tieu thu h a n g d n d i n h , lau dai tai Viet Nam, c a n t i n h de'n k h d n a n g l a p cufa h a n g gidi t h i e u va b a n s a n p h a m ciia t i n h Q u a n g T a y t a i Viet Nam •
T
hiic h i e n chi d a c ciia Thii tifdng C h i n h phu vd viec cha'm duft mpi h o a t d p n g lien q u a n de'n kinh d o a n h s a n giao dich vang va kinh d o a n h v a n g t r e n t a i k h o d n d t r o n g nifdc tuf n g a y 3 0 / 3 / 2 0 1 0 t h e e nhif T h d n g b a o s d 369/TB-"VPCP n g a y 3 0 / 1 2 / 2 0 0 9 ciia Van p h c n g C h i n h phii, ngay
1 1 / 1 / 2 0 1 0 Thdng d e c Ngan hang N h a niidc da ky Cong van sd 2 5 8 / N H N N - C S T T yeu cdu: "Cac n g a n h a n g thifdng m a i ngifng n g a y viec cho vay ddi vdi nhu cdu vdn d e ddu tif k i n h d o a n h tren s a n giao dieh v a n g va tie'n hanh thu hdi n p vay (bao gdm ca gdc va lai vdn vay). Day Id quye't dinh d u n g d d n va kip thdi, bdi trai qua gdn 3 n a m thufc h i e n h e a t dong k i n h d o a n h v a n g qua tai khoan d a g a y r a n h i d u b a t cap, den c u n g e a u chifa tim difpc hifdng giai quyet. Song, thi trifdng vang la m p t k e n h ddu tii tai chinh hap d a n ddi vdi n h i e u n h d ddu tif, la k e n h h u y d d n g vd'n va di/ tril vdn ldn dd'i vdi n d n k i n h te, vay trong tifdng lai q u a n ly thi tnidng vang s e t h e o phiidng thiie n a e de co t h e p h a t huy difpc tinh tich ciic va h a n che' t i n h tieu eiic ciia thi tnfdng n a y . Day la b a i toan dang c d n cdc n h a q u a n ly chile nang di tim ldi giai.
Tnfdc h e t , v a n g difdc kinh d o a n h t h d n g qua t a i k h o a n (gpi t a t la v a n g tai khoan) h o a n toan k h a c xa v a n g v a t c h a t , neu k h d n g mud'n ndi d a y la hai loai h a n g h d a k h a c n h a u . Mac dii v a n g la m d t loai h a n g h d a dac b i e t , nhifng vdn h a m chufa cac t h u d c t i n h ciia h a n g h d a thdng thifdng, dd la gia tri va gia tri suf d u n g . T r o n g lich si? p h a t trien tien te, tuy t h e o didu k i e n eu the d mdi thdi ky, v a n g d a tufng la phifdng t i e n ehii ye'u va q u a n
NGHliN CUU - TRAO DOI
• Th.S NGUYEN QUANG MINH Dai hpc Hai Phong
trpng ddng vai trd ban vi tidn te.
Vang tai khoan da danh mat di dac diem vd'n cd ciia vang, do la ham chufa gid tri suf dung, vang tai khoan chi edn ham chufa gia tri. Chinh didu nay da gdp phdn bdp meo eac gid
tri kinh deanh tren san vang. Do dd, tren thufc te, gid tri trao ddi ciia vang tai khoan tai san vang khdc gia tri trao ddi ciia vang tai thi tnfdng vang vat chat.
Vang tai khean diia vae "uy liic"
ciia vang, diia vao cac cam ke't ciia eae td chufc va sii ddng thuan ciia cac nha ddu tif ma tdn tai gia tri.
Day cung la didu
khac biet cd ban sd vdi thi trifdng hang hda thdng thifdng va thi trifdng chufng khoan. Dd'i vdi vang tai khddn thi ngifdi mua vang khdng the nhan difpe vang (hoac nhan difpc rat it do gidi han ve khdi Wdng, ty le vang du'pc nit ra khdi tai khoan vang ma cac td chifc kinh deanh vang tai khdan quy dinh). Do vay, viec kinh doanh vang tai khoan can dif(?e hieu chinh xac hdn la kinh
doanh chufng khodn vang. Day la chifa ndi de'n chifng khean vdng nay cdn chifa difdc cac nha ddu tii va cdc td chufc tai chinh thufa n h a n nhif cac chifng khoan thdng thifdng de cd the ham chila cac gia tri suf dung: liia chpn cac td chufc tai chinh vdi muc dich the chap, cdm cd, bdd lanh,... Cdn vdi thi tnfdng chifng
khean cd giad djch T + 3, tufc la sau 3 ngay thi ngifdi bdn chifng khean nhan difpc tidn, ngifdi mua chufng khoan nhan difpc chufng khean trdng tai khoan ciia minh, tif khoang thdi gian dd, nha ddu tif ed the nhin thay tnfc tiep ket qua kinh doanh eiia minh va cdm tren tay tien hay chifng khoan. Nhif vay, vang tai khoan vdi danh nghia la vang, nhifng thiie te' Iai khdng phai la
vang. Do vay can phai cd bien phdp tie'n tdi ddng n h a t hai hang hda nay, nham khde phuc mpi suf meo md do hang hda
"dd" gay ra.
Hdn nila, thi trifdng vang tai khddn trdng nifdc thdi gian qua phat trien theo hifdng khdng tap trung, bi phan ddan thanh cae
thi trifdng hep, nhd le. Sii phdt trien nay cd dnh hiidng tich ciic nhif tang cifdng tinh canh tranh eiia eac nha eung cap dich vu kinh deanh vang tai khddn, tad ra nhidu sii liia chpn chd cac nha ddu tif, tuy nhien tinh tieu ciic d day lai la suf chi phd'i ciia cac nha ddu tif ldn, dii tdm hoac de hinh thanh cdc lien ke't bat lpi eho rat nhidu nha dau tii.
Thdi gian qua, khi chufng khoan xi hPi, nhieu nha ddu tif da chuyen sang dau tif tai cac san vang. Cd the tifdng tifpng eac tieu thifPng, cufa hang vang tif nhan chi tien hanh cdc giao dich kinh doanh vang vdi mdt sd lifdng khach nhd thi san giac dich vang lap ra vdi muc dich quy tu difpc ddng dao nha
dau tif vad hoat dpng kinh ''^
THOOHGMAI So 10/2010! 1 5
NGHIEN CUU - TRAO DOI
doanh vang tai khoan. Tuy nhien, mdi mdt san giad dich vang lai cd mpt mile gid khac nhau phu thudc vac cung cdu ciia mdi san vang. Kem theo viee thiet lap cdc san vang la cae cdng cu giad dich tren san cung eae quy dinh kinh doanh tren san vang dd. Vdi ke hd treng quy dinh giad dich tai mdi san vang, ciing quy md nhd se Id lpi the chd nhidu ca nhan, td chilc cd dii tdm de chi phd'i dnh hifdng ciia san vang thee hifdng cd ldi chd hp. Dd vay eung can phai cd bien phap de han che tinh tieu eiic hay han che xu hifdng phat trien nay.
Mdt ye'u td khac biet nila trong linh vufc kinh doanh vang tai khodn, dd la viec suf dung sufe manh ciia ddn bay tai chinh qua nhidu. Nhieu nha ddu tif nghi rdng san vang gdn gid'ng nhif san giad dich ehiing khddn, nhifng cang suy xet se cang thay san vang khac san ehiing khean rat nhidu. Cu the, de tham gia ddu tif tai san vang, trifdc he't nha ddu tif can phdi lam thu tue md mdt tai khodn. Diem khac biet ciia tai khoan nay so vdi tai khoan ben san chufng khodn la nha dau tif ehi cdn ndp vad tai khoan sd tidn rat nhd sd vdi tdng gia tri kinh ddanh (cd thdi diem tai mdt san vang cu the la 5 - 7%), sd cdn lai san vang se chd vay (nhif vay cd thdi diem, tai mpt sdn vdng, gia tri che vay ciia san la 93 - 95% tdng gid tri kinh ddanh). Chiing ta da bie't ddn bay tai ehinh se kich mdt ddu la EBIT (lpi nhuan trifde thueO, mpt ddu la EPS (lai tren mdt cd phieu). Ddu EBIT thay ddi se khuech dai ddu EPS thay ddi. Tifdng tii nhif vay, chiing ta cd the hieu mdt ddu la lpi nhuan nhan difpc tif vice ddu tif tdng sd
1 6 I THOOHGMAI So 10/2010
vd'n mang lai, bad gdm ca vdn vay, mpt dau la Iqfi nhuan mang lai cho vd'n chu sd hifu. Chinh vi vdy ma nhidu nha ddu tif ndi san vang gidng nhif sdng bac, tuy nhan dinh nay khdng hoan toan dung, song ciing phdn anh phdn nao tinh chat ciia kinh doanh vang tai khodn. Theo khia canh chuyen mdn, ed the ndi ehinh xac hdn la riii re trdng hdat ddng kinh ddanh vang tai khddn gidng nhif nil rd cd bac.
Xac sua't thdng heac thua cho mdi ldn ddu tif la 5 0 / 5 0 . Cdn dd'i vdi hang hda thdng thifdng hay chufng khodn, vdi mdt so' vd'n nha't dinh chiing ta cd the ddu tif trong thdi gian dai (tinh bdng thdng, nam), ke't qua kinh ddanh chi dnh hifdng tdi mdt phdn trdng tdng so ciia nha ddu tif. Ne'u d thi trifdng chufng khoan khdng cd bien dp dad ddng mufc gia, sii dung ddn bdy tai chinh qua cac nhif d thi trifdng vang tai khddn, chdc chdn riii re mang lai che cdc nha ddu tif tren san chifng khean ciing tifdng tii nhif tren san vang. Cd the tha'y nil re ddu tif tai san vang la rat cac. Neu khdng ndm difdc dac diem tren, nhieu nhd ddu tif se tha'y chdng mat va cheang vang khi bifdc chan vae thi trifdng ddy khac nghiet nay. De do kenh ddu tif nay cdn phai phat huy diing ban chat va vai trd eiia nd, tranh mifc nil re qua cac khdng tifdng xufng vdi vai trd ciia nd. Chd nen bdi toan cdn gidi la di tim giai phap nhdm han che mufc dp riii rd nay.
Tuf phan tich tren, ed the difa ra mdt sd gidi phap sau:
Mot la, cdn ed cdc bien phdp
ddng nha't vang tai khddn va vang vat chat. De lam difpe didu nay, td chufc cung cap dich vu
kinh ddanh vdng tren tai khoan cdn tie'n h a n h cae giao dich thiic, ke ca tien hanh cac giao dich T + n nhif giao dich chufng khoan nhdm bien vang tai khoan thanh vang theo dung nghia ciia nd. Dieu dd cd nghia la td chufc cung cap heat ddng kinh doanh vang tren tai khoan cdn cd cae san pham dich thiic de can ddi bao gdm vang va tien, ed cdc hoat ddng thiic chuyen hang hda qua lai giifa cac tdi khodn, chuf khdng dufng lai d hinh thifc chuyen dien tiJ bieu hien bang eae cen sd. Ngifdi cc tai khddn vang ed the riit vang ra ngoai san vang bat cii Iiic nao nhdm keo gia vang tai khoan vd gia vang vat chat, tra lai day dii dac diem ciia hang hda dac biet - vang. Neu thiic hien difpc bien phap nay, kinh ddanh vang qua tai khddn se tao difpc gia tri gia tang che nen kinh te.
Hai la, Nhd nifdc chi nen de
mdt td chiic dufng ra cung cap dieh vu kinh doanh vdng khi trifde mdt thi tnidng vang Viet Nam cdn la thi tnidng nhd, dang trong giai dean phat trien, de khdc phuc tinh trang phdt trien thee xu hifdng phan tan, thieu tap trung ciia san vang. Tuy nhien Nha nifde cung cdn can thiep va quan ly nhdm tranh cac dnh hifdng tieu cufc do ddc quydn. Vdi hifdng nghien ciiu tren, Nha nifdc cd the thanh lap te chufc thee md hinh trung tam giao dich de thdng nhat va quan ly heat ddng kinh ddanh nay.
Ba la, td chufc cung cap dich vu kinh deanh vang qua tdi khoan chi diipc cung cap ddn bdy tai ehinh d mufc gidi han nhat dinh nhdm ha thap vai trd ddu tif vang xudng, gia tang vai
(Xem tiep trang 21)
I P LUAT - AN NINH THUUNG MAI
3 0 / 1 2 / 2 0 0 9 ; Giay chufng n h a n d a n g ky k i n h d o a n h va d a n g ky thue' (ban gdc).
C a n cuf Luat DN 2 0 0 5 , Nghi dinh s d 8 8 / 2 0 0 6 / N D - C P ngdy 2 9 / 8 / 2 0 0 6 ciia C h i n h phii vd DKKD (sau day gpi tdt la ND s d 88) va nhiing tai lieu k e t r e n trong bd hd sd ciia Cty LQT, ehiing tdi t h a y day k h d n g p h a i la m d t bd hd sd d a y dii nhif P h d n g DKKD n h a n xet, m a la mdt bp hd sd vufa thufa, Iai vufa thieu. Tlie la thie'u nhifng tai lieu cdn thie't va thifa nhiing tai lieu k h d n g can cd.
Vi du: Thdng thifdng trdng bp hd sd d a n g ky t h a y ddi cd d d n g s a n g l a p Cty cd p h d n ddu p h d i cd Hpp d d n g c h u y e n nhifdng vdn gdp; Trong trifdng h p p b e n n h a n c h u y e n nhifpng vd b e n chuyen nhifpng t h a n h todn tidn qua Cty thi Cty p h d i vidt phie'u thu (thu tidn ciia cd d d n g n h a n c h u y e n nhifdng vd'n gdp) va phie'u chi (chi t r a tidn c h o cd d d n g c h u y e n nhifpng). Trifdng hpp ne'u 2 b e n t h a n h todn t i d n t n i c tie'p cho n h a u , thi t a i b i e n b a n t h a n h t o a n t i e n giifa 2 b e n Cling p h a i cd sii x a c n h a n ciia giam dd'c Cty cd p h d n . Song tai bd hd sd eiia Cty LQT gufi P h d n g DKKD n g a y 4 / 1 / 2 0 1 0 d d u
k h d n g cd n h i i n g tai h e u dd.
Sdng trdng bd hd sd n a y 1^1 cd m d t t a i lieu thifa, dd la "Td t r i n h vd viec n d p c h a m hd sd d a n g ky t h a y ddi ciia Cty". Phai c h a n g d a y la tdi lieu n h d m h p p thufc h d a n h i i n g h a n h vi k h u a t t a t trdng qua trinh chuyen ddi cd d d n g d Cty LQT? Bdi Ie, tai s a o d e n n g a y 2 8 / 8 / 2 0 0 9 . khi da cd difpc Bien b a n t h a n h ly h(?p d d n g c h u y e n nhifdng vd'n gdp giila dng Viet va dng T h a n h , Cty LQT Iai k h d n g h d a n t h i e n bp hd sP " D a n g ky t h a y ddi cd d d n g s a n g l a p Cty cd p h a n " t h e o nhif quy d i n h tai k h o a n 2, Didu 3 2 , ND s d 8 8 . . . ? Va n e u Cty LQT k h d n g h o a n t h i e n dii bp hd sd t h e e quy d i n h ciia Luat DN thi tai s a o P h d n g DKKD k h d n g trd lai hd sd n a y vd de che Cty LQT l a m Iai tuf ddu m a lai c h a p n h a n d e "Td t r i n h vd viec n d p c h a m hd sd d a n g ky t h a y ddi cua Cty"
Iam m d t trdng nhiing tai lieu cdn t h i e t ciia bd hd sd.
Ngdai r a , L a n h d a d Sd KH&DT t i n h Thai Binh ciing edn k i e m t r a lai t i n h p h d p Iy ciia 2 t a i lieu, dd la: 1) Bien b a n h p p d a i hdi d d n g qudn tri Cty n g a y 3 0 / 1 2 / 2 0 0 9 va T h d n g b a o t h a y ddi ngifdi d a i d i e n t h e e p h a p l u a t eiia DN n g a y 3 0 / 1 2 / 2 0 0 9 . C a u h d i n a y difpc d a t r a , b d i
n g a y 2 9 / 1 2 / 2 0 0 9 , d n g Ngd T h e V a n , Chii t i c h HDQT d a t h a y m a t Cty LQT ky b a n h a n h r a 2 v a n b a n : 1) T h d n g b d o c d n h cdo (V/v: K h d n g l a m t r d n t r d c h n h i e m ciia G i a m dd'c P h a m Thi X u a n ) ; 2) Quye't d i n h ciia Chii tich HDQT (V/v: Bai m i d n chiic G i a m dd'c b a P h a m Thi X u a n ) . Nhii vay, t r o n g k h i Cty LQT cd 4 cd d d n g ( t h e e GCN DKKD t h a y ddi l d n 3) t h i d n g Viet vd b a X u a n (2 cd d d n g n a y chie'm tdi 4 6 , 6 7 % s d vd'n didu le ciia Cty) k h d n g h p p t a c vdi 2 cd d d n g edn lai, t h i thil h d i n g a y 3 0 / 1 2 / 2 0 0 9 l a m s a d Cty LQT cd difdc 2 v a n b a n t r e n d t r o n g hd s d . . . ? Bdi l e , Luat DN quy d i n h , de t h a y ddi ngifdi d a i d i e n t h e e p h d p l u a t ciia Cty p h a i cd s d p h i e u n h a t tri d a i d i e n cho it nha't 7 5 % sd' vd'n cd q u y e n bieu quye't.
Da d e n Iiic cde ed q u a n q u a n Iy chile n a n g ciia n h a nifdc treng viec DKKD va q u a n ly DN c d n vao cudc l a m rd suf vu n a y de b d o ve q u y d n va Ipi ich h d p p h a p ciia cdc cd d d n g , xd ly n g h i e m n h i i n g ngifdi "ve difdng cho hifdu c h a y " l a m e h e viee thiie thi p h a p l u a t k e m hieu qud t r o n g thiic te va Iam giam long tin ciia ngifdi d a n dd'i vdi cd q u a n h a n h p h d p •
DAC OIEM KINH DOANH...
. •
(Tiep thed trang 16)
trd dii trff ciia v a n g . Didu n d y cung h a n che bdt nii ro cho m u c dich ddu tif vao thi tnfdng vang.
Cu t h e hdn nifa, ty le cho vay t h d n g qua viec ddu tif vao v a n g ehi n e n dilng d mufc nhif ty le cho vay k i n h d e a n h h a n g h d a t h d n g thifdng.
Bo'n l a , cdn xay dufng p h a p l u a t de k i e m s e a t , didu c h i n h , che' tai d tdm vi md cung cdc quy dinh cu t h e ciia td chiic cung cap h e a t dpng k i n h d o a n h v a n g qua tai k h o d n n h d m h a i h d a lpi ich vi md, Ipi ich ciia td chufc eung c a p dieh vu va c a c n h a ddu tif.
B e n c a n h dd e u n g cdn t a n g cifdng c a c cdng cu t r e n thi trifdng v a n g n h d m d a p ilng ddy dii n h u cdu cua n h a ddu tif, da
d a n g h d a h d a t d d n g ddu tif, giam thieu riii ro cho c a c n h d ddu tif.
Td chifc c u n g c a p h e a t d d n g k i n h d d a n h v a n g qua tai k h o a n chi d d n g vai trd la t r u n g gian cung c a p djch vu cho c a c h o a t d d n g m u a va b a n , k h d n g t h a m gia vad h d a t d d n g m u a , b a n . De l a m difpe didu n a y cdn sdm difa thi trifdng v a n g t r d n g nifdc hdi n h a p s a u , r d n g vdi thi trifdng v a n g Qud'c te' •
THOOHGMAI So 10/2010 I 2 1
