EN CflO - TRAO DOI
Phat trien quy dau tu" mao hiem tai Viet Nam
* P H ^ TIEN MANH'
Tai Vift Nam, m^c du da ra dM tiif nhflng nam 1990, nhitog cho de'n nay mtfc dd phat triln cua lo^i hinh quy diu ttf m^o hilm vin con nhieu h^n chd'.
Nghi§n crfu nay chi ra xu hii&ag phat triln cua quy diu tri m^o hilm tai Vi$t Nam qua cac giai do^n khac nhau, tuT do giup cac nha quan ly tun phritfng h i f ^ g phu h ^ nham thiic ddy cac quy diu tri mao hilm phat triln hrin nfla trong thtti gian t^.
CAC GIAI BOAN PHAT TRIEN CUA QUY DAU 1\JMA,0H\EM
Quy dau ttf mao hidm la loai quy nhdn vfl'n dau ttf mao hidm, nham thtfe hidn ddu ttf vao ede edng ty mdi thanh ldp, cdc cflng ty tidm nang tdng trtfdng cao ttong trfdng lai, nhrfng tidm ^n nhieu nii ro. Quy diu ttf mao hidm cd thd dau ttf vao cdc cflng ty thugc nhieu Hnh vrfc ttong ndn kinh td', tuy nhidn chd yd'u hrfdng tdi cdc edng ty khdi nghidp, cdc cflng ty thudc Iinh vrfc cflng nghd cao.
Vdn diu trf mao hidm tai Viet Nam, da bat xudt hidn trf nam 1990, khi cac ehinh sdch ddi mdi, md cda nen kinh td' tiieo drfdng Id'i cda Dang trf Dai hdi iln tiirf VI da vd dang phdt huy ldc dung dd'i vdi nen kinh te. Nd'u xet theo ede giai doan phdt tridn eda vdn diu trf mao hiem ndi chung vd cda eac quy dau trf mao hiem dang boat ddng tai Vidt Nam ndi ridng, ed thd chia vide hlnh thanh, phdt ttidn eda cdc quy dau ttf mao hidm tai Vidt Nam thanh 3 giai doan:
Giai dogn 1990-2002: Dai hfli Ddng Ian tiirf VI da ddnh dd'u brfdc ngo|t quan ttgng ttong vide danh gid dung dan vai ttd cda Hnh vrfc dau trf trf nhdn ttong ndn kinh id". Tidp Iheo dd, qud trinh ddi mdi khdng ngrftig cda Chinh phd, nham tlidc d^y cdc thdnh phin ttong ndn kinh td' diu trf, phdt trien, trfng brfdc thu hdt drfdc ngudn vd'n diu ttf tirfc tie'p trf nrfdc ngoai, ttong dd ed stf tham gia cua cdc quy diu trf mao hiem vao Viet Nam dd tim kid^m cdc cd hfli diu trf.
Trong giai doan diu (trf ndm 1991), vdi ldn sdng hinh thdnh cdc khu edng nghidp ndi chung tai thi trrfdng Ddng Nam A, cung nhtf chd trtfdng cda Chinh phd ve viec thdnh Idp thi trrfdng ehdng khodn tai Vidt Nam, da keo theo vd'n diu trf trf eac quy diu trf mao hidm tiong vd ngoai nrfdc, nham tdn dung cfl hdi diu trf tai Viet Nam. Trong giai doan diu md cda, trf ndm 1991 den ndm 1996, cfl 8 quy diu trf mao hidm nrfdc ngoai hoat dflngtai VietNam', vdi quy md vdn dau trf len den tten
300 ttidu USD. So ItfOng quy diu tiT mao hidm ntfdc ngodi boat ddng tai Vidt Nam dat dinh diem nam 1995, sau dd giam dan, den nam 2002, ehi cfln 6 quy dau ttf mao hidm tie'p tue boat dflng.
v d quy mfl vfl'n dau trf mao hidm ttong giai doEin nay, vfl'n diu trf mao hidm do cdc quy diu trf mao hidm nrfdc ngodi dd vdo Viet Nam r^l Idn, vdi 10 tiidu USD ttong ndm 1991, sau dd tang ldn 247 trieu USD ndm 1994; vd den ndm 1995, dat ngrfdng eao nhat, vdi 303 tri$u USD drfde huy ddng, thd hien srf ky vgng rjft Idn eda cdc nhd diu trf nrfdc ngodi tai thi ttrfdng mdi md erfa Vigt Nam.
Tuy nhidn, ttdi vdi ky vgng ban dau cda cdc nhd dau ttf mao hidm nrfdc ngodi tai thi trrfdng Vidt Nam, ke't qud hoat ddng kinh doanh khflng drfdc nhrf drf kid'n. Cdc quy dau trf mao hidm iln Itfdt thodi vd'n, giam ty ttgng dau ttf tai ede d\f dn, tham ehi hodn tra Iai phin vdn chtfa gidi ngdn bet cho cdc nhd diu trf gdp vdn ban diu.
Giai do^n 2002-2015: Trong giai doan nay, Chinh phd da tich erfc tiien khai cdc gidi phap day manh tid^n trinh ed phin hda, khuyen kliieh nen kinh te'trf nhdn. Ddc bidt, Quye't dinh sd 929/QD- TTg, ngdy 17/07/2012 cda Thd Irfdng Chinh phd ve phd duydt De dn "Tdi ed eau doanh nghidp nha nrfdc, trgng lam Id t$p doan kinh te, tdng cflng ty nhd nrfdc giai doan 2011-20I5", da tiirfc stf tao ra mdi trtfdng diu ttf ha'p dan cho cdc thdnh phan trong nen kinh te, cung nhrf thu hut drfdc IrfOng vfl^n dau trf mao hiem cua cdc nhd dau tir ntfdc ngodi.
"TS., Hoc vien Ngan hang
' Bao g6m: Vietnam Fund. Terapleton Viemam Opportunities Fund, Beta Viemam Fund, Beta Mekong Fund, Lazard Vietnam Fund. Vietnam Frontier Investment Ltd., Viemam Enterprise Investment Ltd., Soudiesi Asian Frontier Fund.
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Trong giai doarn ndy, cdc quy dau ttf mao hiem boat ddng d Viet Nam chd y^u Id cdc quy dau trf mao hidm ntfde ngodi, vdi sd'Itfdng tang ttf 4 quy ndm 2002, Idn ddn 36 quy vao nam 2006. Trong giai doan 2006-2014 cd 28 quy diu hX mao hidm nrfdc ngodi hoat dflng diu trf tai Vidt Nam, sau dfl tang Ien dinh didm 56 quy vdo nam 2015.
Sd Ueu Bieu dd cho thay, vfln dau ttf mao hidm tham gia vdo thi trtfdng eung gia tdng nhanh chdng, ddc bigt giai doan 2002-2006, vdi sdtidn huy ddng dat 130 tridu USD ndm 2002, tdng ldn 228 ttidu USD nam 2004, dat dinh didm 2,3 "ty USD nam 2006. Dieu nay phu hdp vdi giai doan tang tiifdng eda ndn kinh id, thd hidn stf lac quan cda eae nhd diu trf ddi vdi tiem nang phdt tridn kinh te cda Viet Nam. Trong cdc nam sau dd, dtfdi srf tdc ddng eda cudc khdng hodng kinh te' todn clu nam 2008, ede quy diu trf mao hidm thu hep quy md dau trf, din dd'n sd vdn huy dgng ndm 2008 giam xudng edn 574 tiidu USD ndm 2008. Tuy nhien, sau dd, sd vfl'n diu ttf mao hidm ludn duy tri da tdng ttrfdng, vdi 741 tiidu USD ndm 2009; 956 tiidu USD nam 2()10; 912 tiidu USD nam 2012; ddn nam 2015, vo'n huy ddng tif ede quy dau trf mao hidm nrfdc ngoai boat dgng tai Viet Nam dat 932 tiidu USD.
Giai dogn 2015 de'n nay: Giai doan ndy ddnh dau mdt brfdc tid'n mdi ttong qud trinh hinh thanh vd phdt trien quy diu ttf mao hidm tai Vidt Nam. Trrfdc ndm 2015, td't cd ede quy diu trf mao hidm boat dgng chinh thrfc tai Viet Nam Id cdc quy diu trf mao hidm cda nrfdc ngodi, huy dgng vd'n tiiong qua thi trrfdng qud'c te' vd Viet Nam de ed vfl'n diu trf.
Quy dau trf mao hiem ehinh thrfc diu tidn thdnh Igp d Viet Nam la Quy dau trf FPT Ventures cda Tdp doan FPT, drfdc thdnh Idp thdng 01/2015, vdi so vd'n ban diu Id 3 ttidu USD.
Trong giai doan nay, sd' Irfdng quy diu trf mao hidm hoat dflng lai Viet Nam bao gdm eac quy diu ltf mao hidm nrfdc ngodi vd mdt sfl'quy diu ttf mao hiem mdi do Viet Nam thdnh lap. Tuy nhien, ehd ttrfdng eua Chinh ^hd Vidt Narn Id mudn hrfdng ddng vfl'n dau ltf mao hiem vdo h§
ttd cdc doanh nghidp khdi nghidp, ndn cdc quy dau trf mao hidm mdi drfdc tiidnh lap tai Viet Nam chd yd'u tiong Iinh vrfc khdi nghidp, khdi srf kinh doanh, nhrf:
Quy Khdi nghiep doanh nghidp khoa hgc
BIEO EK): TINH HINH HOY DQTiG VON CHO QUY DAU Tti H^O Hii G!AI DOAN 2002-2015 (TRIEO USD) 2500
9M 912
iili
21X12 2WM 2006 200S 20fl9 2010 2012 1 Nguon: Ph?m Tien Manh va edng nghd Viet Nam (nam 2015); Quy Diu trf Khdi nghiep va Sdng tao TP. Ho Chi Minh (ndm 2016); Quy khdi nghidp Binh Phtfdc (nam 2018)...
Theo sfl" lieu trf Thomson Renter (2016) binh qudn giai doan 2006-2015, Viet Nam cd 28 quy diu ttf mao hiem hoat ddng tich etfe. Dd'n ndm 2017, theo sdlieu trf Bg Khoa hge va Cdng nghd, Vidt Nam cd 43 quy diu ttf mao hidm dang hoat ddng. Tinh de'n thdng 12/2019, theo sfl' lidu trf Cue Thflng tin khoa hgc va edng nghe qude gia, cd 70 quy diu trf mao hidm dang boat dgng tai Viet Nam.
Tong gid tri vd'n cua eae quy dau trf mao hiem, ehi tinh ridng dau trf vao Iinh vrfc khdi nghidp, da dat tdi 200 tridu USD nam 2016; dd'n nam 2017. Theo so' lidu trf Topica Founder Institute trong bdo cdo tai DiSn ddn Quy diu ttf khdi nghiep sdng tao Viet Nam (Vietnam Venture Summit) 2019 dien ra sdng ngdy 10/06/2019, nam 2018, tdng vd'n diu trf vdo cdc start- up Vidt Nam len dd'n 889 tiidu USD, gCp 7 Ian so vdi nam 2015; ed 92 start-up Viet da nhan nhrfng khodn vd'n ay... Drf kid'n, cdc start-up giai doan diu cda Vidt Nam se tiep tuc thu hdt nhifng khodn d i u trf ldn, rfdc tinh trong eae ndm 2019, 2020 vd 2021 iln Itfflt dat 205 tridu USD, 320 ttidu USD vd 440 ttidu USD (Thu Phrfdng, 2019).
Hidn nay, Vidt Nam thu hdt cdc nhd dau trf mao hidm ehd yeu d cdc linh vrfc nhrf: (i) Nhflm ede san phim ngdnh hang tidu dung; (ii) Nhdm edng nghe cao, truydn thflng; (iii) Nhflm thrfdng mai didn td; (iv) Nhflm thtfc pham, dd uo'ng; (v) Nhdm doanh nghiep quang cdo; (vi) Nhdm dau ttf vdo ngudn nhdn Itfe.
HAN CHE CUA CAC QUY DAU T ^ M A O HIEM d VIETNAM
Ben eanh nhffng kd't qua dang khieh Id ve stf phdt tridn cda cac quy diu trf mao hiem tai Viet Nam thdi gian qua. vdn cdn mflt sd'han chd" nha't dinh, dfl Id:
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ilEN CCfu - TRAO DOI
Mdt Id, sd Irfdng cdc quy dau tM mao hidm d Vidt Nam vin edn khidm td'n so vdi cdc qude gia ttong khu vrfc, ndm 2015 dat 56 quy, nam 2018 ed 43 quy va eao nha't la dd'n tiiang 09/2019, vdi 70 quy ddu tif mao hiem dang hoat ddng.
Hai Id, sd lrfdng d\f an va ItfOng vdn diu ttf mao hidm cdn khidm td'n, binh quan giai doan 2015-2018, Vidt Nam chi cfl 69 thrfdng vu diu trf mao hiem dtffle thtfc hidn; vdi 59 cdng ty dtfdc dau tif; gid tri binh qudn mdi thrfdng vu ehi dat 4 tridu USD; binh qudn mdi quy diu trf mao hidm giai ngdn 11 trieu USD. Con sfl^ tidn rdt khidm ton khi so sdnh vdi Singapore hoac Malaysia.
Ba Id, Iinh vrfc diu trf cda cdc quy diu trf mao hiem nrfdc ngodi boat ddng Idu nam tai Viet Nam ehd yd'u tdp trung diu trf vao eac cdng ty da nidm yd't tten thi trrfdng chdng khodn. Dieu ndy phdn dnh tiirfc ttang, cdc quy diu trf mao hidm cda ntfde ngoai thtfdng mong mud'n cfl ede thtfdng vu chac chdn, khi dau ttf vdo nhffng eflng ly dang ttong giai doan phdt trien, nham ban chd'rdi ro, kha ndng thu hdi vdn nhanh.
Bd'n Id, mac dd efl stf tdng ttrfdng ket qud dau trf qua cdc nam, nhrfhg ede quy diu trf mao hidm dang boat ddng tai Vidt Nam cd ke't qui dau trf chrfa bdn viiiig.
Cac quy vSn bi tdc ddng nhieu bdi srf bien dgng cda thi trrfdng ehihig khodn, ddn dd'n nhidu giai doan cd ke't qud diu trf bidn ddng manh.
MQT SO GIAI PHAP
Dd quy diu trf mao hidm ngdy cdng phdt tridn, theo chdng tdi, thdi gian tdi can thrfc hien ede gidi phdp sau:
Thd nhdt, cdn xdy dung khung phdp If dong bg ddnh cho ITnh vUc ddu tu mgo hiim ndi chung vd quy ddu tu mgo hiim ndi riing. Tai Viet Nam, iden nay chrfa cd luat rieng danh cho quy diu trf mao hidm, md mdi cd Quy diu trfchiftig khodn drfOc quy dinh tai Luat Chrfng khodn nam 2019. Bg Ke' hoach vd Dau ttf dang lay y kid'n ede cti quan, td chrfc, cdc nhdn dfl'i vdi drf thdo
Thflng ttf hrfdng dan vd vide thanh lap, td chrfc qudn I^ vd hoat dgng cda quy diu trf mao hidm eho khdi nghidp sang tao.
Thd hai, cdn cd co chi ddc thd cho quy ddu tumgo hiim. Trdn thi trrfdng tdi ehinh, vide thodi vdn hidu qua nhat Id tiiflng qua thi trrfdng chthig khodn. Tuy nhidn, cho den nay, chtfa cd cd che ddc thd nao eho vide thoai vdn boSe phdt hanh cd phidu ra cdng chdng, theo htfdng hd ttd cdc doanh nghiep dang nay.
ThU ba, khuyin khich cdc quy ddu lU mgo hiim tdp trung ddu IU vdo linh vuc cdng nghi cao. Diu trf vdo Iinh vrfc khoa hgc, cdng nghd cao, ddc bidt vdo cdc cdng ty dang khdi nghidp ttong Iinh vrfc ndy se mang Iai cd hfli sinh ldi ra't Idn doi vdi cdc quy diu trf mao hiem, ddng thdi thdc day nen kinh te qufl'c gia phdt tridn bdn vrfng, gia tdng srfe canh ttanh todn elu. Vi vdy, rd't can stf hd ttd, vdo cugc cua Chinh phd, ehinh quydn dia phtfdng, ttong vide tao cdc tfu dai vdi cac quy diu trf mao hiem khi dau trf vdo Iinh vrfc nay (vi du rfu dai vd thud' thu nhdp ttong diu Irf, vd bdo vd quyen sd hffu tri tug...).
ThU tu, xdy dung mgng ludi kit ndi cdc quy ddu tu mgo hiim. Vide xdy drfhg m^ng Itfdi ket ndi ede quy dau ttf mao hidm se ndng cao hidu qud boat ddng cda cae quy nay. Thdng qua mang itfdi ke't ndi, eac quy dau ttf mao hiem se tiet kidm duac cdc chi phi tim kiem cdc dtf an ddu trf mao hidm, chia sd ede kinh nghidm ttong dau trf, dtfa ra ede cdnh bao dd'i vdi nhflng hidn ttfdng, dtf dn ed d^u hi$u Irfa dao, true lgi vdn cda cdc quy diu trf mao hiem...Q
_ T A l L I g U J H A M KHAO_
1. Nguyen Quang Long (2016). Bi ldi nghiin cdu khoa hgc Quy ddu tumgo hiim, kinh nghifm qudc tivd khuyin nghi cho Viel Nam, Uy ban Chrfng khodn Nhd nrfdc
2. Pham Tid'n Manh (2019). Xdy dung vd phdt triin quy ddu tu mgo hiim d Viet Nam, Ludn an tidn sy. Hoc vidn Ngdn hang
3. Cue Thflng tin khoa hge vd edng nghe qudc gia - Bd Khoa hge vd Cdng nghd (2019). Banh na^ cac quy ddu tumgo hiim, truy cdp trfhttps;//staTtup.gov.vn/noidung/csdI/Pages/(2uyDauTu.aspx?type=l
3. Thu Phrfdng (2019). Start-up cdng nghe Id liCa chgn Uu liin cua cdc guy ddu tU, truy cdp trf https://baodaulu.vn/start-up-cong-nghe-la-lua-chon-uu-tien-eua-eae-quy-dau-tu-dl01924.html
4. Amit, R., Brander, J., &Zoti, C. (2008). Venture Capital Financing ofEntrepreneurship: Theory.
Empirical Evidence and a Research Agenda, In The Blackwell Handbook of Enttepreneurship 5. Amit, R., J. Brander, and C. Zott (1998). Why do venmre capital firms exist? Theory and Canadian evidence. Journal of Business Venturing, 13,441-466
6. Thomson Renter (2016). Thomson Reuters Private Equity and Venture Capital Indices, access to https://www.refirtitiv.coni/en/financial-data/indices/private-equity-index
7. Tien Manh, P. (2019). Venture Capital Worldwide Trend and Policy Implications for Vietiiam, International Joumal of Advanced Engineering and Management Research, 4(02)
