Phat trien von ddu tu mqo hiem 6 Viet Nam:
thanti tuu, tiqn che va giai phap
L E XUAN S A N G
di viet phan tich tong quan tinh hinh phdt trien dau tit mqo hiem tren the gidi vd thitc trang ddu tit mqo hiem d Viet Nam; tii do de xudt cdc dinh hiidng, gidi phdp chinh sdch cd ban nhdm tao dieu kien thu hut cdc nguon vo'n ddu mqo hiem mot cdch ben viing, thuc day phdt trien cong nghe, khdi sii doanh nghiep cong nghe, itcfm diidng moi tritdng sinh thdi khdi nghiep cdng nhii ndng cao tinh than kinh doanh vd tinh ndng dong cua doanh nghiep nitdc nhd.
tit ciiu tinh, vitdn Udm cong nghe, moi triidng kinh doanh.
di dong/dien t h o a i t h o n g m i n h giiip Viet Xam t h u hiit dude mot sd quy/vo'n DTMH d a n g luu y. Tuy vay, n h i e u n e n t a n g co't yeu cho p h a t trien cac n g u o n vo'n DTMH d Viet Xam n h i n c h u n g v a n cdn b a p benh, thieu \ i i n g chac va le thuoc n h i e u vao cac doanh nghiep nude ngoai. Nhiing b a t cap, yeu k e m nay doi hoi Viet X'am p h a i xay diing dUdc k h u n g p h a p ly va chinh sach hUu hieu trong t h u h u t cac nguon vo'n de p h a t trien cong nghe noi chung, d o a n h nghiep khdi nghiep noi rieng. Nhiing n6 liic gan da.}' cua Chinh p h u n h a m k h u y e n khich khdi nghiep cong nghe la mot h u d n g di tuy muon song diing hu6ng, can tiep tuc thuc hien diia t r e n each tiep can chinh sach b a i b a n va chuyen nghiep.
1. M o t so' v a n d e ly l u a n v a t h U c t i e n v e d a u tU m a o h i e m
Co n h i e u k h a i n i e m ve vo'n dau t u mao hiem, mdi k h a i niem t h e hien q u a n diem, muc dich ciia tiing n g h i e n cdu, tiing tac gia. Trong b a i viet nay, vo'n DTMH dUdc higu la phudng thiic d^u tU ma theo do, n h a d a u tU mao hiem rot vo'n vao nhiing d o a n h nghiep mdi k h d i n g h i e p (chii y e u la Tii k h o a : von ddu til mqo hiem, nhd ddu
sinh thdi khdi nghiep, tinh than
\ l ra d&u t u mao hi§m (DTMH) co vai tro q u a n t r o n g t r o n g cac nen k i n h te, n h a t la trong p h a t trien cong n g h e thong qua t h u hiit luong von vao nhiing ca n h a n / d o a n h nghiep co y tUdng sang tao trong k i n h doanh de p h a t trien cong nghe.
song ho k h o n g the huy dong vo'n tU nhiing to chUc t a i chinh sd riii ro n h u n g a n h a n g va cac to chiic t a i chinh tUdng tU
Viet X a m dang trong qua t r i n h t a i cd cau va chuyen doi mo h i n h t a n g trUdng lit chieu rong s a n g chieu sau, dang no liic t h a m gia sau hdn vao cac chuoi gia tri, mang lu6i san xuat toan ckn thong qua thiic hien cac cam ket thUdng mai tii do (FTA). Trong bo'i canh hoi n h a p ngay cang sau, rong hdn, viec n a n g cao n a n g lUc canh t r a n h cho doanh nghiep mang t i n h so'ng con. De n a n g cao n a n g liic canh t r a n h , ngoai viec c&n t a n g hieu qua sii dung cac n h a n to' san xuat trong n g a n va t r u n g ban, trong dai b a n doanh nghiep Viet X'am can chuyen s a n g canh t r a n h dua nhieu hdn vao doi mdi sang tao cong n g h e t h a y vi canh t r a n h dUa t r e n n h a n cong gia re,
Trong vai t h a p nien lai day. nhUng dot pha t r o n g each m a n g cong n g h e t h o n g tin.
n h a t la cong nghe i n t e r r n e t va dien thoai Le Xuan Sang. TS \ ' i e n Kinh te Viel Nam
Nghien cuu •' i 101^1)-Thang IQ'Wli 17
Phat trien von flau tu mao hiem ..
doanh n g h i e p khoa hoc va cong nghe), chua niem yet t r e n t h i t r u d n g chiing khoan, c6 toe do t a n g trUdng cao va t h u d n g s\i dung cac cong n g h e mdi, cong nghe cao... dang c^n t a i trd vo'n de p h a t t r i e n san p h a m hoac q u a t r i n h t a n g trUdng.
Cac n h a d&u tU mao h i e m la cac n h a d a u t u ciiu t i n h (hay cdn goi la dku tU t h i e n t h a n ) , la nhiing ngUdi d a u tU, vdi vai tro n h u mot vi ciiu tinh, san s a n g cung cap vo'n cho cac y tUdng khdi nghiep s a n g tao, dot pha va cung cap t h e m cac kien thdc, kinh nghiem quan t r i de p h a t t r i e n cong nghe khdi nghiep tii giai doan d^u.
Nguon von dang nay dUde goi la vo'n mao hiem bdi: (1) cac cong ty dUdc chon dau tu khong can cac k h o a n dat coc h a y ky quy, t h a y vao do, viec rot vo'n cua cac quy DTMH diia t r e n sii tin t u d n g vao viec t h a n h cong, t a n g t r u d n g n h a n h va tao dUdc cong nghe ciia cong ty ma ho chon;
(2) cae quy dau tU t h a m gia vao viec kiem soat va dieu h a n h cac hoat dong cua cong ty, dac biet la t u van ci cap chie'n lUdc, hudng dan, ho trd cac cong ty trong q u a n ly, xay diing thUdng hieu, p h a t t r i e n thi trUdng; (3) nguon vo'n dau t u c6 the gap rui ro, hoac 16 nang ne, t h a m chi bi m a t t r a n g neu viec p h a t trien cong nghe khong t h a n h cdng, cong ty bi p h a san va keo theo h&u qua n a n g ne k h a c . Kinh nghiem quo'c te cho thay, xac sua't so' du an t h a n h cong t i n h t r u n g binh chi k h o a n g 20%; song neu t h a n h cong thi mdc Idi n h u a n t r u n g binh CO the len tdi tii 35%- 50%, co du an eo t h e cao gap nhieu \in.
Vo'n dau t u mao hiem n a m giU vai tro quan trpng t r o n g cac nen k i n h te, n h a t la p h a t trien cong nghe do t h u h u t ludng vo'n dau t u cho nhUng ca n h a n / d o a n h nghiep CO y tudng sang tao trong kinh doanh, p h a t trien cong nghe, song, ho khong t h e huy dong vo'n tU nhiing to chiie tai chinh sd rui ro n h u n g a n h a n g . Rieng cac
n h a d a u t u ciiu t m h co v a i t r o q u a n t r o n g t r o n g viec cung cap n g u o n von va cung dong h a n h h6 trd cho cac d o a n h n g h i e p k h d i n g h i e p trUdc k h i chiing d u trUdng t h a n h de c6 t h e tiep can cac quy DTMH (cac quy n a y t h u d n g d a u tU che cac dii an khi chiing da da h i n h t h a n h k h a ro, on d i n h hdn). Cae n h a d a u tU c d u t i n h va quy DTMH deu la n h i i n g thiic t h e r a t q u a n t r o n g , m a n g lai n g u o n von D T M H r a t can thie't de cac d o a n h n g h i e p khdi nghiep p h a t t r i e n .
Thong thUdng, t r o n g q u a t r i n h t h u hiit va d a u t u mao h i e m cd s a u giai d o a n trong vong t a i trd von dUdc c u n g cap, tUdng ling vdi cac giai d o a n p h a t t r i e n cua cong ty, bao gom: (1) gieo m ^ m : t a i trd miic tha'p can t h i e t de chiing m i n h la mot y tudng mdi; (2) khdi dong: cac cong ty giai doan d a u can t a i trd cho cac chi phi lien quan d e n t i e p t h i va p h a t t r i e n s a n p h a m ; (3) goi vo'n vdng t h d n h a t : cac quy s a n xuat va b a n h a n g b a n d&u; (4) goi von vong thii hai: vo'n b o a t dong cho cac eong ty giai doan d a u d a n g b a n s a n p h ^ m , nhUng chUa t h u dUdc Idi n h u a n ; (5) gdi vo'n vdng t h d ba: vo'n md rong cho rapt cong ty mdi c6 Idi n h u a n ; (6) gpi vo'n vong t h i i tU, con gpi la tai trd bSc cau: t a i trd cho q u a t r i n h p h a t h a n h co p h i e u l^n d a u cho cong chiing (IPO) t r e n t h i trUdng co p h i e u .
T r e n t h e gidi, t o n g so' vo'n d a u tU tiJC cac quy d a u t u mao h i e m da t a n g n h a n h , n h a t la t r o n g nhiing n a m g^n day. Theo Dean T a k a h a s h i (2016), t r o n g giai d o a n 2 0 1 1 - 2015, tong so' von DTMH va so thUdng vu da t a n g m a n h , tit mdc hdn 49 ty U S D va 5.534 thUdng vu n a m 2011 da len tdi 128,5 ty USD va 7.872 thUdng vu t r o n g n a m 2015 (hinh 1), n g h i a la t a n g k h o a n g 2,6 lan ve gia t r i va 1,4 l^n ve so' thUdng vu.
Rieng n a m 2015 so vdi n a m 2014 co sU t a n g t r u d n g r a t m a n h ve gia tri (44%) ke t u khi khi bong bong dot.com s u p do (nam 2000) den n a y .
18 Nghien cuV Kmh t^so W (461) - Th^ng 10/2016
Phat tri^n f^n diu ttf mao btim.
- S 6 t h u o n g V
H I N H 1: G i a t r i v a s o thtfttog v u d a u ttf m a o h i e m , 2011-2015
8.089 7,872 6.442 •*
5.S34 • •
-Gid tri ^ ^ ^ ^ ^ ^ 1 ^ ^ ^ ^ ^ ^ 1 ^ ^ ^ ^ ^ ^ 1 ^ H j | S ^ H (t^usD) ^ ^ H | ^ ^ H ^ H u j a | ^ H ^^^m^^^m ^^^^^^^m
2011 2012 2013 2014 2015 NguSn: Dean Takahashi (2016).
2. Thtfc t r a n g d a u ttf m a o h i e m d V i $ t N a m
2.1. Khung phdp ly va chinh sdch ve ddu tit mqo hiem
Khung p h a p ly va chinh sach dm vdi vi§c t h a n h lap va p h a t t r i l n von DTMH d Viet Nam r a ddi muon n e n con sd khai. V^ m a t chu trUdng, Nh&, nude Viet N a m khuyen khich, tao di^u ki@n thugin Idi cho t^ chiic, ca nh§n trong nUdc, ngUdi Vi§t Nam dinh cU ci nUdc ngoM, to chiic, ca n h a n nU6c ngoai, t ^ chflc quoc t e t h a m gia hoat ddng DTMH cho phat trien cdng nghg cao, t h a n h lap quy DTMH cdng ngh6 cao t a i Vi§t Nam. Ben I canh d6, cac to chiic, ca n h a n thiic hien DTMH cho p h a t tri^n cong nghe cao thuoc Danh muc cdng nghe cao dUdc liu tien dau tU phat tri^n thi dUdc hudng miic Uu dai cao n h a t ve t h u e t h u n h a p doanh nghidp theo quy dinh cua p h a p lulit v^ t h u C
Tuy vay, Vi$t N a m chiia c6 chinh sach, quy dmh cu tiie nao quy dinh chi ti^t v^ viec khuyen khich t h a n h lap cac quy DTMH, ah^t Ik quy tU nhan; dac biet, v i n chUa co cac quy dinh ve ^&nh. hudng chinh sach h a y di^u kien hudng Uu dai. Nghi dinh so^
99/2003/ND-CP ngay 28-8-2003 cua Chinh phu v^ vi$c b a n h a n h Quy ch^ Khu cdng i ^ h g cao cung chi dUa r a khai niem sd lUdc, theo do, quy DTMH la to chiic tai chinh dUdc t h a n h lap theo quy dinh cua p h a p l u a t de d i u t u vao cac hoat dong Udm tao cong ngh$
cao va doanh nghi§p cdng ngh§ cao; quy
DTMH hoat ddng t r e n cd s6 dieu 1$ t6 chiic va hoat dong cua quy. Quy^t dinh ciing chi mdi dUa r a 5 chtJc n a n g cua quy DTMH. Chi t h i so 11/CT-TTg do Thu tUdng Chinh p h u h a n h a n h ngay 21-5-2014 ciing chi de cap mot each chung chung ve viec can p h a i thiic day h i n h t h a n h va p h a t trien Quy d i u tU tU n h a n , quy DTMH de khuyen khich sU t h a m gia cua k h u viic t u n h a n vao p h a t t r i l n khoa hoc cong nghe.
2S. Tinh hinh phdt trien von ddu tu mqo hiim d ViH Nam
2.2.1. Thdnh tUu cd ban
Hoat ddng DTMH tai Vifit N a m b a t dau hinh t h a n h ttt n a m 1996. Tuy nhi§n, do nhiing kho k h a n trong tim kiem doanh nghiep c i n d i u t u c6 chat lUdng, cung vdi sU r a ddi muon va thieii hieu q u a cua thi txudng CO phi^u Viet N a m (nam 2000), n§n so"
thUdng v u t h a n h cong r a t h a n che, h a u q u a l a mot quy DTMH da p h a i r u t khoi Vi$t N a m vao n a m 1998.
Von DTMH dung nghia vao Viet N a m chi b a t dau ttf n a m 2004, k h i quy tien phong va lau ddi n h a i la IDG Ventures Vietnam ( I D G W ) (Hoa K:y) b a t d a u hoat dong. Tii d6 dMn nay, 5 quy d a u t u nUdc ngoai khac va 2 quy d a u tU trong nUdc b a t d i u lan lUdt gia n h a p t h i trudng va cung ling von DTMH cho cac doanh nghiep k h & nghiep trong nUdc.
S ^ hgu cua Preqin a n d SVCA (2014) cho theiy, sau khi d a t dinh n a m 2007 (tren 525 trieu USD) tong gia t r i DTMH vao Viet N a m
N^vSn cAi Kinh t^sfflO (461) - Thang 10/2016
19
Phat trien von dau tu mao hiem .
eo xu hu6ng giam dan. Ty trpng thUdng vu t h a n h cong n a m 2007 chie'm den 33%., tUdng dUdng vdi Xingapo, song bat dau giam m a n h ve 0% nam 2010, sau do hdi phue nhUng ra't yeu 6t (tii 2-5%). Tinh t r u n g binh, giai doan tii nam 2007 den quy 1/2014, ty trpng
thUdng vu t h a n h cong cua Viet N a m trong ASEAN 7 dat miic t r e n 10%/nam, t h a p hdn n h i e u so vdi nude diing d a u la Xingapo (66%/nam); rieng tii n a m 2010, Viet Nam dat miic tha'p nha't so vdi eac nUdc con lai (hinh 2).
HINH 2: Ty trong so thUdng vu dau tU m a o h i e m k h u vUc ASEAN, tii n a m 2007 d e n q u y 1/2014 (%)
I Xingapo m Indonexia ^ Thai Lan j Philippin 11 Malaixia • Brunay NjiuSn: Prcqin and SVCA (2014).
Den nay, tren tbi trUclng DTMH Viet Nam da CO 6 doanh nghiep nUdc ngoai va 2 doanh nghiep tu nhan trong nUdc. Trong so' doanh nghiep nUdc ngoai, cac doanh nghiep "thuan chat" DTMH nhat bao gom IDG Ventures Vietnam (Hoa Ky), CyberAgent Ventures (CAV) (Nhat Ban) va Vina Capital (Anh). Cac doanh nghiep nay ddu tU ehu yeu vao cac du an dich vu true tuyen dua tren internet va mobile phone nhu giai tri, truyen thong, tim kiem.
Nhin chung, eon hiem cac du an ve cong nghe cao, eong nghe mdi d giai doan khdi nghiep nhan dUdc dau tU tii cac quy D'lTVIH nUdc ngoai.
Doi v6i eac quy dau tu trong nu6c, cong ty tien phong la FPT Ventures - quy DTMH dau tien cua Viet Nam noi chung va FPT ndi
rieng. FPT Ventures hoat dong vdi tU each nhu mot nha dau tU va la ndi Udm mam cho cae doanh nghiep khdi nghiep bang viec cung cap von, nguon lUc ciing nhU ky nang ve cong nghe va kmh nghiem quan ly. Seedcom la mot quy DTMH mdi dUdc t h a n h lap tai Viet Nam.
Day la mot trong nhUng ddn vi it biet den, nha't la ngoai lanh tho Viet Nam dang tao diing nhieu cong ty khdi nghiep tai Viet Nam.
Gan day tai Viet Nam cung da xua't hien mot so' nha d&u t u ca n h a n boat dong nhU n h a dau tU cUu tinh n h u n h a sang lap Vat Gia, JoomlArt... Du so'ludng cdn it va gia tri dau t u con nho (to'i da khoang 100.000 USD/khoan dau tu) nhUng eac nha dau tU ciiu tinh nay ciing da mang den cd hpi cho nhiing
20 Nghien ciiu Kmh tgs6 10 (461) - Thing 10/2016
Phdt triln von niu ttf mao hiem.
f tudng, d u a n con "phdi thai" dan hinh t h a n h va p h a t trien.
Tuy nhien, do nhflng h a n che vi nang liic, ndn cac doanh n h a n khdi nghiep Viet Nam dat dUdc t h a n h cong l i n d i u d tudi ddi k h a muQn, t r u n g binh la 28,5 tudi (tudi ddi t r u n g binh cua doanh n h a n khdi ughi§p t h a n h cdng l i n d i u d My la 23), n h ^ i g trUdng hdp t h a n h cong d lHa tudi 20-22 nhU Nguyen Hoa Binh (PeaceSoft) h a y N g u y i n Xuan Tai (Naiscorp) la r ^ t hiem (Pham T r i n L§, 2014).
Ve mo hinh hoat ddng cua cac quy DTMH, Cling n h u nhieu nUdc dang phat trien trong khu viic, n h a t la Trung Quoc, cac san p h i m cong ngh© dUdc d i u tU cho cac doanh nghiSp khdi nghi§p Vi$t N a m thudng di theo h a i mo hinh chinh. Mo hinh thii n h a i la "sao chep"
mo h i n h tii Hoa Ky, cac nUdc phat trien va sau do "dia phUdng hda" san p h i m . Mo hinh thii h£u cd th4 nhin tha!y d t r a n g mang Vatgia.com hay Foody.vn. Md hinh thii h a i hudng tdi giai quy^t nhOng v^n de biic xiic hay n h u cau dang phat sinh trong xa hoi. Cac dii an DTMH b Vi§t Nam dang nghi§ng theo mo h i n h thii nhai. Tuy nhien, each ti^p can nay ddi hoi phai tUdng tich hda vdi cac n e n t a n g h a t i n g ixoog nUdc d^ m5t s6 san p h ^
"sao chep" co t h i t h a n h hi$n thiic va thUdng mai hda. Ch4ng han, d6i vdi cac doanh nghiip khdi nghi$p trong linh viic thUdng mai dL§n txi theo mo hinh so s a n h gia, cac nhdm khdi nghiep khd c6 t h e tich hdp d i y du t h d i ^ tin ve gia ca san p h i m ; trong khi d cac nUdc p h a t t r i l n thi k h a de dang vi nhiing "dai sieu thi"
n h u Wall M a r t d^u niem yet gia san p h a m true tuyen.
Bank gid chung
Nhin chung, luong von DTMH va t h i t n i d i ^ DTMH d Vi$t Nam t u y chUa dn dGnh song CO nhflng hudc phat trien tUdng dfii n b a r b ve lUdng, vdi miic do canh t r a n h i ^ a y cang tang. Trong mot vai n a m (vi du n a m 2007), Viet Nam da chiing to la diem den k h a hgfp d i n cho cac n h a d i u tU khu vUc va toan c i u (xem hinh 2). Ben canh do, theo 6ng Nguyen Manh Diing, C y b e r i ^ e n t Ventures,
n^u diia t r e n d a n h gia cua hdn 400 cong t y N h a t B a n thi An D6, T r u n g Quoc va k h u viic D 6 i ^ N a m A (trong do Vi6t Nam xep thii 3, sau Inddn^xia va Thai Lan) la n h i i i ^ t h i trUdng t h u h u t sii q u a n t a m cua ho. G i n day, Zoltan J . Acs Laszlo Szerb Erkko Autio (2015), da danh gia chi so von rui ro/mao hiem Vi$t N a m cao hdn miic iaimg binh cua t h ^ gidi va k h u vUc Chau A - T h a i Binh DUdng (hinh 3).
Thi trudng DTMH d ViM N a m dang d i n h i n h t h a n h va b i t nhip vdi xu hUdng chung cua k h u viic va t h ^ gidi. Di^u nay t h e hien tUdng doi ro qua t h a n h cdng cua mot sd* doanh nghiep khdi nghiep V i | t Nam, d i l n hinh n h u cac doanh nghiep VNG (Vinagame), Vatgia, VMG Media,... vdi gia tri tai san dUdc dinh gia tdi vai chuc, t h a m chi h a i ^ t r a m trieu USD. Tuy nhien, loai h^nh doanh nghigp khSi nghiep mang lai t h a n h <»ng cho n h a DTMH chu y^u v i n h e n quan tdi cong i ^ h S thSng tin (CNTT), CO p h i n do dac t h u a6 v6n bd r a h a n d i u khdng c i n nhieu trong khi tiem nang gia t a n g gia tri doanh nghiep trong tUdng lai neu t h a n h cong la r a t cao; trong khi do, ViSt N a m CO Idi t h ^ n h a i dinh, n h a t la vg t6c do p h a t trien he thong internet, di§n thoai di ddng va miic d6 s i n s a i ^ ve cong nghe thSng tin.
Vi§t N a m dat dUdc nhiing k^t q u a n h ^ t dinh trong t h u hiit DTMH t r o i ^ dieu kien kinh t e vi mo kho k h a n va dUdc x^p vao t h i trudng DTMH h^p d i n trong top 3 D o i ^ N a m A (cao hdn miic t r u n g binh cua t h ^ gidi va k h u VUC Chau A — Thai Binh DUdng) trong mot s6 n a m chu y^u la nhd ViSt Nam co: (i) cac linh vUc internet va mobUe phat t r i l n tUdng d ^ n h a n h trong thdi gian n g l n ; (ii) mot thi tnidng dong d a n so tre, vdi thien hudng tieu d ^ i ^ cao va k h a d l H^ng tiep can cac dich vu mdi; (iii) cung vdi qua t r i n h do t h i hoa d i l n r a n h a n h ehdng, khoang each so (cong n g l ^ thong tin, truyen t h d i ^ ) giiia cac v u i ^ mien, nong thdn va t h a n h t h i t a i Viet N a m da diidc t h u hep k h a nhanh trong t h a p nien qua.
2.2.2. Han che chu yeu vd nguyen nh&n Tuy dat dUde mot s6 t h a n h tUu b a n d i u , DTMH cl Viet Nam trong nhOng nam qua
Ngft/fti CAJ Kinh tSsSlO (461) - Thing 10/2016 2 1
Phat trien von dau tir mao hilm ,
kh6ng thUc sU dn dinh, thieii b^n viing, phu thuoc nang ne vao diu tu tii nUdc ngoai, vdi mrtc bien doi^ Idn trong thu hiit v6n va cac san phim dUdc diu tU thanh cong. Ngoai sU manh nha, cham hoan thien cua khung phap ly va chinh sach hd trd, phat trien DTMH, nhiing han ch^ trong phat triln DTMH d Vi§t Nam con TDiKt phat tut cac nguyen nhan cd ban sau:
Tkvtnkat, phan Idn cac nen tar^ cd ban dung
dudng (con goi la h$ sinh thai) cho phat trien doanh nghiep khoa hoc cdng nghe ciing nhU DTMH, phat trien h# th^ng Udm tao cong ngh6 vin cdn yeii kem. Ngoai nhiing yeu k6m da n§u, nhieu y6'u to lign quan sat hdn d^n DTMH cua Viet Nam vin cdn yeu nhU sii chap nhan rui ro, miic d6 quoc te hda, ky nang khcli nghi§p, kha nang canh tranh, cd hoi khdi nghiep, nhan bi§^ va nim bit cd hoi (hinh 3).
HINH 3: Cac chi so Tinh than kinh doanh anh htfdng tdi ket qua dau ttf mao hiem of Viet Nam
I. Nhan biet cd
14. Von mao hierri
13. Qutfctgh6a.
2. Ky ndng khdi nghiep
4. Mang ii/Si Internet
5. van hoa ho trd
8. Vdn cx)n ngi/dl ,,Chau A-
Duwng
7. Hap thu cong nghe
- Trung binh \h4 gidi
Nguon: ZoMn J. Acs Laszlo Szerb Erkko Autio (2015).
Dang luu y la chi sd ve Tinh t h i n kinh doanh toan cau (GEI) (vdi 3 chi sd con la Thai d6 kinh doanh (ATT), Nang liic kinh doanh (ABT) va Phan khi'ch/say m§ kinh doanh (ASP)) cua Viet Nam ciing vao dang rSt thtfp, tham chi thap hdn nhieu nu6c trong khu viic nhu Lao, Campuchia.
Hai Id, tren thiic te, nhieu y tudng Idnh doanh cua cac cong ty khdi nghi|p bi cho la cdp nhat tii mot sdcac mo hinh kinh doanh da thanh cong d nude ngoai song khong dUdc
22
phan tich, dia phUdng hoa hay sang tao dl bao dam thanh cong d Viet Nam.
Ba Id, doanh nghiep Vi§t Nam c6 cd cSii nhan sU, trinh d6 quan tri doanh nghiep, nhit la cac chuan muc tai chinh, ke toan yeu k6m, mang tinh gia (finh tri, khdng minh bsich va khong dang tin cay dfii vdi nha dau tu, vi v^y, k^t qua goi vdn DTMH rsft han che.
Bon Id, mot sd cac doanh nghi§p co thi c6 f tu&ig kinh doanh, cdng ngh§ tdt nhiing lai thieu ky nang quan tri kinh doanh bai ban;
NghiSnaiu Kinh 1^3^10(461)-Thing 10/2016
Phat trien vifn dau ttf mao hiem...
cac dii a n mu^n t h u h u t vdn DTMH khong dUdc trinh h a y mot each thuyet phuc, n h a t la bang tieng Anh. Tren thUc ^, cac doanh i ^ h i e p ^^§t Nam cd it cd h6i tiep xuc vdi cac quy d i u tU. B a n t h a n eac doanh nghidp khong hiet dUdc d i u mm va khong biet lam th€ nao d l cac quy d i u t u nh^n biet d i ^ n h u c i u ve vdn cua minh.
Nam^ Id, cac chiidng trinh giao due, dao tao chua hieu qua trong thiic d i y doanh nghiep khdi tao c6ng i ^ h § . Vi§t N a m v i n co it chUdng trinh dao tao tdng hdp, da nganh cho doanh i ^ h i e p khdi nghiep. Tr§n thiic td, nhiing doanh nhan/ca n h a n tot i^fai^p nganh cong nghe t h i khong bidt kinh doanh, t r o i ^ khi hoc kinh t e t h i k h o i ^ '^anh" c 5 i ^ nghS.
Sdu Id, nguon cung vd cac doanh nghi$p dUdc chon de dau tU con bgn che, chat lUdng thap. SdlUdng doanh n^ii&p khM i^higp dUdc Udm tao thuc su co tiem akDg con k h a it, trong khi h e thong t h o i ^ im ve doanh nghiep nhan d i u t u tiem n a n g con h a n che, khidn cac quy DTMH (vi du, IDG Ventures Vietnam) chu yeii phai dua vao cac k e n h thong tin ca nhan de tim kiem cac doanh i ^ h i e p khdi nghiep tidm nang, thay vi tfi cac vudn Udm tao doanh i ^ h i e p cdng nghe.
Bay Id, cac nha dau tU ciiu tinh la n h a n to quan t r o i ^ bAng dau cho t h a n h c6ng cua DTMH ) ^ n n a y sdlUdi^ v i n cdn r^t it.
Tam Id, n h a n to tam ly xa hfii cung la rao can phat t r i l n DTMH. Tai Viet Nam, khai niem DTMH con r a i mdi, chiia diing nhieu rui ro, chi t h a n h cong khoang 20%. Van hda kinh doanh d Viet Nam i t u n g ho DTMH (hinh 3) c u i ^ la nhan to khien DTMH it khi dxtoc chap nhan, khien doanh i^hi$p/doanh n h a u v i n con de dat vdi DTMH va khong nhan dUdc cac nguon vdn tC( cac nha d i u t u ciiu tinh va quy DTMH.
Chin Id, con ngUdi la yeu td^ quan trong h a i ^ d i u quyet dinh t h a n h cong cua mdt doanh nghiep khdi i ^ ^ § p cua cac nha DTMH.
Cac n h a d i u t u nay thUdng dac biet coi trpng nhiVng doanh n h a n co: 0^) kinh nghiem khdi nghiep trong qua khii; 0i) c6 t i m nhin chien
lUdc, chSp n h a n r u i ro; (iii) luon quydt t a m cao, theo dudi muc tieu, say me bam dudi cac cd hoi; trong khi do, (m) khong xa rdi thiic td, c6 k h a n a n g lanh dao va anh hudng tich ciic tdi nhiing ngUdi xung quanh, biet t u lap; (iv) luon doi hoi cao vd c h i t lUdng, tinh hieu qua trong hoat dong cua doanh nghiSp va nhay hen de thich nghi linh hoat v6i nhflng rui ro, bien dong. Day la nhiing to chal quan trong m a it doanh n h a n Vi§t N a m co dUdc.
MtM Id, Viet Nam ddn nay v i n thieu v i n g he thdng cd sd Udm tao hiiu hieu, tao cd sd de hd trd nh&ig cong ty trong giai doan d i u khdi i ^ h i e p phat trien. Nhiing cd sd Udm tao n a y khong phai la khu nghien ciiu, khu khoa hoc cong nghe, ma la ndi quy tu, t h u hiit va ket g i n cac tap doan, doanh nghi$p, cd quan chinh phu h a y cac cd sd t h i nghi§m cua tnidng dai hoc va ca cdng ty khdi nghiep..- de tao r a nhiing ydu to ndn t a n g nhU: dich vu, hd trd, phat trien 1 ^ nSng, vdn mei va dieu phdi... (L§
Xuan Sang va cong sU, 2008).
Mi^ mot Id, mei t r u d r ^ phap ly cho t h a n h lap, hoat dong cac quy DTMH con chUa day du, thieu van b a n b a n h a n h chi tiet. Nghi dinh 99/ND-CP cua Chinh phu ban h a n h quy che k h u cong i ^ h e cao c i i i ^ chi mdi dinh nghia va chiic nang cua quy DTMH ma thieu nhiing quy dinh vd cau t n i c phap ly ciing nhU cac Uu dai cho cac n h a dau tU kbi thiet lap quy DTMH t a i Viet Nam. Day la nguy§n n h a n cd b a n d i n den trudng hdp cua I D G W phai liia chpn hinh thiic quy nUdc ngoai d i u tU vao Vi$t Nam t h a y vi mot quy dUdc thidt lap ngay t a i .
^^et Nam. B§n canh do, van cen nhiing vudng m i c vd chinh sach lam can trd dong vdn ngoai n h a t la von n i t r a khdi Viet N a m (quan ly ngoai hm, quy che dau tU nu6c ngoai...).
Mi/di hai Id, cac kenh thoai von, t h u hdi vdn tiiong qua tin trudng cd phieu v i n cdn h a n che, khien cic n h a DTMH e ngai d i u tU. C i c quy dinh dm vdi IPO cac cong ty cong nghfi chua thiic su Uu dai, ciing vdi vide t h a n h khoan kem tren thi trudng cd phidu lam n a n long cac n h a d i u tU. Thu tuc p h i san doanh nghiep qua rUdm ra, keo dai ciing khien cac
'ten aHj K W i (e'stS'IO (461) - Thang 10/2016
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Phat tri^n von ddu ttf mao hi^m .
nha d i u t u e ngai trong quydt dinh dau tU (Ban Kinh t d t r u n g Udng, 2016).
3. Mot so giai p h a p c h i n h skch D l thiic d i y phat t r i l n DTMH, c i n thiic hi§n ddng b6 cac giai phap chinh sach sau:
Mot Id, tiing budc tao dung m6i tnidng sinh thai nuoi duSng khdi sU kinh doanh cong ngh§
mdi, cong n g h | cao. Day la nhiing giai phdp Idn, toan dien va thiic hi§n lau dai mdi c6 hi#u qua cao d l nang cao c h i t lUdng cac yeu t d p h a t t r i l n DTMH cd lien quan tdi tinh t h i n kinh doanh nhU thai d6 kinh doanh, nang liic kinh doanh va nhi§t huyet kinh doanh.
Hai Id, cu t h i hoa cic cd chd, chinh sach khuydn khich, ho trd cac n h a d i u tU ciiu tinh/thien t h i n , t h a n h lap va van h a n h cac quy DTMH. Nghien ciiu che phep cac nha d i u tu ciiu tinh dUdc nhan Uu dai Idn (vd m i l n thud, hean thud thu nhap doanh nghiep theo lo trinh, k l ca trong trUcIng hdp th^t bai). D l thu hiit n h i l u hdn cac quy DTMH qudc td, c i n miln giam thue ddi vdi p h i n thu nhap p h i t sinh khi nha DTMH ket thiic thUdng vu.
Ngoai ra, ciing can khuydn khich cac kenh tin dung khac hd trd chd hoat dong DTMH, n h i m gia tang lUdng cung vdn tr§n thi tnidng.
Ba Id, c i n tao n h i l u Uu dai, khuyrai khich Idn hdn, mang tinh dac thii cho cac doanh nghi§p cdng nghe trong vi§c ni§m yet tr§n cac san giao dich c6 phidu de thiic day viec t h u hiit vdn ciing nhu thoai von cua cac doanh nghiep nay, nha^t la nhiing doanh n g h i | p co vd'n DTMH. Triln khai nghien ciiu thi dilm ve loai hinh cd phieu cong ngh§, sdm dUa loai hinh cd phieu nay trd thanh hang hda giao dich tr§n thi trudng, giiip hinh thanh ngudn vdn mdi, tao dong luc cho sii phat trien.
Boh Id, sdm hinh thanh quy DTMH theo Luat C6ng nghe cao. Vdn d i u t u ban dau cua Nha nUdc la khong t h i thieu, tuy nhien, d l quy hoat dong hidu qua, c i n phai lam ro cd chd, quy dinh ve van hanh, vai trd quan 1^, giam sat cua Nha nUdc doi vdi cdng tac didu hanh, thiic hien dau tU va td§u c h u i n nhan Uu dai ve vdn vay tii quy DTMH ddi vdi doanh nghigp. Ben c ^ do, hi§n 5 Viet Nam, Luat
Ngan sach n h a nUdc chUa co quy dinh ddn n6i dung nay; doi hdi luat n a y p h a i dUdc bd sung, chinh sfei d l tao vdn mdi ttf N h a nUdc cho quy DTMH.
Ndm Id, N h a nUdc c i n td chiic nhidu didn dan, thong qua cac phUdng tien truydn thong d l t a n g n h a n thiic cua cdng chiing ve vai trd, didu ki$n phat t r i l n DTMH v i ket n6i chat ch§, trao ddi thong tin giiia Chinh phu, n h a d i u t u ( n h i t la quy d i u t u nUdc ngoai) va doanh nglii§p n h a n vdn tidm nang.
Sdu Id, ddi vdi doanh nghi§p trong nUdc c i n huy dong vdn d i u tU can tim kiem, tam hiiu, tidp can va xay diing mdi q u a n h e tdt vdi cac quy d i u tU, qua do, huy ddng vdn d i u tU tii cac n h a DTMH./.
TAI LI$U THAM KHAO
1. Dean Takahashi (2016), Venture captalist investments rise 44% to S128B in 2015, but Q4 ends With awhimper, Jannuai^ 19, 2016 (tiuy cap ngay 28-9-2016:
[URL lmp:/A'enturebeatconi/2016/01/19/venlure-c^tal ists- invested-128b-in-2015-up-44-but-the-year-ends-with-a-him per/l.
2. lA Xuan Sang, L^YSmSava Nguyen Thi Thu HJk (2008), Xiy dung khung phdp ly vd chinh sdch phdt trien vudn wm cong doanh nghiep, cdng nghi, Bdo c3o cua B6 K^
hoach va d ^ tu v l Lien minh CMu Au, Vien Nghien ciiu q u ^ ly kinh t^ tning uong. H i NOi.
3. Martin Kenney, Kyonghee Han and Sioko Tanaka (2005), Venture c ^ t a l industiies, in Global change and East East Asian policy inititives, World Bank, Washington D.C
4. Nghi dinh sd 118/2015/P<D-CP ng^y 12-11- 2015 quy dinh chi tifit va huftig d&i thi hanh m6t stf dilu cua Lu^
DIutu.
5. Pham Trin Le (2014), Nha dSu tu thi&i tiiSn - mit xich thiSt ySii cua thi tmdng d&i tu mao hi^m, ht^:llwww.tiasang.com.vnl, (phat h&nh IiSc 10:50 ngay-3-4- 2014 [URL:ll:53-23/[)3/2014].
6. Preqin and SVCA (2014), Preqin and SVCA Special Report: Singapore and ASEAN Private Equity, Apiil 2014, Sing^Kse.
7. Nha diu tir Angel: ba dd cho doanh nghiep khcfi nghiep, http:llwww.tiasang.com.vnl, ngky 23-3-2014, Ha N6i.
8. Zoltan J. acs Liiszl6 Szerb Eridco Autio (2015), Global Entrepreneurship Index 2015, The Global Entreprmeurship and Develo[nnrait Institute, Washington, D.C, USA.
24 Wg/w&j cOU Knh t4s6lO (461) - Thing 10/2016
