r«-.^ronTTTr DA DANG HOA HANG HOA TRtN TTCK
..?
QUY HOAN DOI DANH MUC - ETF
"Cu hich" cho thj trifdng chflng khodn Viet Nam
C
dch d3y khodng 20 n a m , Quy hodn ddi d a n h muc (Exchange Traded Fund - ETF) theo ddi chi s d S&P 500 da difdc t h a n h lap. Ddy Id m d t s d n p h a m c u a State Street - mdt T a p dodn cung cap dich 'vu tdi chinh ddn tfl nddc My. Ke tfl khi ra ddi cho ddn nay, ETF Id mflt trong nhiJlng sdn p h a m sang t a o khd thdnh cdng trfln thi trddng tai chinh. Mflt trong nhflng ddc d i l m tao nfln thdnh eflng cua cac quy ETF Id chi phi t h i p vd sfl tifln ldi. N a m 2012, nhd d i u tfl trfln todn t h d gidi da rflt vdo cdc quy khodng hdn 265 if USD (trong khi n a m 2011 Id 170 tf USD)' vd cho dfl'n nay, nganh ndy v i n chifa cd bd't kf d d u h i | u suy gidm ndo.Dac b i | t , sau khflng hodng tdi chinh thd' gidi, Ioai hinh q u j ndy d a ed sfl phdt tridn ra't n h a n h ehdng. Rieng khu vflc chdu A - Thdi Binh Dddng hien d a cd tdi htfn 250 quy, vdi tdng gid tri tai s a n trfln 70 ty USD. Vdy ETF Id gi v a hoat ddng ra sao?
ETF Id mgt hinh thflc quy d i u tfl thu dflng md phdng theo m^t chi s d cu thd. Danh m y c d i u td cfla ETF gdm mflt rd chiing khodn cfl cd c l u nhfl cd edu c u a chi s d md nd mfl phflng. Vi du, mflt quy ETF cd d a n h miic d i u td Id cdc cflng ty thufle ngdnh khodng sdn, t a m gpi Id quy ETF-KSl, g i m c6 100.000 cd phifl'u cua Cdng ty Co p h i n Khodng sdn A Chau (AMC) vd 500.000 cd p h i l u cua Cflng ty Co p h i n khodng s d n Vinas A Lfldl (ALV) vdi ty Ifl (1:5).
Do dd, mdi ed phid'u quy cfla quy ETF ndy se bao gdm 20 c l phidu
PHUNG THANH LOAN KHOA TAl C M I N H CdNG - HOC V I £ N T A I C H I N H
AMC v a 100 cd phid'u ALV, tfldng flng vdi ty le ke trfln. Gid sit quy ETF ndy dfldc niem yet trfln s a n cbiifng khoan vdi m a ETF-KSl, ndu mdt n h a d a u tfl m u a 10 cd p h i e u ETF-KSl se tddng u!ng vdi 200 ed phidu AMC v a 1.000 cd p h i e u ALV.
Tai sao n&n dau tU vao ETF?
ETF dfldc cho la thfla hddng nhflng du diem td't nha't c u a ca h a i loai binh quy md v a quy ddng, ddng thdi loai bd nhflng h a n chfl' c u a h a i quy nay.
Thli nhdt, mdt n h a d i u tfl vdi sd t i l n it di se cd thd d i u tfl thflng qua ETF dd d a dang hod d a n h muc d a u td cfla minh, d a t dfldc mflc t^
suat ldi n h u a n xap xi vdi ty sud't ldi n h u a n binh q u a n efla thi trfldng.
Thd hai, do tinh minh b a c h trong cdng b d thdng tin n e n nhd d a u t d de n a m bdt dfldc d a y du
thdng tin v l hoat ddng eiia quj nhfl: khdi Iddng chuing chi quy phdt h a n h , giao dich, gid tri t4i san rong (NAV), ed cl^u t a i s a n eiia quy._ Q i ^ ETF dfldc cho la cd linli minh bach cao h d n cd quy ddng vd quy md vi danh m u c cd edit c u a quy ETF dfldc cdng b d h a n g ngay; gia tri tai sdn rong tham chidu (INAV) diidc cflng b d theo thdi gian thflc.
Thd ba, chl p h i qudn ly thdp do n h d qudn ly quy khflng can tich cflc tdi cd cdu d a n h muc cua quy md chl c l n b d m sdt theo rd chflng khodn efla ehi sd muc tiflu QuJ ETF khdng bdn chflng chi quy ridng Ih trflc tidp cho n h a d i u tfl md tbay vdo dd se phdt h d n h theo 18 ldn.
Trfln thi trddng sd d p , cdc td chflc d i u tfl Idn vd cdc t h a n h vifln I|p quy (thfldng Id cdc CtyCK) se trflc tiep m u a cdc Id ddn vi quy bSng d a n h m u e chflng khodn cd c l u -
CHtfNCKHOAN VIETNAM Sd 182 - ThSngl2/2013
OA DANG HOA HANG HOA TREN TTCK rg;ii'iiTr'ni
md phdng theo danh m u c cua ehi sd tham chidu d a dfldc c h a p thudn, thay vi mua b i n g tien nhfl cdc dang quy thdng thfldng khdc. Sau dd, cdc nhd d a u td ndy thddng chia nhd ra vd b a n cac chflng chi quy ETF tren thi trfldng thfl c a p . Didu n a y cho p h e p cac nhd d a u tfl khac trfln thi trddng thfl cdp se m u a cdc ddn vi quy rieng Id, thay vi p h a i m u a Id Idn n h d trdn thi trfldng sd cdp. Nhd d i u tfl mudn bdn chlJng chf quy se c6 h a i sd Ifla chpn: (i) Ban chifng chi quy riflng 1& cho cdc nhd d i u td khdc trdn thi trddng thfl cap; hodc (ii) Ban cdc 16 ddn vi quy ngfldc lai cho quy ETF. Theo quy dinh, quy ETF se mua lai cdc Id ddn vi quy bdng danh mue chflng khodn ctf cdu, thay vi tien mat. Do d o , cac quy ETF khflng c l n n a m gifl qua n h i l u lddng t i l n mdt, d a y Id mflt ldi t h e cho boat dpng cua quy ETF so vdi cdc quy d a u td dang md.
Vd cud'i cimg, nhd d a u tfl co thd d l dang tham gia v a rut lui khdi thi trddng do ETF dddc dp dung cflng mdt nguyen tdc giao dich n h d cdc cd phidu niflm ydt.
NhOng Itiu y khi dau t i i vao ETF
Ben c^nh nhflng flu didm cfla quy ETF, khi tham gia d i u tfl vdo cdc quy ndy, nhd d i u td eung c l n ed mpt s d ldu y vi ETF khflng hodn todn Id mdt cdng eu a n todn vd chdc c h i n vdi Idi nhudn t h i p nhitng cung khdng h a n la mpt cflng cu d i u tfl chiu n h i l u rfli ro vdi ldi nhudn cao, Mflc sinh Idi khi d i u td vdo quy ciing chi ngang bdng vdi mflc sinh ldi binh quan cua thj bTidng. Do vdy, ETF cd the se khflng thich hpp vdi cdc nhd d i u tfl fla mgo hidm vd mong mudn ldi nhudn cao. Do ETF md phdng chi sd nfln ngay cd khi thi trddng trong giai doan tdng trfldng m a n h thi ETF cung khflng thd thu dfldc mflc ldi nhudn vflpt tr§i chi s d md nd md phdng.
Mat khdc, nhd d i u tfl sfl khdng dfldc hddng cdc quydn ldi n h d khi
sd bflu cd phid'u thfldng (nhfl quyen tham dd Dai hfli d i n g cd dflng;
q u y i n hfldng cd tflc; q u y i n tifl'p c a n thdng tin...], cho du khi d i u tfl vao ETF Cling cd nghia Id d i u td vao mflt rd chflng khoan cd cau. Tuy nhidn, nhd d i u tfl Iai khflng phai la cd ddng trflc tifl'p cua cac chflng khoan trong rd cua ETF md cdc quydn Idi dd thudc v e cdng ty quan Iy quy (CtyQLQ).
ThUc trang hoat dong cua cac ETF t a i Viet Nam
Ngdy 27/12/2012, Bp Tdi cbinh da b a n hdnh Thong tfl s d 229/2012/
TT-BTC hddng d i n thanh lap vd quan l^ Quy hodn ddi danh muc (ETF), tao cd hdi cho san p h a m mdi la chflng chl quy ETF ra ddi vdi hy vpng tao "cu hIch" cho thi trfldng chflng khodn (TTCK) Viet Nam trong bdi c a n h chfl n e n kinh te vflpt qua giai doan khd khan.
Trfln TTCK Viet Nam hifln nay dang cd hai quy ETF nddc ngoai hoat dflng kha soi ndi. Trong dd, quy ETF nddc ngoai dau tifln la FTSE Vietnam Index ETF do Deutsche Bank qudn ly. Quy n a y d a u tfl theo chi sd FTSE Vietnam bidex do FTSE Group xay ^ dflng tfl nSm 2007.
Tid'p do nflm 2009, quy Market Vectors Vietnam ETF d a u tfl theo chi sfl' Market Vectors Vietnam do Van Eck xay ddng va v a n hdnh, la quy nfldc ngodi thfl h a i gia nhdp TTCK Viet Nam. Tiflu chl Ifla chon CO phidu cua hai quy ndy la dfla trfln mflc vfl'n hda, tinh thanh khoan va ty le sd hflu cdn
Iai cho nha d a u td ^ ^ H ^ ^ i B B nfldc ngodi (DTNN).
Sfl xud't hifln cua hai quy ETF nfldc ngodi vdi quy mfl vdn ldn, dau tfl cd trpng tdm da tao ra nhflng tde dflng tich cdc ddi vdi TTCK Viet Nam
trong mdt thdi gian ddi.
Tinh ddn thdi d i l m ndy, viec thidt Idp he thdng ha tang cho t r i l n khai quy ETF dang dfldc hai Sd Giao dich Chflng khoan (SGDCK) Hd Ndi va Tp. Hd Chi Minh, Trung tam Lflu ky Chiing khoan hoan tdt nhiing cflng doan cudi cung. Dfl kie'n trong n a m 2014, hfl thfl'ng n a y sfl dddc dda vdo v a n hanh, ddp flng ydu cau tridn khai quy ETF cua thi toJdng. Trong dfl. SGDCK Hd Npi dang xdy dflng va thflc hien De a n ve giao dich chdng chi quy ETF theo thi trfldng giao ngay. Theo dd, viflc mfl phdng ddpc thflc hifln chu ye'u bang cdch mua todn hd chflng khoan theo cd ca'u cua chi sd cd sd.
Trong trfldng h d p khflng the m u a lai toan bd chflng khoan cd sd (cd thfl' do chi phi qua cao hay do mdt so' chflng khoan cd sd khdng co tinb thanh khodn), viec mo phdng cd thfl' dfldc thflc hien bdng each lay mau hoflc td'i flu hda de nam gifl mflt phan danh muc chflng khodn cd sd sao cho v a n dat muc tiflu tfl'i thidu hda sai sd rao phong cua ETF.
Sd xua't hien cua quy ETF trong nfldc dfldc ky vpng se hoat dpng CO hidu qud hdn cdc quy ETF nfldc ngodi bdi vi quy trong nfldc se dflpc hddng ldi tfl khung phdp Iy va he thfl'ng giao dich hodn ddi cho phflp giao dich song hdnh (arbitrage), ma cdc quy nfldc ngodi khflng cd dflpc cd hoi nay. Hdn nfla, cac quy ETF trong nfldc ra ddi se thu hflt
^ ^ ^ ^ ^ • • l ^ ^ V them ngudn vdn DTNN dd vdo TTCK md khflng vi pham quy dinh ve ty le sd hflu tdi da cua nhd DTNN. Dieu nay sfl tao ra mpt tin (xem tidp trang 16}
\J^-Cic quf ETF trong. nudc ra ddi se
^thu huJLJhem nguon
—vd'n W^N dS vao TTCk ^ma khdng vi pham^4juy dinh v4 ty le s& hUu toi da cua
nha BTNN. ^ I ^
stf 182 - Thanfi 12/2013 CHL/NG KHOAN VI$T N A M
rg.^Tiiri:'ii!'ii DA DANG HOA HANG HOA TREN TTCK
^^""'=^-^'^''-'
UBCKNN TO CHlTC H 6 I NGHj TONG KET C O N G TAC NAM 2013
Ngay n/12/2013,tai Ha Npi, U y b a n Chflng khoan Nha nfldc Ha//d, tiep t u c t f c h c f l c trien khai tai cau trflc TTCK gdm: Tai cau (UBCW^N)tdchdcH6inghitdngketcflngtacnam2013.BptRfdngB6 t n i c c a s d h a n g h d a , c a s d n h a d a u t d , t a i c a u t n J c t 6 c h f l c k i n h d o a n h Tai chinh Dinh Tien DOng den iam viec va chi dao Hdi nghi.Tham d d chdng khodn, tai cau tmc he t h d n g t d chflc TTCK.
Hpi nghl cdn cd Thfl ta/dng Thfldng trflc Nguyfln Cflng Nghiep, T h d Soto, t a n g c d d n g cdng tacqudnly,giamsatthitnjdng.XayduTig t R f d n g l r a n Xuan Ha, dai dien lanh dao cac d o n vl thupc BpTai chinh. sd tay kiem tra cac t d c h d c kinh doanh chflng khoan.
Ve phia UBCKNN, cd Chu tich VQ Bang va Ban l_anh dao UBCKNN, lanh Bdn Id, tiep tuc tich cflc t r i l n khai gdi thau 4 ve cflng n g h | thflng dao die dan vi thudc UBCKNN, dai dien lanh dao SdGiao djch Chflng t i n cho toan bpTTCK; Xay d u n g phddng an ddi tac b i i trfl trung tam khoan (SGDCK) Tp. Hd Chl Minh, SGLXK Ha ^ ——, 1^ (CCP);xaydungva trien khai £)e an ket noi Ndi va Trung tam LLTU ky ChdPg khoan Viet f ^rong nam 2013: Chi sdVN Index tang ttS^ ^ e t h o n g thanh toan bu t r f l va quyet toan 2 2 % ; H N I n d e x t a n g l 3 % s o v d l c u d i n a m 2 0 ] Z ^ chdng khoan vdi he t h o n g thanh to^n lien Nam(TTLKCK).
Tai Hoi nghi, thay mat Ban lanh dao UBCKNN, Chu tich Vu Bang da bao cao ve tinh hinh trien khai thflc hten cac nhiem v u chinh tn cua UBCKN trong nam 2013. Trong
Mflc von hda khoang 964 nghin t y d d n g (tang 1 9 9 n g h i n t y d d n g s o v d i cudi nam2012),tdong d u w i g 3 1 % GDR Quy m d giao djch binh quan m & phien dat 2578 t y d d n g , tang 3 1 % so vdi nam 2 0 1 2 Tdng gia trj huy d p n g vdn ddc flat boi canh khd khan chung cua nen k i n h t e , i — = = — - • • " ' —r-3 " i irong oaocs ' hoat d d n g cua cac doanh nghiep trong nam 1^179 nghin t y dong, t a n g 1 3 % so vdi n a m 2 0 1 ^ c d c d a i b i ^ u .
ngan hang; Oe an xay d u n g he thdng vay va cho vay chdng khodn.-
Phat bieu tai Hpi nghi, Bp trddng Dinh Ti^n Dung nhat t r i vert npi dung da n&j trong baocao va nhdng y kien tham gia cCia Bfl trddng khdng dinh vj tri, vai qua gap nhieu khd khan, thua 16, co nhieu t r d d a c b l e t q u a n t r p n g cda TTCK trongviec dnh hadng den th| tru'dng chflng khoan (TTCK). Song vdi sfl quan h u y d d n g v d n dai h a n c h o n e n kinhte. Bptrfldng nhdn m a n h , m l c d u tam chl dao sat sao cua Chinh phu, Bo Tat chinh, UBCKNN da no Iflc Irong thdi gian vfla qua kinh te trong v^ ngoai nfldc cdn cd nhieu khd phan dau tap trung thflc hien cac giai phap thao g d khd khan cho khan nhuHg TTCK van khflng ngutig phat trien, ddng vai trd quan TTCK va da dat du'dc nhflng ket qua tich cflc, the hien tren cac mat • trpng trong qua trinh doi mdi, xay diing va phdt t r i l n ddt nddc Bfl nhfl ket qua hoat d o n g TTCK nam 2013, cflng tac xay du'ng van ban, trfldng chi dao trong thdi gian tdi, bfln canh viflc tSng cfldng cong de an, chinh sach, cdng tac tai ca'u trucTTCK, cong tac thanh tra, giam i tac quan ly nha nfldc ve Hnh vdc chflng khoan, UBCKNN can tiSp tye sdt va x d l y vipham...
Tai H6I nghi tong ket, Chu tich Vu Bang cung da kien nghi m d t so gi^i phap nhSm on dinh, phat tnen TTCK trong thdi gian tdi, cu the:
Mdf Id, tiep tuc xay dung va hoan thien khung phap ly, cd che, chinh sach, de an nhfl; Xay dflng De an TTCK phai sinh va Nghi d'inh
hoan thien khudn khd phap ly, khan truang hodn thidn cdc chudng trinh, de an da dat ra, dac biet tap trung vao cac npi dung quan trpng lien quan den tai cau trucTTCK, D d n g thdi, UBCKNN can tiep tuc day manh viec phat trien cac loai hinh s^n phdm mdi, tang cUdng cong tac thanh tra, giam sat thj trudng; day manh va nang cao chat Iflpng ve td chflc va hoat dong TTCK phai sinh; Xay dung De an thanh lap cdng bo t h o n g tin nham cdng khai minh bach, bdo vk nha dau td. I SGDCK Viet Nam va Quyet dinh thanh lap SGDCK Viet Nam trinh Thu trUdng cung chl dao tang cUdng phoi hop chinh sach gifla Rnh vflc t i l tfldng Chinh phu; Cac thflng t u hudng dan Nghi dinh ve t d chflc va chinh va tien tfl. Bd trudng t i n tUdng rdng,TTCK se phat trien dn dinh, hoat dongTTCK phai smh; Thong t f l hudng d i n Nghi dinh v e x d phat cung vdi sUtang trudng cua nen kinh te Viet Nam.
vi pham hanh chinh trong linh vUc chflng khoan vaTTCK.,. PhanLS
(tiep theo trang 15)
hiflu tich cflc cho thi trfldng khi cac nha d a u tfl trong nfldc v a n con e ngai riii ro, chfla dara do vfl'n vao TTCK. Sfl tham gia tich cflc cua cdc nha d a u tfl sfl giup thi trddng sfli dflng hdn, thanh khodn tang len, td dfl tao sflc lan toa thu hut cac n h a d a u tfl trong vd ngoai nfldc quay trd lai TTCK, dSc bidt trong bd'i c a n h lai sud't ngan h a n g gidm, gia vdng giam, nhd d a u tfl d a n g Ioay h o a y tim hddng d a u tfl h i e u qud hdn cho ddng vdn cua minh,
Ben c a n h dd, cac cflng ty chflng khodn (CtyCK) se gifl mflt vai trd
trpng ye'u khi thflc hifln chflc n a n g t h a n h vifln l a p quy - do p h d i cd chflng k h o d n cd sd tddng d o n g vdi rao p h o n g quy ETF c u a CtyQLQ va thdc h i e n h o a n ddi chflng k h o a n lay chflng chi quy ETF d e dfla v a o giao dich trfln t h i trfldng thfl cd'p.
Tuy nhifln, sd Iflpng cac CtyCK hifln n a y c u a Viet N a m cd d u n a n g Iflc t a i c h i n h d e p h d t h a n h v a raua lai ETF la rat it. Do v a y , thiet nghi ngoai v i e c c a n sdm h o a n t h i e n cdc quy d i n h lifln q u a n d e n h o a t d d n g c u a cac quy ETF n h d : h e thdng h o a n ddi cd phie'u - chflng chi quy.
vay m d d n chflng khodn, chflng k h o d n p h a i sinh... thi cdc cd quan q u a n ly ciing c i n chfl y gia tSng n a n g Iflc tdi c h i n h cho cdc CtyCK cd h o a t dflng l a n h m a n h d e thflc ' h i d n dfldc vai tro c u a mflt thdnh I vifln ldp quy hoSc cd t h e cho phdp
! cdc ngdn h a n g thddng m a i tham gia ' vdi td e a c h la m o t t h d n h vidn Idp quy gid'ng nhfl c a c TTCK phdt tridn da tflng thflc h i e n . ®
C H U N C K H O A N V l f T NAM ^<i 182 - Thang 12/2013
