Quy dau tff mao hiem cho hoat dong khdi nghiep doi mdi sang tao d Viet Nam:
Thi/c trang va giai phap
NGQYIN THUC HCfdNG GIANG*
LE Vti T O A N "
Tom tat
Mdt trong nhi^g ye'u tdquan trgng quye't dinh sff thdnh bgi cua cdc doanh nghiip noi chung vd doanh nghiep khdi nghiep doi mdi sdng tgo (KNDMST) noi riing Id khd ndng tie'p can vd'n.
Tuy nhiin, thffc ti'hiin nay, hogt ddng cda quy ddu tu mao hiem cho KNDMST con hgn che.
cdc quy dinh phdp ly dieu chinh quy ddu tu mao hiem chua ddy du, ro rdng... Bdi vii't se phdn tich thtic trgng ndy. qua do ggi y gidi phdp nhdm thtic day sff phdi trien cua cdc quy ddu tu mao hiem cho hogt dgng KNDMST d Viet Nam.
Tuf khda: khdi nghiip ddi mdi sdng tgo. quy ddu tu mgo hiem. doanh nghiep, Viet Nam Summary
The ability to access lo capital resources is one of the important factors determining the success or failure of businesses in general and innovative start-ups in particular. However.
in reality, the activities of venture capital fund for innovative start-ups in Vietnam are still limited, the legal framework of the venture capital fund is incomplete and unclear. The article will analyze this situation, thereby suggesting solutions to promote the development of venture capital funds for innovation activities in Vietnam.
Keywords: start-up, venture capital fund, enterprise. Vietnam Giai THIEU
Cd nhilu nghien cffu lien quan tdi chinh sach tdi chinh hd trd cho hoat dgng khdi nghiep, tuy nhidn, cdc nghien cffu ve loai hinh quy dau tff mao hiem dau tif cho hoat ddng KNDMST d Viet Nam cdn rat it, trong khi nhffng nam gan ddy, dinh che' ndy da ddng gdp nhffng khoan diu tff ra'l idn va dem lai thdnh cdng cho cdc doanh nghiep KNDMST tren thi trffdng. Vi vay, viec nghien cffu thffc trang va giai phap thuc day cdc quy dau tUmao hiem cho hoat ddng KNDMST d Viet Nam la c^n thidt.
T H U t TRANG PljAT TRIEN QUY DAU TU* MAO HIEM CHO HOAT D O N G KNDMST
Trong nhiftig nam gan day, phong trao khdi nghidp tai Vidt Nam ngay cang phdt trien manh me. Neu nhff nam 2012, Viet Nam cd 400 starhip, thi nam 2015 tang len gan 1.800 va ndm 2017 Id 3.000 starmp.
Ddc biet, Vidt Nam ddng thff 3 d Ddng Nam A ve sd lffdng cdc doanh nghiep khdi nghiep (Austrade, 2020).
Ciing vdi sU gia tdng vl sd Iffdng cac startup, dau tff cho khdi nghiep cung tang len nhanh chdng, the hien qua cac giao dich dau tff mao hiem. Theo Cento Ventures, nam 2019, vd'n dau tff cho startup la 741 trieu USD, gap 3 lan so vdi nam 2018 vd gap 15 lan so vdi ndm 2017. Trong dd, cd 90 startup da nhdn dffdc vd'n ndm 2019 (Hinh). Gia tri dau tff vdo startup tai Viet Nam ndm 2019 lan diu tien vffdt qua Singapore va chidm 18% tdng dau tff vdo cac startup ciia khu vUc ASEAN.
HiNH: DAU TCf CHO STARTUP TAI Vl^T MAM
"TS.. "NCS., Vien Kinh te va Quan ly, TrUdng Dgi hpc Bach khoa Ha Noi Ngdy nhdn bdi: 01/6/2020; Ngdy phdn bifn: 20/6/2020; Ngdv duyei ddng: 26/6/2020
Economy and Foi 151
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i: MQT SO QUY DAO TCl M^O HIEM LCJIH d VIET IHAM DAU Ttf CHO CAC STARTUP
;.jf6n(iiiT IDG Ventures Vietnam Vina Capital Ventures CyberAgeni Ventures DFJ VmaCapitai
FPT Ventures
IbsP Capital
|^>lden Gate
^ ^ n t u r e s
Linh vifc HID tl/ chinh
^Tnh v\Sc cong nghe, vien thong, truyen ihong va lang tieu dCing Linh VI/C ap dung cong nghfe LTnh vu'c gSn v3i dich vu internet, thu'dng mai dien tu", dich vu tai chinh LTnh vu'c cong nghe cao, cong nghe mfli LTnh vu'c iJng dung internet, SMAC (Social-Mobile - Analytics - Cloud), giai phap DN W N , y t ^ gido due, giao thSng LTnh vifc bat dong san, ph^t tnen nghi nghiep, y te, giao due, thu'dng mai, van tai, giai tri LTnh vu'c ve internet va di dong, ITnh vu'c sang tao, thanh toan tru'c tuy^n, san giao dich.
C£c startup nh^n dtf^ d i u tU VNG, Webiretho, Vietnamworks. Mua ban.
Vat gia, YanTV, GES. YC Corporation Logivan, Fastgo, Anvui, Ecomobi, Wee Digital, Zone Stanups, Urbox, Rever Va! gia. Foody, TeaMobi, Tiki, NCT corp,.
Clever Ads. Baokim
Timnhanh,com, Yeah!, TS24, Direct Wnh Hotels, Vietnam Online Network
Sendo, ANTS. Adtrae, CyRadar, Elsa, Usedata, Cyfeer
Homedy, Canavi, LuxStay, WeFit, JamJa.
Cooky, eDoclor, Uiza, MindX
Lozi, MyMusicTaste, Xfers. Aptoide
rSgiion Mhom tac gia long hdp
Dang chii y la, co nhffng thUdng vu quy md ra't Idn nhff thffdng vii dau tff vao VNLIFE len tdi 300 trieu USD.
s d lffdng cdc quy dau tff mao hiem hoat dong 6 Vi6t Nam cung gia tang, vdi hdn 40 quy dau tff mao hiem dang hoat dpng (Thi Thi, 2020). Trong sd nay, co the ke ddn cdc quy co t6n tudi tren thi trffdng, gom: IDG Ventures Vietnam, Vina Capital Venmres, Cyber- Agent Ventures, DFJ VinaCapital, FPT Ventures, ESP Capital, Golden Gate Ventures (Bang), Ngoai cdc quy nay, cd the ke ddn nhieu quy dau tff mao hiem ldn khdc, bao gom: Dragon Capital, Mekong Capital, Kutso Viet- nam, Prosperous Vietnam Investment, Softbank Capi- tal, TNF Ventures, Asia Venture Group.,. Do xu the phat trien ciia kinh te' sd va cong nghe 4.0 tren toan the gidi, mang cong nghe mdi va cdng nghe cao v^n Id lUa chon hang dau cua cac quy dau tff mao hiem.
Mac dil vdy, qua nghien cffu cua nhdm tac gia, hien cac nha dau tff mao hi^'m d Viet Nam chii yeu Id nhd d^u tff nffdc ngoai. Ben canh do, nguon vo'n dau tU mao hiem cho hoat ddng KNDMST con rd't han che', do mffc dp uy tin, tin cay ciia cdc doanh nghiep chUa cao. Binh quan mdi nam chi cd khoang 10 doanh nghiep Viet Nam nhan dUpc ddu tff tff cdc quy dau tff mao hiem.
Day Id mot con so' kha khiem ton so vdi khoang 300 doanh nghiep dffdc dau tff moi nam tai cac thi trffdng, nhU: My, An Do, Trung Quoc.,. Dac biet, chffa co quy ndo thdnh lap phdp nhdn tai Viet Nam. md van thong qua van phong dai dien chi nhanh, hoac la mot bo phan cua cong ty quan ly (Thi Thi, 2020),
Nguyen nhan chu yeu la do Viet Nam chffa cd cd che quan ly, khuyen khich phdt trien cdc quy dau tff mao hiem. Thffc te, cd sd phdp ly cho hoat ddng dau tff mao
hiem, cung nhu cho viSc thdnh lap. to chffc va van hanh cua quy dau tff mao hiem d Viet Nam vdn con rat han che. Luat Dau tff, Luat Doanh nghi6p, Luat Cac td chffc tin dung, Ludt Chffng khodn vd cdc van ban luat trffdc dd deu khong cd quy dinh nao lien quan den quy dau tU mao hiem.
Ddi vdi cdc vdn ban dUdi luat, cd mot nghi dinh da dUdc ban hanh tff khd lau, dd Id Nghi djnh sd99/2003/ND-CP, ngay 28/8/2003 Clia Chinh phu quy dinh quy dau tu mao hiem la "td chu'c tai chinh dUdc thanh lap theo quy dinh cua phdp luat de dau tU vdo hoat dpng ffdm tao cdng nghe cao va doanh nghiep cdng nghe cao" (Dieu 19), cung vdi cdcquy dinh v^ chffc nang va cac Uu dai, hd trd kinh phi ban dau ddi vdi quy dau tU mao hiem. Tuy nhien, do quy dinh ndy nam trong Quy chd khu cong nghe cao, nen pham vi hoat ddng cua quy con gidi han vd chffa thifc sff phff hdp vdi thffc tiln.
Hdn nffa, mac du khang dinh quy dau tff mao hiem la mot td chffc tai chinh, song vdn ban luat lien quan den cdc dinh che tai chinh lai khdng he nhdc tdi dinh che tdi chinh ndy. Ludt Chffng khoan c6 qu;/
dinh ve quy dau tff chffng khodn, song ve mat ban chd't khong hoan todn gidng vdi dau tff cho KNDMST, bdi san phd'm dffdc dau tff cua quy dau tff chUng khodn thupc ve cac doanh nghiep da dffdc niem yet tren thi trffdng, khac vdi cac cong ty khdi nghiep mdi chi bdt dau tff y tffdng kinh doanh, nen dp dung quy dmh ddi vdi quy dau tff chffng khodn se khong thffc sff phu hdp, Nghi djnh sd 118/2015/ND-CP, ngay 12/11/2015 cua Chinh phii quy djnh ciii tidt vd hffdng dan thi hanh mot so dieu ciia Luat Dau tff cung bo ngd khdi mem nay va chi neu duy nha't mdt di^u:
"Bo Kdhoaeh vd Dau tuquy dinh chi tie't viec thdnh lap, to chffc quan ly va hoat dpng Clia quy dau tff mao hiem tai Viet Nam" (Dieu 67), nghia la trdch nhiem se thudc ve Bp Kdhoaeh va Dau Iff.
Can day, Ludt Ho trd doanh nghiep nho vd vffa da bd sung quy dinh lien quan den quy dau tff khdi nghiep sdng tao, Di^u 18 cua Luat cd quy dinh ve nha dau tucho khcli nghiep sang tao, bao gdm: quy dau tff khdi nghiep sang tao, td chffc, cd nhan trong nffdc va nffdc ngodi thffc hien hoat dpng kmh doanh thdng qua viec gdp vdn thanh lap. mua co phan. phan gdp vdn Clia doanh nghiep nhd va \ Ua khdi nghiep sdng tao. Nghi dinh sd 38/201S/ND-CP.
ngdy 11/3/2018 cua Chinh phu quy dinh
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chi tidt ve dau tU cho doanh nghidp nho va vffa khdi nghiep sang tao cung d^ cap den quy dau tU khdi nghiep sang tao, dUdc hinh thanh tff vdn gdp cua cac nhd dau tu tu nhdn dd dau tu vdo cac doanh nghiep nho vd vffa khdi nghiep sdng tao khong qtid 50% vdn dieu le ciia doanh nghiep sau khi nhan dau tff.
Nhff vdy, quy dinh lien quan den quy dau tff mao hiem dau tU cho khdi nghiep sdng tao chiu sff dieu tiet cua Ludt Ho trd doanh nghiep nhd va vffa va Nghi dinh so 38/2018/ND-CP. Tuy nhien, Nghi dinh 38/2018/ND-CP lai khang dinh quy dtu tu khdi nghiep sdng tao khdng cd tU cdch phap nhdn, do td^i da 30 nha ddu tU gop vdn thdnh ldp. Trong khi tr6n thUc te, neu phdn loai theo hinh thffc td chffc, thi quy dau tU mao hiem bao gdm ca quy dau tu tin thac, quy dau tU dang cong ty con vd quy dau tU dang cong ty cd phan.
Ngoai ra, cdc luat ve thud ciia Viet Nam cung chUa khuyen khich hoat dpng dau tU mao hiem. Chdng han, Viet Nam chffa cd thue thu nhdp thdng dff, nen ddi vdi nhd dau tff cd nhdn, diu tff cho khdi nghiep khi thodi vdn thi hp se thupc ddi tffdng bi thu thue cao cho khoan dau tffcd ldi vd khdng dffOc tinh theo phUdng phdp bu trff cho cac dau tu 16. Trong khi do, do tinh cha't cua hoat dpng dau tU mao hiem, ty le that bai cao hdn nhieu so vdi ty le thanh cong.
MOT VAI KHUYEN NGH!
D^ phat trien quy day tU mao hiem trong thdi gian tdi, theo nhdm tac gia, can lUu y mpt sd vd'n de cu the nhU sau:
Thii" nha't, hodn thien cdc quy dinh phdp ly, tao di^u kien tiep can tdi chinh cho cac doanh nghiep KNDMST. Dieu quan trpng vd cdn thiet trUdc mat id phai ludt hoa khdi niem quy dau tff mao hiem mOt each cu the, ro rdng. Tren cd sd do, ban hanh cdc van ban hffdng ddn tap
trung, thdng nhalcho dmh che nay, ddng thdi ban hanh thong tff hffdng ddn de cd cdc quy dinh ro rang ve dieu kien thanh lap, dieu le cua quy, quyen va nghTa vu cua cdc ben, dang ky quy, md hinh td chffc quan ly quy, hoat dpng lam can cff cho cdc quy cd the dffdc thdnh lap va hoat dong tren thi trudng Viet Nam. Viec gpi dung ten va dUdc dang ky thanh lap cd tU cdch phdp nhan dd'i vdi mo hinh quy dau tU mao hiem dau tU cho khdi nghidp sang tao la rd't can thiet, bdi loai hinh dau tu nay chffa dffng khd nhieu rui ro va can sff quydt tdm, tin tffdng rat Idn ciia cac nha dau tu trong va ngodi nudc, thay vi cdc van phong dai dien cdc quy quo'c te tai Viet Nam nhff hien nay.
Thtf hai, thffc hien chinh sdch thud Uu dai cho hoat dpng dau tu vo'n mao hiem. Hoat dpng dau tU mao hiem vao qua trinh doi mdi sdng tao thudng tiem an nhieu riii ro va ty le thanh cong thap, Chinh vi vdy, Chinh phii can khuyen khich phat trien cdc hinh thffc dau tU vo'n mao hiem thong qua cdc chinh sdch Uu ddi ve thue'.
Cu the la, can cd chinh sdch mien giam thue dd^i vdi phan thu nhap phat sinh khi nha dau tff mao hiem kdt thuc doanh vu, ke ca cac ldi tffc phat sinh trong qud trinh hoat ddng. Chinh sach thud cung can ffu dai ddi vdi phan thu nhap phat sinh cua cdc nha dau tff gdp vdn vao quy, nham thu hut cac nguon vdn tff cdc ca nhan va nha dau tU cd td chffc vdo hoat dOng dau tff mao hiem.
Thtf ba, cdc doanh nghiep KNDMST cdn trang bi td^t kien thffc ve tdi chinh vd huy ddng vd'n de cd the tiep can va keu gpi vo'n ddu tu thanh cong.
Hien nay, loai hinh doanh nghiep khdi nghiep mang lai thanh cdng cho nhd dau tU mao hiem chii yeu lien quan tdi cong nghe thong tm, do dac thu so' vdn bd ra ban ddu khdng can nhieu, trong khi tiem nang gia tang gid tri doanh nghiep trong tffdng lai, neu thanh cong.
Id rd't cao. Ddi vdi nhffng doanh nghiSp khdi nghi6p thudc mot s6' nganh khdc, vi du nhff: cong nghe sinh hpc hay dff lieu,,, viec thu hiit srf quan tdm ciia cac nha dau tff mao hiem Id mpt thdch thffc khong nhd, do sd vd'n phai ddu tff ban dau tffdng dd'i cao de mua sam nhd xffdng phdng thi nghiem, thiet hi va tiem ndng ldi nhudn khong du sffc hd'p dan nha dau tff. Vi vdy, doanh nghiep cung can xay dffng mot chien lUdc kinh doanh kha thi, tap trung vao nhffng linh vUc de thu hut sU chu y cua cac nha dau tU de cd the ddn nhan ngudn vd'n tff cdc quy ddu tff mao hiem.Q
TAI LI^U THAM KHAO
1. Topica Founder Institute (2019). Bdo cdo thudng nien ve tinh hinh ddu tukhdi nghiep ndm 2018 2. Le Vu Toan (2017). Hoat dong khdi nghiep ddi mdi sang tao tai Viet Nam, Tap chi Cdng nghi thdng tin vd iruyen thdng, 1(540), 3-10 , , 3. Thi Thl (2020). Dau tU mao hieu cho Startup: Khong ddu tU giai doan dau, chi dau tU dU an Idn, truy cdp tff https;//taichinhdoanhnghiep.net.vn/dau-tu-mao-hieu-cho-startup-khong-dau-tu- giai-doan-dau-chi-dau-tu-du-an-lon-d 10779.html
4. Austrade (2019). Vietnam's Innovation Ecosvstem 2019-A Guide for Australian Business -final 5. Cento Ventures (2020). Southeast Asia Tech Investment in 2019. access to https://www.cento.
vc/news-insights/
Econonn and Forecasi Revie
