TAP CHi CONG THtflfNG
SiJ DUNG H d P DONG HOAN DOI RUI RO TIN DUNG TRONG QUAN LY N0 XAU
TAI THI TRlTCfNG VIET NAM
• CHU THI LE DUNG
TOM TAT:
Bai viet trinh bdy nhffng hidu biet ed b^n ve hpp ddng hoan ddi rui ro tin dung, edeh su" dung hdp ddng nay trong gidm thieu rui ro tin dung va thffe trang vide sff dung hpp ddng hodn ddi rui ro tin dung tai thi trffdng Vidt Nam. Tff do, tae gia dffa ra nhffng giai phap de thuc day kha nang ffng dung hpp dong hoan ddi rui ro tin dung trong xff ly np xa'u cua he thd'ng ngdn hang Vidt Nam.
Tiif khda: Hdp ddng hodn ddi rui ro tin dung, nd xd'u.
1. Htfp ddng hoan doi rui ro tin dung Hdp ddng hoan doi rffi ro lin dung (Credit Default Swap) la mdt dang bao hiem danh cho trdi phie'u ion lai difdi hinh thffc mot khoan no difde chffng khodn hda. CDS la mdt loai chffng khoan phai sinh va ed net gid'ng vdi hdp ddng bao hiem vi day la mpl thda thuan hoan ddi rui ro. Khi tham gia vao CDS, ngffdi mua CDS tra eho ngffdi ban mdt khodn phi (gpi la CDS spread) de dffdc bao hidm cho rui ro vd np tin dung xay ra khi mdt ben thff ba roi vao trffdng hdp vd np. Phi CDS thifdng ed quan he chat che vdi vide xe'p hang tin nhiem cua bdn di vay va dffde tinh theo diem ed ban (ty Id %) hang nam trdn moi ddn vi menh gia cua hdp ddng.
Tuy ban eha'l gid'ng nhff mot hpp ddng bao hidm, song each thffc CDS dffdc thu'c hien mang tinh cha't cua loai chffng khodn phdi sinh Swap (Hpp ddng hodn ddi) thdng thffdng. Hai ben tham gia se hoan ddi eho nhau 2 ddng tien: ngffdi mua tra cho ngffdi bdn ddng phi CDS hang nam trong sud't thdi han hpp ddng; cdn ngifdi ban tra eho
ngffdi mua ddng tien bao hidm ri5i ro. Ddng tiln nay se b^ng 0 nd'u vd nd khdng xdy ra va bang gid tn khoan eho vay hoae menh gid cua trai phidu dffdc bao hiem ne'u ben di vay/nha phat hanh trdi phid'u bi v3 nd.
Giao dich phai sinh hdp ddng hoan ddi rui ro tin dung lien quan de'n 3 ehu the'. Chu thd dau tidn la ben mua phai sinh tin dung (protection buyer) tffc la bdn hidn cd rui ro tin dung va mud'n loai irif.
Chu the thff hai la bdn ban phdi sinh tin dung (pro- tection seller) tffc la ben san long nam giff rdi ro tin dung. Chu the thff ba la ben phat sinh ra khoan tin dung cd sd va dffde goi la chu the Hdn quan (ref- erence entity). Vidu: Ngdn hang AehocdngtyC vay. Hien tai, ngan hang A nhan tha'y khoan tin dung eho cong ty C vay cd dp nhay cdm qud cao va mudn ban rui ro tin dung nay. NgSn hang tim mdt cdng ty san Idng nhan riii ro la quy dau tff B. Ngan hang A la bdn mua phai sinh tin dung, quy B la ben ban phai .sinh tin dung va cdng ty C la ehii the lien quan. Nd'u ngan hang A mua CDS cua quy dau
TAI CHlNH - liaAlll HANG - BAO HIEM
tif B, ngan hdng A se thanh loan dinh ky mdt khoan phi premium cho quy B. Nd'u cd sff kien tin dung cong ty C hi pha san, hoac khdng cd kha nang thanh todn khodn tin dung Ihi quy dau tif B se cd trach nhiem den bu khodn gia tri tin dung ma quy nay cam ke'l bdo hidm cho A. Dffdi gdc dp kd' lodn khoan tin dung nay vdn thude bang cdn dd'i kd' todn ciia ngdn hang A nhifng rui ro lin dung da difOc truyen sang eho quy dau tff B. Do vay CDS dffpc xem nhff la mdt cdng cu bao hiem rui ro tin dung hidu qua khi ma eae ngan hang vffa md rdng difpc khoan cho vay, vffa dam bao kiem sodt dffpc rui ro khi nd chuydn giao du'pc rui ro sang cho cdc quy dau tff, cdng ly bao hiem...
Khi tham gia vao hdp ddng CDS, ngan hang cd the giam thieu difpc rui ro tin dung dd'i vdi cdc khoan cho vay eho minh khi hp bdn rui ro lin dung cho mdt ben khdc bang cdch mua hpp ddng CDS.
Cac nha dau tif mua rui ro tin dung vi ho mud'n da dang hda danh muc dau tff, eung nhff hp tin rang mffc rui ro thitc td' thS'p hOn mffc difOc dinh trong hpp ddng. Nhff vay ed the tha'y rd lpi ich ma CDs mang lai cho ngan hang trong vide bao hiem rui ro tin dung. Bang vide thanh loan cho bdn ban CDs mdt khoan phi theo dmh ky, ben mua CDs se nhdn dffdc khoan bdi thu'dng nhd't dinh khi rui ro tin dung xay ra, giup cho ben mua han che' dffde tdn iha't khi rui ro tin dung xdy ra, giam tha'p difpc ty Id np xd'u trong he ihd'ng ngdn hang.
2. Thi^c trang ap dung cong cu hoan ddi rui ro tin dung tai Viet Nam trong viec xiJ ly nd xa'u Tai Viel Nam iff nam 2006, Ngan hang Nha nffde Vidl Nam eho phep 3 id chffc tin dung Id Ngan hang HSBC chi nhanh thanh phd' Ho Chi Mmh, Citibank ehi nhanh Ha Ndi va Standard and Charier ehi nhdnh Ha Npi trien khai thi didm vide cung ca'p san phim d^u tif gan vdi rui ro lin dung cho khach hang. Tuy nhien, khdch hang chi la cde ngan hang va eae dinh ehe' lai chinh dang hoat ddng tai Vidt Nam vd rui ro tin dung dffpe bao hiem nay chi la eae khoan rui ro lin dung gan vdi rui ro eua ehinh phu Viet Nam va hoac cdc doanh nghidp Vidt Nam da phat hanh trdi phieu ra thi trffdng qudc le'. Thi trffdng CDs tai Viet Nam hidn nay chi gan vdi cdc trdi phid'u du'pc Chinh phu va trai phid'u doanh nghidp phai hanh tren thi Irffdng qudc le'.
Theo dff lidu tff Bloomberg gia hpp ddng bao hiem rui ro (CDS) nd ehinh phu (Sovereign Debt) eua Vidt Nam ngay 13/12/2018 vd mffe gin 220 diem, giam 6,99% so vdi ngay lien trffde. Du da giam ddng ke nhffng ngay qua nhifng CDS Vidt Nam vdn cao hOn thdi didm cud'i nam ngodi. So vdi eudi nam Irffdc, CDS cua Viet Nam vdn tang gin 17,2%. (Hlnh 1).
Ve linh hinh nd xa'u eua Viel Nam theo bao cdo cua Ngan hang Nha nrfdc (NHNN) tinh iff nam 2012 dd'n cud'i thang 3/2019, loan he thdng edc td
Hinh 1: Diin bien chi sd CDS W ndm cua Viet Nam
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chffc tin dung (TCTD) da xu: ly du'pc 907.300 ty ddng np xa'u. Ridng trong nam 2018, sd xff ly dffde la 163.140 ty ddng. De'n eudi thdng 3/2019, nd xd'u npi bang loan he thdng la 2,02%. Cud'i ndm 2018, ty le nay la 1,89%, cud'i nam 2017 la 1,99% va cud'i nam 2016 la 2,46%. Np xa'u npi bang, ndban cho VAMC chu'a xff ly va nd tiem an trd thanh nd xd'u cua he thd'ng la 5,88%, giam manh so vdi 7,36% cudi nam 2017 va 10,08% eud'i ndm 2016.
Tuy nhidn dffa vao sd' lidu da cdng bd bao cdo tai chinh quy 1 cho tha'y tai 22 ngan hang thd'ng ke cd tdng cdng hdn 84.200 ly ddng nd xd'u, tang 5,6%
so vdi thdi diem dau nam, trong dd, nd nhdm 5 tffc nd cd kha nang ma't vd'n chid'm hdn mpt nffa, d mffe trdn 46.400 ty ddng. Trong sd'dd, VietinBank dang la ngdn hang cd con sd nd c6 kha nang ma't vd'n eao nhal, len ldi 10.488 ty ddng, tang gan 11% so vdi thdi didm dau nam. Sau VietinBank la BIDV, irong sdhon 17.800 ly ddng np xa'u cua ngan hang nay Ihi ed 7.231 ly ddng la np nhdm 5, tdng nhe 1% so vdi thdi didm dau nam.
Dang lffu y, nd cd kha nang ma't vd'n (nhom np cac ngan hang phai trich lap dff phdng eu the ty le 100%) cd xu hu'dng tid'p tuc tang trong 3 thdng dau nam 2019, mae du trffde dd trong nam 2018 eung da tang rd't manh. 17/22 ngan hang du'pc khao sat cd nd nhdm 5 tang trong 3 thang dau nam. Trong dd, mdt so' tang manh nhif Techeombank lang 36%, VPBank lang 15%, VietinBank tang 11%, ACBtang 11%.
BiSu dS 1:
Ngoai ra, nd nhdm 5 vdn cd ly trpng ldn nhat trong ed cd'u nd xa'u vdi 55%, trong khi do, nd nhdm 4 la 20%, nd nhdm 3 la 25%.
Tai nhidu nha bang, no cd kha nang md't vdn ehie'm tdi hdn 70% nhff Vietcombank (71%), Sacombank (87%), SHB (74%), Techeombank (79%), VIB (76%), ACB (79%),... (Bieu do 1,2).
Hidn tai, ehi co Cdng ty qudn ly tai san ciia cac id chffc tin dung Viet Nam (VAMC) dffpc thanh lap theo Nghi dinh sd 53/2013/ND-CP ng^y 18/5/2013 mdi ed the thffe hien edc giao dich mua ban np. Cac khoan nd xa,'u VAMC da nhan tff cac to chffc lin dung deu cd tai sdn bao dam la bat ddng san hoae lai san hinh thanh tff vd'n vay ke cS bd'i ddng san, nha may, xi nghidp, khu cong nghidp, dff dn, trai phid'u doanh nghidp... Ben eanh do Nghi quyd'l so 42/2017/QH14 ve vide thi diem xff ly np xa'u eua cdc td chffc tin dung dffdc ban hdnh da giup cdc ngdn hang dffpe chu ddng hon trong viec phat mai, thu hdi nd xd'u. Tuy nhien, qud Irinh xff ly tai san dam bao eua cac ngan hang vdn cdn nhidu vffdng mac va mS'l nhieu Ihdl gian.
Nd xa'u chffa xff ly xong, nguy cd phat sinh cac khoan nd mdi chuyen thanh nd xa'u vdn ludn rinh rap sau thdi gian tang trffdng tin dung khd cao.
Tff thffe td'do, VAMC mua np xau cung khSng the ban ma chi ed the xff ly qua hlnh thffc ban tai san dam bao de thu hdi nd. Dd la nhffng ly do khie'n nd ed kha nang md't vd'n khd gidm va van chid'm ty trpng ldn irong cd ed'u nd xa'u. Nghj quyet
Ddn vj: 7^ ddng Np c6 kh5 nang m^t v6n t?i ngSy 31/3/2019
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so 42 eua Qud'e hdi cung cho phep Td chffc mua bdn, xff ly nd xd'u dffdc ban np xd'u cho phdp nhdn, cd nhan, bao gdm ca doanh nghiep khdng ed chffc nang kinh doanh mua, ban np la mpl dieu kidn thuan ldi de phat trien hpp ddng CDs trong xff ly nd xa'u cua he thd'ng ngan hang ddi vdi khdch hang ca nhan vd doanh nghidp. Khi dd, eac nha dau tff mua no eo the dau tu'vao trdi phie'u doanh nghiep thay vi trdi phie'u chinh phu nhff CDs cua Viet Nam hidn nay. Cd the tha'y rdng, Chinh phu va Qud'c hdi cQng da tha'y sff can thid't phai chffng khoan hda cdc khoan np cua he ihd'ng ngdn hang de giam thieu ly Id nd xa'u cua he thd'ng nay. Tuy nhien de c6 the phat tnen san pham nay can phai kd't hpp nhieu giai phap khac nhau.
3. Giai phap de phat trien hdp ddng CDs tai thi trffdng Vi^t Nam
Trifdc hd't la xdy dffng he thd'ng luat phdp chat che va cu the ve cac san phd'm phai sinh, dae biet la san pham phdi sinh tin dung. Can ehi tie't de'n cdch thffc boat dpng, giao dich mua bdn va thanh toan trong quan he mua bdn san pham CDs edng cu hodn ddi tin dung. Ca'm cae hoat ddng mua bdn hdp ddng CDs khd'ng. Ddng thdi, td chffc dao lao luyen truyen cho cde thanh vien tham gia thi trffdng hieu dffdc dac tinh va ldi ieh va rui ro cua cdng cu nay.
Ben eanh dd, can phat trien va dd'y manh linh Ihanh khoan ciia thi tru'dng irai phie'u va thi tru'dng ehffng khoan phai sinh. Thj irffdng chffng khodn cd sd va ehffng khodn phdi sinh phat trien lanh manh va tang nhanh tinh Ihanh khoan la dieu kien de san pham CDs dd dang dffdc nhieu nhd dau tff tid'p nhan. Ban cha't cua hop ddng CDs la san phan bao hiem nhffng mang linh ehd't phai sinh nen ed tinh chat dau cd. Do do, ne'u thi trffdng trdi phid'u cd sd hoat ddng sdi ddng se la dieu kien tien quyd'l de ha'p ddn nhieu nha dau Iff tren thi trffdng CDs. Phdt trien thi trffdng phai sinh tin dung d Viet Nam can cd sff dieu hanh ciia Ngan hang Nha mfde va can hpe hdi kinh nghiem cua cae nffdc tren the' gidi de tranh vd'p phai nhffng sai lam ma cdc mfde da gap phai va giup thi trifdng phdt tnen chac chan.
Tid'p dd'n la md cffa cho nha dau tu" nffde ngoai.
Thffe Iffe cua eae edng ty mua ban np tai Viet Nam hien khdng du sffc dd xff ly khoan nd xa'u ldn vdi gia trj ldn. Vi vay, Nha mfde can ed cdc chinh sdch khuye'n khich cac NDT nffde ngodi tham gia thi trffdng mua ban no. Vdi ngudn vd'n ldn vii kinh nghidm hang chuc nam phat tnen thi trffdng mua ban nd, cdc NDT ngoai se la mpt trong nhii'ng dd'i tac tham gia hoat ddng hidu qua trdn thi trffdng Viet Nam •
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TAX LIEU THAM KHAO:
1. https://thegioiluat.vn/phap-luat/nghi-quyel-42-2017-qhl4-ve-thi-diem-xu-ly-no~xau-cua-cac-to-chuc-iin-duns- do-quoc-hoi-ban-hanh -31337/
2. http://cafef.vn/no-xau-cua-he-thong-ngan-hang-den-het-quy-l-2019-la-202-201905I9095953578.chn 3. http.//iapchicongthuong.vn/bai-viet/thuc-lrang-hoan-doi-rui-ro-tin~dung-trong-quan-ly-no-xau-tai-ngan-hang- viet-nam-27609.Iitm
Ngay nh|in bai: 14/5/2019
Ngay phan bien danh gia va su'a chffa: 24/5/2019 Ngay cha'p nhan dang bai: 4/6/2019
Thong tin tdc gid:
ThS. CHU THI LE DUNG Trtfdng Dai hpc Nha Trang
USING CREDIT DEFAULT SWAP IN MANAGING BAD DEBTS IN VIETNAM
• Master. CHU THI LE DUNG Nha Trang University
ABSTRACT:
This article presents basic foundation of Credit default swap, the use of this contract in minimizing bad debts and the application of Credit default swap m Vietnam. This article also proposes solutions to promote the implementation of Credit default swap in dealing with bad debts of the Vietnamese bankmg system.
Keywords: Credit default swap, bad debts.
