THI TRUCfNG PHAI SINH HANG HOA THE GlCfl VA VIET NAM
> DINH XUAN CJCiNG
TOMTVT:
BaiMctnhamphaniich vai tro va han che cua cac sjn pham phai sinh hang hoa cung nhiT trinh bay thUc irang phat trien cua thi tnrcJng phai sinh hang hoa the gidi v:i Viet Nam. Da\ la ket qua nghien ci?u thuoc de tai " \ a \ dt/ng lhi tnTcfng giao dich hang hoa phai sinh cho cdc mat hang nong sJn chien li/dc cua \ lei Nam'. ma so QG. 16.54. di/dc tai trd bdi Dai hgc Quoc gia Ha \ o u \ N U ) .
Tiifkhoa: Phai smh hang hoa. S6 giao dich hiing hoa nong san. lhi trifdng phai sinh,
1. D$l\5'nd&
T.ii \'iei N.nn. thiii gian qua da cti mgl so doanh nghiep trien khai mo hinh guo dich hang hoa tiTOng Iai thdng qua siin nhu" gao. cii phe. cao su. hat lieu.
dieu. s:ii thep... trong dd khach hang ihiTc hien mua.
ban mgt khoi lifdng hang hda tai mi?c gii \Jc dinh
\ a \ iec giao nhan hang difdc thdc hien trong lu'dng lai. Cac \cii to ciia giao dich nhif khoi lu'dng. thdi gian den han. lieu chuan hang hda. mu'c gia... du'de cac san giao dich qu> dinh.
Moi so ngan hiing khac cung tao kenh cho doanh nghiep Xict N.un tham gia cac san giao dich hang hda qudc te. nhdng mdc dd pho cap cdn han che. Bill \ici nhhm phan tich thu'c trang giao dich tai cac sd giao dich hang hda tren the gidi \a \'iet
\ , i m . \ a i i r d \ a han che cOa cac san pham phai smh hiing hda \ a Je \uai mgi sd kien nghi.
1. Thi tri/dng hang hda phai sinh the'gidi Theo Bao cao ciia Futures Industn .Association (FI,\i :iXU. cac thi tnrdng tifdng lai chinh thdc dau lien la cac siin giao dich gao tnmg the k\ W i l l tai
\li.il Ban. Theo thd'ng ke cua FIA. thi tru'dng phai sinh trao ddi tren toan ciu chii \eu la tai chinh. cac
san pham hang hda tifdng lai iruyen tho'ng va quyen chgn. bao gom ca kim loai quy va nong nghiep. nang lddng san pham chi chiem 7,8%. Sif su> giam tddng dd'i trong cac mat hang c6 nguon
^j.6c phi iai chinh khdng phai bi thu hep, ma chi dtJn thuan la mdt td'c dd tang irifdng cham hdn so vdi CdC san pham tai chinh.
Cac san giao djch My van la mot life lifdng chinh trong cac hang hda tu'dng lai va quyen chon tren thi tnfdng toan cau. Cac so' heu thd'ng k6 FIA cung phan anh sd noi ien cua Trung Quoc vdi 2 trong 3 san giao dich hang hda. cu the la c5c Commodities Exchange va Shanghai Futures Exchange, da dddc ghi lai trong cac so' lieu thong ke cua FIA. Shanghai Futures Exchange tham chi da \ ddt qua Chicago Board of Trade (CBOT) de ird thanh san trao doi hang hda ldn thd ba trong bang
\ep hang loan cau va cac giao dich trao ddi so lddng ldn nha'l cua hdp dong giao dich nong san. Sif tang tnfdng manh cua \iec kinh doanh hdp done tiTdng lai cua Trung Qud'c phan anh sif tang len trong nhu cau tieu thu hang hda de ho trd sif tang tnrdng kinh te nhanh chdng cua qud'c gia nay.
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Th! tnfdng hang hda phai sinh phat irien song song vdi nhu cau quan 1> ve st/ thay doi gia cua cac mal hiing chu cho'i. Theo ly thuyet tai chinh hien dai^, SLf ra ddi cua ihj tnfdng phai sinh trong mgt thi trddng giao ngay gidp hoan ta't qua trinh dinh gia dda vao thi trtfdng. phdng ngda nhu'ng nhu'ng mi ro ve bien gia iren lhi infdng giao ngay d mdc chi phi Ihap (Shamsher va cgng sif. 2007). Cung theo nghien Clfu nay, co 19 thi tru'dng hang hda phai sinh mdi noi d chau A. Mgt so' nudc da phal trien thi trifdng nay mgt each tich cifc vdi kha nang thanh khoan cao nhu" Nhat Ban. nhu'ng hau he'l trong so' cac thi tnfdng mdi noi d chau A nidi chi phat trien d giai doan sdm. Thanh khoan han che, thieu khung phap ly va dinh che tai chinh diftJc xem la va'n de noi bat nha't,
Nghien ci'fu cua Jayne va cpng sU (2014) lii mgl trong nhiJng nghien cdu dien hinh ve thi tnfdng tai khu vifc Chau Phi. Cd 6 ye'u to' chinh can trd giao dich tren san giao dich hang hda ndng nghiep d chau Phi:
Tbd nhd'l, bi han che' trong viec thu hul sd cam ke't cua cac to chdc tai chinh dd' giao dich hiding hda.
trong thanh loan chuyen khoan td ngu'di mua Idi ngddi ban va nhu'ng ngifdi cho vay.
Thdhai. cac giao dich ve cac hdp dong theo nhu ciiu cac nha dau tif chda difdc dap dng.
Thi'f ba, khong co kha nang giam chi phi giao dich ngoai te. Cac bien phap bao ve hdp dong con thie'u va vide tuan thu hdp dong chi du'de lhi hanh mgt each ye'u dt.
Thd iif. nguy cd xung dot ldi ich gida cac nha mdl gidi.
Thd nam. kha nang thao ding thi tnfdng. \a\ ra khi thi drddng it giao dich.
Tbd sdu, cnc chu the tham gia viio mot lhi tru'dng giao dich it buoc phai chiu chi phi co' dinh cao khi kho'i iddng giao dich bi han che khong cho phep chi phi dddc kha'u trCf trong mgl cd sd khoi lddng ldn cac siao dich. Sd can ihiep khd dd doan cua chinh phu^vao lhi tnfdng hang hda cang lam iram trgng tinh trang nay.
Euna Shim (2006) da cung cap nhi/ng phan lich cu the ve nhdng ye'u to dddc xem la quan trong irons viec tao ra ket qua dang chii y nhd vay Ihdng
qua cac nghien cdu tinh huong - case stud\ tai 7 nddc la Argentina, Brazil. An Do. Indonesia.
.Malaysia, Nam Phi va Thai Lan. Dda tren nhifng danh gia nh\. cac nu'dc cd ihe danh gia kha nSng thanh cdng cQa mot hdp dong mdi \a bat dau san giao dich, Trong dd. \eu lo thanh khoan du'de xem quan trgng nhat cho hoat dong thi tnfdng tddng lai.
Ciin cd nen kinh te' vT md on djnh infdc khi cd sif khdi dgng san giao dich phai sinh \a ihi infdng hang hda ndi dja phai du Idn cho cac san pham cd ban cua hdp dong tifdng lai.
Cung vdi Euna Shim (2006). Panos (1999) cung difa ra nhdng gdi y trong viec thanh lap cac thi trifdng phiii sinh nong san d cac nddc dang phat trien nham tao dieu kien thuan ldi irong viec quan ly rui ro vii thiet lap cac mdc gia ky han. Theo liic gia. de cac ni/dc dang phat trien tao liip du'de thi tru'dng phai sinh ndng san ihi can phai vu'dt qua cac rao can thi trddng nhif: Hang riio dieu le va Iuat phap; Hang rao chinh sach va sd can ihiep ciia chinh phu: Sdhieu bie't ve thi infdng phai sinh ndng san va co sU thie't lap cac cong cu rao chan rui ro cua cac djnh che tai chinh. sif nhan thdc cua ta't ch nhifng ngifdi cd lien quan de'n thi irddng nhd cac nha hoaeh dinh chinh sdch. cac nha quan ty va cfic nha dieu hanh doanh nghiep ciing nhu" niem tin cua nhii'ng ngu'di tham gia Ihj trddng.
Mgt trong nhdng va'n de anh hddng de'n sd phat trien ciia thi tnfdng hang hda phai sinh tai cac nddc dang phat trien la sif sut gid \ a ba'i on dinh cac milt hang ndng san (Irl'an UI Haq va cgng sif. 2004).
Nguyen nhan cua sif sul gia trong dai han va sdba't on djnh gia ca trong ngSn han ta do ngay cang c6 nhieu mat hang thay the cha't lddng hdn, thie'u cac kenh dau Id. chu'a tieu chuan hda cha'l lddng cac mat hang nong san...
Adammer \ii cpng sd (2015) da tim hieu qua tnnh djnh gia ciia hdp ddng ti/dng tai nong san du'de giao dich ban che tai Sd giao djch chau Au d Frankfurt du'a tren md hinh \*ECM va cac bien thdi gian khac nhau. Ngu'di iham gia thi iru'dng co the diia viio cac tin hieu gia td san giao djch phai sinh.
ngay ca khi ihi Uofdng ki han dddc giao djch it va hau nhd khdng dddc sd dung cho muc dich bao hiem rui ro. Kei qua cho tha'). cac ngifdng Iran khd'i
So 3 - T h a n g 2/2020 45
lddng g u o dich d mdc thii'p la can ihiei cho \iec dmh gia hieu qua.
Ntilncti cdu cua Irfan UI Haq va K Chandrasekhara Rao (2013). xem xet md'i quan h^' giifa gia giao nga\ \h gia lddng lai tua cac mat hang ndng san An Do. td dd i/dc tinh ty le dau cd ldi du vil phong ngda rui ro hieu qua cua cac mai hiing ndng nghiep biing each sddung EC.M -Error Correction M e d u n i s n i \ i i bien phap Ederington tu'dng dng. Ngliicn cdu nii\ difdc nen hanh tren 10 m.ii hiing ndng nghiep. dif lieu dddc thu thap td N C I } I . . \ . An Do irnng giai doan 2006- 2011. Ket qua cho ihii'y sd lddng lot cua bao hiem n i i ro tai Ihl trddng hiing hda nong san A n Dd.
Philip Garcia \ i i Raymond M Leuthod (2004) da tt'ing htfp linh hinh nghien cdu mpl Ciich kha d.i.\ dii \ e hdp ddng hang hda tifdng lai vii thi tru'dng L|iiyen chgn ndng san ircn cac phddng dien ve mdi quan he \ e gi.i lien thdi gian cua nhdng hiing hda ci'i the ciil gid. dau cif hiing hda. hanh \ i ve giii va ciic \ a i i de ve the che. Qua dd. Ciic tac giil dda ra nhdng \ ; i i i de \ i i i i cdn tranh cai \ a nhdng Ihiich thdc cho cac nghien cdu \ e sau.
Trong dd lap trung vao c:ic nghien cdu ve (i) Quiin iri riii ro va chien !ddc cua thi trddng; (ii) Hii nil \ t \ c gi.1 v.i hicn dgng: (ill) Giao dich dien i d \a quy giao djch; (iii) Khudn kho qud'c te. Ciic liic gia dc la cae hddng nghien cdu nay dc dap iUvi dddc Slf Ihay doi ciia ihi iru'dng trong lu'dng lai
\ a nhdng \ i c c ma nhii san x u i l . doanh nghiep va Chinli phil can liim dc phu hdp vdi sif van ddng Clia ihi tnfdng,
3. Phat I r i e n thi tru'dng phai sinh hang hda (ai \'iC't Nam
Civ.io dich k\ han hat dicu qua Trung idm Giao dich Chdng khodn TP, Hd Chi Minh: Ngay 07/3/2002. Trung lam Giao dich Chdng khodn TP.
Hd Chi Mmh. nay tii Sd Giao dich Chdng khoan TP. Ho Chi Minh phd'i hdp \ d i Cdng t\
Nuiirade.com L L C . nidi cdng ly quan K websiie chuyen cung cap thdng tin giao djch \ e hai dieu tren Iniernel da khai tru'dng Sim Giao dich Ky han hai dicu.
SJn giao dich cd myc dich thuc day hoat dong kinh doanh cac mal hang nong san khde tai Viet
Nam \ a giup cdc doanh nghiep VICM Nam thu gom hang hda trong khu vifc va giao djch \ di cac chau luc khac ( N g u \ e n , 2015). D a \ la md hlnh giao djch ky han dau lien thdc hien d \ ' i e i Nam qua san giao dich tap trung. Tuy nhien. San Giao djch Hat dieu chu'a diit dddc n h d k y vpng, san chi hoat dgng trong thdi gian rat ngan vii da ngdng hoat d 6 n g ( H d \ a Vo.2013).
San Giao djch Thuy san Can Gid: Thdng 05/2002, San Giao dich thuy san Can Gid (Caiigio A T C i du'de thanh liip, hoiil dpng theo nio hlnh cong t>. doanh nghiep che bie'n thuy hai san Cholimex lam chu diiu td dddi su" cap phep cila U B N D TP. Hd Chi M i n h . Ban dau. san giao djch thuy san thu hut dddc nhieu ngifdi giao djch \ i giiS sim. san lu'dng. kich c3 tom deu dddc ihda thuan cdng khai. cac hang muc ho trd nhd be'n dau tiiu.
he thdng cung Cii'p nddc ngpt. he Ihd'ng nddc nggt, kho h n h dddc dau td cha't lddng. Cd thdi diem Iddng ldm difdc giao dich tai day chie'm de'n 80^
san lu'dng nudi lai Ciin Gid (Ho va V d , 2013).Tuy nhien. chi sau viii ihang lddng tom va ngddi tham gia giao dich gmm dan, trung tam ddng hoat dong do khong phai sinh them giao dich.
Trung tam Giao dich Cii phe Buon Ma Thugt BCEC: N g i i \ 04/12/2006, U B N D tinh Ddk U k ban hanh Quye't djnh so 2278/QD-UBND vc viec thanh lap Trung tiim Giao dich Ca phe Budn Ma Thudt (BCEC- Buon Ma Thuot Coffee Exchange Center). Thang 12/2008 Trung tam di vao hoat dgng du'di sd tiii trd cua C d quan phat t r i i n Phdp (,AFD) Trung tam Giao dich Ca phe Budn Ma Thudt hoat dpng vdi vai trd vda la thj infdng sd ca'p. \ da la lhi irddng thd ca'p. 6 thj trddng sd cap.
ngu'di san xua't difa san pham vao giao djch lan dau tien. hinh thanh hdp dong nguyen thuy. 0 thi trddng thd cap. cdc hdp ddng nguyen thuy difdc du'a vao cac giao dich cd the mua bdn lai quyen mua ( B i i i . 2010).
T u \ BCEC da dddc chuan bj kha k\ ca \ e san pham lan cac each thdc giao dich, cac giao dich phdi sinh ca phe qua san vdn chda phat trien v5 con nhieu han che. M d t so' quy dinh du da ddtfc chuan hoa theo quy dinh cua san pham phai sinh nhu'ng vSn chda phii hdp nhd: quy dinh ve so
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iLfdng cil phd giao dich. v, tri cua he thdng kho biii.
chifa Ihu hut difdc nhil dau tif. Ngoiii ra, BCEC chtfa cd cac bien phap hd trd giao djch (Nguydn, 2015) vi. dii ddn den thai bai. Siin Giao dich Hiing tuiii Siii Gdn Thifdng Tin (Sitcom - STE): Thdng 0,3/2010. San Giao dich Hiing hoa Sai Gdn Thifdng Tin Sacom dudc thanh lap bdi Cong ty cd phiin Giao djch Hang hda Sai Gon Thu'dng Tin vdi hai mal hang lii dddng tho \ii dddng tinh. Lii san ra ddi sau vdi sif hd ird lif Ngan hang Sacombank (i trang bj va he thong khdch hang, nhdng cac giao dich phdi sinh hang hda lai STE vdn chu'a the phai irien, da so' cac giao djch lai sim vSn la mua ban ngay cac hang hoa difdc nicm yet (Nguyin, 2015). Qua 8 lhiing hoiit dgng. khd'i lu'dng giao djch titi mdi phien chi khoang 10 ta'n du'dng.
Nhdng thang ,sau do, siin giao djch gan nhd ddng hoat dgng vi khdng phiil sinh them giao dich td phia ngddi ban,
Siin Giao dich Hang hda Viet Nam (MXV): Sd Giao djch hang hda Viet Nam vdi ten goi ban dau til VNX dddc Ihimh lap thang 09/2010. VNX la Sd Giao djch hang hoa diiu tiSn tai Viei Nam dddc Cii'p Giiiy phep thanh liip bdi Bg Cong Thifdng.
VNX bill dau chinh thd'c di vao hoat dpng tif ngay 01/4/2011. Kha'c phue nhddc diem td cac .siin di Irddc, do'i vdi cong tiic ho trd phat trie'n thi infdng vil san pham. VNX da tie'p xiic cdc doanh nghiep ca phe, cao su. thep de ldng nghe y kien ciia nhdng ngifdi trong nganh vii xay difng san pham dichvu phil hdp. Vao thang S/2012. sif cd'true trac ve he tho'ng cdng nghe thdng tin da khien VNX ngifng hoat dgng khoang 8 thdng.
Vao ngay 9/4/2018. Nghi djnh so 51/2018/ND- CP dddc sda doi bo sung mot sd dieu cua Nghj dinh 158/2006/ND-CP dii taora nhieu dot pha mdi cho hoat dgng ciia Sd Giao dich Hang hoa. Sau dd khong lau, Sd Giao dich Hang hda Viel Nam da difdc hoi sinh. Cu lhe, ngay 0S/6/201S. Bg Cdng Thu'dng chinh ihdc k\' Giay phep so 486/GP-BCT (hiinh lap Sd Giao dich Hang hda vdi ten ggi mdi tie'ng Viel la Sd Giao djch Hang Hda Viet Nam va ije'na Anh lii Mercantile Exchange of Viet Nam (MX^). Ngay 17/8/2018. MX\" chinh thdc di vao
\iin hanh vdi 40 mat fiang chu ldc. la san pham
the manh va cd nhu cau dau tu' Idn tai thi tru'dng Viei Nam. bao gdm cac loai hang hda: ndng sdn.
nguyen heu cdng nghiep nhe. nguyen lieu cdng nghiep nang. nang lu'dng va kim loai.
Sd Giao dich Hang hda Viet Nam iMW") thdc hien lat ca cac nghiep MI thj tnfdng gdm giao djch. bu ird va chu\en giao ihanh todn. dam bao ddng bp. irdnh lach biet gida hoat ddng giao djch va bu ird. Sd Giao dich Hanghda X'let Nam cdcac chdc nang chinh sau (i) Bao hiem gid. (ii)Tao lap Ihl infdng. (iii) Thu thap vii pho bie'n thdng qua thj trifdng. (iv) Phan loai hanghda.
Trddc khi M W la ddi. ve cdban md hinh kinh doanh hang hda cua cdc So giao dich neu tren cd mpt so'ba't cap nhu'sau. (i) Md hinh van chda difdc chuan hda. cac quy dinh ve quan l\ hiinh chinh.
rui ro. phddng ihdc kinh doanh mdi ndi moi khac khdng tao difdc linh ddng bo. gay khd khdn cho cong lac quan l\' cua cdc cd quan chdc nang; (ii) ChUa giiii quyel difpc bai toan dau cd: thi irddng vdn ldn tai hien tifdng dau cd trong giao dich; (iii) Chda hd trd nhieu cho viec on dinh vii phdt trien thi trddng hang hoa irong nu'dc: (iv) Chda hinh thanh mgt kenh thu hiil vd'n nhan roi tif thj trddng.
4. Ke't luan
Nam trong xu the chung ciia lhe gidi. Viei Nam da cd dinh hddng phal trien \a thiinh lap cac sd giao dich hang hda ngi dia. cdc san giao dich hang hda ke't nd'i giao dich vdi cdc san giao dich quo'c te. Cho tdi nay. tai Viet Nam con duy nha'l San Giao djch Hang hda Viet Nam i.MXV) cdn ldn lai va ddng vai trd trung gian kel nd'i cdc nha dau id irong nifdc vdi cac Siin giao dich qud'c te, ddng nghia \'di viec cdc trung lam/sd giao djch ma Viet Nam thanh iap infdc day deu ihd't bai.
Bai vie'l da cd'gang trinh ba\ thifc trang phat Irien ciia thi tru'dng phdi sinh hang hda the'gidi va Viet Nam. vdi mong mud'n giup ngu'di dgc cd bdc Iranh loan canh ve cdc giao dich ndng san hien nay tren the'gidi va Viet Nam Nhdng nghien cdu chuven sau hdn ve diinh gia ket qua giao dich phdi sinh hang hda lai Viei Nam hay nhffng de xuat de cai thien vd nang cao hieu qua giao dich lili Viei Nam can dddc lie'p tuc thifc hien trong Ihdi aian tdi •
So 3 - T h d n g 2/2020 47
1 M L U X T H A . M K H A O :
l.Garcia.P. & Leuthold. R. \! (20fUi A selected review of agricullural commodity futures and opiums markets.
European Reviewof.Agricultural Eccmomics. 31(3l 235-272 htip://doi.org/10.l093/ercie/3}.3.235.
2 Haq. 1. U. A Rao, K C. l2013l. Optimal Hedge Ratio and Hedging Effectiveness of Indian Agricultural ComniodltiCs.Xl2i
3 He'l. T \ . <-! Vd. S M (2013). Bdo cdo nghien ei'nt ibuc nen boat ddng giao dich hang hda tilcmg lai d \ 'ici Nam.
Vu Phap, hi' VCI Vu Thj tnrdng Ircmg nUdc. Bo Cong Thidfng.
4. Javne. T. S.. Siurgess. C. Kopich R.. d Silko. \ (2014). .Agricultural Commodity Evehanges and the DevelopmeiU of Gram .Maikets and Trade in Africa A Review ofRecem Experience. Indaba Agricultural Policy Research In.siiiule (lAPRlI Working Paper St^s
5. Xviisen. P. K. K (2015). Phdi trien giao dich phdi sinh hdng hda phi tai chinh ten Viel Nam. Dcn Iwc Ngdn hang TP. lir-Clu Mmh
6. Shim. E. (2006). Success faclors of uvrieulniral fulures markei in developing cenintries and iheir implication on e.xisiin^: and new loced exchanges in de\ eloping ecmniries The Fletcher school.
Ngiiy nhSn b a i : 4/12/2019
Ngay phiin biOn danh gia vii siiTa chij'a: 14/12/2019 Ngiiv ChS'p nhSn dang bai; 20/1/2020 /"/(d/i.i,'///(/«<•.[.'[(i.-
TS. DINH \ l "\NCL'<)N(;
Khoa Tai chinh - NgSn hang, Tri/dng Dai hgc Kinh te'- Dai hoc Quo'c gia Ha N^i
VIETNAMESE AND GLOBAL COMMODITY DERIVATIVES MARKETS
• Ph.D DINH XUAN CUONG Faculty of Finance - Banking University of Economics and Business
Vietnam National University - Hanoi ABSTRACT:
This paper is to analyze the role and hmitations of commodity derivatives as well as present the de\ elopment stahis of Vielnamese and global commodities markets. This paper IS the summary of the research named "Developing a derivatives market for strategic agncutlural products of Vietnam" with the code of QG.16.54 and sponsored by Vietnam National University - Hanoi ( VNU).
Keywords: Commoditi,' derivatives, agricultural commodities exchange, derivatives market.
48 So 3 - T h d n g 2/2020
