TAI CHINH-NGAN HANG-BAQ KIEM
TRAI PHIEU XANH:
THUAN L 0 I VA KHO KHAN DE PHAT TRIEN Cf THI TRlJCfNG CHlfNG KHOAN VIET NAM
• NGUYEN TH! MINH CHAU - HOANG DANG DONG - TONG NGOC PHAT - N G U Y I N VO LE NAM
TOM TAT:
San pham tai chinh xanh, trong do co trai phie'u xanh (TPX) dang dan dong vai tro quan trpng trong viec hinh thanh nguon vo'n phuc vu cho cac quo'c gia tang tru'dng ben vffng va dan tr6 thanh mot c6ng cu hffu hieu cua cac quo'c gia trong vific thu hut von cho nhffng dd in gan lien vdi moi tnidng, Vidt Nam cung xem xet suT dung TPX de tao nguon von phuc vu cho tang tru'dng xanh. Vi vay, bai viet phSn tfch va danh gia nhffng thuan ldi va kho khan trong vi6c phdt tri^n TPX tai thi tru'dng chffng khoan Viet Nam. Ke't qua cho thay, cac nha dau tff quan tam dg'n m6i tru'dng, den TPX la nhffng thuSn ldi d^ phat trien TPX, mac du hanh lang phap ly, y^u to' truyen thong va da dang trong danh muc TPX han che dang lam cho viec phat tri^n TPX gSp khd khan tai Viet Nam.
Tiif khda: Trai phie'u xanh, cong cu huy dgng von.
1. Dat vS'n de
Bien ddi khi hau vdi nhffng tac hai nghiem trong anh hu'dng de'n kinh td' - xa hoi da lam cho cdc qud'c gia trdn the' gidi chii trgng nhieu hdn de'n ye'u to' mdi tru'dng va de ra dinh htfdng tang tru'dng xanh cho nen kinh te'. Nham dap itng nhu cau trien khai cac dff an xanh vi moi trffdng, nam 2008, TPX ra ddi va trd thanh mot trong nhffng kenh thu hut vo'n mdi, hieu qua de thu hiit hang tram ty USD phuc vu cho phat tnen kinh te' xanh tren the'gidi.
Khong nam ngoai xu hffdng cua the gidi, trong dinh hffdng phat trien ben vffng dd'n nam 2030, Chinh phu Viet Nam chti trgng nhieu de'n lang tnrdng xanh, cung nhff cac san pham tai chinh xanh, trong dd cd TPX. TPX hidn dang dffOc xem
la mgt san pham tai chi'nh xanh chu Iffc, can chu trgng phat trien trong thdi gian tdi tai Vidt Nam sau khi dat diTOc thanh cdng nhat dmh khi thi diem phat hanh TPX tai TP. Ho Chi Minh va tmh Ba Ria - Vung Tau. Tuy nhien, can phai danh gia difdc nhffng thuan ldi va han che khi phat trie'n TPX tai Viet Nam mdi cd the de ra cac phu'dng an phat trien TPX trong tu'dng lai.
Hien nay chifa cd nghien cffu nao thffc hidn viec khao sat tff gdc do nha dau tff de thay difOc ro nhffng thuan ldi va han chd' trong viec phat trien TPX d thi trffdng Viet Nam, cac nghien cffu trffdc day cung mdi chi dffng lai d vide nghien cffu cac kinh nghiem phat trien TPX tai cac qud'c gia tren the gidi nhff nghien cffu cua Ndng Minh Trang (2015), Nguyin Thi Tuyet Mai (2019). Vi
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TAP CHi CONG THlAlNG
vay, bai vie't se chi ra nhffng thuan ldi, khd khan trong vide phat trien cong cu huy dgng von TPX d thi trffdng Viet Nam, tff do dffa ra mgt so' kie'n nghi nham phat trien TPX tren thi trffdng trai phie'u trong thdi gian tdi.
2. Cd sd ly thuy&'t ve trai phig'u xanh Nam 2008, Ngan hang The gidi (World Bank) phat hanh TPX vdi muc dich tai trd vd'n cho cac dff an moi trffdng. TPX thffc sff trd thanh mot trong nhffng cong cu huy dgng vd'n dffdc phat trien rdng rai tai cac quo'c gia tren thd' gidi khi cac van de ve mdi trffdng ngay cang tram trong, vdi nhi^u kdnh phat hanh, nhff: NgSn hang D^u tu'ChauAu(EIB), Ngan hang Phat tnen Chau A (ADB), Ngan hang Phat trien d cac nffdc Nhat Ban, Dffc va d mot so' chinh quyen dia phffdng cac nffdc chSu My, chau Au,...
Theo Bg Nguyen tac phat hanh va sff diing nguon thu tff TPX nam 2015, ba't ky mot loai trai phie'u nao ma so' tien thu dffdc tff viec phat hanh trai phie'u dffdc sff dung cho viec tai trg hoac tai tai trd mdt phan hoac toan bd dff an lidn quan dd'n mdi tnfdng hay cdn goi la dff an xanh nhff dff an nang IffOng sach, nffdc sach... dffdc ggi la TPX. Theo G20 Green Finance (2016), TPX du'dc phan biet vdi trai phie'u thdng thifdng bdi cam ket sff dung ngu6n vd'n huy dgng di tai trd hoac tai cap vd'n cho cac dff an hoac doanh nghiep xanh.
TPX cd the dffOc phat hanh bdi cac chu the cdng nhif chinh phu, chinh quyen dia phffdng hoac khu vffc tff nhan nhff ngan hang, doanh nghiep de tang vd'n cho cac dff an gan lien vdi mdi trffdng.
Nhff vay, TPX ciing la mgt cdng cu nd de huy ddng vd'n nhff ta't ca cac loai trai phieu nhffng TPX cd dac tru'ng gan lien vdi muc dich sff dung so' vd'n huy dgng dffdc. Dd la sdtien thu v^ tff phai hanh TPX phai dffdc dung de tai trg hoac tai tai trd cho cac dff an xanh - tffc la nhffng dff an trong llnh vffc nhff bao ton nang lifOng. tai nguydn thien nhidn, da dang sinh hgc va mdt so' cac danh muc v^ bao ve mdi trffdng nhff giao thong sach, nang lu'dng sach, nu'dc sach... TPX cd the difdc phat hanh bdi Chinh phu, to chffc tai chinh, chinh quyen dia phffdng, ngan hang hoac doanh nghiep nham huy ddng vd'n de thffc hien cac dff an xanh.
3. Phi/ffng phap nghidn ci^u
Bai vie't sff dung phffdng phap thd'ng ke md ta
dff lieu so cap va thff c^p thu thap lien quan den TPX. Dd'i vdi dff lieu sd cap, sau khi thffc hi?n khdo sdt chuydn gia, de tai thffc hien khdo sSt chinh thffc dd'i vdi cdc nha dau tff cd nhan tr6n thi trffdng chffng khoan TP. Ho Chi Minh thong qua email. Sau 1 thdng thffc hien khao sdt (tff thdng 03 - 04/2019), so IffOng phie'u khao sdt thu ve la 150 phie'u, trong dd so'phie'u hdp le la 145 phi^u.
Trong dd, 60% nha dau tff tham gia khao sat ia nhffng nha dau tffcd nhan cd kinh nghiem dau lif tff 5 nam trd len. Quy md nguon vd'n tham gia v&o thl trffdng chffng khodn cua cdc nha dau tff tff 300 tneu de'n 500 trieu dong vdi ty Id la 57%, 30% la tff 500 trieu trd len, phan cdn lai la dffdi 300 trieu dong. Ty le nha dau tffcd trinh do hgc van til'dai hgc trd len chid'm 90% ca nhan tham gia khao sil Thu nhap trung binh cua cac nha dau tif tham gia khao sat la 20 tridu dong/thdng. Nhffng ke't qud thd'ng kd ve mau khao sat nay cho tha'y phan ldn cdc nha dau tff tham gia khao sdt cd kie'n thffc va kinh nghiem tham gia d^u tff trdn thi tnfdng chffng khoan Viet Nam.
4. K^'t qua nghidn ciJu
4.1. Thdc trang phdt trien TPX tai Vi$t Nam hi^n nay
4.1.1. Khung phdp ly vi TPX tai Viet Nam Tff Idii nhan thffc dffdc y nghTa cua tang tnfdng xanh, Chinh phu da ban hanh nhieu cd che, chinh sach mang tinh dinh hffdng de phat trien thi tru'dng vd'n xanh ndi chung, cdng cu huy ddng v6n xanh ndi rieng, cu the la: (1) Chie'n Iffdc quoc gia ve tang trffdng xanh (Quyet dinh so' 1393/QD- TTg ngay 25/9/2012 cua Thu tu'dng Chinh phii), (2) Ke' hoach hanh dgng qud'c gia ve tang trffdng xanh (Quye't dinh so 403/QD-TTg ngay 20/9/2014 cua Thu tffdng Chinh phu), (3) Kd' hoach hanh ddng cua nganh Tai chinh thffc hidn Chien iKdc Qud'c gia ve tang trffdng xanh (Quye't dinh s6 2183/QD-BTC ngay 20/10/2015 cua Bp Tai chinh.
De'n cud'i nam 2015, Uy ban Chffng khodn qud'c gia vdi To chffc Hdp tac phdt triin DiJc (GIZ), Sd Giao dich Chffng khodn Ha Noi da xay dffng De dn phdt trien thi trffdng TPX. Nam 2017, Thu tffdng Chinh phu da ban hanh Quyd't dinh so
1191/QD^TTg ngay 14/8/2017 phd duyet Lg trinh Phdt trien thi trffdng trai phieu giai doan 2017 -
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TAI CHINH-NGAN HANG-BAD HIEM
2020, tam nhin den nam 2030. Day difOc coi la cdsd phdp ly quan trong cho hoat dong phat trid'n cua thi trffdng TPX d Viet Nam.
Dieu nay cho tha'y, Chinh phu mdi chi ban hanh cac van ban mang tinh dinh hffdng, phdt trid'n chung cho thi trffdng vd'n xanh ma van cdn thieu nhffng van ban phap ly hu'dng dan cu the ve thi trffdng TPX, dac biet la tidu chi ve TPX trong nffdc, cd chd' giam sat, quan ly sff dung nguon vd'n xanh huy ddng tff TPX, quyen ldi va nghia vu cua cdc bdn lien quan..
4.1.2. Thuc trgng phdt hdnh TPX tgi Viet Nam giai dogn 2016-2018
Dffa tren de dn phdt trien thi trffdng TPX dffOc xSy dffng, ngay 20/10/2016, Bd Tai chinh da phe duyet De an phat hanh Ehi diem TPX cua chinh quyen dia phu'dng va chi dao cac ddn vi lien quan trien khai thi diem TPX chinh quyen dia phifOng.
Theo do, 2 dia phffdng trien khai thi diem TPX la TP. Ho Chi Minh va Ba Ria - Vung Tau. Cu the, TP. Ho Chi Minh phat hanh 523,5 ty d6ng, ky han 15 nam va Ba Ria - VQng Tau phdt hanh 80 ty dong, ky ban 5 nam. Nguon vd'n nay du'oc sff dung cho cdc dff an quan ly ngudn nffdc ben vffng, thich ffng vdi bidn ddi khi hau, cac cdng trinh ha tang ben vffng, cac dif an xanh. Dd'n nam 2018, theo tho'ng kd so bg, TP. Ho Chi Minh da phat hanh 3.000 ty dong TPX cho 34 dff an; Ba Ria - Vung Tau phdt hanh 500 ty dong TPX vdi ky han 5 nam cho 8 dff dn. Ke't qua nay cho tha'y 2 tinh, thanh phd'da huy ddng difOc vd'n xanh de tai tro cho cac dif an xanh vdi gid tri huy dfing ngay cang tang. Mac du da trien 'f" J khai gSn 4 nam, nhffng cho den dau nam 2019, viec phat hanh TPX mdi chi dffng lai d viec phdt hanh trai phie'u chinh quyen dia phffdng mang tinh thi diem, chu'a thu hiit dffdc sff tham gia cua cac chu the khdc nhff ngan hang thffdng mai, cdc doanh nghiep trong nhffng nganh nghe "xanh" cd lidn quan. Dieu aay dSn dd'n nhffng tdc dgng nha't dinh den sff quan tam cua nha dau tu'dd'i vdi TPX tren thi trffdng.
Nghien cffu ve mffc do quan tam cua cac nha dau tff cd nhan tren thi tru'dng v^ TPX cho tha'y sd' Iffdng cac nha dau
tff quan tam ve va'nde moi trffdng khd ldn, nhffng so' Iffdng nha dau tff bie't ve TPX lai chffa nhieu.
Cu the, ke't qua khao sat mffc do quan tam cua nha dau tff ve ye'u to'mdi trffdng d Bieu do 1 cho tha'y cd 88 nha dau tff, tifOng ffng vdi ty le 61%, quan tam de'n moi trffdng khi quye't dmh dau tif.
Trong khi do, chi cd 21% cac nha dau tff khdng quan tam va rat it quan tam de'n ye'u to' mdi trffdng khi ra quye't dinh dau tff. Ty le cdc nha dau tff dang ngay cang quan tam nhieu hdn de'n ye'u to' mdi trffdng la dieu kien thuan ldi cho cdc chu the phat hanh trai phid'u can nhac viec dffa thdm ye'u to' "xanh" khi thifc hidn huy ddng vd'n cho cac dff dn dau tff cua minh cung nhu' la yd'u to' thuan Igi quan trgng cua vide phdt trien thi tru'dng TPX tai Viet Nam trong thdi gian tdi. Tuy nhien, viec van cdn mdt ty Id khdng nho cac nha dau tff chffa quan tam dd'n yd'u td'mdi trffdng cQng anh hu'dng dd'n viec phat tnen thi tnfdng cdc cdng cu vd'n xanh ndi chung va thi tnfdng TPX ndi rieng. Do dd, vide tid'p tuc day manh nhan thffc cua ngffdi dan v^ mdi tru'dng la mdt trong nhffng ndi dung quan trong trong vide phat trien thi trffdng vo'n xanh d Viet Nam.
Mac du quan tam de'n ye'u td' mdi tru'dng trong quye't dinh dau tif nhifng sd' lifdng cac nha dau tff bie't ve TPX cdn han che^. Bie'u dd 2 cho tha'y trong mau khao sdt cd de'n 37.5% nha dau tif chifa nghe de'n TPX, 14% nha dau tffcd nghe nhffng it quan tam dd'n TPX va chi cd 11% nha dau tffcd nghidn cffu ve TPX va khdng cd nha dau tif nao i 7; Mdc do quan tdm cua cdc nhd dau til
td' mdi tnfdng
# Rat rt quan tam
# it quan tam
^ Binh thi/ffng
# Quan tam
# R^tquantum
Ngudn: Tong hpp tit kit qua khdo sal
So 11 -Thong 6/2019 443
TAP CHi CONG THIfdNG
Bieu do 2: Mifc dd nhdn biet cua cdc nha ddu tif ve TPX
^^^^^B
• Nghien ci>u sau
• Co nghien CU'U i Co nghe tcri
• Co nhurg it quan tam 9- Khong nghe tm
Ngudn: Tong hop td kit qud khdo sdt
thffc SLf nghidn cffu sau ve loai trdi phieu nay.
Dieu nay cho tha'y TPX chffa thffc sff trd thanh mot san pham tai chinh xanh noi bat trdn thi tru'dng mac du dffdc sff quan tam cua Chinh phu trong vide dinh hifdng phat trien. Nguyen nhan la bdi cdc kenh truyen thdng lidn quan de'n TPX chu'a nhieu, TPX tren thi trffdng hidn nay mdi chi mang tinh thi did'm, bi bd hep trong trdi phie'u chinh quyen dia phifdng chu:a thu hut cac nha dau tffcd nhan.
Khi dieu tra ve nhffng ye'u td'cua trai phie'u trdn thi trifdng thu hut nha dau tffcd nhan, cd dd'n 60 nha dau tff quan tam dau tien la chu the phat hanh trai phie'u. Nd'u TPX difdc phat hanh bdi nhffng chu thd cd uy tin, dam bao ngudn vdn huy ddng dffdc sff dung cho cac dff an xanh se yd'u td' thu hlit cdc nha dau tff difa TPX vao danh muc tai san. Tinh thanh khoan cua TPX la mgt dac diem dffdc hdn 43 nha dau tff lffa chon khi quye't dinh dau tff. Kha nang chuydn ddi nhanh chdng trai phie'u ra thanh tien nhanh hay cham la ye'u td' quan trgng de cac nha dau tff dffa TPX vao danh muc dau tff cua mlnh. Ngoai ra, lai sua't ha'p dan cua TPX khi so sdnh vdi cac loai trdi phie'u khac cung chu thd' phat hanh trdn thi tnfdng cOng la die'm khuye'n khich nha dau ttf quan tam dd'n TPX vdi 41 nha dau tff lffa chgn. Ben canh dd, nhffng chinh sach u'u dai ve thud', phi... can dffdc can nhac xem xet trong giai doan dau phat trien TPX khi cd de'n 22 nha dau tff quan tam.
4.2. Thudn l^ vd han che trong vi$c phdt triin TPX tgi
Vift Nam
Ve mat thuSn ldi, Chinh phu va cdc nganh cd lidn quan cung dang chd trgng phdt trie'n thi trffdng trai phie'u ndi chung, cdng cu TPX ndi rieng. Nhffng dieu nay se gdp phan khdng nho giffp cho TPX, loai cong cu huy dgng vd'n de tai trd cho cdc dff dn gan lien vdi bio ve mdi trffdng, cd cd hgi phat trien d Viet Nam. Bdn canh dd, mdt .sd' Iffdng khdng nho cac nha dau tif dang ngay cang dau tff cd trdch nhiem, quan tam nhieu hdn de'n yd'u to' moi trffdng khi dffa ra quyd't dinh dau tif. Vide phat hanh thi diem TPX tai TP. Ho Chi Minh va Ba Ria - Viing Tau vdi gia tri ngay cang gia tang cho thay TPX thu'c sff la cdng eu phu hdp de huy d6ng dffdc vd'n cho cac dff an xanh tai eac dia phffdng.
Tuy nhien, ben canh nhffng mat thuan ldi, phat tridn TPX d Viet Nam vdn cdn nhifng kho khan nhS't djnh. Thff nha't, mac dia da cd dinh hffdng phat trie'n trong 4 nam nhifng cd sd hanh lang phdp ly, cu thd' la van ban hffdng din thi hanh ve TPX vln chifa difdc ban hanh. Dieu nay dan de'n khd khan cho cac chii the mud'n phat hanh TPX de huy dgng vd'n khi chffa cd thdng tin ve tidu chuan TPX Viet Nam hay quy trinh thu tuc de' phat hanh TPX... Khdng chi anh hffdng den ehu the phat hanh, viee thid'u van ban cu the quy dinh ve TPX cung lam eho nha dau tff ban khoan ve tinh minh bach cua vide giai ngan vd'n, mffc dp cam ke't vaocacdff an ben vung cung nhff quyen ldi eiia nha dau tu' khi nam giff TPX. Thff hai, TPX mdi chi du'dc phat hanh mang tinh chat thi didm d 2 tinh riianh phd' ma chffa cd sff tham gia da dang cua cae chu thd khac trong nen kinh te nhff ngan hang thffdng mai, cac td chffc tin dung, edc doanh nghiep uy tin cao tren thi trffdng. Dieu nay lam eho sff da dang cua TPX ve chu thd con bi han che'. Thff ba, vdn cdn mdt bd phan nhffng nha dau tff chffa nhan thffc dffdc tam quan trgng
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TAi CHiNH-NGAN HANG-BAQ HIEM
ciia mdi trffdng trong quyd't djnh dau tff cung se tao ra khd khan eho vide phat trien TPX d thi trffdng Viet Nam. Thff tff, thdng tin ve TPX chffa nhieu ndn TPX chffa thffe sff tao ra an tffdng thu hlit cac nha dau tff trdn thi trffdng quan tam.
5. Ke't lu^n va ki^'n nghi 5.1. Ke't ludn
Viec chu trgng phat tnen TPX tai Viet Nam la mgt dinh hffdng dung dan cua Chinh phu va cdc ban nganh Hen quan de thu hut ngudn vd'n nham phdt trien xanh. Tuy nhien, nhffng han chd' trong hanh lang phat ly, viec phdt hanh thi diem trong thdi gian dai vdi loai TPX dia phffdng ma chffa da dang chu the phat hanh cung nhff thdng nn ve TPX va y thffc dau tff lien quan dd'n mdi trifdng cua cdc nha dau tff dang la nhffng khd khan anh hffdng de'n vide phat tridn TPX tai Viet Nam.
5.2. Kiin nghi
Be TPX thffc sff trd thanh mgt kenh thu hiit vo'n mdi va hieu qua nhdm ddp ffng dffdc nhu cau vdn cho tang trffdng xanh, bai vid't difa ra mdt so' kien nghi nham thiic da'y qud trinh hlnh thanh va phattrien ciia TPX tren thi trffdng trong thdi gian tdi nhif sau:
Thd nhd't, xay dffng khung phap ly lien quan den TPX. Mudn TPX thffc sff la cdng cu huy ddng vdn quan trgng cho tang trffdng xanh, can phai cd mot cd sd phdp ly lien quan de'n TPX bao gdm ban hanh cae quy dinh, dieu kidn ve TPX, cdc tieu chuan lifa ehgn dff an xanh dd'i vdi doanh nghiep, dd'i vdi chinh quyen dia phifdng vd cae Chinh phu nham thuan ldi cho viec kiem soat ngudn vd'n vao cdc dff an xanh. Ben canh do, Bd Nguyen tac dau tff cd trdch nhiem danh cho cdc chii the cung can dffdc ban hanh nhdm khuye'n khich cdc hoat ddng dau tff cd trdch nhiem dd'i vdi xa hgi va mdi trffdng ciia cdc chii thd trong nenkinh te'. Trong qua trinh xay dffng cd sd phap ly, Viet Nam, dffa tren cae tieu chua'n qud'c te', nhu'ng cung can ed nhffng thay doi, dieu ehinh dd phu hdp vdi dae didm eiia nen kinh te'nifdc ta. Vi vdy, viec xae djnh Id trinh vdi tffng bffdc cd ban, di tff TPX d thi trffdng trong nffdc rdi tid'p can dd'n khu vifc va qud'e te'se la cdsd quan trgng de phdt trien TPX.
Thd hai, can da dang ehu thd phdt hanh TPX.
Trong thdi gian tdi, mud'n phat tridn TPX, ben canh trai phie'u chinh quyen dia phffdng, Chinh phu - dffdc xem nhif la ehu the phdt hanh uy tin cao trong nen kinh td* ndn can nhd'c phdt hanh TPX trdn thi trifdng. Bdn canh dd, eac dinh che tai chinh, dac biet la cac ngan hang thffdng mai, vdi uy tin, thffdng hieu cung nhu' dac diem nghidp vu ciia minh cd the xem xet phiit hanh TPX tren thi trffdng dd huy dgng vd'n cho cdc dff an xanh ma minh cho vay. Sff tham gia ciia da dang cdc chu the phat hanh se giup nha dau tff cd nhieu san pham de lffa chgn, ddng thdi tinh lan tda thdng tin ve TPX trdn thi trifdng cung hidu qua hdn nhd m thu hut cdc nha da u tif.
Thd ba, c^n nang cao nhan thffc ctia cdc chu the ve va'n de mdi tru'dng. Khi ede ehii the trong nen kinh te' quan tam dd'n van de mdi trffdng se tao ra dffdc nhffng cdi cdch Idn trong nen kmh td ndi chung va he thd'ng tai chinh ndi rieng ddphat trien cac cdng cu huy ddng vd'n xanh, gdp ph^n thffc hien tang trffdng xanh. Ngoai Chinh phii, chinh quyen dja phffdng, cdc doanh nghiep trong ndn kinh td, khi nhan thffe dffde tam quan trgng cua mdi trifdng, se xem xet TPX nhff la mgt san pham quan trgng trong huy dgng vd'n. Cdc nha dau tff khi quan tam hdn den ye'u td' mdi tru'dng se tao dieu kidn thuan ldi de phat trien cac cdng cu huy ddng von xanh.
Thdtu. can xay dffng nhffng ehinh sach ifu dai can thie't dd khuye'n khich phdt trien TPX trong giai doan d^u Chinh phii, edc ban nganh cd lien quan cung nhif cdc chu the phdt hanh c^n can nhac dd'n tinh thanh khoan, nii ro, kha nang sinh Idi hay nhffng ffu dai khac danh eho ngffdi sd hffu TPX dd thu hlit nha dau tff. Cdc qud'c gia trong thdi gian dau tridn khai phat trien TPX cijng xay dffng ed che' khuyd'n khich cdc nha dau tff quan tam dd'n TPX nhif cho phep sff dung TPX lam tai san bao dam, liu dai thud' thu nhap cd nhan...
Nhff vay, vdi dinh hffdng phat tridn san pham tai chinh xanh tff nam 2005, TPX da dffde xem nhff la mdt cdng cu huy dgng vd'n quan trong trong qud trinh thifc hidn tang trffdng xanh d Viet Nam. Tuy nhien, thffe td' cho tha'y hien nay day van la mdt cdng cu huy ddng vd'n kha mdi me
So 11 -Thang 6/2019 445
TAP CHJ CdNG THIfdNG
tren thi trffdng, ehifa dffdc nhieu nha dau tff cd de phdt trien thi trffdng trai phid'u ndi chung, xay nhan quan tam bdi cdn tdn tai nhffng khd khan dffng va ban hanh cdc van ban phap ly hu'dng dan nhat dinh lien quan dd'n thi trffdng trdi phie'u, ed chi tie't, cu thd lidn quan de'n TPX, khuydn khich che chinh sdch lien quan, sff da dang trong san da dang cdc sSn pha'm TPX tff nhidu chu the phai pha'm TPX ciing nhff nhan thffc eua nha dau tff vd hanh vdi nhieu dac diem khac nhau va khong mdi trffdng. Do dd, de hinh thanh va phdt tridn ngffng nang cao nhan thffc cua cae chu thd ve mdi thi trffdng TPX trong thdi gian tdi, Chinh phii va tru'dng ndi rieng va dau tff cd trdch nhidm n(Ji cdc ban nganh lien quan can cd nhffng thay ddi chung •
TAI LIEU THAM KHAO:
/ Nguyin Thi Hong (2017). Chie'n lugc phdt trien hi thd'ng tdi chinh xanh cua Trung Quoc.
hltp://ncif.gov.vn/Pages/NewsDetail.aspx^newid=19481
2. PGS.TS. Kim Ngoc (2013). Phdt trien kinh te xanh d Trung Qud'c vd hdm y chinh sdch cho Vi?t Nam.
http://vssr.vass.gov.vn/noidung/tintuc/Lists/chinhtrikinhte/View_Detail.aspx71temID-ll4
3. Chrisloffer Falsen and Patrik Johansson (2015), "Mobilizing the debt market for climate change mitigation - Experiences from the early Green Bonds market", Master's thesis in Industrial Ecology, Department of Energy and Environment, Chalmers University of Technology, Gothenburg. Sweden, truy cap ngdy 20/2/2019. hltp.V/publica- twns.lib.chalmers.se/records/fulltexl/219269/219269.pdf
4. Van Gidp (2019). "Luc day ndo giup Ihi trUdng trdi phie'u Chinh phu sdi ddng", truy cap ngdy 20/2/2019, https://bnews.vidluc-day-nao-giup-thi-truong-trai-phieu-ehinh-phu-soi-dong-/l 11003.html 5. G20 Green Finance sludy group (2016), "Green Bonds. Country experiences, barriers and options ", truy cap ngdy 10/1/2019. hltp://unepinquiry.org/wp-content/uploads/2016/09/6_Green_3onds_Counlry_Experiences_Bar- ri e rs_and_Options.pdf
6. Nguyin Thi Hong Nhung (2015), Trdi phii'u xanh - Tiim ndng vd thdch thdc. Tgp chi Chdng khodn Viel Nam, sd204, trang 20.
7. Men Thu, Thu Huong (2015), Tdi chinh xanh gan vdi phdi Irien ben vUng, Tgp chi Chii^ng khodn, sd206, trang 12.
8 Trdn Trgng Trie't (2017). Trdi phie'u xanh - Kinh thu hul vdn mdi, http://tapchithue.com.vn/doanh-nghiep-lhi- truong/11075-trai-phieu-sanh html
9. Nguyin Thi Tuyet Mai (2019), Xu hudng phdt trien thi trudng trdi phiid xanh trin the gidi va kinh nghiem cho Viet Nam. Tgp chi Tdi chinh.
10. Nong Minh Trang (2015), Trdi phie'u xanh va trien vgng ciia nd d Viet Nam. Tap chi Sinh hogt ly ludn, so 5.
trang 32.
11. cdng thong tin Bg Tdi chinh Viet Nam. No life di'phdt trien thi trudng vd'n xanh tgi Viet Nam.
12. Raymond Ling Leh Bin. Siti Nurhidayah Mohd Roslen, Salizatu! Aizah Ibrahim, Lee Sin Yee, Tung Soon Theam (2017), "Feasibility of Green Bonds Issuance in Malaysia towards Financing a Sustainable Future - A Conceplucit Review of Literatures", Global Conference on Business and Economics Research, truy cap ngdy 08/1/2019, tU htlp://www.econ.upm.edu.my/upload/dokumen/20170816174344016-Raytnond _Ling_L£h_Bin.pdf
Ngay nhSn bai: 15/5/2019
Ngay phan bi^n danh gia va suTa chii'a: 25/5/2019 Ngay chap nhan dang bai: 5/6/2019
446 So 11 -Thang 6/2019
TAI CHJNH-NGAN HANG-BAD HIEM
Thdng tin tdc gid:
ThS. N G U Y I N T H I M I N H CHAU HOANG DANG DONG TONG NGQC PHAT NGUYEN VO LE NAM
Trifolng Dai hoc NgSn hang TP. Ho Chi Minh
GREENBOND:
ADVANTAGES AND CHALLENGES FOR DEVELOPING THE GREEN BOND MARKET IN VIETNAM
• Master, NGUYEN THI MINH CHAU
• HOANG DANG DONG
• TONG NGOC PHAT
• NGUYEN VO LE NAM Banking University of Ho Ctii Minl^ City
ABSTRACT:
Green financial products, such as green bond, are playing an important role in generating capital resources for many coutries to implement sustainable development and have become an effective tool of many countries to attract financial support for many projects relating to environment. Vietnam is considering the use of green bond to mobilize capital to implement the country's sustainable growth. The result shows that the attention of investors to environment and green bond is an advantage to develop the green bond products. However, the lack of legal corridor, communication and diversity in the green bond porfolio have hindered the green bond development in Vietnam.
Keywords: Green bond, capital mobilization tool.
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