-S RA THE aiCil
Mua - ban^ sap nhap DNNN 6 Trung Quo'c va mot so' ggfi y cho Viet Nam
• H 6 QaYNH AHH'
Trf eufi'i nhii'ng nam 1990 din nay, hoat dfing mua - ban, sap nh$p (ggi tat la M&A) doanh nghidp nha nrfdc (DNNN) cua Trung Qud'c da biing n^ manh me. Mac dii n^n kinh te Trung Qufi'c con ton tai nhieu van de anh hrfcTng tieu crfc tdi hoat dpng M&A, nhrfng thanh qua ma n^n kinh ti nay co drfcTc vi M&A la khfing thfi' phu nh$n. Nhffng kinh nghidm cua Trung Qufi'c trong hoat dfing M&A la bai hpc quy dfi'i voTi nhffng nrfdc cung dang trong giai do^n chuydn d^i nhrf Vi^t Nam.
KINH N C H I f M CUA TRUNG QUOC Dffngtrffdc thifc trang hidu qua kinh te'kem cdi cua DNNN Trung Qud'c, nhff ddng gdp 33% dau ttf, chid'm 30% ngudn vd'n vay ngan hang thtfdng mai, ty le nd ciia DNNN vay ngdn hdng thtfdng mai tdng tff 53%
(ndm 2008) ldn 64% (nam 2014), nhffng chi ddng gdp dffdi 10% GDP, Idi nhuan giam iff 58 ly USD (nam 2012) xudng cdn 20 ty USD (nam 2017)... bupc Trung Qud'c phai dffa ra nhieu bidn phdp cdi cdch DNNN manh tay, dau lien la tid'n banh pha san va thtfc hidn M&A cdc DNNN. Sd DNNN trung tfdng do Uy ban Gidm sdt vd Quan ly tdi san nhd ntfdc (SASAC) qudn ly vd'n giam ttf 189 (nam 2003) xud'ng cdn 97 (ndm 2017) (Dang Cdng san Trung Qud'c, 2017).
Nhtf vay, cd the thd'y, nhieu DNNN Trung Qud'c Itfa chpn M&A la hinh thffc tdi cd'u true boat ddng kinh doanh, tie'p can vd'n vd cdng nghd tff ntfde ngoai, thtfc hien chie'n Itfdc dai ban.
Cd dtfdc ke't qua tren trong boat ddng M&A Id nhd Trung Qudc dd thtfc hien nhffng bien phap sau:
Thff nhdt, cdi cdch kinh ti Id eg sd nen tdng cho hogt dgng M&A
Qua trinh cdi cdch kinh te'tai Trung Qudc dffdc bat dau tff nhffng nam 1970 dffdc xem la nen tang vd dpng Iffc ddu tidn va cd ban cho vide phdt trien thi irffdng M&A doanh nghidp tai Trung Qud'c. Sau hdn 30 ndm, nhtfng chinh sdch cai cdch md effa dd thffc sff dem lai sff thay ddi Idn trong mdi trffdng kinh td' - chinh tri - xd hdi cho Trung Qud'c. Trong ITnb vffc cdng nghidp, thdnh cdng ldn nhd't cua Chinh phu Trung Qudc Id sff manh dan trong viec dffa ra cdc cai cdch, tao dieu kien cho sff phat trien cua cdc doanh nghidp iff nhan cung vdi nhffng bien phdp giam dan so' Itfdng cdc DNNN.
Ndm 1998-2003, DNNN cd phan hda do Nhd ntfdc
'ThS., Hpc vien Tai chinh
quan ly da giam ttf 238.000 xud'ng cdn 150.000 ddn vi. Ndm 2004-2005, mdi ndm DNNN giam dan ttf 3.000 dd'n 5.000 ddn vi (L.L Kondrashova, 2009). Ndm 2003, Trung Qud'c cd 196 tap doan, tdng cdng ty nha ntfdc do SASAC quan Iy, thi dd'n thdng 09/2011, Trung Qudc cdn Iai 119 lap dodn DNNN, liep dd ndm 2017 con sd' ndy cdn 97 doanh nghiep (Dang Cdng san Trung Qud'c, 2017).
Ben canh dd, Trung Qudc cdn dffa ra cdc chfnh sach nhara licb cffc tbu hut vdn dau tff nffdc ngodi nhdm xay dffng nen kinh te' vdi td'c do nhanh hdn dtfa mdt phan vao ngudn vd'n ntfdc ngoai ciing vdi nhffng ndi Itfc trong nffdc. Cd the ndi, sau hang chuc nam cai cdch, tff mdt nen kinh te tap trung, Trung Qud'c dang dan trd thdnh mot ndn kinh td' thi trffdng cd stf dieu tid't eua Chinh phu va trd thanh mdt trong nhffng nen kinh Id' Idn ciia the gidi.
Vdi mdi irffdng the che kinh t e - chinh tri - xa hdi dffdc cai each vd phdt trien nhanh chdng, boat ddng M&A doanh nghidp tai Trung Qud'c dd cd mpt nen mdng vffng chdc de phdt trien tff nhffng nam 1980. Nhff vay, lien dd quan trpng nhat de dam bao sff tdn tai va phdt tridn thi irtfdng M&A doanh nghiep chinh Id stf thay ddi ttf duy van hanh nen kinh te vT md cua Chfnh phu.
Thff hai, tdi cdu true DNNN Id dgng Iffc quan trgng cho M&A
Tdi ca'u true DNNN 6 Trung Qudc dtfdc coi Id mpt khdu trpng lam cua cdi
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cdch thd ehd'nen kinh te. Dtfdc khdi ddng tff ndm 1978 vd keo dai tdi nay, qua trinh cdi cdch DNNN d Trung Qud'c cd the chia thdnh 5 giai doan, eu the nhtf sau:
Giat dogn ddu tien (tff ndm 1978 din ndm 1985). Mue dieh ciia giai doan nay la nham md rdng quyen ttf chu cho cdc doanh nghidp, song ve cd ban van dtfa trdn khung the che' ciia cd che kd' hoach hda tap trung. Muc tieu chinh ciia cai each trong giai doan nay la nhdm dieu chinb mdi quan he Chinh phu - doanh nghiep theo hffdng qudn ly doanh nghidp va cdc boat ddng kinh doanh tff do hdn va nham danh lai dpng life cho cac nha qudn ly vd ngffdi ldnh dao trong cdc doanh nghiep.
Giai dogn tkff hai (tff ndm 1986 din ndm 1991): Muc tieu chinh eiia cai cdcb trong giai doan ndy la tao ddng Itfc manh me cho cac DNNN phdt trien.
Giai dogn thU ba (tff ndm 1992 din ndm 1997): Giai doan tdng ctfdng cai each DNNN dtfdi khd'u hidu ''xdy difng nen kinh td'thi trtfdng xa hdi chu nghia", Ddy Id giai doan xay dtfng cdc xi nghiep hidn dai, phu bdp vdi nen kinh te thi trtfdng xd hdi chu nghTa.
Giai dogn thff tu (tff ndm 1998 de'n ndm 2002): Ddy Id giai doan Trung Qud'c tid'n hdnh giai the quan ly nhd ntfdc trdn quy md rpng Idn.
Giai dogn thff nam (tff ndm 2003 de'n ndm 2016): Day la giai doan diy manh cai cdch manh me DNNN, xay difng cac tap doan kinh te' Idn, ibifc thi cai each qudn ly tdi san nha ntfdc.
Ndm 2016, de thtfc hien nhffng phffdng hffdng cai cdch DNNN, Trung Qud'c da dffa ra 10 thi diem cai cdch DNNN va 8 nbiem vu trpng didm nham di sau cai cdch DNNN (Ttfdng Tbu, 2016). Cu the nhtf sau:
10 thi diem cai each DNNN bao gdm: (1) Thi didm quyen ban ciia hdi ddng quan tri; (2) Thi diem tuyen chpn nhd quan ly kinh doanb theo htfdng thi irtfdng bda; (3) Thi diem chd' do gidm dd'c nganh nghe; (4) Thi diem cai each ve phan phd'i thu Iao doanh nghidp; (5) Thi diem cdng ty kinh doanh d^u ttf vd'n qud'c hffu; (6) Thi diem sdp nhap, tdi cd'u doanh ngbiep Trung ffdng; (7) Thi diem cai each chd' do sd hffu hon hdp trong mdt so' ITnh vtfe quan trpng; (8) Thi diem edng khai thdng tin DNNN; (9) Thi diem xda bd chtfc nang xd hdi eiia doanh nghidp; (10) Thi diem giai quye't cdc van de lich sff cdn tdn dpng.
Va 8 nhidm vii trpng diem can di sdu cdi cdch DNNN nam 2016 la: (1) Sdm hoan thien he thd'ng van kien "1+ N", cd ban hodn thdnh thie't ke' thtfdng tang cai each DNNN, (2) Di sdu thtfc hien 10 thi didm cai cdch DNNN, sdm dat dtfdc dot phd trong cac va'n dd khd thudc ITnh vtfc trpng diem cai cdch; (3) Chuyen ddi chtfc ndng quan Iy giam sdt tdi san nhd ntfdc lay quan Iy vd'n ldm tru cdt, xay dtfng danh sdch quyen ban quan ly gidm sdt va danh sach trach nhidm cua nha dau ttf vd'n nhd ntfdc; (4) Phan Ioai tbtfc hidn cdi each DNNN, phan loai tid'n hdnh gidm sat, sdt hach, quan Iy doanb nghidp Trung tfdng; (5) Day manh cai each cbd dp cdng ty, che' do cd pban, thtfc hidn che' dp cdng ty tai tap dodn doanh ngbiep Trung tfdng va cdng ty con; (6) Thiic da'y xay dtfng hdi ddng quan trj, de dai bd phdn cac doanh nghidp trung tfdng cd Hdi ddng quan tn tbeo qui pham, hoan thien dieu chinh tai cd cd'u doanh nghidp trung tfdng, thu hep cdc lang nd'c quan Iy va phdp nhan, tfu hda bd cue kd't cd'u DNNN; (7) Tdng ctfdng gidra sat vd'n qud'c htfu, tang ctfdng cai tie'n cdng ldc, cff SASAC xudng dia phtfdng, trdnh thd't thodt vdn nha ntfdc; (8) Kidn tri stf lanh dao cua Dang ddi vdi DNNN, vtfa tid'n hdnh cai cdch vffa thiic da'y cdng tdc xay dtfng Dang trong "he thd'ng" cdc DNNN.
Thffba, thu hut vdn ddu tff trffc tiip ni^c ngodi (FDI) la dgng Iffc quan trgng de thiic ddy thi tntdng M&A
Trung Qud'c lau nay van la thi trtfdng thu hut vd'n FDI thudc dien Idn nhat the gidi. Ndm 2018, tdng vdn FDI vdo Trung Qudc ldn tdi 134,97 ly USD. Dii trong nhffng ndm gan day, chie'n ltfdc Trung Qud'c + 1, cung nhffng cang thang trong quan he thtfdng mai My - Trung da khie'n ddng vd'n FDI vao qudc gia nay khdng tdng trtfdng manh nhtf trtfdc day vd ky vpng, tham chi, cdn cd ldn sdng nha dau ttf qud'c td'rut khoi Trung Qud'c. Mac du vay, day vdn Id thi trtfdng cd sffc hiit kbd ldn cdc nhd dau ttf (Ha Nguydn, 2019).
Tai Trung Qud'c, trong nhtfng nam vtfa qua, cdc doanh nghidp FDI Iudn dtfdc hffdng ffu ddi hdn so vdi cdc doanh nghidp ndi dia. Nen kinhte'phdt trien vdi Iffdng vdn FDI ddi dao cung la mdt trong nhffng ddng Iffc quan trpng de thiic dd'y thi trtfdng M&A. Bdi le stf phdt trien cua boat dpng M&A vtfa Id do nhu cau pbat trien eua cac doanh nghidp, vffa tao dieu kidn giiip cac doanb nghiep thffe hidn nhffng chid'n ltfdc kinh doanh mdi. M&A giup cdc doanh nghidp Trung Qud'c thu hiit dtfdc nhieu hdn ngudn vd'n qud'e te de phdt trien, ddng thdi gitip cho ede nhd dau ttf ntfdc ngoai nhanh chdng cd mpt vi tri tai thi irtfdng Trung Qud'c. Chfnh vi the', trong nhtfng ndm gan day, tai Trung Qudc, M&A ndi len nhtf mdt hinh thffc dau ttf mdi vd chid'm ty trpng ngay cdng cao trong tdng Itfdng vd'n FDI,
Thff Iff, sff phdi hffp dong bg giffa cdc ca quan nhd nffdc qudn ly hogt dgng M&A doanh nghifp nhd nffdc vdi nhd ddu tff nttdc ngodi. Cu the nhtf sau:
- Bd Thtfdng mat ciing vdi Cd quan Quan Iy nha nffdc ve cdng nghiep va thffdng mai (SAIC) la cd quan nha nffdc chiu trdch nhiem chap nhdn hoac Iff chdi M&A cua nhd dau tff nffdc ngodi vdi DNNN. Day cung
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•H RA THE GlCJl
la cd quan giam sdt hoat ddng M&A ciia nhffng doanh nghiep xffdng sd'ng trong nen kinh te' Trung Qud'c,
- SASAC boat ddng nham muc dich bao ve gid trj cua tai san cdng, bao gdm ca DNNN, SASAC dinh gid vd tff vd'n cho Bp Thtfdng mai ve nhffng thtfdng vii ban DNNN, vd quy trinh vd mffc gid cdng bang. Mffc gid phu hdp dffdc xdc dinh Id phai dat td'i thieu 90% gid tri tdi san rdng ciia cdng ty dem ban.
- Uy ban Dieu hanh chffng khodn Trung Qud'c (CSRC) ban hdnh cac quy dinh ve ban cdc doanh nghiep nidm yd't trdn san giao dich chtfng khodn Trung Qudc. Uy ban nay kiem tra thtfdng vu mua nd'u cong ty muc tieu la cdng ty nidm yd't va tid'n hanh nhffng danh gid ve tinh hlnh tai chinh cung nhtf he sd'nd ciia cdng ty di mua. Uy ban cung dieu tra ky Itfdng vide mua ddanh ngbiep cua cdc nhd quan ly.
- Uy ban Dieu hanh ngan bang Trung Qud'c (CBRC), Uy ban nay phe chua'n nhtfng thtfdng vu bdn doanh nghidp boac dau ttf chie'n Itfdc vao ngdn hdng Trung Qudc bdi nhtfng dinh chd' tai chinh qud'c td'.
- Uy ban Ddi mdi va phdt trien qud'c gia (NDRC) ciing vdi Bd Thffdng mai thdng qua nhffng dtf an FDI cung nhtf gidm sal qua trinh tai ca'u true DNNN. Uy ban nay ban hdnh chinh sdch va btfdng dan st/ phdt trien cua nhffng nganh cdng nghiep cd vd'n dau tff nffdc ngodi. Uy ban nay eung cd the soan tbao luat mdi quy dinh ve mua lai doanh nghidp ciia nhd dau tff nffdc ngodi.
Thff ndm, quy dinh rd rdng vd dial che ciia Trung Qudc ve M&A DNNN tgi mgt so ngdnh eong nghiep ngng Chinh phu Trung Qud'c phan Ioai cac nganh theo ba nhdm gdm: (1) nhffng ngdnh md dd'i tdc Trung Qud'c phdi gitf phan ldn cd pban; (2) cdc ngdnh ma chi cd lien doanh vd'n chu sd htfu bode hdp ddng lien doanh dtfdc cho phep; (3) cdc ngdnh rad dd'i tdc Trung Qud'c phai giff rapt ty Id ttfdng dd'i Idn cd phan. Chinch phu Trung Qud'c cung ban hanh chfnh sdch phdt trien cho nhtfng nganh cdng nghidp nha't dinh cd lien quan dd'n M&A vdi cac nha dau ttf nffdc ngodi. Cu the nhff sau:
Ngdnk chi tao mdy. Vao thdng 06/2006, NDRC ban hanh htfdng dan pbat trien cua nganh chd' tao thie't bi cdng nghiep nang. Ddy Id mdt trong nhffng ngdnh tru cdt cua nen kinh id' vd khuyen khich cac DNNN tai ca'u tnic thdng qua M & A , dara bao rdng quyen kiem sodt ciia chinh phii trong nganh tid'p tuc dtfdc duy tri. Thdm vdo dd, nhffng doanh nghidp chinh trong ITnh vffc nay can nhan dffdc sff thdng qua cua hdi ddng nha nffdc trffdc khi chuyen quyen kiem sodt.
Ngdnh ddng tdu. Vao tbdng 09/2006, NDRC va Bd Qud'c pbdng ban hanh ke' hoach phdt trie'n cdng nghidp mdi. Theo dd, cdng ty nffdc ngoai cd the tham gia tdi ca'u tnic va tdi trd cho cdc doanh nghidp ddng tau, doanb nghiep che' tao dpng cd diesel cbo tdu cd td'c dp nhd va trung binh vd che' tao true khuyu. song khdng qud 49%. Doanh nghiep nffdc ngodi hoac cdc quy dau tff nffdc ngoai tai Trung Qud'c, mdt cdng ty lidn doanh do nffdc ngodi kiem sodt hdp nhat vdi mpt cdng ty trong nffdc nhtf la mdt hinh thtfc lien doanb radi, cd the tham gia vao boat ddng M&A. Thdm vdo dd, lien doanh cdn phai thid't lap mdt trung tdm ky thuat vdi muc dich tie'p nhan cdng nghe ttf cac nha dau ttf ntfdc ngoai de'n Trung Qud'c.
Ngdnk cdng nghiep d td. Chinh sdch cdng nghidp d td cua Trung Qud'c xdc nhan 50/50 quyen sd htfu, ngtfdc Iai vdi nhffng mong mud'n vd vide ndi Idng quyen sd htfu cho nhd san xua^l d td ntfdc ngodi. Chinh sdch ttfdng ttf cung gidi ban tid'p can thi irtfdng cua nhd san xua't ntfdc ngoai bdng cdch gidi ban so' Itfdng lien doanh dtfdc thid't lap va khuye'n khich sdn xud't ndi dia. Trong chfnh sdch khuye'n khich dau ttf nffdc ngodi, dau iff nffdc ngodi vdo nganh cdng nghidp d td dffdc khuye^n khich nhdm tie'p can R&D vd cdng sua't thie't ke'.
MOT s6 GOl Y CHO VIET NAM O nffdc ta hidn nay, hoat ddng M&A DNNN dtfdc thtfc hien thdng qua cdc quy dinh tai Ludt Doanh nghidp ndm 2014, Nghi dinh sd 10/2019/ND-CP. ngay ngdy 30/01/2019 ve thtfc hidn quyen, trach nhidm cua dai dien chu sd hffu nhd nffdc; Nghi dmh sd 172/2013/ND- CP, ngdy 13/11/2013 ciia Chtnh phii ve thanh lap, id chffc lai. gidi the cdng ty
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TNHH mdt thanh vidn do Nba nffdc Iam chu sd htfu vd cdng ty TNHH mdt thdnh vidn la cdng ty con cua cdng ty TNHH mdt thdnh vidn do Nha ntfdc ldm chu sd hffu; Nghi dinh sd 126/2017/ND-CP, ngdy 16/11/2017 vd chuyen DNNN vd cdng ty TNHH mdt thdnh vien do Nhd nffdc dau tff 100% vd'n dieu Id thanh cdng ty CO phan, Nghi dinh so' 60/2015/
ND-CP, ngay 26/6/2015 ciia Chi'nh phii ban hanh Nghi dinh 60/2015/ND-CP sffa ddi, bd sung mdt sd' dieu cua Nghi dinh 58/2012/ND-CP, ngdy 20/07/2012 quy dinh chi tid't va htfdng dan thi hanh mot sd dieu cua Luat Chffng kbodn va Ludt sffa ddi, bd sung rapt sd dieu cua Ludt Chffng kboan.
Tbeo Ban Chi dao Ddi mdi va Phat trien doanh nghidp (2019), cdng tac sap xe'p, cd phan hda, thodi vd'n, cd ca'u Iai DNNN va phai trien doanb nghidp da dat dtfdc mpt sd' ke't qua tich ctfc. Cu the, trong nam 2018, cd ntfdc da phe duyet phtfdng an cd ph^n hda 32 DNNN vd ddn vi stf nghidp cdng lap, da bdn cd phan Ian dau va ban cbo cd ddng chid'n ltfdc 30 doanb nghiep, thu ve 24.250,04 ty^
ddng, ga'p 4,67 Idn so' tien thu ttf bdn cd phan lan dau vd bdn cho cd ddng chie'n ltfdc ndm 2017, ga'p 1,4 lan so' lien thu tff ban cd phan lan dau va bdn cho cd ddng chid'n Iffde nam 2016. Thodi vd'n tai cac ITnh vtfc Nha ntfdc khdng can nam giff thu ve 18.054 ty ddng, cao gap 2,4 lan gia tri sd sdch.
Luy ke' 3 nam dau giai doan 2016- 2020, cd ntfdc cd phin bda 156 doanh nghiep, tdng 34% so vdi tong so doanh nghiep cd phan hda cung ky ba nam dau giai doan 2011-2015, vdi tdng quy md vd'n nhd ntfdc dtfdc xdc dinb Iai dat
204.818 ty ddng, bang 108% tdng gid tri phan vdn nba ntfde lai cac doanb nghidp cd phan hda cd giai doan 2011-2015. Tong sd' thu ttf cd phan hda, thodi vd'n 3 ndm dau giai doan 2016-2020 dat 212.304 ty ddng, ga'p 2,71 Ian tdng thu tff cd phan bda, thoai vd'n cua cd giai doan 2011-2015, dd chuyen 155.000/250.000 ty ddng tff Quy Hd trd sap xd'p va phdt trien doanh ngbiep vao ngan sdch nha ntfdc, dat 62% ke'hoach giao theo Nghi quyd't cua Qud'c hdi cbo giai doan 2016-2020...
Tuy nhien, ben canh kd't qua dat dtfdc vdn con mpt sdtdn tai, ban chd', nhtf: rapt sd'bd, nganh, dm phtfdng chtfa hodn thdnh ke'hoach cd phan hda, thodi vd'n nam 2018 theo ddng phe duydt cua Thu ttfdng Chinh phu, phai dieu cbinh ke' hoach thtfc hidn cho phii hdp vdi thtfc te', viec ban hanh mpt so'van ban quy pham phap luat, vdn bdn thao gd khd khdn, vtfdng mdc trong qud trinh cd phin hda, thoai vd'n chtfa kip thdi...
Qua nghien cffu kinb nghidra thffc hien M&A DNNN lai Trung Qud'c, tdc gia de xud't mdt sd gdi y nhff sau cho boat ddng M&A DNNN cua Viet Nara:
Mot Id, nen tang cho boat ddng M&A DNNN Id mdi trtfdng kinh doanh thudn Idi, khung khd phdp Iy day dli, chat che, mffc dp bao vd nha dau iff cao, nen kinh td' tdng trffdng. Do vay, thiic da'y kinh te', xdy dffng the chd', lanh manh bod radi trffdng kinh doanh Id dieu kien can cho boat dpng M&A DNNN.
Hai Id, DNNN la mdt try cdt chinh cua nen kinh td', viec tbam gia hoat ddng M&A can dffdc thtfc hidn tuin ttf vd bai ban de khdng ddnh md't_di vai trd dinh htfdng ndn kinh te cua Nhd ntfdc, song vdn dam bao mtfc sinh Idi cbo chu sd hffu nha nffdc. Viec Iifa chpn cdc hinh thffc M&A cung can tinh de'n ldi fch cua cdc cbu the cd lien quan nhara dara bdo Idi ich chung ciia nen kinh te.
Ba Id, rainh bach hod thdng tin, ap dung chuan mffc quan tri hien dai, Iffa chpn phtfdng dn bdn cd phin cdng kbai tren nguyen tac tbi trtfdng la each thffc hieu qua de thffc hidn M&A tbdnh cdng. Vide giam ty Id sd hffu cua Nhd nffdc tai cdc DNNN dtfdc thtfc hidn theo Id trtnh, trdn cd sd cdi thidn tinb hinh tdi chinh va nang Itfc quan tri, cdc thtfdng vu M&A se dem lai Idi ich cao nha't cho chti sd hffu nha ntfdc.Q
TAI LUPU THAM KHAO
1. Chinh phli (2019). Nghi dinh sd 10/2019/ND-CP, ngdy 30/01/2019 vi tkuc Men quyin, track nkiem cua dgi dien chU sd hffu nkd nffdc , , ^ .
2. Ban Clii dao Doi radi vd Phdt trien doanh nghiep (2019). Bdo cdo tinh kink sap xip. co phdn hda, tkodi vd'n, ca cdu Igi DNNN vd phdt triin doanh nghiep nam 2018
3. L.L Kondrashova (2009). Ba muai nam cdi cdch khu vuc cong nghiip nhd nUdc Trung Qud'c, sdch Trung Qudc nkffng ndm ddu tkiki XXI. Nxb Ttf dien Bach Khoa, Ha Ndi, ffang 162
4. Dang Cpng san Trung Qud'c (2017). Bdo cdo ckinh tri tgi Dai kgi Dai biiu loan qudc Idn tkff 19 Ddng Cdng sdn Trung Qudc, ngay 18/10/2017
5. Ha Nguydn (2019). Cgnk tranh thu hut FDI - nhin tff Trung Qudc. truy cap tff https://baodautu.
vn/canh-tranh-thu-hut-fdi—nhin-tu-trung-quoc-d97032.html
6. Tffdng Thu (2016). Trung Qudc triin kkai 10 tki diim cdi cdch doanh nghiep nkd nudc. truy cdp tff htlps://www.vietnamplus.vn/trung-quoc-trien-khai- lO-thi-diera-cai-cach-doanh-nghiep-nha- nuoc/372905.vnp
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