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T A N G T O C XU' L Y N d XAU:
TUNG TIEN MAT
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LAP N0TE8
Vo'i 16 trinh se giai quyet het ng khu viic DNNN vao nam 2015 xem ra ganh nang ddi vcfi Cong ty Mua ban ng Viet Nam (DATC) hien nay la rat Ion. Voi co che hien hanh thi heu DATC co the hoan thanh nhiem vu nay diing hen khong?
Chi mdi t i e p c^n k h o a n g 9% ngr xdu Mac dd Id cdng ty xtf 1^ nd mang llm qud'c gia duy nhlt nhtfng DATC vin chtfa tid'p can xtf \f dtfdc nhilu cdc "mdn nd llm qude gia", chang ban nhtf nd xd'u tai Vinashui. Nhdm chuydn gia ttf vlii cho DATC gin ddy ddnh gid: DATC hidn chtfa dtfdc coi Id td chtfc giff vai trd chidn Itfdc trong vide xtf 1^ nd xlu trdn pham vi nin kinh td Bdi gid trj cdc khodn nd xl'u md DATC tid'p nhan mdi chi gin bing 9% khdi Itfdng nd xd'u da cdng bd. Day Id kdt qud ddng suy nghi trong qud trinh dd't ntfdc dly nhanh tdi cd cau kinh td, xtf 1^ nd xd'u.
Mdt trong nhffng nguydn nhdn khidn vide tidp cdn, xtf 1^ nd xaii chtfa dtfdc thtfc hidn tdt dd Id do phtfdng thtfc mua nd. Hidn tai, DATC dang tidn hdnh thtfdng thdo ridng bidt vdi ttfng chd nd vd thanh todn nd mua bing tiln theo gid thda thudn ndn rdi ro cda ddn vj ndy khd cao. Vi DATC phdi thu lai sd tiln it nhi't bing sd tiln da tra theo thda thuan vdi ngan hdng. Ngodi ra, mpt ydu clu khd cap thidt Id cin cho cdc doanh nghidp dang dtfdc tdi cd cl'u vay vdn bd sung d l ldm "vdn mdi" nham tao thdm ddng Itfc cho cdc doanh nghidp nay sdm vtfdt qua dm ydu, ddm bdo tdi cd cl'u thdnh
Sd4
2012cdng hdn. Nhtfhg do chtfa cd dd cdc bidn phdp, quy trinh qudn 1^ rdi ro ttf khau quan tri doanh nghidp cda DATC cung nhtf khudn khd phdp 1^ ndn chd sd hffu cua DATC (Bd Tdi chinh) van chtfa ddng y chu trtfdng nay, vi viy stf Unh hoat trong qud Irinh tdi cd cau nd cd phan bj han chd'.
Bdn canh dd, hidn DATC va cdc ngdn hdng thtfdng mai dang cd bit ddng vl gid mua. Bdi, muc lidu cd ban cda DATC Id bdo todn vdn nhd ntfdc ndn DATC khdng Ihl chip nhdn rdi ro. Do vdy ho cd xu htfdng chao gid mua thd'p. Trong khi dd, ngdn hdng ngin ngai khdng bdn vi phdi ghi nhdn mdt khodn id ngay khi bdn va lo ngai bdn vdi gid rd.
Khdng chi la tiln m^t
Dl xtf 1^ nhffng vtfdng mlc vl tai chinh, ddc bidt Id stf bit ddng vl gid giffa DATC vd cdc ngdn hdng, ddng tlidi tao ldi ich ddng bd cho cd DATC, Bp Tdi chiiih vd ngdn hdng, trong mdt cudc hdi thdo mdi ddy vl md hinh boat ddng cda DATC, mdt sd f kidn cho rang:
Song song vdi vide mua bdn nd bing tiln mat, DATC cin ldp mdt md idnh mdi dd ik DATC Notes. DATC Notes Id gily bidn nhdn bdo ddm bing mdt sd khodn nd
TAI CHINH DOANH NGHIEP
dtfdc mua gan vdi sdtiln thtfc tdthu hdi de cac ngdn hang cd the tham gia. Ttfc la, DATC tra cho cdc khoan nd vtfa bang tiln mat vtfa bang gid'y bidn nhan. DATC Notes se ndu rd ty Id chia se ttf cdc khoan tiln thu dtfdc ttf khodn nd ndy trong ttfdng lai se tra lai cho ngan hang cho vay sau khi DATC thu dtfdc lai khoan tiln da bd ra ban diu (cpng vdi mpt khoan ldi nhuan dtfdc thda thuan). DATC Notes dtfdc ddnh gid lai hdng nam bdi DATC, cho phdp cac ngan hdng ghi nhan cdc khodn Id theo mpt thdi gian thich hdp.
Phdn bd khoan Id trong mdt thdi gian nha't dinh.
Tuy nhidn, mpt sd chuydn gia lai cho rang: Gid cda Notes khdng quan trpng vi phin tiln mat ban diu tha'p hdn ra't nhilu so vdi gid trj khoan nd cd the thu hdi va phin chia bd sung eac khoan thu hdi dtfdc sau ndy. Vi vay, trong mpt so' trtfdng hdp, vide phan bd khoan tiln thu hdi dtfdc sau nay gitfa cdc chd nd vd DATC khdng thda thuan dtfdc thi cin phai cd chuydn gia phan xtf vl gid de xac dinh vide chia.
Vdi DATC' Notes, DATC se dam bao bd dap chi phi boat ddng vd chi phi vd'n. Trong khi, ngan hdng tidp tue giff dtfdc quyin thu hdi nd bd sung bang cdc khoan thu hdi ttf nd xau sau nay.
DATC Notes Bdft rui ro, tang nguon hie
Md hinh mdi sd cho phdp chuyen giao nhanh cdc khodn nd cho DATC tdi cd caii, qua dd, giam ddng k l rd ro mat vdn cda nhd ntfdc, giam thdi gian thtfdng thao vl gid. Ddng thdi, ndu dp dung md hinh nay DATC se tao dtfdc stf ddc ldp hdn, ngodi ra cdn chia se dtfdc mdt khoan Id cho cdc ngdn hdng thdng qua khoan ghi nd.
Bdn canh dd, DATC Notes se cung cl'p cho ngan hdng mpt cd chd cd thi tao ra kdt qud tdt hdn Id cd gIng ttf xtf 1^. Theo dd, cdc ngdn hdng me chuyin giao chlnh thtfc cdc khodn vay vdi mdt mtfc gid dtfdc thdng nhat cho cdc cdng ty qudn 1^ nd vd khai thdc tdi sdn cda
TAI CHINH DOANH NGHIEP
ngan hdng (AMC) vd cd Ihl cho cdc AMC cdng khai da'u gid cdc khodn nd xa'u. Ddc bidt, cd che mdi se tao ldi ich ddng bd dd'i vdi cd DATC, Bp Tdi chinh vd cdc ngan hdng. Cu thi, ddi vdi DATC, mac dd van phdi tra mpt it tiln vd van cd mot sd rdi ro nhtfng se phdi can thdn trpng vide sodt xdt ddc bidt vd thu hdi nd.
Nghia Id, DATC vin cd dpng Itfc vl ldi nhuan nhtfng vdi mtfc dp rdi ro tha'p hdn vd DATC khdng cd rdi ro mua nd d mtfc gid qud cao. Vdi DATC Notes, cam kdt trd tiln mat trtfdc cda DATC se il hdn, ldm nhtf vay se khd thi hdn bidn phdp bd vdn diu ttf bd sung vdo cdc cdng ty nhtf hidn nay DATC van ldm, bdi vi vdn ndy tfu tidn thu hdi diu tidn. Nhffng lien ich cda DTAC Notes se gidp boat dpng cda DATC cd kd't qud tdt hdn, tich ctfc hdn vi cd cd chd' khuyd'n khich dl thtfc hidn cdng vide.
' Ddi vdi Bp Tai chinh, vdi DATC Notes, DATC se cam kd't vd'n it hdn cho mpt trtfdng hdp va cd ty Id thu hdi dtf kid'n cao hdn tiln tra ban dau, giam thd'p nhlt rdi ro cho vd'n nha ntfdc. Do dd, Bp Tai chinh se khdng cdn nhilu quan ngai vl va'n dl stf dung vdn mua nd d DATC.
Nhtf vay, DATC cd the ttf do boat dpng de dat hidu qua cao hdn. Cdc trtfdng hdp nd se dtfdc chuyen giao cho DATC di ddng hdn. Theo dd, xtf IJ' nd tdng thi se tang ldn. DATC cd thi xtf 1^ dtfdc rat nhilu nd xl'u cdng mdt Itfdng vdn nhlt dinh. Nd xl'u sd dtfdc xtf 1^ hidu qud.
Ddi vdi cdc ngdn hdng, DATC Notes sd gidm rdi ro ldng tdng do lo ngai gid bdn qud thap. Mat khde, do khdng cd gid chuyen nhtfdng ndn ngdn hdng vtfa nhdn dtfdc mdt sd tiln ban diu vtfa cd ldi nhuan mdt phin cda khoan thu hdi. Ngodi ra, ngdn hdng cdn cd thi nhanh chdng chuyin nhtfdng rlt nhilu khodn nd xlii cho DATC vd tdp trang vdo phdt triln ngdn hdng tdt. Cdng vdi dd, ngdn hdng cd the phdn bd khodn Id theo thdi gian thu hdi, vide ndy se dl qudn If hdn Id ghi todn bd vdo Id trong k^, Vi vdy, vdi mdt cdng thtfc
sin chung, nghia Id "gid" khdng quan trpng bdi vi hp se nhan dtfdc liln thdm nd'u vide tdi cd ca'u thtfc hidn td't. Cdc ngan hdng se dtfdc khuyd'n khich bdi vtfa cd the lay dtfdc mpt khodn tiln mat ngay ban diu vd vtfa chuyen giao dtfdc nhanh chdng cdc kholn nd xau. Nim gitf Notes cho phdp ngdn hdng phan bd khodn Id vdo nhilu ndm, do vay khdng bj bich manh khi bdn/chuyin giao nd xa'u.
Hdn nffa, do DATC cd ndng Itfc md cdc AMC cda ngdn hdng khdng cd, dd Id DATC cd thi xtf 1^ cdc khodn nd vay hdp vdn, kdt dinh cdc ngdn hdng cdng xtf 1^. Ddc bidt, ddi vdi nhffng cdng ty cd nd xau cd vay nhilu ngan hdngthi mpt AMC dpc lap vdi ngan hdng Id ndi tdt nhat dl xtf 15? cdc ydu clu ddi tiln canh tranh vdi nhau. Mat khde, DATC cd nhilu quyin Itfc dl tdi cd cau tdt hdn so vdi cdc AMC cua ngan hang nhtf: trong mot sd trtfdng hdp DATC cd thi cho vay hd trd tam thdi bode bdo lanh dl doanh nghiep vay vdn ngan hdng. Ngoai ra, DATC cdn tim kidm cdc nhd diu ttf chidn Itfdc tham gia diu ttf, hd trd vl ky thuat va quan 1^ dl doanh nghiep khdeh nd tdi cd clii mpt cdch hidu qua nhat.
Tuy nhidn, DATC Notes vin tdn tai mpt sd rdi ro (cin dam bdo kha nang thu hdi ldn hdn so vdi tiln mat) tap trang vdo khd ndng thu hdi. Vi vdy, trtfdc khi mua nd DATC cin cd stf cdn nhIc ky sdvdn bd ra vdi mot t^ Id nhi't dinh, ddng thdi giffa DATC vd ngdn hdng can cd stf ddng thudn vl gid mua ban diu, r^ Id phdn phdi ldi nhudn sau khi dd hodn thdnh tdi cd cl'u.
Nhtf vdy, vdi md hinh mdi, DATC sd ddm nhidm phin ldn cdc cdng vide tdi cd cl'u, vide thu hdi nd ttf tdi sdn bdo ddm se do cdc ngan hdng ddm nhdn. Trong dd, Ngdn hdng cin cd stf khuydn khich tich ctfc dl chuyin giao vd DATC cin cd stf khuydn khich tich ctfc dl nhdn cdc khodn nd.
PHI/0NG LINH Sd4-2012
