...N VA T H I ; C T | 6 N C H I N H TR| MI <ftr Mr.nAi ^
VAN DE NO CONG ASEAN-
THUCTRANGVAGIAI PHAP DNG PHO
• PGS, IS vC VAN HA Tgp chi C$ng san
T
rong khi kinh t€ chdu Au chao ddo bdi cuOc khdng hodng np cdng, kinh tS My phuc hdi ehgm ehgp, Hi$p hOi cdc qudc gia Ddng Nam A (ASEAN) vdn try vung tmdc nhung bifo dOng vi kinh t^, mde dd tdc dgng tieu cue cda khdng hodng np cdng EU ddi vdi ASEAN vdn ti0p tyc dnh hudng.1-Vdn dgnpc6ng ASEAN
Cudc khung hodng np cdng d chdu Au vd cdc ki hogch edt gidm ehi tieu d My dang gdy ra nhung xdo trpn ddi vdi nin kinh te todn cdu. ASEAN ciing khdng trdnh khdi he lyy bdi My va EU ludn Id cdc ddi tdc kinh ti thirong mai quan trgng hdng ddu ddi vdi cac nudc trong khu vyc. Khi My vd EU thdt ehdt chi tieu, nhu edu ddi vdi cdc hdng hda cua khu vuc Ddng Nam A syt gidm. Di^u dd lap tuc dnh hudng tdi cdc ngn kinh t^ ASEAN vdn phy thuOe vdo xudt khau. Muc tdng trudng kinh t€
tyt ddc khd rd, chi dat dudi 6% GDP (2011) so vdi mdc 7,5% (2010). Sau khdng hodng, hdu h^t cde nuoc ASEAN diu phdi tdng cudng cde bign phap kich thich tai chinh mdt each bdt thudng va diiu nay dd ddn tdi thdm hut Idn
trong ngdn sdeh. Tdng trudng xudt khdu yffu khiffn np cdng trong nOi khdi ASEAN khdng ngung leo thang. Diiu ndy ldm gia tdng rdi ro trong diiu tilt tdi chinh ndi riing vd vdn hdnh nin kinh t l ndi chung. Trong bdi cdnh khdng hodng np cdng cda khu vye eurozone, tinh trgng np cdng cda ASEAN dang thi hign rd vdi thu ngan sdeh cda mpt sd thdnh vlln vdn cd ngudn tdi chinh du thda dd gidm sdt, thdm chi xudt hi$n tham hut ngdn sdch.
Trong ASEAN, Xingapo dudng nhu di theo
"md hinh Nhgt Ban" vdi ty lg ng cdng tuong ddi cao, chiem 97,2% GDP (2010) vd phuc lpi xd hOi cao cho ngudi ddn. Ndm 2011, npcdng cua Xingapo lin tdi 214 t^ USD, trung binh 42,265 USD/ngudi, ty 1$ np dgt 102,4% GDP (ddng thd 9 tren the gidi, thd 2 d chdu A, sau Nhdt Bdn vd Idn nhat khu vuc Ddng Nam A).
Tuong ty np cdng Nhdt Bdn, da phan ng cdng eua Xingapo dugc vay td trong nudc, khdng cd bdt ky khoan ng nudc ngodi ndo. Np cdng cda Xingapo chd ylu la trdi philu chinh phd SOS (Singapore Government Securities) dugc phdt hdnh nhdm giup Quy Du phdng Trung uong CPF (Central Provident Fund). Muc dich cda CPF la de ddng gdp chi trd cho Quy luong huu. CPF cung thdu tdm mdt sd trdi phieu cda SGS vd nhung trdi philu ndy khdng dupc
LVLUANCHfNHTR!-So8/2012
^ i« I I I A N VATHI/CTltN CHlNH TR| HUHC NGOn
Bing 1: Nacdngvi thim hgt fhl tiiu cdng ciia Malaixit (2006-2011)
Ngr cfing (% GDP No cfing (tyRinggitl Thim hgt ehi tiiu cfing (% GDP) No nufirc ngoii (ty Ringgit)
2006 46,7 217,22
-2,B 25,01
2007 42,7 247,12
-2,6 19,60
2008 42,8 286,12
-3,2 20,32
2009 55,4 348,60
-5,5 13,79
2010 54,2 390,36
-4,6 16,75
2oir-
55,1 n/a -5,5 n/a I^gu6w Global I'Inance, Malaixia Country Report nim 2011 and Auditor General's Report 2010.
*Sdll$udi,doAn
thucmg mgi hfia, Cfi 2 logi trii phif u ngr trong nufirc cda Xingapo du^c phit hinh dinh cho muc dich Ididng phii df dip dng nhu ciu til chinh cda Chinh phd, dd ti SGS dupc phit hinh nhim md rfing th| trufirng nq trong nufirc vi mfit sfi trii phif u cda SGS ti cfing trii khfing dung trao ddi thiromg mgi, dugrc phit hinh dfc bift nhim dip img nhu ciu diu tu cug CPF vi Quy huu tri Qufic gig Xingapo SNPF (Singapore National Pension Fund). Tu nhdng nim 80 thf Ic^ XX, Chinh phd Xingapo di idifing vay nufirc ngoii df bu dip vio cic khoin ctii tiiu ttiim hut Vi vfy, np cfingXingapo khfing phu thufic vio gifii diu tu trii phif u qufic tf, nin Chinh phd si chi gf p thich thuc trong vin df vay np ktii cic nhi diu tu trong nufirc khfing cdn mfn mi vdi trii phifu.
Nhdng thf mgnh niy di giup Xingapo giu dupe thi tiudng trii phifu binh dn. Ikluc tiiu cda Xingapo si giim np cdng khoing 88%
GDP vio nim 2013.
Trude khung hoing tii chfah chiu A (1997), npcfingcdaMalandacfixu hudng giim, tu 90%
GDP xufing cfin 50% GDP (1990 - 1996). Hai nhin tfi chinh dfing gfip vio su sut giim niy, dfi li: thing du til chinh Idn (32,3% GDP) vi t^
If ting ttudng thue cao (37,3% GDP). Ngoii ra, dfing gfip cda lii suit thuc tf duong (khoing 16,5% GDP) cung gdp phin vao mue giim ty If np cfing. Sau khdng hoing, xu hudng niy di bj
dio ngupc. Np etiinh phd cda Malabda ting 12%, td 362,391^ ringgit nim 2009 (115,481#
USD) Ifn 407 t^ ringgit nim 2010 (129,7 t$
USD). Np ting do chl tiiu cda C3iinh phu lin tdi 525,93 t^ ringgit (167,61^ USD) Onng khi ngudn thu ngin sich ctii dgt 519,991^ tinggit (165,71^ USD). Muc thim hut ngin sich vio khoing 5,951^ ringgit (1,891^ USD) nim 2010.
Tutmg tp np cdng Xingapo, np edng Malaixia phin Ifirn li np trong nudc. Malaixia dang dft muc tiiu duy tri thim hut ngin sich d muc 4,7% GDP nim 2012 , diy li muc giim khi mgnh so vdi hon 7% GDP nim 2009.
Giai dogn tnific khiing hoing tii chinh chiu A (1990-1997), tjlf npcfing/GDPcuahidfinexia giim khoing 15% GDP. Tuy ntiiin, sau khdng hoing, np cfing/GDP cda Indfinixia ting gip 3 lin vi dgt dhih difm 95% GDP nim 2000 do ttilfu hgt tii chinh Ifirn vi cic bifn phip tii cip vfin cda ngin hing. Nhdng nim tifp theo, nhd nhimg giii phip giim np cda Ctiinh phu, mile np cfing eua Indfinexia giim cfin khoing 72% GDP (2003). Cic thinh phfn np cfing cda Indfinexia cung cd su thay ddi ding kf. Trude khdng hoing tii etiinh chiu A, np cdng cda Indfinexia phin Ifirn ti np nudc ngoii, nhung tu sau khdng hoing, Inddnexia bit diu ting phit hinh npbing tifn trong nudc. Nim 2000, khoing 50% np cfing cda Inddnfxia la ngr ttong nude.
I t IUANCHINHTRI-SO 8/2012
m
Bing 2: Nocdttglnddnixia, glal doan 2005 - 2009
Npcdng Np nudc ngoii Np trong nirdc
2005 48 21,6 26,3
2006 43,9 19,3 24,6
2007 39,5 16,7 22,8
2008 35,4 14,4 21
2009 31,8 12,6 19,2
mfit sfi dp in tdn (%CDP) dfn ky hgn cam kft
dupc hoin tri.
Ngin hing Thii Lan cfi trich nhifm vfiri khoin np cfing sau khdng hoing til chinh chiu A vi khoin vay mfiri df khic phpc Id Igt Khdng hoing til chinh toin ciu vi Id Ipt (khoing 4001^ bgt). Df quin ly np cdng hifu di tim gia ting np cfing cda Thii Lan. Nim qui, Ngin hing Thii Lan (BOT) si tifp quin 2011, np cfing cda Thii Lan vio khoing 14 1,1 nghin t^ bgt npcda FIDF. Nfu khoin np nghm t^ bgt (40% GDP) bao gfim ci khoin np cda Quy FIDF ehuyfn sang cho Ngin hing cia Quy phit ttifn cic td chdc til chinh Thii Thil Lan thi np cfing cda Thii Lan si ehi cdn
Ngudn: IndOn&da t^vemment in 2010, in Sumio Ishlkawa (2010), Inddnixia Medium-Term Development Plan and Public Debt Sustainabillty. iapan Bank for
international Cooperation IBIC. 2010.
Lan (FIDF). Theo dinh gii cda fing Chakkrit Parapuntaloil, Giim ddc Co quan quin ly np cfing cda Thii Lan (PDMO), kf hogch vay 800 ty bgt phit trifn kinh tf sau tu tut cda Ctiinh phi tim ting mdc np cflng cda qufic gia lin khoing 48,6% (2012).Tuynhien,ty If np cfing niy vin khfing inh hufirng tdi muc tieu dung m vin thip hom muc ttin 50% GDP. Hom nda, Chinh phd Thii Lan cung khfing mupn toin bo 8001^ bat ngay ttong cung thoi gian bdi
d mdc dufii 30% GDP. Vdi ngudn dp trd ngogi tf khi Ifirn, hon 1801^ USD (xip xi 5,66 nghm t^bgt),NginhingThilLanhointoinedkhi ning quin ty np tiif u qui.
Giai dogn 2011 - 2012, np cua Campuchia chifm khoing 28% GDP.Mucnpdu doin siting tu4 ty USD ten 5,61^USD giai doan 2012 - 2016.
Npcdngcda ASEAN ting sau khung hoing li do nhimg nguyen nhin: thd nhit, su mft gii cda tifn te ttong khdng hoing din dfn Vils%3:Tdngnochlnhphucuacicniidc ASEAN, gialdoan2000-2011
l,%GDPi Qufic gia
Xingapo Lao Malaixia Vift Nam Philippin ThilLan Myanma Clampuchia Inddnixia
2000 81,2 35,3 62,1 57,8 109,2 35,4 95,1
2009 105,0 62,1 55,4 51,2 49,2 45,2 44,5 28,7 28,6
2010 47,2 60,5 54,2 52,8 47,3 44,1 43,0 30,3 26,9
2011 93,7 57,6 55,1 47,0 43,7 46,0 30,4 25,4 Ngu6n:IMfVi/orldEconomicOutlook2011,Dat3base
(S/IIifu nSm20n U dgdoin cia IMF)
LVLUANCHlNHTRj-So 8/2012
1 1 LV LUANVA THI/C TitN CHlNH TR| NI/OC NGOAI ting gii tri dfing nfii tf cda khoin np dupc dinh gii bing ngogi tf; thiihal, chinh phd cic nufirc ASEAN ttifn khai cie gfil kich ciu kinh tf df thdc dfy cfu nfii dja ttong bfii cinh kinh tf suy glim. Nim 2009, gfil kich cfu kinh tf cda Malabda trj gii ifn tdi 161^ USD (khoing 9% GDP), gdi kich ciu Idn nhit td trude dfn nay cda Malabda; thii ba, sau khdng hoing, vifc thdc diy tu do hda tii chlnh trong nudc di tgo difu kifn thufn Ipi cho cic vfn df np cdng d thi trufimg nfii d|a ting; Ihl? tu, np cfing ting cdn lifn quan dfn vin df quan ttpng ti xi hfii hfia np tu nhin. Dfc bift, khi hf thfing tii chinh cda cic nudc ASEAN dang nf m trii sp kift quf sau sp sgp dfi tifn tf, thi vifc til cip vfin eua hf thfing ngin hing thuong mgi cfi y nghia Ifim. Chi phi tii chinh cda vifc tii cip vfin hofc si dut^c tinh vio tii khoin ngin sich, hofc ngoii ngin sich thdng qua cic hogt dfing tii chinh cda ngan hing tnmg uomg vi cic tfi chdc chinh phd. Sau khdng hoing tii etiinh chiu A, 66 ngin hing ddng cda vi 35 td chdc tii chinh khic hi qufic h(m hfia, phin Idn d Indfinixia. Kf hogch bio tilfm cho cic khoin tifn dft cpc cda ngan hing hofc li khdng cd, hofc li khfing thich hpp. Do dfi, ttong khung hoing, tfingnpcdakhu vpc cdng d cie nude ASEAN khi Idn. Kft qui li, ty If np cfing (bao gfim ei np eua chinh phd trung uong vi dia phuong, vi np cda cic doanh nghifp nhi nudc) tten GDP ting, dfc bift ting eao dfii vfii Indfinexia, Xingapo vi Myanma, ting gin 80% GDP (2000).
Trude thpc tf niy, cic nufirc ASEAN si ed nhirng dfii sich nhu thf nio df phpc hfii da ting tnrdng, dfing thdi thpc hifn mgc tieu xiy dung Cpng dfing kinh te, mfit ttong ba trg cpt quan trpng cda Cfing dong ASEAN 2015.
2. Giii phip dng phfi cda ASEAN Khfi cfi khi ning ASEAN roi vio mft khdng hoing til ehinh bdi vJ thf tii chlnh ciia khu vpc da dupc edng cfi nhifu, dfc bift li tu sau cufic khdng hoing til chinh chiu A nim 1997-1998. Cho dfn nay hiu hft cic nudc ASEAN dfu tifn hinh cil cich tii chinh nhu ting thuf, hpp ty hda chi tiiu sao cho hifu qui vi thpc hifn cic kf hogch cdng cfi tii khdg. Cic chlnh phd trong khu vpc cung thdng qua mfit khung tii chinh nghiim ngf t lim CO sd cho cic ehhih sich liin quan dfn vifc duy tti ein cin tii ehtah, cin bing hpp ty np nin, chl tiiu vi doanh thu.
Df giim mdc np cdng, ngoii vifc tifn hinh cic kf hogch cdng cfi tii chinh, phin Ifim cic nudc ASEAN cdn thpc tlii cic bifn phip cil cich tii ehinh df ting thuf, ning cao hifu qui chi tiiu vi hpp ty hda vifc chl tliu vdn. Phin Ifim cic nudc ASEAN di tiifing qua eo ciu khung vf quy d|nh tii ctiinh df hufirng cic ctiinh sich tien quan dfn vifc duy tri ein bing ngin sich, fin djnh np cdng nhu chi tieu va quy dinh vf thu nhgp.
indfinixia bin bifn phip thpc hifn mgc tiiu duy tri thim hgt ngin sich d muc dudi 3% trong nim 2012, trong dd bao gdm bifn phip kifm soit vi hgn chf sd dpng nhien lifu dupc trp gii. Inddnexia d i df ra 5 bifn phip nhim kifm soit tham hpt ngin sich, trong dd bao gfim hgn chf sd dpng nhien lifu dupc trp gii cho phupng tifn ci nhan eua cic quan chuc va nhin vien ctiinh phii;'|
hgn chf su dgng diu diezen trong khai thic khoing sin; ehuyfn ddi tu sd dung xing diu sang khi tp nhiin. Ngoai ra, Indfinixia se ngung xiy dpng cic nha may difn mfiri chgy bing diu, thay vao dfi khuyfn khich xiy
I t L U A N C H I N H TRj-$0 8/2012
JI
dung cic nhi miy difn sd dpng cic ngufin ning lupng mdi nhu dja nhift hofc ning lupng mft trdi.
Sau khdng hoing tii chinh toin ciu nim 2008, ASEAN di kiin tti 3 chifn lupc Idn li:
Thd nhit, duy tri ddng vdn diu tu. Chlnh sp trfii dgy cda ASEAN di thu hut sp quan tim cda gifiri diu tu khu vpc vi thf gifiri. Theo Bio cdo diu tu toin ciu nim 2011, cfing bfi tgi Hpi nghi eua Lien hpp qufic vf thuong mgi vi phit Wf n (UNCTAD), lupng FDI chiy vio cic nuftc Dfing Nam A da ting 107% nim 2010, so vfti muc giim 19% nim 2009. Trong sfi v6n chiy vio tlii trudng Dfing Nam A, Xingapo thu hut ttin 30%, Vift Nam 17%, Indfinexia 16%, Thii Lan 13% vi Malaixia 10%. Nim 2011, Malaixia Ipt vio tfip 10 nufirc hip din diu tu nhat chiu A. ASEAN dang ttd thinh difm dfn hip din doi vfiri ddng vdn FDI. Theo dinh gii cua Ong Puspanathan Sundram - Phfi Tdng thu ky ASEAN, FDI vao khu vpc ASEAN se ting gap dflihiennay, dgtSOtyUSDmfiinam khi Cong dfing kmh tf ASEAN (AEC) dupc thuc tiifn vio nam 2015. Vfiri nhirng difu kifn thuin lpi tao ra tu AEC vf thuong mai, hen kft va van tai, khu vuc ASEAN se thu hut dupc hon 3,4% FDI toan ciu. Thu hut vfin diu tu true tifp cda ASEAN cung ting ro ret. Nim 2010, vfin diu til vao ASEAN dgt 75,8 ty USD, ting gip doi so vfiri nim 2009. VSn dfu tu trpc tifp giira cac nudc thinh vien ASEAN trong nSm 2010 dat muc ting 131,8%. Vfin dau tu true tigp vao nganh dich vg tifp tgc chifm vi tti chu dao, dgt 49,2 ty USD, chifm 65,7% von dau tu true tifip vio ci khu vpc ASEAN.
Thii hai, da dang hoi thi trudng xuit khau. Khung hoing no cfing chau Au khong anh huftng tdi eac nfn kinh tf dua vao xuit
khiu cda ASEAN mfit cich nghifm trpng nhu trong cufic khung hoing tgi My nim 2008-2009. Difm sing nhit li khi ning cda ASEAN trp vfing trude nhdng bifn dfing vf kinh tf. Cic nfn kinh if md eua ASEAN (Vift Nam, Thil Lan vi Malabda) thpc tf bi inh hudng mgnh trong giao djch thuong mgi vfiri EU khi khu vpc niy b| suy thoil, song nhd sdc ciu nfii dia vimg chic, cic nfn ting kinh tf vi mfi bfn vdng vi cfing cufic cii cich CO ciu dang difn ra nin ASEAN vin duy tri dupe mue ting trudng dn dinh. Dp bio trif n vpng ting trudng GDP cda ASEAN li 5,6% (2012). Lgm phit d cic nfn kinh t i ting trudng dpa vio xuit khiu vin d mue vda phii, hiu hft cic nudc trong khu vuc vin duy tri dupc khfing gian tii chinh cfi thf ting ehi tiiu cua chinh phd. Lai suit mic du tuong dfii cao, song vin trong tim kifm soit. Su phg thufic xuit khiu cda ASEAN vao chau Au va My tu nam 2008 giim din.
Chiu Au chi chifm khoang 15% trong tfing kim ngach xuit khiu cua Viet Nam. Niu tinh xuit khau vao khu vuc chau Au giam 20% thi muc sgt giam ve tfing kim ngach xgft khiu cda Vift Nam uftc tinh chi vio khoang 3%. Ben canh dfi, viec da dang hoa thi trudng xuSt nhap khiu thong qua thdc diy quan hf mau dich, dac bift trong khfil cac nudc ASEAN li mfit giii phap thich hpp.
Ngoii ra, vifc tao dieu kifn thuan Ipi eho cac dp in hpp tic nha nude - tu nhin (PPP) cung giup huy dpng von bu dip thigu hgt tu diu tu nudc ngoii, dfing thai trinh phai ting vay np cong. Sp phat trign thuong mai vdi Trung Qufic Ii mfit trong nhdng ygu tfi lam giam ty trpng giao dich thuong mai cua ASEAN vfii chau Au.
LtLUANCHlNHTRI-So8/2012
^ IV I I I A N VA THI/C TitN CHlNH TR| NtfOC NGOMi Thir ba, cfiii trpng hpp tic ndi ngo^l Uidi trong qui trinh phtic hdi kinh ti. Kinh tf ASEAN cd bufire phit trifn vi tifn bfi ding kf nhd 10 nudc ASEAN kifn tri thdc dfy phit trifn kinh tf khu vpc, liy co chf hpp tic 10+3 lim chd thf trfn cosd hpp tic 10+1 vfiri Trung Qufic, Nhft Bin vi Hin Qufic. Sau khdng hoing, ASEAN di khdng qui php thufic vio cic nhu ciu bin ngoil, mi dinh gii cao cic kinh nfii d|a. Cinh cda thfing thucmg rfing md, kim nggeh trgo ddi thuong mgi nfii khfil khfing ngimg ting. Tifn trinh nhft thf hfia kinh tf khu vpc di hoin tit khoing 80% nfii dung trong Ifi trinh hinh thinh Cfing dfing kinh tf ASEAN. Cic nufic ASEAN di dgt dupc tifn bfi nfii bft vf xda bd hing rio diu tu thuong mgi. Tinh dfn cufii nim 2010, gida cic nudc Bruniy, Inddnixia, Malabda, Philippin, Xingapo vi Thii Lan di thpc hifn cit giim 99,11% thuf quan, gida cic nudc Campuchia, Lio, Myanma vi Vift Nam di cit giim thuf quan tu 98,86% xufing dudi 5%. Thutmg mgi hing hdg ASEAN da ting 32,9%, kim nggeh tiiuong mgi ting, dgt tten 2.000 ty USD.
Nhd dgt dupc tfic dfi ting tnrfimg kinh tf cao, ngufin thu ngin sich tu thuf gia ting gidp ASEAN cd tinh hinh tii chinh tfit hom chiu Au trin hing logt cic tiiu chi, trong dd ed quy md thim hgt ngan sich trong mfii tucmg quan vfiri tdng sin phim qufic nfii (GDP). Bin egnh dd, do cfi din sfi trf nin chi tieu cho luong huu vi cic djch vg chim sfic y tf d cic nudc ASEAN vin chua ting mgnh nhu ft cic nude phit trifn.
Nfu nhu cie nudc eurozone di thfia thugn thifit lgp mfit "biic tuomg Ida" tai ctiinh trj gii 800 ty euro (khoing 1.100 ty USD) df dfii phfi vfii cufic khdng hoing np cdng vi kft hpp hai
quy cthi ttp ti (Juy dn dinh tii dilnh chiu Au EFSF (cd tinh tgm thfiri) vi Co chf fin dinh chiu Au ESM (thudng ttpc ttong mfit nira) df cfi thfm ngudn til ehinh sd dpng ttong trudng hpp khin cip, thi ASEAN vi ba nude dfii tic (Trung Qudc, Nhft Bin vi Hin Qu6c) di nhit tri ting gip dfii quy hoin ddi tifn tf ngin ngua khdng hoing til chinh td 120 ty USD tfn 240 ty USD, tgo "bdc tudng Ida" gidp bio vf khu vpc Ddng A trude nhdng bifn dfing tii chinh trong tuong lai. Quyft d|nh quan ttpng niy dupc Bfi trudng Til chinh ASEAN+3 thfing qua tgi Philippin (5-2012).
Vifc thift Ifp "hue tirdng Ida tii chlnh"
dupc xem li budc diu tifn cfn thpc hifn df trinh xa dupc bd vpc khdng hoing tii chlnh Mfc du cic qufic gia khic nhau cfi nhung chuong trinh cii cich tii khfia khfing gifing nhau, song mpc Ufu chung cua chuong tiinh cii cich ein tfp trung giii quyft nhdng vin df vf CO ciu nhim dim bio sp dn dinh tii khda trong trung vi dii hgn.
Df trinh xiy ra cufic khdng hoing np cfing, ASE/VN thinh Ifp Vin phfing Nghifn euu kinh tf vl mo ASEAN+3 (AMRO). Mft ttong nhung nhifm vp cda AMRO Ii giim sit nhung inh hudng cd thf cd cua cufic khiing hoing np cfing d chau Au tdi khu vpc niy.
Cung vfiri vifc nghifn cdu vi tham vfn cho chlnh phd vf cic chinh sich kinh tf vi til chinh, AMRO cung nghiin cdu khi ning hoin dfii tifn tf mang tinh phdng ngua.
Vdi chifu hudng phit trifn tten, khi ning phpc hfii di ting trufirng, duy tri mdc an toin np cfing ASEAN la hifn thue. Difu niy si tgo di cho vifc thuc day hifn hthi hda mpc tiiu xiy dpng Cfing dfing kinh tg ASEAN trong tuong Iain
LYLUANCHINH TRI-So 8/2012