{"id":22412,"date":"2022-05-20T13:17:05","date_gmt":"2022-05-20T06:17:05","guid":{"rendered":"https:\/\/anvilaw.com\/vi\/?p=22412"},"modified":"2025-02-21T13:57:25","modified_gmt":"2025-02-21T06:57:25","slug":"3-150-thi-truong-trai-phieu-doanh-nghiep-can-mot-cuoc-dai-phau","status":"publish","type":"post","link":"https:\/\/anvilaw.com\/vi\/3-150-thi-truong-trai-phieu-doanh-nghiep-can-mot-cuoc-dai-phau\/","title":{"rendered":"3.150. Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u1ea7n m\u1ed9t cu\u1ed9c \u2018\u0111\u1ea1i ph\u1eabu\u2019"},"content":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u1ea7n m\u1ed9t cu\u1ed9c \u2018\u0111\u1ea1i ph\u1eabu\u2019<\/span><\/h4>\n
(Biz) – <\/strong>Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p Vi\u1ec7t Nam \u0111ang tr\u1ea3i qua m\u1ed9t giai \u0111o\u1ea1n kh\u00f3 kh\u0103n, l\u00f2ng tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecb dao \u0111\u1ed9ng v\u00ec nh\u1eefng v\u1ee5 vi\u1ec7c x\u1ea3y ra g\u1ea7n \u0111\u00e2y…\u00a0<\/strong><\/h5>\n

\"Th\u1ecb<\/p>\n

Nh\u01b0\u00a0\u0111\u00e3 th\u00f4ng tin, ng\u00e0y 19\/5, T\u1ea1p ch\u00ed Di\u1ec5n \u0111\u00e0n Doanh nghi\u1ec7p t\u1ed5 ch\u1ee9c di\u1ec5n \u0111\u00e0n \u201cPh\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (TPDN) hi\u1ec7u qu\u1ea3, b\u1ec1n v\u1eefng\u201d, v\u1edbi s\u1ef1 tham gia c\u1ee7a c\u00e1c di\u1ec5n gi\u1ea3 t\u1edbi t\u1eeb Li\u00ean \u0111o\u00e0n Th\u01b0\u01a1ng m\u1ea1i v\u00e0 C\u00f4ng nghi\u1ec7p Vi\u1ec7t Nam (VCCI), chuy\u00ean gia kinh t\u1ebf – t\u00e0i ch\u00ednh v\u00e0 \u0111\u1ea1i di\u1ec7n c\u1ee7a m\u1ed9t s\u1ed1 doanh nghi\u1ec7p.<\/p>\n

N\u00eau \u00fd ki\u1ebfn t\u1ea1i Di\u1ec5n \u0111\u00e0n, c\u00e1c chuy\u00ean gia nhi\u1ec1u l\u1ea7n nh\u1ea5n m\u1ea1nh \u0111\u1ebfn vi\u1ec7c ph\u1ea3i kh\u1eafc ph\u1ee5c v\u00e0 x\u1eed l\u00fd nh\u1eefng \u0111i\u1ec3m ngh\u1ebdn v\u1ec1 h\u00e0nh lang ph\u00e1p l\u00fd khi c\u00e1c khung kh\u1ed5 hi\u1ec7n t\u1ea1i \u0111\u00e3 kh\u00f4ng c\u00f2n theo k\u1ecbp t\u1ed1c \u0111\u1ed9 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng TPDN.<\/p>\n

Theo TS. Nguy\u1ec5n Tr\u00ed Hi\u1ebfu, chuy\u00ean gia t\u00e0i ch\u00ednh, th\u1ecb tr\u01b0\u1eddng TPDN t\u1ea1i Vi\u1ec7t Nam \u0111ang tr\u1ea3i qua m\u1ed9t giai \u0111o\u1ea1n kh\u00f3 kh\u0103n, l\u00f2ng tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecb dao \u0111\u1ed9ng v\u00ec nh\u1eefng v\u1ee5 vi\u1ec7c x\u1ea3y ra g\u1ea7n \u0111\u00e2y.<\/p>\n

\u201cM\u1eb7c d\u1ea7u ch\u01b0a r\u01a1i v\u00e0o kh\u1ee7ng ho\u1ea3ng, nh\u01b0ng nh\u1eefng v\u1ee5 vi\u1ec7c x\u1ea3y ra ch\u1ee9ng t\u1ecf th\u1ecb tr\u01b0\u1eddng c\u1ea7n m\u1ed9t s\u1ef1 ch\u1ea5n ch\u1ec9nh v\u00e0 c\u1ea3i c\u00e1ch m\u1ea1nh m\u1ebd. C\u0169ng nh\u01b0 t\u1ea1i th\u1ecb tr\u01b0\u1eddng M\u1ef9 trong cu\u1ed9c \u0111\u1ea1i suy tho\u00e1i n\u0103m 2008, ng\u01b0\u1eddi thi\u1ec7t h\u1ea1i nh\u1ea5t l\u00e0 ng\u01b0\u1eddi d\u00e2n v\u1edbi ti\u1ec1n t\u00edch lu\u1ef9 \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng tr\u00e1i phi\u1ebfu v\u1edbi l\u1ee3i t\u1ee9c cao nh\u01b0ng \u0111\u1ea7y r\u1ee7i ro\u201d, \u00f4ng Nguy\u1ec5n Tr\u00ed Hi\u1ebfu n\u00f3i.<\/p>\n

Tr\u01b0\u1edbc nh\u1eefng \u00fd ki\u1ebfn lo ng\u1ea1i vi\u1ec7c si\u1ebft ch\u1eb7t c\u1ee7a c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd s\u1ebd l\u00e0m m\u1ea5t \u0111i kh\u1ea3 n\u0103ng ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng, TS. Nguy\u1ec5n Tr\u00ed Hi\u1ebfu cho r\u1eb1ng: S\u1ef1 ki\u1ec3m so\u00e1t th\u1ecb tr\u01b0\u1eddng m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 s\u1ebd l\u00e0 ti\u1ec1n \u0111\u1ec1 cho s\u1ef1 ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng trong t\u01b0\u01a1ng lai.<\/p>\n

\u00d4ng Hi\u1ebfu c\u0169ng th\u1eeba nh\u1eadn nh\u1eefng \u0111\u1ed9ng th\u00e1i si\u1ebft ch\u1eb7t s\u1ebd t\u1ea1o ra nh\u1eefng kh\u00f3 kh\u0103n cho th\u1ecb tr\u01b0\u1eddng; nh\u01b0ng \u0111\u1ed3ng th\u1eddi s\u1ebd t\u1ea1o l\u1ea1i ni\u1ec1m tin cho nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00f3 l\u1ebd c\u0169ng l\u00e0 c\u00e1i gi\u00e1 ph\u1ea3i tr\u1ea3 \u0111\u1ec3 c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng \u0111i v\u00e0o quy c\u1ee7 v\u00e0 \u1ed5n \u0111\u1ecbnh.<\/p>\n

C\u0169ng nh\u01b0 m\u1ed9t s\u1ed1 \u00fd ki\u1ebfn kh\u00e1c, c\u00e1c di\u1ec5n gi\u1ea3 \u0111\u1ec1u \u0111\u1ed3ng thu\u1eadn nhu c\u1ea7u b\u1ee9c thi\u1ebft c\u1ee7a th\u1ecb tr\u01b0\u1eddng hi\u1ec7n gi\u1edd l\u00e0 khung kh\u1ed5 ph\u00e1p l\u00fd cao h\u01a1n v\u1edbi nh\u1eefng quy \u0111\u1ecbnh ch\u1ea5t l\u01b0\u1ee3ng h\u01a1n.<\/p>\n

\u0110\u1ed3ng th\u1eddi, v\u1edbi vi\u1ec7c x\u1eed l\u00fd c\u00e1c “l\u1ed7 h\u1ed5ng” tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u0169ng c\u1ea7n ph\u1ea3i nh\u00ecn nh\u1eadn r\u00f5 r\u00e0ng v\u00e0 t\u00e1ch b\u1ea1ch hai v\u1ea5n \u0111\u1ec1 thi\u1ebfu s\u00f3t v\u1ec1 c\u01a1 ch\u1ebf ph\u00e1p l\u00fd, c\u0169ng nh\u01b0 y\u1ebfu k\u00e9m, t\u1ed3n t\u1ea1i trong c\u00f4ng t\u00e1c qu\u1ea3n l\u00fd.<\/p>\n

S\u1eecA V\u00c0 L\u1ea4P NH\u1eeeNG L\u1ed6 H\u1ed4NG PH\u00c1P L\u00dd\u00a0<\/strong><\/h5>\n

V\u1ec1 khung kh\u1ed5 ph\u00e1p l\u00fd cho ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng, nhi\u1ec1u kh\u00e1ch m\u1eddi \u0111\u00e3 l\u00ean ti\u1ebfng ki\u1ebfn ngh\u1ecb v\u1ec1 t\u00ednh c\u1ea5p thi\u1ebft c\u1ee7a vi\u1ec7c c\u00e1c c\u01a1 quan chuy\u00ean tr\u00e1ch c\u1ea7n s\u1edbm ho\u00e0n thi\u1ec7n h\u00e0nh lang ph\u00f9 h\u1ee3p v\u1edbi \u0111i\u1ec1u ki\u1ec7n m\u1edbi c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

C\u1ee5 th\u1ec3 l\u00e0 s\u1eeda \u0111\u1ed5i Ngh\u1ecb \u0111\u1ecbnh 153\/2020\/N\u0110-CP v\u1ec1 ph\u00e1t h\u00e0nh TPDN ri\u00eang l\u1ebb, Ngh\u1ecb \u0111\u1ecbnh 156\/2020 v\u1ec1 x\u1eed ph\u1ea1t vi ph\u1ea1m h\u00e0nh ch\u00ednh trong l\u0129nh v\u1ef1c ch\u1ee9ng kho\u00e1n; r\u00e0 so\u00e1t Lu\u1eadt ch\u1ee9ng kho\u00e1n 2019, ti\u1ebfn t\u1edbi s\u1eeda \u0111\u1ed5i \u0111\u1ed3ng th\u1eddi n\u00e2ng chu\u1ea9n nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p\u2026<\/p>\n

C\u00e1c ki\u1ebfn ngh\u1ecb \u0111\u1ec1u th\u1ed1ng nh\u1ea5t vi\u1ec7c s\u1eeda \u0111\u1ed5i Ngh\u1ecb \u0111\u1ecbnh 153 theo h\u01b0\u1edbng t\u0103ng t\u00ednh minh b\u1ea1ch s\u1ebd gi\u00fap gi\u1ea3m thi\u1ec3u r\u1ee7i ro cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 t\u0103ng t\u00ednh tr\u00e1ch nhi\u1ec7m c\u1ee7a doanh nghi\u1ec7p ph\u00e1t h\u00e0nh. \u0110\u1ed3ng th\u1eddi t\u0103ng c\u01b0\u1eddng \u0111\u01b0\u1ee3c vai tr\u00f2 gi\u00e1m s\u00e1t c\u1ee7a c\u01a1 quan qu\u1ea3n l\u00fd; tr\u00e1ch nhi\u1ec7m c\u1ee7a \u0111\u01a1n v\u1ecb \u0111\u00e1nh gi\u00e1 t\u00edn nhi\u1ec7m doanh nghi\u1ec7p.<\/p>\n

\u0110\u1ec1 c\u1eadp \u0111\u1ebfn n\u1ed9i dung mua b\u00e1n, ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb, theo \u00f4ng \u0110\u1eadu Anh Tu\u1ea5n, Ph\u00f3 t\u1ed5ng th\u01b0 k\u00fd, Tr\u01b0\u1edfng ban Ph\u00e1p ch\u1ebf VCCI, quy \u0111\u1ecbnh \u0111i\u1ec1u ki\u1ec7n v\u1edbi t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh \u0111ang b\u1ed9c l\u1ed9 nhi\u1ec1u b\u1ea5t c\u1eadp.<\/p>\n

V\u00ed d\u1ee5 nh\u01b0 k\u1ebft qu\u1ea3 kinh doanh n\u0103m tr\u01b0\u1edbc c\u00f3 l\u00e3i; t\u1ed5ng d\u01b0 n\u1ee3 tr\u00e1i phi\u1ebfu kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 3 l\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu; c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m n\u1ebfu t\u1ed5ng d\u1ef1 n\u1ee3 tr\u00e1i phi\u1ebfu v\u01b0\u1ee3t qu\u00e1 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu…<\/p>\n

B\u00ean c\u1ea1nh \u0111\u1ea5y, \u00f4ng Tu\u1ea5n cho r\u1eb1ng quy \u0111\u1ecbnh nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n chuy\u00ean nghi\u1ec7p ch\u1ec9 \u0111\u01b0\u1ee3c mua tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb do c\u00f4ng ty \u0111\u1ea1i ch\u00fang ph\u00e1t h\u00e0nh c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m ho\u1eb7c b\u1ea3o l\u00e3nh thanh to\u00e1n c\u0169ng c\u1ea7n ph\u1ea3i xem x\u00e9t s\u1eeda \u0111\u1ed5i.<\/p>\n

“C\u00e1c quy \u0111\u1ecbnh n\u00e0y c\u00f3 th\u1ec3 t\u1ea1o ra nguy c\u01a1 kh\u00f3a ch\u1eb7t k\u00eanh huy \u0111\u1ed9ng v\u1ed1n b\u1eb1ng tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb. C\u00f9ng v\u1edbi \u0111\u00f3, chuy\u1ec3n sang c\u00e1c h\u00ecnh th\u1ee9c kh\u00e1c ch\u01b0a c\u00f3 quy \u0111\u1ecbnh ch\u1eb7t ch\u1ebd: k\u1ef3 phi\u1ebfu, t\u00edn phi\u1ebfu, ch\u1ee9ng ch\u1ec9 vay v\u1ed1n\u2026 ho\u1eb7c c\u00e1c h\u00ecnh th\u1ee9c h\u1ee3p \u0111\u1ed3ng h\u1ee3p t\u00e1c \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ed5 ch\u1ee9c”, Ph\u00f3 t\u1ed5ng th\u01b0 k\u00fd VCCI n\u00f3i.<\/p>\n

V\u1edbi quy \u0111\u1ecbnh v\u1ec1 qu\u1ea3n l\u00fd d\u00f2ng v\u1ed1n, m\u1ee5c \u0111\u00edch vay, \u00f4ng \u0110\u1eadu Anh Tu\u1ea5n \u0111\u00e1nh gi\u00e1, quy \u0111\u1ecbnh hi\u1ec7n t\u1ea1i y\u00eau c\u1ea7u doanh nghi\u1ec7p kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu \u0111\u1ec3 g\u00f3p v\u1ed1n, mua c\u1ed5 ph\u1ea7n, ph\u1ea7n v\u1ed1n g\u00f3p c\u1ee7a doanh nghi\u1ec7p kh\u00e1c v\u00e0 cho doanh nghi\u1ec7p kh\u00e1c vay v\u1ed1n.<\/p>\n

Theo \u00f4ng Tu\u1ea5n, \u0111i\u1ec1u n\u00e0y \u0111\u00e3 t\u1ea1o ra s\u1ef1 b\u1ea5t c\u1eadp khi s\u1ebd h\u1ea1n ch\u1ebf quy\u1ec1n ti\u1ebfp c\u1eadn v\u1ed1n c\u1ee7a doanh nghi\u1ec7p v\u00e0 c\u1ea3n tr\u1edf ho\u1ea1t \u0111\u1ed9ng M&A.<\/p>\n

“C\u00e1c quy \u0111\u1ecbnh n\u00e0y c\u0169ng kh\u00f4ng ph\u00f9 h\u1ee3p v\u1edbi nguy\u00ean t\u1eafc qu\u1ea3n tr\u1ecb c\u1ee7a t\u1eadp \u0111o\u00e0n khi c\u00f4ng ty m\u1eb9 c\u00f3 uy t\u00edn c\u00f3 th\u1ec3 \u0111\u1ea3m nh\u1eadn vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu cho c\u00f4ng ty con vay l\u1ea1i”, \u00f4ng Tu\u1ea5n n\u00eau v\u1ea5n \u0111\u1ec1.<\/p>\n

Li\u00ean quan \u0111\u1ebfn h\u00e0nh lang ph\u00e1p l\u00fd v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p, \u00f4ng Tu\u1ea5n cho r\u1eb1ng quy \u0111\u1ecbnh v\u1edbi \u0111\u1ed1i t\u01b0\u1ee3ng n\u00e0y b\u1ecb “l\u00e1ch” b\u1eb1ng c\u00e1ch mua tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7 ho\u1eb7c ch\u1ee9ng kho\u00e1n ni\u00eam y\u1ebft trong th\u1eddi gian ng\u1eafn r\u1ed3i b\u00e1n.<\/p>\n

Do \u0111\u00f3, \u00f4ng Tu\u1ea5n \u0111\u1ec1 xu\u1ea5t s\u1eeda quy \u0111\u1ecbnh nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p theo h\u01b0\u1edbng ph\u1ea3i \u0111\u1ea7u t\u01b0, n\u1eafm gi\u1eef v\u00e0 duy tr\u00ec kho\u1ea3n \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n ni\u00eam y\u1ebft trong v\u00f2ng 2 n\u0103m li\u00ean t\u1ee5c, c\u00f3 gi\u00e1 tr\u1ecb t\u1ed1i thi\u1ec3u l\u00e0 2 t\u1ef7 \u0111\u1ed3ng.<\/p>\n

\u00d4ng \u0110\u1eadu Anh Tu\u1ea5n, Ph\u00f3 t\u1ed5ng th\u01b0 k\u00fd, Tr\u01b0\u1edfng ban Ph\u00e1p ch\u1ebf VCCI t\u1ea1i Di\u1ec5n \u0111\u00e0n.<\/em><\/h6>\n

\u0110\u1ed3ng quan \u0111i\u1ec3m, \u00f4ng Phan \u0110\u1ee9c Hi\u1ebfu, \u1ee6y vi\u00ean Th\u01b0\u1eddng tr\u1ef1c \u1ee6y ban Kinh t\u1ebf c\u1ee7a Qu\u1ed1c h\u1ed9i, cho r\u1eb1ng c\u00e1c \u0111i\u1ec1u ki\u1ec7n \u0111\u1ec3 m\u1ed9t c\u00e1 nh\u00e2n tr\u1edf th\u00e0nh nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n r\u1ea5t d\u1ec5 \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c v\u1ec1 m\u1eb7t lu\u1eadt ph\u00e1p nh\u01b0ng c\u00f3 th\u1ec3 kh\u00f4ng l\u00e0m thay \u0111\u1ed5i b\u1ea3n ch\u1ea5t c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00f3.<\/p>\n

C\u0169ng theo nh\u1eadn \u0111\u1ecbnh c\u1ee7a \u00f4ng Phan \u0110\u1ee9c Hi\u1ebfu, quy \u0111\u1ecbnh v\u1ec1 nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p t\u1ea1i \u0110i\u1ec1u 11 c\u1ee7a Lu\u1eadt Ch\u1ee9ng kho\u00e1n hi\u1ec7n c\u00f3 2 \u0111i\u1ec3m b\u1ea5t c\u1eadp.<\/p>\n

Th\u1ee9 nh\u1ea5t, nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p ph\u1ea3i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh ho\u1eb7c c\u00f3 tr\u00ecnh \u0111\u1ed9 chuy\u00ean m\u00f4n v\u1ec1 ch\u1ee9ng kho\u00e1n. \u0110i\u1ec1u n\u00e0y th\u1ec3 hi\u1ec7n quy \u0111\u1ecbnh: C\u00e1 nh\u00e2n n\u1eafm gi\u1eef danh m\u1ee5c ch\u1ee9ng kho\u00e1n ni\u00eam y\u1ebft, \u0111\u0103ng k\u00fd giao d\u1ecbch c\u00f3 gi\u00e1 tr\u1ecb t\u1ed1i thi\u1ec3u l\u00e0 02 t\u1ef7 \u0111\u1ed3ng theo x\u00e1c nh\u1eadn c\u1ee7a c\u00f4ng ty ch\u1ee9ng kho\u00e1n t\u1ea1i th\u1eddi \u0111i\u1ec3m c\u00e1 nh\u00e2n \u0111\u00f3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p.<\/p>\n

“V\u1eady sau th\u1eddi \u0111i\u1ec3m \u0111\u00f3 th\u00ec nh\u01b0 th\u1ebf n\u00e0o?” – \u00f4ng Phan \u0110\u1ee9c Hi\u1ebfu n\u00eau v\u1ea5n \u0111\u1ec1 v\u00e0 d\u1eabn ch\u1ee9ng lu\u1eadt ph\u00e1p n\u01b0\u1edbc ngo\u00e0i: Theo Lu\u1eadt Ch\u1ee9ng kho\u00e1n c\u1ee7a M\u1ef9 n\u0103m 1933, s\u1eeda \u0111\u1ed5i n\u0103m 2010, nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ec9 \u0111\u1ecbnh th\u00ec ph\u1ea3i c\u00f3 t\u00e0i s\u1ea3n l\u00e0 200.000 USD. V\u00e0 trong 2 n\u0103m li\u00ean ti\u1ebfp ph\u1ea3i lu\u00f4n ph\u1ea3i duy tr\u00ec, ch\u1ee9 kh\u00f4ng ch\u1ec9 t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u00f3.<\/p>\n

N\u0103m 2020, M\u1ef9 l\u1ea1i s\u1eeda \u0111\u1ed5i th\u00eam l\u1ea7n n\u1eefa, b\u1ed5 sung th\u00eam quy \u0111\u1ecbnh m\u1edbi v\u1ec1 n\u0103ng l\u1ef1c chuy\u00ean m\u00f4n\u2026 Khi \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c \u0111i\u1ec1u ki\u1ec7n m\u1edbi \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p, \u00f4ng Hi\u1ebfu cung c\u1ea5p th\u00eam th\u00f4ng tin.<\/p>\n

Th\u1ee9 hai, Lu\u1eadt Ch\u1ee9ng kho\u00e1n giao cho ch\u00ednh c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u00e0 nh\u1eefng ng\u01b0\u1eddi b\u00e1n h\u00e0ng. C\u00f3 ngh\u0129a l\u00e0 h\u1ecd mua \u1edf th\u1ecb tr\u01b0\u1eddng s\u01a1 c\u1ea5p, r\u1ed3i b\u00e1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p. Theo \u00f4ng Hi\u1ebfu, quy \u0111\u1ecbnh nh\u01b0 th\u1ebf s\u1ebd c\u00f3 xung \u0111\u1ed9t, v\u00ec n\u1ebfu h\u1ecd mu\u1ed1n b\u00e1n h\u00e0ng, h\u1ecd s\u1ebd t\u00ecm m\u1ecdi c\u00e1ch \u0111\u1ec3 x\u00e1c nh\u1eadn ng\u01b0\u1eddi mua \u0111\u1ee7 t\u01b0 c\u00e1ch nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p.<\/p>\n

T\u1eeb nh\u1eefng ki\u1ebfn gi\u1ea3i tr\u00ean, \u00f4ng Hi\u1ebfu \u0111\u1ec1 ngh\u1ecb Ch\u00ednh ph\u1ee7 cho xem x\u00e9t, r\u00e0 so\u00e1t \u0110i\u1ec1u 11 c\u1ee7a Lu\u1eadt Ch\u1ee9ng kho\u00e1n v\u00e0 Ngh\u1ecb \u0111\u1ecbnh 155\/2020 li\u00ean quan \u0111i\u1ec1u ki\u1ec7n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p \u0111\u1ec3 s\u1eeda \u0111\u1ed5i, b\u1ed5 sung cho ph\u00f9 h\u1ee3p.<\/p>\n

Theo \u00f4ng Hi\u1ebfu, n\u1ebfu nh\u01b0 n\u00e2ng \u0111\u01b0\u1ee3c ch\u1ea5t l\u01b0\u1ee3ng th\u1ef1c s\u1ef1 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p th\u00ec s\u1ebd c\u00f3 m\u1ed9t l\u1ee3i \u00edch r\u1ea5t d\u00e0i h\u1ea1n. B\u1edfi \u0111\u00e2y ch\u00ednh l\u00e0 c\u00f4ng c\u1ee5 th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 t\u1ef1 s\u00e0ng l\u1ecdc m\u00e0 kh\u00f4ng c\u1ea7n can thi\u1ec7p v\u1ec1 m\u1eb7t ch\u00ednh s\u00e1ch.<\/p>\n

\u00d4ng Phan \u0110\u1ee9c Hi\u1ebfu, U\u1ef7 vi\u00ean Th\u01b0\u1eddng tr\u1ef1c U\u1ef7 ban kinh t\u1ebf c\u1ee7a Qu\u1ed1c h\u1ed9i.<\/em><\/h6>\n
\u0110\u1ea2M B\u1ea2O MINH B\u1ea0CH V\u00c0 T\u0102NG C\u01af\u1edcNG GI\u00c1M S\u00c1T\u00a0<\/strong><\/h5>\n

V\u1ec1 c\u00f4ng t\u00e1c qu\u1ea3n l\u00fd, \u0111\u1ec3 ch\u1ea5n ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, theo TS. C\u1ea5n V\u0103n L\u1ef1c c\u1ea7n gi\u1ea3i quy\u1ebft d\u1ee9t \u0111i\u1ec3m v\u1ee5 vi\u1ec7c v\u1eeba qua \u0111\u1ec3 c\u1ee7ng c\u1ed1 ni\u1ec1m tin nh\u00e0 \u0111\u1ea7u t\u01b0, c\u0169ng nh\u01b0 tr\u00e1nh t\u1ea1o ti\u1ec1n l\u1ec7 x\u1ea5u.<\/p>\n

\u0110\u1ed3ng quan \u0111i\u1ec3m, TS. Nguy\u1ec5n Tr\u00ed Hi\u1ebfu cho bi\u1ebft: \u201cTheo t\u00f4i, s\u1ef1 ki\u1ec3m so\u00e1t th\u1ecb tr\u01b0\u1eddng m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 s\u1ebd l\u00e0 ti\u1ec1n \u0111\u1ec1 cho s\u1ef1 ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng trong t\u01b0\u01a1ng lai. D\u0129 nhi\u00ean s\u1ebd t\u1ea1o ra nh\u1eefng kh\u00f3 kh\u0103n cho th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng c\u0169ng s\u1ebd t\u1ea1o l\u1ea1i ni\u1ec1m tin cho th\u1ecb tr\u01b0\u1eddng, v\u00e0 c\u00f3 l\u1ebd c\u0169ng l\u00e0 c\u00e1i gi\u00e1 ph\u1ea3i tr\u1ea3 \u0111\u1ec3 c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng \u0111i v\u00e0o quy c\u1ee7, \u1ed5n \u0111\u1ecbnh\u201d.<\/p>\n

M\u1ed9t g\u00f3c nh\u00ecn kh\u00e1c, theo GS. \u0110\u1eb7ng H\u00f9ng V\u00f5, nguy\u00ean Th\u1ee9 tr\u01b0\u1edfng B\u1ed9 T\u00e0i nguy\u00ean v\u00e0 M\u00f4i tr\u01b0\u1eddng, v\u1ea5n \u0111\u1ec1 \u0111\u1ea3m b\u1ea3o cho th\u1ecb tr\u01b0\u1eddng TPDN ph\u00e1t tri\u1ec3n kh\u00f4ng n\u1eb1m \u1edf t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o m\u00e0 c\u1ea7n c\u0103n c\u1ee9 v\u00e0o m\u1ee9c t\u00edn nhi\u1ec7m, s\u1ef1 ph\u00e1t tri\u1ec3n, ti\u1ec1m n\u0103ng c\u1ee7a nh\u00e0 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu.<\/p>\n

M\u1eb7t kh\u00e1c, \u00f4ng V\u00f5 \u0111\u00e1nh gi\u00e1 v\u1ea5n \u0111\u1ec1 qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p c\u0169ng l\u00e0 m\u1ea5u ch\u1ed1t c\u1ee7a v\u1ea5n \u0111\u1ec1 \u0111\u1ec3 c\u00f3 th\u1ec3 th\u00fac \u0111\u1ea9y huy \u0111\u1ed9ng v\u1ed1n qua TPDN cho ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh.<\/p>\n

C\u00f2n theo \u00f4ng Ph\u1ea1m Xu\u00e2n Ho\u00e8, Nguy\u00ean Ph\u00f3 Vi\u1ec7n tr\u01b0\u1edfng Vi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c, Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc, kh\u00f4ng c\u1ea7n ki\u1ec3m so\u00e1t qu\u00e1 ch\u1eb7t ch\u1ebd d\u00f2ng v\u1ed1n v\u00e0 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu m\u00e0 c\u1ea7n c\u01a1 ch\u1ebf c\u1edfi m\u1edf nh\u01b0ng c\u00f3 nh\u1eefng quy \u0111\u1ecbnh tr\u00e1ch nhi\u1ec7m c\u1ee5 th\u1ec3 v\u1edbi c\u00e1c ch\u1ee7 th\u1ec3 \u0111\u1ec3 ngu\u1ed3n th\u00f4ng tin tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c minh b\u1ea1ch, c\u00f3 s\u1ef1 r\u00e0ng bu\u1ed9c, cam k\u1ebft.<\/p>\n

\u0110\u1eb7ng H\u00f9ng V\u00f5 (tr\u00e1i) v\u00e0 \u00f4ng Ph\u1ea1m Xu\u00e2n Ho\u00e8.<\/em><\/h6>\n

Ngo\u00e0i ra, \u0111\u1ec1 c\u1eadp \u0111\u1ebfn Ngh\u1ecb \u0111\u1ecbnh 153 c\u00f3 y\u00eau c\u1ea7u h\u1ea1n m\u1ee9c vay n\u1ee3 c\u1ee7a doanh nghi\u1ec7p kh\u00f4ng qu\u00e1 3 l\u1ea7n so v\u1edbi v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, theo \u00f4ng H\u00f2e c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u00f3 l\u00e0 ch\u01b0a ph\u00f9 h\u1ee3p.<\/p>\n

\u00d4ng H\u00f2e cho bi\u1ebft, tr\u01b0\u1edbc kia Qu\u1ef9 Ti\u1ec1n t\u1ec7 Qu\u1ed1c t\u1ebf (IMF) hay Ng\u00e2n h\u00e0ng Th\u1ebf gi\u1edbi (WB) \u0111\u00e3 khuy\u1ebfn ngh\u1ecb, m\u1ee9c vay n\u1ee3 t\u1ed5ng th\u1ec3 v\u1edbi doanh nghi\u1ec7p, bao g\u1ed3m c\u1ea3 tr\u00e1i phi\u1ebfu, c\u1ed5 phi\u1ebfu, t\u00edn d\u1ee5ng vay c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c kh\u00e1c,… m\u00e0 m\u1ed7i lo\u1ea1i h\u00ecnh doanh nghi\u1ec7p s\u1ebd c\u00f3 c\u00e2u chuy\u1ec7n h\u1ec7 s\u1ed1 vay n\u1ee3 kh\u00e1c nhau.<\/p>\n

“V\u00ed d\u1ee5 ng\u00e0nh th\u01b0\u01a1ng m\u1ea1i \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 70% c\u00f2n 30% l\u00e0 v\u1ed1n t\u1ef1 c\u00f3, c\u00f2n l\u0129nh v\u1ef1c c\u00f4ng nghi\u1ec7p l\u00e0 50-50%. Nh\u01b0 v\u1eady, ch\u00fang ta ph\u1ea3i ph\u00e2n t\u00edch theo \u0111\u1eb7c th\u00f9 ng\u00e0nh ngh\u1ec1 \u0111\u1ec3 gi\u1edbi h\u1ea1n, ch\u1ee9 kh\u00f4ng n\u00ean k\u00e9o b\u1eb1ng nh\u01b0 nhau\u201d, \u00f4ng Ho\u00e8 n\u00f3i.<\/p>\n

\u1ede b\u00ecnh lu\u1eadn li\u00ean quan, \u00d4ng Phan \u0110\u1ee9c Hi\u1ebfu cho r\u1eb1ng mu\u1ed1n n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu, kh\u00f4ng g\u00ec kh\u00e1c ngo\u00e0i vi\u1ec7c n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p.<\/p>\n

Ngh\u1ecb quy\u1ebft 02\/NQ-CP 2022 c\u1ee7a Ch\u00ednh ph\u1ee7 v\u1ec1 nhi\u1ec7m v\u1ee5 gi\u1ea3i ph\u00e1p c\u1ea3i thi\u1ec7n m\u00f4i tr\u01b0\u1eddng kinh doanh \u0111\u01b0\u1ee3c c\u1ed9ng \u0111\u1ed3ng doanh nghi\u1ec7p, c\u00e1c t\u1ed5 ch\u1ee9c qu\u1ed1c t\u1ebf \u0111\u00e1nh gi\u00e1 r\u1ea5t cao. Theo \u0111\u00f3, \u0111\u00e3 c\u00f3 B\u1ed9 ch\u1ec9 s\u1ed1 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0. \u0110\u00e2y c\u0169ng c\u0169ng ch\u00ednh l\u00e0 ch\u1ec9 s\u1ed1 n\u00e2ng c\u1ea5p ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p.<\/p>\n

V\u00ec th\u1ebf, theo v\u1ecb chuy\u00ean gia, \u0111\u00e2y l\u00e0 th\u1eddi \u0111i\u1ec3m c\u1ea7n ph\u1ea3i th\u1ef1c thi m\u1ea1nh m\u1ebd Ngh\u1ecb quy\u1ebft 02 c\u1ee7a Ch\u00ednh ph\u1ee7.<\/p>\n

N\u00eau quan \u0111i\u1ec3m v\u1ec1 n\u1ed9i dung n\u00e0y, Lu\u1eadt s\u01b0<\/span><\/a> Tr\u01b0\u01a1ng Thanh \u0110\u1ee9c<\/a>, Gi\u00e1m \u0111\u1ed1c <\/span>C\u00f4ng ty Lu\u1eadt<\/a> ANVI<\/a><\/strong>\u00a0cho bi\u1ebft nhi\u1ec1u ng\u01b0\u1eddi n\u00f3i r\u1eb1ng, th\u1ecb tr\u01b0\u1eddng TPDN g\u00e2y ra r\u1ee7i ro, c\u1ea7n ph\u1ea3i th\u1eaft ch\u1eb7t h\u01a1n.\u00a0<\/em><\/h5>\n

Tuy nhi\u00ean, \u201cquan \u0111i\u1ec3m c\u1ee7a t\u00f4i l\u00e0 ho\u00e0n thi\u1ec7n h\u1ec7 th\u1ed1ng ph\u00e1p l\u00fd kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 th\u1eaft ch\u1eb7t h\u01a1n, m\u00e0 c\u1ea7n \u0111\u1ea3m b\u1ea3o th\u00f4ng tin \u0111\u1ebfn \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng m\u1ed9t c\u00e1ch c\u00f4ng khai, minh b\u1ea1ch, ch\u00ednh x\u00e1c\u201d, \u00f4ng \u0110\u1ee9c n\u00f3i.<\/em><\/p>\n

T\u1eeb \u0111\u00f3, \u00f4ng \u0110\u1ee9c cho r\u1eb1ng c\u1ea7n t\u1eadp trung ho\u00e0n thi\u1ec7n vi\u1ec7c x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m. Tr\u01b0\u1edbc m\u1eaft s\u1ebd quy \u0111\u1ecbnh theo c\u00e1ch “\u0111\u00e1nh \u0111\u1ed5i”.\u00a0<\/em><\/p>\n

\u00d4ng \u0110\u1ee9c l\u1ea5y v\u00ed d\u1ee5: N\u1ebfu nh\u01b0 anh c\u00f3 k\u1ebft qu\u1ea3 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m s\u1ebd kh\u00f4ng c\u1ea7n th\u00eam \u0111i\u1ec1u ki\u1ec7n, ho\u1eb7c c\u00f3 th\u00eam 1-2 \u0111i\u1ec1u ki\u1ec7n. B\u1edfi x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m \u0111\u00e3 bao tr\u00f9m nhi\u1ec1u \u0111i\u1ec1u ki\u1ec7n v\u1ec1 ki\u1ec3m to\u00e1n. N\u1ebfu kh\u00f4ng ch\u1ea5p nh\u1eadn x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m, th\u00ec doanh nghi\u1ec7p ph\u1ea3i \u0111\u00e1nh \u0111\u1ed5i b\u1eb1ng vi\u1ec7c \u0111\u00e1p \u1ee9ng h\u00e0ng ch\u1ee5c \u0111i\u1ec1u ki\u1ec7n, ch\u1ee9 kh\u00f4ng th\u1ec3 c\u00e0o b\u1eb1ng…<\/em><\/p>\n

C\u1ea6N C\u00d3 QUY \u0110\u1ecaNH R\u00d5 R\u00c0NG H\u01a0N V\u1ec0 \u0110\u1ecaNH H\u1ea0NG T\u00cdN NHI\u1ec6M\u00a0<\/strong><\/h5>\n

Th\u00eam m\u1ed9t v\u1ea5n \u0111\u1ec1 nh\u1eadn \u0111\u01b0\u1ee3c nhi\u1ec1u s\u1ef1 \u0111\u1ed3ng thu\u1eadn t\u1eeb c\u00e1c kh\u00e1ch m\u1eddi l\u00e0 \u0111\u00f2i h\u1ecfi c\u1ea7n c\u00f3 quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 h\u01a1n v\u1ec1 \u0111\u1ecbnh h\u1ea1ng t\u00edn nhi\u1ec7m doanh nghi\u1ec7p. Theo \u0111\u00f3, \u0110i\u1ec1u n\u00e0y s\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 d\u00e0ng x\u00e1c \u0111\u1ecbnh ch\u1ea5t l\u01b0\u1ee3ng doanh nghi\u1ec7p, m\u1ee9c \u0111\u1ed9 r\u1ee7i ro c\u1ee7a tr\u00e1i phi\u1ebfu ph\u00e1t h\u00e0nh.<\/p>\n

\u00d4ng \u0110\u1eadu Anh Tu\u1ea5n, cho r\u1eb1ng gi\u1ea3i ph\u00e1p \u0111\u00e1nh gi\u00e1 t\u00edn nhi\u1ec7m b\u1eaft bu\u1ed9c l\u00e0 gi\u1ea3i ph\u00e1p c\u01a1 b\u1ea3n m\u00e0 c\u00e1c n\u01b0\u1edbc th\u01b0\u1eddng s\u1eed d\u1ee5ng.<\/p>\n

\u00d4ng Tu\u1ea5n n\u00eau v\u1ea5n \u0111\u1ec1 c\u00f3 s\u1ef1 b\u1ea5t \u0111\u1ed1i x\u1ee9ng th\u00f4ng tin, b\u1edfi c\u00f3 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 mua TPDN m\u00e0 kh\u00f4ng bi\u1ebft t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 th\u1ebf n\u00e0o.<\/p>\n

“Th\u01b0\u1eddng \u1edf c\u00e1c n\u01b0\u1edbc, h\u1ecd b\u1eaft bu\u1ed9c ph\u1ea3i \u0111\u1ecbnh gi\u00e1 t\u00edn nhi\u1ec7m qua c\u00e1c c\u00f4ng ty \u0111\u1ecbnh gi\u00e1 chuy\u00ean nghi\u1ec7p, qua \u0111\u00f3 \u0111\u00e1nh gi\u00e1 c\u1ee5 th\u1ec3 v\u1ec1 nh\u1eefng r\u1ee7i ro c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i l\u00e0 nh\u01b0 th\u1ebf n\u00e0o\u201d, \u00f4ng Tu\u1ea5n nh\u1eadn \u0111\u1ecbnh.<\/p>\n

Theo \u00f4ng Tu\u1ea5n, t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m hi\u1ec7n nay v\u1ec1 l\u00fd thuy\u1ebft l\u00e0 t\u1ed1t, nh\u01b0ng th\u1ef1c s\u1ef1 gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o c\u00f3 s\u1ef1 thay \u0111\u1ed5i r\u1ea5t nhanh. \u0110i\u1ec3n h\u00ecnh nh\u01b0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n, \u0111\u1ea5t \u0111ai, c\u1ee9 h\u00ecnh dung n\u1ebfu doanh nghi\u1ec7p kh\u00f4ng tr\u1ea3 \u0111\u01b0\u1ee3c tr\u00e1i phi\u1ebfu m\u00e0 ph\u00e1t m\u1ea1i t\u00e0i s\u1ea3n \u0111\u00f3 \u1edf Vi\u1ec7t Nam hi\u1ec7n nay l\u00e0 quy tr\u00ecnh r\u1ea5t ph\u1ee9c t\u1ea1p. Do \u0111\u00f3, \u0111\u1ecbnh gi\u00e1 t\u00edn nhi\u1ec7m l\u00e0 m\u1ed9t gi\u1ea3i ph\u00e1p r\u1ea5t quan tr\u1ecdng v\u00e0 ti\u1ec1m n\u0103ng.<\/p>\n

“Ti\u1ebfc l\u00e0 trong D\u1ef1 th\u1ea3o 5 s\u1eeda \u0111\u1ed5i Ngh\u1ecb \u0111\u1ecbnh 153\/2020\/N\u0110-CP l\u1ea1i h\u01a1i m\u1edd nh\u1ea1t, ch\u01b0a \u0111\u1eadm n\u00e9t”, \u00f4ng Tu\u1ea5n \u0111\u00e1nh gi\u00e1.<\/h5>\n

C\u0169ng trong lu\u1ed3ng quan \u0111i\u1ec3m nh\u1ea5n m\u1ea1nh t\u1edbi vai tr\u00f2 c\u1ee7a vi\u1ec7c x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m v\u1edbi s\u1ef1 l\u00e0nh m\u1ea1nh, \u1ed5n \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng, \u00f4ng Ph\u1ea1m Xu\u00e2n Ho\u00e8 n\u00eau l\u00ean t\u1ed3n t\u1ea1i l\u00e0 doanh nghi\u1ec7p l\u00e0m d\u1ecbch v\u1ee5 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m tr\u00ean th\u1ecb tr\u01b0\u1eddng hi\u1ec7n nay c\u00f2n nhi\u1ec1u h\u1ea1n ch\u1ebf, l\u1ef1c l\u01b0\u1ee3ng m\u1ecfng.<\/p>\n

\u0110i\u1ec1u n\u00e0y s\u1ebd kh\u00f4ng \u0111\u1ee7 s\u1ee9c \u0111\u00e1p \u1ee9ng y\u00eau c\u1ea7u khi th\u1ecb tr\u01b0\u1eddng t\u0103ng cao. V\u00ec v\u1eady, v\u1ecb chuy\u00ean gia ki\u1ebfn ngh\u1ecb c\u01a1 quan qu\u1ea3n l\u00fd c\u1ea7n t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho c\u00e1c doanh nghi\u1ec7p n\u00e0y ph\u00e1t tri\u1ec3n \u1ed5n \u0111\u1ecbnh, c\u00f3 ti\u1ec1m l\u1ef1c \u0111\u1ec3 g\u00f3p ph\u1ea7n th\u00fac \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu t\u0103ng tr\u01b0\u1edfng.<\/p>\n

Li\u00ean quan \u0111\u1ebfn v\u1ea5n \u0111\u1ec1 n\u00e0y, trong ph\u00e1t bi\u1ec3u c\u1ee7a m\u00ecnh, \u00f4ng Nguy\u1ec5n Tr\u00ed Hi\u1ebfu \u0111\u1ec1 c\u1eadp \u0111\u1ebfn \u0110\u1ea1o lu\u1eadt Dodd-Frank (c\u1ea3i c\u00e1ch v\u00e0 b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng tr\u00ean ph\u1ed1 Wall) c\u1ee7a M\u1ef9 \u0111\u00e3 d\u00e0nh nguy\u00ean m\u1ed9t ch\u01b0\u01a1ng v\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m.<\/p>\n

Theo \u00f4ng Hi\u1ebfu, Vi\u1ec7t Nam c\u0169ng c\u00f3 th\u1ec3 nghi\u00ean c\u1ee9u nh\u1eefng \u0111i\u1ec1u kho\u1ea3n trong ch\u01b0\u01a1ng n\u00e0y \u0111\u1ec3 c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng.<\/h5>\n

Th\u00eam v\u00e0o \u0111\u00f3, \u00f4ng Hi\u1ebfu c\u0169ng l\u01b0u \u00fd \u0111\u1ebfn Ngh\u1ecb \u0111\u1ecbnh s\u1ed1 88\/2014\/N\u0110-CP quy \u0111\u1ecbnh v\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m ban h\u00e0nh n\u0103m 2014 c\u1ea7n b\u1ed5 sung nhi\u1ec1u \u0111i\u1ec1u kho\u1ea3n, nh\u01b0: Quy \u0111\u1ecbnh vi\u1ec7c c\u00e1c c\u00f4ng ty x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m ph\u1ea3i gi\u1ea3i tr\u00ecnh c\u00e1c ph\u01b0\u01a1ng ph\u00e1p x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m sao cho ph\u00f9 h\u1ee3p v\u1edbi th\u00f4ng l\u1ec7 qu\u1ed1c t\u1ebf; th\u1ed1ng nh\u1ea5t c\u00e1c k\u00fd hi\u1ec7u cho c\u00e1c h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m nh\u01b0 AAA, BBB, CCC.<\/p>\n

“T\u01b0\u01a1ng t\u1ef1 nh\u01b0 M\u1ef9, c\u00e1c h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m c\u00f3 th\u1ec3 chia th\u00e0nh 2 nh\u00f3m: \u0110\u1ea7u t\u01b0 (investment grade) v\u00e0 kh\u00f4ng \u0111\u1ea7u t\u01b0 (non-investment grade) \u0111\u1ec3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u1ecbnh ngay m\u1ee9c \u0111\u1ed9 r\u1ee7i ro khi mua TPDN”, \u00f4ng Nguy\u1ec5n Tr\u00ed Hi\u1ebfu cho bi\u1ebft.<\/p>\n

Ngo\u00e0i ra, theo \u00f4ng Hi\u1ebfu, Vi\u1ec7t Nam c\u1ea7n th\u00e0nh l\u1eadp ri\u00eang m\u1ed9t V\u0103n ph\u00f2ng tr\u1ef1c thu\u1ed9c B\u1ed9 T\u00e0i ch\u00ednh v\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m, \u0111\u1ec3 gi\u00e1m s\u00e1t ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u00f4ng ty x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m \u0111ang ho\u1ea1t \u0111\u1ed9ng, \u0111\u1ec3 ki\u1ec3m so\u00e1t vi\u1ec7c tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh v\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m, vi\u1ec7c \u00e1p d\u1ee5ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m, v\u00e0 cu\u1ed1i c\u00f9ng l\u00e0 ki\u1ec3m so\u00e1t c\u00e1c tr\u01b0\u1eddng h\u1ee3p xung \u0111\u1ed9t l\u1ee3i \u00edch gi\u1eefa c\u00e1c th\u00e0nh vi\u00ean c\u1ee7a c\u00f4ng ty x\u1ebfp h\u1ea1ng v\u00e0 tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng.<\/p>\n

Li\u00ean quan \u0111\u1ebfn n\u1ed9i dung n\u00e0y trong Ngh\u1ecb \u0111\u1ecbnh 153, theo \u00f4ng Hi\u1ebfu c\u0169ng c\u1ea7n b\u1ed5 sung, m\u1ed9t s\u1ed1 \u0111i\u1ec1u nh\u01b0: C\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i n\u00eau r\u00f5 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n v\u00e0 \u0111\u01b0a ra m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1ec3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 theo d\u00f5i vi\u1ec7c s\u1eed d\u1ee5ng v\u1ed1n (ch\u1eb3ng h\u1ea1n m\u1ed9t l\u1ed9 tr\u00ecnh d\u00f9ng v\u1ed1n nh\u01b0 th\u1ebf n\u00e0o, v\u1edbi nh\u1eefng c\u1ed9t m\u1ed1c th\u1eddi gian v\u00e0 c\u00e1c b\u00e1o c\u00e1o ti\u1ebfn \u0111\u1ed9 th\u1ef1c hi\u1ec7n…).<\/p>\n

\u0110\u1ed3ng th\u1eddi, l\u00e0m r\u00f5 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p tr\u1ea3 n\u1ee3 v\u00e0 l\u00e3i v\u00e0 t\u00ednh l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh hay th\u1ea3 n\u1ed5i v\u00e0 th\u1ea3 n\u1ed5i d\u1ef1a v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0o. V\u1ec1 b\u1ea3n c\u00e1o b\u1ea1ch c\u0169ng ph\u1ea3i n\u00eau r\u00f5 nh\u1eefng cam k\u1ebft t\u00e0i ch\u00ednh, ch\u1eb3ng h\u1ea1n c\u00e1c t\u1ef7 l\u1ec7 t\u00e0i ch\u00ednh, thanh kho\u1ea3n, \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh m\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i tu\u00e2n th\u1ee7. Hay khi nh\u00e0 ph\u00e1t h\u00e0nh vi ph\u1ea1m nh\u1eefng \u0111i\u1ec1u cam k\u1ebft v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00ec c\u00f3 ch\u1ebf t\u00e0i ra sao?<\/p>\n

Tu\u1ea5n Vi\u1ec7t<\/em><\/h5>\n

————<\/em><\/p>\n

BizLIVE<\/em><\/strong> (T\u00e0i ch\u00ednh) 20-5-2022:<\/em><\/strong><\/p>\n

https:\/\/nhipsongkinhdoanh.vn\/thi-truong-trai-phieu-doanh-nghiep-can-mot-cuoc-dai-phau-post3096912.html<\/em><\/a><\/p>\n

(170\/3.071)<\/em><\/p>\n

 ","protected":false},"excerpt":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u1ea7n m\u1ed9t cu\u1ed9c \u2018\u0111\u1ea1i ph\u1eabu\u2019 (Biz) – Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p Vi\u1ec7t Nam \u0111ang tr\u1ea3i qua m\u1ed9t giai \u0111o\u1ea1n kh\u00f3 kh\u0103n, l\u00f2ng tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecb dao \u0111\u1ed9ng v\u00ec nh\u1eefng v\u1ee5 vi\u1ec7c x\u1ea3y ra g\u1ea7n \u0111\u00e2y…\u00a0 Nh\u01b0\u00a0\u0111\u00e3 th\u00f4ng tin, ng\u00e0y 19\/5, T\u1ea1p ch\u00ed Di\u1ec5n \u0111\u00e0n […]<\/p>\n","protected":false},"author":2,"featured_media":22413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,26],"tags":[41,34,36],"class_list":["post-22412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binh-luan-gop-y","category-legal-media","tag-luat-su-chung-khoan","tag-luat-su-doanh-nghiep","tag-luat-su-ngan-hang"],"acf":[],"yoast_head":"\n3.150. 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