{"id":24437,"date":"2022-06-02T09:07:16","date_gmt":"2022-06-02T02:07:16","guid":{"rendered":"https:\/\/anvilaw.com\/vi\/?p=24437"},"modified":"2025-02-13T16:19:29","modified_gmt":"2025-02-13T09:19:29","slug":"3-169-chan-chinh-thi-truong-trai-phieu-ra-sao","status":"publish","type":"post","link":"https:\/\/anvilaw.com\/vi\/3-169-chan-chinh-thi-truong-trai-phieu-ra-sao\/","title":{"rendered":"3.169. Ch\u1ea5n ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ra sao?"},"content":{"rendered":"

Ch\u1ea5n ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ra sao?<\/span><\/h4>\n
(TT) – Nghi\u00eam c\u1ea5m vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (TPDN) \u0111\u1ec3 cho vay, g\u00f3p v\u1ed1n, mua c\u1ed5 ph\u1ea7n… Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ch\u1ec9 \u0111\u01b0\u1ee3c mua TPDN ri\u00eang l\u1ebb c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang ho\u1eb7c b\u1ea3o l\u00e3nh thanh to\u00e1n c\u1ee7a t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng.<\/strong><\/h5>\n

\"Ch\u1ea5n<\/p>\n

D\u1ef1 \u00e1n D\u2019Capitale Tr\u1ea7n Duy H\u01b0ng c\u1ee7a T\u00e2n Ho\u00e0ng Minh t\u1ea1i H\u00e0 N\u1ed9i l\u00e0 m\u1ed9t trong 11 d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c B\u1ed9 C\u00f4ng an \u0111\u1ec1 ngh\u1ecb x\u00e1c minh vi\u1ec7c ch\u1ea5p thu\u1eadn ch\u1ee7 tr\u01b0\u01a1ng \u0111\u1ea7u t\u01b0, quy ho\u1ea1ch x\u00e2y d\u1ef1ng, k\u1ebf ho\u1ea1ch giao \u0111\u1ea5t v\u00e0 ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh – \u1ea2nh: NAM TR\u1ea6N<\/p>\n

\u0110\u00e2y l\u00e0 m\u1ed9t s\u1ed1 n\u1ed9i dung s\u1eeda \u0111\u1ed5i ngh\u1ecb \u0111\u1ecbnh 153 n\u0103m 2020 v\u1ec1 ph\u00e1t h\u00e0nh TPDN \u0111\u00e3 \u0111\u01b0\u1ee3c B\u1ed9 T\u00e0i ch\u00ednh tr\u00ecnh Ch\u00ednh ph\u1ee7 nh\u1eb1m \u0111\u1ea3m b\u1ea3o th\u1ecb tr\u01b0\u1eddng TPDN ph\u00e1t tri\u1ec3n minh b\u1ea1ch, l\u00e0nh m\u1ea1nh v\u00e0 an to\u00e0n. Theo \u0111\u00f3, trong th\u1eddi gian t\u1edbi, vi\u1ec7c ph\u00e1t h\u00e0nh TPDN ri\u00eang l\u1ebb theo h\u01b0\u1edbng t\u0103ng \u0111i\u1ec1u ki\u1ec7n ph\u00e1t h\u00e0nh, r\u00e0ng bu\u1ed9c tr\u00e1ch nhi\u1ec7m c\u1ee7a DN ph\u00e1t h\u00e0nh, ph\u00e2n ph\u1ed1i TPDN tr\u00ean th\u1ecb tr\u01b0\u1eddng…<\/p>\n

Doanh nghi\u1ec7p ph\u1ea3i mua l\u1ea1i tr\u00e1i phi\u1ebfu…<\/strong><\/h5>\n

Trao \u0111\u1ed5i v\u1edbi ch\u00fang t\u00f4i, \u00f4ng Nguy\u1ec5n \u0110\u1ee9c Chi, th\u1ee9 tr\u01b0\u1edfng B\u1ed9 T\u00e0i ch\u00ednh, cho bi\u1ebft \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng TPDN v\u1eadn h\u00e0nh an to\u00e0n, tr\u1edf th\u00e0nh k\u00eanh huy \u0111\u1ed9ng v\u1ed1n hi\u1ec7u qu\u1ea3 cho n\u1ec1n kinh t\u1ebf, B\u1ed9 T\u00e0i ch\u00ednh \u0111ang tr\u00ecnh Ch\u00ednh ph\u1ee7 s\u1eeda \u0111\u1ed5i ngh\u1ecb \u0111\u1ecbnh 153 v\u1ec1 ph\u00e1t h\u00e0nh TPDN. V\u1ec1 l\u00e2u d\u00e0i b\u1ed9 s\u1ebd nghi\u00ean c\u1ee9u c\u00e1c v\u1ea5n \u0111\u1ec1 c\u00f2n t\u1ed3n t\u1ea1i theo quy \u0111\u1ecbnh c\u1ee7a Lu\u1eadt ch\u1ee9ng kho\u00e1n \u0111\u1ec3 s\u1eeda \u0111\u1ed5i cho ph\u00f9 h\u1ee3p. B\u1edfi ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng TPDN l\u00e0 v\u00f4 c\u00f9ng c\u1ea7n thi\u1ebft, kh\u00f4ng th\u1ec3 t\u00e1ch kh\u1ecfi c\u00e1i chung l\u00e0 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n.<\/p>\n

B\u1ed9 T\u00e0i ch\u00ednh \u0111ang xin \u00fd ki\u1ebfn th\u1ea9m \u0111\u1ecbnh c\u1ee7a B\u1ed9 T\u01b0 ph\u00e1p v\u1ec1 d\u1ef1 th\u1ea3o ngh\u1ecb \u0111\u1ecbnh s\u1eeda \u0111\u1ed5i ngh\u1ecb \u0111\u1ecbnh 153 v\u1ec1 ph\u00e1t h\u00e0nh TPDN. \u0110\u1ecbnh h\u01b0\u1edbng chung l\u00e0 s\u1ebd b\u1ed5 sung c\u00e1c quy \u0111\u1ecbnh m\u1edbi \u0111\u1ec3 b\u1ea3o \u0111\u1ea3m th\u1ecb tr\u01b0\u1eddng TPDN ph\u00e1t tri\u1ec3n an to\u00e0n, b\u1ec1n v\u1eefng. “Ch\u1eb3ng h\u1ea1n, ngh\u1ecb \u0111\u1ecbnh s\u1eeda \u0111\u1ed5i s\u1ebd b\u1ed5 sung c\u00e1c gi\u1ea3i ph\u00e1p k\u1ef9 thu\u1eadt \u0111\u1ec3 kh\u1eafc ph\u1ee5c nh\u1eefng t\u1ed3n t\u1ea1i trong c\u00f4ng b\u1ed1 th\u00f4ng tin c\u1ee7a DN tr\u01b0\u1edbc khi ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu nh\u1eb1m t\u0103ng t\u00ednh minh b\u1ea1ch c\u1ee7a th\u1ecb tr\u01b0\u1eddng”, \u00f4ng Chi kh\u1eb3ng \u0111\u1ecbnh.<\/p>\n

Theo \u0111\u00f3, DN s\u1ebd kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh TPDN c\u00f3 gi\u00e1 tr\u1ecb qu\u00e1 3 l\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. N\u1ebfu ph\u00e1t h\u00e0nh v\u01b0\u1ee3t tr\u00ean 1 l\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, ph\u1ea3i c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m, b\u1ea3o l\u00e3nh thanh to\u00e1n c\u1ee7a ng\u00e2n h\u00e0ng. Nghi\u00eam c\u1ea5m vi\u1ec7c ph\u00e1t h\u00e0nh TPDN \u0111\u1ec3 cho vay, g\u00f3p v\u1ed1n, mua c\u1ed5 ph\u1ea7n, mua v\u1ed1n g\u00f3p DN kh\u00e1c, tr\u1eeb tr\u01b0\u1eddng h\u1ee3p ph\u00e1t h\u00e0nh \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty con. DN ph\u00e1t h\u00e0nh TPDN ph\u1ea3i mua l\u1ea1i tr\u00e1i phi\u1ebfu t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ebfu c\u00f3 vi ph\u1ea1m ph\u00e1p lu\u1eadt v\u00e0 vi ph\u1ea1m quy \u0111\u1ecbnh v\u1ec1 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu.<\/p>\n

Ch\u00ednh ph\u1ee7 c\u0169ng s\u1ebd quy \u0111\u1ecbnh r\u00f5 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m c\u1ee7a TPDN ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 v\u00e0 \u0111\u0103ng k\u00fd giao d\u1ecbch t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m, ch\u00e0o b\u00e1n cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ph\u1ea3i c\u00f3 \u0111\u1ea1i di\u1ec7n ch\u1ee7 s\u1edf h\u1eefu tr\u00e1i phi\u1ebfu. H\u1ea1n ch\u1ebf nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ch\u1ec9 \u0111\u01b0\u1ee3c mua TPDN ri\u00eang l\u1ebb c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang ho\u1eb7c b\u1ea3o l\u00e3nh thanh to\u00e1n c\u1ee7a t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng. V\u00e0 t\u1ed5 ch\u1ee9c cung c\u1ea5p d\u1ecbch v\u1ee5 v\u1ec1 TPDN ch\u1ecbu tr\u00e1ch nhi\u1ec7m ho\u00e0n to\u00e0n tr\u01b0\u1edbc ph\u00e1p lu\u1eadt v\u1ec1 vi\u1ec7c r\u00e0 so\u00e1t \u0111i\u1ec1u ki\u1ec7n ph\u00e1t h\u00e0nh.<\/p>\n

Tr\u01b0\u1edbc \u0111\u00f3, trong b\u00e1o c\u00e1o g\u1eedi t\u1edbi Th\u1ee7 t\u01b0\u1edbng, B\u1ed9 T\u00e0i ch\u00ednh cho bi\u1ebft \u0111\u1ec3 ch\u00e0o m\u1eddi TPDN ri\u00eang l\u1ebb, nhi\u1ec1u c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u00e3 “l\u00e1ch lu\u1eadt”, “h\u00f4 bi\u1ebfn” nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n thi\u1ebfu kinh nghi\u1ec7m tr\u1edf th\u00e0nh nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p b\u1eb1ng h\u1ee3p \u0111\u1ed3ng mua k\u1ef3 h\u1ea1n tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ho\u1eb7c ch\u1ee9ng kho\u00e1n ni\u00eam y\u1ebft trong th\u1eddi gian 2-4 ng\u00e0y. T\u01b0 v\u1ea5n cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n kh\u00f4ng tr\u1ef1c ti\u1ebfp \u0111\u1ee9ng t\u00ean mua TPDN ri\u00eang l\u1ebb m\u00e0 k\u00fd h\u1ee3p \u0111\u1ed3ng d\u00e2n s\u1ef1 v\u1edbi c\u00f4ng ty ch\u1ee9ng kho\u00e1n, ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i \u0111\u1ee9ng ra mua h\u1ed9.<\/p>\n

“Nhi\u1ec1u c\u00f4ng ty ch\u1ee9ng kho\u00e1n khi ch\u00e0o b\u00e1n TPDN kh\u00f4ng cung c\u1ea5p \u0111\u1ee7, ch\u00ednh x\u00e1c th\u00f4ng tin DN ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu cho nh\u00e0 \u0111\u1ea7u t\u01b0. C\u00f3 t\u00ecnh tr\u1ea1ng DN n\u00e0y ph\u00e1t h\u00e0nh TPDN \u0111\u1ec3 g\u00f3p v\u1ed1n, mua c\u1ed5 ph\u1ea7n, mua tr\u00e1i phi\u1ebfu c\u1ee7a DN kh\u00e1c, l\u1ea5y ti\u1ec1n cho DN kh\u00e1c vay, ho\u1eb7c ph\u00e1t h\u00e0nh TPDN \u0111\u1ec3 chuy\u1ec3n v\u1ed1n l\u00f2ng v\u00f2ng nh\u1eb1m l\u00e1ch quy \u0111\u1ecbnh v\u1ec1 gi\u1edbi h\u1ea1n cho vay\/\u0111\u1ea7u t\u01b0 TPDN c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng v\u1edbi m\u1ed9t kh\u00e1ch h\u00e0ng, nh\u00f3m kh\u00e1ch h\u00e0ng”, B\u1ed9 T\u00e0i ch\u00ednh cho bi\u1ebft.<\/p>\n

Tr\u00e1i phi\u1ebfu l\u00e0 m\u1ed9t trong nh\u1eefng k\u00eanh huy \u0111\u1ed9ng v\u1ed1n quan tr\u1ecdng gi\u00fap doanh nghi\u1ec7p th\u1ef1c hi\u1ec7n c\u00e1c d\u1ef1 \u00e1n b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00fang ti\u1ebfn \u0111\u1ed9 – \u1ea2nh: Q.\u0110\u1ecaNH<\/h6>\n
Ph\u1ea3i c\u00f3 \u0111\u00e1nh gi\u00e1 t\u00edn nhi\u1ec7m doanh nghi\u1ec7p<\/strong><\/h5>\n

Theo \u00f4ng L\u00ea Ho\u00e0ng Ch\u00e2u, ch\u1ee7 t\u1ecbch Hi\u1ec7p h\u1ed9i B\u1ea5t \u0111\u1ed9ng s\u1ea3n TP.HCM, TPDN l\u00e0 m\u1ed9t trong nh\u1eefng k\u00eanh huy \u0111\u1ed9ng v\u1ed1n quan tr\u1ecdng c\u1ee7a DN b\u1ea5t \u0111\u1ed9ng s\u1ea3n b\u1edfi t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m kh\u00f4ng ph\u1ea3i l\u00e0 y\u1ebfu t\u1ed1 b\u1eaft bu\u1ed9c, m\u00e0 DN ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 b\u1ea3o \u0111\u1ea3m b\u1eb1ng ch\u00ednh tr\u00e1i phi\u1ebfu ho\u1eb7c cam k\u1ebft l\u1ee3i nhu\u1eadn. Do \u0111\u00f3, \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng TPDN c\u00f3 th\u1ec3 v\u1eadn h\u00e0nh an to\u00e0n v\u00e0 hi\u1ec7u qu\u1ea3, theo \u00f4ng Ch\u00e2u, c\u1ea7n th\u00fac \u0111\u1ea9y ho\u1ea1t \u0111\u1ed9ng x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m DN. “C\u1ea3 n\u01b0\u1edbc ch\u1ec9 m\u1edbi c\u00f3 2 DN \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m l\u00e0 qu\u00e1 \u00edt so v\u1edbi h\u00e0ng tr\u0103m DN \u0111ang c\u00f3 nhu c\u1ea7u ph\u00e1t h\u00e0nh TPDN m\u1ed7i n\u0103m”, \u00f4ng Ch\u00e2u nh\u1ea5n m\u1ea1nh.<\/p>\n

TS Nguy\u1ec5n Tr\u00ed Hi\u1ebfu c\u0169ng cho r\u1eb1ng mu\u1ed1n th\u1ecb tr\u01b0\u1eddng TPDN ph\u00e1t tri\u1ec3n l\u00e0nh m\u1ea1nh, ngh\u1ecb \u0111\u1ecbnh 153 ph\u1ea3i \u0111\u01b0\u1ee3c s\u1eeda \u0111\u1ed5i s\u1edbm. Trong \u0111\u00f3, nh\u1eefng quy \u0111\u1ecbnh v\u1ec1 s\u1eed d\u1ee5ng v\u1ed1n huy \u0111\u1ed9ng qua k\u00eanh TPDN ph\u1ea3i \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c qu\u00e1 tr\u00ecnh s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a DN ph\u00e1t h\u00e0nh. Th\u1ee9 hai l\u00e0 ph\u1ea3i c\u00f3 quy \u0111\u1ecbnh v\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m. Ngh\u1ecb \u0111\u1ecbnh 153 c\u00f3 nh\u1eafc \u0111\u1ebfn quy \u0111\u1ecbnh v\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m DN ph\u00e1t h\u00e0nh TPDN nh\u01b0ng kh\u00f4ng b\u1eaft bu\u1ed9c.<\/p>\n

“C\u1ea7n quy \u0111\u1ecbnh r\u00f5 \u0111i\u1ec1u ki\u1ec7n ph\u00e1t h\u00e0nh TPDN m\u00e0 DN ph\u00e1t h\u00e0nh ph\u1ea3i tu\u00e2n th\u1ee7, trong \u0111\u00f3 c\u00f3 nh\u1eefng ch\u1ec9 ti\u00eau v\u1ec1 t\u00e0i ch\u00ednh. C\u1ea7n quy \u0111\u1ecbnh b\u1eaft bu\u1ed9c v\u1edbi DN ph\u00e1t h\u00e0nh TPDN ph\u1ea3i c\u00f3 l\u00e3i trong 3 n\u0103m li\u1ec1n k\u1ec1 tr\u01b0\u1edbc th\u1eddi \u0111i\u1ec3m ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu. Ngo\u00e0i ra, c\u1ea7n b\u1ed5 sung c\u00e1c quy \u0111\u1ecbnh ch\u1eb7t ch\u1ebd v\u1ec1 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh, t\u00ednh thanh kho\u1ea3n, nh\u01b0 v\u1eady th\u1ecb tr\u01b0\u1eddng TPDN s\u1ebd an to\u00e0n h\u01a1n, tr\u00e1nh thi\u1ec7t h\u1ea1i cho nh\u00e0 \u0111\u1ea7u t\u01b0”, \u00f4ng Hi\u1ebfu cho bi\u1ebft th\u00eam.<\/p>\n

Trong khi \u0111\u00f3, theo \u00f4ng \u0110inh Tu\u1ea5n Minh – gi\u00e1m \u0111\u1ed1c nghi\u00ean c\u1ee9u Trung t\u00e2m Nghi\u00ean c\u1ee9u gi\u1ea3i ph\u00e1p th\u1ecb tr\u01b0\u1eddng cho c\u00e1c v\u1ea5n \u0111\u1ec1 kinh t\u1ebf – x\u00e3 h\u1ed9i, tr\u00e1i phi\u1ebfu kh\u00f4ng ph\u1ea3i l\u00e0 t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng n\u00ean y\u00eau c\u1ea7u v\u1edbi tr\u00e1i phi\u1ebfu ch\u1ee7 y\u1ebfu l\u00e0 t\u00edn ch\u1ea5p. DN huy \u0111\u1ed9ng v\u1ed1n \u0111\u1ec3 l\u00e0m m\u1ed9t d\u1ef1 \u00e1n h\u00ecnh th\u00e0nh trong t\u01b0\u01a1ng lai ch\u1ee9 kh\u00f4ng \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m b\u1eb1ng m\u1ed9t th\u1ee9 \u1edf hi\u1ec7n t\u1ea1i. Do \u0111\u00f3, tr\u00e1i ch\u1ee7 c\u0169ng \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u00e3i su\u1ea5t cao h\u01a1n g\u1eedi ti\u1ebft ki\u1ec7m, r\u1ee7i ro c\u0169ng l\u1edbn h\u01a1n.<\/p>\n

C\u0169ng theo \u00f4ng Minh, ngay c\u1ea3 \u1edf n\u01b0\u1edbc ngo\u00e0i v\u1eabn c\u00f3 nh\u1eefng TPDN r\u00e1c, kh\u00f4ng thu\u1ed9c nh\u00f3m \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m nh\u01b0ng v\u1eabn c\u00f3 ng\u01b0\u1eddi mua v\u00ec l\u00e3i su\u1ea5t cao. Ng\u01b0\u1ee3c l\u1ea1i, v\u1edbi nh\u1eefng tr\u00e1i phi\u1ebfu c\u00f3 t\u00edn nhi\u1ec7m cao nh\u01b0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 \u0111ang ph\u00e1t h\u00e0nh r\u1ed9ng r\u00e3i s\u1ebd c\u00f3 l\u00e3i su\u1ea5t th\u1ea5p h\u01a1n TPDN. V\u00ec v\u1eady, nh\u00e0 \u0111\u1ea7u t\u01b0 TPDN c\u1ea7n c\u00e2n nh\u1eafc k\u1ef9 c\u00e1c y\u1ebfu t\u1ed1 khi mua. L\u1ee3i nhu\u1eadn kh\u00e1c nhau, r\u1ee7i ro c\u0169ng s\u1ebd kh\u00e1c nhau.<\/p>\n

“Th\u1ecb tr\u01b0\u1eddng TPDN mu\u00f4n h\u00ecnh v\u1ea1n tr\u1ea1ng, v\u00ec th\u1ebf c\u01a1 quan qu\u1ea3n l\u00fd nh\u00e0 n\u01b0\u1edbc c\u1ea7n c\u00f3 quy \u0111\u1ecbnh \u0111\u1ec3 nh\u1eefng h\u1ee3p \u0111\u1ed3ng giao d\u1ecbch TPDN kh\u00f4ng b\u1ecb m\u1eadp m\u1edd th\u00f4ng tin. \u0110\u1ed3ng th\u1eddi c\u1ea3nh b\u00e1o r\u00f5 r\u00e0ng v\u1edbi ng\u01b0\u1eddi mua r\u1eb1ng t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m v\u1edbi TPDN ch\u1ec9 mang t\u00ednh ch\u1ea5t l\u00e0 tri\u1ec3n v\u1ecdng trong t\u01b0\u01a1ng lai \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng hi\u1ec3u nh\u1ea7m. V\u00e0 c\u1ea7n x\u00e2y d\u1ef1ng \u0111i\u1ec1u ki\u1ec7n c\u1ee5 th\u1ec3 v\u1ec1 vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0o \u0111\u01b0\u1ee3c tham gia th\u1ecb tr\u01b0\u1eddng TPDN s\u01a1 c\u1ea5p v\u00e0 nh\u1eefng ai ch\u1ec9 \u0111\u01b0\u1ee3c tham gia th\u1ecb tr\u01b0\u1eddng s\u01a1 c\u1ea5p”, \u00f4ng Minh khuy\u1ebfn ngh\u1ecb.<\/p>\n

H\u01a1n 50% TPDN kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o<\/strong><\/h5>\n

Theo b\u00e1o c\u00e1o c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh, t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng TPDN ph\u00e1t h\u00e0nh n\u0103m 2021 \u0111\u1ea1t h\u01a1n 639.700 t\u1ec9 \u0111\u1ed3ng (kho\u1ea3ng 27,8 t\u1ec9 USD), t\u0103ng 38,8% so v\u1edbi n\u0103m 2020. Trong \u0111\u00f3, ch\u1ee7 y\u1ebfu l\u00e0 TPDN ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb, \u0111\u1ea1t h\u01a1n 605.500 t\u1ec9 \u0111\u1ed3ng (26,3 t\u1ec9 USD), TPDN ch\u00e0o b\u00e1n ra c\u00f4ng ch\u00fang c\u00f9ng k\u1ef3 \u0111\u1ea1t kho\u1ea3ng 34.100 t\u1ec9 \u0111\u1ed3ng. T\u00ednh \u0111\u1ebfn cu\u1ed1i n\u0103m 2021, quy m\u00f4 TPDN ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 16,84% GDP.<\/p>\n

Trong \u0111\u00f3, TPDN ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m chi\u1ebfm 49,7%, TPDN kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m chi\u1ebfm 50,3%. H\u01a1n 77,7% TPDN ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m \u0111\u1ec1u do c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i, c\u00f4ng ty ch\u1ee9ng kho\u00e1n ph\u00e1t h\u00e0nh. L\u00e3i su\u1ea5t ph\u00e1t h\u00e0nh b\u00ecnh qu\u00e2n c\u1ee7a TPDN trong n\u0103m 2021 l\u00e0 7,94%, th\u1ea5p h\u01a1n l\u00e3i vay trung v\u00e0 d\u00e0i h\u1ea1n ph\u1ed5 bi\u1ebfn c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng hi\u1ec7n nay t\u1eeb 1-2%.<\/p>\n

\u0110\u1ed1i v\u1edbi TPDN do c\u00e1c DN b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 x\u00e2y d\u1ef1ng ph\u00e1t h\u00e0nh, c\u00f3 88,2% l\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m ho\u1eb7c b\u1ea3o l\u00e3nh thanh to\u00e1n. Nh\u01b0ng t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m c\u1ee7a c\u00e1c DN ch\u1ee7 y\u1ebfu l\u00e0 c\u00e1c d\u1ef1 \u00e1n b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u00ecnh th\u00e0nh trong t\u01b0\u01a1ng lai (chi\u1ebfm 57,84%), b\u1ea3o \u0111\u1ea3m b\u1eb1ng c\u1ed5 phi\u1ebfu (chi\u1ebfm 23,95%), b\u1ea3o \u0111\u1ea3m b\u1eb1ng c\u1ea3 b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 c\u1ed5 phi\u1ebfu (chi\u1ebfm 1,37%), b\u1ea3o \u0111\u1ea3m b\u1eb1ng t\u00e0i s\u1ea3n kh\u00e1c (chi\u1ebfm 8,67%).<\/p>\n

* 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>:<\/em><\/strong><\/h5>\n
Doanh nghi\u1ec7p ph\u1ea3i c\u00f4ng khai th\u00f4ng tin<\/em><\/strong><\/h5>\n

V\u1ed1n huy \u0111\u1ed9ng qua th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, g\u1ed3m c\u1ea3 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 26% t\u1ed5ng l\u01b0\u1ee3ng v\u1ed1n cung \u1ee9ng ra n\u1ec1n kinh t\u1ebf. Trong \u0111\u00f3, TPDN chi\u1ebfm kho\u1ea3ng 22,7% t\u1ed5ng l\u01b0\u1ee3ng v\u1ed1n cung \u1ee9ng cho n\u1ec1n kinh t\u1ebf m\u1ed7i n\u0103m. Do v\u1eady, th\u1ecb tr\u01b0\u1eddng TPDN c\u00f2n r\u1ea5t nhi\u1ec1u d\u01b0 \u0111\u1ecba ph\u00e1t tri\u1ec3n. C\u00f3 th\u1ec3 n\u00f3i, th\u1ecb tr\u01b0\u1eddng TPDN l\u00e0 k\u00eanh huy \u0111\u1ed9ng v\u1ed1n trung v\u00e0 d\u00e0i h\u1ea1n r\u1ea5t quan tr\u1ecdng, g\u00f3p ph\u1ea7n ph\u00e1t tri\u1ec3n h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh, c\u00e2n \u0111\u1ed1i h\u01a1n.<\/em><\/p>\n

Th\u1ecb tr\u01b0\u1eddng TPDN ph\u00e1t tri\u1ec3n s\u1ebd g\u00f3p ph\u1ea7n \u0111a d\u1ea1ng h\u00f3a k\u00eanh \u0111\u1ea7u t\u01b0, \u0111a d\u1ea1ng h\u00f3a s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh. \u0110\u00e2y c\u00f2n l\u00e0 k\u00eanh huy \u0111\u1ed9ng ngu\u1ed3n v\u1ed1n nh\u00e0n r\u1ed7i trong d\u00e2n v\u00e0 doanh nghi\u1ec7p hay t\u1ed5 ch\u1ee9c kh\u00e1c, g\u00f3p ph\u1ea7n h\u1ea1n ch\u1ebf v\u00e0ng h\u00f3a, \u0111\u00f4la h\u00f3a… \u0110i\u1ec1u quan tr\u1ecdng l\u00e0 c\u1ea7n “b\u1eaft \u0111\u00fang b\u1ec7nh” c\u1ee7a th\u1ecb tr\u01b0\u1eddng TPDN nh\u1eb1m \u0111\u1ea3m b\u1ea3o th\u1ecb tr\u01b0\u1eddng n\u00e0y ph\u00e1t tri\u1ec3n l\u00e0nh m\u1ea1nh h\u01a1n, m\u1ed9t trong nh\u1eefng gi\u1ea3i ph\u00e1p l\u00e0 th\u00f4ng tin ph\u1ea3i \u0111\u01b0\u1ee3c r\u00f5 r\u00e0ng.<\/em><\/p>\n

DN c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu g\u1ea5p nhi\u1ec1u l\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu nh\u01b0ng ph\u1ea3i c\u00f4ng khai th\u00f4ng tin n\u00e0y cho nh\u00e0 \u0111\u1ea7u t\u01b0. DN c\u0169ng c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu khi thua l\u1ed7, nh\u01b0ng ph\u1ea3i th\u00f4ng b\u00e1o cho nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang l\u1ed7 bao nhi\u00eau… Ngo\u00e0i website c\u1ee7a m\u00ecnh, DN c\u0169ng c\u1ea7n c\u00f4ng b\u1ed1 tr\u00ean c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n th\u00f4ng tin \u0111\u1ea1i ch\u00fang c\u00e1c th\u00f4ng tin v\u1ec1 t\u00ecnh h\u00ecnh “s\u1ee9c kh\u1ecfe” c\u1ee7a DN nh\u01b0 n\u1ee3, l\u1ed7 hay l\u00e3i… \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1m s\u00e1t.<\/em><\/p>\n

* TS Nguy\u1ec5n Tr\u00ed Hi\u1ebfu (chuy\u00ean gia ng\u00e2n h\u00e0ng):<\/strong><\/h5>\n
Ph\u1ea3i x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m doanh nghi\u1ec7p ph\u00e1t h\u00e0nh<\/strong><\/h5>\n

\u0110\u1ec3 th\u1ecb tr\u01b0\u1eddng TPDN ph\u00e1t tri\u1ec3n \u1ed5n \u0111\u1ecbnh v\u00e0 b\u1ec1n v\u1eefng, c\u1ea7n ph\u1ea3i ki\u1ec3m tra “s\u1ee9c kh\u1ecfe” c\u1ee7a DN tr\u01b0\u1edbc khi ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu. Ngay \u1edf M\u1ef9, \u0111\u1ea1o lu\u1eadt Dodd-Frank v\u1ec1 c\u1ea3i c\u00e1ch v\u00e0 b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng \u0111\u00e3 d\u00e0nh nguy\u00ean m\u1ed9t ch\u01b0\u01a1ng v\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m. VN n\u00ean 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.<\/p>\n

C\u00e1c h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m c\u00f3 th\u1ec3 chia th\u00e0nh hai nh\u00f3m \u0111\u1ea7u t\u01b0 v\u00e0 kh\u00f4ng \u0111\u1ea7u t\u01b0 \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. Ngo\u00e0i ra, 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, nh\u1eb1m \u0111\u1ea3m b\u1ea3o vi\u1ec7c tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh v\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m, c\u00e1c ph\u01b0\u01a1ng ph\u00e1p x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m. \u0110i\u1ec1u n\u00e0y \u0111\u1ea3m b\u1ea3o “k\u1ebft qu\u1ea3 ki\u1ec3m tra s\u1ee9c kh\u1ecfe” c\u1ee7a DN ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c c\u00e1c c\u00f4ng ty x\u1ebfp h\u1ea1ng l\u00e0 chu\u1ea9n x\u00e1c.<\/p>\n

Doanh nghi\u1ec7p s\u1ebd “\u0111\u00f3i” v\u1ed1n?<\/strong><\/h5>\n

C\u1ea7n c\u00f3 bi\u1ec7n ph\u00e1p gi\u00e1m s\u00e1t v\u00e0 h\u1eadu ki\u1ec3m ch\u1eb7t ch\u1ebd \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh – ch\u1ee9ng kho\u00e1n ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng. Trong \u1ea3nh: giao d\u1ecbch ch\u1ee9ng kho\u00e1n t\u1ea1i CTCP ch\u1ee9ng kho\u00e1n VNDIRECT, qu\u1eadn 1, TP.HCM – \u1ea2nh: Q.\u0110\u1ecaNH<\/p>\n

Tr\u00e1i phi\u1ebfu s\u1ebd tr\u1edf th\u00e0nh\u00a0“bom n\u1ee3” n\u1ebfu doanh\u00a0nghi\u1ec7p kh\u00f4ng c\u00f3 d\u00f2ng ti\u1ec1n \u0111\u1ec3 tr\u1ea3 cho tr\u00e1i ch\u1ee7, t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng th\u1ea5p. Tuy nhi\u00ean, c\u1ea7n ki\u1ec3m so\u00e1t\u00a0m\u1ed9t c\u00e1ch kh\u00f4n kh\u00e9o, tr\u00e1nh \u0111\u1ec3 doanh nghi\u1ec7p b\u1ecb “\u0111\u00f3i” v\u1ed1n, g\u00e2y n\u00ean h\u1ec7 l\u1ee5y kh\u00f4ng \u0111\u00e1ng c\u00f3.<\/em><\/p>\n

Nhi\u1ec1u chuy\u00ean gia \u0111\u00e3 khuy\u1ebfn c\u00e1o nh\u01b0 v\u1eady khi trao \u0111\u1ed5i v\u1edbi Tu\u1ed5i Tr\u1ebb v\u1ec1 c\u00e1c gi\u1ea3i ph\u00e1p ki\u1ec3m so\u00e1t th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (TPDN). Theo c\u00e1c chuy\u00ean gia, th\u00f4ng qua th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, kh\u00f4ng ch\u1ec9 DN b\u1ea5t \u0111\u1ed9ng s\u1ea3n hay c\u00e1c ng\u00e2n h\u00e0ng, m\u00e0 DN c\u00e1c ng\u00e0nh kh\u00e1c nh\u01b0 x\u00e2y d\u1ef1ng, s\u1ea3n xu\u1ea5t, n\u00f4ng nghi\u1ec7p, d\u1ecbch v\u1ee5, du l\u1ecbch, ch\u1ee9ng kho\u00e1n, n\u0103ng l\u01b0\u1ee3ng… c\u0169ng huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c v\u1ed1n \u0111\u1ea7u t\u01b0 ph\u00e1t tri\u1ec3n kinh doanh.<\/p>\n

Doanh nghi\u1ec7p\u00a0s\u1ebd g\u1eb7p kh\u00f3 v\u1ec1 v\u1ed1n<\/strong><\/h5>\n

Theo s\u1ed1 li\u1ec7u t\u1eeb Hi\u1ec7p h\u1ed9i Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Vi\u1ec7t Nam (VBMA), t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu trong qu\u00fd 1-2022 \u0111\u1ea1t h\u01a1n 56.670 t\u1ec9 \u0111\u1ed3ng. Trong \u0111\u00f3, t\u1ec9 l\u1ec7 ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb chi\u1ebfm g\u1ea7n 85%, c\u00f2n l\u1ea1i l\u00e0 huy \u0111\u1ed9ng theo ph\u01b0\u01a1ng th\u1ee9c ph\u00e1t h\u00e0nh ra c\u00f4ng ch\u00fang.<\/p>\n

Trong qu\u00fd 1-2022, t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng ph\u00e1t h\u00e0nh c\u1ee7a TPDN t\u0103ng g\u1ea7n 19% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc, ch\u1ee7 y\u1ebfu xu\u1ea5t ph\u00e1t t\u1eeb nh\u00f3m b\u1ea5t \u0111\u1ed9ng s\u1ea3n, ng\u00e2n h\u00e0ng v\u00e0 x\u00e2y d\u1ef1ng. Tuy nhi\u00ean, t\u1eeb th\u00e1ng 4 tr\u1edf l\u1ea1i \u0111\u00e2y, ho\u1ea1t \u0111\u1ed9ng ph\u00e1t h\u00e0nh TPDN \u0111\u00e3 “ch\u00f9ng” l\u1ea1i. C\u1ee5 th\u1ec3, VBMA cho bi\u1ebft sang th\u00e1ng 4 v\u1eeba qua kh\u00f4ng c\u00f3 b\u1ea5t k\u1ef3 DN b\u1ea5t \u0111\u1ed9ng s\u1ea3n n\u00e0o ph\u00e1t h\u00e0nh TPDN.<\/p>\n

V\u00e0o th\u00e1ng 5-2022, ph\u1ea7n l\u1edbn gi\u00e1 tr\u1ecb ph\u00e1t h\u00e0nh thu\u1ed9c v\u1ec1 nh\u00f3m ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i (80%) v\u00e0 nh\u00f3m d\u1ecbch v\u1ee5 l\u01b0u tr\u00fa (10%). Trong khi tr\u01b0\u1edbc \u0111\u00f3, b\u1ea5t \u0111\u1ed9ng s\u1ea3n m\u1edbi l\u00e0 ng\u00e0nh th\u01b0\u1eddng so k\u00e8 h\u1ea1ng nh\u1ea5t nh\u00ec v\u1edbi nh\u00f3m ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i v\u1ec1 gi\u00e1 tr\u1ecb ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu.<\/p>\n

“Vi\u1ec7c ph\u00e1t h\u00e0nh TPDN, \u0111\u1eb7c bi\u1ec7t l\u00e0 l\u0129nh v\u1ef1c b\u1ea5t \u0111\u1ed9ng s\u1ea3n, s\u1ebd b\u1ecb ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd trong v\u00e0i qu\u00fd t\u1edbi. \u0110i\u1ec1u n\u00e0y s\u1ebd khi\u1ebfn c\u00e1c ch\u1ee7 \u0111\u1ea7u t\u01b0 VN c\u00f3 th\u1ec3 g\u1eb7p kh\u00f3 trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n trong v\u00e0i qu\u00fd t\u1edbi”, \u0111\u1ed9i ng\u0169 ph\u00e2n t\u00edch c\u1ee7a Ch\u1ee9ng kho\u00e1n VNDIRECT nh\u1eadn \u0111\u1ecbnh.<\/p>\n

T\u1eeb \u0111\u1ea7u n\u0103m \u0111\u1ebfn ng\u00e0y 27-5 v\u1eeba qua, gi\u00e1 tr\u1ecb ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ra c\u00f4ng ch\u00fang (tr\u00e1i phi\u1ebfu ch\u1ea5t l\u01b0\u1ee3ng) \u0111\u1ea1t h\u01a1n 8.990 t\u1ec9 \u0111\u1ed3ng (chi\u1ebfm g\u1ea7n 9% t\u1ed5ng gi\u00e1 tr\u1ecb ph\u00e1t h\u00e0nh), t\u0103ng h\u01a1n 11% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i. Trong khi \u0111\u00f3, gi\u00e1 tr\u1ecb ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb (\u0111\u1ea1i tr\u00e0, ch\u1ea5t l\u01b0\u1ee3ng l\u1eabn l\u1ed9n) l\u00e0 h\u01a1n 95.670 t\u1ec9 \u0111\u1ed3ng (chi\u1ebfm kho\u1ea3ng 91% t\u1ed5ng gi\u00e1 tr\u1ecb ph\u00e1t h\u00e0nh), gi\u1ea3m g\u1ea7n 27% so v\u1edbi c\u00f9ng th\u1eddi \u0111i\u1ec3m n\u0103m tr\u01b0\u1edbc.<\/p>\n

VBMA nh\u1eadn \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu VN v\u1eabn c\u00f2n nhi\u1ec1u d\u01b0 \u0111\u1ecba t\u0103ng tr\u01b0\u1edfng. \u0110\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng TPDN, d\u00f9 quy m\u00f4 t\u0103ng tr\u01b0\u1edfng nhanh v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng ph\u00e1t h\u00e0nh m\u1edbi t\u01b0\u01a1ng \u0111\u1ed1i l\u1edbn trong nh\u1eefng qu\u00fd g\u1ea7n \u0111\u00e2y, nh\u01b0ng t\u1ec9 tr\u1ecdng d\u01b0 n\u1ee3 TPDN\/GDP v\u1eabn th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ed9t s\u1ed1 qu\u1ed1c gia trong khu v\u1ef1c nh\u01b0 Th\u00e1i Lan, Singapore, Malaysia…<\/p>\n

C\u1ea7n m\u1ed9t th\u1ecb tr\u01b0\u1eddng\u00a0minh b\u1ea1ch, an to\u00e0n<\/strong><\/h5>\n

Trao \u0111\u1ed5i v\u1edbi ch\u00fang t\u00f4i, TS Nguy\u1ec5n H\u1eefu Hu\u00e2n – tr\u01b0\u1edfng b\u1ed9 m\u00f4n th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh (Tr\u01b0\u1eddng \u0110H Kinh t\u1ebf TP.HCM) – cho r\u1eb1ng t\u1ea1i nhi\u1ec1u qu\u1ed1c gia ph\u00e1t tri\u1ec3n, v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n th\u01b0\u1eddng cao g\u1ea5p 2-3 l\u1ea7n GDP. Ch\u1eb3ng h\u1ea1n, quy m\u00f4 vay n\u1ee3 TPDN \u1edf M\u1ef9 c\u00f3 th\u1ec3 l\u00ean \u0111\u1ebfn 100% GDP. Trong khi \u0111\u00f3, theo s\u1ed1 li\u1ec7u c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc, t\u00ednh \u0111\u1ebfn cu\u1ed1i n\u0103m 2020, t\u1ec9 l\u1ec7 t\u00edn d\u1ee5ng tr\u00ean GDP c\u1ee7a VN l\u00ean t\u1edbi 146% theo GDP hi\u1ec7n h\u00e0nh, 115,8% theo GDP \u0111\u00e1nh gi\u00e1 l\u1ea1i.<\/p>\n

C\u00e1c d\u1eef li\u1ec7u tr\u00ean cho th\u1ea5y n\u1ec1n kinh t\u1ebf v\u1eabn \u0111ang ph\u1ee5 thu\u1ed9c l\u1edbn v\u00e0o v\u1ed1n vay ng\u00e2n h\u00e0ng. Quy m\u00f4 vay n\u1ee3 tr\u00e1i phi\u1ebfu v\u1eabn c\u00f2n kh\u00e1 khi\u00eam t\u1ed1n so v\u1edbi s\u1ed1 vay t\u1eeb ng\u00e2n h\u00e0ng. Do \u0111\u00f3, theo TS Hu\u00e2n, r\u1ee7i ro c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u00e0y ph\u1ee5 thu\u1ed9c v\u00e0o d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a DN, ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o c\u1ee7a l\u00f4 tr\u00e1i phi\u1ebfu. C\u1ea7n l\u01b0u \u00fd, m\u1ed9t l\u00f4 TPDN d\u00f9 kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o, nh\u01b0ng DN c\u00f3 d\u00f2ng ti\u1ec1n t\u1ed1t \u0111\u1ec3 chi tr\u1ea3 cho tr\u00e1i ch\u1ee7 th\u00ec \u0111\u1ed9 an to\u00e0n c\u1ee7a tr\u00e1i phi\u1ebfu v\u1eabn cao.<\/p>\n

Trong khi \u0111\u00f3, n\u1ebfu tr\u00e1i phi\u1ebfu c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o nh\u01b0ng ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n x\u1ea5u, r\u1ee7i ro cho tr\u00e1i ch\u1ee7 v\u1eabn cao. Ch\u01b0a k\u1ec3, trong tr\u01b0\u1eddng h\u1ee3p DN tuy\u00ean b\u1ed1 ph\u00e1 s\u1ea3n, t\u00e0i s\u1ea3n ph\u00e1t m\u00e3i c\u00f3 gi\u00e1 tr\u1ecb h\u00e0ng ng\u00e0n t\u1ec9 \u0111\u1ed3ng, kh\u00f3 c\u00f3 ng\u01b0\u1eddi mua, b\u1ecb “treo” trong nhi\u1ec1u n\u0103m s\u1ebd g\u00e2y thi\u1ec7t h\u1ea1i cho tr\u00e1i ch\u1ee7.<\/p>\n

C\u0169ng theo TS Hu\u00e2n, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu VN ch\u1ec9 th\u1ef1c s\u1ef1 ph\u00e1t tri\u1ec3n trong 5 n\u0103m tr\u1edf l\u1ea1i \u0111\u00e2y. D\u00f9 v\u1eabn c\u00f2n non tr\u1ebb nh\u01b0ng th\u1ecb tr\u01b0\u1eddng n\u00e0y \u0111\u00e3 \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng. Cho d\u00f9 l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu l\u00ean \u0111\u1ebfn 12%\/n\u0103m, nh\u01b0ng v\u1edbi nhi\u1ec1u DN, con s\u1ed1 n\u00e0y kh\u00f4ng cao b\u1edfi c\u00f3 th\u1ec3 vay d\u00e0i h\u1ea1n 3-5 n\u0103m, trong khi ng\u00e2n h\u00e0ng th\u01b0\u1eddng ch\u1ec9 cho vay ng\u1eafn h\u1ea1n.<\/p>\n

“DN b\u1ea5t \u0111\u1ed9ng s\u1ea3n ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu \u0111\u1ec3 t\u00e0i tr\u1ee3 cho d\u1ef1 \u00e1n l\u00e0 vi\u1ec7c b\u00ecnh th\u01b0\u1eddng. Tuy nhi\u00ean, c\u1ea7n c\u00f3 quy \u0111\u1ecbnh ch\u1eb7t ch\u1ebd \u0111\u1ec3 ki\u1ec3m so\u00e1t ng\u01b0\u1eddi b\u00e1n l\u1eabn mua tr\u00e1i phi\u1ebfu, tr\u00e1nh vi\u1ec7c DN ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb l\u1eadp l\u1edd th\u00f4ng tin. Ch\u00ednh \u0111\u1ed9ng th\u00e1i quy\u1ebft li\u1ec7t s\u1ebd gi\u00fap th\u1ecb tr\u01b0\u1eddng trong s\u1ea1ch, minh b\u1ea1ch, t\u1ea1o ra m\u00f4i tr\u01b0\u1eddng an to\u00e0n h\u01a1n cho nh\u00e0 \u0111\u1ea7u t\u01b0”, TS Hu\u00e2n cho hay.<\/p>\n

Tr\u00e1i phi\u1ebfu s\u1ebd tr\u1edf th\u00e0nh “bom n\u1ee3” n\u1ebfu doanh nghi\u1ec7p kh\u00f4ng c\u00f3 d\u00f2ng ti\u1ec1n \u0111\u1ec3 tr\u1ea3 cho tr\u00e1i ch\u1ee7, t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng th\u1ea5p. Tuy nhi\u00ean, c\u1ea7n ki\u1ec3m so\u00e1t m\u1ed9t c\u00e1ch kh\u00f4n kh\u00e9o, tr\u00e1nh \u0111\u1ec3 doanh nghi\u1ec7p b\u1ecb “\u0111\u00f3i” v\u1ed1n, g\u00e2y n\u00ean h\u1ec7 l\u1ee5y kh\u00f4ng \u0111\u00e1ng c\u00f3.<\/p>\n

B\u00d4NG MAI<\/strong><\/h5>\n
B\u1ea2O NG\u1eccC<\/strong><\/h5>\n

—————-<\/p>\n

Tu\u1ed5i tr\u1ebb (Kinh doanh) 02-6-2022:<\/em><\/strong><\/p>\n

https:\/\/tuoitre.vn\/chan-chinh-thi-truong-trai-phieu-ra-sao-20220602082227568.htm<\/a><\/em><\/p>\n

(274\/3.146)<\/em>","protected":false},"excerpt":{"rendered":"

Ch\u1ea5n ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ra sao? (TT) – Nghi\u00eam c\u1ea5m vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (TPDN) \u0111\u1ec3 cho vay, g\u00f3p v\u1ed1n, mua c\u1ed5 ph\u1ea7n… Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ch\u1ec9 \u0111\u01b0\u1ee3c mua TPDN ri\u00eang l\u1ebb c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang ho\u1eb7c b\u1ea3o l\u00e3nh thanh to\u00e1n c\u1ee7a t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng. […]<\/p>\n","protected":false},"author":1,"featured_media":24438,"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-24437","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":"\n3.169. Ch\u1ea5n ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ra sao? - ANVI Law Firm<\/title>\n<meta name=\"description\" content=\"Ch\u1ea5n ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ra sao? 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