{"id":7063,"date":"2021-06-30T16:50:57","date_gmt":"2021-06-30T09:50:57","guid":{"rendered":"https:\/\/anvilaw.com\/vi\/?p=7063"},"modified":"2022-02-24T11:24:04","modified_gmt":"2022-02-24T04:24:04","slug":"2-771-bat-dao-roi-khi-cho-vay-tai-cong-ty-chung-khoan","status":"publish","type":"post","link":"https:\/\/anvilaw.com\/vi\/2-771-bat-dao-roi-khi-cho-vay-tai-cong-ty-chung-khoan\/","title":{"rendered":"2.771. \u201cB\u1eaft dao r\u01a1i\u201d khi cho vay t\u1ea1i c\u00f4ng ty ch\u1ee9ng kho\u00e1n\u00a0"},"content":{"rendered":"<h4>(N\u0110T) &#8211; \u0110\u1ec3 \u0111\u00e1p \u1ee9ng th\u1ecb tr\u01b0\u1eddng v\u1ed1n v\u00e0o th\u1eddi \u0111i\u1ec3m &#8220;c\u0103ng margin&#8221;, nhi\u1ec1u c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u00e3 huy \u0111\u1ed9ng v\u1ed1n tr\u00e1i ph\u00e9p t\u1eeb kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n.<\/h4>\n<p><strong>Huy \u0111\u1ed9ng v\u1ed1n \u201cbi\u1ebfn t\u01b0\u1edbng\u201d<\/strong><\/p>\n<p>Th\u1eddi gian qua, m\u1ed9t s\u1ed1 c\u00f4ng ty ch\u1ee9ng kho\u00e1n (CTCK) vi ph\u1ea1m nghi\u00eam tr\u1ecdng c\u00e1c quy \u0111\u1ecbnh c\u1ee7a Nh\u00e0 n\u01b0\u1edbc khi t\u1ef1 \u00fd huy \u0111\u1ed9ng v\u1ed1n t\u1eeb kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n, th\u00f4ng qua h\u00ecnh th\u1ee9c \u201ch\u1ee3p t\u00e1c \u0111\u1ea7u t\u01b0\u201d, \u201cti\u1ebft ki\u1ec7m ti\u1ec1n g\u1eedi\u201d&#8230; \u0111\u00e3 g\u00e2y x\u00f4n xao b\u00e1o ch\u00ed v\u00e0 d\u01b0 lu\u1eadn.<\/p>\n<p>Tr\u01b0\u1edbc di\u1ec5n bi\u1ebfn n\u00e0y, U\u1ef7 ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc (UBCKNN) \u0111\u00e3 c\u00f3 v\u0103n b\u1ea3n y\u00eau c\u1ea7u c\u00f4ng ty Ch\u1ee9ng kho\u00e1n MB (MBS) v\u00e0 c\u00f4ng ty Ch\u1ee9ng kho\u00e1n VNDirect b\u00e1o c\u00e1o, gi\u1ea3i tr\u00ecnh v\u1ec1 n\u1ed9i dung ph\u1ea3n \u00e1nh c\u1ee7a b\u00e1o ch\u00ed n\u00f3i tr\u00ean.<\/p>\n<p>Th\u00f4ng tin t\u1edbi b\u00e1o ch\u00ed,\u00a0<a href=\"https:\/\/www.nguoiduatin.vn\/tag\/bo-tai-chinh\">b\u1ed9 t\u00e0i ch\u00ednh<\/a>\u00a0cho bi\u1ebft, UBCKNN \u0111\u00e3 c\u00f3 v\u0103n b\u1ea3n y\u00eau c\u1ea7u MBS d\u1eebng th\u1ef1c hi\u1ec7n d\u1ecbch v\u1ee5. \u0110\u1ed1i v\u1edbi VNDirect, UBCKNN s\u1ebd c\u00f3 x\u1eed l\u00fd t\u01b0\u01a1ng t\u1ef1 sau khi nh\u1eadn \u0111\u01b0\u1ee3c \u00fd ki\u1ebfn gi\u1ea3i tr\u00ecnh c\u1ee7a C\u00f4ng ty v\u00e0 t\u1ed5 ch\u1ee9c ki\u1ec3m tra ho\u1ea1t \u0111\u1ed9ng m\u1ed9t s\u1ed1 CTCK.<\/p>\n<p>Theo t\u00ecm hi\u1ec3u c\u1ee7a PV, t\u1ea1i MBS \u2013 \u0111\u01a1n v\u1ecb tr\u1ef1c thu\u1ed9c ng\u00e2n h\u00e0ng TMCP Qu\u00e2n \u0111\u1ed9i (MB), c\u00f3 t\u1ed3n t\u1ea1i d\u1ecbch v\u1ee5 g\u1ecdi l\u00e0 &#8220;h\u1ee3p t\u00e1c\u00a0<a href=\"http:\/\/www.nguoiduatin.vn\/c\/kinh-doanh\">kinh doanh<\/a>\u00a0ch\u1ee9ng kho\u00e1n online&#8221;. Theo \u0111\u00f3, MBS huy \u0111\u1ed9ng ti\u1ec1n c\u1ee7a kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n d\u01b0\u1edbi h\u00ecnh th\u1ee9c g\u00f3p v\u1ed1n, sau \u0111\u00f3 mang ti\u1ec1n \u0111i \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n r\u1ed3i tr\u1ea3 l\u00e3i kh\u00e1ch h\u00e0ng b\u1eb1ng l\u1ee3i su\u1ea5t t\u00ednh tr\u00ean s\u1ed1 v\u1ed1n g\u00f3p v\u00e0 th\u1eddi h\u1ea1n g\u00f3p v\u1ed1n t\u01b0\u01a1ng \u1ee9ng c\u1ee7a h\u1ecd.<\/p>\n<p>K\u1ef3 h\u1ea1n g\u00f3p v\u1ed1n r\u1ea5t linh ho\u1ea1t, t\u1eeb 6 th\u00e1ng, 9 th\u00e1ng \u0111\u1ebfn 1 n\u0103m, th\u1eadm ch\u00ed c\u00f3 c\u1ea3 k\u1ef3 h\u1ea1n 1 tu\u1ea7n, 2 tu\u1ea7n&#8230; v\u1edbi m\u1ee9c l\u00e3i su\u1ea5t lu\u00f4n h\u1ea5p d\u1eabn h\u01a1n ng\u00e2n h\u00e0ng \u1edf k\u1ef3 h\u1ea1n t\u01b0\u01a1ng \u1ee9ng.<\/p>\n<p>D\u01b0\u1edbi h\u00ecnh th\u1ee9c huy \u0111\u1ed9ng \u201c\u0110\u1ea7u t\u01b0 ti\u1ec1n g\u1eedi \u2013 D\u1ef1 ph\u00f2ng thanh to\u00e1n\u201d, VNDirect tung ra s\u1ea3n ph\u1ea9m DMoney v\u1edbi th\u00f4ng \u0111i\u1ec7p m\u1eddi g\u1ecdi \u201cKi\u1ebfn t\u1ea1o\u00a0<a href=\"http:\/\/www.nguoiduatin.vn\/c\/suc-khoe\">s\u1ee9c kh\u1ecfe<\/a>\u00a0thanh to\u00e1n b\u1eb1ng t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0 thanh kho\u1ea3n cao, l\u00e3i su\u1ea5t t\u1ed1t h\u01a1n ng\u00e2n h\u00e0ng\u201d. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 ti\u1ec1n nh\u00e0n r\u1ed7i, n\u1ebfu g\u00f3p v\u1ed1n v\u00e0o VNDirect th\u00f4ng qua qu\u1ef9 tr\u00e1i phi\u1ebfu DFUND hay tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p DBOND, VBOND trong th\u1eddi gian t\u1eeb 3 th\u00e1ng \u0111\u1ebfn 1 n\u0103m s\u1ebd thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng t\u1eeb 5% \u0111\u1ebfn tr\u00ean 10% v\u1edbi m\u1ee9c \u0111\u1ed9 r\u1ee7i ro \u0111\u01b0\u1ee3c c\u00f4ng ty ch\u1ee9ng kho\u00e1n cam k\u1ebft l\u00e0 th\u1ea5p, n\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 tu\u00e2n th\u1ee7 c\u00e1c \u0111i\u1ec1u ki\u1ec7n \u0111\u1ea7u t\u01b0.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-7064 img-fluid img-fluid\" src=\"https:\/\/anvilaw.com\/wp-content\/uploads\/2022\/02\/73-450x331.jpg\" alt=\"\" width=\"450\" height=\"331\" srcset=\"https:\/\/anvilaw.com\/wp-content\/uploads\/2022\/02\/73-450x331.jpg 450w, https:\/\/anvilaw.com\/wp-content\/uploads\/2022\/02\/73.jpg 581w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/p>\n<p><em><strong>S\u1ea3n ph\u1ea9m DMONEY c\u1ee7a VNDirect (ngu\u1ed3n: trang ch\u1ee7 VNDirect)<\/strong><\/em><\/p>\n<p>Theo chia s\u1ebb c\u1ee7a m\u1ed9t s\u1ed1 nh\u00e2n vi\u00ean m\u00f4i gi\u1edbi ch\u1ee9ng kho\u00e1n, vi\u1ec7c huy \u0111\u1ed9ng ti\u1ec1n g\u1eedi t\u1eeb kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n \u0111ang di\u1ec5n ra kh\u00e1 ph\u1ed5 bi\u1ebfn t\u1ea1i nhi\u1ec1u CTCK. B\u1eb1ng c\u00e1ch n\u00e0y, CTCK huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c ngu\u1ed3n v\u1ed1n gi\u00e1 r\u1ebb h\u01a1n so v\u1edbi vay ng\u00e2n h\u00e0ng.<\/p>\n<p>\u0110\u00e1ng l\u01b0u \u00fd, Lu\u1eadt c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng n\u0103m 2010 (s\u1eeda \u0111\u1ed5i, b\u1ed5 sung n\u0103m 2017) quy \u0111\u1ecbnh nghi\u00eam c\u1ea5m c\u00e1 nh\u00e2n, t\u1ed5 ch\u1ee9c kh\u00f4ng ph\u1ea3i l\u00e0 t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng th\u1ef1c hi\u1ec7n ho\u1ea1t \u0111\u1ed9ng ng\u00e2n h\u00e0ng, trong \u0111\u00f3 c\u00f3 vi\u1ec7c \u201cnh\u1eadn ti\u1ec1n g\u1eedi\u201d d\u01b0\u1edbi h\u00ecnh th\u1ee9c c\u00f3 tr\u1ea3 ti\u1ec1n g\u1ed1c, l\u00e3i cho ng\u01b0\u1eddi g\u1eedi ti\u1ec1n theo th\u1ecfa thu\u1eadn.<\/p>\n<p>Lu\u1eadt Ch\u1ee9ng kho\u00e1n 2019 c\u0169ng quy \u0111\u1ecbnh 4 d\u1ecbch v\u1ee5 c\u01a1 b\u1ea3n m\u00e0 CTCK \u0111\u01b0\u1ee3c ph\u00e9p tri\u1ec3n khai, g\u1ed3m c\u00f3: M\u00f4i gi\u1edbi, t\u1ef1 doanh, b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh v\u00e0 t\u01b0 v\u1ea5n \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n. Ho\u00e0n to\u00e0n kh\u00f4ng c\u00f3 d\u1ecbch v\u1ee5 huy \u0111\u1ed9ng ti\u1ec1n g\u1eedi.<\/p>\n<p><strong>Do \u201cc\u0103ng\u201d ngu\u1ed3n margin<\/strong><\/p>\n<p>T\u1eeb cu\u1ed1i n\u0103m 2020 cho \u0111\u1ebfn n\u1eeda \u0111\u1ea7u n\u0103m 2021, s\u00e0n HoSE li\u00ean t\u1ee5c r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng ngh\u1ebdn l\u1ec7nh \u1edf phi\u00ean chi\u1ec1u do d\u00f2ng ti\u1ec1n tr\u00ean TTCK Vi\u1ec7t Nam lu\u00f4n \u0111\u01b0\u1ee3c duy tr\u00ec \u1edf m\u1ee9c cao. Thanh kho\u1ea3n t\u0103ng \u0111\u1ed9t bi\u1ebfn khi\u1ebfn ngu\u1ed3n v\u1ed1n margin (cho vay giao d\u1ecbch k\u00fd qu\u1ef9) c\u1ee7a nhi\u1ec1u CTCK t\u0103ng m\u1ea1nh v\u00e0 ch\u1ea1m t\u1edbi m\u1ee9c gi\u1edbi h\u1ea1n (B\u1ed9 T\u00e0i ch\u00ednh quy \u0111\u1ecbnh, tr\u1ea7n cho vay margin kh\u00f4ng \u0111\u01b0\u1ee3c v\u01b0\u1ee3t qu\u00e1 2 l\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a CTCK).<\/p>\n<p>T\u1ea1i th\u1eddi \u0111i\u1ec3m 31\/12\/2020, c\u00e1c kho\u1ea3n cho vay margin v\u00e0 \u1ee9ng tr\u01b0\u1edbc ti\u1ec1n b\u00e1n t\u1ea1i 30 CTCK \u0111\u01b0\u1ee3c th\u1ed1ng k\u00ea \u0111\u00e3 \u0111\u1ea1t h\u01a1n 88.040 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 65% so v\u1edbi \u0111\u1ea7u n\u0103m 2020.<\/p>\n<p>Th\u1eddi \u0111i\u1ec3m th\u00e1ng 6\/2021, V\u01b0\u01a1ng Nam \u2013 nh\u00e2n vi\u00ean m\u00f4i gi\u1edbi c\u1ee7a c\u00f4ng ty TNHH Ch\u1ee9ng kho\u00e1n Mirae Asset Vi\u1ec7t Nam cho hay, r\u1ea5t nhi\u1ec1u ng\u00e0y khi c\u00f4ng ty \u0111\u1eb7t l\u1ec7nh \u0111\u1ea7u gi\u1edd s\u00e1ng th\u00ec kh\u00f4ng th\u00e0nh c\u00f4ng do kh\u00f4ng c\u00f2n ngu\u1ed3n margin, m\u1eb7c d\u00f9 ngu\u1ed3n v\u1ed1n n\u00e0y c\u1ee7a Mirae Asset Vi\u1ec7t Nam l\u00e0 h\u01a1n 10.000 t\u1ef7 \u0111\u1ed3ng.<\/p>\n<p><em>\u201c<\/em>Th\u1ef1c t\u1ebf giai \u0111o\u1ea1n n\u00e0y CTCK n\u00e0o c\u0169ng \u201cc\u0103ng\u201d ngu\u1ed3n margin, b\u1edfi v\u00ec th\u1ecb tr\u01b0\u1eddng \u0111ang l\u00ean, ngu\u1ed3n v\u1ed1n ch\u1ee7 y\u1ebfu t\u1eeb t\u00e0i kho\u1ea3n c\u00e1 nh\u00e2n. T\u1ea1i Mirae Asset Vi\u1ec7t Nam kh\u00f4ng c\u00f3 h\u00ecnh th\u1ee9c \u201ch\u1ee3p t\u00e1c kinh doanh\u201d n\u00f3i tr\u00ean v\u00ec b\u1ea3n ch\u1ea5t l\u00e0 c\u00f4ng ty c\u00f3 v\u1ed1n n\u01b0\u1edbc ngo\u00e0i n\u00ean ph\u1ea3i tu\u00e2n th\u1ee7 ch\u1eb7t ch\u1ebd c\u00e1c quy \u0111\u1ecbnh c\u1ee7a S\u1edf Giao d\u1ecbch ch\u1ee9ng kho\u00e1n. V\u1ed1n \u0111\u1ec3 c\u1ea5p margin hi\u1ec7n t\u1ea1i ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb t\u1eadp \u0111o\u00e0n m\u1eb9 l\u00e0 Mirae Asset c\u1ee7a H\u00e0n Qu\u1ed1c\u201d, anh Nam n\u00f3i.<\/p>\n<p>Tr\u01b0\u1edbc \u0111\u00f3, m\u1ed9t cu\u1ed9c ch\u1ea1y \u0111ua t\u0103ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u1ec3 n\u00e2ng gi\u1edbi h\u1ea1n margin \u0111\u00e3 di\u1ec5n ra t\u1ea1i nhi\u1ec1u CTCK, sau nhi\u1ec1u l\u1ea7n x\u1ea3y ra t\u00ecnh tr\u1ea1ng &#8220;c\u0103ng&#8221; margin.<\/p>\n<p>T\u1ea1i \u0110\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng (\u0110H\u0110C\u0110) th\u01b0\u1eddng ni\u00ean 2021 c\u1ee7a MBS t\u1ed5 ch\u1ee9c h\u00f4m 10\/4, m\u1ed9t n\u1ed9i dung quan tr\u1ecdng \u0111\u01b0\u1ee3c th\u00f4ng qua l\u00e0 t\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7 t\u1eeb 1.643 t\u1ef7 \u0111\u1ed3ng l\u00ean 2.676 t\u1ef7 \u0111\u1ed3ng th\u00f4ng qua ba h\u00ecnh th\u1ee9c l\u00e0 ph\u00e1t h\u00e0nh ESOP, ph\u00e1t h\u00e0nh cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu v\u00e0 chia c\u1ed5 t\u1ee9c b\u1eb1ng c\u1ed5 phi\u1ebfu.<\/p>\n<p>L\u00e3nh \u0111\u1ea1o MBS cho bi\u1ebft, trong h\u01a1n 1.000 t\u1ef7 \u0111\u1ed3ng s\u1eafp t\u0103ng th\u00eam, c\u00f4ng ty d\u1ef1 ki\u1ebfn s\u1ebd d\u00f9ng 550 t\u1ef7 \u0111\u1ed3ng \u0111\u1ec3 b\u1ed5 sung v\u1ed1n cho vay margin b\u1edfi v\u00ec s\u1ef1 c\u1ea1nh tranh tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111ang r\u1ea5t l\u1edbn, c\u00f4ng ty b\u1ecb gi\u1ea3m th\u1ecb ph\u1ea7n m\u00e0 m\u1ed9t trong nh\u1eefng l\u00fd do l\u00e0 ngu\u1ed3n v\u1ed1n c\u1ee7a MBS n\u1eb1m trong top th\u1ea5p c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n<p>Theo t\u00e0i li\u1ec7u \u0110H\u0110C\u0110 th\u01b0\u1eddng ni\u00ean n\u0103m 2021 c\u1ee7a VNDirect c\u00f4ng b\u1ed1 h\u1ed3i cu\u1ed1i th\u00e1ng 3\/2021, c\u00f4ng ty n\u00e0y mu\u1ed1n ph\u00e1t h\u00e0nh th\u00eam t\u1ed1i \u0111a h\u01a1n 220 tri\u1ec7u c\u1ed5 phi\u1ebfu m\u1edbi cho c\u00e1c c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, c\u0169ng v\u1edbi m\u1ee5c \u0111\u00edch t\u0103ng quy m\u00f4 v\u1ed1n ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00f4ng ty \u0111\u1ec3 m\u1edf r\u1ed9ng n\u0103ng l\u1ef1c cho vay k\u00fd qu\u1ef9,\u2026<\/p>\n<p>T\u01b0\u01a1ng t\u1ef1, trong ph\u01b0\u01a1ng \u00e1n huy \u0111\u1ed9ng th\u00eam 2.135 t\u1ef7 \u0111\u1ed3ng c\u1ee7a c\u00f4ng ty Ch\u1ee9ng kho\u00e1n TP. H\u1ed3 Ch\u00ed Minh (HSC), c\u00f3 t\u1edbi 1.495 t\u1ef7 \u0111\u1ed3ng \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 cho ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch k\u00fd qu\u1ef9. Ch\u1ee9ng kho\u00e1n SSI ph\u00e1t h\u00e0nh th\u00eam g\u1ea7n 47 tri\u1ec7u c\u1ed5 ph\u1ea7n \u0111\u1ec3 th\u1ef1c hi\u1ec7n chuy\u1ec3n \u0111\u1ed5i 1.150 t\u1ef7 \u0111\u1ed3ng tr\u00e1i phi\u1ebfu th\u00e0nh c\u1ed5 phi\u1ebfu, Ch\u1ee9ng kho\u00e1n \u0110\u00e0 N\u1eb5ng (DSC) t\u0103ng v\u1ecdt v\u1ed1n \u0111i\u1ec1u l\u1ec7 t\u1eeb 60 t\u1ef7 l\u00ean 1.000 t\u1ef7 \u0111\u1ed3ng\u2026 c\u0169ng kh\u00f4ng n\u1eb1m ngo\u00e0i m\u1ee5c \u0111\u00edch n\u00f3i tr\u00ean.<\/p>\n<p>Tuy v\u1eady, vi\u1ec7c vay v\u1ed1n ng\u00e2n h\u00e0ng hay t\u0103ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u1eb1ng nh\u1eefng bi\u1ec7n ph\u00e1p tr\u00ean ch\u1ec9 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c m\u1ed9t ph\u1ea7n do c\u00f3 nh\u1eefng quy \u0111\u1ecbnh ng\u1eb7t ngh\u00e8o. \u0110\u1ec3 c\u00f3 ti\u1ec1n nhanh ch\u00f3ng, nhi\u1ec1u CTCK \u0111\u00e3 l\u00e1ch lu\u1eadt b\u1eb1ng c\u00e1ch huy \u0111\u1ed9ng ngu\u1ed3n ti\u1ec1n nh\u00e0n r\u1ed7i c\u1ee7a kh\u00e1ch h\u00e0ng.<\/p>\n<p><strong>\u0110\u1ec1 ph\u00f2ng r\u1ee7i ro m\u1ea5t v\u1ed1n<\/strong><\/p>\n<p>Khuy\u1ebfn c\u00e1o nguy c\u01a1 r\u1ee7i ro m\u1ea5t v\u1ed1n \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0, trao \u0111\u1ed5i v\u1edbi PV\u00a0<em>Ng\u01b0\u1eddi \u0110\u01b0a Tin Ph\u00e1p Lu\u1eadt<\/em>, \u00f4ng \u0110\u1ed7 Th\u00e1i H\u01b0ng \u2013 T\u1ed5ng gi\u00e1m \u0111\u1ed1c c\u00f4ng ty CP \u0110\u1ea7u t\u01b0 FINPros, m\u1ed9t c\u00f4ng ty kinh doanh qu\u1ef9 \u0111\u1ea7u t\u01b0 \u2013 n\u00eau quan \u0111i\u1ec3m: Huy \u0111\u1ed9ng v\u1ed1n nh\u01b0 v\u1eady r\u1ea5t nguy hi\u1ec3m, nh\u1ea5t l\u00e0 khi x\u1ea3y ra hi\u1ec7n t\u01b0\u1ee3ng \u201cbong b\u00f3ng\u201d ch\u1ee9ng kho\u00e1n.<\/p>\n<p>\u201cNgo\u00e0i ra, n\u1ebfu CTCK ch\u1ec9 l\u00e0m nghi\u1ec7p v\u1ee5 m\u00f4i gi\u1edbi th\u00ec kh\u00f4ng sao nh\u01b0ng \u0111\u00e2y h\u1ecd \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p c\u1ea3 nghi\u1ec7p v\u1ee5 t\u1ef1 doanh, ngh\u0129a l\u00e0 mang ti\u1ec1n \u0111i \u0111\u1ea7u t\u01b0. N\u1ebfu vi\u1ec7c \u0111\u1ea7u t\u01b0 n\u00e0y thua l\u1ed7 th\u00ec s\u1ebd l\u00e0m m\u1ea5t c\u1ea3 ti\u1ec1n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 cho vay. Cho vay t\u1ea1i CTCK l\u1ea1i kh\u00f4ng \u0111\u01b0\u1ee3c b\u1ea3o hi\u1ec3m nh\u01b0 g\u1eedi ng\u00e2n h\u00e0ng do \u0111\u00f3 r\u1ee7i ro m\u1ea5t v\u1ed1n l\u00e0 r\u1ea5t cao\u201d, \u00f4ng H\u01b0ng ph\u00e2n t\u00edch.<\/p>\n<p>\u0110\u1ed3ng quan \u0111i\u1ec3m, \u00f4ng Nguy\u1ec5n Ho\u00e0ng H\u1ea3i &#8211; Ph\u00f3 Ch\u1ee7 t\u1ecbch Hi\u1ec7p h\u1ed9i c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh Vi\u1ec7t Nam (VAFI) &#8211; cho r\u1eb1ng, vi\u1ec7c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u201cb\u00f9ng n\u1ed5\u201d, giao d\u1ecbch s\u00f4i \u0111\u1ed9ng v\u00e0 thanh kho\u1ea3n m\u1ed7i phi\u00ean kh\u1edbp l\u1ec7nh t\u1edbi 15.000 &#8211; 20.000 t\u1ef7 \u0111\u1ed3ng, khi\u1ebfn nhu c\u1ea7u ngu\u1ed3n v\u1ed1n t\u00edn d\u1ee5ng cho ch\u1ee9ng kho\u00e1n c\u0169ng t\u0103ng l\u00ean, \u0111\u00f2i h\u1ecfi CTCK ph\u1ea3i s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-7067 img-fluid img-fluid\" src=\"https:\/\/anvilaw.com\/wp-content\/uploads\/2022\/02\/74-450x384.jpg\" alt=\"\" width=\"450\" height=\"384\" srcset=\"https:\/\/anvilaw.com\/wp-content\/uploads\/2022\/02\/74-450x384.jpg 450w, https:\/\/anvilaw.com\/wp-content\/uploads\/2022\/02\/74.jpg 586w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/p>\n<p><em><strong>\u00d4ng Nguy\u1ec5n Ho\u00e0ng H\u1ea3i &#8211; Ph\u00f3 Ch\u1ee7 t\u1ecbch hi\u1ec7p h\u1ed9i c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh Vi\u1ec7t Nam (VAFI)<\/strong><\/em><\/p>\n<p>Theo \u00f4ng H\u1ea3i, huy \u0111\u1ed9ng v\u1ed1n theo h\u00ecnh th\u1ee9c \u201ch\u1ee3p t\u00e1c kinh doanh\u201d, \u201c\u0111\u1ea7u t\u01b0 ti\u1ec1n g\u1eedi\u201d th\u00ec l\u00e3i margin s\u1ebd th\u1ea5p \u0111i nh\u01b0ng c\u00f3 ti\u1ec1m \u1ea9n r\u1ee7i ro cho nh\u00e0 \u0111\u1ea7u t\u01b0 trong tr\u01b0\u1eddng h\u1ee3p th\u1ecb tr\u01b0\u1eddng \u0111i xu\u1ed1ng.<\/p>\n<p>\u201cN\u1ebfu CTCK kinh doanh g\u00e2y m\u1ea5t v\u1ed1n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 cho CTCK vay s\u1ebd m\u1ea5t ti\u1ec1n. Chuy\u1ec7n \u0111\u00f3 trong th\u1ef1c t\u1ebf \u0111\u00e3 x\u1ea3y ra \u0111\u1ed1i c\u00f4ng ty Ch\u1ee9ng kho\u00e1n Ph\u1ed1 Wall, Ch\u1ee9ng kho\u00e1n SME r\u1ed3i. \u0110i\u1ec1u n\u00e0y kh\u00e1c v\u1edbi vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 g\u1eedi ti\u1ec1n \u1edf ng\u00e2n h\u00e0ng, trong b\u1ea5t c\u1ee9 t\u00ecnh hu\u1ed1ng n\u00e0o c\u0169ng s\u1ebd \u0111\u01b0\u1ee3c b\u1ea3o hi\u1ec3m ti\u1ec1n g\u1eedi\u201d, \u00f4ng H\u1ea3i n\u00f3i.<\/p>\n<p>\u0110\u1ed3ng th\u1eddi, Ph\u00f3 Ch\u1ee7 t\u1ecbch VAFI c\u0169ng n\u00eau th\u1ef1c tr\u1ea1ng c\u1ee7a ho\u1ea1t \u0111\u1ed9ng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam hi\u1ec7n nay: Gi\u00e1m s\u00e1t th\u1ecb tr\u01b0\u1eddng y\u1ebfu, ch\u01b0a t\u00e1ch b\u1ea1ch t\u00e0i kho\u1ea3n ch\u1ee9ng kho\u00e1n v\u1edbi t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng,\u2026 r\u1ed3i \u0111\u1eb7t c\u00e2u h\u1ecfi: \u201cHuy \u0111\u1ed9ng h\u00e0ng ngh\u00ecn t\u1ef7 \u0111\u1ed3ng xong CTCK bi\u1ebfn m\u1ea5t th\u00ec sao?\u201d.<\/p>\n<p>Chia s\u1ebb th\u00eam, \u00f4ng H\u1ea3i n\u00f3i: Ph\u1ea3i t\u00e1ch b\u1ea1ch t\u00e0i kho\u1ea3n, t\u00e0i kho\u1ea3n \u1edf CTCK ch\u1ec9 l\u00e0 t\u00e0i kho\u1ea3n giao d\u1ecbch c\u00f2n t\u00e0i kho\u1ea3n ti\u1ec1n th\u1eadt ph\u1ea3i \u0111\u1ec3 \u1edf ng\u00e2n h\u00e0ng. VAFI c\u0169ng \u0111\u1ec1 xu\u1ea5t nhi\u1ec1u n\u0103m nay l\u00e0 ph\u1ea3i th\u00e0nh l\u1eadp c\u00f4ng ty b\u1ea3o hi\u1ec3m cho ti\u1ec1n g\u1eedi c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n. L\u00e0m v\u1eady th\u00ec ph\u00ed giao d\u1ecbch t\u0103ng l\u00ean nh\u01b0ng ti\u1ec1n g\u1eedi \u0111\u01b0\u1ee3c an to\u00e0n h\u01a1n.<\/p>\n<p>Kh\u00f4ng \u1ee7ng h\u1ed9 ch\u1ea1y theo margin, \u00f4ng H\u1ea3i n\u00eau quan \u0111i\u1ec3m: Margin c\u00e0ng cao th\u00ec c\u00e0ng d\u1ec5 \u201cch\u1ebft\u201d.<\/p>\n<p>\u201cKh\u00f4ng ph\u1ea3i c\u1ee9 t\u0103ng margin l\u00e0 th\u1ecb tr\u01b0\u1eddng l\u00ean \u0111\u00e2u. C\u00e1i n\u00e0y ch\u1ec9 trong ng\u1eafn h\u1ea1n. Tr\u01b0\u1edbc \u0111\u00e2y vay margin ch\u1ec9 10%, nay l\u00ean \u0111\u1ebfn 50% th\u1eadm ch\u00ed c\u00f3 c\u00f4ng ty cho vay \u0111\u1ebfn 100%. C\u00e0ng vay nhi\u1ec1u m\u00e0 r\u1ee7i ro nhi\u1ec1u th\u00ec c\u00e0ng d\u1ec5 \u201cch\u1ebft\u201d. Th\u1ecb tr\u01b0\u1eddng gi\u00e1 cao th\u1ebf n\u00e0y th\u00ec c\u01a1 h\u1ed9i t\u0103ng gi\u00e1 \u00edt, r\u1ee7i ro cao. \u0110\u1ea7u t\u01b0 b\u00e0i b\u1ea3n c\u00f2n kh\u00f4ng d\u00e1m vay nhi\u1ec1u n\u1eefa l\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n gi\u1ed1ng nh\u01b0 \u0111\u00e1nh b\u1ea1c. C\u00e1 nh\u00e2n t\u00f4i kh\u00f4ng \u1ee7ng h\u1ed9 margin cao\u201d, \u00f4ng H\u1ea3i n\u00f3i.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-7069 img-fluid img-fluid\" src=\"https:\/\/anvilaw.com\/wp-content\/uploads\/2022\/02\/75-450x302.jpg\" alt=\"\" width=\"450\" height=\"302\" srcset=\"https:\/\/anvilaw.com\/wp-content\/uploads\/2022\/02\/75-450x302.jpg 450w, https:\/\/anvilaw.com\/wp-content\/uploads\/2022\/02\/75.jpg 587w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/p>\n<p><em>Lu\u1eadt s\u01b0 Tr\u01b0\u01a1ng Thanh \u0110\u1ee9c<\/em><\/p>\n<p><em>Trong khi \u0111\u00f3, lu\u1eadt s\u01b0 Tr\u01b0\u01a1ng Thanh \u0110\u1ee9c &#8211; Gi\u00e1m \u0111\u1ed1c c\u00f4ng ty Lu\u1eadt ANVI, Tr\u1ecdng t\u00e0i vi\u00ean VIAC &#8211; l\u1ea1i cho r\u1eb1ng, c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c quy\u1ec1n vay v\u1ed1n v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t doanh nghi\u1ec7p<\/em><\/p>\n<p><em>Theo \u00f4ng \u0110\u1ee9c, Lu\u1eadt c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng quy \u0111\u1ecbnh m\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng nh\u01b0 c\u00f4ng ty t\u00e0i ch\u00ednh ch\u1ec9 \u0111\u01b0\u1ee3c ph\u00e9p \u201cnh\u1eadn ti\u1ec1n g\u1eedi\u201d c\u1ee7a t\u1ed5 ch\u1ee9c, ch\u1ee9 kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e9p \u201cnh\u1eadn ti\u1ec1n g\u1eedi\u201d c\u1ee7a c\u00e1 nh\u00e2n, song chi nh\u00e1nh ng\u00e2n h\u00e0ng n\u01b0\u1edbc ngo\u00e0i kh\u00f4ng ph\u1ea3i l\u00e0 t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng th\u00ec l\u1ea1i \u0111\u01b0\u1ee3c ph\u00e9p \u201cnh\u1eadn ti\u1ec1n g\u1eedi\u201d.<\/em><\/p>\n<p><em>M\u1eb7t kh\u00e1c, \u0111i\u1ec1u 463 \u0111\u1ebfn \u0111i\u1ec1u 471 c\u1ee7a B\u1ed9 lu\u1eadt D\u00e2n s\u1ef1 n\u0103m 2015 v\u1ec1 h\u1ee3p \u0111\u1ed3ng vay ti\u1ec1n v\u00e0 h\u1ee3p \u0111\u1ed3ng vay t\u00e0i s\u1ea3n; kho\u1ea3n 14, \u0111i\u1ec1u 3, Lu\u1eadt \u0110\u1ea7u t\u01b0 n\u0103m 2020 v\u1ec1 h\u1ee3p t\u00e1c kinh doanh l\u1ea1i cho ph\u00e9p c\u00e1 nh\u00e2n v\u00e0 ph\u00e1p nh\u00e2n (trong \u0111\u00f3 c\u00f3 CTCK) \u0111\u01b0\u1ee3c \u201cnh\u1eadn ti\u1ec1n g\u1eedi\u201d d\u01b0\u1edbi h\u00ecnh th\u1ee9c \u201cvay v\u1ed1n\u201d v\u00e0 m\u1ed9t s\u1ed1 h\u00ecnh th\u1ee9c kh\u00e1c.<\/em><\/p>\n<p><strong>Minh Minh<\/strong><\/p>\n<p><strong><em>\u2014\u2014\u2014\u2014\u2014-<\/em><\/strong><\/p>\n<p><em>Ng\u01b0\u1eddi<\/em><em> \u0111\u01b0a tin (Kinh t\u1ebf) 30-6-2021:<\/em><\/p>\n<p><a href=\"https:\/\/www.nguoiduatin.vn\/bat-dao-roi-khi-cho-vay-tai-cong-ty-chung-khoan-a519117.html\"><em>https:\/\/www.nguoiduatin.vn\/bat-dao-roi-khi-cho-vay-tai-cong-ty-chung-khoan-a519117.html<\/em><\/a><\/p>\n<p><em>(171\/1.959)<\/em>","protected":false},"excerpt":{"rendered":"<p>(N\u0110T) &#8211; \u0110\u1ec3 \u0111\u00e1p \u1ee9ng th\u1ecb tr\u01b0\u1eddng v\u1ed1n v\u00e0o th\u1eddi \u0111i\u1ec3m &#8220;c\u0103ng margin&#8221;, nhi\u1ec1u c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u00e3 huy \u0111\u1ed9ng v\u1ed1n tr\u00e1i ph\u00e9p t\u1eeb kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n. Huy \u0111\u1ed9ng v\u1ed1n \u201cbi\u1ebfn t\u01b0\u1edbng\u201d Th\u1eddi gian qua, m\u1ed9t s\u1ed1 c\u00f4ng ty ch\u1ee9ng kho\u00e1n (CTCK) vi ph\u1ea1m nghi\u00eam tr\u1ecdng c\u00e1c quy \u0111\u1ecbnh c\u1ee7a Nh\u00e0 n\u01b0\u1edbc khi [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,26],"tags":[],"class_list":["post-7063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binh-luan-gop-y","category-legal-media"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2.771. \u201cB\u1eaft dao r\u01a1i\u201d khi cho vay t\u1ea1i c\u00f4ng ty ch\u1ee9ng kho\u00e1n\u00a0 - ANVI Law Firm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/anvilaw.com\/en\/tieng-viet-2-771-bat-dao-roi-khi-cho-vay-tai-cong-ty-chung-khoan\/\" \/>\n<meta property=\"og:locale\" content=\"vi_VN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"[:vi]2.771. \u201cB\u1eaft dao r\u01a1i\u201d khi cho vay t\u1ea1i c\u00f4ng ty ch\u1ee9ng kho\u00e1n\u00a0[:] - ANVI Law Firm\" \/>\n<meta property=\"og:description\" content=\"(N\u0110T) &#8211; \u0110\u1ec3 \u0111\u00e1p \u1ee9ng th\u1ecb tr\u01b0\u1eddng v\u1ed1n v\u00e0o th\u1eddi \u0111i\u1ec3m &#8220;c\u0103ng margin&#8221;, nhi\u1ec1u c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u00e3 huy \u0111\u1ed9ng v\u1ed1n tr\u00e1i ph\u00e9p t\u1eeb kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n. 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