TMtnmng
rAi
CHim
^
$ Nhu'ng thuan Igi va kho khan trong qua trinh cho vay ho trg lai suat
$
Car scr
cho vi^c ra dai Quy bao vf ngu'd'i tham gia bao hiem tai Vift Nam
Che vay he Ire lai sudU
SAO CHO HIEU QUA?
PGS.,
TS. PHAM QUANG TRUNG
Pho Hieu trw&ng Trir&ng Dai hoc Kinh te Quoc dan
Chinh phu Viet Nam dd thdng
qua "gdi
kich thich kinh te" khd
ldm,
vdo
khodng 6 ty USD,
gom:
gidm, gidn thue; tdi tra
Idi
sud't
4%
cho
vay
vd'n
luu
ddng;
ddu
tu

NHTMCP trong gdi
eho
vay
hd tra
Idi
sud't,
tie'p
tue
xic
ly tdi
ca cdu
na trong
cdc
NHTM,
cdi thien
co che
thdng tin cdn duoc
ddc
biet chu y.
Bdi cdnh thvc thi
goi kich thich kinh te
Khung hoang tdi chinb toan
ciu da tie ddng sdu sic din toan
bd nin kinh te thi gidi, dae biet
Id eae thi trudng tai ehinh. Theo
sd lieu sobd, tang Kucpng kmh te
Viet Nam quy
1/2009
Id 3,1%,
miie thap nhat ke tir mudi nam

hudng giii phap kich ciu ed tinh
kha thi. Cde danh mue kich thich
kinh tl duepe Kien khai khan
truong, dae biet la bd Kp Iai suit
vi giim, gian thue. Gdi diu tu
cdng vl
CO
bin da phdn bd xong
ngudn Hin. Bdn eanh dd, eae giii
phdp tai Kp an sinh xa bdi da va
dang ducpc thyc hien nhu dilu
chinh lucmg, bao hiim that
nghiep, tai Kp viec lam.
Trong giai doan dau Hen, gdi
tdi Kp lai sud't 4% chi dp dung
eho vd'n luu ddng, do dd ban ehi
tae ddng ddi vcii linh vuc xay
dung
CO
ban vd phdt trien co sd
ha ting. Nhiiu nha kinb tl eho
ring, thdi diem bien tai dang Id
CO
hdi td't nhd't dl ddi mdi cdng
nghe, ky thuat vdi chi phi thap
vi Ki cham nhdm ndng eao nang
lue eanh Kanh Kong tuong Iai.
Viee Kiln khai gdi hd Kp Iai
suit khdng thi tdeh rdi viee thye
thi ehinh sdch Hin te vd ehinh

muc lai suit eao Kong nhiiu
thdng. Tuy nhien, vdi tdc dpng
46
Tii chinh
THANG e/2(X>9
so Dir THirC HIEN CHO VAY HO TRC LAI SUAT TINH DEN NGAY 7/5/2009
i'
Chi tieu
T6ng mirc cho vay H6 trg lai sudt
Trong d6:
- Nh6m NHTM nhJi nude & Quy fin dung ND
- Nhom NHTM Co phan
- Nhdm NH li§n doanh, NH nude ngoai
- Nhom Cong ty tai chinh
So dy (ty dong)
Tyie
276.673.17
198.814,04
60.281,51
11.839,76
1.007,95
100,00%
71.86%
21,79%
4,28%
3,64%
aia ehinh saeh ndi Idng Hin te, Iai suit
bmh quan Ken thi Kudng tin dung da
ha xudng nhanh hon dy doan vd hiu
hit eae NHTM da duy Ki dupe kha

Diln biln ty gia bdi doai
(VND/USD) dupe kiem soat vi dilu
chinh "mIm" theo hudng ed lpi eho
xuit khau. Ty gia ed thay ddi nhung
Kong bien dp chip nhan dupe vi hau
nhu it gay dpt biln so vdi nam 2007-
2008.
Thii
ba:
TTCK ed dd'u hieu hdi phue,
VN Index ngdy 25/5/2009 dat hon 420
dilm, nhu vay tang khoang 80% so vdi
miie thip nhat (235 dilm). Tinh thanh
khodn vd tdm ly Ken thi trudng tai
chinh da ed diln biln Hch eye, nilm Hn
dupe eai thien rd net so vdi diu nam
2009.
Vdi tu each Id ban thir bilu tdm
ly Ken tbi Kudng tii chinh, sy phuc hdi
cua VN-Index phin inh ky vpng Hch
eye vao khi nang phue bdi kinh tl.
Tint
tw.
Tbi trudng bit dpng san da
ed mdt sd dau hieu eai thien Hch eye,
song van dang Kong Hnh Kang tuong
ddi khd khan, giao dieh Kim ling,
chua ed su phue hdi dang kl.
Nhu mdt bude di Hep theo, ngay
04/4/2009, Thii Krdng Chinb phii da

phdt Kiln sin xua't kinh doanh, kit eau
ha ting theo co ehi eho vay thdng
thudng, thue hien hd Kp lai suit theo
diing quy dinh ciia Thu tudng Chinh
phu va hudng din eiia NHNN. Thdi
ban vay dupe hd Kp lai suit tdi da la 24
thdng. Viee hd Kp lai suit dupe thue
hien tir ngay
1/4/2009
din ngdy
31/12/2011.
Miie lai suit hd Kp tiln
vay la 4%/nam, Hnh tren sd Hin vay
vd thdi ban eho vay thue tl trong
khoing thdi gian ndi Ken.
Theo NHNN Viet Nam, tdng du no
eho vay hd trp lai suit din ngay
7/5/2009 la 276.673 t>'' ddng. Trong
dd, du np eho vay ciia nhdm NHTM
nha nude va Quy Hn dung nhan dan
Trung uong la 198.814 ty' ddng; nhdm
NHTMCP la 60.281 ty' ddng; nhdm
ngan bang lien doanh, chi nhanh ngan
hang nude ngoai va ngan hang 100"'o
vd'n nude ngoai la 11.839 ty ddng; cdng
ty tai chinb la 1.007 ty' ddng
Ben eanh nhirng tae ddng Heb cue,
qua Kinb Kiln khai ebo vay bd Kp lai
suit ciing da gap mdt so vudng mic
sau:

nghiep, dae biet Id cdc cdng ty ed phan.
Nbilu cdng ty niem yet va cae cdng ty
dai chiing da khdng the buy ddng
dupe vd'n tu diu nam 2008 ebo din
nay.
- Trong qud Kinh thye hien ebo vay
bd Kp lai suit, xua't bien bien tupng
"dio np" (khdng cdng khai) eiia mdt sd
doanh ngbiep nhim budng lpi tir
khoan vay lai suit thip. Mdt sd doanh
nghiep da vay vdi lai suit eao trong
nam 2008 (ed the lai suit vay eao tdi
Ken 20% -21%/nam) se Hm each tra np
eu bing chinh khoan tien vay mdi. Day
Id mdt ebi Hit ein dupe nghien cuu de
kiem soat tdt sy van dpng thyc su eiia
ludng Hen dupe giai ngan vao sin xuat
kinb doanh nhim ngan chan .suy giam
kinh te.
- Thdi gian thue bipn ebo \ay bd try
Tii chinh
THANG
6/2009
47
^
THITRirONR TAI PHINH
Idi suit cho tbiy, mdt so ngan bang
thuong mai ed tdm ly Io ngai bi thanh
tra eae hd so cho vay. Cae doanh
ngbiep dupe vay pbii phii hpp vdi ddi

vay bd trplai suit ebo khach bang, eae
ngan bing pbii lap "Giiy xae nhan hd
trp lai suit". Giay xde nhan dupe lap
ddi vdi timg lan thu lai eho vay va
giam Ku sd lai Hen vay dupe hd Kp Iai
suit hoac theo dinh ky hang thang.
Day la mpt trong nhirng chiing tir de
kiem tra, giam sat va lap bao eao Hnh
hinh thye hien hd Kp lai suit. Khi
thanh toan lai suit va vd'n vay, dl dupe
hd Kp lai suit, cac doanh nghiep phai
ed tit ci eae giiy td kinh doanh nbu
hda dem, chung tir Hen quan den Hen
thanh toan tir khoan vay de chiing
minh vdn sir dung diing muc dich.
Nlu doanh ngbiep khdng chiing minh
dupe vdn sii dung diing muc dich bay
bi phit hien sir dung vdn sai mue dieh
se bi dimg eho vay. NHNN ciiiig yeu
cau edc NHTM phii theo ddi bang
ngiy sd du np ebo vay dupe bd Kp lai
suit. Tren thyc tl, vi nhiing ly do khac
nhau, ed mdt sd doanh ngbiep ebo biet
da gap nbiing khd khan vl tbii tuc khi
Hip can ngudn vdn vay bd Kp lai suit.
- Ddi vdi nginh thuy san, viec trien
khai cho vay bd tra lai suit eiing edn
gap mdt sd khd khan vl co ehi thu tue.
Nhilu doanh nghiep vd hd nudi ea Ka
d ddng bing Sdng Ciiu Long eho bilH

mdt sd NHTMCP eho bilt, cac ngan
bang vin cd sy e ngai vl thu tuc vd
tham dinh eua NHNN ddi vdi cac hpp
ddng ebo vay bd Kp lai suit nen tham
gia ehua that eao nhu mue ed the. Do
dd, ein tie'p tue thao gd eae van dl
mang tinh tbii tue, ky thuat de eae
NHTMCP vao cude manh me hon.
Khdi cac cdng ty tai chinb (mdi ehiem
3,64% du np eho vay hd trp lai suit)
ciing can dupe chii y tao dieu kien de
ed the tham gia manh me bon Kong
qua trinh trien khai gdi kich ciu eua
Chinh pbii.
2.
Tilp tue nghien ciiu xii ly tdi co
eau np trong eae NHTM theo hudng
linh boat, chip nhan sy dilu chinh Iai
suit theo Hn hieu thi trudng. Vin dl Ka
na cii de vay no mdi eua mdt sd doanh
nghiep vin ehua ed giai phdp rd rang,
mac du NHNN eho biet khdng chip
nhan "dio np". Tuy nbien, Kong dilu
kien tbi trudng dac biet nhu hien nay,
can thing thin nhin nhan hien tupng
tai cacdu no theo quan dilm linh boat
hon, de cic ngan hang Kinh bi roi vio
trang thai eung ung tin dung sai quy
dinh bode bi gd eiing, mat di Hnh linh
boat trong boat ddng cung ling tin

mdi,
phat trien sin xuit kinh doanh,
kit eau ha ting. Cin thyc sy hudng
ludng tiln vao khu vuc xay dyng va
nganh vat lieu xay dung (xi mang, sit
thep,
gaeh ngdi, vat lieu xdy dyng
khdc).
Theo danh gid vd phdn Hch Ken
thue te, nlu ludng vd'n hd Kp lai suit
4%
eua Chinh phii dupe rdt vao khu
vuc xay dung thi tdc dpng nhan bdi
(Multiplier impact) ciia so vd'n nay se
Idn hon nhilu nganh khae, tao ra dupe
nhilu viee Idm vd thu nhap cho chudi
sin xuat, dieh vu ed Hen quan. Cdc
doanh nghiep sin xua't vat lieu xay
dung se duy Ki dupe sdn xuit vd thu
nhap,
den lupt minh, se tao them siie
ciu ndi dia ebo cdc doanh ngbiep eung
ung khae.
5.
Cin Hep tue thuan Ipi hoa qui
Kinb Hep can eae ngudn vdn, don gian
hda quy trinh thu tue cho doanh
nghiep vay vd'n. Kiln nghi siia mpt sd
dilu ciia Luat Diu tu, Luat Xdy dyng,
Ludt Dit dai dl tao dilu kien thdng

hdi, Viet Nam cdn
di
sau Trung Qudc kha nbilu. Vi vay, ed
ly
do de tin
tudng ngudi Viet Nam
se
cdn Hep tue duy tri mdt
ty
le tilt kiem
eao Kong thdi gian tdi.
Nhan dinh tren diing
vdi xu
hudng dupe
thi
hien tren bilu
dd 1.
Nhin ehung miie tilt kiem eua ngudi
ddn Viet Nam dang trong
xu
hudng
tang
vd
ehua
cd
dd'u hieu
dio
ehilu.
Giai doan 2001-2003,
Hit

vdy, ngudi
dan
mdi tie'p tue ung hp nbiing bien phap
va ehinh sdch thiic
day
tilt kiem
eua
Chinh phu. Chinh phii
cin dae
biet
chii
y tdi
cdng cupc chdng tham
nbiing, lang phi,
cii
each hanh chinb
dl
don
gian
boa
tbii
tuc vi day la
nhiing
van dl gay
biic xiie nhit
ddi
vdi ngudi dan.
Hai Id, ciing vdi nhung Hen
bd vl
kinh

v
i dja
dilm
an
ud'ng v.v
Nlu
khdng
ed
nhiing ehinh sdch phii
hpp va nin
tang giao
due ein
thilt, trao
luu Heu
dimg
niy se
thieu
rui y
thue Hit kiem
ciia ngudi ddn.
Ngoai
ra, can luu y li
trong phin
thu nhap ciia
bd gia
dinh, Hen luong
vi
ed
tinh chat luong
ehi

ngudn
ODA giii ngan. Lupng kilu
hdi
tang
manh
len 5,5 ty
USD
vao nam
2007
va
8 ty USD vdo nam
2008. Chinh
saeh
thu
hiit kilu
hdi eua
Viet Nam
nhiing nam
gin
day
la hit
siie thdng
thoang. Ngudi
dan
hoan toan cdng
khai, minh bach nhan tiln kilu
hdi
ehuyin
qua be
thdng ngan bing

td
qud'e thdng
qua
kilu hdi.
Tdi lien tham khdo:
1. Dang Xuan Thanh,
'Vet
kiem hd gia dinh
& Vi$t Nam", Vi$n kinh te Vi$l Nam.
2.
GS.TS. Nguyin Van Thcrang, GS.TS.
Nguyin Ke Tuin, "Kinh
te
Vidt Nam nam
2006
-
Chat lucrng tang tru&ng va hpi
nhap kinh te quoc te". Nha xuSt
bin
dai
hQC
Kinh
te
Quoc dan,
2007.
3.
Harvard
University,
John
F.

dau
tir vi
tang tru&ng kinh te
&
Vi$t Nam", Diin
dan Phit trien
VIQI
Nam
6. Pham Dd
Chi
va Trin Nam Binh, Kinh
te
Viet Nam bu&c
vio
the ky XXI
7. Economic Intellegent
Unit,
Country report
for Vietnam,
2/2009
8.
IMF, Executive Board Concludes 2008 Ar-
ticle IV Consultation with Vietnam,
3/2009
9.
Cass,
David,
"Optimal growth in an Ag-
gregate Model
of

September
13.
Solow,
Robert (1956)
"A
contribution
to
the Theory
of
Economic Growth"
Quar-
terly Journal
of
Economics 70 (Febru-
ary).
14. WB, Taking
Stock,
An Update on
Viet-
nam's Recent Economic Developments.
Report for the
15. Consultative Group Meeting
for
Viet-
nam.
• Tiep theo tr.
48
ludng
Kin Kd
np. Ching ban,

dia rat
Idn
va
nganh sii dung nhilu lao ddng.
Cd
thi
neu
ra
eie ngdnh
nbu
det may,
da giay, thii cdng nghiep, nhua
ddn
dung,
chi
biln ndng
san,
thuy
san.
Trude diy, nhilu doanh nghiep qui chii
Kpng vao xud't khau nen
da dl
ngd
thi
trudng ndi dia eho nhilu hang hoi nhdp
khau
Kr
Trung Qud'e, Thai
Lan, Ddi
Loan, Han Qudc Ngdn saeh nhd nude

4/2009.
62
Til Chinh
THANG
6/2009