Nhóm 2:
Phân tích điều kiện và khả năng phát hành trái phiếu
chính phủ? Liên hệ thực tế Việt Nam.
1
2
MỤC LỤC
PHÂN TÍCH ĐIỀU KIỆN VÀ KHẢ NĂNG PHÁT HÀNH TRÁI PHIẾU
CHÍNH PHỦ. LIÊN HỆ THỰC TẾ VIỆT NAM.
CHƯƠNG I: LÝ THUYẾT CHUNG VỀ TRÁI PHIẾU CHÍNH PHỦ
1.1.
Trái phiếu
1.1.1.
Khái niệm, đặc điểm của trái phiếu

 !"#$%&'()*
+!,#-.!,/
012&3('.!
43()*56-.%789#
'.4$89)*6-.%'.
4:;6)/
0 1*.*2&<;3(
;6/=2&!='.4
3);$:!':3)/
.4$:,8>(%$-?3
"../12@$
!+!,!A./
0B(.C4,3,
=/D,.!"""/B(E
3
!&+!,"%./B(F&(
"%$!9/

3(2%9>!39/
4
0<56I5.2&
!&E="9!/

Phân loại lợi tức trái phiếu
02H>"!,9!+!,@
J(KE'R)"!,6@(/
02H>8!5'H>5)9
!$O2]$!6@H>2]8!5
@H>/
02H>8W$:9$:
!H*!#>^('$>)!
8W($!2!9/

Phân loại theo mức độ đảm bảo thanh toán của người phát hành
08!93S2
,!8(/7>$E
*T2-.%8!2!&A9"%
C/8!8A"9.I
_2K"98!8W(
K"8>!!&8!/,
K"#^5(!&!8
-.%/
_8!8W$$`-a9!8!
8W(!@$`-a"$3b.&
T !&8!/
_$:8!9$:2
8!c8!8W.6/


_U^>9$*3U6[
_U3(*56*63*6-.%!,^.
9@-.!,[
_U!6$W8!6-"/
1 !;!&*6C2
!;!&I
0iUi92!>>32A1<1
#!8
0j.:3,#*3!2iUi2#!U7
2=,62
0U.36P 3:*$"
#
1.2.2.
Phân loại trái phiếu Chính phủ
6
@-.!, 9:kMlmkMMl1Z0Ui.kNlkMlmkMM*  
U6AV9I
06$899U62$O9MVK*mnK;
NmK!A%!A\(1/U$O9$6
$893h6-.!,S.@K?3"TT,
$:-NmK/
0$899U62$O9L'kM)E
=!A%!A%\(1;9(]3.&!5/
0U:+<.3]5-"9U62$O9L'kM)
E=*!A%!A\(1!W.
!A"!&!K+<.3] :T-4-"
:T.$+>*!"*9^>*$a
!>#/
1.2.3.
Điều kiện phát hành trái phiếu chính phủ nói chung

Điều kiện chính trị - xã hội - văn hóa
,-"2!9.!"#8>$O]8!5.8>5!,
%6,*+H*E2#U6/o]5
!,6,0+H%!%]5!,!K[!!K8.
#2&#A.&" $]$
/o]5!,$:c3L99H5-"C]5
!,%6,-"!2=-"/
\%6,0+H0E2#*$!K=#-@
#U6T9!,Y(-^/
\#%E2E!*P8P#T(
U6,-"F2>3s^/
c.
Điều kiện luật pháp
8
U!U6=,-"$:2
&*3!2>!%."]$O-4/Z&!8-.%
8==-F+?`>!%>*2 -.!,&/
K.*K`=% -.!,&%(
U6/U-"2 !%$(&S.TT
L#:<:(-"/
Z&,U62&9!&!T!%$(
#=2("-.!,%!"#6
&$@L!9&/Z&:`.(]
!"#9!,*K2]",^
--`#!82$`!K.!*!A8"
>/BQ.!562&$e@!";+>#,
$2,62=*>
 !&9./
d.
Điều kiện công nghệ

$=.!#$"#*H>5!,*!$O4%
!K-"/7:(&*!K2%]48t"
U6#$=#*#
2&f=%"8=H5:-
U6,-"/
10
CHƯƠNG II. THỰC TRẠNG VỀ ĐIỀU KIỆN VÀ KHẢ NĂNG PHÁT
HÀNH TRÁI PHIẾU CHÍNH PHỦ TẠI VIỆT NAM
2.1.
Mục đích
11
,U6'iUi)!2C>-4!"#]
&,$'U7)\(1-.T.!"
%$/Z;8(*@-.!,('1,!,"
kMlmkMMl1Z0Ui)T*6!W!6^
8I
)ZK&$0+H(<^
@-.!,G1<#[
8)hS!P9<#L.P9[
)U^>9$*3U6[
3)U3(*56*63*6-.%!,^.9
@-.!,[
!)U!6$W8!6-"/
2.2.
Nguyên tắc
\%;.=P*T(6K!8
.=PI
0
\(!8:$*89*:8W/
0

\(1T#H>=#!TH>
!K#!Ct\(1Y!
^*=#](+96(-"\(1
TH>\(1!K#!#
#!<./~•i9*.=$\UF
W*!<.!&>6!&U6>fJ(:(9
:-$.#/
b.
Điều kiện chính trị- xã hội- văn hóa
\(12,6!,`^-"/Z<.F!%
$(!&\(1E$$-"/1T*
!%$(6,^!"5!,/Z1#!8-.%
!K*:.8W-.!,*$&/€H!"E2
13
\(12 .!5>!,I4^-`*$
*!(#r4E!*E>^9$(
&$/
c.
Điều kiện pháp lý
U!.!5*85*=#!&#3s](*-`
9!/
LEmkMk*$`9!iUi!=
!&      !5  #/  h    6  !H  T  U6    8    1,  !,
kMlmkMMl1Z0Ui%iUi*!U68H
6-.%!,^*.1,!,M•MlmkkVl1Z0Ui/\E8.
!H9$`!K.!!&!5#^5*&
:*gQW>f&,
S#8"$:*##:("-"
:M‚lmkMml0hU#3siUi9,
#*3h68*2%!&##-.!,#!<.

g]-"%.!?3
"
0
Z!%$(-.!,9$m
Z%mMGj`:/
0
U2!%!U6
=3.(/
0
Z!%$(-.!,9$M
Z%m„Gj`:
!&^>93
/
0
D,U6,
-"W59
.^9#U6
ES#-`
:*^T-`9
!#U6=3.(/
d.
Điều kiện con người
15
Z&!#K&,*>6-.%F
!H 9!W!9<>>
A<],.!"-
U6F($=-/U&I
0U^-#*:.$*<=.=#
39.>/
0U^!g.9!980</B;3S+

#*6$
89/
    $  89I   9  
U62$O9L
'kM)E=!A%
!A%\(1;
9(]3.&!5/
M/h…-("7891#/
m/Z>K-,3,
$/
V/hH/
•/Z9`/
U:+<.3]5-"I9
U62$O9L
  'kM)  E   =*  !A  %
      !A  \(  1  
!      W  .  !
A  "  !&  !K    +<.  3]
 :T-4-"
:T.$
+>*!"*9^
>*$a!>#/
U:    +<.  3]  5  -"  ! 
@-.!,9i("
MmlM†††liG0{h\juMk.m‚•
EM†††‡.8j"
%:+<.3]5-"/
2.5.
Trình tự phát hành trái phiếu
2.5.1.

4K:8oD3,$u1!&+!,$-
!>K@-.!,9Z%M„:./
N/7f=*oD3,$u1*:
8$-!>K7891#*<$`$\(
1L=fK@3-.!,9i•:
.:8"$-!>K=!(?oD3,
$u1/

i^hH
18
M/#.5=8H"&Vk.(*789
1#:8=!(?h6*7891#
o3,$u1%$95!8H
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88AI
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*.*.%*.!9
*$%7891#*^
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07"3]$/
8):%(]458H6I
0Z%$(=g!"#58H6@-.!,9Z%mM
:.[
09*!,c*sT!^!E$`58H
6/
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?A^!E$`@!f-.!,9:87891#/uA^
!E$`AI
)Z^!E$`58H6@s37891#

•/7-]458H6!7891#:88W
E85!H](!E$`:8"=!(?
h6*7891#o3,$u1/
N/7891#58H6">3$`
!A.=P](!8H@s!A-.
!,9in:./
n/UE!A.=P$`#7891#*58H
6]4=58H/=58H5
*<!*9!;f9\(1!
e!KU6@-.!,*!28
Ah&€H\(1/
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M/#.5!@^!9`
"&Vk.(*7891#:8=!(?
h6*7891#o3,$u1%$9
5!E$`!9`/1
3:88AI
):%3]$I
0Z%$(*!%$'!A%*$O9*5
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07"3]$/
21
8):%(]4!9`I
0uT!9`I!9`;!A!9`!9`
[
0Z%$(=g!"#!9`@-.!,9Z%mN:.[
0Bs*9*!,!&T!^!E$`!9`
/
m/U5!!!%$(-.!,9Z%mN:.2K


i^h…e-("7891#
M/"&mk.(#!@^8
…*7891#:8%!=!(?
h6*7891#*oD3,$u1^
(:!9f/13:8AI
)7"*$O93]$[
8)GH>3[
)uT[
3)uTH*"[
23
!)*!,!&5/
m/7891##3s-.T*
@^8…*8h6=3.(#$8
5](/
2.5.2.
Phát hành trái phiếu ra Quốc tế
M/h6T*"#h*5=-!&5
@!f!%!H!U6=3.(/
m/UETT]-.!,2=-*h6
-.!,%T]@"8#^8I
)G]45;58HI]4;"
56*63!K-"!K=#*2$(
]!&8H!=^
K9@=6&3539
6.6-"8T4[
8)G]4>`IT*"#5;58H
]45*:.2.6$(
#>`#*>`-"h6
5;58H[

Đấu thầu đã trở thành kênh phát hành chủ đạo
!9mkk†0mkM•*,iUi.=8(!H.!
:KnMV/•kkJ!A1o11:-!>K/Z;8(*$oDXU7
u1!("!>K!(?L.knl„lmkMm*,
iUi.=8(^>!H2 8#&.4$,.!
25

Trích đoạn Dự báo khả năng phát hành trái phiếu chính phủ Việt Namnăm

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