Cc t chc ti chnh phi ngn hng

1.Cc t chc tit kim theo hp ng a,Cc t chc bo him KN: Cng ty bo him l mt t chc ti chnh m hot ng ch yu l nhm bo v ti chnh cho nhng ngi c hp ng bo him trong trng hp xy ra ri ro v t vong, thng tt, tui gi, ti sn hoc cc ri ro khc. Phn loi: Chia ch yu thnh ba loi 1. Cc cng ty bo him nhn th 2. Cc cng ty bo him ti sn v tai nn 3. Bo him x hi Vit Nam. Mt s cng ty bo him Vit Nam: Cng ty bo him Prudetial Cng ty C phn Bo him Petrolimex Cng ty TNHH Bo him Chinfon Manulife Cng ty TNHH bo him quc t M (AIA) Cng ty t vn v dch v bo him Aon Inchinbrok Crawford Vit Nam Tng cng ty Bo Him Vit Nam

Thc trng: 1. Tch cc Nm 2006, sau khi gia nhp WTO, th trng bo him Vit Nam c bc pht trin kh hn so vi nm 2005. S lng cng ty bo him tng

ln 37 doanh nghip bao gm c doanh nghip trong nc v doanh nghip c vn u t nc ngoi. Doanh thu ph bo him ca ton th trng t 1,82% GDP, tng trng 14% so vi nm 2005. y l du hiu tt, cho thy th trng bo him Vit Nam s tip tc pht trin trong thi gian ti. Biu 1: C cu th phn th trng bo him nhn th

m rng v pht trin th trng bo him, bn thn cc doanh nghip cng cn a dng ha cc sn phm, xem xt pht trin thm cc knh bn hng khc bn cnh knh truyn thng l i l, nghin cu a ra cc sn phm mi nh bancassurance, bo him lin kt u t. Nhiu doanh nghip thnh lp cng ty qun l qu nhm qun l phn vn nhn ri t hot ng bo him nhn th u t vo th trng chng khon, coi y l c hi tt s dng vn hiu qu. Cc Qun l Gim st bo him, B Ti chnh cho bit tng doanh thu ph bo him c c nm 2010 t khong 30.690 t ng tng 20,3% so vi nm 2009 (t t trng doanh thu ph bo him/GDP khong 1,7%), trong doanh thu ph bo him phi nhn th (PNT) khong 17.000 t ng

(tng 24% so vi nm 2009), doanh thu ph bo him nhn th (NT) khong 13.690 t ng (tng 16% so vi nm 2009). Biu 2: Quy m doanh thu ph bo him phi nhn th qua cc thng (2009- 2010)

n v tnh: Triu ng

Doanh thu hot ng u t c t 8.208 t ng, trong PNT t 2.300 t ng, NT t 5.908 t (tng 26,2% so vi 2009). Tng ph bo him thu xp qua mi gii c c nm 2010 l 2.043 t ng, tng 3,8% so vi nm 2009. Tng hoa hng mi gii bo him nhn c l 265 t ng tng 18,6% so vi nm 2009. Nhm huy ng cc ngun lc ti chnh p ng nhu cu vn u t di hn ca nn kinh t, n cui nm 2010, ngnh bo him huy ng u t tr li nn kinh t khong 92.809 t ng tng gn 26 nghn t so vi nm 2009 (trong , PNT 19.084 t ng, NT 73.725 t ng).

Cng trong nm 2010, cc doanh nghip bo him gii quyt bi thng v tr tin bo him gn 12.033 t ng (PNT 6.800 t ng, t l bi thng bo him gc l 40%, NT 5.233 t ng), m bo s pht trin n nh ca cc t chc, c nhn khng may gp ri ro, qua gp phn vo s pht trin ca nn kinh t x hi. 2. Hn ch Tuy nhin, cng cn phi nhn thy rng, th trng bo him Vit Nam vn cha thc s p ng c yu cu ca qu trnh pht trin kinh t x hi. Nng lc hot ng ca cc doanh nghip bo him v mi gii bo him cn kh nhiu hn ch. Vic cnh tranh khng lnh mnh gia cc DN bo him ang tnh trnh bo ng. Do cnh tranh gay gt, cc DN bo him h ph bo him, tng phn tr cp cho cc i l, lm gim hiu qu kinh doanh. Cng tc gii quyt bi thng cha c thc hin tt, cha m bo ti a quyn li ca khch hng khi gp thit hi. Cc sn phm bo him tuy a dng hn trc, nhng vn cn hn ch, cha pht trin trong nhiu lnh vc quan trng nh thin tai, nng nghip, tn dng v ri ro ti chnh, hot ng hnh ngh y dc, lut s, dch v k ton, kim ton Bo him chy v cc ri ro c bit cha thc s c y mnh trong khi hng nm, nc ta, tai nn do chy n vn gia tng vi tc cao mt cch ng bo ng. Bn cnh cc bo co bi chi lin tc ln n hng ngn t ng bt t nm 2005, kt qu kim ton ca Kim ton Nh nc thng 7/2009 cho thy ch ring tin li phi thu m qu BHXH hch ton thiu gn bng con s bi chi: thiu ti 1.205 t ng; ng thi trch tha ngun kinh ph u t xy dng ti trn 1.136 t ng. Qu tht, cc hot ng ca qu BHXH Vit Nam khng bnh thng; mi nht l v cho mt cng ty con ca Ngn hng

Nng nghip nm 2011 vay vt mc bo lnh, dn n nguy c mt 610 t ng. Ngoi cc yu t ch quan t cc cng ty, c th thy s thiu hon thin ca h thng vn bn php lut v cng tc qun l Nh nc cng ang nh hng khng nh ti s pht trin lnh mnh ca ngnh bo him.

Thch thc: Vic m ca th trng s va to ra c hi v thch thc i vi s pht trin ca ngnh bo him Vit Nam ni chung v bn thn cc cng ty bo him trong nc ni ring. Bt u t ngy 1/1/2008, theo cam kt WTO, th trng bo him ca Vit Nam s thc s m ca hon ton, vi vic cho php cng ty bo him c vn u t nc ngoi c cung cp dch v bo him bt buc. Lc , cc doanh nghip bo him trong nc s phi chu p lc cnh tranh ln hn, khi s tham gia ca cc nh u t nc ngoi vo th trng bo him Vit Nam nhiu hn, su hn v rng hn. iu ny i hi s n lc t rt nhiu pha: cc c quan Nh nc, cc cng ty bo him trn th trng, cng nh nhng c nhn, t chc khc c ln quan.

Gii php: V pha Nh nc Nh nc cn thc hin tt cng tc qun l, to c mi trng php l thun li, ng thi c nhng c ch, chnh sch u i ngnh bo him c c nhng bc pht trin n nh v ng hng; to lp v

duy tr mt mi trng kinh doanh an ton, n nh, bnh ng v thun li, trc ht vic xy dng mt khun kh php l ph hp vi s vn ng ca c ch th trng, ng thi i mi phng thc v nng cao nng lc qun l nh nc i vi hot ng kinh doanh bo him, tin dn ti thc hin cc nguyn tc v chun mc qun l bo him quc t. Trong bi cnh Vit Nam ang tch cc hi nhp kinh t quc t, tng bc phi m ca th trng theo cc hip nh v cam kt quc t, ngnh bo him ang ng trc thch thc v vn hi mi, i hi cng tc qun l Nh nc phi c nhng ci cch ph hp. Do vy, vic o to v o to li nhm nng cao trnh ca i ng qun l Nh nc v lnh vc bo him l rt cp thit. ng thi, Nh nc cn tip tc hon thin c ch, chnh sch v hot ng kinh doanh bo him th trng pht trin lnh mnh, an ton, ph hp vi yu cu hi nhp; bo m tnh ch ng v t chu trch nhim ca cc doanh nghip kinh doanh bo him. Mt chnh sch ph hp khuyn khch vic tham gia bo him ca cc c nhn, t chc, khuyn khch vic m rng th trng, phm vi hot ng ca cc cng ty bo him l rt cn thit. V pha cc cng ty bo him Cc cng ty bo him khng ch phi a dng ho sn phm, nng cao cht lng dch v, m cn phi ch trng n vic chm sc khch hng, gii quyt nhanh chng, hp l cng tc bi thng tn tht trong cc trng hp xy ra ri ro c bo him. Vic tng cng o to, bi dng nghip v, phong cch phc v, nng cao o c ngh nghip cho

cc cn b kinh doanh, i l mi gii bo him cng rt cn thit. Cc cng ty bo him cn nhanh chng nm bt v ng dng cc thnh tu ca khoa hc cng ngh, c bit l cng ngh thng tin vo qu trnh khai thc v qun l hot ng kinh doanh nhm nng cao hiu qu kinh doanh, tit kim chi ph qun l, h ph bo him mt cch hp l. Hot ng u t cng cn c y mnh mt cch c hiu qu, bng cch tn dng ti a cc cng c u t ti chnh, tham gia tch cc vo th trng chng khon. Khi tham gia u t vo cc cng trnh, cc d n c vn ln, cc cng ty cn ch trng cng tc thm nh m bo mc an ton, tnh thanh khon cng nh kh nng sinh li cho ng vn. Trong lnh vc bo him, yu t ny c vai tr rt quan trng, c bit l Vit Nam hin nay, khi m nhn thc ca ngi dn v s cn thit ca bo him i vi nn kinh t, cng nh i vi i sng x hi vn cn hn ch. y l mt c hi tt cc doanh nghip bo him nng cao hiu bit ca ngi dn v bo him, ng thi xy dng c hnh nh ca cng ty mnh trong nhng khch hng tim nng. Cc cng ty cng cn nhanh chng a dng ho cc knh phn phi thng qua nhiu hnh thc khc nhau. Mt trong cc phng php thng gp hin nay cc cng ty bo him l tin hnh qua h thng ngn hng, qua cc t chc ti chnh. Qua y, cc cng ty bo him s c c hi tip cn vi ng o cc khch hng giu tim nng vi kh nng ti chnh cao v nhu cu ln. Ngoi ra, vic tip cn khch hng bng th trc tip hoc Internet cng c th mang li hiu qu cao. Trong xu th thng mi in t ang ngy cng pht trin nh hin nay, vic bn bo him qua mng ang ngy cng ph bin. Hu ht cc cng ty bo him trn th trng Vit Nam u c website ring, song mi ch c mt vi cng ty cho

php khch hng ng k mua bo him, cng nh thanh ton trc tuyn. Vic trin khai hnh thc ny cn nhiu kh khn, do h tng thng tin nc ta cn yu km, thanh ton bng tin mt vn rt ph bin Tuy nhin, cng l mt phng thc hiu qu m cc cng ty bo him cn quan tm trin khai nhm n trc thi c trong tng lai. Bn cnh vic pht huy ni lc, cc cng ty bo him rt cn hp tc vi nhau trong nhiu mt. Thng qua Hip hi bo him, cc thnh vin c th c nhng tc ng tch cc nhm m rng, nh hng cho th trng, duy tr s cnh tranh lnh mnh, chng trc li bo him to iu kin pht trin c li cho ton ngnh. Khng ch tng cng hp tc trong nc, cc cng ty bo him Vit Nam cng phi y mnh hp tc quc t. Cn nhanh chng to lp, cng c mi quan h vi cc cng ty bo him, ti bo him c kinh nghim, uy tn trong khu vc v quc t nhm hp tc trong cc lnh vc o to chuyn mn, nghip v cho ngun nhn lc, tr gip v k thut, cng ngh, trao i thng tin Vic thc y hp tc quc t cng s m ra nhng c hi kinh doanh mi cho c hai pha, to thun li cho ngnh bo him Vit Nam vn ra vi th gii. V pha cc t chc khc Bn cnh cc vic nhng n lc t pha Nh nc, t pha cc doanh nghip bo him, s tham gia ca cc t chc khc c lin quan s c vai tr rt to ln. Cc doanh nghip thuc nn kinh t u cn c nhn thc r rng hn v tm quan trng ca bo him, ng thi, tch cc ch ng tham gia mua bo him cho ti sn, con ngi, cng nh trch nhim dn s. Nhiu lnh vc bo him thit yu nh bo him chy n, bo him trong nng nghip cha c cc c nhn, n v quan tm mt cch

ng mc. c bit, vi nhng lnh vc c tim nng ln nh bo him hng ho xut nhp khu, bo him hng khng cc cng ty bo him rt cn s hp tc ca cc bn lin quan. Cc doanh nghip kinh doanh xut nhp khu cn nhn thc ngha ca vic ginh quyn mua bo him, chuyn t tp qun bn FOB, mua CIF sang bn CIF, mua FOB. ng thi, cc doanh nghip ny cng nn ch trng mua bo him nhng cng ty trong nc, va tit kim ngoi t, va thun tin trong giao dch, trong gii quyt bi thng, li gp phn vo vic pht trin nn bo him Vit Nam. nh hng: Th nht: tip tc thc hin a dng ho danh mc u t , m rng v tng cng u t vo cc d n xy dng c s h tng.ng thi phi c chin lc lu di v ng n i vi th trng chng khon v coi y l th trng hng u, trong vic mua bn Chng khon,cc cng ty bo him tip tc tp trung ch yu vo cc loi chng khon nh nc (tri phiu, k phiu kho bc).y l cc loi tri phiu c li sut khng thp v t ri ro. Cc cng ty cng tin hnh u t vo cc lnh vc nh xy dng, pht trin cng ngh cao,v do ngun vn u t vo cc lnh vc ny cn nhiu v di hn nn ch c cc cng ty bo him mi c kh nng. Th hai : u t vo lnh vc bt ng sn .Mc d trong nhng nm qua th trng bt ng sn bin ng khng ngng , nht l t ai , nhng trong ln sng di dn v tc th ho nh hin nay , u t vo lnh vc ny cng l mt hng u t hiu qu

Th ba: pht trin mnh cc loi hnh bo him khc nhau thu ht vn u t di hn.Hin nay trn th trng Vit Nam ngoi cc cng ty bo him a ra rt nhiu cc loi hnh bo him khc nhau nh: bo him ti sn, bo him k thut,bo him sinh mng, bo him nhn th, bo him du lch,bo him oto xe my v gn y ng bng sng Cu long p dng hnh thc bo him nng nghip.Hin nay Vit Nam ch c khong 5% dn s c bo him, v vy y vn l 1 th trng tim nng m cc cng ty bo him cn khai thc mnh hn. b,cc qu hu tr -Thc trng: +Theo s liu 2009, tui tho trung binh cua ngi Vit la 72,8 tui va c cho la se tip tuc gia tng trong nhng thp nin ti trong khi t sut sinh v t sut t ngy cng gim +Trong khi phn chi tr cho ngi lao ng ca qu hu tr v t tut ngy cng tng nhanh do s lng ngi ngh hu tng nhanh hn s lng tham gia mi v chnh sch tng lng hu theo lng ti thiu . Theo kt qu ca cuc tng iu tra dn s tnh n ngy 1/4/2010 ca Tng cc Dn s v K hoch ha gia nh, s ngi cao tui Vit Nam nm 2009 l 7,4 triu ngi. n nm 2010, s ngi cao tui tng ln l 8,1 triu ngi

+ Lng hu cho cac cu chin binh cua Qun i Nhn dn Vit Nam cung la mt khoan ln trong chi phi cua chinh phu hin thi +. Vit Nam, qu Hu tr l mt phn thuc qu BHXH. Nm 2010, kt d ca qu BHXH bt buc l 127.000 t ng, trong qu hu tr t tut c 112.000 t ng. Tng s kt d ca qu BHXH tnh n thng 4/2011 l khong 140.000 t ng. V quy m, qu BHXH Vit Nam ln th hai sau qu quc gia d tr ngoi t.

+ Hot ng ca qu BHXH trong nhiu nm lin c gi tnh trng nghip d. Lnh vc u t tp trung ch yu l cho ngn hng v ngn sch nh nc vay; mua tri phiu v cng tri. Ring khon cho ngn hng thng mi nh nc vay chim gn 50% danh mc u t ca qu ny, iu ng ni l chng u khng qua u thu. Cc hnh thc u t gin tip ny dn n t l li trn vn l 11,76% (nm 2008) v 9,10% (nm 2009). Vi mc lm pht trn 20%/nm hin nay, t l sinh li t u t ca qu Hu tr l m. Gi tr ti sn hin ti ca qu Hu tr ang gim dn. Mt khc, s tin ca Qu BHXH l kh cao nhng trong thc t s tin ny cha c s dng ti a cho mc ch sinh li. +V tm mc quan trng v an sinh x hi, qu Hu tr phi c duy tr nh mt qu hot ng c lp; trong thc t qu ny c x dng nh mt ngun cung ng d phng. Theo thng tin t BHXH Vit Nam, nm 2009, qu bo him y t (BHYT) tip tc thm ht xp x 2 ngn t ng. Trc , qu BHYT tng bi chi 1,8 ngn t (nm 2007) v 1,4 ngn t (nm 2008). Sau khi tiu ht hn 3.000 t kt d t nm 1994 n 2004, tnh trng v qu BHYT trin min din ra sut 3 nm tr li y. m bo hot ng, BHXH Vit Nam ang phi mn tin t qu Hu tr v thi im ny, khng th vay tin t Chnh ph. + Qu Hu tr Vit Nam hin nay hot ng trn c ch ti chnh ng n u hng n . Vi kiu thit k ny xt v l thuyt, qu Hu tr s hon ton b tc khi s ngi lao ng trong tng lai t hn s ngi cao tui hin ti. Chng t tnh trng an ton ti chnh ca qu Hu tr b xem thng ngay t khu thit k =>Qu hu tr ang i mt vi nguy c ph sn trong tng lai gn -Nguyn nhn: + Do bt cp v tui ngh hu,nhiu ngi n tui ngh hu nhng vn cn sc khe lm vic hay c nhiu ngi v hon cnh kh khn vn tip tc phi kim sng

+Do qu u t khng c coi trng qun l km nn phi hot ng nh 1 qu cung ng d phng lin tc phi b cho nhng qu khc dn n qu thm ht
+Bn cnh tnh trng nh nc khng c k hoch hu tr quc gia, th

trng Vit Nam cng khng c cc qu hu tr t nhn. Tuy nhin, kh nng a dng ho loi hnh bo him nhm tng cng kh nng tip cn ca cc nhm dn s, thc y cc hnh thc hot ng kinh t cho NCT t ra khng kh thi trc thc t siu lm pht hin nay.
.

-Gii php + Ci cch ch hu tr hin hnh hng ti mt h thng cc ti khon c nhn vi mc ng gp c xc nh trc v coi y l mt bc chuyn tip. a dng ha cc loi hnh bo him nhm nng cao kh nng tip cn ca cc nhm dn s khc nhau, trong , bo him t nguyn cn c lin kt v lin thng vi cc chng trnh bo him bt buc v cc loi hnh bo him khc Theo B L-TB&XH, cuc iu tra c thc hin ti H Ni v TPHCM vi 65.424 lao ng ti 122 doanh nghip Nh nc, 108.408 lao ng ti 286 doanh nghip c vn u t nc ngoi v 31.075 lao ng ti 197 doanh nghip ngoi quc doanh. Kt qu cho thy, trong tng s 610 doanh nghip vi trn c 429 doanh nghip cho bit sn sng tham gia qu hu tr b sung, chim 70,33%. + Chnh sch to cng n vic lm cho nhng ngi cao tui vn cn khe mnh h c th tng thm thu nhp +Nh nc cn c bin php tng ngun thu cho qu hu tr v c k hoch s dng qu hu tr mt cch hp l

2.Cc trung gian u t

a,cc qu u t KN:

Nh u t c nhn hay php nhn thng quyt nh u t thng qua qu bi 5 yu t sau Gim thiu ri ro nh a dng ha danh mc u t Tit kim chi ph nhng vn t cc yu cu v li nhun c qun l chuyn nghip Gim st cht ch bi cc c quan thm quyn Tnh nng ng ca qu u t Mi nh u t tham gia u t vo qu s s hu mt phn trong tng danh mc u t ca qu. Vic nm gi ny c th hin thng qua vic s hu cc chng ch qu u t.

C ch hoat ng va giam sat cua qu u t C quan qun l ch qun ca cng ty qun l qu l y ban Chng khon Nh nc (UBCKNN), B Ti Chnh v Ngn hng Nh Nc Vit Nam gim st ton b cc hot ng ca cng ty qun l qu, cc qu u t v cc ngn hng gim st v mt v m. Ngn hng gim st thc hin vic bo qun, lu k ti sn ca qu u t chng khon v gim st cng ty qun l qu nhm bo v li ch ca ngi u t. Cng ty qun l qu thc hin vic qun l qu vic u t theo danh mc u t c nu trong co bch ca qu.

 Cng ty kim ton: thc hin vic kim tra, nh gi khch quan v chnh xc tnh hnh hot ng ca qu u t, bo m s minh bch.

Mt s qu u t ti Vit Nam: Qu u t Th trng mi ni Vit Nam (VEMF) Qu u t Chin lc VAM Vit Nam (VVSF) Qu u t Chng khon Vit Nam HLG (HLVF) Qu u t Ch s Vit Nam HS-VAM (VILF) Qu u t Chin lc Vit Nam Hong Leong (HLSF) Thc trng: Thun li Nhng qu u t u tin xut hin ti Vit Nam vo khong u nhng nm 1990. Trong na u nhng thp k 90, c tm qu u t tin hnh hot ng ti Vit Nam vi tng lng vn huy ng khong 700 triu USD. Nhng kh khn trong n lc tm kim c hi b vn cng tc ng ca khng hong ti chnh-tin t nm 1997 khin cc qu nn lng v ln lt rt lui. Thi im sau nm 1997 ch cn li hai qu u t l Vietnam Enterprise Investment Fund (VIEL) do cng ty Dragon Capital qun l v Vietnam Frontier Fund (VFF) thuc tp on Finasa. Bn thn VFF, vi qui m 50 triu USD, rt cuc cng ra khi Vit Nam sau 10 nm hot ng. Ch khi th trng chng khon c nhng du hiu tng trng tch cc, qu ny mi tr li vi qui m khim tn hn- 15 triu USD, nm 2005.

Giai on t 2002 n 2005, hot ng ca cc qu u t tng i trm lng. Mc d vy vn xut hin thm nhiu qu mi thuc cc cng ty Mekong Capital, VinaCapital, IDG, VietFund hay PXP Asset Management. Cng vi nhng bin i tch cc v mnh m ca th trng chng khon, t gia nm 2006, h thng ti chnh Vit Nam ghi nhn giai on bng n cc qu u t v cng ty qun l qu. Trong hai nm 2006-2007, khong 20 qu u t c m mi. UBCKNN cng cp giy php hot ng cho 17 cng ty qun l qu. Trong s ny, ni bt c Cng ty lin doanh Qun l qu u t BIDV-Vietnam Partners vi qu VIF c qui m vn ti a 1.600 t ng v mt lot cng ty thnh lp vo na cui nm 2007 vi qui m vn ln: Cng ty c phn Qun l qu u t FPT (vn iu l ln nht th trng- 110 t ng), Cng ty TNHH Qun l qu SSI (vn iu l 30 t ng), Cng ty TNHH Qun l qu u t chng khon ng (vn iu l- 30 t ng) Cn phi k ti hot ng ca cc cng ty chng khon nc ngoi ti Vit Nam nh Nomura Internetional (Hongkong), Blackhorse Asset Management Pte Ltd. (Singapore) hay Mirae Asset Maps Investment Management Co., Ltd. (Hn Quc). Thi k si ng ca hot ng huy ng qu u t thnh lp theo Lut Chng khon Vit Nam (gi l Qu u t trong nc phn bit vi cc qu u t thnh lp theo lut php khc) l t thng 7/2006 ti thng 3/2008, khi c ti 20 qu u t trong nc c thnh lp vi tng vn huy ng hn 13.500 t ng (trong c 4 qu i chng). y cng l thi k bng n ca TTCK Vit Nam vi s tng trng thn k c v quy m cng nh s lng doanh nghip thc hin c phn ha v nim yt.

T thng 3/2008 ti nay, cng vi suy thoi kinh t ton cu, tnh hnh huy ng qu trong nc ca cc cng ty qun l qu (QLQ) gp rt nhiu kh khn. Ch c 3 qu u t c thnh lp trong nm 2010 vi tng s vn huy ng 800 t ng, a tng s qu trong nc ln con s 23. Nh vy, trong s 47 cng ty QLQ thnh lp theo Lut Chng khon, ch c 13 cng ty lp c qu trong nc v thc hin nghip v QLQ, cn cc cng ty QLQ khc ch yu ch cung cp dch v qun l danh mc u t cho cc NT trong v ngoi nc. V tnh cht ngun vn, 23 qu u t trong nc ch yu huy ng ngun vn ni a, duy nht qu u t thnh vin ca CTCP QLQ u t FPT c hn 51% vn gp t NT nc ngoi. Kh khn: Ba nm tr li y, vic huy ng vn t cc NT trong nc tr nn ht sc kh khn do s thiu ht vn ca cc t chc ni a, p lc li sut cao v din bin TTCK km hp dn. Trong khi , cc NT nc ngoi sau khng hong ti chnh li ang chuyn hng tm kim c hi u t sang cc th trng mi ni nh Vit Nam. Trong ba nm va qua, c hn 8.100 NT t chc v c nhn nc ngoi m ti khon giao dch chng khon ti Vit Nam. Ring trong nm 2010, c 289 t chc v 950 c nhn nc ngoi c cp m s giao dch, tng 25,5% v 6,7% so vi nm 2009 (theo Trung tm Lu k chng khon VSD). Thng k khng chnh thc cho thy, s lng qu u t hot ng ti Vit Nam kh ng o, khong hn 400 qu, trong khi qu thnh lp trong nc cn qu nh b, c v s lng v quy m vn qun l. Cc qu u t vo Vit Nam, tnh ti thi im ny, ch yu di hnh thc cng ty u t hoc qu u t ca NT nc ngoi thnh lp ti nc th ba l

cc thin ng thu nh Cayman Islands, Bermuda, British Virgin Island v sau m ti khon u t vo Vit Nam vi t cch mt NT nc ngoi u t gin tip. Nhn thy c hi t dng vn ngoi di do v s quan tm ca NT nc ngoi i vi tim nng pht trin ca TTCK Vit Nam, nhiu cng ty QLQ chuyn hng ly huy ng ngun vn u t t nc ngoi lm mc tiu thnh lp qu trong nc. Tuy nhin, cc n lc huy ng vn nc ngoi cho mc tiu trn u cha t c kt qu. Khi NT chn la gia hnh thc (1) u t vo qu trong nc thnh lp theo Lut Chng khon v (2) u t vi t cch mt NT nc ngoi u t gin tip vo Vit Nam th h s la chn phng n th hai. Bn cnh cc nguyn nhn ch quan l bn thn hot ng ca cc cng ty QLQ trong nc cn cha thc s hiu qu, thiu chuyn nghip v thiu kinh nghim qun l vn (track record) do s non tr ca TTCK trong nc, cc nguyn nhn khch quan v tr ngi ca mi trng u t hn ch cc NT nc ngoi u t vo qu trong nc.

Nguyn nhn:
1.

Nhng ro cn v cc quy nh php l

Qu thnh vin c hiu l qu thnh lp da trn ch ca cc thnh vin v mc tiu, chnh sch u t cng nh cc iu kin v iu khon khc. Theo thng l quc t, cng ty QLQ ng k thnh lp qu thnh vin v trn c s cc iu khon qu c xc nhn ng k ku gi cc NT gp vn. Ti Vit Nam, quy trnh gn nh ngc li, h s thnh lp qu yu cu c danh sch cc thnh vin gp vn, bin bn tha

thun gp vn v giy xc nhn ca ngn hng lu k v quy m vn huy ng. i vi NT nc ngoi, cam kt gp vn v vic np tin ch p dng vi qu c php lut xc nhn thnh lp. Cn vi y ban Chng khon Vit Nam, qu ch c xc nhn thnh lp khi c cam kt gp vn ca NT. S khc nhau ny to ra mu thun v t ra cu hi con g qu trng i vi cc NT. Nn chng, khng yu cu phi c cam kt gp vn cng ti thi im ng k lp qu m cho php cc cng ty QLQ ng k lp qu trc, km theo l quy nh v thi gian gi vn (v d t 1 3 thng). Sau khi kt thc thi gian gi vn (khi ng qu), cng ty QLQ s bo co v ng k mc vn huy ng c. Bn cnh , NT nc ngoi u t vo qu trong nc cn gp nhiu kh khn khc v mt giy t, th tc so vi t u t theo hnh thc 2 nh vic phi chng minh ngun tin u t khng phi ngun vn y thc, phi c bo co ti chnh chng minh nng lc ca NT. Ngoi ra, quy nh hin hnh ch cho php thnh lp qu ng, theo , NT khng c rt vn trc khi ht thi hn ca qu. Cc quy nh v qu m ang c xy dng nhng vi tc rt chm v cn nhiu im vng mc, cc cng ty QLQ chc cn phi ch i rt lu cc quy nh ny i vo thc t. Nu NT u t vo TTCK Vit Nam di hnh thc 2 th mi vic n gin hn rt nhiu, t th tc php l ti cc giy t chng minh. H c th rt vn, chuyn i tin ng Vit Nam sang cc loi ngoi t khc v chuyn ra nc ngoi mt cch linh hot ty theo yu cu vn tng thi im.

2.

Ri ro t gi

Ri ro t gi cng l mt trong nhng quan ngi ca NT nc ngoi khi xem xt u t vo qu trong nc do h phi gp vn hon ton bng tin Vit Nam ngay khi qu c thnh lp. Thi gian gii ngn ca qu thng ko di t 6 thng ti 2 nm, ty thuc vo mc tiu u t v tnh hnh th trng. Trong khi, nu u t di hnh thc 2, NT khng bt buc phi chuyn i ton b ngoi t ngay khi bt u u t m c th chuyn i tng phn gii ngn theo tin u t. Vic khng c rt vn trc hn cng gy quan ngi v ri ro t gi. Nu u t di hnh thc 2, NT c th linh hot trong vic la chn gi ng tin no c li hn, nht l trong iu kin ng Vit Nam lin tc b ph gi thi gian gn y: nm 2009 ph gi 1 ln, 5,4%; nm 2010 ph gi 2 ln, 3% v 2,9%; thng 2/2011, ph gi 9,3%.
3. ro cn v thu

i vi trng hp NT nc ngoi u t vo Vit Nam theo hnh thc 1 (theo hng dn ti Cng vn s 10945/BTC-TCT ngy 19/8/2010) mc thu phi chu trn li nhun thu v l 25%. Ngc li, nu u t theo hnh thc 2, NT s chu mc thu khon l 0,1% trn tng gi tr giao dch bn (theo hng dn ti Thng t s 72/2006/TT-BTC). Gi thit, NT t chc nc ngoi c vn u t 100 t ng u t ti Vit Nam theo hnh thc 2, giao dch vi tn sut cao, tng gi tr bn trong nm gp 12 ln vn gc ban u. Nh vy, tng gi tr thu phi np trong nm l: 1.200 x 0,1% = 1,2 t ng.

Tng t, trong trng hp khc, NT ny tham gia u t vo mt qu trong nc, gi thit li 15%/nm (mc ti thiu m cc NT nc ngoi thng yu cu). Khi , thu nh vo li nhun t u t qu ny l 100 x 15% x 25% = 3,75 t ng. S chnh lch ny cho thy, tr khi qu u t trong nc b l hoc li di 5%/nm (thu l 1,2 t ng tnh theo hnh thc 1) th NT theo phng thc 1 mi c li so vi phng thc 2. M y l iu khng NT v cng ty QLQ no mong mun. V d v mt s loi hnh qu u t ti Vit Nam: Qu u t bt ng sn Mt trong nhng gii php u t c nhiu ngi quan tm hin nay l m hnh cc qu u t bt ng sn. Cho n cui nm 2010, nhiu qu u t nc ngoi tip tc rt vn vo th trng bt ng sn Vit Nam, chng t hp lc ca th trng cn ln. Tuy nhin, do thiu khung php l cn thit, cho n gi vn cha c qu u t bt ng sn no ca Vit Nam. Hin ti, B Ti chnh hin ang chun b ban hnh quy nh hng dn cho vic huy ng vn, thnh lp, t chc hot ng v qun l qu u t bt ng sn. Hnh thc qu u t bt ng sn (Real Estate Investment Trust - REIT) cho php nh u t thay v trc tip mua nh-t, c th mua chng ch qu pht hnh, sau y quyn qun l cho ban gim c qu. Hot ng ch yu ca qu l mua bn, tham gia qun l cc sn phm bt ng sn, gp vn vo vic pht trin d n, hoc u t vo cc cng ty bt ng sn.

in hnh cho loi qu u t ny l cc qu: VNL ca Vinacapital, VPF ca Dragon Capital, ILH- ILH2 v ILH3 ca Indochina Capital, VPH ca Saigon Asset Management Cc qu u t vo bt ng sn VN Qu Cty qun l qu Tng trng 2009 (%) Vietnam Property Holding (VPH) Saigon Asset Management Bao Tin Real Estate Fund Vietnam Property Fund (VPF) Indochina Land Holdings Aseana Properties Bao Tin Capital Dragon Capital Indochina Capital Ireka Corporation Berhad Vietnam Real-Estate Development Fund Vietnam Infrastructure Limited (VNI) VinaCapital's VinaLand Korea Investment Trust Management VinaCapital 3,1 -14,4 9,5 12,9

Qu u t chng khon Theo kho st ca tp on u t v t vn ti chnh LCF Rothschild trong nm 2009, cc qu u t vo th trng chng khon Vit Nam c mc tng trng NAV xp x 40%, thp hn mc tng 48,4% ca VNIndex.

ng Dominic Scriven - Tng gim c Dragon Capital - cho bit: Tng trng ca cc qu nm 2009 khng theo kp tng ca ch s VN-Index do cc nh qun l qu qu thn trng, t u t vo c phiu ri ro cao, thay vo l mua tri phiu hoc gi tin mt. Ngoi ra, theo ng, cc qu c quy m ln cng tng trng chm hn qu nh, v thiu linh ng hn trong iu hnh v thch ng vi th trng. Hin c khong 20 qu ang tham gia u t vo th trng chng khon VN, trong c cc qu ln thuc cc cng ty qun l VinaCapital v Dragon Capital nh Vietnam Opportunity Fund (VOF), Vietnam Infrastructure Ltd (VNI), Vietnam Growth Fund (VGF), Vietnam Enterprise Investment Ltd (VEIL) v Vietnam Dragon Fund (VDF). Gi tr NAV trung bnh ca 20 qu ny tnh n ngy 21/1/2010 l 147 triu USD, trong ln nht l VOF vi gi tr ln n 771 triu USD, 3 qu do Dragon Capital qun l c tng NAV l 889 triu USD. Cc qu u t vo c phiu nim yt, cc cng ty c phn Qu Cng ty qun l Tng trng nm 2009 (%) Vietnam Equity Holding (VEH) Bao Tin Equity Fund Bao Viet Investment Fund Blackhorse Enhanced Vietnam Saigon Asset Management (SAM) Bao Tin Capital Bao Viet Fund Management (BVFMC) Blackhorse Asset 39,3 10,1

Inc BIDV-Vietnam Partners'

Management BVIM Investment

Vietnam Investment Fund Management DWS Vietnam Fund Deutsche Bank DWS Vietnam Fund Vietnam Enterprise Investments Ltd. (VEIL) Vietnam Growth Fund Limited (VGF) Vietnam Dragon Fund (VDF) Vietnam Equity Fund Golden Bridge Financial Dragon Capital

31,9 27,2 25,8

Finansa Fund Management Golden Bridge Financial

Group's Vina Blue Ocean Fund Fund Hanoi Fund Hanoi Fund Management Indochina Capital Vietnam Indochina Capital Holdings JF Vietnam Opportunities Fund JF Vietnam Opportunities JF Vietnam Opportunities Fund Kamm Investment Holdings Kamm Investment Vietnam Growth Fund Worldwide Vietnam Fund China and Vietnam Fund KITMC RSP Balanced Fund KITMC Vietnam Growth Fund I Korea Investment Trust Management and II KITMC Worldwide Vietnam Fund I and II Vietnam Oilfield Fund Lion Capital Vietnam Fund Manulife Progressive Fund (MAPF1) Vietnam Azalea Fund MekongEnterprise Fund

45,6 4,3

Lion Capital Manulife Funds Mekong Capital 48,6

Mirae Assets Mirae Asset Securities JSC Maxford Investment management Ltds Vietnam

Mirae Asset Maps Investment Management Maxford Investment

Management Focus Fund SP Orient Management Companys Cty qun l qu u t Orient Fund 1 (OF1) Prudential Balanced Fund Prudential Vietnam Securities chng khon Phng ng Prudential Fund 6,7 Management Investment Fund Vietnam Lotus Fund PXP Vietnam Asset PXP Vietnam Fund Ltd Vietnam Emerging Equity Fund Management Saigon Securities Investment Thanh Viet Fund Fund A1 (SFA1) Saigon Securities Investment Management Fund A2 (SFA2) Viet Capital Fund Managements Viet Capital Fund (VCF) Viet Fund 1 (VF1) Viet Fund 2 (VF2) Viet Fund 4 (VF4) Vietcombank Partners Fund 1 Cty qun l qu Bn Vit 50,9 Viet Fund Management 48,2 Vietcombank Fund 71,3

39,3 56,2

(VPF1) Management Vietnam Emerging Market Fund Vietnam Asset (VEMF) Management

Xu hng cc qu ny trong nm ti: Xt bi cnh kinh t v m t u nm 2010 n nay, vic ph gi VND,

tng gi xng, tng gi in,.. nhiu kh nng dn n tng li sut c bn nhm kim ch lm pht, iu ny c th gy kh khn cho cc doanh nghip sn xut phi nhp khu nguyn liu hay vay vn. Tuy nhin, cc ngnh lin quan n hng tiu dng, nng lng, BS phn khc trung bnh, vn c nh gi l nhiu tim nng trong nm 2011. Cng ty qun l qu SAM cho bit, trong nm 2011 s tng cng u t vo cc doanh nghip BS c qu t ln. Trong khi , VinaCapital s u t vo cc ngnh hng tiu dng vi chin lc u tin tri phiu, c phiu, bt ng sn.

Ri ro thng gp ca cc qu u t: Ri ro v li sut Nu li sut th trng thay i, tng gim tht thng s nh hng n li nhun ca qu v nh u t. Ri ro v tn dng Kh nng thanh ton ca ngi vay vn, thanh ton ng hn, y l nhn t quan trong trong li nhun ca qu. Vic khng thanh ton hoc khng ng hn s lm tng t l n xu ca cng ty qu. Ri ro ngoi hi Ri ro thanh khon Pht sinh khi nhng ngi gi tin ng thi c nhu cu rt tin gi ti cc trung gian ti chnh ngay lp tc

b,cc cng ty ti chnh

-Thc trng: Hot ng tn dng ca cng ty ti chnh ti Vit Nam. Theo ngh nh 79/2002/N-CP v t chc v hot ng ca cng ty ti chnh ban hnh ngy 04/10/2002, c hiu lc ngy 19/10/2002: Cng ty Ti chnh c cho vay di cc hnh thc: Cho vay ngn hn, cho vay trung v di hn theo quy nh ca Ngn hng Nh nc. Cho vay theo u thc ca Chnh ph, ca t chc, c nhn trong v ngoi nc theo quy nh hin hnh ca Lut Cc t chc tn dng v hp ng u thc. Cho vay tiu dng bng hnh thc cho vay mua tr gp. Cng ty ti chnh c th cho vay ngn hn, trung hn, di hn trn c s cn i ngun vn trung v di hn, khng s dng vn vay ngn hn cho vay trung v di hn nhm bo m an ton cho h thng. Hot ng chit khu, ti chit khu, cm c thng phiu, tri phiu v cc giy t c gi khc. Theo Quyt nh s 1325/2004/Q-NHNN ca Thng c Ngn Hng v vic ban hnh quy ch chit khu, ti chit khu giy t c gi ca t chc tn dng i vi khch hng th: Chit khu l vic t chc tn dng mua giy t c gi cha n hn thanh ton ca khch hng. Ti chit khu l vic t chc tn dng mua li giy t c gi cha n hn thanh ton v c chit khu theo phng thc mua hn. Thi hn cn li ca giy t c gi l khong thi gian tnh t ngy giy t c gi c t chc tn dng nhn chit khu, ti chit khu n ngy n hn thanh ton ca giy t c gi . Tng mc d n cp tn dng ca cng tu ti chnh c quy nh r ti khon 2, iu 128, lut cc T chc tn dng 2010: Tng mc d n

cp tn dng i vi mt khch hng khng c vt qu 25% vn t c ca t chc tn dng phi ngn hng, tng mc d n cp tn dng i vi mt khch hng v ngi c lin quan khng c vt qu 50% vn t c ca t chc tn dng phi ngn hng. Gii thiu v hot ng ca cng ty PVFC-Tng cng ty ti chnh du kh Vit Nam Trong nm 2009, Tng Cng ty thc hin cp tn dng theo hng tng trng tn dng i i vi kim sot chc ch nhm hn ch n xu pht sinh. D n cho vay ton h thng (khng tnh cho vay bng vn y thc ca cc TCTD khc) n 31/12/2009 t 26.277 t ng, bng 167% so vi d n cho vay ti thi im 31/12/2008. T l n xu ti thi im 31/12/2009 l 1,22%, thp hn mc quy nh ca NHNN (3%) (Bng 2) Tn dng cho cc t chc kinh t: o L vic PVFC xem xt cho khch hng s dng mt s vn vi mc ch v thi gian xc nh theo tha thun vi nguyn tc c hon tr c gc v li. o i tng cho vay l cc t chc kinh t trong v ngoi ngnh du kh. o iu kin cho vay: Mc ch s dng vn ph hp vi quy nh v i tng, ngnh ngh c xem xt cp tn dng ca PVFC. Phng n s dng vn kh thi. m bo c cc yu cu bo ton vn ca PVFC. Tn dng c nhn: o Cho vay mua nh tr gp: h tr tn dng mua nh vi s tin cho vay ln (70% gi tr cn nh), thi hn cho vay ln n 20 nm. i tng c cho vay l ngi c thu nhp n nh, chng minh v m bo kh nng tr n, hoc c ti sn th chp l bt ng sn c sn hoc hnh thnh t chnh ti sn hnh thnh t vn vay. o Cho vay cm c chng t c gi bao gm: th tit kim, cc loi s tin gi, hp ng y thc qun l vn, tri phiu, k

phiu, c phiu v cc chng t c gi khc. Hnh thc ny gip ngi i vay trnh c thit hi do vic phi rt tin trc ngy o hn ca chng t c gi, trnh c ri ro t gi trong trng hp phi rt tin ngoi t t chng t c gi v chuyn i ra VN o Cho vay th chp ti sn: p dng vi ngi i vay c ti sn th chp l bt ng sn hoc c ngi th ba bo lnh bng bt ng sn. S tin vay c th ln n 70% gi tr ti sn m bo.
o

Cho vay bo m bng lng: i tng l cc CBCNV ang cng tc ti PVFC, PVN; Cc Cng ty con ca PVFC, PVN; Cc Cng ty c ti thiu 10% c phn, vn gp ca PVFC, ca PVN; Cc Cng ty c ti thiu 30% vn gp ca cc Cng ty con ca PVN; Cc n v c tho thun hp tc ton din vi PVFC

Theo bo co thng nin ca PVFC, hot ng cho vay cc t chc kinh t, c nhn trong nc chim t trng ch yu trong cc hot ng tn dng ca cng ty, c th l 90.45% nm 2009, 88.4% nm 2008 (xem Bng 1). C cu n di hn chim t trng ln nht 48.13% nm 2009 v 47.72% nm 2008. Bng 1: Tn dng 31/12/2009 31/12/2008 Cho vay cc t 23.767.850.064.394 13.937.597.368.264 chc kinh t, c nhn trong nc Cho vay chit 1.078.176.954 71.166.782.855 khu thng mi v giy t c gi Cho vay bng vn 2.507.903.509.213 1.761.109.009.757 ti tr, y thc u t Tng 26.276.831.750.560 15.769.873.160.876

Bng 2: Phn tch cht lng N cho vay 31/12/2009 N tiu chun 24.675.261.419.762 N cn ch 1.233.188.378.468 N di tiu 17.085.265.514 chun N nghi ng 90.418.196.412 N c kh nng 260.878.490.405 mt vn Tng 26.276.831.750.560 Bng 3: Phn tch d n theo thi gian N ngn hn N trung hn N di hn Tng 31/12/2009 8.593.033.045.397 5.038.898.195.757 12.644.900.509.406 26.276.831.750.560 31/12/2008 5.396.573.543.631 2.846.889.991.910 7.526.409.625.355 15.769.873.160.876 31/12/2008 14.580.508.286.321 751.185.289.653 159.996.176.989 60.450.704.010 217.732.703.903 15.769.873.160.876

Bng 4: Phn tch d n theo n v tin t 31/12/2009 Cho vay bng 16.783.220.281.278 VND Cho vay bng 9.493.611.469.282 ngoi t v vng Tng 26.276.831.750.560 Hot ng kinh doanh ngoi hi: Vi mc tiu tr thnh mt trong nhng nh ch ti chnh hng u v uy tn nht ti Vit Nam, kinh doanh ngoi hi l mt trong nhng sn phm mi nhn c ch trong pht trin ti PVFC vi ch trng: em 31/12/2008 9.071.910.383.081 6.697.926.777.795

15.769.873.160.876

n cho cc khch hng nhng sn phm hiu qu nht, an ton nht, trong thi gian nhanh nht. Vi th mnh v ngun vn ngoi t, i ng cn b tr, nng ng, c hiu bit chuyn su v lnh vc kinh doanh ngoi hi, ngoi vic p ng kp thi nhu cu ngoi t ca khch hng, PVFC cn hng ti gip cc khch hng bo him cc ri ro trong hot ng ngoi hi bng cch cung cp a dng danh mc cc sn phm, thit k cc sn phm ngoi hi c th ph hp vi thc trng hot ng kinh doanh, ngun ngoi t ca khch hng. Hin nay, PVFC cung cp cc sn phm ngoi hi sau: Giao dch giao ngay (Spot) Giao dch k hn (Forward) Giao dch quyn chn (Option) Giao dch hon i o Hon i ngoi t (FX Swap) o Hon i li sut (IRS) Cc i tc hin nay ca PVFC, ngoi cc ngn hng thng mi hng u trong nc, cn c cc t chc ti chnh uy tn trn th gii nh HSBC, Citi Bank, Standard Chartered, ANZ,. PVFC cng c trang b h thng giao dch in t hin i nht em li cho khch hng cht lng phc v tt nht. Hot ng bao thanh ton: Bao thanh ton l vic PVFC dng ngun vn ca mnh cp tn dng cho bn bn hng thng qua vic mua li cc khon n phi thu cha n hn thanh ton pht sinh t vic mua, bn hng ho c bn bn hng v bn mua hng tho thun trong Hp ng mua bn hng ho.

i tng: Cc khch hng l cc t chc kinh t trong ngnh, cc nh thu cung cp dch v, thit b cho cc n v trong ngnh. Li ch khch hng: Thu hi vn nhanh, m bo vic quay vng vn nhanh, nng cao hiu qu s dng vn gp phn lm qu trnh sn xut c lin tc. iu kin: Thi gian ca cc khon phi thu ngn hn hoc bng 180 ngy; m bo c cc yu cu bo ton vn ca PVFC Dch v nhn qun l vn u thc: Dch v nhn qun l vn u thc l hnh thc khch hng u thc cho PVFC qun l ngun vn nhn ri trong mt k hn nht inh, khch hng c hng mc li sut c nh trn s tin u thc v thi gian u thc. i tng: Cc n v trong ngnh Du kh v cc T chc kinh t khc. Li ch: Li sut c nh cnh tranh theo k hn u thc m bo 100% vn u thc Rt vn trc hn v hng li sut u i Thi hn u thc linh hot, t 1 tun tr ln Thnh tu: +Th nht: Vi nghip v huy ng vn v cho vay cc cng ty ti chnh huy ng c mt lng vn kh ln p ng nhu cu v vn cho cc cng ty doanh nghip trin khai cc d n u t ng tc to iu kin tin pht trin nn kinh t ca t nc

+Th hai: cc cng ty ti chnh nhn chit khu ti chit khu cc giy t c gi to iu kin gip cc cng ty cc doanh nghip b p lng vn thiu ht tm thi, tng tc quay vng vn to ra thm nhu hng ho p ng cho th trng +Th ba: cng ty ti chinh c th bo lnh cho mt hoc nhiu cng ty pht hnh tri phiu ra th trng m bo an ton v ri ro tr n cho cc tri phiu to tnh thanh khon cho tri phiu ngoi th trng +Th t: cc cng ty ti chnh c th dng cc ngun vn huy ng c em i u t pht trin kinh t t nc -Tn ti: Cc cng ty ti chnh cha hon thnh tt nhng nhim v quan trng m tp on giao; c bit trc yu cu v i hi ngy cng cao v tnh chuyn nghip, cht lng v hiu qu. Trong thi gian qua, t l thu xp vn thnh cng trn tng nhu cu vn cn thu xp ca tp on thp. Tp on v cc n v thnh vin phi t tm kim ngun vn cho nhiu d n t cc t chc ti chnh khc; c bit d n c quy m ln, cc cng ty ti chnh cha c kh nng thu xp; cc hnh thc thu xp cn n iu, cht lng cha cao, nhiu hnh thc nh vay ti tr xut khu, huy ng vn t cc t chc quc t cha trin khai, Bn cnh hot ng thu xp vn th mc tiu thng qua cc cng ty ti chnh lm gia tng hiu qu cng tc qun tr v vn hnh ngun vn ca tp on kinh t cha thc hin tt. Vic cn i ngun vn, iu hnh dng tin ca tp on cha c thc hin do cha c mt phng n trin khai c th, m bo nguyn tc ngun tin va c kinh doanh sinh li, va p ng c nhu cu s dng thng xuyn. -Nguyn nhn +Khch quan: Cng ty ti chnh khng ch hot ng vi vai tr l mt t chc ti chnh thng thng, m phi thc hin chc nng l cng c to lp v qun tr vn ca tp on. Do vy, cng ty ti chnh phi c php thc hin nhng nghip v qun tr vn ca tp on m cc trung gian khc khng thc hin c.

 Chc nng nhim v ca cc cng ty ti chnh phi c trin khai theo yu cu v quy m hot ng ca tp on, khng phi thnh lp ra cng ty ti chnh ch n thun cho vay cc n v thnh vin trong ngnh m cn ng vai tr vn mi thu ht ngun vn khc vo cc d n u t ca tp on. Hnh lang php l cho t chc v hot ng ca cc cng ty ti chnh cha hon chnh Cng ty ti chnh cha c thnh lp cng ty qun l n v khai thc ti sn. V huy ng vn: cng ty ti chnh khng c huy ng vn c k hn di 12 thng trong khi cc cng ty ti chnh phi thc hin chc nng qun tr ngun vn nhn ri ca tp on. V hot ng u t: ti Quyt nh s 457/2005/Q-NHNN ngy 19/04/2005 ca NHNN quy nh v mc vn gp, mua c phn ca cng ty ti chnh trong mt doanh nghip khng vt qu 11% vn iu l v tng gi tr vn gp, mua c phn trong cc doanh nghip khng vt qu 40% so vi vn iu l ca cng ty ti chnh. ay l vn bt cp ln bi cc cng ty ti chnh trong tp on kinh t l nh ch u t ti chnh, n v c tp on y quyn thay mt tp on thc hin qun tr v u t vn nn nu p dng cc t l trn s khng hp l. Quy nh v u mi thu xp vn: iu 5, Quyt nh s 286/2002/Q-NHNN ngy 29/03/2002 ca NHNN quy nh cc cng ty ti chnh ch c php tham gia ng ti tr, m khng c lm t chc u mi ng ti tr trong khi cc cng ty ti chnh vn thc hin cc cng vic thu xp vn cho cc d n ca tp on v cc n v thnh vin. Cc cng ty ti chnh vi li th hiu r v c im ca d n, nhu cu vn v cc iu kin thu xp vn s c cc phng n ti tr hp l, hiu qu ch cng ty ti chnh khng thc hin cc chc nng ca mt ngn hng u mi v thanh ton v qun l tn dng.

 Quy nh v pht trin mng li i vi cc cng ty ti chnh kht khe hn so vi ngn hng thng mi +Ch quan: Cc tp on kinh t cha c nh hng pht trin cng ty ti chnh v cha c c ch vn hnh ph hp. C cu t chc cng ty ti chnh cha hp l, cn c s chng cho v chc nng, nhim v, ngnh ngh kinh doanh, vi cc trung gian ti chnh khc trong tp on. Cc gii php h tr ca tp on v cc n v thnh vin trong tp on cha ng. Vai tr v v th cc cng ty ti chnh cha c pht huy trit . Cc gii php pht trin hot ng ca cng ty ti chnh cha ng b v cha thc s hiu qu, cha khai thc c tim nng li th ca tp on v c ng chin lc nc ngoi; cng tc pht trin khch hng cn nhiu hn ch; cha ch trng u t pht trin cc sn phm dch v th mnh, cc sn phm c th; cng tc qun tr ri ro cha tng xng vi yu cu v quy m hot ng, nht l trong iu kin th trng ti chnh tin t din bin kh lng nh hin nay; cc gii php h tr khc nh chnh sch nhn s, cng ngh thng tin cha theo kp yu cu pht trin. -Gii php: + Phi nh hng r rng v m hnh v c ch hot ng ca cng ty ti chnh trong tp on kinh t. thc hin tt cng c qun tr vn ca tp on , cc cng ty ti chnh phi c t chc thnh mt h thng hon chnh vi y chc nng cn thit, trong tp on nm quyn chi phi v vn ti cng ty m, tng bc hnh thnh mt nh ch hot ng theo m hnh cng ty m-cng ty con gm nhiu cng ty hot ng trong nhng lnh vc chuyn ngnh khc nhau, to sc mnh tng hp ca h thng. c th vn hnh tt vai tr l mt nh ch mnh ca tp on, cc cng ty ti chnh cn phi ti cu trc li m hnh t chc theo hng chuyn nghip hin i, mnh h tr cho ban lnh o

ra cc quyt nh nhanh nhy v chnh xc. Tr s chnh s lm nhim v cng ty m, cc chi nhnh v cc n v trc thuc s thnh cng ty con. Phng thc qun l cng ty m- cng ty con thc hin theo c ch cng ty m trc tip kinh doanh v iu phi v ti chnh, qun l cng ty con bng cc quy nh thng nht, minh bch trong ton h thng. + Gii php v pht trin hot ng. a dng ho cc hot ng, khng ngng nng cao cht lng hot ng, hin i ho cc nghip v, tng cng cc gii php cng ngh hiu qu cho cc cng ty ti chnh Vit Nam, hin i ho h thng cng ngh thng tin ti chnh ngn hng gip h nng cao nng lc, hiu qu trong giao dch, gim thiu chi ph v hn ch ri ro ti mc thp nht v khi s bt n trn th trng lin tc gia tng th ri ro do s c h thng gy ra tng theo v iu ny c th lm chm tc cc giao dch, gy nh hng trc tip n h thng ti chnh ton cu v cc c nhn, doanh nghip hot ng trong th trng . Ch ng trong qu trnh tm kim khch hng t to c s pht trin nhanh v bn vng. Coi trng cc chin lc pht trin ngun nhn lc t trong cng tc tuyn dng, o to i ng vi ch i ng hp l v mi trng lm vic vn minh hin i. ng thi cng c nhng chnh sch u i thu ht ngun nhn ti trong ngnh ti chnh. Xy dng vn ho cng ty gp phn nng cao b mt cng ty ch chuyn v lnh vc ti chnh. Vn ha cng ty c tp th nhn vin xy dng v ng tm thc hin qua h thng cc quy trnh cng vic, giao tip ng x v phong cch kinh doanh hin i ca nh ch ti chnh.

3.Cc cng ty chng khon a,S giao dch chng khon Khi nim: S Giao dch Chng khon l mt php nhn c thnh lp theo quy nh ca php lut thc hin vic t chc giao dch chng khon cho cc chng khon ca t chc pht hnh iu kin nim yt ti S Giao dch Chng khon. Theo tnh cht t chc th trng, S Giao dch Chng khon l th trng chng khon tp trung; trong vic giao dch chng khon c thc hin ti mt a im tp trung l sn giao dch hay qua h thng mng thng tin my tnh in t do cc thnh vin ca S Giao dch Chng khon thc hin. Cc chng khon c giao dch ti S Giao dch Chng khon thng thng l chng khon ca cc cng ty c uy tn, cng ty ln p ng iu kin hay tiu chun nim yt. Hin ti Vit Nam c hai s giao dch chng khon l S giao dch chng khon H Ni ( HNX) v s giao dch chng khon HCM (HOSE) S giao dch chng khon H Ni Lch s: Thnh lp nm 11 thng 07 nm 1998, lc u mang tn Trung tm Giao dch chng khon H Ni (HASTC). T 17 thng 1 nm 2009 mang tn hin ti. Tn ting Anh ca s giao dch ny l Hanoi Stock Exchange, vit tt l HNX.

Chc nng: Hot ng ca s giao dch chng khon H Ni c t chc nhm mc ch u gi c phn cho cc doanh nghip, u thu tri phiu chnh ph, t chc giao dch chng khon theo c ch ng k giao dch. C th: T chc, qun l, iu hnh vic mua bn chng khon Qun l, iu hnh h thng giao dch chng khon Cung cp cc dch v h tr vic mua bn chng khon, dch v lu k chng khon Thc hin ng k chng khon Phng thc giao dch: Sn H Ni tin hnh giao dch theo 2 phng thc: Giao dch khp lnh v Giao dch tho thun. Khng ging nh sn thnh ph H Ch Minh sn H Ni ch c 1 phng thc giao dch c phiu duy nht l khp lnh lin tc (t 8h30-11h00) vo cc ngy t th hai n th su trong tun. Trong sut phin giao dch, cc nh u t cng c th giao dch tho thun S giao dch Thnh Ph H Ch Minh: Lch s: c thnh lp thng 7 nm 2000, l mt n v trc thuc y ban Chng khon Nh nc v qun l h thng giao dch chng khon nim yt ca Vit Nam. S Giao dch Chng khon Thnh ph H Ch Minh hot ng nh mt cng ty trch nhim hu hn mt thnh vin Nh nc vi s vn iu l l mt nghn t ng Chc nng: S Giao dch Chng khon Thnh ph H Ch Minh cng l mt th ch chnh thc m thng qua cc tri phiu chnh ph mi

c pht hnh v n c chc nng nh mt th trng th cp cho mt s pht hnh tri phiu hin hu. C ch giao dch trn S Giao dch Chng khon Thnh ph H Ch Minh l mt h thng t-khp lnh t ng. Nng lc ca h thng l 300.000 lnh mi ngy. Gi chng khon giao dch b gii hn bin thay i hng ngy l cng-tr 5% so vi gi ng ca ngy hm trc. Ring trong ngy nim yt u tin ca mt c phiu, ch thc hin mt t khp lnh, gi giao dch c thc hin vi bin cng-tr 20%. Phng thc giao dch: C phiu: 1. t 1: T 8h30-8h45 l giao dch khp lnh nh k xc nh gi m ca (ATO) 2. t 2: T 8h45-10h30 l giao dch khp lnh lin tc. 3. t 3 : T 10h30-10h45 l giao dch khp lnh nh k xc nh gi ng ca (ATC) Giao dch tha thun : 08h30-11h (C phiu + tri phiu)

Tri phiu: Tri phiu ch giao dch tho thun

b,Cc cng ty mi gii v kinh doanh chng khon: T nm 2000 n nm 2005: -Thc trng

+ Ngy 28/11/1996, Chnh ph ra ngh nh thnh lp y Ban Chng khon Nh Nc Ngy 11/7/1998, Th tng Chnh ph quyt nh thnh lp hai Trung tm giao dch chng khon thuc y ban Chng khon nh nc 20/07/2000 : Trung tm giao dch chng khon TP.HCM chnh thc i vo hot ng vi: 4 Cty chng khon :SSI vi vn iu l ban u l 6 t ng 2 c phiu nim yt : Cng ty c phn C in lnh (REE) v Cng ty c phn Cp v Vt liu vin thng (Sacom). Mt tun ch c hai phin giao dch.Gi tr c phiu nim yt l 270 t ng (theo mnh gi). Gi tr giao dch bnh qun phin ca ton th trng lin tc tng t 1,4 t ng. + Th trng chng khon Vit Nam tip tc pht trin chm chp trong cc nm tip theo. S lng cc CTCK sau 3 nm th trng hot ng ch l 12 cng ty vi tng vn iu l l 465 t ng, thc hin tt c cc nghip v chng khon. S lng m c phiu c giao dch trn th trng khng cao (73 m) vi gi tr vn ha khng ln. Th trng mi ch c 14000 nh u t. S nh u t l t chc v nh u t nc ngoi khng ln. Tnh trng trn l do th trng chng khon cha thc s tr thnh knh huy ng vn trung v di hn cho nn kinh t. Nhn vo biu ta thy ch s vn index khng tng m thm ch cn st gim trong 3 nm u.

+Nm 2004 v 2005 th trng c nhng chuyn bin tch cc.Ch s VN index lin tc tng. Qua 5 nm TTGDCK TP hcm vn hnh h thng giao dch thng sut v an ton trn 1.000 phin giao dch, vi gi tr giao dch bnh qun phin ca ton th trng lin tc tng t 1,4 t ng trong nm 2000 ln 81 t ng trong 7 thng u nm 2005. Bc tranh chung ca Th trng chng khon Vit Nam nm 2005 c s khi sc, quy m th trng c m rng, tng khong 55% gi tr chng khon nim yt, s lng nh u t tng 35%, lng tin ca nh u t i vi th trng c nng ln. y l mt c hi ln cho cc cng ty chng khon tng s khch hng ,s lng nh u t t di 3.000 ti khon vo nm 2000 nay t trn 24.300 ti khon, trong c 250 nh u t l t chc +Cng trong nm 2005 trung tm giao dch chng khon H Ni chnh thc i vo hot ng l mt ng lc ln cho TTCK v cng l mt c hi ln cho cc cng ty chng khon.

Qua 5 nm hot ng c 14 CTCK c thnh lp v hot ng trn TTCK. Nm 2005, c 14 cng ty u c li. Cc CTCK SSI, Bo Vit, ACB, VCBS... u c mc li nhun trn 30%. S ln mnh ca cc CTCK khng ch th hin qua vic m rng quy m hot ng ra mt s tnh-thnh trong nc nh H Ni, Hi Phng, Nng, TPHCM, Bnh Dng, Cn Th, m tim lc v vn v ngun nhn lc cng khng ngng gia tng, gp phn nng cao nng lc hot ng ca th trng -Cht lng hot ng: Ngun vn iu l ca cc CTCK ln ti trn 810 t ng, hot ng kinh doanh n nh hn sau mt s nm u kh khn, n nm 2004 cc CTCK u c li v thc hin trch qu d phng ti chnh tng vn iu l. C th: + V kt qu trin khai cc hot ng nghip v c cp php: Cc CTCK ch ng trin khai mnh hot ng t vn ti chnh doanh nghip: cung cp dch v nh gi doanh nghip, t vn c phn ho, thc hin u gi pht hnh c phiu qua CTCK, t vn nim yt v pht hnh b sung tng vn qua TTCK. Trong nm 2004, cc CTCK lm i l pht hnh c phiu cho gn 20 cng ty v t vn c phn ho cho gn 100 doanh nghip, t vn nim yt mi v nim yt b sung cho 10 doanh nghip, y l ng gp ca cc CTCK trong tin trnh y mnh c phn ho DNNN ca nh nc Trong nm 2004 c 6/13 CTCK trin khai nghip v qun l danh mc u t vi tng gi tr chng khon trong danh mc trn 240 t ng. Bn cnh , cc CTCK thc hin bo lnh pht hnh vi tng gi tr l 9.034 t ng. + V kt qu kinh doanh: Hu ht cc CTCK u c li. So vi nm 2003 doanh thu t doanh tng 8 ln (t doanh tri phiu chim 90% tng gi tr t doanh), doanh thu mi gii tng 3 ln v doanh thu t vn tng 1,6 ln. + V tim nng pht trin: cc CTCK bt u xc nh th mnh nghip v ca tng cng ty. Mt s cng ty thc hin tng vn iu l (nh Cng ty c phn chng khon Si gn, CTCK Ngn hng Cng thng). + Cc t chc kinh doanh chng khon thnh lp Hip hi phi hp hot ng gia cc hi vin v thc y pht trin TTCK, bc u tham gia nghip v cho cc nhn vin hnh ngh. -Hn ch:

+Khung php l v chnh sch pht trin th trng ck cng nh cc cng ty chng khon vn cha hon thin. Chng ta cha c Lut Chng khon, h thng cc vn bn v chng khon v TTCK hin hnh c tnh php l cha cao v cn nhiu bt cp .Cc vn bn php quy mc thp v vy khng bao trm c ht phm vi hot ng ca th trng, cha to ra c mt th ch hon chnh theo nguyn l vn c ca n..iu ny gy kh khn cho cc cng ty chng khon trong vic hot ng cng nh chp hnh lut. + Quy m ca th trng c phiu nh nn cha thu ht cc nh u t. Vi 30 CTNY m a phn l cc doanh nghip (DN) va v nh, tng gi tr vn ha th trng c phiu hin ch vo khong 0,6% GDP (nu tnh c tri phiu th tng gi tr nim yt ton th trng l 30.800 t ng, chim 4,8% GDP), hy cn qu nh c th i din cho nn kinh t. Quy m nh gy kh khn cho cc cng ty chng khon trong vic m rng hot ng kinh doanh.Hn na ming bnh nh ny li b cc ng ln nh SSI,Bo Vit nm gi a phn nn s cng kh khn cho cc cng ty nh v mi. +C ch hot ng ca TTCK cha thc s n nh nh hng xu n cc cng ty chng khon +Nng lc trnh ca cn b qun l, cc nhn vin hnh ngh cha p ng c vi yu cu pht trin lu di ca th trng.iu ny cng d hiu v TTCK VN l mt th trng non tr,thiu kinh nghim. +My mc thit b cha hin i nn vic gim st v thng tin ca th trng khng hiu qu,h thng cng ngh thng tin cn trnh thp. +Cht lng hot ng v cung cp dch v trn TTCK cha cao, tnh minh bch v hiu qu cn hn ch, th hin cht lng cng tc cng b thng tin, cht lng hot ng ca TTGDCK cng nh cc thnh vin th trng. Cc biu hin vi phm trn th trng mt s CTCK cng nh cng ty nim yt nh hng n lng tin ca cng chng u t, cc gii php pht trin th trng cha ng b. -Nguyn nhn: +Tnh ch ng, hiu qu trong cng tc qun l, gim st hot ng TTCK cha cao +Cha c mt chng trnh hnh ng thng nht pht huy vai tr v kh nng ca cc thnh vin th trng trong n lc chung pht trin

TTCK, c bit l vai tr phi kt hp ca cc B, ngnh, a phng vi c quan qun l Nh nc v chng khon v TTCK cn hn ch + ng thi, nng lc v kinh nghim thc tin ca cn b qun l cng nh nhn vin hnh ngh cn c hn ch nht nh; cha xy dng v thc hin chun mc o c ngh nghip ca t chc v ngi kinh doanh chng khon. Giai on 2006 n 2007 -Thc trng: + Qua su nm hot ng, khi im t vi cng ty nm 2000 tnh n cui nm 2006 s lng cng ty tng ln 55 v sang nm 2007 l 78 + Nm 2001 ch c 8.700 ti khon nh u t, nm 2006 tng ln 72.700 ti khon, nm 2007 l 303.980 ti khon
+Nm 2006Gi tr vn ha ca th trng tnh n ht nm tng hn 20

ln so vi nm 2001, tng gn 3 ln so vi nm 2005. Trong giai on ny, mc tng ca s lng cc CtyCK thp hn nhiu so vi mc tng ca gi tr vn ha ca th trng/GDP v s lng CTNY. S lng CtyNY cng tng gn 4 ln so vi nm 2005 v t cc ch tiu tng trng tt. TTCK thu ht c s quan tm ca ng o cng chng u t v cc thnh phn kinh t. Gi c phiu trn th trng lin tc tng trong mt giai on di. Bi cnh chung nn kinh t t tc tng trng cao, xut hin nhiu c hi pht trin mi t vic gia nhp WTO, cc ch tiu kinh t v m c duy tr mc hp l, u t nc ngoi (TNN) c y mnh. Tt c nhng yu t ny to nim tin cho cc nh u t vo mt TTCK tim nng, vi nhng k vng v cc khon li nhun do th trng em li... Nhiu t chc nhanh chng gia nhp th trng v mong mun c hng mt phn ca chic bnh li nhun t TTCK. Do vy, nhu cu thnh lp CTCK tng mnh l iu d hiu. Mt khc, 2006 cn l nm bn l, trc khi Lut Chng khon c hiu lc. Nhng t chc ti chnh mun gia nhp th trng ng trc sc p phi nhanh chn trc khi yu cu v vn thnh lp CTCK tng t 44 t ng ln 300 t ng theo quy nh ca Lut Chng khon, khi lut ny c hiu lc. ng thi, c ch u i thu thu nhp doanh nghip cho cc CTCK mi thnh lp sp c bi b. iu ny dn n

mt s lng ln h s nhanh chng c hon tt v trnh c quan chc nng c hng cc khon u i trn +Nm 2007 gi tr vn ha th trng nm t trn 43% GDP, s lng cc CTCK tng mc cao hn so vi mc tng ca gi tr vn ha th trng/GDP v s lng CTNY. S d nh vy l do nhu cu thnh lp CTCK vn ln trong khi gi st gim lin tc, khin cho gi tr vn ha th trng gim mnh. Gi thit, nu th trng vn mc chim 40-50% GDP th tng quan ny c th khc rt nhiu. Mt nhn t khc phi tnh n, l nm 2007, Vit Nam chnh thc tr thnh thnh vin ca WTO, ng ngha vi vic phi c l trnh thc hin cc cam kt v dch v ti chnh, chng khon. Theo , ngay t khi gia nhp WTO, CTCK nc ngoi c gp vn, lin doanh vi i tc trong nc vi t l khng qu 49%. Sau 5 nm k t ngy gia nhp WTO, CTCK nc ngoi c php thnh lp chi nhnh, CTCK 100% vn nc ngoi. iu ny m ra trin vng cho ngnh dch v chng khon ti Vit Nam khi ang ch n ln sng kinh doanh mi t vic gia nhp WTO. ng thi, theo cam kt WTO, c quan qun l khng c l do g a ra hn ch v s lng giy php kinh doanh, c bit trong hon cnh cc cng ty nc ngoi cha n thi im c gia nhp th trng. +Theo thng k ca UBCKNN cho thy ht nm 2006 v qu I nm 2007 li nhun sau thu u tng mnh ( ngoi tr cong ty chng khon Vit Nam l 1,573 t ng). Phi k n TOP 5 CTCK trn th trng Vit Nam u t c li nhun ln nh: Li nhun sau thu ca SSI cn ch 864 t ng, ACBS l 332 t ng BVSC 214 t ng, KLS 126 t ng

V hot ng mi gii Mt trong nhng ngun thu ln nht ca cc cng ty CK n t mng mi gii. Tnh n ht ngy 30/6/2007, s ti khon giao dch chng khon ti cc CtyCK t 255.185 ti khon (tng 169.001 ti khon, tng ng 196% so vi thi im ngy 31/12/2006). Trong , i vi nhng CtyCK c b dy hot ng, u chim t trng cao v s lng nh u t m ti khon giao dch nh: VCBS c 34.490 ti khon, chim 16,52% tng s ti khon ton th trng; BVSC c 34.395 ti khon, chim 13,48%; CtyCK Si Gn (SSI) c 26.746 ti khon, chim 10,48%; CtyCK Ngn hng u t (BSC) c 24.525 ti khon, chim 9,61%. Bn cnh , mt s CtyCK tuy mi trin khai hot ng nhng thu ht c kh nhiu nh u t, nh SBS t 7.720 ti khon, chim 3,03% th phn, ABS t 6.104 ti khon, chim 2.39% th phn, CtyCK Vndirect t 5.195 ti khon, chim 2.04% th phn nc ngoi cha n thi im c gia nhp th trng.

- Hn ch v nguyn nhn:

+Ti thi im hin nay, c s h tng ca TTCK ni chung v cc CTCK ni ring cn kh lc hu, thiu ng b v c th ni l cha an ton + Nhn s ang l bi ton kh i vi cc CTCK. C nc hin ch c khong 300 nh mi gii trong cc CTCK nhng phi ph trch mt s lng vn rt ln. Bnh qun mi nh mi gii ph trch n 500 t ng v s lng vn ang khng ngng tng ln nn h lm khng xu. +H thng cng ngh thng tin ca cc CTCK ang l mt tr ngi ln i vi s pht trin ca chnh h. Theo tnh ton ca mt chuyn gia trong ngnh, c h thng giao dch t chun, mt CTCK c quy m 100 nhn vin phi u t khong hai triu USD vo phn mm, cng vi mt triu USD cho cc khon u t ng b khc v chng 500.000 USD cho vn lu ng.=> Cc cng ty chng khon khng vn. Giai on 2008 n nay: Thc trng +Tnh n ht 12-2008, s lng CTCK l 102 cng ty, trong c 24 cng ty c cp php trong nm 2008. Theo s liu gn y nht, tnh n thng 8/2009 s lng CTCK l 104 +Nhng khon l khng l Bt ng nht c l l khon l ln ti 554 t ng ca CTCK Ngn hng u t v Pht trin Vit Nam (BSC). Vi khon l ny, BSC ch cn vn vn 274 t ng vn ch s hu, trong khi vn iu l ca cng ty ny l 700 t ng (vo thi im cui nm 2008, tng cc khon trch lp d phng gim gi ca BSC l gn 633,5 t ng). Tuy nhin, t l l/vn iu l ca BSC ch l 79,16%, khng phi l mc thua l ln nht. Xt theo tiu ch ny, k lc tm thi thuc v CTCK Bo Vit (BVSC). Vi khon l 452 t ng trn vn iu l 451 t ng, tng ng 100,2% vn iu l, BVSC khin kh nhiu NT bt ng. D vy, do vn ch s hu ln c c t thng d pht hnh v tch ly cc nm trc, BVSC vn duy tr mc vn ch s hu ln, ln ti 1.067,57 t ng. Mt s

CTCK khc cng c t l l/vn iu l ln nh: Kim Long, u Vit, Hi Phng +Quy m giao dch trn th trng khng n nh. T nhng thng cui nm 2008, khi lng v gi tr giao dch gim dn, c bit gim mnh vo u nm 2009. T thng 02/2009 khi lng v gi tr giao dch c du hiu i ln v dn vo n nh.
Khp lnh Thng Khi lng 9 - 2009 8 - 2009 7 - 2009 6 - 2009 5 - 2009 4 - 2009 3 - 2009 2 - 2009 1 - 2009 12 - 2008 11 - 2008 10 - 2008 651,765,000 556,223,600 369,676,900 646,825,200 575,340,200 379,131,900 217,688,200 79,521,800 54,301,100 136,874,500 167,032,300 189,692,400 Gi tr 23,795,944,290,000 18,618,609,780,000 11,985,734,540,000 22,671,729,230,000 15,923,114,180,000 9,157,202,910,000 4,110,436,010,000 1,527,630,610,000 1,122,368,900,000 3,067,684,670,000 4,512,373,810,000 5,458,884,590,000 Khi lng 9,209,915 8,053,561 10,175,286 16,121,778 7,242,672 7,822,209 3,060,497 2,405,475 5,270,313 9,443,200 6,123,639 7,075,524 Gi tr 397,819,880,000 305,723,249,900 359,035,850,000 656,320,553,900 219,431,489,900 179,945,312,300 51,699,166,700 54,420,785,000 249,524,547,600 456,395,499,600 208,762,282,700 311,184,108,600 Tha thun

-Nguyn nhn: +V vic st gim gi tr giao dch, trc ht l do nh hng ca cc chnh sch kinh t v m nh thc hin chnh sch tin t tht cht qu mnh, cc bin php v ti kho chng lm pht lm quy m giao dch gim t nhng thng u nm 2008.

+Th hai l do tm l ca nh u t. i vi cc doanh nghip c phn ha hoc nim yt trn sn, h u a ra nhng mc gi qu cao. Cn pha nh u t, ngi ta cng k vng qu cao. Hai yu t ny gp nhau v y th trng ln kh cao. V cui nm 2007, th trng nhn ra iu v c phn ng. pha nh u t r rng l c phn ng, ngi ta khng chu mua cao na, trong khi ci qun tnh hay s chun b ca rt nhiu cng ty pht hnh tng vn hay c phn ha th vn tip tc trin khai, pht hnh hoc nim yt gi cao. Khi m th trng khng chp nhn na m gi vn tip tc c y ra cao nh th th th trng buc phi ko xung. Chnh l do lm cho quy m giao dch gim mnh. Thm vo l vic rt bt vn thanh ton cc khon n lm gi tr giao dch gim ng k. +Th ba, do th trng chng khon th gii bt u suy gim mnh th Vit Nam khng trnh khi s nh hng, cho ti gi pht ny. S gia tng tr li ca khi lng giao dch t 2/2009 l do nh hng ln t cc chnh sch kch cu ca chnh ph v s phc hi dn ca nn kinh t +Th t vic chi ph hot ng kinh doanh ca cc cng ty tng mnh trong qu ny l do cc cng ty phi tng cc khon lng v hoa hng mi gii mi gi khch hng trong tnh trng th trng m m, thanh khon thp nh hin nay. Thm vo l vic lm pht tng, cp in xy ra thng xuyn, chi ph cho hot ng ci tin cng ngh, k thut ca cc sn giao dch cng tng cao khin li nhun cc cng ty gim. -Gii php +Chnh ph c th ni lng chnh sch tin t +p dng cc bin php kch cu,thc y tiu dng,y mnh chi tiu chnh ph, cc doanh nghip m rng sn xut.

+Cn t chc nhiu lp hc ging dy kin thc th trng chng khon gip cc nh u t n nh tm l khi u t trnh hin tng u tby n