Chng trnh Ging dy Kinh t Fulbright Nin kha 2008-2010

Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

H THNG TI CHNH VIT NAM*

L mt chuyn gia cao cp thuc U ban gim st hot ng ngn hng ca mt nc pht trin c h thng ti chnh da vo cc ngn hng rt mnh1, ng Ci Cch - ngi c rt nhiu kinh nghim trong ci cch h thng ti chnh ca cc nn kinh t chuyn i (transition economies), tng a ra nhiu gii php hu hiu gip mt s nc ng u ci cch h thng ngn hng thnh cng, c chnh ph nc ny ch nh dn u mt nhm chuyn gia sang gip Vit Nam tm cc gii php kh thi nhm nng cao hiu qu hot ng ca h thng ti chnh, gp phn a nn kinh t pht trin theo ng nh hng m Vit Nam ra. c th ra c nhng gii php hp l nhm t vn cho Vit Nam, vic u tin m ng Ci Cch v cc cng s ca mnh phi lm l tm hiu mt cch chi tit v h thng ti chnh Vit Nam. Sau mt thi gian lm vic ct lc c s h tr rt tn tnh ca cc c quan chc nng Vit Nam, vo u nm 2005, nhm ca ng Ci Cch a mt bn bo co tm tt v h thng ti chnh Vit Nam. Do cc ngun lc gii hn, nht l v thi gian v yu cu ca ni dung nghin cu, nn nhm ca ng Ci Cch ch xem xt mt cch tng qut qu trnh hnh thnh v pht trin ca h thng ti chnh Vit Nam. Phn ln thi gian nhm dnh cho vic xem xt cu trc h thng ti chnh Vit Nam hin ti vi bn thnh t chnh l: Th trng ti chnh, cc t chc ti chnh, cc cng c ti chnh v c s h tng ti chnh. 1. Qu trnh hnh thnh v pht trin ca h thng ti chnh Vit Nam Lch s Vit Nam tri qua hn 4.000 nm, nhng c th ni rng h thng ti chnh Vit Nam - h thng ti chnh do cc ngn hng ng vai tr ch o bt u hnh thnh r nt t nm 1858, nm Vit Nam tr thnh mt nc phong kin na thuc a ca Php. Thc ra h thng ti chnh, cc phng tin thanh ton (tin t) lun l nhng cng c khng th thiu trong bt k mt nn kinh t no, tn ti t khi hnh thnh ra nc Vit Nam. Nhng h thng ti chnh, thanh ton thi by gi rt khc so vi hin nay. Mt s kin ng ch nht trong thi phong kin lin quan n h thng ti chnh tin t Vit Nam l vo u th k 15, ln u tin H Qu Ly cho pht hnh v lu thng tin giy. thy r qu trnh hnh thnh v pht trin ca h thng ti chnh Vit Nam, nhm ca ng Ci Cch chia ra lm ba loi hnh l: ngn hng, chng khon v bo him.

y ch l mt tnh hung gi nh c xy dng tho lun trong cc lp ca Trng Fulbright m khng nhm ti hoc cp n bt k mt trng hp c th no. 1 Hin nay trn th gii c hai trng phi v cu trc h thng ti chnh. Trng phi Anh - M ti chnh trc tip (thng qua th trng chng khon) ng vai tr chnh; trng phi c- Nht, cc trung gian ti chnh, nht l cc ngn hng ng vai tr chnh.
Hunh Th Du/Nguyn Minh Kiu 1

Chng trnh Ging dy Kinh t Fulbright

Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

1.1. Qu trnh pht trin ca h thng ngn hng Vit Nam2 Cn c vo c th ca Vit Nam, nhm ca ng Ci Cch xem xt qu trnh pht trin ca h thng ngn hng Vit Nam qua tng thi k gm: Qu trnh pht trin ca h thng ngn hng Vit Nam thi Php thuc; Qu trnh pht trin ca h thng ngn hng min Bc Vit Nam giai on 1954-1975; Qu trnh pht trin ca h thng ngn hng min Nam Vit Nam giai on 1954-1975 v Qu trnh pht trin ca h thng ngn hng Vit Nam t nm 1975 n nay. 1.1.1. H thng ngn hng thi Php thuc3 Trc khi ngi Php t chn ln Vit Nam vo nm 1858, Vit Nam cha c t chc ngn hng v tn dng. Cc hot ng k ngh, nng nghip v thng nghip cn trong tnh trng th s v lc hu. Vic mua bn giao dch vi cc thng gia nc ngoi ch yu nm trong tay nh vua v cc hong thn quc thch, v thng tr bng vng bc hay bng cch trao i cc sn phm ni a nh ng, h tiu, yn so n cui th k th 19, khi nn h c thit lp trn ton ci ng Dng th Vit Nam, tr thnh mt th trng c chim ca sn phm Php. Cc thng gia Php lp ti cc thnh ph ln v th trn, tp trung nht l thnh ph Si Gn, nhng x nghip xut nhp cng ln. Cc k ngh gia ca h u t xy dng nhng nh my ln: xi mng, giy, thuc l, t si, ng, ru... Mt s ngi cn lp nhng n in ln trng cao su, c ph, ch. Trong k hoch cng c v khai thc nhng tim nng Vit Nam, vic pht trin nng nghip i hi nhng cng trnh thy li ln, vic u t vo cng nghip, thng nghip v h thng giao thng vn ti, c bit l v trng tu v m rng cng Si Gn v xy dng nhng c s vt cht khc ca gung my thuc a i hi s lun chuyn ca nhng khi tin t ln lao. Cc hot ng kinh t ca ngi Php ng Dng bnh trng mnh nn chnh ph phi lp cc ngn hng h tr cc hot ng y. Lc u c 2 ngn hng c hnh thnh, tr s t ti Php, nhng cc chi nhnh c thit lp ti cc thnh ph ln ng Dng. Ngn hng ng Dng (Banque de l'Indochine) thnh lp t 1873, n nm 1875 c quyn pht hnh tin t cho ton ci ng Dng. Phm vi hot ng ca ngn hng ny tri rng khp ng Dng v cc vng t n thuc Php. Vo khong nm 1930, n tr thnh mt phn nhnh thc th ca cc ngn hng kinh doanh ln: Socit Generale, Credit Industriel et commercial, Crdit foncivo de France, Crdit Lyonnais. L mt cng c hu hiu ca chnh quyn thuc a, Ngn hng ng Dng l c quan ti chnh ln nht ca chnh quyn v ti phit Php. Ngoi c quyn pht hnh tin t nh mt Ngn hng Trung ng, n cn l mt ngn hng kinh doanh thng mi ln nht. Ngn hng ng Dng cung cp vn cho hot ng kinh t ca ngi Php ng Dng nh Cng ty Ha xa Hi Phng-Vn Nam, Cng ty Than Hn Gai-Cm Ph, Cng ty Ru ng Dng, Cng ty ng Hip Ha, Cng ty Cao su t .
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thy r hn qu trnh pht trin ca h thng ngn hng Vit nam, c th tham kho bi vit Ci t h thng Ngn hng Vit nam ca tc gi Nguyn Minh Kiu. 3 Phn ny c tham kho ch yu t ni dung bi vit tng quan v thnh ph H Ch Minh trn trang http://www.saigonnet.vn/dulich/saigon/tongquan/kinhte.htm

Hunh Th Du/Nguyn Minh Kiu

Chng trnh Ging dy Kinh t Fulbright

Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

Php-Hoa Ngn hng (Banque Franco-Chinoise) c thnh lp vi mc ch h tr cc giao dch thng mi gia Php, ng Dng v Trung Hoa cng nh vi mt vi nc khc ng nh Nht, Thi Lan. Ngoi hai ngn hng trn, cc nc c quyn li kinh t trong vng cng c thit lp cc ngn hng Vit Nam nh The Chartered Bank, The Hong Kong and Shanghai Banking Corporation ca Anh, Trung Quc ngn hng v Giao thng ngn hng ca Trung Quc. T cui th k 19 n 3 thp nin u th k 20, cc hot ng ngn hng u trong tay ngi nc ngoi. Mi n nm 1927, mt s t bn ngi Vit Nam mi thnh lp mt ngn hng ly tn l An Nam ngn hng (sau i tn l Vit Nam ngn hng) vi vn hon ton ca ngi Vit, ch yu h tr cho cc hot ng nng nghip. Cho n nm 1954, ngi Vit c ngn hng th hai l Vit Nam cng thng ngn hng. 1.1.2. H thng ngn hng Vit Nam min Bc giai on 1954-19754 Ngy 6 thng 5 nm 1951, Ch tch H Ch Minh k sc lnh s 15/SL thnh lp Ngn hng Quc Gia Vit Nam vi cc nhim v chnh gm: Pht hnh giy bc, qun l Kho bc, thc hin chnh sch tn dng pht trin sn xut. Ngy 21/1/1960, Ngn hng Quc Gia Vit Nam c i tn thnh Ngn hng Nh nc Vit Nam ph hp vi hin php 1946 ca nc Vit Nam dn ch cng ho. Nhng nm sau khi Min Nam gii phng 1975, thng 7 nm 1976, Ngn hng Quc gia min Nam c hp nht vo Ngn hng Nh nc Vit Nam, to thnh h thng Ngn hng Nh nc duy nht ca c nc. H thng t chc thng nht ca Ngn hng Nh nc bao gm: Ngn hng Trung ng t tr s chnh ti th H Ni, cc Chi nhnh Ngn hng ti cc tnh, thnh ph v cc chi im ngn hng c s ti cc huyn, qun trn phm vi c nc. Qu trnh pht trin ca h thng Ngn hng Vit Nam Min Bc c th c chia lm hai thi k nh sau: Thi k 1951 - 1954: Trong thi k ny, Ngn hng quc gia Vit Nam c thnh lp v hot ng c lp tng i trong h thng ti chnh, thc hin chc nng: Pht hnh giy bc ngn hng, thu hi giy bc ti chnh; Thc hin qun l Kho bc Nh nc gp phn tng thu, tit kim chi, thng nht qun l thu chi ngn sch;Pht trin tn dng ngn hng phc v sn xut, lu thng hng ho. Thi k 1955 - 1975: Trong thi k ny, Ngn hng Quc gia thc hin nhng nhim v c bn gm: Cng c th trng tin t, gi cho tin t n nh, gp phn bnh n vt gi, to iu kin thun li cho cng cuc khi phc kinh t; Pht trin cng tc tn dng nhm pht trin sn xut lng thc, y mnh khi phc v pht trin nng, cng, thng nghip. Trong giai on c hai ngn hng chuyn doanh c thnh lp l Ngn hng Kin thit Vit Nam (1957), nay l Ngn hng u t v Pht trin Vit Nam v Ngn hng Ngoi Thng Vit Nam (1963).
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Phn ny c tham kho ch yu t ni dung gii thiu lch s Ngn hng Nh nc Vit Nam trn trang web: http://www.sbv.gov.vn/gioithieu.asp

Hunh Th Du/Nguyn Minh Kiu

Chng trnh Ging dy Kinh t Fulbright

Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

1.1.3. H thng ngn hng min Nam giai on 1954-19755 Sau Hip nh Geneve, chnh ph Php k mt lot hip nh vi Nam Vit Nam, Campuchia v Lo, chnh thc cng b s ph v tnh trng hp nht tin t v quan thu gia ba nc ng Dng, gii th cc nh ch bn bn do Php khng ch, khng nh nguyn tc mi quc gia c quyn t do pht hnh v kim sot tin t, n nh hi sut, c lp ra cc chnh sch tin t, ngoi hi v ngoi thng. V t , cng vi ch quyn v chnh tr, ngi Vit Nam bt u lm ch v hot ng ngn hng v pht trin n trn qui m nh nc, trc tip nh hng n cc gii kinh doanh, dn dn thay th vai tr h thng ngn hng thuc a c. C th phn s pht trin ca ngnh ngn hng min Nam Vit Nam thnh cc giai on nh sau: Giai on t 1954-1964: Ngy 31-12-1954, vi d s 48 ca Bo i, Ngn hng Quc gia Vit Nam c thnh lp, thay th vin pht hnh ng Dng, chnh thc pht hnh giy bc cho c min Nam Vit Nam. Tuy nhin, nh hng ca h thng ngn hng Php vn cn nng trn nhng hot ng kinh t ca Si Gn. Theo thi quen dn chng v gii kinh doanh vn a chung cc ngn hng Php cn hot ng: Vn thch k thc tin v s dng nhng dch v ca ngn hng ny. Gii kinh doanh ngi Hoa, do nhng quan h th trng vi Hong Kong, i Loan, Malaysia v Singapore, vn tip tc s dng cc ngn hng Anh, Hong Kong, i Loan. Nhng quyn li kinh t ca ngi Php min Nam vn cn nhiu v hot ng v ngn hng ca h cng kh mnh. Vo cui nm 1953, khi Ngn hng ng Dng chm dt cc hot ng thng mi ca n th mt phn nhim v ca n c chuyn qua Ngn hng Vit Nam Thng tn v mt phn c chuyn qua Ngn hng k nghip ca ngi Php min Nam l Php ngn hng-ngn hng t ln nht hot ng trong thi k ny, qui t gii t bn kinh doanh ca Php ang tip tc kinh doanh khai thc cc n in cao su, c ph, tr v cc nh kinh doanh cng nghip ca cc hng Dumarest, Oligastre, Alcan etCie Denis Freres, BGI, Mitac, Caric... Ngoi ra cn c cc Ngn hng ca mt s nc khc nh Bangkok bank, thit lp 1961, The Bank of Tokyo, thit lp nm 1962. Giai on 1965-1975: Nhng chuyn bin hot ng ngn hng t 1954 n 1964 to tin v iu kin cho mt giai on pht trin rm r t nm 1965 n nm 1972 ca cc ngn hng thng mi Min Nam Vit Nam. Trong 7 nm u ca giai on ny, 18 ngn hng mi c thnh lp, nng tng s ln n 31 ngn hng vi 178 chi nhnh cc tnh vo nm 1972. Tnh theo s dn khong 19 triu lc th bnh qun Min Nam mi chi nhnh ngn hng phc v cho 100.000 dn, mt con s khng thua km t l cc nc ang pht trin ng Nam . Tnh n trc thng 04/1975, h thng ngn hng Min Nam bao gm hai loi: ngn hng trung ng v cc ngn hng khc. Ngn hng trung ng thuc nh nc, cn cc ngn hng khc, ty theo ngun vn, c th phn bit nhm ngn hng ca Chnh ph v nhm ngn hng t nhn. Tng s ln n 32 ngn hng

Phn ny c tham kho ch yu t ni dung bi vit tng quan v thnh ph H Ch Minh trn trang web: www.saigonnet.vn/dulich/saigon/tongquan/kinhte.htm

Hunh Th Du/Nguyn Minh Kiu

Chng trnh Ging dy Kinh t Fulbright

Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

thng mi vi 180 chi nhnh, 2 ngn hng pht trin v 60 ngn hng nng thn xut pht t h thng ny c thnh lp ti cp qun ti cc tnh min Nam. 1.1.4. H thng ngn hng Vit Nam t nm 1975-nay6 Vi nhng c th ring ca thi k ny, qu trnh pht trin ca h thng ngn hng Vit Nam t nm 1975 n nay c th c chia thnh cc giai on sau: Giai on 1975-1985: Sau nm 1975, Ngn hng Quc gia Vit Nam min Nam c quc hu ho v sp nhp vo h thng Ngn hng Nh nc Vit Nam, cng thc hin nhim v thng nht tin t trong c nc, pht hnh cc loi tin mi, thu hi cc loi tin c c hai min Nam - Bc vo nm 1978. n cui nhng nm 80, h thng Ngn hng Nh nc v c bn vn hot ng nh l mt cng c ngn sch, cha thc hin cc hot ng kinh doanh tin t theo nguyn tc th trng. S thay i v cht trong hot ng ca h thng ngn hng - chuyn dn sang hot ng theo c ch th trng ch c bt u khi xng t cui nhng nm 80, v ko di cho ti ngy nay. T nm 1986 n nm 1990: Thc hin tch dn chc nng qun l Nh nc ra khi chc nng kinh doanh tin t, tn dng, chuyn hot ng ngn hng sang hch ton, kinh doanh. Trong giai on ny c mt s kin tc ng khng tt i vi h thng ngn hng Vit Nam (y cng c th l mt bi hc t gi nhng rt hu ch cho vic pht trin ca h thng ngn hng Vit Nam sau ny), l s b ca h thng cc qu tn dng. Chnh bi hc t s kin ny cng vi nhng yu cu v i mi hot ng ca h thng ngn hng Vit Nam, thng 5/1990, hai php lnh Ngn hng ra i (Php lnh Ngn hng Nh nc Vit Nam v Php lnh Ngn hng, hp tc x tn dng v cng ty ti chnh ) chnh thc chuyn c ch hot ng ca h thng Ngn hng Vit Nam t 1 cp sang 2 cp - Trong ln u tin i tng nhim v v mc tiu hot ng ca mi cp c lut php phn bit rch ri: Ngn hng Nh nc thc thi nhim v Qun l nh nc v hot ng kinh doanh tin t, tn dng, thanh ton, ngoi hi v ngn hng; Thc thi nhim v ca mt Ngn hng Trung ng - l ngn hng duy nht c pht hnh tin; L ngn hng ca cc ngn hng v l Ngn hng ca Nh nc; NHTW l c quan t chc vic iu hnh chnh sch tin t, ly nhim v gi n nh gi tr ng tin lm mc tiu ch yu v chi phi cn bn cc chnh sch iu hnh c th i vi h thng cc ngn hng cp 2. Cp Ngn hng kinh doanh thuc lnh vc lu thng tin t, tn dng, thanh ton, ngoi hi v dch v ngn hng trong ton nn kinh t quc dn do cc nh ch ti chnh Ngn hng v phi ngn hng thc hin. Cng vi qu trnh i mi c ch vn hnh trong h thng ngn hng l qu trnh ra i hng lot cc ngn hng chuyn doanh cp 2 vi cc loi hnh s hu khc nhau gm Ngn hng thng mi quc doanh, c phn, Ngn hng lin doanh, chi nhnh hoc vn phng i din ca ngn hng nc ngoi, Hp tc x tn dng,
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Phn ny c tham kho ch yu t ni dung gii thiu lch s Ngn hng Nh nc Vit Nam trn trang web: www.sbv.gov.vn/gioithieu.asp.

Hunh Th Du/Nguyn Minh Kiu

Chng trnh Ging dy Kinh t Fulbright

Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

Qu tn dng nhn dn, cng ty ti chnh...Trong thi gian ny, 4 ngn hng thng mi quc doanh ln c thnh lp gm: Ngn hng Nng nghip Vit Nam; Ngn hng u t v pht trin Vit Nam; Ngn hng Cng thng Vit Nam; Ngn hng ngoi thng Vit Nam. Trong , Ngn hng Cng thng Vit Nam c thnh lp mi, ba ngn hng cn li c thnh lp t trc , trong giai on ny ch c cu v chuyn i chc nng hot ng. T nm 1991 n nay: y l giai on h thng ngn hng Vit Nam c rt nhiu chuyn bin dn theo hng mt h thng ngn hng hai cp hin i qua cc ct mc chnh sau: T nm 1991, khi Php lnh Ngn hng c hiu lc, cc chi nhnh, vn phng i din ca cc ngn hng nc ngoi bt u c php thnh lp ti Vit Nam. Trong giai on ny, 4 ngn hng lin doanh ca 4 ngn hng thng mi quc doanh vi cc ngn hng nc ngoi c thnh lp Vit Nam. Cc ngn hng thng mi c phn bt u c thnh lp. Nm 1993: Bnh thng ho cc mi quan h vi cc t chc ti chnh tin t quc t (IMF, WB, ADB) Nm 1995: Quc hi thng qua ngh quyt b thu doanh thu i vi hot ng ngn hng; thnh lp ngn hng phc v ngi ngho. Nm 1997: Quc hi kho X thng qua Lut ngn hng Nh nc Vit Nam v Lut cc t chc tn dng (ngy 2/12/1997) v c hiu lc thi hnh t 1/10/1998; Thnh lp Ngn hng pht trin Nh ng bng Sng cu long (Quyt nh s 769/TTg, ngy 18/9/1997). y cng chnh l nm xy ra cuc khng hong ti chnh ng . V iu ny tc ng tiu cc n h thng ngn hng Vit Nam, sau giai on ny, mt s ngn hng c phn hot ng yu km c xp xp li. T hn 50 ngn hng thng mi c phn, n cui nm 2004 ch cn li 37 ngn hng. Nm 1999: Thnh lp Bo him tin gi Vit Nam (ngy 9/11/1999). Nm 2000: C cu li ti chnh v hot ng ca cc Ngn hng thng mi Nh nc v c cu li ti chnh v hot ng ca cc Ngn hng Thng Mai c phn. Trong c thm mt s kin ng ch l vic thnh lp cc cng ty qun l ti sn ti cc ngn hng thng mi. Nm 2001: Hip nh thng mi Vit Nam - Hoa K c k kt. Trong hip nh ny, Vit Nam cam kt m ca th thng ti chnh ngn hng theo mt l trnh nht nh. Nm 2002: T do ho li sut cho vay VND ca cc t chc tn dng - Bc cui cng t do ho hon ton li sut th trng tn dng c u vo v u ra. Nm 2003: Tin hnh c cu li theo chiu su hot ng ph hp vi chun quc t i vi cc Ngn hng thng mi; Thnh lp Ngn hng Chnh sch x hi

Hunh Th Du/Nguyn Minh Kiu

Chng trnh Ging dy Kinh t Fulbright

Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

trn c s Ngn hng phc v ngi ngho tin ti tch bch tn dng chnh sch vi tn dng thng mi theo c ch th trng; Tin hnh sa bc 1 Lut Ngn hng Nh nc Vit Nam. Nm 2004: Sa i Lut cc t chc tn dng Vit Nam. Trong giai on ny, c mt s kin rt quan trng nh hng n h thng ngn hng Vit Nam ni ring, h thng ti chnh ni chung, l Hip nh thng mi Vit Nam - Hoa K c k kt. Theo hip nh ny, Th trng ti chnh ngn hng Vit Nam tng bc c m cho cc doanh nghip ca Hoa K v n nm 2010, cc t chc ti chnh ca Hoa K c i x bnh ng nh cc t chc ti chnh ca Vit Nam. y l iu kin tt th trng ti chnh Vit Nam pht trin, nhng cng l mt thch thc rt ln cho cc t chc ti chnh trong nc, nht l cc ngn hng thng mi. 1.2. Qu trnh pht trin ca th trng chng khon Vit Nam 7 Song song vi nhng i mi v hot ng ngn hng, nhng tng v vic hnh thnh mt th trng chng khon ti Vit Nam bt u c trin khai. Qu trnh hnh thnh v pht trin ca th trng chng khon Vit Nam c th hnh dung theo nhng mc chnh sau: Thnh lp ban nghin cu v pht trin th trng vn (1993): Mt trong nhng bc i u tin c ngha khi u cho vic xy dng th trng chng khon (TTCK) Vit Nam l vic thnh lp Ban Nghin cu xy dng v pht trin th trng vn thuc Ngn hng Nh nc (Quyt nh s 207/Q-TCCB ngy 6/11/1993 ca Thng c Ngn hng nh nc) vi nhim v nghin cu, xy dng n v chun b cc iu kin thnh lp TTCK theo bc i thch hp. Thnh lp u ban chng khon nh nc (1996): U ban Chng khon Nh nc c thnh lp ngy 28/11/1996 theo Ngh nh s 75/CP ca Chnh ph, l c quan thuc Chnh ph thc hin chc nng t chc v qun l Nh nc v chng khon v th trng chng khon. Vic thnh lp c quan qun l th trng chng khon trc khi th trng ra i l bc i ph hp vi ch trng xy dng v pht trin TTCK Vit Nam, c ngha quyt nh cho s ra i ca TTCK sau hn 3 nm. Khai trng trung tm giao dch chng khon (2000): K t khi thnh lp U ban chng khon nh nc v c k hoch thnh lp ngay trung tm giao dch chng khon. Nhng do qu trnh chun b cc iu kin cn thit b ko di v tc ng ca cuc khng hong ti chnh trong khu vc nm 1997, mc d c thnh lp theo Quyt nh s 127/1998/Q-TTg ngy 11/07/1998, nhng sau 4 nm, ngy 28/07/2000, Trung tm giao dch chng khon TP. H Ch Minh chnh thc c a vo hot ng vi hai Cng ty nim yt u tin v Cng ty c phn c in lnh (REE) v Cng ty vt liu Vin thng (SACOM). Sau gn 5 nm hot ng, trn th trng c c phiu ca 26 cng
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Phn ny trnh by vn tt s pht trin ca TTCK Vit Nam cho n nm 2004. Cc pht trin mi ca TTCK s c tho lun chi tit trong cc bi ging tng ng. Ngun tham kho chnh ca phn ny l t trang web ca U ban chng khon Nh nc: www.ssc.gov.vn/ssc/Detail.aspx?tabid=582

Hunh Th Du/Nguyn Minh Kiu

Chng trnh Ging dy Kinh t Fulbright

Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

ty, 120 loi tri phiu. Trong ch yu l tri phiu Chnh ph. Ch c mt loi tri phiu cng ty c nim yt trn tr trng l tri phiu ca Ngn hng u t v Pht trin Vit Nam. a U ban chng khon Nh nc trc thuc B ti chnh (2004): Qua hn 5 nm hot ng, U ban chng khon Nh nc thc thi chc nng, nhim v t c nhiu kt qu, th hin vai tr l ngi t chc v vn hnh Th trng chng khon Vit Nam. Tuy nhin, trin khai c hiu qu hn nhim v iu phi hot ng ca cc B ngnh chc nng trong vic thc y th trng chng khon pht trin, ngy 19 thng 02 nm 2004 Chnh ph ban hnh Ngh nh s 66/2004/N-CP chuyn U ban Chng khon Nh nc vo B Ti chnh. 1.3. Qu trnh pht trin ca th trng bo him Vit Nam8 Vit Nam, bo him xut hin t bao gi? Khng c ti liu no chng minh mt cch chnh xc m ch phng on vo nm 1880 c cc Hi bo him ngoi quc nh Hi bo him Anh, Php, Thy s, Hoa k... n ng Dng. Cc Hi bo him ngoi quc i din ti Vit Nam bi cc Cng ty thng mi ln, ngoi vic bun bn, cc Cng ty ny m thm mt Tr s lm i din bo him. Vo nm 1926, Chi nhnh u tin l ca Cng ty Franco- Asietique. n nm 1929 mi c Cng ty Vit Nam t tr s ti Si Gn, l Vit Nam Bo him Cng ty, nhng ch hot ng v bo him xe t. T nm 1952 v sau, hot ng bo him mi c m rng di nhng hnh thc phong ph vi s hot ng ca nhiu Cng ty bo him trong nc v ngoi quc. Min Bc, ngy 15/01/1965 Cng ty Bo him Vit Nam (gi tt l Bo Vit) mi chnh thc i vo hot ng. Trong nhng nm u, Bo Vit ch tin hnh cc nghip v v hng hi nh bo him hng ha xut nhp khu, bo him tu vin dng. K t thi im , Vit Nam ch c mt mnh Bo Vit hot ng cho n nm 1998. Thng 6/1998, Vit Nam cho php thnh lp Cng ty C phn bo him Bu in nhm m rng s tham gia ca khu vc kinh t t nhn trong lnh vc bo him. Trong nm 1999, Vit Nam m rng vic cp giy php hot ng kinh doanh bo him cho 2 cng ty lin doanh l Cng ty lin doanh bo him Vit-c (BIDV-QBE) v Cng ty Bo him nhn th Bo Minh CGM; v 4 cng ty 100% vn nc ngoi l: Cng ty Bo him Allianz/AGP, Cng ty Bo him Chinfon-Manulife, Cng ty Bo him Nhn th Prudential v Cng ty Bo him nhn th quc t M (AIG)9. K t khi cc cng ty bo him nc ngoi c cp php thnh lp ti Vit Nam, hot ng trn th trng bo him Vit Nam, nht l bo him nhn th bt u si ng vi s pht trin rt nhanh ca cc cng ty bo him nc ngoi nh: Prudential, Manulife, AIAn cui nm 2004, trn th trng bo him nhn th, cc doanh nghip c vn u t nc ngoi chim hn 60% th phn, trong ring Prudential chim n 38%10 tng th phn bo him nhn th.
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Phn ny c tham kho ch yu t ni dung gii thiu lch s ca ngnh bo him trn trang web: www.baoviet.com.vn/default.asp 9 http://www.mof.gov.vn/apec/viet/IAP%20cua%20BTC%202000%20V.doc 10 Th trng bo him Vit nam nm 2004, Lan Hng, http://baohiemvn.net

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

2. Bn thnh t chnh ca h thng ti chnh Vit Nam hin nay Sau khi tm hiu mt cch tng qut nht v lch s hnh thnh v pht trin ca h thng ti chnh Vit Nam, nhm ca ng Ci Cch tip tc xem xt cu trc ca h thng ti chnh vi bn thnh t chnh l: Th trng ti chnh, cc t chc ti chnh, cc cng c ti chnh v c s h tng ti chnh. 2.1. Th trng ti chnh C rt nhiu cch chia th trng ti chnh khc nhau. Cc thut ng v th trng ti chnh hay c dng s Vit Nam thi im hin ti gm: th trng vn, th trng tin t, th trng ngoi hi. Sau y l mt s cch chia khc nhau. Da vo thi hn ca tn dng, th trng ti chnh c chia lm hai loi l th trng tin t (ni giao dch cc cng c ti chnh c thi hn di 1 nm) v th trng vn (ni giao dch cc cng c ti chnh c thi hn trn 1 nm). cc nn kinh t pht trin ni chung, th trng tin t thng do cc ngn hng thc hin. i vi nhu cu vn trung di hn ch yu thc hin theo hnh thc trc tip trn th trng chng khon. Ngc li, i vi Vit Nam c c th ring, hu ht vn ngn hn, trung hn v di hn u do cc ngn hng thng mi cung cp, cc loi th trng khc ang c quy m rt nh. Hay ni cch khc, Vit Nam, vic huy ng v phn b vn ch yu thc hin qua cc trung gian ti chnh, trong cc ngn hng thng mi ng vai tr chnh. Da trn loi tn dng, hin Vit Nam cng c th trng tn phiu, th trng tri phiu, th trng c phiu; th trng vay n ngn hng. Nh trn ni, th trng vay n ngn hng l ch yu. Th trng s cp v th trng th cp: Vit Nam cng c th trng s cp l ni pht hnh chng khon ln u tin. Trn th trng ny, khi pht hnh chng khon, thng do mt cng ty chng khon lm cc th tc, t vn v mt cng ty chng khon khc bo lnh pht hnh. Trn th trng th cp, hin c 26 loi c phiu, mt chng ch ca qu u t VF1, cc loi tri phiu chnh ph v tri phiu ca Ngn hng u t v Pht trin Vit Nam c giao dch. Th trng tp trung v th trng phi tp trung: Vit Nam, s lng cc doanh nghip giao dch trn th trng tp trung l rt t, trong khi cc giao dch trn th trng phi tp trung l ch yu. Th trng chnh thc v phi chnh thc: Ngoi th trng ti chnh chnh thc, ni m cc ngn hng, cc cng ty ti chnh, cc cng ty chng khon hot ng, Vit Nam cn c th trng phi chnh thc l cc hp tc x tn dng, cc t chc tn dng vi m nng thn, hi hot ng. Cc loi hnh tn dng phi chnh thc ny ng mt vai tr ng k trong pht trin kinh t x hi Vit Nam. 2.2. Cc t chc ti chnh thi im cui nm 2004, xt v quy m ca cc t chc ti chnh Vit Nam (cha k Qu h tr pht trin v Bo him x hi) th tng vn m cc t chc ny cung ng ra

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

nn kinh t hoc huy ng t nn kinh t t khong 450.000 t ng, xp x 70% GDP. Trong , tng d n cho vay ca cc t chc tn dng l 380.000 t ng, chim 85%; tng s vn trn th trng chng khon l 27.000 t ng, chim 6%; huy ng ca Tit kim bu in l 30.000 t ng, chim 6,7%; thu ph bo him t khong 15.000 t ng, chim 3%11. Trong cc gio trnh, thng chia cc t chc ti chnh lm hai loi t chc ti chnh ngn hng v t chc ti chnh phi ngn hng. Tuy nhin, cch phn loi ny ch yu tp trung vo cc t chc ti chnh hot ng kinh doanh m t cp n cc nh to lp th trng. V vy, cn c vo thc tin Vit Nam, bi vit chia ra cc t chc ti chnh hot ng theo Lut cc t chc tn dng, cc t chc ti chnh hot ng trn th trng chng khon, cc cng ty bo him hot ng theo Lut bo him v mt s loi hnh t chc ti chnh khc. 2.2.1. Ngn hng Trung ng v cc t chc tn dng 2.2.1.1. Ngn hng Trung ng Ngn hng Nh nc Vit Nam (Ngn hng Nh nc) l c quan ca Chnh ph v l ngn hng trung ng ca nc Cng ho x hi ch ngha Vit Nam. Ngn hng Nh nc thc hin chc nng qun l nh nc v tin t v hot ng ngn hng; l ngn hng pht hnh tin, ngn hng ca cc t chc tn dng v ngn hng lm dch v tin t cho Chnh ph. Hot ng ca Ngn hng Nh nc nhm n nh gi tr ng tin, gp phn bo m an ton hot ng ngn hng v h thng cc t chc tn dng, thc y pht trin kinh t x hi theo nh hng x hi ch ngha. Ngn hng Nh nc l mt php nhn, c vn php nh thuc s hu nh nc; c tr s chnh ti Th H Ni. 2.2.1.2. Cc t chc tn dng Trc khi xem xt cc loi hnh t chc tn dng thc t ti Vit nam, chng ta cng tm hiu cc nh ngha trong Lut cc t chc tn dng Vit Nam v cc t chc tn dng nm 1997 v c sa i vo nm 2004:
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c th xem xt mt cch tng quan h thng ti chnh Vit nam, trong tnh hung nhin cu ny cng dn tt c cc ch tiu c bn ca tng loi hnh t chc ti chnh. Tng s vn cung ng cho nn kinh t ca cc t chc nu trn c th nh hn v s thu ph bo him thng u t vo mua tri phiu hoc gi ti cc ngn hng. Ngoi ra, Vit nam c mt c trng l Kho bc nh nc thay v theo thng l phi gi vn nhn ri ti Ngn hng Nh nc th c th gi ti mt s ngn hng thng mi. Khi lng tn ngn trong tng s thu chi ngn sch nh nc hng nm trn 100.000 l rt ln. y cng l mt ngun vn ng k cho cc ngn hng thng mi. Cc s liu trong tnh hung nghin cu ny ngi vit cn c vo s liu cng b chnh thc trn trang web ca Ngn hng Nh nc Vit Nam (www.sbv.gov.vn), B Ti Chnh (www.mof.gov.vn), U ban chng khon Nh nc (www.mof.ssc.vn), Cng ty tit kim bu in(www.vpsc.com.vn), Tng cng ty bo him Vit nam (www.baoviet.com.vn), mng bo him Vit Nam (www.baohiemvn.net) v cc ngun khc

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

T chc tn dng l doanh nghip c thnh lp theo quy nh ca Lut cc t chc tn dng v cc quy nh khc ca php lut hot ng ngn hng. Ngn hng l loi hnh t chc tn dng c thc hin ton b hot ng ngn hng v cc hot ng kinh doanh khc c lin quan. Theo tnh cht v mc tiu hot ng, cc loi hnh ngn hng gm ngn hng thng mi, ngn hng pht trin, ngn hng u t, ngn hng chnh sch, ngn hng hp tc v cc loi hnh ngn hng khc. T chc tn dng phi ngn hng l loi hnh t chc tn dng c thc hin mt s hot ng ngn hng nh l ni dung kinh doanh thng xuyn, nhng khng c nhn tin gi khng k hn, khng lm dch v thanh ton. T chc tn dng phi ngn hng gm cng ty ti chnh, cng ty cho thu ti chnh v cc t chc tn dng phi ngn hng khc. T chc tn dng nc ngoi l t chc tn dng c thnh lp theo php lut nc ngoi. T chc tn dng hp tc l t chc kinh doanh tin t v lm dch v ngn hng, do cc t chc, c nhn v h gia nh t nguyn thnh lp hot ng ngn hng nhm mc tiu ch yu l tng tr nhau pht trin sn xut, kinh doanh v i sng. T chc tn dng hp tc gm ngn hng hp tc, qu tn dng nhn dn v cc hnh thc khc. Cc loi hnh t chc tn dng (theo s hu): T chc tn dng c thnh lp theo php lut Vit Nam bao gm t chc tn dng nh nc, t chc tn dng c phn, t chc tn dng hp tc, t chc tn dng lin doanh, t chc tn dng 100% vn nc ngoi. Ngoi ra cn c chi nhnh, vn phng i din ca ngn hng nc ngoi ti Vit nam. Cc ngn hng thng mi: Hin Vit Nam c 5 ngn hng thng mi quc doanh chim hn 70% th phn tn dng v huy ng vn; 37 ngn hng c phn th v nng thn, chim 11% th phn tn dng v huy ng vn; 27 chi nhnh ngn hng nc ngoi, 4 ngn hng lin doanh chim 12% th phn huy ng vn v tn dng. Ngn hng chnh sch x hi: Hin c mt ngn hng chnh sch x hi thc hin vic cp tn dng cho cc i tng chnh sch. Tin thn ca ngn hng ny l Ngn hng phc v ngi ngho thnh lp nm 1995. Cc cng ty ti chnh: Hin c 5 cng ty ti chnh trc thuc cc tng cng ty ln. Cc cng ty ti chnh ny ch yu l dn xp ti chnh cho tng cng ty m n trc thuc. Ngoi ra trc nm 2003 cn c Cng ty ti chnh Si gn l mt n v c lp khng thuc bt k mt tng cng ty no. Nhng do nhng hn ch ca m hnh ny hin chuyn thnh Ngn hng thng mi c phn Vit . Cc cng ty cho thu ti chnh: Hin c 9 cng ty cho thu ti chnh, trong c 3 lin doanh. Su cng ty cn li trc thuc 4 ngn hng thng mi quc doanh. Trong , Ngn hng u t v Pht trin Vit Nam v Ngn hng Nng nghip v Pht trin nng

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

thn Vit Nam c 2 cng ty. Nhn chung hot ng thu mua ti chnh cn nhiu hn ch. Tng s cho thu ca cc cng ty ny c mt phn khng nh l ti sn ca cc ngn hng m thu. Cc qu tn dng: c hai loi hnh qu tn dng l qu tn dng trung ng v qu tn dng khu vc. Tng s cc hp tc x tn dng l 898 v chim 1,5% th phn huy ng vn v cho vay. Ngoi ra cn mt s loi hnh t chc ti chnh khc hot ng theo Lut cc t chc tn dng l cc cng ty qun l ti sn, cc t chc cm Tt c cc t chc tn dng hot ng theo Lut cc t chc tn dng v chu s qun l ca Ngn hng Nh nc Vit Nam. Tng d n cho vay ca h thng cc t chc tn dng Vit Nam t gn 380.000 t, xp x 60% GDP. Tng vn iu l ca cc t chc tn dng Vit Nam khong 33.500 t ng. 2.2.2. U ban Chng khon Nh nc v cc t chc hot ng trn TTCK U ban chng khon nh nc: U ban Chng khon Nh nc khi mi thnh lp l c quan trc thuc Chnh ph, nm 2004 chuyn thnh c quan trc thuc B ti chnh. U ban Chng khon Nh nc c nhim v chnh trong vic t chc v gim st cc hot ng ca th trng chng khon Vit Nam. Cc cng ty chng khon: Hin c 13 cng ty chng khon hot ng vi chc nng l cc t chc mi gii trn th trng chng khon nh lp cc th tc pht hnh, bo lnh pht hnh chng khon Ngn hng ch nh thanh ton: Trn th trng c 1 ngn hng ch nh thanh ton l Ngn hng u t v Pht trin Vit Nam. Ngn hng lu k chng khon: Hin c 5 ngn hng lu k chng khon. Cng ty qun l qu u t: Hin ti c 1 cng ty qun l qu u t ang qun l qu VF1. Cc cng ty nim yt: Hin c 26 cng ty nim yt trn th trng. Cc cng ty ny ch yu l cc doanh nghip nh nc c c phn ho. Tng s vn giao dch trn th trng chng khon Vit Nam gn 27.000 t ng, bng 4% GDP. Trong , gi tr c phiu bng 3.195 t ng, chim 12% tng gi tr th trng, bng 0,5% GDP. Ngoi ra cn c mt s qu u t ng vi tr ng k trn th trng chng khon ni ring, th trng ti chnh ni chung l Dragon Capital, Mekong Capital, Vinacapital, Indochina Capital, Qu u t mo him ca tp on d liu quc t (IDG) v mt s cng ty qun l qu nh Cng ty qun l qu u t Vit Nam, Cng ty qun l qu Thnh Vit, Cng ty qun l qu Manulife v Cng ty qun l qu Frudential, Finansa,

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

FXF Vietnam. Cc qu u t ny va tham gia u t trn th trng chng khon, va u t trc tip vo cc doanh nghip. 2.2.3. Cc cng ty bo him Cc cng ty bo him: Hin c khong 24 cng ty bo him ang hot ng ti Vit Nam vi tng vn iu l gn 5.000 t ng. Trong c 4 doanh nghip nh nc, 7 cng ty bo him c phn, 7 cng ty bo him lin doanh v 6 doanh nghip 100% vn nc ngoi. Trn th trng bo him phi nhn th, Tng cng ty bo him Vit Nam (Bo Vit) chim th phn ch yu. Trn th trng bo him phi nhn th, ba doanh nghip c th phn ln nht l Bo Vit, Prudential v AIA. Cc cng ty bo him hot ng theo Lut bo him v chu s qun l ca B Ti chnh. Quy m th trng: Tng s thu ph bo him nm 2004 gn 12.500 t ng, trong doanh thu t bo him nhn th chim khong 2/3 tng s doanh thu ca bo him. Doanh thu ca cc doanh nghip bo him ch yu tp trung u t vo tri phiu v gi ti cc ngn hng thng mi. 2.2.4. Mt s loi hnh t chc ti chnh khc Qu lng hu: hin Vit Nam cha c qu lng hu, nhng c mt qu rt ln l bo him x hi Vit Nam. Phn thng d ca Bo him x hi Vit Nam ch yu chuyn sang Qu H tr pht trin. Tit kim bu in: y l t chc thc hin cc loi hnh huy ng tit kim nh l da trn h thng bu cc rng khp ca Tng cng ty Bu chnh Vin thng Vit Nam. Tng s vn Tit kim bu in huy ng c gn 30.000 t ng. Phn huy ng ny ch yu chuyn giao sang cho Qu h tr Pht trin. Qu h tr pht trin v cc qu u t pht trin ca cc tnh, thnh ph: Qu h tr pht trin l t chc cp tn dng u t pht trin ca nh nc (tn dng ch nh) cho cc d n. Qu ny trc thuc B ti chnh. Cc qu u t pht trin a phng trc thuc cc u ban nhn dn tnh, thnh ph. Cc qu ny c nhim v cho vay cc d n theo nh hng pht trin ca tng a phng. Qu h tr pht trin v cc qu u t pht trin ca cc a phng hot ng khng chu s chi phi ca Lut cc t chc tn dng v khng chu s gim st ca Ngn hng Nh nc. 2.3. Cc cng c ti chnh Trong cc gio trnh thng chia cc cng c ti chnh trn th trng vn, th trng tin t, th trng ngoi hi, cng c ti chnh phi sinh ... Vic chia ny cng c tnh cht tng i v nhiu loi cng c ti chnh c giao dch trn nhiu th trng khc nhau. V d: cc loi cng c ti chnh phi sinh c th c giao dch trn th trng tin t, th trng vn, th ngoi hi, th trng nng sn... hay Vit Nam, tri phiu chnh ph vn c th giao dch trn th trng tin t,.. Hin ti trn th trng ti chnh Vit Nam c cc loi cng c ti chnh sau:

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

Cc khon cho vay ca cc ngn hng v cc t chc ti chnh khc: Phn ny chim t trng ch yu trong vic phn phi vn cho nn kinh t. Tri phiu chnh ph: Tng gi tr tri phiu chnh ph giao dch trn th trng chng khon l 24.000 t ng. Ngoi ra tri phiu chnh ph cn c pht hnh thng qua h thng cc kho bc nh nc a phng. Tn phiu kho bc: Loi ny do Kho bc nh nc pht hnh v c u gi ch yu thng qua th trng m ca Ngn hng nh nc. y l mt cng c huy ng ngun vn cho chi tiu ngn sch rt quan trng ca chnh ph. Tri phiu th: Do cc chnh quyn a phng (tnh, thnh ph) pht hnh. Hin ti mi c thnh ph H Ch Minh pht hnh loi tri phiu ny. Cc a phng khc thch dng tn dng qua ngn hng hn. Tri phiu cng ty: Loi ny tng i t, ch yu do cc ngn hng thng mi v cc t chc ti chnh pht hnh. Hin nay c hai loi tri phiu ang c giao dch tng i ph bin trn th trng l tri phiu ca Ngn hng u t v Pht trin Vit Nam v Tri phiu ca Tng cng ty du kh Vit Nam. Chng ch tin gi: Theo phn loi trong cc gio trnh th chng ch tin gi l cng c ti chnh ca th trng tin t, nhng c trng ca Vit Nam, chng ch tin gi l mt loi giy t c gi do cc ngn hng pht hnh c thi hn trn 1 nm vi nhng c im tng t nh tri phiu. Loi hnh giy t c gi do cc ngn hng thng mi pht hnh c thi hn di mt nm c gi l k phiu. C phiu: Hin Vit Nam c rt nhiu cng ty c phn nn loi hnh ny tng i ph bin. Tuy nhin mi ch c 26 cng ty nim yt trn th trng chng khon, vi tng gi tr c phiu chim khong 0,5% GDP. y l mt con s rt khim tn. Hp ng mua li chng khon: Hin nay cha c giao dch chnh thc. Phiu n thng mi (thng phiu): Hin c php lnh v thng phiu, nhng hu nh cha c doanh nghip no pht hnh thng phiu. Hi phiu c ngn hng chp thun: Hin loi hnh ny thc hin trong cc giao dch ngoi thng. Vay lin ngn hng: y l loi hnh giao dch rt ph bin gia cc ngn hng thng mi vi nhau. Cc loi hnh cho vay ph bin gm, cho vay qua m, cho vay c k hn 3 thng, 6 thng. Euro -la: Vit Nam khng c cng c ny. Vay th chp mua bt ng sn: Hin Vit Nam c cng c ny v cc ngn hng thng mi c phn i u trong vic cho vay theo phng thc ny.

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

Cc loi cng c ti chnh phi sinh Hp ng k hn (Forward contract): Hin trn th trng Vit Nam c loi hnh giao dch ny v ch yu l cc hp ng mua bn ngoi t. Hp ng tng lai (Future contract): Hin Vit Nam cha c. Hon i (Swap): Hin Vit Nam c loi hnh ny, nhng lng giao dch rt hn ch. Cc giao dch ch yu c thc hin trn th trng ngoi hi. Cc loi hnh hon i khc nh li sut hu nh cha xut hin. Quyn chn: Hin mt s ngn hng Vit Nam c loi hnh giao dch ny, nhng khi lng giao dch l rt hn ch. Cha c t chc ti chnh no thc s bn quyn chn m ch thc hin di hnh thc l cc trung gian. 2.4. C s h tng ti chnh H thng lut php v qun l ca nh nc: Tnh n thi im hin ti, vi bi cnh v iu kin thc tin Vit Nam th h thng lut php c nh gi l tng i y h thng ti chnh hot ng. Hin c Lut Ngn sch nh nc, Lut Ngn hng nh nc, Lut cc t chc tn dng, Lut bo him. D kin nm 2006 Lut chng khon s ra i (hin ti vn bn cao nht quy nh v t chc v hot ng ca th trng chng khon l Ngh nh ca chnh ph). Tuy nhin vn qun l nh nc cha thc s ng b v thng nht. Mt s t chc c quy m hot ng tn dng rt ln nhng khng chu s chi phi ca Lut cc t chc tn dng v chu s gim st ca Ngn hng nh nc nh Qu H tr pht trin v cc qu u t pht trin a phng. Tng ti sn ca Qu h tr pht trin c th ln hn tng ti sn ca ngn hng thng mi ln nht Vit Nam l Ngn hng Nng nghip v Pht trin nng thn. Ngun lc v thng l gim st: Theo nh gi th ngun lc v cc thng l gim st cha p ng nhu cu cho h thng ti chnh hot ng lnh mnh, pht trin bn vng v hi nhp quc t. Cung cp thng tin: Hin nay cc ngn hng ni ring, cc t chc ti chnh ni chung ang tng bc p dng cc chun mc k ton quc t. Cc quy nh v kim ton vn cha thc s y v c tun th mt cch nghim ngt. Hin vn cha c h thng lu tr thng tin tn dng v t chc xp loi tn dng tn cy. Hin trung tm thng tin tn dng (CIC) ca Ngn hng Nh nc Vit Nam ang m nhn nhim v ny. Tuy nhin tr thnh mt t chc c tin cy cao th CIC cn rt nhiu vic phi lm. H thng thanh ton: Trc nm 2000, hu ht cc t chc ti chnh Vit Nam s dng h thng thanh ton phn tn. Nhng t nm 2000 n nay, cc t chc ti chnh, nht l cc ngn hng thng mi xy dng h thng thanh ton tp trung. T nm 2002, Ngn hng Nh nc Vit Nam trin khai h thng thanh ton lin ngn hng. y l mt bc tin trong vic p dng cng ngh thanh ton ca h thng ti chnh Vit Nam. Khi tt c cc ngn hng xy dng xong h thng ny th cng ngh thanh ton ca h thng ti chnh Vit Nam l m bo.

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

Vi nhng ni dung nu trn, nhm ca ng Ci Cch tm thi kt thc vic tm hiu v h thng ti chnh Vit Nam. Trn c s nhn dng h thng ti chnh Vit Nam kt hp vi nhng kin thc v kinh nghim hin c, nhm ca ng Ci Cch mong mun c th t vn cho pha Vit Nam nhng chnh sch, gii pht hu hiu nht, nhm ci cch, cng c v pht trin h thng ti chnh Vit Nam tng xng vi vai tr ca n trong pht trin kinh t x hi.

Cu hi gi tho lun? 1. Theo anh (ch) h thng ti chnh Vit Nam c y cc thnh phn ca mt h thng ti chnh chun khng? Hy lit k v v s khi qut h thng ti chnh Vit Nam. 2. Anh (ch) hy nh gi v tr, vai tr, tm nh hng ca tng khu vc (ngn hng, chng khon, bo him ) trong h thng ti chnh Vit Nam? 3. Vit Nam cn phi lm g pht trin v nng cao vai tr ca h thng ti chnh phc v tt cho pht trin kinh t.

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H thng ti chnh Vit nam

H THNG CC T CHC TN DNG (ngun: www.sbv.gov.vn) I I 1 2 3 4 5 6 II 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 LOI HNH T CHC TN DNG CC NGN HNG THNG MI QUC DOANH Ngn hng Ngoi thng Vit Nam Ngn hng Cng thng Vit Nam Ngn hng Nng nghip v Pht trin ng thn Vit Nam Ngn hng u t v Pht trin Vit Nam Ngn hng Pht trin nh ng bng sng Cu Long Ngn hng Chnh sch x hi Vit Nam NGN HNG THNG MI C PHN TH Chu ng ng Nam Nht Bc Gia nh Hng hi K Thng Nam Nam Ngoi quc doanh Nh H Ni Pht trin Nh TPHCM Phng ng Phng Nam Qun i Quc t TR S CHNH 198 Trn Quang Khi - H Ni 108 Trn Hng o - H Ni S 2 Lng H - H Ni 194 Trn Quang Khi - H Ni S 9 V Vn Tn - Qun 3 - TP H Ch Minh S 29 Nguyn nh Chiu, H Ni
T VN VT T VN

VN L 20,006 2,429 2,941 5,190 3,746 700 5,000 4,213 481 253 85 98 85 26 109 202 27 70 175 200 70 137 217 280 175

442 Nguyn Th Minh Khai. Q3. TP HCM 130 Phan ng Lu. Q Ph Nhun. TPHCM 15 Minh Khai. TP Hi Phng 715 Trn Hng o. Q5. TPHCM 117 Quang Trung. TP Vinh. Ngh An 68 Bch ng. Q Bnh Thnh. TP HCM 5 Nguyn Tri Phng. TP Hi Phng 15 o Duy T. Q Hon Kim. H Ni 171 Hm Nghi. Q1. TP HCM 210 L Thnh. Q1. TP HCM 4 D Tng. Q Hon Kim. H Ni B7 Ging V. Q Ba nh. H Ni 33 Pasteur. Q1. TP HCM 45 L Dun. Q1. TP HCM 279 L Thng Kit. Q11. TP HCM 28A in Bin Ph. Q Ba nh. H Ni 64, 86 L Thng Kit. H Ni
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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

I 18 19 20 21 22 23 24 25 III 1 2 3 4 5 6 7 8 9 10 11 12 IV 1 2 3 4 5

LOI HNH T CHC TN DNG Si Gn Si gn cng thng Si gn thng tn Tn Vit Vng Tu Vit Vit Hoa Xut nhp khu NGN HNG THNG MI C PHN NNG THN i ng Thp Mi An Bnh C Hi Hng Kin Long M Xuyn Nhn i Ninh Bnh Rch Kin Sng Kin Tn Hip CHI NHNH NGN HNG NC NGOI ABN Amro Bank(H lan) ANZ (Australia & New Zealand Banking Group) (c) BANK OF CHINA (Trung Quc) BANK OF TOKYO MISUBISHI (Nht) BANKOK BANK(Thi lan)

TR S CHNH 426 Nguyn Th Minh Khai Q3 TPHCM S 2C Ph c Chnh,Q1. TPHCM 278 Nam k khi ngha. Q3.TPHCM 340 Hong Vn Th.Q Tn Bnh.TPHCM 59 Trn Hng o. TP Vng Tu 115 Nguyn Cng Tr.Q1.TP HCM 203 Phng Hng. Q5. TPHCM 7 L Th Hng Gm. Q1. TPHCM

VN L 150 250 505 70 58 115 73 300 T VN 164 152, CMT8-Thnh ph Bin Ho-Tnh ng Nai 25 Th Trn M Tho-Huyn Cao Lnh-Tnh ng Thp 5 138,Hng Vng-An Lc- Bnh Chnh- TP. HCM 36 Th T C -Huyn Mn-Tnh Cn Th 30 S 199-Nguyn Lng Bng - TP Hi Dng 5 35-Phm Hng Thi TX rch gi-Tnh Kin Giang 13 248,Trn Hng o- Long Xuyn- Tnh An Giang 10 138- ng 3/2- Phng Hng Li TP Cn Th 12 339,Ph L Hng Phong - Th x Ninh Bnh 9 X Long Ho-Huyn Cn c-Tnh Long An 8 X Rch Si-Huyn Chu Thnh-Tnh Kin Giang 7 X Thnh ngA-Huyn Tn Hip-Tnh Kin Giang 5 Triu USD 438 360 Kim M, H Ni 15 14 L Thi t h Ni 20 115 Nguyn Hu, Q.1, TPHCM 15 5b Tn c Thng, Q.1, TPHCM 30 117 Nguyn Hu, Q.1,TPHCM 15
VT
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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

6 I 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 V 1 2 3 4

BNP (Banque Nationale de Paris) (Php) LOI HNH T CHC TN DNG CALYON (Php) Chinatrust(i loan) CHINFON COM. BANK (i loan) CITY BANK (M) DEUSTCHE BANK (c) FENB (M) First Commercial Bank (i loan) HONGKONG SHANGHAI BANKING CORPERATION (Anh) ICBC (International comercial corperation) (i loan) JP Morgan CHASE bank(M) KOREA EXCHANGE BANK (KEB) (Hn Quc) LAO-VIET BANK (Lo) MAY BANK (Malaysia) Mizuho Corporate BANK(Nht) NATEXIS (Php) OCBC (Singapore)(Keppel) SHINHAN BANK (Hn Quc) STANDARD CHARTERED BANK (Anh) UFJ (Nht) UNITED OVERSEAS BANK (UOB)(Singapore) WOORI BANK(Hn Quc) (Hanvit c) CC NGN HNG LIN DOANH CHOHUNGVINA BANK INDOVINA BANK VID PUBLIC BANK VINASIAM

8 nguyn Hu, Q.1, TPHCM TR S CHNH 21-23 Nguyn Th Minh Khai, TPHCM 37 Tn c ThngTp HCM 14 Lng H, H Ni 17 Ng Quyn,H Ni 65 L Li, Q.1, TPHCM S 2A-4A, Tn c Thng, TP.HCM 88 ng Khi, Q1, TP HCM 235 ng khi,Q.1, TPHCM 5b Tn c Thng, Q.1, TPHCM 29 L Dun, Q.1, TPHCM 360 Kim M H ni 17 Hn Thuyn, H Ni 63 L Thi T, H Ni 63 L Thi T, H Ni 11 C.T M Linh 8 Hong Diu,Vng Tu 41 Nguyn th Minh Khai, Q.1, TPHCM 49 Hai B Trng, H Ni Sun Wah Tower, 115 Nguyn Hu, QI, TP.HCM 17 L Dun, Q.1, TPHCM 360 Kim M, H Ni 35 H Tng Mu, Q.1, TPHCM 36 Tn Tht m, Q.1, TPHCM 2 Ng Quyn, H Ni 2 Ph c Chnh, Q.1, TPHCM
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15 VT VN L 20 15 30 20 15 15 15 15 15 15 15 3 15 15 15 15 15 15 15 15 15 Triu USD 75 20 20 20 15

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

VI 1 I 2 3 4 5 VII 1 2 3 4 5 1 2 3

CC CNG TY TI CHNH Cty ti chnh Bu in LOI HNH T CHC TN DNG Cty ti chnh Cao su Cty ti chnh Du kh Cty ti chnh Dt may Cty ti chnh Tu thy CC CNG TY CHO THU TI CHNH VN TRONG NC Cty CTTC I - NH Nng nghip & PTNT Cty CTTC II - NH Nng nghip & PTNT Cty CTTC NH u t v Pht trin VN Cty CTTC NH Cng thng VN Cty CTTC NH Ngoi thng VN NC NGOI, LIN DOANH Cty CTTC Quc t VN (VILC) (lin doanh) Cty CTTC ANZ-VTRAC (100% vn nc ngoi) Cty CTTC Kexim (KVLC) (100% vn nc ngoi) Tng vn iu l bng VN Tng vn iu l bng USD Tng vn iu l quy i ra VN vi t gi 15.700 VN/USD

T VN

62 Nguyn Du, H Ni TR S CHNH 210 Nam k khi ngha, Qun 3, TP HCM 72 Trn Hng o, Hon Kim, H Ni 32 Trng Tin, Hon Kim, H Ni 120 Hng Trng, H Ni

VT

260 70 VN L 60 100 50 50 582 150 150 102 105 75 20 5 5 10 25,224 533 33,584

T VN

141, ng L Dun, qun Hon Kim, H ni 422 Trn Hng o, P2, Qun5, TPHCM Tng 3, To nh Thng Long, 105 Lng H, H Ni 18 Phan nh Phng, H Ni 10 Thin Quang, H Ni
Triu USD

Si gn Tower, 29 Ldun, Q1,TPHCM 14 L Thi T, H Ni Tng 9 Diamond Plaza, 34 L dun, QI, TPHCM

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

TH TRNG CHNG KHON (ngun: www.ssc.gov.vn) vt: Triu VN STT I 1 II 1 2 3 4 5 6 7 8 9 10 11 12 13 III 1 IV 1 2 3 4 5 Tn cng ty Website n v qun l U ban chng khon nh nc trc thuc B Ti chnh Cng ty chng khon Cng ty chng khon ACB Cng ty chng khon Ngn hng u t v Pht trin Vit Nam www.bsc.com.vn Cng ty chng khon Bo Vit www.bvsc.com.vn Cng ty c phn chng khon Nht www.fsc.com.vn Cng ty TNHH chng khon Ngn Hng Cng Thng Vit Nam Cng ty c phn chng khon M Kng www.mekongsecurities.com.vn Cng ty TNHH chng khon Thng Long Cng ty TNHH chng khon Ngn hng Ngoi thng Vit Nam www.vcbs.com.vn Cng ty TNHH chng khon Ngn hng ng www.eabbank.com.vn Cng ty c phn chng khon Hi Phng Cng ty chng khon Si gn www.ssi.com.vn Cng ty TNHH Chng khon Ngn hng NNo&PTNT Vit Nam Cng ty c phn chng khon Thnh ph H Ch Minh www.hsc.com.vn Cng ty qun l qu Cng ty lin doanh qun l qu u t chng khon Vit Nam www.vinafund.com Ngn hng lu k Ngn hng Hng Kng v Thng Hi - Chi nhnh Thnh ph H Ch Minh Ngn hng Standard Chartered - Chi nhnh H Ni Ngn hng Deutsche Bank AG- Chi nhnh Thnh ph H Ch Minh Ngn hng Ngoi thng Vit Nam www.vietcombank.com.vn Ngn hng u t v Pht trin Vit Nam
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Vn iu l

43,000 100,000 43,000 43,000 55,000 6,000 43,000 60,000 21,000 21,750 20,000 100,000 50,000 8,000 613,750 -

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

V 1 STT VI 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

AGF BBC BBT BPC BT6 BTC CAN DHA DPC GIL GMD HAP HAS KHA LAF PMS REE SAM SAV SGH TMS TRI SFC NKD

Ngn hng ch nh thanh ton Ngn hng u t v pht trin Vit Nam Tn cng ty Cc cng ty nim yt Cng ty C phn Xut nhp khu Thu sn An Giang Cng ty C phn Bnh ko Bin Ho Cng ty C phn Bng Bch Tuyt Cng ty C phn Bao b Bm Sn Cng ty C phn B tng 620 - Chu Thi Cng ty C phn C kh v Xy dng Bnh Triu Cng ty C phn hp H Long Cng ty C phn Ho An Cng ty C phn Nha Nng Cng ty C phn Sn xut kinh doanh Xut nhp khu Bnh Thnh Cng ty C phn i l Lin hip Vn chuyn Cng ty C phn Giy Hi Phng Cng ty C phn Xy lp Bu in H Ni Cng ty C phn Xut nhp khu Khnh Hi Cng ty C phn ch bin hng xut khu Long An Cng ty C phn C kh Xng du Cng ty C phn C in lnh Cng ty C phn Cp v Vt liu vin thng Cng ty C phn Hp tc kinh t v Xut nhp khu SAVIMEX Cng ty C phn Khch sn Si Gn Cng ty C phn Kho vn Giao nhn Ngoi thng Cng ty C phn nc Gii kht Si Gn Cng ty c phn Nhin liu Si Gn Cng ty c phn ch bin thc phm Kinh Min Bc
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Website www.agifish.com www.bibica.com www.bachtuyet.com.vn concrete620.com www.halong-canfood.com.vn

www.GILIMEX.com

www.cokhixangdau.com www.reecorp.com

http://www.transimexsaigon.com www.satra.hochiminhcity.gov.vn

Vn iu l 41,791 56,000 68,400 38,000 58,827 12,613 35,000 35,000 15,873 25,500 200,000 20,080 12,000 20,900 19,098 32,000 225,000 180,000 45,000 17,663 33,000 45,484 17,000 50,000

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Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

TS4 Cng ty C phn Thu sn S 4 VTC Cng ty C phn Vin thng VTC Tng cng BO HIM (ngun: www.mof.gov.vn) 25 26
TT Tn cng ty
Nm cp giy php

15,000 17,977 1,337,207 VT Vn iu l Hnh thc s hu Lnh vc hot ng

01 Tng Cng ty bo him Vit Nam (BAOVIET) 13 Cng ty TNHH Manulife (Vit Nam) 22 Cng ty C phn bo him Vin ng 05 Cng ty C phn bo him Nh Rng (BAOLONG) 10 Cng ty c phn bo him bu in (PTI) 06 Cng ty c phn bo him Petrolimex (PJICO) 02 Cng ty Ti bo him quc gia Vit Nam (VINARE) 03 Cng ty bo him thnh ph H Ch Minh (BAOMINH) 07 Cng ty bo him du kh (PVI) 14 Cng ty TNHH bo him nhn th Bo Minh CMG 18 Cng ty c phn mi gii bo him Vit Quc 23 Cng ty c phn mi gii bo him ng 24 Cng ty c phn mi gii bo him i Vit 15 Cng ty TNHH bo him nhn th Prudential Vit Nam 16 Cng ty TNHH bo him quc t M (Vit Nam) (AIA) 12 Cng ty TNHH bo him Allianz (Vit Nam) 08 Cng ty lin doanh bo him quc t Vit Nam (VIA) 20 Cng ty TNHH bo him chu - Ngn hng cng thng 09 Cng ty lin doanh bo him lin hip (UIC) 17 Cng ty bo him tng hp Groupama Vit Nam 19 Cng ty lin doanh TNHH bo him Samsung-Vina
Hunh Th Du/Nguyn Minh Kiu

1964 1999 2003 1995 1998 1995 1994 1994 1996 1999 2001 2003 2003 1999 2000 1999 1996 2002 1997 2001 2002

T VN 586 T VN 140 T VN 72 T VN 70 T VN 70 T VN 55 T VN 40 T VN 40 T VN 20 T VN 10 T VN 6 T VN 6 T VN 6 Triu USD 75 Triu USD 25 Triu USD 6.295 Triu USD 6 Triu USD 6 Triu USD 5 Triu USD 5 Triu USD 5
23

Nh nc Phi nhn th, nhn th 100% vn u t nc ngoi Nhn th C phn Phi nhn th C phn Phi nhn th C phn Phi nhn th C phn Phi nhn th Nh nc Ti bo him Nh nc Phi nhn th Nh nc Phi nhn th Lin doanh Nhn th C phn Mi gii bo him C phn Mi gii bo him C phn Mi gii bo him 100% vn u t nc ngoi Nhn th 100% vn u t nc ngoi Nhn th 100% vn u t nc ngoi Phi nhn th Lin doanh Phi nhn th Lin doanh Phi nhn th Lin doanh Phi nhn th 100% vn u t nc ngoi Phi nhn th Lin doanh Phi nhn th

Chng trnh Ging dy Kinh t Fulbright

Ti chnh Pht trin Bi c

H thng ti chnh Vit nam

11 Cng ty lin doanh bo him Vit c (BIDV-QBE) 21 Cng ty mi gii bo him Grassavoye 04 Cng ty LD TVDV bo him v ti bo him Bo vit - Aon

1999 2003 1993

Triu USD Triu USD Triu USD

4 0.3 0.25

Lin doanh 100% vn u t nc ngoi Lin doanh

Phi nhn th Mi gii bo him Mi gii bo him

CC QU U T V CNG TY QUN L QU TI VIT NAM 1. Qu Dragon (Dragon Capital) 2. Qu Mekong (mekong Capital) 3. Qu Indochina (Vinacapital) 4. Qu Vina (Vina Capital) 5. Qu IDG 6. Qu Phng Xi Png 7. Qu u t chng khon Vit Nam (VF1) 8. Qu Vietnam Opportunity Fund (VOF) 9. Cng ty qun l qu u t Vit Nam, 10. Cng ty qun l qu Thnh Vit, 11. Cng ty qun l qu Manulife 12. Cng ty qun l qu Prudential (S liu cc qu u t cha thc s c cp nht mt cch y ).

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