{"id":171,"date":"2022-07-14T15:10:56","date_gmt":"2022-07-14T08:10:56","guid":{"rendered":"https:\/\/thanglonggroups.com.vn\/?p=171"},"modified":"2022-07-14T15:14:07","modified_gmt":"2022-07-14T08:14:07","slug":"phat-trien-thi-truong-trai-phieu-huong-toi-he-thong-tai-chinh-can-bang-o-viet-nam","status":"publish","type":"post","link":"https:\/\/pnl-international.com\/en\/phat-trien-thi-truong-trai-phieu-huong-toi-he-thong-tai-chinh-can-bang-o-viet-nam\/","title":{"rendered":"Ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, h\u01b0\u1edbng t\u1edbi h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u00e2n b\u1eb1ng \u1edf Vi\u1ec7t Nam"},"content":{"rendered":"

TCCS \u2013 H\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u1ee7a Vi\u1ec7t Nam hi\u1ec7n \u0111ang c\u00f3 c\u1ea5u tr\u00fac thi\u00ean l\u1ec7ch, d\u1ef1a nhi\u1ec1u v\u00e0o th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng \u2013 ng\u00e2n h\u00e0ng, trong khi th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu ph\u00e1t tri\u1ec3n ch\u01b0a t\u01b0\u01a1ng \u1ee9ng. Trong th\u1eddi gian t\u1edbi, c\u1ea7n ti\u1ebfp t\u1ee5c th\u1ef1c hi\u1ec7n c\u00e1c gi\u1ea3i ph\u00e1p th\u00fac \u0111\u1ea9y qu\u00e1 tr\u00ecnh c\u01a1 c\u1ea5u l\u1ea1i h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh theo h\u01b0\u1edbng c\u00e2n b\u1eb1ng h\u01a1n v\u00e0 \u0111\u1ea1t nh\u1eefng m\u1ee5c ti\u00eau c\u00f3 t\u00ednh b\u1ec1n v\u1eefng.<\/strong><\/p>\n

T\u1ea7m quan tr\u1ecdng c\u1ee7a m\u1ed9t h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u00e2n b\u1eb1ng gi\u1eefa ba tr\u1ee5 c\u1ed9t ng\u00e2n h\u00e0ng, c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/strong><\/p>\n

Th\u1ef1c ti\u1ec5n c\u00e1c n\u1ec1n kinh t\u1ebf tr\u00ean th\u1ebf gi\u1edbi \u0111\u1ec1u c\u00f3 h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh t\u01b0\u01a1ng \u0111\u1ed1i c\u00e2n b\u1eb1ng ho\u1eb7c kh\u00f4ng qu\u00e1 thi\u00ean l\u1ec7ch, gi\u1eefa ba tr\u1ee5 c\u1ed9t l\u00e0 ng\u00e2n h\u00e0ng, c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu. V\u00ed d\u1ee5, h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh M\u1ef9 c\u00f3 khuynh h\u01b0\u1edbng ph\u00e1t tri\u1ec3n d\u1ef1a v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u1ed1n, song, t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng n\u0103m 2019 v\u1eabn \u1edf m\u1ee9c 244% GDP. Nh\u1eadt B\u1ea3n ph\u00e1t tri\u1ec3n h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh d\u1ef1a v\u00e0o th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 nh\u01b0ng v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n x\u1ea5p x\u1ec9 quy m\u00f4 t\u00edn d\u1ee5ng l\u00e0 h\u01a1n 121% GDP, trong khi d\u01b0 n\u1ee3 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 l\u00ean \u0111\u1ebfn 209% GDP. Theo b\u00e1o c\u00e1o c\u1ee7a Ng\u00e2n h\u00e0ng Th\u1ebf gi\u1edbi (WB)\u00a0n\u0103m 2011, T\u1ed5 ch\u1ee9c H\u1ee3p t\u00e1c v\u00e0 Ph\u00e1t tri\u1ec3n kinh t\u1ebf (OECD) c\u00f3 quy m\u00f4 t\u00edn d\u1ee5ng\u00a0\u2013 ng\u00e2n h\u00e0ng trung b\u00ecnh b\u1eb1ng 110,2% GDP; trong khi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u0111\u1ea1t 84,3%GDP; th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 \u0111\u1ea1t 85,3% GDP\u00a0v\u00e0 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p 57,6% GDP. C\u01a1 c\u1ea5u h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c n\u1ec1n kinh t\u1ebf \u0110\u00f4ng \u00c1 t\u01b0\u01a1ng \u1ee9ng \u0111\u1ea1t 60,1%; 73,4%; 25,9%; 27,8% v\u00e0 c\u00e1c n\u1ec1n kinh t\u1ebf \u0110\u00f4ng Nam \u00c1 l\u1ea7n l\u01b0\u1ee3t l\u00e0 67,9%; 77,7%; 28,3%; 11,8%(1).<\/p>\n

M\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh c\u00e2n b\u1eb1ng s\u1ebd cung c\u1ea5p th\u00f4ng tin c\u00f4ng khai, minh b\u1ea1ch v\u1ec1 c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0; gi\u00fap ph\u00e2n b\u1ed5 ngu\u1ed3n v\u1ed1n trong n\u1ec1n kinh t\u1ebf hi\u1ec7u qu\u1ea3 h\u01a1n; gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh kh\u00e1c nhau v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro \u0111\u1ed1i v\u1edbi doanh nghi\u1ec7p khi \u0111a d\u1ea1ng h\u00f3a \u0111\u01b0\u1ee3c ngu\u1ed3n v\u1ed1n huy \u0111\u1ed9ng ngo\u00e0i ng\u00e2n h\u00e0ng. B\u00ean c\u1ea1nh \u0111\u00f3, s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a m\u1ed9t h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u00e2n b\u1eb1ng s\u1ebd gi\u00fap b\u1ea3o \u0111\u1ea3m \u1ed5n \u0111\u1ecbnh kinh t\u1ebf v\u0129 m\u00f4 t\u1ed1t h\u01a1n, gi\u1ea3m thi\u1ec3u r\u1ee7i ro h\u1ec7 th\u1ed1ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 nh\u1eefng c\u00fa s\u1ed1c t\u1eeb b\u00ean ngo\u00e0i. Kinh nghi\u1ec7m qu\u1ed1c t\u1ebf cho th\u1ea5y, c\u00e1c qu\u1ed1c gia \u0110\u00f4ng Nam \u00c1 sau khi c\u1ea3i thi\u1ec7n t\u00ednh c\u00e2n b\u1eb1ng c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh, \u0111\u00e3 c\u00f3 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i kinh t\u1ebf nhanh h\u01a1n trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u n\u0103m 2008 so v\u1edbi cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh \u0110\u00f4ng \u00c1 n\u0103m 1997. \u1ede th\u1eddi \u0111i\u1ec3m cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh \u0110\u00f4ng \u00c1 n\u0103m 1997 di\u1ec5n ra, c\u00e1c n\u1ec1n kinh t\u1ebf m\u1edbi n\u1ed5i g\u1ea7n nh\u01b0 ch\u01b0a c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u00fang ngh\u0129a. Do \u0111\u00f3, khi h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng do d\u00f2ng v\u1ed1n qu\u1ed1c t\u1ebf \u0111\u1ea3o chi\u1ec1u, c\u00e1c doanh nghi\u1ec7p \u0111\u00e3 b\u1ecb \u1ea3nh h\u01b0\u1edfng nghi\u00eam tr\u1ecdng, v\u1edbi h\u1eadu qu\u1ea3 k\u00e9o d\u00e0i trong nhi\u1ec1u n\u0103m. Sau khi nh\u1eadn ra \u0111i\u1ec1u n\u00e0y, c\u00e1c nh\u00e0 l\u00e3nh \u0111\u1ea1o c\u1ee7a c\u00e1c qu\u1ed1c gia ch\u00e2u \u00c1 trong khung kh\u1ed5 ASEAN+3 \u0111\u00e3 \u0111\u1ec1 ra nhi\u1ec1u s\u00e1ng ki\u1ebfn, h\u00e0nh \u0111\u1ed9ng nh\u1eb1m \u0111\u1ea9y m\u1ea1nh ph\u00e1t tri\u1ec3n m\u1ed9t th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u1edf ch\u00e2u \u00c1 t\u1eeb n\u0103m 2003. K\u1ebft qu\u1ea3 l\u00e0, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu g\u00f3p ph\u1ea7n gi\u1ea3m nh\u1eb9 t\u00e1c \u0111\u1ed9ng c\u1ee7a kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u \u0111\u1ebfn n\u1ec1n kinh t\u1ebf c\u1ee7a c\u00e1c qu\u1ed1c gia ch\u00e2u \u00c1 trong\u00a0c\u00e1c n\u0103m 2008\u00a0\u2013 2009. Khi t\u00edn d\u1ee5ng b\u1ecb th\u1eaft ch\u1eb7t v\u00e0 d\u00f2ng v\u1ed1n n\u01b0\u1edbc ngo\u00e0i r\u00fat ra, c\u00e1c doanh nghi\u1ec7p \u1edf c\u00e1c n\u1ec1n kinh t\u1ebf n\u00e0y \u0111\u00e3 c\u00f3 \u0111\u01b0\u1ee3c k\u00eanh huy \u0111\u1ed9ng v\u1ed1n th\u00f4ng qua th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u1ec3 thay th\u1ebf cho t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng.<\/p>\n

N\u1ebfu h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh qu\u00e1 thi\u00ean l\u1ec7ch v\u1ec1 t\u00edn d\u1ee5ng \u2013 ng\u00e2n h\u00e0ng, m\u00e0 thi\u1ebfu v\u1eafng m\u1ed9t th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu v\u1edbi quy m\u00f4 v\u00e0 t\u00ednh thanh kho\u1ea3n cao th\u00ec s\u1ebd c\u00f3 nh\u1eefng t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c \u0111\u1ebfn n\u1ec1n kinh t\u1ebf, c\u1ee5 th\u1ec3:<\/p>\n

Th\u1ee9 nh\u1ea5t,<\/em>\u00a0l\u00e0m t\u0103ng r\u1ee7i ro cho n\u1ec1n kinh t\u1ebf do t\u00ecnh tr\u1ea1ng t\u1eadp trung t\u00edn d\u1ee5ng<\/em>: Khi m\u1ed9t nh\u00f3m nh\u1ecf c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn nh\u1ea5t chi\u1ebfm ph\u1ea7n l\u1edbn t\u00e0i s\u1ea3n c\u1ee7a to\u00e0n b\u1ed9 h\u1ec7 th\u1ed1ng s\u1ebd khi\u1ebfn to\u00e0n b\u1ed9 quy\u1ebft \u0111\u1ecbnh cho vay v\u00e0 ph\u00e2n b\u1ed5 ngu\u1ed3n l\u1ef1c ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ed9t s\u1ed1 r\u1ea5t \u00edt ng\u01b0\u1eddi ra quy\u1ebft \u0111\u1ecbnh. N\u1ebfu c\u00e1c ng\u00e2n h\u00e0ng n\u00e0y kh\u00f4ng l\u1ef1a ch\u1ecdn \u0111\u00fang l\u0129nh v\u1ef1c c\u00f3 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 cao ho\u1eb7c c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh ho\u1eb7c cho vay \u0111\u1ea7u t\u01b0 qu\u00e1 nhi\u1ec1u v\u00e0o khu v\u1ef1c t\u00e0i ch\u00ednh, b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u00ec kh\u00f4ng nh\u1eefng ti\u1ec1m \u1ea9n nguy c\u01a1 r\u1ee7i ro thanh kho\u1ea3n, n\u1ee3 x\u1ea5u, m\u00e0 c\u00f2n c\u00f3 hi\u1ec7u \u1ee9ng l\u1ea5n \u00e1t c\u00e1c l\u0129nh v\u1ef1c kh\u00e1c c\u1ee7a n\u1ec1n kinh t\u1ebf. B\u00ean c\u1ea1nh \u0111\u00f3, do thi\u1ebfu v\u1eafng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n trong n\u01b0\u1edbc, c\u00e1c doanh nghi\u1ec7p kh\u00f4ng thu\u1ed9c l\u0129nh v\u1ef1c \u0111\u01b0\u1ee3c ng\u00e2n h\u00e0ng \u01b0u ti\u00ean c\u1ea5p v\u1ed1n s\u1ebd ph\u1ea3i t\u00ecm ki\u1ebfm c\u00e1c kho\u1ea3n vay tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u01b0\u1edbc ngo\u00e0i b\u1eb1ng ngo\u1ea1i t\u1ec7, l\u00e0m cho n\u1ec1n kinh t\u1ebf trong n\u01b0\u1edbc ph\u1ee5 thu\u1ed9c nhi\u1ec1u h\u01a1n v\u00e0o c\u00e1c \u0111i\u1ec1u ki\u1ec7n \u1edf th\u1ecb tr\u01b0\u1eddng n\u01b0\u1edbc ngo\u00e0i, bao g\u1ed3m c\u1ea3 nh\u1eefng t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c nh\u01b0 quy \u0111\u1ecbnh h\u1ea1n ch\u1ebf d\u00f2ng v\u1ed1n hay kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh. \u0110\u00f3 l\u00e0 ch\u01b0a k\u1ec3 khi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 b\u1ecb th\u1eaft ch\u1eb7t, c\u00e1c doanh nghi\u1ec7p trong m\u1ed9t n\u1ec1n kinh t\u1ebf d\u1ef1a v\u00e0o h\u1ec7 th\u1ed1ng t\u00edn d\u1ee5ng\u00a0\u2013\u00a0ng\u00e2n h\u00e0ng s\u1ebd l\u00e0 nh\u1eefng ng\u01b0\u1eddi \u0111\u1ea7u ti\u00ean h\u1ee9ng ch\u1ecbu t\u00e1c \u0111\u1ed9ng.<\/p>\n

Th\u1ee9 hai, l\u00e0m tr\u1ea7m tr\u1ecdng h\u01a1n t\u00ecnh tr\u1ea1ng v\u00e0ng h\u00f3a, \u0111\u00f4-la h\u00f3a n\u1ec1n kinh t\u1ebf<\/em>: Do thi\u1ebfu v\u1eafng th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3, ng\u01b0\u1eddi g\u1eedi ti\u1ec1n s\u1ebd h\u01b0\u1edbng \u0111\u1ebfn n\u1eafm gi\u1eef nh\u1eefng t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh kh\u00e1c, nh\u01b0 t\u00e0i kho\u1ea3n ti\u1ebft ki\u1ec7m ng\u00e2n h\u00e0ng, c\u1ed5 phi\u1ebfu, v\u00e0ng, kim lo\u1ea1i qu\u00fd hay ngo\u1ea1i t\u1ec7. V\u00ec th\u1ebf, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ph\u00e1t tri\u1ec3n hi\u1ec7u qu\u1ea3 s\u1ebd gi\u00fap gi\u1ea3m t\u1ef7 l\u1ec7 \u0111\u00f4-la h\u00f3a \u1edf c\u00e1c n\u01b0\u1edbc \u0111ang ph\u00e1t tri\u1ec3n.<\/p>\n

Th\u1ee9 ba, l\u00e0m gi\u1ea3m hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0:<\/em>\u00a0C\u00e1c doanh nghi\u1ec7p kh\u00f3 \u01b0\u1edbc l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c chi ph\u00ed c\u01a1 h\u1ed9i c\u1ee7a v\u1ed1n vay khi thi\u1ebfu th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu hi\u1ec7u qu\u1ea3 \u0111\u1ec3 c\u00f3 th\u1ec3 l\u1ea5y l\u1ee3i t\u1ee9c tr\u00e1i phi\u1ebfu l\u00e0m c\u01a1 s\u1edf cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. H\u1ec7 qu\u1ea3 l\u00e0 doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0 qu\u00e1 nhi\u1ec1u so v\u1edbi m\u1ee9c \u0111\u1ed9 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mang l\u1ea1i thay v\u00ec n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu.<\/p>\n

Th\u1ee9 t\u01b0, l\u00e0m gia t\u0103ng s\u1edf h\u1eefu ch\u00e9o trong h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng<\/em>: So v\u1edbi tr\u00e1i phi\u1ebfu, k\u1ef3 h\u1ea1n c\u1ee7a c\u00e1c kho\u1ea3n t\u00edn d\u1ee5ng th\u01b0\u1eddng ng\u1eafn h\u1ea1n h\u01a1n nhi\u1ec1u. \u0110i\u1ec1u n\u00e0y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn kh\u1ea3 n\u0103ng huy \u0111\u1ed9ng v\u1ed1n trung v\u00e0 d\u00e0i h\u1ea1n c\u1ee7a c\u00e1c doanh nghi\u1ec7p. Do \u0111\u00f3, c\u00e1c doanh nghi\u1ec7p l\u1edbn s\u1ebd c\u00f3 \u0111\u1ed9ng c\u01a1 gia t\u0103ng \u0111\u1ea7u t\u01b0 c\u1ed5 ph\u1ea7n v\u00e0 ki\u1ec3m so\u00e1t c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i, g\u00e2y ra t\u00ecnh tr\u1ea1ng s\u1edf h\u1eefu ch\u00e9o gi\u1eefa ng\u00e2n h\u00e0ng v\u00e0 doanh nghi\u1ec7p h\u1ebft s\u1ee9c ph\u1ee9c t\u1ea1p, t\u1eeb \u0111\u00f3 doanh nghi\u1ec7p th\u01b0\u1eddng \u0111\u01b0\u1ee3c cho vay v\u1edbi m\u1ee9c l\u00e3i su\u1ea5t th\u1ea5p h\u01a1n nh\u01b0ng kh\u1ea3 n\u0103ng kh\u00f4ng tr\u1ea3 n\u1ee3 cao h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng, l\u00e0m m\u00e9o m\u00f3 c\u00e1c quan h\u1ec7 t\u00edn d\u1ee5ng, t\u1ea1o nh\u1eefng r\u1ee7i ro kh\u00f3 l\u01b0\u1eddng v\u1ec1 an ninh kinh t\u1ebf.<\/p>\n

Nh\u1eefng ch\u00ednh s\u00e1ch ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Vi\u1ec7t Nam th\u1eddi gian qua<\/strong><\/p>\n

Hi\u1ec7n nay, ph\u00e1t tri\u1ec3n \u0111\u1ed3ng b\u1ed9 v\u00e0 c\u00e2n b\u1eb1ng gi\u1eefa th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 l\u00e0 m\u1ed9t trong nh\u1eefng v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng nh\u1ea5t c\u1ee7a qu\u00e1 tr\u00ecnh c\u1ea5u tr\u00fac l\u1ea1i n\u1ec1n kinh t\u1ebf Vi\u1ec7t Nam. T\u1eeb nhi\u1ec1u n\u0103m tr\u01b0\u1edbc, trong Quy\u1ebft \u0111\u1ecbnh s\u1ed1 450\/Q\u0110-TTg ng\u00e0y, 18-4-2012, c\u1ee7a Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7, \u201cV\u1ec1 vi\u1ec7c ph\u00ea duy\u1ec7t Chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh \u0111\u1ebfn n\u0103m 2020\u201d, v\u1ea5n \u0111\u1ec1 t\u00e0i ch\u00ednh c\u00e2n b\u1eb1ng \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1eb7t ra. Tuy nhi\u00ean,\u00a0v\u1ea5n \u0111\u1ec1 n\u00e0y ch\u1ec9 th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c nh\u1eadn di\u1ec7n r\u00f5 n\u00e9t\u00a0v\u1edbi c\u00e1c m\u1ee5c ti\u00eau v\u00e0 gi\u1ea3i ph\u00e1p c\u1ee5 th\u1ec3 trong Ngh\u1ecb quy\u1ebft s\u1ed1 11-NQ\/TW, ng\u00e0y 3-6-2017,\u00a0c\u1ee7a H\u1ed9i ngh\u1ecb Trung \u01b0\u01a1ng 5 kh\u00f3a XII, \u201cV\u1ec1 ho\u00e0n thi\u1ec7n th\u1ec3 ch\u1ebf kinh t\u1ebf th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh h\u01b0\u1edbng x\u00e3 h\u1ed9i ch\u1ee7 ngh\u0129a\u201d. \u0110i\u1ec1u n\u00e0y ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c kh\u1eb3ng \u0111\u1ecbnh trong Chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n kinh t\u1ebf \u2013 x\u00e3 h\u1ed9i giai \u0111o\u1ea1n 2021\u00a0\u2013 2030 \u0111\u01b0\u1ee3c th\u00f4ng qua t\u1ea1i \u0110\u1ea1i h\u1ed9i \u0111\u1ea1i bi\u1ec3u to\u00e0n qu\u1ed1c l\u1ea7n th\u1ee9 XIII c\u1ee7a \u0110\u1ea3ng v\u1edbi y\u00eau c\u1ea7u ti\u1ebfp t\u1ee5c r\u00e0 so\u00e1t, c\u01a1 c\u1ea5u l\u1ea1i, n\u00e2ng cao hi\u1ec7u qu\u1ea3 c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, ch\u1ee9ng kho\u00e1n, c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu.<\/p>\n

H\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng v\u1eabn \u0111ang \u0111\u00f3ng vai tr\u00f2 l\u00e0 k\u00eanh d\u1eabn v\u1ed1n ch\u1ee7 y\u1ebfu cho n\u1ec1n kinh t\u1ebf Vi\u1ec7t Nam, v\u00ec th\u1ebf, \u0111\u1ec3 h\u01b0\u1edbng t\u1edbi m\u1ed9t c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh c\u00e2n b\u1eb1ng, c\u1ea7n t\u0103ng quy m\u00f4 c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu v\u00e0 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, n\u00e2ng cao t\u00ednh thanh kho\u1ea3n, \u0111a d\u1ea1ng v\u1ec1 k\u1ef3 h\u1ea1n v\u00e0 c\u1ea5u tr\u00fac s\u1edf h\u1eefu. Do th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u0111\u00e3 c\u00f3 nh\u1eefng b\u01b0\u1edbc ph\u00e1t tri\u1ec3n kh\u1ea3 quan trong th\u1eddi gian qua, c\u1ee5 th\u1ec3 l\u00e0 t\u00ednh \u0111\u1ebfn ng\u00e0y 31-12-2021, gi\u00e1 tr\u1ecb v\u1ed1n h\u00f3a \u0111\u1ea1t 84,1% GDP v\u00e0o cu\u1ed1i n\u0103m 2020, v\u01b0\u1ee3t ch\u1ec9 ti\u00eau \u0111\u1ec1 ra, n\u00ean c\u1ea7n t\u1eadp trung v\u00e0o c\u00e1c v\u1ea5n \u0111\u1ec1 ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 v\u00e0 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p.<\/p>\n

Quy\u1ebft \u0111\u1ecbnh s\u1ed1 450\/Q\u0110-TTg, ng\u00e0y 18-4-2012, c\u1ee7a Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7 \u201cV\u1ec1 ph\u00ea duy\u1ec7t Chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh \u0111\u1ebfn n\u0103m 2020\u201d \u0111\u00e3 x\u00e2y d\u1ef1ng t\u1ea7m nh\u00ecn ban \u0111\u1ea7u cho ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u1eb7t trong khung kh\u1ed5 ph\u00e1t tri\u1ec3n t\u1ed5ng th\u1ec3 h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh \u1edf Vi\u1ec7t Nam; \u0111\u1eb7t ra nhi\u1ec7m v\u1ee5 ph\u00e1t tri\u1ec3n \u0111\u1ed3ng b\u1ed9 c\u00e1c lo\u1ea1i th\u1ecb tr\u01b0\u1eddng\u2026, b\u1ea3o \u0111\u1ea3m s\u1ef1 ph\u00e1t tri\u1ec3n \u0111\u1ed3ng b\u1ed9, c\u00e2n \u0111\u1ed1i gi\u1eefa th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu (g\u1ed3m tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, tr\u00e1i phi\u1ebfu \u0111\u1ecba ph\u01b0\u01a1ng v\u00e0 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p) v\u00e0 ch\u1ec9 ti\u00eau d\u01b0 n\u1ee3 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u1ea1t 30% GDP v\u00e0o n\u0103m 2020.<\/p>\n

Tuy v\u1eady, c\u00e1c v\u1ea5n \u0111\u1ec1 ph\u00e1t tri\u1ec3n h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u00e2n b\u1eb1ng \u0111\u01b0\u1ee3c ch\u00fa \u00fd r\u00f5 h\u01a1n trong Quy\u1ebft \u0111\u1ecbnh s\u1ed1 1191\/Q\u0110-TTg, ng\u00e0y 14-8-2017, c\u1ee7a Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7, \u201cV\u1ec1 ph\u00ea duy\u1ec7t L\u1ed9 tr\u00ecnh ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu giai \u0111o\u1ea1n 2017 \u2013 2020, t\u1ea7m nh\u00ecn 2030\u201d. Quy\u1ebft \u0111\u1ecbnh n\u00e0y \u0111\u01b0a ra quan \u0111i\u1ec3m t\u1ed5ng qu\u00e1t l\u00e0: X\u00e2y d\u1ef1ng v\u00e0 ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu\u00a0ph\u00f9 h\u1ee3p v\u1edbi m\u1ee9c \u0111\u1ed9 ph\u00e1t tri\u1ec3n c\u1ee7a n\u1ec1n kinh t\u1ebf, \u0111\u1ed3ng b\u1ed9 v\u1edbi c\u00e1c c\u1ea5u ph\u1ea7n kh\u00e1c c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, trong \u0111\u00f3 c\u00f3 th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu v\u00e0 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 \u2013 t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng; ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u1ea3 v\u1ec1 chi\u1ec1u r\u1ed9ng v\u00e0 chi\u1ec1u s\u00e2u\u2026, ti\u1ebfp c\u1eadn c\u00e1c th\u00f4ng l\u1ec7, chu\u1ea9n m\u1ef1c qu\u1ed1c t\u1ebf\u2026, \u0111\u01b0a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu tr\u1edf th\u00e0nh m\u1ed9t k\u00eanh huy \u0111\u1ed9ng v\u1ed1n trung v\u00e0 d\u00e0i h\u1ea1n quan tr\u1ecdng c\u1ee7a n\u1ec1n kinh t\u1ebf v\u1edbi chi ph\u00ed h\u1ee3p l\u00fd.<\/em><\/p>\n

C\u00e1c m\u1ee5c ti\u00eau v\u00e0 gi\u1ea3i ph\u00e1p c\u1ee5 th\u1ec3, bao g\u1ed3m: Ph\u1ea5n \u0111\u1ea5u \u0111\u01b0a d\u01b0 n\u1ee3 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u1ea1t kho\u1ea3ng 45% GDP v\u00e0o n\u0103m 2020 v\u00e0 kho\u1ea3ng 65% GDP v\u00e0o n\u0103m 2030 (cao h\u01a1n so v\u1edbi Quy\u1ebft \u0111\u1ecbnh s\u1ed1 450\/Q\u0110-TTg), trong \u0111\u00f3 d\u01b0 n\u1ee3 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7\u00a0b\u1ea3o l\u00e3nh v\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng \u0111\u1ea1t kho\u1ea3ng 38% GDP v\u00e0o n\u0103m 2020 v\u00e0 kho\u1ea3ng 45% GDP v\u00e0o n\u0103m 2030, d\u01b0 n\u1ee3 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p\u00a0\u0111\u1ea1t kho\u1ea3ng 7% GDP v\u00e0o n\u0103m 2020 v\u00e0 kho\u1ea3ng 20% GDP v\u00e0o n\u0103m 2030.<\/p>\n

Ph\u1ea5n \u0111\u1ea5u k\u1ef3 h\u1ea1n b\u00ecnh qu\u00e2n danh m\u1ee5c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 trong n\u01b0\u1edbc giai \u0111o\u1ea1n 2017 \u2013 2020 \u0111\u1ea1t 6 \u2013 7 n\u0103m; giai \u0111o\u1ea1n 2021 \u2013 2030 \u0111\u1ea1t 7 \u2013 8 n\u0103m. T\u0103ng kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c Ch\u00ednh ph\u1ee7 b\u1ea3o l\u00e3nh v\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng b\u00ecnh qu\u00e2n phi\u00ean l\u00ean m\u1ee9c 1% d\u01b0 n\u1ee3 tr\u00e1i phi\u1ebfu ni\u00eam y\u1ebft v\u00e0o n\u0103m 2020 v\u00e0 2% d\u01b0 n\u1ee3 tr\u00e1i phi\u1ebfu ni\u00eam y\u1ebft v\u00e0o n\u0103m 2030. T\u0103ng t\u1ef7 tr\u1ecdng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 do c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m, b\u1ea3o hi\u1ec3m x\u00e3 h\u1ed9i, qu\u1ef9 h\u01b0u tr\u00ed, qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh phi ng\u00e2n h\u00e0ng n\u1eafm gi\u1eef l\u00ean m\u1ee9c 50% n\u0103m 2020 v\u00e0 m\u1ee9c 60% v\u00e0o n\u0103m 2030.<\/p>\n

Nhi\u1ec1u gi\u1ea3i ph\u00e1p c\u00f3 t\u00ednh h\u1ec7 th\u1ed1ng \u0111\u01b0\u1ee3c \u0111\u01b0a ra, nh\u01b0 s\u1eeda \u0111\u1ed5i c\u00e1c lu\u1eadt v\u00e0 ngh\u1ecb quy\u1ebft c\u1ee7a Qu\u1ed1c h\u1ed9i c\u00f3 li\u00ean quan \u0111\u1ebfn vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 \u0111\u1ec3 b\u1ea3o \u0111\u1ea3m huy \u0111\u1ed9ng v\u1ed1n cho ng\u00e2n s\u00e1ch, qu\u1ea3n l\u00fd r\u1ee7i ro n\u1ee3 c\u00f4ng; cho ph\u00e9p c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng s\u1eed d\u1ee5ng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c; cho ph\u00e9p B\u1ea3o hi\u1ec3m x\u00e3 h\u1ed9i Vi\u1ec7t Nam \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u00e0o tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p; s\u1eeda \u0111\u1ed5i c\u00e1c ngh\u1ecb \u0111\u1ecbnh hi\u1ec7n h\u00e0nh v\u1ec1 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p ra c\u00f4ng ch\u00fang v\u00e0 ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb; ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu xanh, x\u00e2y d\u1ef1ng quy \u0111\u1ecbnh v\u1ec1 giao d\u1ecbch k\u1ef3 h\u1ea1n, ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p,\u2026<\/p>\n

Th\u1ef1c tr\u1ea1ng ph\u00e1t tri\u1ec3n h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh t\u1ea1i Vi\u1ec7t Nam<\/strong><\/p>\n

Hi\u1ec7n nay, c\u01a1 c\u1ea5u h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh Vi\u1ec7t Nam c\u00f3 s\u1ef1 thi\u00ean l\u1ec7ch l\u1edbn v\u1ec1 ph\u00eda th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 (t\u00edn d\u1ee5ng\u00a0\u2013\u00a0ng\u00e2n h\u00e0ng), d\u00f9 th\u1ecb tr\u01b0\u1eddng v\u1ed1n \u0111\u00e3 c\u00f3 nh\u1eefng c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 trong th\u1eddi gian qua. Quy m\u00f4 t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng v\u1eabn v\u01b0\u1ee3t xa quy m\u00f4 c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu (d\u00f9 th\u1ecb tr\u01b0\u1eddng n\u00e0y \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng m\u1ea1nh th\u1eddi gian qua) v\u00e0 quy m\u00f4 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u00f2n r\u1ea5t h\u1ea1n ch\u1ebf. S\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea cho th\u1ea5y, t\u00ednh \u0111\u1ebfn cu\u1ed1i n\u0103m 2021, quy m\u00f4 t\u00edn d\u1ee5ng \u01b0\u1edbc \u0111\u1ea1t h\u01a1n 160% GDP; t\u1ed5ng m\u1ee9c v\u1ed1n h\u00f3a c\u00e1c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ch\u1ec9 \u0111\u1ea1t h\u01a1n 128% GDP (b\u1eb1ng kho\u1ea3ng 80% so v\u1edbi quy m\u00f4 t\u00edn d\u1ee5ng)(2); trong \u0111\u00f3, v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u0111\u1ea1t g\u1ea7n 86%, g\u1ea5p \u0111\u00f4i v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu\u00a0(42%), quy m\u00f4 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u0169ng ch\u1ec9 b\u1eb1ng kho\u1ea3ng 75% so v\u1edbi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7.<\/p>\n

Vi\u1ec7c tri\u1ec3n khai l\u1ed9 tr\u00ecnh ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu theo Quy\u1ebft \u0111\u1ecbnh s\u1ed1 1191\/Q\u0110-TTg trong th\u1eddi gian qua \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u1eefng k\u1ebft qu\u1ea3 kh\u1ea3 quan, nh\u01b0:<\/p>\n

M\u1ed9t l\u00e0, c\u1ea5u tr\u00fac c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh \u0111\u00e3 tr\u1edf n\u00ean c\u00e2n b\u1eb1ng h\u01a1n<\/em>. Quy m\u00f4 th\u1ecb tr\u01b0\u1eddng v\u1ed1n t\u0103ng tr\u01b0\u1edfng t\u1ed1t, v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu\u00a0t\u0103ng t\u1eeb 15,4% GDP (n\u0103m 2011) l\u00ean 54,1% GDP (n\u0103m 2018) v\u00e0 85,5% GDP (n\u0103m 2021); d\u01b0 n\u1ee3 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 t\u0103ng t\u1eeb 12,7% (n\u0103m 2011) l\u00ean 30,5% (n\u0103m 2018) nh\u01b0ng gi\u1ea3m c\u00f2n 24,3% (n\u0103m 2021); th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p t\u0103ng t\u1eeb 1,7% (n\u0103m 2011) l\u00ean 8,6% (n\u0103m 2018) v\u00e0 \u0111\u1ea1t 18,2% GDP (n\u0103m 2021)(3). Trong khi quy m\u00f4 t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng c\u0169ng t\u0103ng tr\u01b0\u1edfng t\u1eeb m\u1ee9c 107,7%\u00a0\u2013 133,3% GDP trong c\u00f9ng giai \u0111o\u1ea1n v\u00e0 \u0111\u1ea1t 160% GDP n\u0103m 2021. B\u01b0\u1edbc ph\u00e1t tri\u1ec3n nhanh c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0m cho h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u00e2n b\u1eb1ng h\u01a1n, \u0111\u1eb7c bi\u1ec7t l\u00e0 gi\u1eefa h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng v\u00e0 th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu.<\/p>\n

Hai l\u00e0, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu<\/em>\u00a0t\u1eebng b\u01b0\u1edbc ph\u00e1t tri\u1ec3n \u0111a d\u1ea1ng h\u01a1n v\u1ec1 c\u1ea5u tr\u00fac k\u1ef3 h\u1ea1n, \u0111\u1eb7c bi\u1ec7t l\u00e0\u00a0<\/em>tr\u00e1i phi\u1ebfu\u00a0<\/em>c<\/em>h\u00ednh ph\u1ee7<\/em>. \u0110\u00e3 ph\u00e1t h\u00e0nh th\u00e0nh c\u00f4ng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 c\u00f3 k\u1ef3 h\u1ea1n d\u00e0i, h\u00ecnh th\u00e0nh \u0111\u01b0\u1eddng cong l\u00e3i su\u1ea5t kh\u00f4ng r\u1ee7i ro c\u1ee7a tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, l\u00e0 c\u01a1 s\u1edf \u0111\u1ec3 ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p. N\u0103m 2020, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 giao d\u1ecbch s\u00f4i \u0111\u1ed9ng, l\u00e0 \u0111i\u1ec3m s\u00e1ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh trong n\u01b0\u1edbc; kh\u1ed1i l\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 do Kho b\u1ea1c Nh\u00e0 n\u01b0\u1edbc ph\u00e1t h\u00e0nh \u0111\u1ea1t 333 ngh\u00ecn t\u1ef7 \u0111\u1ed3ng, t\u0103ng 39% so v\u1edbi n\u0103m 2019. Danh m\u1ee5c tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 \u0111\u01b0\u1ee3c c\u01a1 c\u1ea5u l\u1ea1i theo h\u01b0\u1edbng k\u1ef3 h\u1ea1n d\u00e0i h\u01a1n, trung b\u00ecnh \u0111\u1ea1t kho\u1ea3ng 14 n\u0103m (so v\u1edbi 3\u00a0\u2013 4 n\u0103m th\u1eddi k\u1ef3 2008\u00a0\u2013 2011) v\u00e0 l\u00e3i su\u1ea5t th\u1ea5p h\u01a1n, trung b\u00ecnh \u0111\u1ea1t 2,86%\/n\u0103m (so v\u1edbi tr\u00ean 10%\/n\u0103m th\u1eddi k\u1ef3 2008\u00a0\u2013 2011). Th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p c\u0169ng c\u00f3 m\u1ee9c t\u0103ng tr\u01b0\u1edfng \u0111\u1ed9t bi\u1ebfn trong n\u0103m 2020 l\u00ean t\u1edbi g\u1ea7n 50% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc, \u0111\u1ea1t g\u1ea7n 6,5 ngh\u00ecn t\u1ef7 \u0111\u1ed3ng\/phi\u00ean.<\/p>\n

K\u1ebft qu\u1ea3 tr\u00ean cho th\u1ea5y, ch\u00ednh s\u00e1ch ph\u00e1t tri\u1ec3n h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u00e2n b\u1eb1ng \u0111\u1eb7t ra l\u00e0 \u0111\u00fang h\u01b0\u1edbng v\u00e0 t\u01b0\u01a1ng \u0111\u1ed1i hi\u1ec7u qu\u1ea3. D\u00f9 v\u1eady, s\u1ef1 ph\u00e1t tri\u1ec3n v\u01b0\u1ee3t b\u1eadc c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu\u00a0v\u00e0 tr\u00e1i phi\u1ebfu ch\u1ee7 y\u1ebfu t\u1eadp trung v\u00e0o n\u0103m 2020, l\u00e0 n\u0103m \u0111\u1eb7c bi\u1ec7t do c\u00f3 t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u1ea1i d\u1ecbch COVID-19. Nh\u1edd chi ti\u00eau gi\u1ea3m, ti\u1ebft ki\u1ec7m gia t\u0103ng, thanh kho\u1ea3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng d\u1ed3i d\u00e0o n\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ed1n c\u00f3 \u0111i\u1ec1u ki\u1ec7n ph\u00e1t tri\u1ec3n trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t th\u1ea5p. Do \u0111\u00f3, s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng m\u1edbi ch\u1ec9 v\u1ec1 quy m\u00f4, ch\u01b0a th\u1ef1c s\u1ef1 b\u1ec1n v\u1eefng v\u00e0 ph\u00e1t tri\u1ec3n v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng. Th\u1ef1c tr\u1ea1ng th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu\u00a0Vi\u1ec7t Nam v\u1eabn t\u1ed3n t\u1ea1i nhi\u1ec1u h\u1ea1n ch\u1ebf, nh\u01b0:<\/p>\n

Th\u1ee9 nh\u1ea5t,<\/em>\u00a0c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i v\u1eabn l\u00e0 ch\u1ee7 th\u1ec3 giao d\u1ecbch ch\u00ednh tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu\u00a0v\u1edbi t\u1ef7 tr\u1ecdng chi\u1ebfm kho\u1ea3ng h\u01a1n 80%. Ch\u1ec9 ti\u00eau gia t\u0103ng t\u1ef7 tr\u1ecdng n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 c\u1ee7a c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m, b\u1ea3o hi\u1ec3m x\u00e3 h\u1ed9i, qu\u1ef9 h\u01b0u tr\u00ed, qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh phi ng\u00e2n h\u00e0ng kh\u00e1c l\u00ean 50% v\u00e0o n\u0103m 2020\u00a0ch\u01b0a \u0111\u1ea1t \u0111\u01b0\u1ee3c.<\/p>\n

Th\u1ee9 hai,<\/em>\u00a0so v\u1edbi th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u00f2n qu\u00e1 manh m\u00fan. Hi\u1ec7n t\u1ea1i, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u00f3 477 m\u00e3 tr\u00e1i phi\u1ebfu ni\u00eam y\u1ebft, trong \u0111\u00f3 c\u00f3 454 m\u00e3 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, ch\u1ec9 c\u00f3 23 m\u00e3 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p. B\u00ean c\u1ea1nh \u0111\u00f3, k\u1ef3 h\u1ea1n tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u0169ng k\u00e9m \u0111a d\u1ea1ng h\u01a1n, v\u1edbi ch\u1ee7 y\u1ebfu l\u00e0 k\u1ef3 h\u1ea1n 1\u00a0\u2013\u00a05 n\u0103m. H\u01a1n n\u1eefa, tr\u00e1i phi\u1ebfu c\u1ee7a c\u00e1c doanh nghi\u1ec7p phi ng\u00e2n h\u00e0ng c\u00f3 k\u1ef3 h\u1ea1n \u0111\u1eb7c bi\u1ec7t ng\u1eafn, cho th\u1ea5y s\u1ef1 kh\u00f3 kh\u0103n c\u1ee7a c\u00e1c doanh nghi\u1ec7p phi ng\u00e2n h\u00e0ng trong huy \u0111\u1ed9ng v\u1ed1n trung v\u00e0 d\u00e0i h\u1ea1n qua k\u00eanh tr\u00e1i phi\u1ebfu.<\/p>\n

Th\u1ee9 ba,<\/em>\u00a0d\u00f9 \u0111\u00e3 c\u00f3 nh\u1eefng b\u01b0\u1edbc ti\u1ebfn b\u1ed9 v\u1ec1 quy m\u00f4, song t\u00ednh thanh kho\u1ea3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu\u00a0th\u1ee9 c\u1ea5p c\u00f2n k\u00e9m. C\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n, ng\u00e2n h\u00e0ng hay mua tr\u00e1i phi\u1ebfu v\u00e0 gi\u1eef \u0111\u1ebfn ng\u00e0y \u0111\u00e1o h\u1ea1n. Vi\u1ec7c k\u00e9m ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p h\u1ea1n ch\u1ebf s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng s\u01a1 c\u1ea5p (h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng vay v\u00e0 cho vay d\u00e0i h\u1ea1n trong n\u1ec1n kinh t\u1ebf).<\/p>\n

Ngo\u00e0i nh\u1eefng v\u1ea5n \u0111\u1ec1 n\u1ed9i t\u1ea1i tr\u00ean, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu\u00a0Vi\u1ec7t Nam c\u00f2n ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c b\u00ean ngo\u00e0i sau \u0111\u00e2y:<\/p>\n

M\u1ed9t l\u00e0,<\/em>\u00a0m\u00f4i tr\u01b0\u1eddng v\u0129 m\u00f4. C\u00e1c \u1ed5n \u0111\u1ecbnh v\u0129 m\u00f4, t\u1ef7 gi\u00e1, l\u00e3i su\u1ea5t, \u0111\u1eb7c bi\u1ec7t l\u00e0 l\u1ea1m ph\u00e1t c\u00f3 \u00fd ngh\u0129a quan tr\u1ecdng h\u00e0ng \u0111\u1ea7u \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu. \u00cdt nh\u1ea5t trong ng\u1eafn h\u1ea1n, m\u00f4i tr\u01b0\u1eddng v\u0129 m\u00f4 c\u1ee7a Vi\u1ec7t Nam \u0111ang \u1edf tr\u1ea1ng th\u00e1i l\u1ea1c quan; n\u1ec1n kinh t\u1ebf d\u1ef1 ki\u1ebfn s\u1ebd ph\u1ee5c h\u1ed3i tr\u1edf l\u1ea1i v\u1edbi m\u1ee9c t\u0103ng tr\u01b0\u1edfng GDP cao (6,5\u00a0\u2013\u00a07,5%), c\u00e1c ch\u1ec9 s\u1ed1 l\u1ea1m ph\u00e1t, n\u1ee3 c\u00f4ng \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t trong m\u1ee5c ti\u00eau \u0111\u1ec1 ra. Trong khi \u0111\u00f3, ch\u00ednh s\u00e1ch n\u1edbi l\u1ecfng ti\u1ec1n t\u1ec7 v\u1eabn l\u00e0 ch\u1ee7 \u0111\u1ea1o v\u00e0 thanh kho\u1ea3n c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i v\u1eabn d\u1ed3i d\u00e0o v\u1edbi d\u00f2ng v\u1ed1n ngo\u1ea1i t\u1ec7 ch\u1ea3y v\u00e0o kh\u00e1 l\u1edbn, c\u00f9ng qu\u00e1 tr\u00ecnh \u0111\u1ea9y m\u1ea1nh \u0111\u1ea7u t\u01b0 c\u00f4ng. Tuy nhi\u00ean, b\u1ed9i chi NSNN c\u00f3 th\u1ec3 gia t\u0103ng v\u00e0 l\u1ea1m ph\u00e1t quay tr\u1edf l\u1ea1i khi\u1ebfn cho b\u1ee9c tranh v\u0129 m\u00f4 k\u00e9m thu\u1eadn l\u1ee3i h\u01a1n.<\/p>\n

Hai l\u00e0<\/em>, thi\u1ebfu c\u00e1c t\u1ed5 ch\u1ee9c x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m v\u00e0 \u0111\u1ecbnh gi\u00e1 l\u00e0m h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n trong vi\u1ec7c ti\u1ebfp c\u1eadn th\u00f4ng tin doanh nghi\u1ec7p m\u1ed9t c\u00e1ch \u0111\u1ea7y \u0111\u1ee7 v\u00e0 \u0111\u00e1nh gi\u00e1 r\u1ee7i ro c\u1ee7a doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu \u1edf Vi\u1ec7t Nam. \u0110i\u1ec1u n\u00e0y g\u00e2y kh\u00f3 kh\u0103n trong vi\u1ec7c \u0111\u1ecbnh m\u1ee9c gi\u00e1 tr\u00e1i phi\u1ebfu ph\u00f9 h\u1ee3p, khi\u1ebfn cho th\u1ecb tr\u01b0\u1eddng k\u00e9m minh b\u1ea1ch v\u00e0 r\u1ee7i ro cao. Ch\u1ec9 s\u1ed1 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ee7a Vi\u1ec7t Nam v\u1eabn \u1edf m\u1ee9c th\u1ea5p so v\u1edbi qu\u1ed1c t\u1ebf. C\u00f3 tr\u01b0\u1eddng h\u1ee3p doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn g\u1ea5p nhi\u1ec1u l\u1ea7n so v\u1edbi v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, huy \u0111\u1ed9ng th\u00f4ng qua chia nh\u1ecf l\u00e0m nhi\u1ec1u \u0111\u1ee3t ph\u00e1t h\u00e0nh. Ngh\u1ecb \u0111\u1ecbnh s\u1ed1 81\/2020\/N\u0110-CP,\u00a0ng\u00e0y 9-7-2020, c\u1ee7a Ch\u00ednh ph\u1ee7, \u201cS\u1eeda \u0111\u1ed5i, b\u1ed5 sung m\u1ed9t s\u1ed1 \u0111i\u1ec1u c\u1ee7a Ngh\u1ecb \u0111\u1ecbnh s\u1ed1 163\/2018\/N\u0110-CP ng\u00e0y 04 th\u00e1ng 12 n\u0103m 2018 quy \u0111\u1ecbnh v\u1ec1 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p\u201d \u0111\u01b0\u1ee3c ban h\u00e0nh \u0111\u1ec3 si\u1ebft ch\u1eb7t h\u01a1n c\u00e1c quy \u0111\u1ecbnh v\u1ec1 \u0111i\u1ec1u ki\u1ec7n ph\u00e1t h\u00e0nh l\u00e0 c\u1ea7n thi\u1ebft \u0111\u1ec3 n\u00e2ng cao n\u0103ng l\u1ef1c qu\u1ea3n l\u00fd r\u1ee7i ro.<\/p>\n

Ba l\u00e0,\u00a0<\/em>th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p thi\u1ebfu h\u00e0ng h\u00f3a c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng. C\u00e1c doanh nghi\u1ec7p trong n\u01b0\u1edbc ch\u01b0a c\u00f3 th\u00f3i quen huy \u0111\u1ed9ng v\u1ed1n qua k\u00eanh tr\u00e1i phi\u1ebfu n\u00ean s\u1ef1 \u0111a d\u1ea1ng v\u1ec1 ngu\u1ed3n cung l\u00e0 th\u1ea5p. Ngo\u00e0i ra, nhi\u1ec1u doanh nghi\u1ec7p ch\u01b0a tu\u00e2n th\u1ee7 \u0111\u1ea7y \u0111\u1ee7 c\u00e1c chu\u1ea9n m\u1ef1c v\u00e0 th\u00f4ng l\u1ec7 qu\u1ed1c t\u1ebf v\u1ec1 c\u00f4ng b\u1ed1 th\u00f4ng tin, qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p v\u00e0 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0. \u0110a s\u1ed1 c\u00e1c doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu d\u01b0\u1edbi h\u00ecnh th\u1ee9c ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb, ph\u00e1t h\u00e0nh ra c\u00f4ng ch\u00fang ch\u1ec9 chi\u1ebfm 3%, \u0111i\u1ec1u n\u00e0y l\u00e0m gia t\u0103ng r\u1ee7i ro cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n. \u0110\u1eb7c bi\u1ec7t, th\u1eddi gian qua, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u00f3 bi\u1ec3u hi\u1ec7n ph\u00e1t tri\u1ec3n thi\u1ebfu l\u00e0nh m\u1ea1nh, \u1ea9n ch\u1ee9a nh\u1eefng r\u1ee7i ro cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

B\u1ed1n l\u00e0,<\/em>\u00a0c\u00e1c ch\u1ee7 th\u1ec3 tham gia th\u1ecb tr\u01b0\u1eddng thi\u1ebfu t\u00ednh \u0111a d\u1ea1ng v\u00e0 thi\u1ebfu c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n c\u00f3 ti\u1ec1m l\u1ef1c t\u00e0i ch\u00ednh m\u1ea1nh. Hi\u1ec7n nay, nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee7 y\u1ebfu l\u00e0 c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i. S\u1ef1 tham gia c\u1ee7a c\u00e1c qu\u1ef9 h\u01b0u tr\u00ed, c\u00f4ng ty b\u1ea3o hi\u1ec3m v\u00e0o th\u1ecb tr\u01b0\u1eddng c\u00f2n h\u1ea1n ch\u1ebf. M\u1ed9t trong nh\u1eefng l\u00fd do ch\u00ednh l\u00e0 b\u1edfi b\u1ea3o hi\u1ec3m x\u00e3 h\u1ed9i v\u00e0 nhi\u1ec1u c\u00f4ng ty b\u1ea3o hi\u1ec3m l\u00e0 doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc c\u1ed5 ph\u1ea7n h\u00f3a v\u1edbi \u0111a s\u1ed1 s\u1edf h\u1eefu nh\u00e0 n\u01b0\u1edbc; c\u00e1c t\u1ed5 ch\u1ee9c v\u00e0 doanh nghi\u1ec7p n\u00e0y th\u01b0\u1eddng g\u1eedi qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u00e0o t\u00e0i kho\u1ea3n ti\u1ebft ki\u1ec7m (tr\u00ean 80%); trong khi \u0111\u00f3, th\u00f4ng l\u1ec7 qu\u1ed1c t\u1ebf l\u00e0 c\u00e1c qu\u1ef9 h\u01b0u tr\u00ed, c\u00f4ng ty b\u1ea3o hi\u1ec3m \u0111\u1ea7u t\u01b0 kh\u00e1 l\u1edbn v\u00e0o c\u1ed5 phi\u1ebfu v\u00e0 nh\u1ea5t l\u00e0 tr\u00e1i phi\u1ebfu.<\/p>\n

M\u1ed9t s\u1ed1 gi\u1ea3i ph\u00e1p\u00a0ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, h\u01b0\u1edbng t\u1edbi x\u00e2y d\u1ef1ng h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u00e2n b\u1eb1ng \u1edf Vi\u1ec7t Nam<\/strong><\/p>\n

D\u00f9 \u0111\u00e3 c\u00f3 nhi\u1ec1u c\u1ea3i thi\u1ec7n, song c\u1ea5u tr\u00fac\u00a0h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u1ee7a Vi\u1ec7t Nam v\u1eabn \u0111ang thi\u00ean l\u1ec7ch v\u1ec1 ph\u00eda th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng\u00a0\u2013 ng\u00e2n h\u00e0ng. So v\u1edbi c\u00e1c n\u1ec1n kinh t\u1ebf ph\u00e1t tri\u1ec3n v\u00e0 trong khu v\u1ef1c th\u00ec quy m\u00f4 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 v\u00e0 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u1ee7a Vi\u1ec7t Nam \u1edf th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i ch\u1ec9 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng c\u00e1c n\u01b0\u1edbc \u0110\u00f4ng Nam \u00c1, nh\u01b0 Malaysia, Th\u00e1i Lan 10 n\u0103m tr\u01b0\u1edbc \u0111\u00e2y. H\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh b\u1ea5t c\u00e2n b\u1eb1ng ti\u1ec1m \u1ea9n r\u1ee7i ro cao v\u00e0 b\u1ea5t \u1ed5n v\u0129 m\u00f4 do h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a doanh nghi\u1ec7p, gi\u1ea3m hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0\u2026 Do \u0111\u00f3, vi\u1ec7c h\u01b0\u1edbng \u0111\u1ebfn s\u1ef1 ph\u00e1t tri\u1ec3n h\u1ee3p l\u00fd gi\u1eefa th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 v\u00e0 th\u1ecb tr\u01b0\u1eddng v\u1ed1n, gi\u1eefa th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu v\u00e0 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, gi\u1eefa th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 v\u00e0 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 r\u1ea5t c\u1ea7n thi\u1ebft.<\/p>\n

Chi\u1ebfn l\u01b0\u1ee3c T\u00e0i ch\u00ednh \u0111\u1ebfn n\u0103m 2030 \u0111\u01b0\u1ee3c Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7 ph\u00ea duy\u1ec7t theo Quy\u1ebft \u0111\u1ecbnh s\u1ed1 368\/Q\u0110-TTg, ng\u00e0y 21-3-2022,\u00a0\u0111\u1ec1 ra m\u1ee5c ti\u00eau ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu trong th\u1eddi gian t\u1edbi c\u1ea3 v\u1ec1 quy m\u00f4 v\u00e0 \u0111\u1ed9 s\u00e2u, n\u00e2ng cao t\u00ednh thanh kho\u1ea3n, \u0111a d\u1ea1ng h\u00f3a s\u1ea3n ph\u1ea9m; ph\u1ea5n \u0111\u1ea5u \u0111\u1ebfn n\u0103m 2025, quy m\u00f4 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u1ea1t t\u1ed1i thi\u1ec3u 47% GDP, trong \u0111\u00f3 quy m\u00f4 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u1ea1t t\u1ed1i thi\u1ec3u 20% GDP; \u0111\u1ebfn n\u0103m 2030, quy m\u00f4 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u1ea1t t\u1ed1i thi\u1ec3u 58% GDP, trong \u0111\u00f3 quy m\u00f4 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u1ea1t t\u1ed1i thi\u1ec3u 25% GDP.<\/p>\n

\u0110\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u1eefng m\u1ee5c ti\u00eau tr\u00ean, b\u00ean c\u1ea1nh vi\u1ec7c ti\u1ebfp t\u1ee5c gi\u1eef \u1ed5n \u0111\u1ecbnh v\u0129 m\u00f4, ki\u1ec3m so\u00e1t t\u1ed1t c\u00e1c ch\u1ec9 ti\u00eau c\u01a1 b\u1ea3n nh\u01b0 l\u1ea1m ph\u00e1t, l\u00e3i su\u1ea5t v\u00e0 tr\u1ea1ng th\u00e1i c\u00e2n b\u1eb1ng ng\u00e2n s\u00e1ch v\u00e0 t\u1ef7 l\u1ec7 n\u1ee3 c\u00f4ng trong gi\u1edbi h\u1ea1n \u0111\u1ec1 ra, c\u1ea7n t\u1eadp trung th\u1ef1c hi\u1ec7n m\u1ed9t s\u1ed1 gi\u1ea3i ph\u00e1p sau:<\/p>\n

Th\u1ee9 nh\u1ea5t,<\/em>\u00a0ho\u00e0n thi\u1ec7n h\u00e0nh lang ph\u00e1p l\u00fd li\u00ean quan \u0111\u1ec3 ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p an to\u00e0n, \u1ed5n \u0111\u1ecbnh, b\u1ec1n v\u1eefng; r\u00e0 so\u00e1t kh\u1eafc ph\u1ee5c, gi\u1ea3i quy\u1ebft c\u00e1c v\u01b0\u1edbng m\u1eafc ph\u00e1t sinh trong ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu. C\u1ee5 th\u1ec3: c\u1ea7n t\u1eadp trung v\u00e0o ho\u1ea1t \u0111\u1ed9ng ch\u00e0o b\u00e1n ch\u1ee9ng kho\u00e1n ri\u00eang l\u1ebb, t\u1ed5 ch\u1ee9c th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p ri\u00eang l\u1ebb gi\u1eefa c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p t\u1ea1i s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n, chu\u1ea9n h\u00f3a quy \u0111\u1ecbnh v\u1ec1 vi\u1ec7c c\u00f4ng b\u1ed1 th\u00f4ng tin c\u1ee7a doanh nghi\u1ec7p ph\u00e1t h\u00e0nh. \u0110\u1eb7c bi\u1ec7t, c\u1ea7n ti\u1ebfn t\u1edbi x\u00e2y d\u1ef1ng khung kh\u1ed5 ph\u00e1p l\u00fd cho th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p xanh, nh\u01b0 quy \u0111\u1ecbnh v\u1ec1 c\u00e1c d\u1ef1 \u00e1n s\u1eed d\u1ee5ng v\u1ed1n tr\u00e1i phi\u1ebfu xanh, giao d\u1ecbch tr\u00e1i phi\u1ebfu xanh\u2026<\/p>\n

Th\u1ee9 hai,<\/em>\u00a0c\u00f3 ch\u00ednh s\u00e1ch khuy\u1ebfn kh\u00edch c\u00e1c doanh nghi\u1ec7p ph\u00e1t tri\u1ec3n, \u0111a d\u1ea1ng h\u00f3a h\u00e0ng h\u00f3a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p ph\u00f9 h\u1ee3p v\u1edbi nhu c\u1ea7u huy \u0111\u1ed9ng v\u1ed1n. Th\u1ef1c hi\u1ec7n \u01b0u \u0111\u00e3i v\u1ec1 thu\u1ebf \u0111\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p ch\u00e0o b\u00e1n tr\u00e1i phi\u1ebfu ra c\u00f4ng ch\u00fang. X\u00e2y d\u1ef1ng quy \u0111\u1ecbnh, quy chu\u1ea9n v\u1ec1 tr\u00e1i phi\u1ebfu xanh v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p d\u1ef1 \u00e1n h\u1ee3p t\u00e1c c\u00f4ng \u2013 t\u01b0 (PPP).<\/p>\n

Th\u1ee9 ba,<\/em>\u00a0khuy\u1ebfn kh\u00edch th\u00e0nh l\u1eadp v\u00e0 thu h\u00fat c\u00e1c t\u1ed5 ch\u1ee9c t\u01b0 v\u1ea5n, x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m, \u0111\u1ecbnh gi\u00e1 tham gia th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0 gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u00eam th\u00f4ng tin v\u1ec1 r\u1ee7i ro v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd khi mua b\u00e1n tr\u00e1i phi\u1ebfu. C\u00e1c ch\u00ednh s\u00e1ch h\u1ed7 tr\u1ee3, bao g\u1ed3m: x\u00e2y d\u1ef1ng h\u00e0nh lang ph\u00e1p l\u00fd v\u1ec1 t\u1ed5 ch\u1ee9c v\u00e0 ho\u1ea1t \u0111\u1ed9ng c\u0169ng nh\u01b0 h\u1ed7 tr\u1ee3 c\u00e1c t\u1ed5 ch\u1ee9c n\u00e0y trong th\u1eddi gian \u0111\u1ea7u v\u1ec1 k\u1ef9 thu\u1eadt, t\u00e0i ch\u00ednh, \u0111\u00e0o t\u1ea1o ngu\u1ed3n nh\u00e2n l\u1ef1c, ti\u1ebfp c\u1eadn th\u00f4ng tin doanh nghi\u1ec7p,\u2026 \u0110\u1ed3ng th\u1eddi, c\u1ea7n s\u1eeda \u0111\u1ed5i, b\u1ed5 sung Ngh\u1ecb \u0111\u1ecbnh s\u1ed1 88\/2014\/N\u0110-CP, ng\u00e0y 26-9-2014, c\u1ee7a Ch\u00ednh ph\u1ee7, \u201cQuy \u0111\u1ecbnh v\u1ec1 d\u1ecbch v\u1ee5 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m\u201d nh\u1eb1m ti\u1ebfn t\u1edbi n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng ho\u1ea1t \u0111\u1ed9ng x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Th\u1ee9 t\u01b0,<\/em>\u00a0\u0111a d\u1ea1ng h\u00f3a c\u00e1c ch\u1ee7 th\u1ec3 tham gia tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, \u01b0u ti\u00ean c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p, c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh trung gian, bao g\u1ed3m c\u1ea3 c\u00e1c qu\u1ef9 h\u01b0u tr\u00ed, b\u1ea3o hi\u1ec3m x\u00e3 h\u1ed9i, c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m c\u00f3 s\u1edf h\u1eefu c\u1ee7a Nh\u00e0 n\u01b0\u1edbc. \u0110\u1ed3ng th\u1eddi, ph\u00e1t tri\u1ec3n c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n tham gia th\u1ecb tr\u01b0\u1eddng th\u00f4ng qua c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro.<\/p>\n

Th\u1ee9 n\u0103m,<\/em>\u00a0n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng k\u1ebft c\u1ea5u h\u1ea1 t\u1ea7ng, c\u1ea3i thi\u1ec7n ch\u1ea5t l\u01b0\u1ee3ng d\u1ecbch v\u1ee5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, nh\u01b0 n\u00e2ng cao t\u00ednh minh b\u1ea1ch, c\u00f4ng b\u1ed1 th\u00f4ng tin, n\u00e2ng c\u1ea5p trang th\u00f4ng tin \u0111i\u1ec7n t\u1eed v\u1ec1 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p, c\u01a1 s\u1edf d\u1eef li\u1ec7u v\u1ec1 th\u1ecb tr\u01b0\u1eddng ph\u1ee5c v\u1ee5 nh\u00e0 \u0111\u1ea7u t\u01b0. B\u00ean c\u1ea1nh \u0111\u00f3, ti\u1ebfp t\u1ee5c ho\u00e0n thi\u1ec7n, n\u00e2ng c\u1ea5p k\u1ebft c\u1ea5u h\u1ea1 t\u1ea7ng th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p \u0111\u1ec3 t\u0103ng t\u00ednh thanh kho\u1ea3n cho c\u00e1c tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u00e3 ph\u00e1t h\u00e0nh.<\/p>\n

Th\u1ee9 s\u00e1u,\u00a0<\/em>t\u0103ng c\u01b0\u1eddng qu\u1ea3n l\u00fd, gi\u00e1m s\u00e1t th\u1ecb tr\u01b0\u1eddng v\u00e0 ti\u1ebfp t\u1ee5c \u0111\u1ea9y m\u1ea1nh tuy\u00ean truy\u1ec1n c\u00e1c quy \u0111\u1ecbnh li\u00ean quan \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u1ec3 c\u00e1c doanh nghi\u1ec7p, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 t\u1ed5 ch\u1ee9c cung c\u1ea5p d\u1ecbch v\u1ee5 tr\u00ean th\u1ecb tr\u01b0\u1eddng hi\u1ec3u \u0111\u00fang v\u00e0 tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt khi tham gia th\u1ecb tr\u01b0\u1eddng. \u0110i\u1ec1u \u0111\u00f3 s\u1ebd g\u00f3p ph\u1ea7n b\u1ea3o \u0111\u1ea3m th\u1ecb tr\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng th\u00f4ng su\u1ed1t, h\u1ea1n ch\u1ebf r\u1ee7i ro v\u00e0 b\u1ea3o \u0111\u1ea3m quy\u1ec1n l\u1ee3i c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.\/.<\/p>\n

\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014<\/p>\n

(1) Ngu\u1ed3n: Ng\u00e2n h\u00e0ng Ph\u00e1t tri\u1ec3n ch\u00e2u \u00c1 (ADB), 2015. C\u00e1c s\u1ed1 li\u1ec7u trung b\u00ecnh c\u1ee7a khu v\u1ef1c \u0111\u00e3 t\u00ednh tr\u1ecdng s\u1ed1 theo GDP c\u1ee7a c\u00e1c n\u1ec1n kinh t\u1ebf th\u00e0nh vi\u00ean
\n(2), (3) Theo ADB v\u00e0 Ng\u00e2n h\u00e0ng Th\u1ebf gi\u1edbi (WB), 2022<\/p>\n","protected":false},"excerpt":{"rendered":"

TCCS \u2013 H\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh c\u1ee7a Vi\u1ec7t Nam hi\u1ec7n \u0111ang c\u00f3 c\u1ea5u tr\u00fac thi\u00ean l\u1ec7ch, d\u1ef1a nhi\u1ec1u v\u00e0o th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng \u2013 ng\u00e2n h\u00e0ng, trong khi th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu ph\u00e1t tri\u1ec3n ch\u01b0a t\u01b0\u01a1ng \u1ee9ng. Trong th\u1eddi gian t\u1edbi, c\u1ea7n ti\u1ebfp t\u1ee5c th\u1ef1c hi\u1ec7n c\u00e1c gi\u1ea3i ph\u00e1p th\u00fac \u0111\u1ea9y qu\u00e1 … <\/p>\n

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