Cho vay hỗ trợ lãi suất sao cho hiệu quả ppt

PHAM QUANG TRUNG Pho Hieu trw&ng Trir&ng Dai hoc Kinh te Quoc dan Chinh phu Viet Nam dd thdng qua "gdi kich thich kinh te" khd ldm, vdo khodng 6 ty USD, gom: gidm, gidn thue; tdi tra

TMtnmng

$ Nhu'ng thuan Igi va kho khan trong qua trinh cho vay ho trg lai suat

$ Car scr cho vi^c ra dai Quy bao vf ngu'd'i tham gia bao hiem tai Vift Nam

Che vay he I r e lai sudU

SAO CHO HIEU QUA?

PGS., TS PHAM QUANG TRUNG

Pho Hieu trw&ng Trir&ng Dai hoc Kinh te Quoc dan

Chinh phu Viet Nam dd thdng qua "gdi kich thich kinh te" khd ldm, vdo

khodng 6 ty USD, gom: gidm, gidn thue; tdi tra Idi sud't 4% cho vay vd'n luu

ddng; ddu tu cdng, ehi an sinh xd hdi Den thdi diim hien tgi, ben cgnh nhimg

tdc ddng tich cue, qud trinh triin khai cho vay ho tra Idi sudt ciing da gap mot

sd'vu&ng mdc Di trien khai cho vay ho tro Idi sud't cd hieu qud, mdt so gidi

phdp nhu tdng eudng su tham gia cua khdi cdc NHTMCP trong gdi eho vay

hd tra Idi sud't, tie'p tue xic ly tdi ca cdu na trong cdc NHTM, cdi thien co che

thdng tin cdn duoc ddc biet chu y

Bdi cdnh thvc thi goi kich thich kinh te

Khung hoang tdi chinb toan ciu da tie ddng sdu sic d i n toan

bd n i n kinh te t h i gidi, dae biet

Id eae thi trudng tai ehinh Theo

sd lieu sobd, tang Kucpng kmh te Viet Nam quy 1/2009 Id 3,1%, miie thap nhat ke tir mudi nam qua Nhung khu vuc chiu sy suy giam manh n h i t Id xua't khau,

s i n xudt cdng nghiep va khu vuc FDI Du bao, tang trudng quy 11/2009 ed t h i dat miie 4-4,5%, Quy III/2009 Id 5-5,5% vd quy rV/2009 li 5,5-6% Tinh ehung ea nam 2009, tang trudng kinh t l ed the dat miic Ken dudi 5% Theo

TS Le Xudn Nghia, neu tang Kucpng kinh i l b i n g quy diing nhu d y bdo Ken thi day suy giim kinh t l nude ta ed le Ii quy I vd mdt p h i n quy 11/2009 Trong bdi

c i n h kinh t l t o i n eau hien nay, nhirng ehi Heu n h u Ken dii sao vdn dupe coi li nhung Ha sdng

Chinh phii Viet Nam da thdng qua "gdi kich thich kinh t l "

khd Icpn, vdo k h o i n g 6 ty USD, tuong duong 7,5% GDP nam

2008, gdm: gidm, gian thul; tai Kp Iai suit 4% cho vay vdn luu ddng;

d i u tu cdng, ehi an sinh xa hdi

Bio lanh tin dung cho doanh nghiep eiing dupe xem Id mdt hudng giii phap kich ciu ed tinh kha thi Cde danh mue kich thich kinh t l duepe Kien khai khan truong, dae biet la bd Kp Iai s u i t

v i giim, gian thue Gdi d i u tu cdng v l CO b i n da phdn bd xong ngudn Hin Bdn eanh dd, eae giii phdp tai Kp an sinh xa bdi da va dang ducpc thyc hien n h u d i l u chinh lucmg, bao h i i m that nghiep, tai Kp viec lam

Trong giai doan dau Hen, gdi tdi Kp lai sud't 4% chi dp d u n g eho vd'n luu ddng, do dd ban e h i tae ddng ddi vcii linh vuc xay dung CO ban vd phdt trien co sd

ha ting N h i i u nha kinb t l eho ring, thdi diem bien tai dang Id

CO hdi td't nhd't d l ddi mdi cdng nghe, ky thuat vdi chi phi thap

v i Ki cham nhdm ndng eao nang lue eanh Kanh Kong tuong Iai

Viee Kiln khai gdi hd Kp Iai

s u i t khdng t h i tdeh rdi viee thye thi ehinh sdch Hin te vd ehinh saeh tai khod Trude m i t , Ngdn bang Nhd nude (NHNN) da va

d a n g Hep tue d i l u chinh ehinh saeh Hin te theo hudng ndi Idng mdt each linh boat, tang eung Hin cd kiem sodt va khdng gay ra edc dot biln N a m 2007, eung Hin cho n i n kinh te tang 43%, du

n a Kn dung tdng 54%, song, nam

2008, eung Kin ehi tang 16,3%,

d u n p Kn dung tang 21% Thi Kudng Hen te - tin dung tbdi gian qua da ed nhirng diln biln h i t siic khd ludng, ludn xudt hien eae yeu td mcpi n i m ngodi

d u doan Ndm 2008, tbi Kudng

Hn dung ndng len vdi su gia tdng

ky lue eiia cdc miic lai suit Thdm ehi, ed giai doan lai sud't duepc day len d i n 2 1 % -22%/nam

N h i i u ngudi d y dodn Hnh Kang mat thanh k h o i n eua eae ngdn, hdng thuong mai (NHTM) se

d i l n ra nang n l , keo ddi vdi cdc muc lai s u i t eao Kong n h i i u thdng Tuy nhien, vdi tdc dpng

so Dir THirC HIEN CHO VAY HO TRC LAI SUAT TINH DEN NGAY 7/5/2009

i '

Chi tieu T6ng mirc cho vay H6 trg lai sudt

Trong d6:

- Nh6m NHTM nhJi nude & Quy fin dung ND

- Nhom NHTM Co phan

- Nhdm NH li§n doanh, NH nude ngoai

- Nhom Cong ty tai chinh

So dy (ty dong) Tyie

276.673.17

198.814,04

60.281,51

11.839,76

1.007,95

100,00%

71.86%

21,79%

4,28%

3,64%

aia ehinh saeh ndi Idng Hin te, Iai s u i t

bmh quan Ken thi Kudng tin dung da

ha xudng nhanh hon dy doan vd h i u

hit eae NHTM da duy Ki dupe kha

nang thanh toan D i n quy 1/2009, thi

Kudng Hen te da dupe kiem soat kha

hpp ly, mIm deo hon va ed van ddng

Hch eye Kong bdi canh thye thi chinh

saeh chdng suy giim kinh te

Tdc dong tich cue v d nhung

w d n g mdc trong q u d t r i n h

cho v a y hd t r o Idi sudt

Cae giai phdp kich eau can phai ed

thdi gian de phat huy tdc dung Tuy

nhien, den thang 4/2009 da xua't hien

nhung diu hieu rit kha quan, ebo tha'y

nhiing tae dpng tdt eiia gdi giai phap

chdng suy thoai kinh t l a i a Chinb phu

Cd the neu tdm tit nhu sau:

Thii nhd't: Diln bien eua mdt bdng

Iai suit da kha hpp ly va thue day

ludng vdn d i u Kr vao s i n xuat kinh

doanh Mue lai suit huy dpng ky ban

12 thang phd biln d mue 8%

-8,5%/nam (thang 3/20009) Lai s u i t

cho vay nhddd tuong ddi dn dinh, phd

bien d mue 10-12%/nam, Kir cac

Kudng hpp dae biet

Thic hai: Diln biln ty gia bdi doai

(VND/USD) dupe kiem soat v i d i l u

chinh "mIm" theo hudng ed lpi eho

xuit khau Ty gia ed thay ddi nhung

Kong bien dp chip nhan dupe v i hau

nhu it gay dpt biln so vdi nam

2007-2008

Thii ba: TTCK ed dd'u hieu hdi phue,

VN Index ngdy 25/5/2009 dat hon 420

dilm, nhu vay tang khoang 80% so vdi

miie thip nhat (235 dilm) Tinh thanh

khodn vd tdm ly Ken thi trudng tai

chinh da ed diln biln Hch eye, nilm Hn

dupe eai thien rd net so vdi d i u nam

2009 Vdi tu each Id ban thir bilu tdm

ly Ken tbi Kudng tii chinh, sy phuc hdi

cua VN-Index p h i n i n h ky vpng Hch

eye vao khi nang phue bdi kinh tl

Tint tw Tbi trudng b i t dpng san da

ed mdt sd dau hieu eai thien Hch eye, song van dang Kong Hnh Kang tuong ddi khd khan, giao dieh Kim ling, chua ed su phue hdi dang kl

N h u mdt bude di Hep theo, ngay 04/4/2009, Thii Krdng Chinb phii da

ed Quyet dinh sd 443/QD-TTg ve viee

bd Kplai suit ebo cac td ebiie, ea nhan vay vd'n Kung, dai han d l thyc hien

d i u tu mdi, phat trien san xua't kinh doanh, kit ciu ha ting Cae ddi tupng thye hien bd trp lai s u i t la cac ngan bang thuong mai (NHTM), nbu quy dinh tai Quye't dinh sd 131 trudc dd, eae cdng ty tai chinh theo quy dinh tai Quyet dinh so 333 Ngoai ra, Ngan bang Phat trien Viet Nam dupe thyc hien bd Kp lai suit ebo eae dd'i tupng ebo vay uu dai vdi eae mue lai suit bd Kpquy dinh

Ddi tupng dp dung eua ehinh saeh mdi nay la eae khoan vay Kung, dai ban bang VND (theo cac hpp ddng tin dung ky k i t trudc va sau ngiy

1 /4/2009 eua cac td ebiic, ea nhan thye bien d i u tu mdi d l phat Kien s i n xuit kinh doanh, kit ciu ha ting) dupe thye bien theo quy dinh eua N H N N v l che

dp bao eao thdng ke thudc eae nganh

va linb vuc kinh te Theo Quylt dinh

443, nguyen tic hd trp Iai s u i t la eae NHTM, Ngdn hang Phat Kiln Viet Nam, cdng ty tdi chinb cho vay vdn trung, dai ban de thye hien d i u tu mdi phdt Kiln sin xua't kinh doanh, kit eau

ha t i n g theo co e h i eho vay thdng thudng, thue hien hd Kp lai s u i t theo diing quy dinh ciia Thu tudng Chinh phu va hudng d i n eiia N H N N Thdi ban vay dupe hd Kp lai suit tdi da la 24 thdng Viee hd Kp lai s u i t dupe thue hien tir ngay 1/4/2009 d i n ngdy 31/12/2011 Miie lai s u i t hd Kp tiln vay la 4%/nam, Hnh tren sd Hin vay

vd thdi ban eho vay thue t l trong khoing thdi gian ndi Ken

Theo NHNN Viet Nam, tdng d u no eho vay hd trp lai s u i t d i n ngay

7/5/2009 la 276.673 t>'' ddng Trong

dd, d u np eho vay ciia nhdm NHTM nha nude va Quy Hn dung nhan dan Trung uong la 198.814 ty' ddng; nhdm NHTMCP la 60.281 ty' ddng; nhdm ngan bang lien doanh, chi nhanh ngan hang nude ngoai va ngan hang 100"'o vd'n nude ngoai la 11.839 ty ddng; cdng

ty tai chinb la 1.007 ty' ddng Ben eanh nhirng tae ddng Heb cue, qua Kinb Kiln khai ebo vay bd Kp lai

s u i t ciing da gap mdt so vudng mic sau:

- Trong bdi eanh tbi trudng t b i gidi sut giam nghiem trpng va tae ddng Kye Hep de'n linb vuc xuit khiu eiia nhieu nganh trong nude, ehiing ta bude phai dieu cbinb chien lupe thi Kudng theo budng khai thae manh me nhu ciu Kong nude Tuy nhien, eae nhdm ddi tupng bi anh budng manh nhit Kr suy giam kinh te la cdng nhan, dien hinh la cdng nhan lam viee tai eae khu cdng ngbiep, ngudi ed thu nhap thap, ndng dan (ehiem Ken 60% dan so') nhat la ngudi dan viing sau, viing

xa, vung ed nhieu khd khan Tren thye

tl, viee dua ludng Hen kich ciu vdo cde khu vye ndng thdn, vimg sau, vimg xa thudng gap nhiiu khd khan va bieu qua lan tod khdng Idn so vdi khu vye cdng ngbiep

- Thu tue d i u tu Kong xay dyng eo

b i n cdn rudm rd, pbiie tap, gay bieu qua t h i p Nhiiu d y an tbdi gian qua giii ngan cham, nbilu ngudn vdn nbu Kai phie'u giao due trien khai cham, van d l thanh toan, van b i n pbap quy edn chdng cheo

- Su suy thoai eua TTCK Kong nude

da tae ddng r i t Idn de'n nbilu doanh nghiep, dae biet Id cdc cdng ty ed phan Nbilu cdng ty niem yet va cae cdng ty dai chiing da khdng the buy ddng dupe vd'n tu d i u nam 2008 ebo d i n nay

- Trong qud Kinh thye hien ebo vay

bd Kp lai suit, xua't bien bien tupng

" d i o np" (khdng cdng khai) eiia mdt sd doanh ngbiep n h i m budng lpi tir khoan vay lai suit thip Mdt sd doanh nghiep da vay vdi lai suit eao trong nam 2008 (ed the lai s u i t vay eao tdi Ken 20% -21%/nam) se Hm each tra np

eu b i n g chinh khoan tien vay mdi Day

Id mdt ebi Hit ein dupe nghien cuu de kiem soat tdt sy van dpng thyc su eiia ludng Hen dupe giai ngan vao sin xuat kinb doanh n h i m ngan chan suy giam kinh te

- Thdi gian thue bipn ebo \ay bd try

^ T H I T R i r O N R TAI PHINH

Idi s u i t cho tbiy, mdt so ngan bang

thuong mai ed tdm ly Io ngai bi thanh

tra eae hd so cho vay Cae doanh

ngbiep dupe vay pbii phii hpp vdi ddi

tupng quy dinh Ne'u bd so ebo vay

khdng dupe thanh Ka N H N N c h i p

nhan tbi ngan bang ebo vay gap rui ro,

ed the khdng dupe nhan khoan k h i u

Kir lai s u i t 4% theo quy dinh

- N h i l u doanh ngbiep gap khd

khan Kong Hep can vd'n vay hd Kp lai

s u i t vi khdng dat chuan vay (doanh

nghiep khdng dii Heu chuan theo quy

dinh de ngan hang eho vay) Theo dng

Vii Duy Thai (Hiep hdi Cdng thuong

TP Ha Npi): "Cd nhiing doanh ngbiep

gap khd khan, ehua "chit hdn" dang

rat cin vdn nhung lai khd long vay vdn

dupe vi khdng du d i l u kien d l ra"

N h u vay, hieu q u i hd trp lai s u i t

khdng de'n dupe ddng d i o doanh

nghiep

N h i l u y kiln Hi phia eae NHTM

ebo ring, mudn nhieu doanh nghiep

dupe bd Kp thi N H N N pbii eho phep

cdc NHTM ba thap mot so dieu kien

cho vay Cd nhu vay, khoin hd Kp mdi

de'n dupe vdi doanh nghiep dang cd

nhiing khd khan tam tbdi, chua du

dilu kien vay Tuy nhien, n l u ha t h i p

Heu chuan thi ed nguy co gia tang n p

xau va day nii ro Hn dung len miie eao

- VI thii tue, theo Quy dinh eua

N H N N , kbi thye hien giim Kir lai Hin

vay bd trplai suit ebo khach bang, eae

ngan b i n g pbii lap "Giiy xae nhan hd

trp lai suit" Giay xde nhan dupe lap

ddi vdi timg lan thu lai eho vay va

giam Ku sd lai Hen vay dupe hd Kp Iai

s u i t hoac theo dinh ky hang thang

Day la mpt trong nhirng chiing tir de

kiem tra, giam sat va lap bao eao Hnh

hinh thye hien hd Kp lai suit Khi

thanh toan lai suit va vd'n vay, d l dupe

hd Kp lai suit, cac doanh nghiep phai

ed t i t ci eae giiy td kinh doanh n b u

hda dem, chung tir Hen quan den Hen

thanh toan tir khoan vay de chiing

minh vdn sir dung diing muc dich

N l u doanh ngbiep khdng chiing minh

dupe vdn sii dung diing muc dich bay

bi phit hien sir dung vdn sai mue dieh

se bi dimg eho vay N H N N ciiiig yeu

cau edc NHTM phii theo ddi bang

ngiy sd du np ebo vay dupe bd Kp lai

suit Tren thyc tl, vi nhiing ly do khac

nhau, ed mdt sd doanh ngbiep ebo biet

da gap nbiing khd khan v l tbii tuc khi

Hip can ngudn vdn vay bd Kp lai suit

- Ddi vdi nginh thuy san, viec trien

khai cho vay bd tra lai s u i t eiing edn

gap mdt sd khd khan v l co e h i thu tue

N h i l u doanh nghiep vd hd nudi ea Ka

d ddng b i n g Sdng Ciiu Long eho bilH Ngan h i n g yeu ciu ben vay p h i i xud't Kinh hop ddng bao Heu s i n pham n h u mdt d i l u kien de dupe vay vdn hd Kp lai suit Yeu c i u nay la phii hpp vdi nghiep vu quan Ki nii ro tin dung ma eae ngan hang ein xem xet Tuy nhien, hien nay tren thyc te, n h i l u doanh nghiep khdng t h i xudt Kinh ngay eae hpp ddng bao Heu d i u ra, mac dii kha nang Heu thu s i n pham la rat kha quan Nen chang cd giai phdp thay t h i

de thao gd khd khan eho cac doanh nghiep va hd gia dinh nudi ea Ka gidng, n h i t la khi hp dang gap khd khan nhu bien nay, bdi day la mpt linh vye s i n xua't kmh doanh ddng gdp kha Idn vao kim ngach x u i t khau cua e i nude

Mot sd gidi phdp trien khai cho vay hd tro Idi sudt cd hieu qud

1 C i n tang eudng sy tham gia eua khdi cac NHTMCP Kong gdi eho vay

hd Kp Iai suit Ty Kpng d u n p c h o vay

hd Kp lai suit ciia khdi nay mdi chiem 21,7% so vdi tdng so d u n p da thuc hien, mdc dii Him nang eua toan bd eae NHTMCP edn rat Idn Lanh dao eua mdt sd NHTMCP eho bilt, cac ngan bang v i n cd sy e ngai v l thu tuc vd tham dinh eua N H N N ddi vdi cac hpp ddng ebo vay bd Kp lai s u i t nen tham gia ehua that eao nhu mue ed the Do

dd, ein tie'p tue thao gd eae van d l mang tinh tbii tue, ky thuat de eae NHTMCP vao cude manh me hon

Khdi cac cdng ty tai chinb (mdi ehiem 3,64% d u n p eho vay hd trp lai suit) ciing can dupe chii y tao dieu kien de

ed the tham gia manh me bon Kong qua trinh trien khai gdi kich c i u eua Chinh pbii

2 Tilp tue nghien ciiu xii ly tdi co eau n p trong eae NHTM theo hudng linh boat, c h i p nhan sy dilu chinh Iai suit theo Hn hieu thi trudng Vin d l Ka

n a cii de vay n o mdi eua mdt sd doanh nghiep v i n ehua ed giai phdp rd rang, mac du N H N N eho biet khdng c h i p nhan " d i o np" Tuy nbien, Kong d i l u kien tbi trudng dac biet nhu hien nay, can thing t h i n nhin nhan hien tupng tai cacdu n o theo quan d i l m linh boat hon, de cic ngan hang Kinh bi roi v i o trang thai eung ung tin dung sai quy dinh bode bi gd eiing, mat di Hnh linh boat trong boat ddng cung ling tin

dung cho thj Kudng

3 Cai thien cache thdng Hn Ken thi Kudng n h i m tang eudng Idng tin eua ngudi Heu diing va ban c b i cac Hn ddn that thiet, cd the gay ra cdc con sdt vd

d i u CO "Hn vit" gay nhieu loan thi Kudng Dae biet la vdi eae thi trudng nhay cam n h u thi trudng ngoai hdi, thi trudng vang, TTCK Ddi vdi TTCK, ein Hep tue hodn thien co e h i q u i n ly thi trudng, minh bach thdng tin, bdo ve lpi ieh ehinh dang eua eae nha dau tu; Nen Hep tue tao ddng luc cho TTCK thdng qua viee gian v i m i i n t h u l thu nhap ea nhan Kong d i u tu chiing khodn Kong

2 nam 2009-2010; Tao thuan Ipi d l edc cdng ty niem y l t vd cdng ty ed phan ndi ehung nang eao Hnh hd'p d i n ciia

c6 philu, n h d dd ed the huy ddng vdn

Ken TTCK Kich Kiich TTCK phue hdi

se cd tae ddng Hch cue de'n toan bd thi Kudng tai ehinh, thi trucmg b i t ddng

s i n va thi Kudng hang Heu dung

4 C i n Kiln khai td't Quye't dinh sd 443/QD-TTg ngay 4/4/2009 eua Thii tudng Cbinb phu v l viee bd Kolai suit eho cae td ehiic, cd nhdn vay vd'n trung, dai ban ngan bang de thye hien d i u tu mdi, phat trien s i n xuit kinh doanh,

k i t eau ha t i n g C i n thyc sy hudng ludng tiln vao khu vuc xay dyng va nganh vat lieu xay dung (xi mang, sit thep, gaeh ngdi, vat lieu xdy dyng khdc) Theo danh gid vd phdn Hch Ken thue te, n l u ludng vd'n hd Kp lai suit 4% eua Chinh phii dupe rdt vao khu vuc xay d u n g thi tdc dpng nhan bdi (Multiplier impact) ciia so vd'n nay se Idn hon n h i l u nganh khae, tao ra dupe

n h i l u viee Idm vd thu nhap cho chudi

s i n xuat, dieh vu ed Hen quan Cdc doanh nghiep s i n xua't vat lieu xay dung se duy Ki dupe sdn xuit vd thu nhap, den lupt minh, se tao them siie ciu ndi dia ebo cdc doanh ngbiep eung ung khae

5 C i n Hep tue thuan Ipi hoa q u i Kinb Hep can eae ngudn vdn, don gian hda quy trinh thu tue cho doanh nghiep vay vd'n Kiln nghi siia mpt sd

d i l u ciia Luat D i u tu, Luat Xdy dyng, Ludt D i t dai dl tao d i l u kien thdng thoang vd hieu qua cho cdc boat ddng

d i u tu vd tang nhanh tdc dp giii ngdn Trong mdt sd trudng hpp dae thii (nhu eho vay hd trp doanh nghiep nudi ed

Ka gidng d ddng bang Sdng Ciiu Long) thi N H N N nen eho phep cde NHTM sii d u n g cac cdng eu thay t h i bdo dam

• Xem tiep tr 62

Tii chinh THANG 6/2009

TAI CHINH Ol\f)C T P A Hhi N H A P

BIEU 0 0 2: LU-CTNG KIEU HOI QUA CAC NAM (TRI$U USD)

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

t l vd an sinh xa hdi, Viet N a m cdn di

sau Trung Qudc kha nbilu Vi vay, ed

ly do de tin tudng ngudi Viet N a m se

cdn Hep tue duy tri mdt ty le tilt kiem

eao Kong thdi gian tdi

N h a n dinh tren diing vdi xu

h u d n g dupe t h i hien tren b i l u dd 1

Nhin ehung miie tilt kiem eua ngudi

ddn Viet N a m dang trong xu h u d n g

tang vd ehua cd dd'u hieu d i o ehilu

Giai doan 2001-2003, Hit kiem cd

giam xudng la do tae ddng eiia chinh

saeh kich c i u 1999-2003, lam ebo ty le

tieu dimg ciia bd gia dinh tdng len

Tuy nbien, de d u y Ki xu hudng tang

eudng tiet kiem n i y , Chinh pbii can

h i t siic chii y tdi bai p h u o n g dien xa

hdi:

Mpt Ii, can cd bien p h a p tang

eudng niem tin eiia dan ehiing ddi vdi

Chinh phu Cd n h u vdy, ngudi d a n

mdi tie'p tue ung hp nbiing bien p h a p

va ehinh sdch thiic day tilt kiem eua

Chinh phu Chinh phii c i n dae biet

chii y tdi cdng cupc chdng tham

nbiing, lang phi, cii each hanh chinb

d l d o n gian boa tbii tuc vi d a y la

nhiing van d l gay biic xiie n h i t ddi

vdi ngudi dan

Hai Id, ciing vdi n h u n g Hen bd v l

kinh t l , ddi sdng nhdn d a n dupe eai

thien mdt budc Mdt trao luu tieu

diing da vd dang xud't hien, the hien

qua viee nhap khau may bay cd nhan,

d td d i t Hen, qua viec biing nd di d u

lich v i k h i m ehiia benh d n u d c ngoai,

qua viec biing nd eae nha b i n g v i dja

d i l m an ud'ng v.v N l u khdng ed

nhiing ehinh sdch phii h p p va n i n

tang giao due e i n thilt, trao luu Heu

dimg n i y se thieu rui y thue Hit kiem

ciia ngudi ddn

Ngoai ra, can luu y l i trong p h i n

thu nhap ciia bd gia dinh, Hen luong

v i ed tinh chat luong ehi ehiem

khoang tren 80% Cae khoan chuyen

n h u p n g hien hanh, trong d d p h a n Idn Id k i l u hdi chiem tdi tren 15%

trong n a m 2007 Trong giai d o a n

1995 - 2006, ed 23,4 ty USD kieu hdi dupe chuyen v l nude b i n g 3 1 %

n g u d n v d n FDI vd Idn h o n n g u d n ODA giii ngan Lupng k i l u hdi tang

m a n h len 5,5 ty USD vao n a m 2007

va 8 ty USD vdo n a m 2008 Chinh saeh thu hiit k i l u hdi eua Viet N a m nhiing n a m g i n day la h i t siie thdng thoang N g u d i d a n hoan toan cdng khai, minh bach n h a n t i l n k i l u hdi

e h u y i n qua be thdng ngan b i n g m a khdng phai giii trinh hay nop bat cii loai thue ndo T u y nhien, cdi nhd nude e i n ldm khdng ehi la tao s u thdng thoang eho ddng k i l u hdi c h i y

v l ma phai khoi dupe tinh c i m va s y

g i n bd eiia bd phdn ngudi Viet N a m dinh eu d nude ngodi, Iam eho hp thay t u hao vd ed trdch nhiem ciing

n h u q u y l n lpi khi cd ddng gdp cho td qud'e thdng qua k i l u hdi

Tdi lien tham khdo:

1 Dang Xuan Thanh, 'Vet kiem hd gia dinh

& Vi$t Nam", Vi$n kinh te Vi$l Nam

2 GS.TS Nguyin Van Thcrang, GS.TS Nguyin Ke Tuin, "Kinh te Vidt Nam nam

2006 - Chat lucrng tang tru&ng va hpi nhap kinh te quoc te" Nha xuSt bin dai hQC Kinh te Quoc dan, 2007

3 Harvard University, John F Kennedy School of Government, Mdt khudn khd chinh saeh phat then kinh te - xa hgi cho Vidt Nam giai doan 2011 - 2020

4 tVlodigliani F "Vdng d&i, tiet kiem ca nhan

va ciia cii cua cac quoc gia Cac thuyet trinh tai li trao giii thu&ng Nobel ve khoa hQC kinh te 1981-1990" Nxb Chinh tri Quoc gia, H.:2000

5 Nguyin Ngoc San, 'Tiet kidm - dau tir vi tang tru&ng kinh te & Vi$t Nam", Diin dan Phit trien VIQI Nam

6 Pham Dd Chi va Trin Nam Binh, Kinh te Viet Nam bu&c vio the ky XXI

7 Economic Intellegent Unit, Country report for Vietnam, 2/2009

8 IMF, Executive Board Concludes 2008 Ar-ticle IV Consultation with Vietnam, 3/2009

9 Cass, David, "Optimal growth in an Ag-gregate Model of Capital Accumulation", Review of Economics studies Magazine,

32, 1965

10 Louis Kuijs, How will China's saving -investment balance evolve? WB China Research Paper, May 2006

11 Mario Gutierres, Andres Solimano, Sav-ings, Investment and grovrth in the global age: Analytical and Policy Issues Working Paper A/ 43, The American Uni-versity of Paris

12 P Mansson, J Bayoumi and H Samiel (1998), International Evidenceon the De-terminants of Private Saving, The World Bank Economic Review, September

13 Solow, Robert (1956) "A contribution to the Theory of Economic Growth" Quar-terly Journal of Economics 70 (Febru-ary)

14 WB, Taking Stock, An Update on Viet-nam's Recent Economic Developments Report for the

15 Consultative Group Meeting for Viet-nam

• Tiep theo tr 48

ludng Kin Kd np C h i n g ban, ed the chap nhan bdng eae tdi lieu ddnh gia

Hn dung k i t hpp vdi tin chap eua dia phuong N l u n b u tinb k h i thi vd hieu

q u i k h o i n vay dupe phan Hch rd rang thi ed t h i xem xet hd Kd lai s u i t eho edc doanh nghiep Kong linh vuc nay

6 Nha nude nen tang eudng d i i ban

"chuong Kinh khuyln khich phdt triln thi trudng ndi dia", uu Hen cho mdt sd nganh ma Him ndng d i u ra ndi dia rat Idn va nganh sii dung nhilu lao ddng

Cd t h i neu ra eie ngdnh n b u det may,

da giay, thii cdng nghiep, nhua ddn dung, c h i biln ndng san, thuy san

Trude diy, nhilu doanh nghiep q u i chii

Kpng vao xud't khau nen da d l ngd thi trudng ndi dia eho nhilu hang hoi nhdp khau Kr Trung Qud'e, Thai Lan, Ddi Loan, Han Qudc Ngdn saeh nhd nude nen danh ngan khoan dae bi?t cho"Chuong Kinh khuyen khich phdt Kiln thi trudng npi dia" n h u Id mdt khoan "kich cau" dae thii Ddy ed t h i coi

Id mdt giai phdp ddn bay tii chinh Kong bdi eanh suy thodi kinh t l todn eau $

Tdi lieu tham khdo:

1 Bio do ciia Ngan hang Nha nu&c vd then khai cho vay Hd tror Hi suit (4/2009)

2 S& Giao djch chung khoin Thinh phd Hd Chi Minh (HOSE) - Thdng tin thi tnr&ng giao dich

3 Phin tich thi tnr&ng chung khoin cua FPTS, thing 4/2009