Viec dinh thue them dd se lam giim tigt Idem \ a bep meo boat ddng diu tu san xuat: (ii) khi ng Chinh phu tang Ign.. Digu nay cang te hai khi nhCrng khoan chi tigu cua Chinh phu la [r]
Trang 11^ HOAT OONG CUA NGANH NGAN HANG VIET NAM NAM 2010 VA OjNH HUONG NAM 2011 ^ i ^ l
VAI TRO
cua Ngan hang Nha niriic
TRONG
QUANLY
NO CONG
TS Nguyen Thj Kim Thanh *
Trai phieu Chinh phu la phuang tien quan trgng deNHTLf thuc thi chinh sach tien te
quan digm cua Ngin hang
The gidi: ""Ng cdng la toan
bd nhung khoan ng cua Chinh phu
va nhirng khoan ng cua Chinh phu
bao lanh" Theo Luit Quan ly ng
cdng cua Viet Nam ng cdng bao
gdm ng Chinh phu ng dugc Chinh
phu bio lanh vi ng cua chinh qu} en
dia phuong NTiu \'ay cd thg thiy,
khii niem ng cdng cua Viet Nam vg
CO ban li phu hgp \di khii niem ciia
Ngin hang The gidi D6 la toan bd
cac khoan ng ma Chinh phu true tigp
vay (d ttong nudc ^•a nudc ngoai) vk
khdng tryc tiep \a\" nhimg cd nghia
Ml tti ng (bio lanh)
Ve khai niem quan ly ng cdng
dugc due ket tu kinh nghiem cic
nudc, dd la, qua tiinh thigt lip \ a thyc
thi chign lugc \a}' ng ciia mdt qudc
gia nham giy dyng dugc mgt lugng
\dn theo \ eu ciu nham dat dugc cic
muc tieu \'e chi phi \ a nii ro dip ung
dugc cic muc tigu quan ly ng khac cua Chinh phu da de ra Theo do
nhung ygu td nen tang cua co che quan ly ng cdng la phai xic dinh dugc he thdng muc tieu quan ly ng cdng; \iec quan ly nay phii dugc minh bach \a ca quan quan ly chinh phai cd ttich nhiem giii trinh ve mire
do ng \'a hieu qua su dung cac khoin
ng cung nhu kha nang tta ng cua Chinh phu: xi}- dyng khudn khd the che quin ly: xi\' dyng chien lugc quan K' ng: xiy dyng khudn khd quan ly rui ro: phit trign \"a duy tri mdt till tnrdng ttii phieu Chinh phu hieu qua
Vin de dat ra d diy la tai sao chung ta phai quin K' ng cdng? Yeu ciu ni)' dugc nit ra tuthyc tg:
- Danh muc ng cua Chinh phu ngay cang Idn \aphuc tap nd cd the giy ra nhiing nii ro Idn ddi \'di sy bit
dn \T md nhu mit kha nang thanh toin qudc gia ddi \di phin cdn lai
cua thg gidi \"a tinh ttang dn djnh cua tai chinh qudc gia Theo Bd Tai chinh din hit 31/12/2010 du na cdng bang 56.6% GDP Diy la mot t}' le tang ding kg so \di cic nam tnrdc va khdng nhd can cd nhflng bien phip quin ly, kigm soil chat che
ng cdng hien nay de trinh nhirng hiu qua bit lgi cd thg xay ra ttong tuong lai
Ngoai ra ng Chinh phu cdn c6 nhiing anh hirdng den ngn kinh te no
cd tile lam cho \iec dinh diug ttd nen khdng hieu qua va lam triet tiioii \ on diu ur tu nhin: (i) \i de tti lai cho khoin di vay Chinh phu budc phai dinh thue hoae tang thug, dg co them ngudn thu Viec dinh thue them dd se lam giim tigt Idem \ a bep meo boat ddng diu tu san xuat: (ii) khi ng Chinh phu tang Ign mgi ngudi mua nhieu ttai phieu Chinh
• Vien Chi§n liroc Ngan hang, NHNN
56 Tap chi Ogan hang so 2=3 /2(!
Trang 2ti HOAT OONG CUA N G A N H N G A N H A N G VIET NAM N A M 2010 VA OjNH HUONG N A M 2011 ^
phu ban ngn vdn danh cho diu tu
khu vyc tu nhin se giam di tuong
ung Digu nay cang te hai khi nhCrng
khoan chi tigu cua Chinh phu la
khdng hieu qua Ket qua dai ban la,
tic ddng xiu den tang trudng kinh tg
va lam giam phuc lgi cua ngudi din
- Viec quan ly ng cdng hgp ly cd
thg lam giam thigu chi phi va rui ro
Muc tigu chinh trong quan ly ng
cdng la, dam bao dip ung nhu ciu tai
chinh va cic nghia vu thanh toin cua
Chinh phu vdi ehi phi tiiap nhat ttong
trung ban va dai ban, tuong ung vdi
rui ro d muc cin trgng Rui ro tigm in
eiia ng edng la khdng it, trong dd, sy
bign ddng tang ciia lai suat, ty gii gay
ra nhCrng tdn thit khdng nhd ddi vdi
ng cdng, lam tang cic khoan ngcdng
cua Chinh phii Do vay, mdt ea cau
ng hgp ly vg ddng tign, ve cau true
ky ban, cau ttue lai suat, cau triic ng
trong nudc va ng ngoai nudc eua
Chinh phu la rat can tiiigt
Bai hge vg khung ho?>ng ng cdng
cua Hy Lap gan day la mdt minh
chung rat rd net cho tam quan trgng
ciia quan ly ng cdng ddi vdi mdt qudc
gia
Vay thi quan ly ng edng gdm
nhiing ndi dung gi?
Trgn CO sd nhCrng ygu td ngn tang
ciia CO chg quan ly ng cdng, theo
Digu 4 cua Luat Quan ly ng cdng
nam 2009, thi quan ly ng cdng bao
gdm nhCrng ndi dung: Xdy dung, ban
hdnh vd td chiic thuc hien vdn bdn
quy phgm phdp lugt ve qudn ly na
cong; Xdy dmg, ban hdnh cdc chi
tiiu an todn ve na; cdc muc tieu, dinh
hifdng huy dong, sudung vdn vay vd
qudn ly na cdng trong timg giai
dogn; hi thdng cdc chi tieu gidm sdt
na Chinh phd, na cdng, na mtdc
ngodi cila qudc gia vd ki hogch vay,
trd na chi tiithdng ndm; Td chuc huy
ddng, phdn bd, su dung vdn vay vd
qudn lynacdng diing muc dich, hieu
qud, bdo ddm thuc hien day du nghia
vu trd na; Gidm sdt viic huy dong,
phdn bd, su dung vdn vay, trd na vd
Nhung khoan chi tieu khong hieu qua cua Chinh phu co tac dgng xau den tang trudng kinh te va lam giam phuc lgi cua ngudi dan
qudn ly na cdng, qudn ly rui ro tdi khod, bdo ddm an todn na vd an ninh tdi chinh qudc gia; Ddnh gid hieu qud sit dung von vay, hieu qud qudn lynacdng; Tdng hap, bdo cdo, cong
bo thdng tin ve na cong; Tuyin truyen, pho bien chinh sach, phdp lugt ve qudn ly na cong; Thanh tra, kiem tra viic thuc hien phdp lugt ve qudn lynacdng; Xit ly viphgm, gidi quyet khiiu ngi, td cdo lien quan den viec thiec Men phdp lugt ve qudn ly nacdng; To chiic ddo tgo, bdi duang nghiep vu qudn ly na cdng; Hap tdc qudc ti trong qudn lynacdng
Vdi ndi dung quan ly ng cdng nhu vay, thi Bd Tai chinh la co quan chju trich nhiem chinh ttong viec quan ly
ng cdng, song, cic Bd, nganh khic cung cd nhirng trich nhiem lien quan nhit djnh, va digu nay cung da dugc qui djnh rd trong Luat Quan ly ng cdng Theo qui djnh cua Luat Quan
ly ngcdng nam 2009, tai Dilu 12, thi trach nhiem cua Ngan hang Nha nudc (NHNN) la:
"7 Theo phdn cdng, iiy quyen cua
Chi tich nudc hogc Chinh phd, chd tri phdi hap vdi Bo Tdi chinh vd ca quan khac cd lien quan chudn bi noi dung, tien hdnh ddm phdn, ky kit cdc dieu udc qudc ti vdi cdc to chiic tdi
chinh tiin te quoc te md NHNN Viet Nam Id dgi dien vd Id dgi dien chinh thuc cua ngudi vay tgi cdc dieu udc qudc ti ndy
2 Thdm dinh phuang dn vay lgi vdn vay thuang mgi nudc ngodi cua Chinh phd theo cdc chuaitg trinh, hgn miic tin dung vd vay thuang mgi
cd bdo lanh Chinh phd cua td chuc tin dung
3 Hudng ddn vd to chiic ddng ky cdc khodn vay nudc ngodi eda doanh nghiep, to chiic tdi chinh, tin dung duac Chinh phu bdo lanh
4 Tham gia vdi Bo Tdi chinh trong viec: a) Xdy dmg muc tieu, dinh hudng huy dong, sudung vdn vay vd qudn ly na cdng trong timg giai dogn
5 ndm; chuarig trinh qudn ly na trung hgn vd ke hogch vay, trd nachi tiithdng ndm eda Chinh phu; b) Xdy dung he thdng chi tieu gidm sdt na Chinh phd, nacdng vd nanudc ngodi eda qudc gia; c) Xdy dmg phuang
dn huy dong vdn trong nudc, nudc ngodi eda Chinh phd gdn vdi dieu hdnh chinh sach tien te - tin dung"
Trich nhiem trgn cua NHNN cho thiy, NHNN ed vai ttd rat quan ttgng trong viec gdp phin dam bao on djnh
ng cdng, tang kha nang huy ddng vdn cua Chinh phu, ning eao hieu
Tap chi Ilgan hang so'2o3/20ii 57
Trang 3HOAT OONG CUA N G A N H N G A N H A N G VIET NAM NAM 2010 vA OjNH HUdNG N A M 2011
qua quan ly ng cdng, cu the, NHNN
cd vai trd:
- Gdp phdn gidm thieu dnh
hudng tieu cue eda thdm hut ngdn
sach den cdc linh vuc khde cila nen
kinh te thdng qua viec dieu tiet ddng
tiin giUa cdc Unh vuc eda nin kinh
ti mot cdch hap ly bdng cdc cdng cu
cua chinh sach tien te (CSTT): Thu
chi trong khu vyc Chinh phu la mdt
bd phan cau thanh trong ddng luan
chuygn vdn eua mgt qudc gia,
nhiing bign ddng trong chi tigu khu
vyc Chinh phu lam thay ddi khdi
lugng tign trong ngn kinh tg, thay
ddi ddng chu chuyen tien Mdt sy
gia tang chi tieu khu vyc Chinh phii
se lam giam chi tigu cua khu vyc phi
Chinh phii cua ngn kinh tg va ngugc
lai Thyc tg da chimg minh, muc do
tham hut ngan sach cang Idn thi
muc do anh hudng ciia khu vyc
Chinh phu dgn cic khu vyc khac
ciia ngn kinh tg cang Idn, va dg giam
nhCrng anh hudng bit lgi tu khu vyc
Chinh phu va tao sy luin chuygn
cin bang hgp ly cua ddng chu
chuygn vdn trong xa hdi thi vai trd
cua CSTT la rat Idn Ching ban, khi
khu vyc Chinh phii chi tigu Idn lam
tang lugng tign trong ngn kinh tg cd
the gay nguy eo lam phit, khi dd, d l
ban chg lugng tign nay, Ngan hang
Trung uang (NHTU) cd the thyc
hien CSTT that chat, theo dd, se ban
che chi tigu khu vyc phi Chinh phu
Tuy nhign, sy can thiep niy ed gidi
han mdi mang lai hieu qua cao cho
sy dn djnh va phit trien kinh tl
Chinh vi viy, hiu hgt cic qudc gia
trgn thg gidi, hang nam deu phai
thiet lap chuang tnnh tai chinh qudc
gia nham bao dam sy chu chuye'n
vdn hgp ly giua cic khu vyc cua nin
kinh tg, thdng qua cac edng cu quan
ly kinh tg vi md, die biet la, su dung
cdng cu CSTT dl dilu tilt ddng von
bu dap thim hut ngan sach d mgt
muc do hgp ly Diy cdng la mdt
trong nhCrng bien phip huu hieu d l
quan ly tdt ng cdng
^ - Ho tra tich cite viec huy ddng
von cho bd dap thdm hut ngdn sdeh, thdng qua viec gdp phdn thuc ddy sir phdt trien thi tntang trdi phieu Chinh phd, nhutgo cdu ve trdiphiiu Chinh phd, tgo tinh thanh khodn cho trdi phiiu vd phdi hap vdi Bo Tdi chinh trong viic xde dinh mue lai sudt trdi phieu Chinh phd cho phu hap vdi mat bang lai sudt eda thi tnedng tdi ehinh: Trong quan ly ng cdng, vin
dl huy ddng vdn la rit quan trgng, hay ndi cich khic la, Chinh phu vay mugn dudi hinh thuc nhu thg nao la tdt nhit? Thyc te da cho thiy, viec bu dap thim hut ngin sich cua Chinh phu chi cd thg dugc bu dap bdi ngudn vdn vay trong nudc dudi hinh thuc phit hanh trii phigu Chinh phu, cdng trii qudc gia, tin phigu kho bae va vay ng nudc ngoai dudi hinh thuc ODA, vay thuong mai, phit hanh trii phieu Chinh phu ttgn tbi trudng qudc
tg va vay NHTU (bien phip cudi cung, khdng khuygn khich)
Viec huy ddng vdn cho khu vyc Chinh phu dudi hinh thde trii phigu
la hinh thuc dugc ua chuong va hieu qui nhit, hien dang dugc ip dung d hiu hgt cic qudc gia Dg hinh thue nay mang lai hieu qua cao, cic nudc
da phit trign thanh mdt thi trudng ttii phigu Chinh phii nham tao ra tinh thanh khoan cua trii phieu Chinh phu, qua dd, thu hut dugc cic ngudn vdn nhan rdi cua cic khu vyc khic cua nen kinh tg Ddng thdi, thj trudng trii phigu Chinh phu la nai tao ra muc lai suit dai ban chuan cho thj ttudng tai chinh (vi muc lai suit nay khdng chua dyng nhung ygu td rui ro) Trong thj trudng nay thi vai ttd cua NHTU rit quan trgng, NHTU gdp phan lam tang tinh thanh khoan cua thj trudng Trii phigu Chinh phu
la mdt phuong tien quan trgng dg NHTU thyc thi CSTT, thdng qua viec mua bin trii phieu Chinh phu
ma NHTU tic ddng manh, tham chi, chi phdi gii ca ciia trii phigu tten thj trudng Cic tin hieu that chat hay ndi
<i
long CSTT cung tic ddng manh dgn gii ttii philu Chinh phu
Ddi vdi Viet Nam hien nay, thj trudng ttii philu Chinh phu chua phit triln manh nhu cic nudc, tlie hien d chd, thi trudng trai phigu Chinh phu chua hinh thanh dugc dudng cong lai suit chuin, lugng giao djch ttgn thj trudng thu cip eon it Do viy, sy anh hudng cua CSTT den tbi trudng trii phieu, dgn gia trai phieu Chinh phu cdn ban chg Tuy nhign, bien nay trii phigu Chinh phii
la phuong tien chu ygu dg NHNN thyc hien viec bom hay hut tign tir nen kinh tg thdng qua cic cdng cu CSTT, dac biet la, thdng qua nghiep
vy thj trudng md, qua dd, tao tinh thanh khoan cho trii phigu Chinh phu va hd trg thanh khoan cho cac ngin hang thuong mai (NHTM) Nhd viy, trii phigu Chinh phu la kgnh dau tu' an toan, la danh muc dau
tu dam bao thanh khoan ciia cac NHTM Lugng trii phigu ma cac NHTM mua ngay cing tang qua cac nam Viec cic NHT M mua ttii phieu
la digu kien tdt dg cd the huy dong ngudn bu dap thim hut ngan sach mdt cich thuin lgi vdi chi phi thip hon nhigu so vdi phit hanh ttii phieu trijc tigp cho ngudi din
Mat khac, mdi quan he chat che giua lai suit ngan ban vdi lai suat trung va dai ban dat ra mdi quan he chat che giua lai suit trii phieu Chinh phu vdi lai suit chi dao ciia NHTU Viec xae djnh muc lai suat trii phieu cho thj trudng so cip neu thieu sy thdng nhat vdi lai suat chi dao cua NHTU se gay ra nhung bat cap ttong viec hinh thanh gii cua san phim tai chinh tren thj trudng, lam meo md sy luin chuyen vdn trong
xa hdi Chinh vi vay, khi Bd Tai chinh xic djnh lai suit trii phigu Chinh phu can cd sy tham chilu lai suit chi dao cua NHTU Trgn thyc
tl, giCra NHNN va Bd Tai chinh da
cd sy phdi hgp trong viec hinh thanh lai suit trai philu Chinh phu Luat
58 Tap chi flgan hang so'2o3/20ll
Trang 4HOAT OONG CUA N G A N H NGAN H A N G VIET NAM N A M 2010 V A OjNH HUONG N A M 2011 ^
NHNN nam 1997 va nam 2010
ciing da qui dinh trich nhiem cua
NHNN la phai tham gia vdi Bd Tai
chinh vg viec phit hanh trii phigu
Chinh phu, trii philu do Chinh phu
bao lanh Tuy nhign, ca chg phdi
hgp giua NHNN va Bd Tai ehinh vg
vin dg nay chua thudng xuygn
Vdi tu each la ca quan lam dai ly
va thyc hien cac djch vu ngan hang
cho Kho bae Nha nudc, hien nay,
NHNN dang lam dai ly phit hanh tin
phigu kho bae cho Bd Tai chinh,
tham gia cung vdi Bd Tai ehinh xic
djnh muc lai suit tin phigu hgp ly
Vdi vai ttd dai ly, trong nhCrng trudng
hgp cin thiet khi lugng tin phigu kho
bae khdng bin het cho cic NHTM,
NHNN cd thg mua dg tao cdng cu
can thiep thj trudng khi cin thigt,
ddng thdi, cung dip ung kip thdi
ngudn thu cua Chinh phu
- Co vai tro quan trong trong vice
tham gia chien luac qudn ly no nudc
ngodi eda qudc gia, troi.g do, ed na
edng eda Chinh phd: Trong ca ciu
ng Chinh phu, ng nudc ngoai cd anh
hudng khdng nhd dgn kha nang
thanh toan qudc gia, sy vay mugn
nudc ngoai qui muc se diy ngn kinh
tg qudc gia phu thudc nhigu vao kinh
tg nudc ngoai Bai bgc vg khung
hoang ng Hy Lap gin diy cho thiy
rd rang vg nhCrng qudc gia dang phat
trign ndng theo dudi nhiing con sd
dep vg cbl tigu tang trudng, neu cu
tigp tuc di vay va su dung tign vay
khdng hieu qua, chac ehan se dg lai
cho thg he tuong lai mdt mdn ng
khdng Id
Ddi vdi Viet Nam, digu khdng the
phu nhin la dang cin vdn dg tign
hanh cdng nghiep hoa va hien dai
hoi, viec vay ng nudc ngoai la cin
thilt, song, vay mugn v i su dyng
ngudn vdn vay mugn dd nhu the nao
cd hieu qua la vin dg phai dugc quan
tim Nhilu qudc gia cd nhimg budc
phit triln kinh tl ding ng nhu
Singapore, Han Qudc, va Trung
Qudc diu phai vay ng nudc ngoai
Tuy nhign, Chinh phu cic qudc gia
do chi vay tign nham diu tu vao ha
ting ca sd thigt ygu nhit dg phuc vu
phit trien kinh tg va xoi ddi giam ngheo Tign vay dugc hg quin ly chat che vi sii dyng cd hieu qua Ha ting
CO sd d nhCrng qudc gia nay mdt khi
da dugc xiy dyng thi chit lugng rit tdt, dugc quy hoach vdi tim nhin dai ban, chu khdng phai ngay lip tuc hay mdt thdi gian ngan sau da phai lam lai, cai tign hay md rdng Hg khdng vay tign nudc ngoai de su dung vao nhiing dy in nhd le, khdng thyc sy dem lai nhigu gii tri lgi ich xa hdi
Hg cCing khdng su dung nhCrng mdn
ng phai tra trong tuong lai de theo dudi nhung sieu dy in ttong khi ha ting ky thuat thigt ygu trong nudc
cdn chua day du Cde bdi hoe kinh
nghiem ndy cho thdy, viec xay dung mot chien luac na nude ngodi cua quoc gia de ddm bdo can ddi vi md
cd y nghia quan trong ddi vdi Viet Nam Men nay, khi md muc do ng nudc ngodi dang ngdy edng gia tdng
vd hieu qud su dung vdn vay kem hiiu qud
NHNN cd trach nhiem trong quan
ly Nha nudc vg ngoai bdi, hoat ddng ngoai hdi; quan ly dy tru ngoai hdi nha nudc; quan ly viec vay, tra ng, cho vay va thu hdi ng nudc ngoai theo quy djnh cua phip luat; chu tri, phdi hgp vdi ca quan cd lign quan chuan bi ndi dung, tien hanh dam phan, ky kgt digu udc qudc tg vdi td chuc tai chinh, tign te qudc tg ma NHNN la dai dien va la dai dien ehinh thuc cua ngudi vay, quy dinh tai digu ude qudc tg theo jiiin edng,
uy quygn cua Chu tjch nudc hoae Chinh phu Do viy, NHNN cd vai trd quan trgng trong viec tham gia chien lugc quan ly ng nudc ngoai ciia quoc gia, trong dd, cd ng cdng cua Chinh phu
- Gidm thieu rdi ro na Chinh
phd: Dung trgn giic do quan ly rui
ro ng Chinh phu, sy d'n djnh tiln te, dam bao giu gii trj cua ddng tiln
qudc gia hay ndi each khic khdng
de ddng tign trong nudc mit gia, dam bao cin bang cung, ciu ngoai
te, giam tinh trang dd la hda cd y nghia quan trgng khdng lam gia tang ng Chinh phu tinh theo don vj ddng tign qudc gia Vin dg nay la trich nhiem chung cua cic cip, cac nganh, trong dd, NHNN ddng vai trd quan trgng
Tdm lai, NHNN khdng phai l i don vj chiu trich nhiem chinh trong quan ly ng cdng, nhung cd vai trd quan trgng trong viec ning cao tinh hieu qua cua quan ly ng cdng, tu khiu xiy dyng chien lugc quan ly
ng cdng dgn khiu thyc hien chign lugc NHNN tham gia y kien vdi
Bd Tai ehinh vg nhCing van dg lien quan dgn bign ddng thj trudng tign
te, nhu mue lai suat, tinh hinh thanh khoan, sy thay ddi vg cung tign; dua
ra quan digm trong viec xay dyng
kg hoach, chign lugc quan ly ng cdng ve ea cau ng, ca cau cic loai chung khoin, cdng cu vay ng, khdi lugng va lai suit, ngudn vay ng; thyc hien chuc nang dai ly phit hanh tin phigu kho bae va nhan tign gui kho bae; tao tinh thanh khoan cho thj trudng trii phigu Chinh phu;
bu dap ngudn vdn thigu hut tam thdi cho thim hut ngin sich trong
khudn khd CSTT cho phep a
TAI LIEU THAM KHAO
- Luit Quan ly ng cdng nam
2009
-Luat NHNN nam 2010 -Trin Thj Thanh Hda, Khung hoang ng edng - nhin tu Hy Lap tdi Viet Nam, website cua NHNN
- Ng cdng: Phai quan ly sd lugng, giim sit chit lugng, Bee.net.vn, ngay 02/20/2010
- TS Td Kim Nggc, D I tai nghign ciru khoa hge "Giai phip phdi hgp giua CSTT va quan ly
ng cdng d Viet Nam, Ma so: KNH 2004-12, thing 8-2007
Tap chi Ilgan hang so 2«3/2flll 59