TRIET HOC, SO 7 (230),
THANG
7-2010
BnN CHRT
TU'ONG
TRC
XH HOI CUR
Glfl IM
NGO
T0LAP'*'
Bdi
viit dUa ra nhiing ludn gidi nhdm ldm ro bdn chdt tttcfng tdc xd hgi cua gid tri. Theo tdc
gid, mdc do ddp dng cdc nhu cdu cua con
ngUdi
chinh la gid tri. Gid tribao gom gid tri vdt ly
dugc
xde
dinh bdi cdc yiu
to'vdt
chdt vd gid tri xd hgi
dUdc xde
dinh bdi cdc yiu
tdxd
hgi thdng
qua trao ddi. Td do, tdc gid ludn chdng vd
iing
hd quan diem gid tri khdng phdi chi do lao dgng
tqo ra, md cbn do cdc yiu
to'khdc
diidc ggi la
"cdc
yiu
to'duy
tdm".
1.
Gid tri la khai niem trung
tam
cfla
kinh te hgc. Nen kinb te la tap hdp nhflng
cd sd vat chat va xa hdi d mgt trinh do phat
trien nhat dinh cd nhiem vu tao ra, thay
ddi,
dich chuyen va tieu tbu eac gia tri; cdn
kinh te hgc, ndi mgt each van tat, la mdn
khoa hgc nghien cflu quy luat hinh thanh,
lflu chuyen, thay ddi va tieu thu cac giatri
ay. Khdng phai ngau nhien ma Adam
Smith da danh nbieu trang ngay trong
phan dau cud'n The Wealth of Nations
(Sii
thinh vUdng cua cac qud'c gia) nd'i tieng de
ndi ve gia tri.
Vi the, trUdc khi di sau hdn vao viec
phan tfch cac hien tUdng kinh te, chflng ta
can phai trd lai vdi van de ban chat cfla gia
tri.
Day la cau hdi ldn cfla cac nha kinh td
hgc va triet hgc tfl hang ngan nam nay.
Nhfl chflng ta da bidt, neu khdng ke xu
hfldng dao dflc, tflc nd lflc xac dinh cai ggi
la "gia tri dung" hay "gia tri hdp ly", cac
quan niem mang tfnh kinb te hgc ve giatri
cd the dfldc chia thanh ba trfldng phai
chfnh: trfldng pbai khdch quan, trUdng
phai chu quan va trUdng phai chi chfl trgng
de'n md'i tUdng quan gifla cung va cau. Tdi
mud'n ggi trfldng phai thfl ba nay la trfldng
phai thi triidng.
Trfldng phai khdch quan cho ring, gia
tri cfla hang hda cd the do dUdc mdt
each
khach quan va dUdc quyet dinh bdi cac
nhan td' cfla qua trinh san xua't, nhfl da't
dai,
lao dgng, nguyen vat lieu va vd'n. Den
lUdt
minh, trong dai ban, gia tri
lai
dUdc
the hien qua gia ca tren thi trUdng. Dai
dien cfla trUdng phai nay la St.Thomas
Aquinas (1225-1274), John Duns Scotus
(1265-1308), William Petty (1623-1687),
Richard Cantillon (168?-1734), dac Met la
cac nba kinb te hgc cd dien, nhfl Adam
Smith (1723-1790), David Ricardo (1772-
1823) va C.Mac (1818-1883), nhflng ngUdi
eho rang ngudn gd'c duy nha't cfla giatri la
Ifldng lao dgng xa hgi cin thidt de san xua't
ra hang hda trong mgt bd'i canh cu the.
Trfldng phai chu quan, trai lai, cho rang
vdi bat ky chi phf san xua't nhfl the nao, gia
tri cfla hang hda cflng
chi
dfldc xac dinh bdi
ldi ich (utility) ma ngUdi mua va ngUdi ban
xac dinb (mgt each kba chfl quan) vdi nhau
thdng qua trao ddi. Vdi trfldng phai
nay,
trong dai ban, giatri chfnh la gia ca. Dai
dien cfla trfldng phai nay la cac nha kinh
vien (Scholastics), cac nha trgng
thUdng
(Mercantilists), Bernardo Davanzati (1529-
1606),
Nicolas Barbon (1640-1698),
Ferdinando
Gahani (1728-1787) va cac nha kinh te bgc
tdn
CO
dien nhu William Jevons (1835-
(*) Tien si, Chu nhiem bp mon Khda hpc Xa hpi,
Nhan van va Kinh te, Khda
Quo'e
te, Dai hpe Qud'c
gia Ha Npi.
63
NGO
TULAP
1882),
Carl Monger (1840-1921), nhflng
ngfldi da dgc lap - va ddng thdi vdi Leon
Walras - phat trien ly thuyet ve ldi fch bien
(marginal utility).
Trfldng phai thi trUdng tfl bd sfl tim
kiem mdi quan he nhan qua trflc tidp gifla
cac yeu to' khach quan hoac chfl quan vdi
gia tri; cho rang giatri cfla hang hda dfldc
xac dinh bdi md'i tfldng quan gifla cung va
cau tren thi trfldng. Dai dien sdm nha't eua
trfldng phai nay cd le la John Law
(1671-
1729),
ngfldi da sfl dung quy luat cung ciu
de giai thfch nghich ly ve giatri cfla nfldc
va kim cUdng. Nhflng ngUdi hoan chinh ly
thuyet cung cau ve giatri la Leon Walras
(1834-1910) vdi md hinh cdn bdng tdng
qudt (General Equilibrrum) va Alfred
Marshall (1842-1924) vdi md hinh cdn hdng
cue
hg (Partial Equilbrum).
Hai trUdng phai khach quan va chu
quan deu khdng dfl kha nang giai dap cau
hdi ldn nha't cfla kinh te hgc, do la ldi
nhudn din tU ddu, cdi gi ldm cho nen kinh
ti tdng trUdng? Ke tfl khi trUdng phai thi
trUdng xua't hien, ngUdi ta dUdng nhU da tfl
bd cugc tim kiem mgt
each
ly giai mang
tinh triet hgc ve ban chat eua gia tri, ma
chi
cdn quan tam den gia ca vdi tU each kdt
qua cua sfl tfldng tac gifla cung va cau tren
thi trUdng. Theo tdi, day chfnh la nguyen
nhan co tfnh ly thuyet cfla sfl tdn sflng
thuyet thi trUdng hieu qua trong nhieu
thap ky. Tuy nhien, cugc khflng hoang kinh
te the gidi nam 2008 da bugc cac nha kinh
te phai xem xet lai eac ly tbuyet cfla minh.
Va tbeo tdi, dieu dau tien can xem xet lai,
chinh la ly thuyet ve gia tri.
2.
Trfldc het, ta phai tha'y ring giatri la
mgt khai niem xa hdi. Dieu nay cd nghia la
mgt vat chi cd giatri khi nd dUdc dem ra
trao ddi gifla ngudi vdi ngUdi. Mat khac,
trUdc khi dUdc dem trao ddi, vat do phai
dUdc lam
ra.
Nhu vay cd nghia la pbai cd
lao ddng. NbUng
chUa
het, sfl trao ddi ludn
dUdc tien hanh trong nhflng hoan canh xd
hgi va tU nhien khac nhau. Ta't ca nhflng
nhan to' nay deu tham gia vao viec xac dinh
gia tri; bdi le, ndi cho cflng, con ngfldi chfnh
la mgt ddng vat xa hgi.
Vi con ngUdi la mgt dgng vat xa hgi, nen
chflng ta phai xem xet cdi ngudn vat ly cua
nd. Chung ta deu biet rang, sfl vat cd hai xu
hfldng chfl dao: xu hUdng thU nhdt la duy
tri
sfl tdn tai cfla minh, xu httdng thU hai la
anh hfldng den cac
sii
vat xung quanh. Mgt
each triic quan, xu hUdng thfl nha't, tflc xu
hfldng duy tri sfl tdn tai, dfldc the hien d
lite
qudn tinh; cdn "xu hudng thfl hai, tflc xu
hfldng anh hudng den eae sfl vat xung
quanh, dfldc the hien d
lite
hdp ddn. Mgt
vat
chi
thay ddi trang thai neu cd mgt
lilc
tac ddng dfl manh de thang quan tfnh cua
nd, nhflng ddng thdi
vat
dd cflng hflt cac vat
khac.
Hdn nfla, vat ldn cd nhieu kha nang
hut dfldc vat nhd hdn, va trong trfldng hdp
hflt dfldc, nd se nhan tbem khd'i Ifldng cfla
vat nhd de trd thanh vat ldn hdn nfla.
O con ngfldi, hai xu hudng tU nhien ndi
tren
dUde
the hien d cac nhu ciu vdt ly va
cac nhu cau xd hgi. Cac nhu ciu vat ly, nhfl
an, mac, sfldi am , ndi chung nham vao
cae dd'i tUdng vat chat va cd muc dfch duy
tri Sli tdn tai cfla con ngUdi. Cdn cac nhu
cau xa hdi, nhU quyen
lUc,
sac dep, trf
tue ,
ndi chung nham vao cac dd'i tUdng
tinh than va cd muc dich gia tang Uu thi
dd'i vdi ngudi xung quanh. Cac nhu eau vat
ly la nhflng nhu cau tbiet yeu nha't nhUng
cd tinh hflu han, nghia la cd the dUdc dap
flng trgn ven; trong khi do, cac nbu ciu xa
bdi it thiet yeu hdn, nhUng lai ed the tang
vd ban.
Bat ky vat nao dUdc con ngudi san xua't
va dem trao dd'i cung nham dap flng hai
nhu cau do, nhUng vdi mflc do khac nhau.
Chang ban, mgt con ga ran cd the dap flng
64
BAN
CHAT
TUONG
TAC
XA
HQI
CUA
GlA TRI
nhu cau vat ly vdi tu each la thiic pham,
nhflng vdi nhflng
each
che bien nha't dinh,
nd cdn dap flng nhu cau xa bgi cua thflc
khach. Mflc do dap flng cac nhu cau cua con
ngfldi chfnh la gia tri. Dieu khang dinh nay
khdng mdi; bdi le, dd chfnh la dinh nghia
gia tri eua Arixtd't, ngUdi dau tien tren the
gidi nghien cflu va'n de ban chit cuagia tri.
Ta cd the tdm tit nhflng dieu vfla trinh
bay
6
tren bang cdng thflc:
V =
Vp-fVs
Trong do, V la gia tri, Vp la giatri vat
ly va Vs la giatrixa hgi. Trong cdng thflc
nay, nhin chung, Vp dUdc
xde
dinh hdi cdc
yiu to' sdn xudt, cbn Vs
dUdc xde
dinh hdi
cdc yiu tdxd hgi thdng qua trao ddi.
Viec nghien cflu sfl thay ddi ty trgng eua
Vp va Vs trong cdng thflc nay cho ta tha'y lich
sfl phat trien cua nen san xuat nhan loai.
Trong nen kinh td tfl cung tfl cap thuan
tuy, khai niem giatri khdng tdn tai, bdi
nhu tren da ndi, gia tri
cbi
xua't bien khi cd
sfl tfldng tac cfla ft nha't hai ngfldi. Tuy
nhien, mdt nen kinh te nhfl the khdng tdn
tai.
Bdi ngay ca trong nen kinh te sd khai
nha't cung da cd sfl trao ddi trflc tiep, vat
doi vat
—
xin nhac lai vf du ndi tidng ve
cai
riu ddi lay con cflu cfla C.Mac. Neu trong
nen kinh td chi cd hai ngfldi trao ddi vdi
nhau thi cae vat trao ddi eung se khdng cd
gia trixa hdi, mac dfl sfl trao ddi ddn gian
nay cd tac dung td'i da hda giatri vat ly
thdng qua sfl chuyen dd'i sd hflu den ngUdi ed
nhu cau vat ly cao hdn. NhUng neu xua't
hien ngUdi thfl ba, chang han ed hai ngUdi
cung mud'n ddi riu lay cflu, thi giatrixa bgi
xuat hien. So' ngfldi quan tam den viee sd
hflu vat eang ldn
thi itu
thi
tUcfng
ddi cfla
ngfldi sd hflu dfldc nd cang cao, nghia la gia
tri cfla vat cang tang. Ngfldc lai, ndu so' dd'i
tUdng
dUde
quan tam cang nhieu thi Uu the
tUdng dd'i cua ngUdi sd hflu nd cang it, nghia
la giatrixa hgi cua no cung cang
it.
Vi
the.
ta cd the ndi ring giatrixa hdi cfla vat ty le
thuan vdi
so'
ngUdi quan tam va ty le nghich
vdi sd'lUdng dd'i tUdng dUdc quan tam.
Khi nang suit cfla nen kinh td cdn rat
tha'p va Sli trao ddi hang hda chUa phat
trien, hiu nhU mgi thfl deu thidu thdn, md'i
quan tam chfl yeu cfla dai da so' cac thanh
vien cfla xa hdi (trfl rat ft nhflng ngfldi dflng
dau boac gidi dac tuyen(l)) la lam sao dap
flng dfldc cac nhu ciu vat ly. Khi a'y, phan
ldn cac san pham cfla nen kinh te dUdc tao
ra nham dap flng cac nhu ciu dd. Dieu nay
cd nghia la, mgt each gin dflng, ngfldi ta cd
the bd qua phin giatrixa hdi cda da sd sdn
phdm va cdng thflc giatri se la:
V
=
Vp
Hdn nfla, vi cd the bd qua phan giatrixa
hdi,
ta cflng cd the ndi ring giatricua vat
dfldc quyet dinh bdi cae yeu to' san xuat. Do
phan ldn cac yeu to' san xuit khi do cd lien
be trflc tiep vdi lao dgng, nen ngfldi ta
ngbi
rang ngudn gd'c duy nha't cfla giatri la lao
dgng. Day chfnh la each ly giai cfla cac nha
kinh te cd dien.
Khi nang suit cua nen kinh te cao hdn
va sfl trao ddi bang hda phat trien hdn,
phan giatrixa bgi (Vs) cfla hau bet cac san
pham khdng the bd qua. Trong qua trinh
nay, thi trfldng ddng vai trd chfl chd't. Di
nhien, thi trfldng cd giflp lam tang giatri
vat ly cfla hang hda thdng qua viee hdp ly
hda sd hflu, nhflng vai trd chinh cfla nd la
lam tang dot bien so' ngUdi quan tam den
mgt dd'i tUdng (hang hda) nha't dinh. Thi
trUdng cang phat trien va cang tU do thi
cang cd nhieu ngUdi mong mud'n sd hflu dd'i
tUdng do. Dieu nay cd nghia la Uu the cfla
ngfldi sd hflu dfldc dd'i tfldng se tang len,
hay ndi each khac, giatrixa hdi cua dd'i
tUdng se tang len. NhU da phan tich d tren,
(1) Ddi khi cdn diidc gdi la gidi tinh hda (elite). (Tac
gia - N.T.L).
65-
NGO
TULAP
de tang giatrixa hdi cua hang hda ngUdi ta
cflng cd the chgn each giam so' Ifldng tUdng
dd'i cfla hang hda so vdi sd ngfldi quan
tam
-
day khdng pbai cai gi khac hdn la quy luat
cung cau.
Trong thiic te, de tang sd ngUdi quan
tam, ngUdi ta cd the sfl dung nhieu hien
phdp nhdn tqo khac nhau, thudng gap nhit
hien nay la quang cao. De giam mdt each
tUdng ddi
so'
lUdng
hang hda so vdi sd' ngUdi
quan tam, each
thudng
dflng la thay ddi
miu ma, tfnh nang cfla hang hda. Ngoai ra,
ngudi ta eung cd the van dung nhflng dac
diem tu nhien cfla hang hda de tao ra
sil
khac biet, chang ban
lUa
chgn thdi diem de
san xua't cac loai hoa qua trai vu.
Trai vdi giatri vat ly, giatrixa hgi
khdng c6 gidi ban. Chinh dieu nay se giflp
chflng ta dUa ra cau tra ldi cho eau hdi d
tren: nguon gdc cua
sit
tdng trttdng chu yiu
ndm d
sit
gia tdng gid tri xd hgi dudi tac
dgng cfla cac yeu
to'duy
tam(2).
3.
Nhflng dieu trinh bay sd Ifldc d tren cd
mgt thdng diep ro rang: giatri la mgt san
pham cfla tfldng tacxa hdi. Nd khdng bat
bien va ehung ta cflng khdng the xac dinh
mgt
each
khach quan. Tuy nhien, chflng ta
cd the nghien cflu cae nhan td' tae ddng den
sfl bien ddi cfla giatri de giai thfch cac hien
tfldng kinb te hoac dieu hanh nen kinh te.
Mgt vi du la nghien cdu ly do cua tinh
trqng chdm phdt triin. Bi kich eua eac nen
kinh te kem phat trien la d chd, vi chi san
xuat cac loai san pham dap flng nhu ciu
vat ly, nen nhflng ngfldi san xua't se gap
phai nhflng gidi han khdng the vUdt qua ve
phat trien. Do eac nhu ciu vat ly la hflu
ban, nen eang san xuat nhieu thi giatri
hang hda cang giam. Neu sd Ifldng hang
hda vfldt qua kha nang tieu thu cuaxa hgi,
•gia tri eua hang hda se giam de'n mflc rat
tha'p,
tham chf gay
ra
tinh trang khung
hoang thfla. Vi vay, cae qud'c gia cd nen
kinh te chfl yeu
diia
vao ndng nghiep, danh
ca, tbu cdng nghiep ludn luan quin trong
vdng ngbeo ddi.
Chung ta cung co thi sff dung ly thuyit
gid tri not tren di gidi thich cugc khung
hodng kinh
tindm
2008. De di hieu hdn, ta
cd the hinh dung xa hgi chi bao gdm nhflng
ngfldi trdng lua va hai ngfldi budn ban bit
ddng san la A va B. Gia sfl A ban cho B mgt
ngdi nha gia 100 trieu ddng, B lai ban lai
ngdi nha dd cho chfnh A vdi gia 120 trieu
ddng, nghia la anh ta dfldc lai 20 trieu
ddng. Sau dd, A lai ban chfnh ngdi nha nay
cho B vdi gia 140 trieu ddng va rdi B tiep
tue ban ngdi nha cho A vdi gia 160 trieu
ddng. Neu khdng cd mdt nguyen nhan nao
do chat dflt chudi mua ban nay, thi qua
trinh dd cd the keo dai vd tan va sau mdi
lan giao dich, ngUdi ban deu cd lai. Trong
khi dd, vi nhu cdu vdt ly ve gqo
Id
hqn chi
va each trdng
Ifla
ndi cbung khdng thay doi
nen giatri cfla gao ndi chung la cd' dinh.
Nhin tren quy md toan xa hdi, td'ng giatri
tai san khdng ngflng tang len. Khi dd, de
nen kinh td van hanb binh thfldng, mgt
khoan tien tfldng flng vdi sfl gia tang tdng
gia tri dd phai dfldc bdm vao theo mgt
each
nao dd.
Trong xa hdi gian Ifldc nay, vd dai the,
mflc sd'ng cfla nhflng ngfldi kinh doanh bat
dgng san tang len rat nhanh, bdi giatrixa
hdi cfla nhflng bit ddng sin ma hg sd hflu
tang nhanh, cdn mflc sd'ng cfla ngfldi trdng
lua khdng he bi anb hudng, neu khdng ndi
la cd the dUde cai tbien ddi chflt (Chang
han cd the la vdi ldi nhuan thu dUdc, A va B
(2) Nen kinh te duy tdm: nen kinh te
diia
tren
nhiing yeu td va
thUdc
do tinh than, khae vdi nen
kinh te truyen tho'ng
diia
tren nhiing yeu to' va
thiide
do vat chat. Xin chd nham
\hn
duy tam vdi
me tin di doan (N.T.L). Xem them bai Go cda nin
kinh ti' duy tdm trong "Minh triet cua gidi han".
Nxb Hpi Nha
van.
Ha Npi, 2005.
66
BAN
CHAT TUONG
TAC
XAHOI CUA
GlA
TRI
se nang cap cd sd ha tang, cai tie'n cong
nghe, phat trien giao
due,
hay tham chf con
trd giup cho ngUdi trdng lua de nang cao
nang suit). Bflc tranh nay ndi chung la tfch
Clic,
ngoai trfl mgt dieu la sU khac biet ve
mflc sd'ng, hay ndi khac di la khoang each
giau ngheo gifla nhflng ngfldi kinh doanh
bat dgng san vdi ngUdi trdng
Ifla
tang len
nhanh chdng. Qua trinh nay se tiep tuc
dien ra nhfl vay cho den khi cd mgt ly do
nao dd lam gian doan chudi mua ban gifla
AvaB.
Khi do dieu gi se xay ra? TrUdc hdt, gia
nha se dot ngdt rdi xud'ng, mac dfl cd le
khong bao gid cd the xud'ng den mflc bang
hoac thip hdn gia ban diu. Tuy nhien,
lUdng
tien da bdm ra thi trUdng
trUde
dd de tUdng
flng vdi mflc tang gia bit dgng san van cdn
lai va se tac ddng len toan bd cac tai san cfla
xa hgi, d day la ca bat dgng san lan
Ifla
gao.
Dieu cd the dfl doan se la lam phat.
Bflc tranh tren
day
tuy rat gian Ifldc,
nhUng ve ban chat chinh la nhflng gi da
dien ra tren thiie te. Va, dieu nay dien ra
vdi sfl hd trd die lflc cfla nha nude thdng
qua ngan hang qud'c gia vdi cdng cu chfnh
cfla nd la dong tien phap dinh. Vi, tren thiic
te,
ddng tien phap dinh
chi
ddn thuan la
mgt y niem, nha nUdc cd the de dang bdm
vao thi trUdng mgt
lUdng
tien khdng ban
che ma khdng gay ra lam pbat, mien la
lUdng
tien bdm them do tUdng flng vdi
sii
gia tang cfla td'ng giatri tai san. NhUng,
nhu chung ta tha'y d phan trfldc, tdng gia
tri tai san eua xa hdi bi anh hfldng bdi
nhflng ye'u to' duy tam va vi the, bat ky lflc
nao sfl rd'i loan cflng ed the xay ra.
Dl nhien, tren thflc te khdng
ehi
ed
nganh kinh doanh bat ddng san mdi cd kha
nang gay ra bit dn tai chinh. Cd the ndi,
trong nen kinh te hien dai, tuyet dai da so'
cac nganh kinh doanh deu chfla diing nguy
cd nay. Tuy nhien, nhflng nganh dich vu
chfla dung nhieu nguy cd hdn la cac nganh
san xua't, va nganh nao cang ft yeu to' vat
chat thi lai cang tiem an nhieu nguy cd.
Nganh kinh doanb ba't dgng san la nganh
dUdc nhic den nhieu tfl kbi xay ra cugc
khflng hoang tai chfnh den nay, nhflng
nguy cd chfl ydu dfldc tao ra tfl viec dinh gia
bat dgng san, chfl khdng phai la trong qua
trinh xay dflng. Nganh kinh doanh chflng
khoan tham chf cdn chfla dflng nhieu nguy
cd hdn. Dieu nay ed the tha'y rd qua nhflng
gi dien ra vdi thi trfldng chflng khoan Viet
Nam. Trong mgt thdi gian rat ngin, giatri
tai san cfla nhieu nha dau tfl da tang len
vfldt mgi du doan, khien nhieu ngUdi nhanh
chdng trd nen giau ed. Khi dd, Nha nUde da
bdm rat nhieu tien vao
lUu
thdng cho tUdng
flng vdi tdng giatri tang them, giup cac nha
giau mdi ndi nhd chflng khoan nay cd the
vat chat boa cac giatri tang them. Dieu
dien
ra
sau do mgi ngUdi deu biet rd. Khi
gia chflng khoan dot ngdt giam xud'ng cflng
vdi gia bat dgng san, Ifldng tien bdm them
nay da gay ra lam phat d mflc hai con so'.
O day, chflng ta phai lflu y mgt van de
mang tfnh dao dflc. Chung ta da tha'y trong
bflc tranh tren, khi kinh te tang trUdng, sU
giau cd mdi chfl yeu rdi vao tay nhflng ngfldi
kinh doanh d khu vflc duy
tam
hda cao, tflc
la vao tay nhflng ngfldi giau, va hiu nhU
khdng ed tac dung cai thien mflc sd'ng cua
nhflng ngfldi lao dgng trong cac khu vflc
truyen thd'ng cd mflc do duy tam hda thap,
tflc la nhflng ngUdi ngbeo. Tuy nhien, khi
xay ra khflng hoang, tac dgng cfla lam phat
se dUdc phan phd'i len mgi thanh vien trong
xa hgi. Dieu nay dung tren quy md qud'c gia
va cung dflng tren quy md qud'c te. Khi kinh
te the gidi eat canh, eac giatri mdi dUdc tao
ra chfl yeu rdi vao nhflng qud'c gia phat trien
va hau nhu khdng giflp fch gi cho cac
nUdc
ngheo. Tuy nhien, khflng khoang lai tac
dgng den mgi qud'c gia.
Q
67
. doanh chflng
khoan tham chf cdn chfla dflng nhieu nguy
cd hdn. Dieu nay ed the tha'y rd qua nhflng
gi dien ra vdi thi trfldng chflng khoan Viet
Nam mdi ndi nhd chflng khoan nay cd the
vat chat boa cac gia tri tang them. Dieu
dien
ra
sau do mgi ngUdi deu biet rd. Khi
gia chflng khoan dot ngdt giam