Giải pháp huy động vốn đầu tư thực hiện chiến lược phát triển đội máy bay của tổng công ty hàng không việt nam đến năm 2010

BO GIAO DUC VA DAO TAO TRUONG DAI HOC KINH TE QUOC DAN V , /nz /nz PHAM TRI PHUONG GIAI PHAP HUY DONG VON DAU TU THUC HIEN CHIEN LUOC PHAT TRIEN DOI MAY BAY CUA TONG CONG TY HANG KHONG VIET NAM dEn NAM 2010 , , Z _ Z? Z Z Z? /N LUAN VAN THAC SY KINH TE • • CHUYEN NGANH: KINH TE} PHAT TRIEN NGUOl HUONG DAN KHOA HOC: TS PHAM NGOC LINH ■ HA NOI - 2003 Toi xin chan cam an thay giao, Tien sy Pham Ngoc Linh cung toan the cac thay, co trong trodng, cac dong chi lanh dao co quan cung cac dong nghiep va ban be da tan tinh giup toi hoan ban luan van Trong qua trinh thuc hien luan van chac chan khong tranh khoi nhtfng thieu sot va han che nhat dinh Tac gia rat mong va tran don nhan nhung y kien dong gop cua cac thay, co, cac dong chi lanh dao co quan cung dong nghiep va ban doc Ha Noi, 20 thang 06 nam 2003 Pham Tri Phuong i MUC LUC I MO DAU Tinh cap thiet cua de tai Muc dich va y nghla nghien cun cua luan van , Pham vi nghien ciru va doi tugng nghien cun Cac phuong phap nghien cun Nhung dong gop khoa hoc cua luan van Bo cue cua luan van CHUONG I TONG CONG TY HANG KHONG VIET NAM VA SU CAN THIET HUY DONG VON DAU TUPHAT TRIEN DOI MAY BAY 1.1 GlOl THIEU CHUNG VE TONG CONG TY HANG KHONG VIET NAM 1.1.1 Qua trinh hinh va phat trien 1.1.2 Vai tro cua nganh hang khong nen kinh te quoc dan 1.1.3 To chuc bo may 1.1.4 Dac diem nganh nghe 12 1.2 CHIEN LUOC PHAT TRIEN DOI MAY BAY VA SUCAN THIET HUY DONG VON DAU TUPHAT TRIEN DOI MAY BAY CUA TONG CONG TY HKVN 1.2.1 Chien luge phat trien doi may bay cua Tong cong ty HKVN 14 1.2.1.1 Cac yen toanh hudng den chien lifcfc phat trien dpi may bay 14 1.2.1.2 Chien htpc phat trien dpi may bay cua Tong cong ty HKVN 18 1.2.2 Su cln thiet huy dong von dau tu phat tri^n doi may bay cua Tong cong ty Hang khong Viet Nam 1.3 VON DAU TU VA CAC HINH THUC HUY DONG VON DAU TU CUA 20 DOANH NGHIEP NOI CHUNG VA CUA TONG CONG TY HKVN NOIRIENG 1.3.1 Von dau tu cua doanh nghiep co che thi truemg 20 1.3.2 Cac hinh there huy dong von dau tu cua Tong cong ty HKVN 28 1.3.3 Cac nhan to anh huong den kha nang huy dong von dau tu cua Tong cong ty HKVN ii CH VONG II THUC TRANG HUY DONG VON DAU TUPHAT TRIEN DOI MAY BAY CUA TONG CONG TY HANG KHONG VIET NAM 2.1 TINH HINH SAN XUAT KINH DOANH CUA TONG CONG TY HKVN 37 2.1.1 Ket qua san xuat kinh doanh 37 2.1.2 Kinh doanh van tai hang khong 40 2.1.3 Kinh doanh ngoai van tai hang khong 41 2.1.4 Nhung du bao ve nhu cSu phat trien cua Tdng cong ty HKVN 42 4g 2.2 THUC TRANG DOI MAY BAY VA CONG TAC HUY DONG VON DAU TU PHAT TRIEN DOI MAY BAY CUA TONG CONG TY HKVN 2.2.1 Thue trang ve doi may bay cua Tong cong ty HKVN 48 2.2.1.1 Thitc trang doi may bay 48 2.2.1.2 Danh gid thitc trang doi may bay ciia Tong cong ty HKVN 49 2.2.2 Thue trang huy dong von dau tu phat trien doi may bay cua Tong cong ty HKVN 54 2.2.2.1 Dae diem vd corca'u ngiion von vd tai san ciia Tong cong ty HKVN 55 2.2.2.2 Von nitdc 61 2.2.2.3 Von mtac ngoai 63 2.3 DANH GIA CHUNG VE KHA NANG HUY DONG VON DAU TU PHAT TRIEN DOI MAY BAY CUA TONG CONG TY HKVN ,A 2.3.1 Nhung lpi the cua Tong cong ty HKVN viec huy dong von dau tu 64 2.3.2 Nhung van de ton tai can giai quyet viec huy dong von dau tu phat trien doi may bay 66 CHUONG GIAI PHAP HUY DONG VON DAU TU DE THUC HIEN CHIEN LUOC PHAT TRIEN DOI MAY BAY CUA TONG CONG TY HANG KHONG VIET NAM 3.1 NHUNG DINH HUONG TRONG CHIEN LUOC PHAT TRIEN DOI 6g MAY BAY CUA TONG CONG TY HKVN 3.1.1 Quan diem phat trien va muc tieu phat trien chung cua Tong cong ty HKVN 68 3.1.2 Nhung dinh hudng ldn chien lucre phat trien doi may bay cua Tong cong ty HKVN 70 3.1.3 Nhu cau von dau tu de phat trien doi may bay cua Tong cong ty HKVN 73 3.1.3.1 Dae diem thi tntcmg von ciia nganh hang khong 73 iii 3.1.3.2 Nhu can von dan tit de phat trien dpi may bay cna Tong cong ty HKVN 75 gj 3.2 GIAI PHAP HUY DONG VON DAU TUDE THUC HIEN CHIEN LUOC PHAT TRIEN DOI MAY BAY CUA TONG CONG TY HKVN 3.2.1 Doi vdi ngudn vdn nude 82 3.2.1.1 Von ngan sach cap 82 3.2.1.2 Von tit tich lay tit hoat dong san xuat kinhdoanh 83 3.2.1.3 Von vay itn ddi trongnitdc (tit Qny hdtraphat trien) 89 3.2.1.4 Cac ngudn von khac 90 3.2.2 Von nude ngoai 93 3.2.2.1 Von vay hd traphat trien (ODA) cna cac Chinh phii va to chitc cpioc te 93 3.2.2.2 Phat hanh trai phieii qud'c te 94 3.2.2.3 Von vay tin dung xuat khan cu.a cac ngan hang thitang mai nitoc ngoai (cac ngan hang Xuat nhap khau- EXIMBANK ciia cac mtdc cling cap may bay) 95 KET LUAN DANH MUC TAI LIEU THAM KHAO 100 iv DANH MUC CAC BANG BIEU, HINH VE Hinh 1.1 Sa to chiic Tdng cong ty hang khong Viet Nam Bang 1.1 Co cau doi may bay cua cac hang hang khong Hiep hoi cac hang hang khong ch&u A Thai Binh Duong Bang 2.1 Ket qua thuc hien cac chi tieu tai chfnh giai doan 1996-2002 37 Bang 2.2 Ket qua van tai hang khong cua Vietnam Airlines 40 Bang 2.3 Tong hop dir bao thi trudng hang khong Viet Nam giai doan 2001-2010 44 Bang 2.4 Thi phan cua Vietnam airlines va du bao den 2010 45 Bang 2.5 Tdng hop van chuyen hanh khach cua Vietnam Airlines giai doan tbr 1991 va du bao den 2010 11 46 Bang 2.6 Co cau doi may bay cua Vietnam Airlines khai thac 48 Bang 2.7 Hieu qua von dau tu cua Vietnam Airlines 51 Bang 2.8 So sanh gitra phuong an di thue va phuong an vay dau tu may bay cua Vietnam Airlines 53 Bang 2.9 Co cau von chii so huu cua Vietnam Airlines 55 Bang 2.10 Co cau von vay cua Vietnam Airlines 57 Bang 2.11 Co cau tai san cd dinh cua Vietnam Airlines 59 Bang 3.1 So may bay can khai thac cua Vietnam Airlines giai doan 2001-2005 75 Bang 3.2 Ke hoach bo sung doi may bay sb huu cua Vietnam Airlines giai doan 2001-2005 ’ 76 Bang 3.3 Dir kien doi may bay cua Vietnam Airlines den nam 2005 77 Bang 3.4 So may bay can khai thac cua Vietnam Airlines giai doan 2006-2010 77 Bang 3.5 Ke hoach bo sung doi may bay sb huu cua Vietnam Airlines giai doan 2006-2010 78 Bang 3.6 Du kien doi may bay cua Vietnam Airlines den nam 2010 79 Bang 3.7 Nhu ciiu von mua may bay cua Vietnam Airlines 79 Bang 3.8 Phuong an huy dong von dau tu phat trien doi may bay cua Vietnam Airlines theo tirng giai doan 80 Bang 3.9 Gia tri trfch khau hao hang nam cua Vietnam Airlines 84 Bang 3.10 Du kien trfch khau hao may bay cua Vietnam Airlines bd sung vao quy khau hao giai doan 2001-2010 85 Du kien loi nhuan va phan phoi loi nhuan cua Vietnam Airlines giai doan 2001-2010’ 87 Bang 3.11 V DANH MUC CAC TIT VIET TAT STT Ky hieu Noi dung 01 AAPA Hiep hoi cac hang hang khong Chau A Thai Blnh Duong 02 AIRIMEX Cong ty Xuat nhap khdu hang khong 03 ASEAN Hiep hoi cac quoc gia Chau A Thai Blnh Duong 04 CB-CNV Can bo- Cong nhan vien 05 DNNN Doanh nghiep Nha nude 06 EU Cong dong Chau Au 07 EXIMBANK Ngan hang xuat nhap khau ’ 08 FDI Dau tu true tiep nude ngoai 09 FED 10 HK He thd'ng du tru Lien bang Hoa Ky Hang khong 11 HKVN Hang khong Viet Nam 12 ICAO TO chuc hang khong dan dung quoc te 13 IATA Hiep hoi van tai hang khong quoc te 14 IRR He so hoan von noi bo 15 LASU Dieu kien cho vay doi vdi may bay loai ldn 16 LIBOR Lai suat cho vay tren thi trudng lien ngan hang Luan Don 17 MASCO Cong ty dich vu hang khong san bay Da Nang 18 NASCO Cong ty dich vu hang khong san bay Noi Bai 19 NPV Gia tri hien tai thuan (hien gia thuan) 20 ODA HO trq phat trien chlnh thuc 21 OECD To chuc hop tac va phat trien kinh te 22 SASCO Cong ty dich vu hang khong san bay Tan Son Nhat 23 SXKD San xuat kinh doanh 24 Quy PTKD Quy phat trien kinh doanh 25 ThueTNDN Thue thu nhap doanh nghiep 26 VAT Thue gia tri gia tang 27 Vietnam Airlines Hang hang khong Quoc gia Viet Nam 28 VINAPCO Cong ty Xang dau Hang khong 29 VNA Vietnam Airlines (trong tai chinh la khoi hach toan tap trung) 30 XHCN Xa hoi chu nghia 31 XNK Xuat nhap khau -1- Md DAU Tfnh cap thiet cua de tai Trong Chien lupc phat trien kinh te- xa hoi cua Viet Nam thcfi ky 2001-2010 da xac dinh phai khong ngung doi mdi he thong cac doanh nghiep Nha nude, phat trien doanh nghiep Nha nude nhung nganh san xuat, dich vu quan trong; xay dung mot so nganh chu dao nhu dau khl, dien luc, hang khong, buu chmh-vidn thong, cac tap doan kinh te ldn, cd nang luc canh tranh tren thi trudng nude va quo'c te De thuc hien dupe vai tro chu dao do, hien cac Tong cong ty dang nd luc tim cho minh cac phuong an chien luge phat trien thlch hop de cd the phat trien mot each nhanh va vung chac Tong cong ty Hang khong Viet Nam la mot doanh nghiep dupe lap tren co so Hang Hang khong Quo'c gia (don vi true tiep khai thac dpi may bay) va cac doanh nghiep cung cap cac dich vu cho hoat dong cua cac may bay nhu xang dau hang khong, xuat nhap khau hang khong, dich vu sua chua bao dudng may bay, thuong mai mat dat, suat an tren may bay, Trong chien lupc phat trien chung cua minh, Tong cong ty Hang khong Viet Nam da xac dinh viec khong ngtrng phat trien dpi may bay la mot nhiem vu trung tarn cua Tong cong ty bdi vi chi cd phat trien dpi may bay thi mdi cd the dap ung dupe nhu cau tang trudng cua thi trudng van tai hang khong, dap ung dupe muc tieu phat trien cua Tong cong ty (doanh thu tu hoat dong khai thac cac tuyen bay chiem tdi gan 80% doanh thu cua Tong cong ty) Hon niia, tong so 29 may bay tai thdi diem cuoi nam 2002, Tong cong ty mdi chi cd 09 may bay so him loai nhd, bay tarn ngSn (02 chiec Fokker-70 va 07 chiec ATR-72), lai toan bo so' may bay khai thac chinh (Boeing, Airbus: bay cac tuyen giua Ha Noi, Da Nang, Sai Gon va bay cac tuyen Quo'c te) deu phai di thue nude ngoai de sir dung Viec phat trien dpi may bay cung se la co so de phat trien cac doanh nghiep dich vu true thuoc Tong cong ty Tu nhung ly do, chien lupc phat trien chung, Tong cong ty Hang khong Viet Nam dac biet quan tarn tdi viec phat trien dpi may bay va da xay dung them Chien lupc phat trien dpi may bay rieng -2- Tuy nhien, thuc hien Chien luge phat trien doi may bay, Tdng cong ty Hang khong Viet Nam da gap phai kho khan rat ldn la tim dirge du nguon von de nhap kheiu so lugng ldn may bay vdi gia tri len tdi gan ty USD Do vay, viec nghien cun, danh gia thirc trang va tim cac giai phap huy dong cac nguon von dau tu cho phat trien doi may bay cua Tdng cong ty la mot yeu cau het sue cap bach Vdi y nghia de tai nghien cun cua luan van la het she can thiet Muc dich va y nghia nghien ciru ciia luan van Qua viec danh gia ve nhu cau von de phat trien doi may bay, phan tich nhung thuan lgi va kho khan viec huy dong von dd thirc hien Chien luge phat trien doi may bay cua Tdng cong ty Hang khong Viet Nam, tir de xuat he thong cac giai phap dd huy dong von mang tfnh kha thi cao Doi tunng va phain vi nghien cun Doi tuang nghien cihi cua luan van la Tdng cong ty Hang khong Viet Nam Pham vi nghien cihi: Trong ludn van tap trung nghien cuu co che va giai phap de thirc hien huy dong von nhdm phat tridn doi may bay cua Tdng cong ty HKVN giai doan tir den 2010 Trong phan thuc trang cung nhu giai phap huy dong von chii yeu phan tich ve Hang Hang khong Quoc gia Viet Nam khoi hach toan tap trung (VNA) vi day la doi tugng chfnh se thuc hien viec huy dong von va khai thac doi may bay Doi vdi cac doanh nghiep thuoc khoi hach toan doc lap va lien doanh Tdng cong ty chi xem xet mot vai yeu to co lien quan Cac phuong phap nghien ciru Luan van sir dung phuong phap he thong hoa, phuefng phap thong ke, du bao kinh te ket hgp vdi viec so sanh, tdng hgp, phan tich, danh gia cac so lieu de dua cac giai phap phu hgp -87- 3.2.1.2.2 Doi vdi guy phat trien kinh doanh Quy phat trien kinh doanh dupe hinh chu yeu th nguon loi nhuan cua hoat dong san xuat kinh doanh sau da nop thue thu nhap doanh nghiep (nam 2001, 2002 la 32%) va trich cac khoan du phong (du phong tai chinh, du phong tro chp mat viec lam, du phong giam gia chdng khoan, du phong chenh lech ty gia), trich quy khen thuong phuc loi theo khung quy dinh Doi voi nguon vo'n nay, tren co so muc tieu la loi nhuan tang 10% den nam 2005 (rieng nam 2003 du kien giam 15% so voi 2002 dich benh SARS) va tang khoang 8-10% giai doan 2006-2010 cua Tong cong ty da dat ra, kien nghi dua o day la tap trung nguon loi nhuan sau thue de tai dau tu (trich toi thieu 85% loi nhuan sau’thue de tai dau tu) Tren co so ta tinh duoc ngudn von cua quy phat trien san xuat cac giai doan 2001-2005, 2005-2010 cung nhu ca thdi ky 2001-2010 cua Vietnam Airlines lam co so xac dinh nguon von phat trien kinh doanh nhu sau X >X /X BANG 3.11: DU KIEN LQI NHUAN VA PHAN PHOI LQI NHUAN CUA VIETNAM AIRLINES GIAI DOAN 2001-2010 Doni vi rinh: Ty dong Nam Tong loi nhuan Loi nhuan chiu thue Thue thu nhap DN LN bo sung Trich lap vao quy cac quy PTKD khac 2001 411 316 101 264 47 2002 752 641 205 465 82 2003 639 559 156 410 72 2004 703 622 174 450 79 2005 773 692 194 493 87 3.279 2.830 831 2.081 367 851 769 192 560 99 Giai doan 2001-2005 2006 -88- 2007 927 845 211 609 107 2008 1.011 928 232 662 117 2009 1.092 1.009 252 714 126 2010 1.179 1.096 274 769 136 Giai doan 2006-2010 5.060 4.647 1.162 3.313 585 Thdi ky 2001-2010 8.338 7.477 1.992 5.394 952 Ghi chit' + Trong tQng loi nhuan cd khoan thu tit cac lien doanh da tinh thue TNDTI roi nen khdng chiu thue TNDN tai Tdng cong ty nita + Dit kien mite thue'TNDN nam 2003-2005 la 28% (theo Du thao sita doi Luat thue TNDN da duoc Quoc hoi thong qua tai Ky hop thit Quoc hoi khoa XI thang 0512003), giai doan 2006-2010 du kien 25% (bang mite thue'TNDN ma cac lien doanh nuoc dang dp dung, phii hop voi chuong trinh cai each thue cua Nhd nuoc la tien tdi khdng phan biet cac loai hinh doanh nghiep) Nhu vay, giai doan 2001- 2005 quy phat tridn kinh doanh se duqc bd sung la 2.081 ty ddng, giai doan 2006-2010 la 3.313 ty ddng va ca thdi ky 20012010 la 5.394 ty ddng Tuy nhien, quy phat trien kinh doanh khong the dung het cho viec dau tu mua may bay ma mot phSn de dau tu phuc vu cac trang thiet bi mat da't, cac cong trinh xay dung co ban med khac Mac du vay, kien nghi d day dua la thdi ky 2001-2010 VIETNAM AIRLINES can tap trung von cho viec phat trien doi may bay va danh tdi thieu 70% quy phat trien san xuat de mua may bay Neu thuc hien theo kien nghi thi sd von th quy phat trien san xuat de dau tu cho doi may bay giai doan 2001-2005 se la 1.457 ty ddng bang 12,0% nhu cau von mua may bay giai doan tuong ung, giai doan 2006-2010 se la 2.319 ty bang 15,4% nhu cau von mua may bay va tdng thdi ky 2001-2010 se la 3.776 ty ddng bang 13,9% tdng nhu cau vo'n mua may bay ca thdi ky (Du kien von tit Quy PTKD de dau tu cho doi may bay duqc tinh dBang 3.8) -89- 3.2.1.3 Von vay tai dcii nitilc (tit Quy lhc> traphat trien) Theo kinh nghiem cua cac Hang Hang khong Quoc gia khu vuc, giai doan dau phat trien cac Quoc gia thuong cap von tu ngan sach de dau tu mot doi may bay du manh tuong xUng vdi tiem nang hoat dong cua Hang Hang khong Quoc gia va hinh anh cua Hang Hang khong Quoc gia tren thi ' trudng hang khong quoc te Doi vdi Viet Nam cho den thOi diem hien nay, Nha nudc mdi chi xem xet tdi kha nang hd tro thong qua viec ghi thu- ghi chi cac khoan thue thu nhap doanh nghiep ma Hang phai nop, kha nang truc tiep cap bo sung von van rat han che Tuy nhien, dd'i vdi nhung chuong trinh dau tu duoc Nha nudc khuyen khich va ung ho co the duoc xet cho vay vdi lai suat thap va thdi han vay von dai thong qua Quy Hd tro phat trien Viet Nam Du an dau tu phat trien doi may bay cua Vietnam Airlines la mot du an duoc ung ho ve mat chu truong nen thuoc doi tuong duoc uu tien vay von hd tro phat trien cua Chinh phu De tan dung duoc co hoi nay, Tdng cong ty can xay dung mot cach cu the va chi tiet ve nhu cau von doi ung hang nam cung nhu phuong an tra no mot cach chac chan de lam co sd xay dung ke hoach can doi nguon von cho vay cua Quy hang nam dam bao cung ca'p kip thdi nguon vo'n theo dung tien cua hop dong mua may bay cua Vietnam Airlines vdi cac do'i tac Ben canh cung can phai ky mot hop ddng khung tai tro von giua Tong cong ty Hang khong vdi Quy hd tro phat trien co su chap thuan cua Chinh phu de dam bao kha nang trien khai du an dung tien Ve chu truong chung, Tong cong ty Hang khong da kien nghi va Chinh phu chap thuan tai tro thong qua Quy hd tro phat trien khoang 90 trieu USD giai doan 2001-2005 bang 11,5% tdng nhu cau vo'n giai doan Tuy nhien, cho den tien cap von cua Quy khong dap ung duoc tien cua hop dong mua may bay cua Vietnam Airlines gay kho khan cho viec can doi nguon von doi ung nudc Do'i vdi nguon von nay, Tong cong ty can kie'n nghi Chinh phu tiep tuc thuc hien tai tro de dau tu may bay cho giai doan 2006-2010 khoang 10% tdng nhu cau von dau tu phat trien doi may bay tuc la khoang 88 trieu USD Con va'n de tien tai tro, Tong cong ty can co kie'n nghi cho phep thay the khoan chenh lech giua luong -90- von cam ket tai tro va luong von thuc te tai tro bang mot nguon von khac va thuc hien phuong an hd tro lai suat sau dau tu (cap bu lai suat chenh lech giua khoan thuc vay bang nguon von khac va lai suat uu dai) 3.2.I.4 Cac ngudn von khac 3.2.1.4.1 Von huy ddng tic noi bo Tong cong ty HKVN Nguon von bao gom viec huy dong tu cac don vi noi bo Tong cong ty va can bo cong nhan vien Doi vai cac don vi noi bo Tong cong Hien nay, muc tieu chien luoc cua Tong cong ty Hang khong Viet Nam la se chuyen sang hoat dong theo mo hinh Cong ty me- Cong ty Trong dieu kien do, vdi viec ket nap them nhieu cong ty se tao nen mot Tong cong ty co nguon von tai cac don vi vien rat ldn De tranh thu duoc nguon von cua cac don vi vien can co mot to chuc tai chinh trung gian de dieu phoi cac nguon von cho co hieu qua Cho den nay, Tong cong ty vin chua lap duoc mot to chuc tai chinh trung gian phuc vu cho -hoat dong kinh doanh cua Tong cong ty Chinh vi vay, Tong cong ty can nhanh chong lap cong ty tai chinh hang khong de dam trach duoc nhiem vu Ben canh do, cong ty tai chinh duoc lap cung la co so de Tong cong ty thong qua cong ty tai chinh thuc hien tot cac bien phap huy dong von tu CB-CNV Tdng cong ty cung nhu thuan loi cho viec phat hanh co phieu thu hut von tu ben ngoai Doi vai viec huy dong von td can bo- cons nhan vien cua Tong cong ty Hinh thuc huy dong von tu can bo- cong nhan vien don vi la mot hinh thuc huy dong von rat hay da duoc nhieu doanh nghiep thuc hien cong Doi vdi Tong cong ty Hang khong kenh huy dong von la tuong doi thuan loi vi so luong lao dong hien la rat ldn (12.000 lao dong) va so can bo- cong nhan vien Tong cong ty hang khong co muc thu nhap la tuong doi cao so vdi cac doanh nghiep khac Ne'u chi tinh trung binh huy dong tu mdi can bo cong nhan vien Tong cong ty mdi nam 10 trieu dong thi den 2005 da huy dong duoc 360 ty dong bang 3% nhu cau von giai doan 2001-2005 va giai doan 2006-2010 dat khoang 720 -91- ty bang 4,8% tdng nhu cau von, tinh chung ca hai thdi ky se co thd huy dong duoc tren 080 ty dong tuong duong vdi 4,0% tong nhu cau von cho ca thdi ky Viec huy dong von td CB-CNV khong nhung tao mot loi the ve chi phi von thap (mUc huy dong thap hon muc phai di vay ben ngoai) ma la mot bien phap rat tot de nang cao tinh gan bo va tinh than trach nhiem cua mdi CB-CNV doi vdi Tdng cong ty, hon nua day la mot co so het suc thuan loi tien hanh cd phan hoa cac don vi truc thuoc hay tham chi ca mot bo phan Hang hang khong 3.2.1.4.2 Von hanh co phieu, trai phien Trong co che thi trudng viec phat hanh cd phieu hay trai phieu la mot cong cu rat quan trong viec huy dong von tu ben ngoai cua mdi doanh nghiep d nudc ta hien loai hinh huy dong von mdi budc vao giai doan dau vdi su hinh cua thi trudng chUng khoan Doi vdi Tdng cong ty HKVN, de co the phat hanh duoc cd phieu trudc het phai tien hanh cd phan hoa mot so doanh nghiep truc thuoc ma Tdng cong ty khong can ndm giu 100% von hoat dong co hieu qua va co so' von chu so huu ldn nhu Cong ty Dich vu hang khong san bay Tan Son Nhat (SASCO: von chu so huu 305 ty ddng), Cong ty Xang dau Hang khong (VINAPCO: vo'n chu so huu 115 ty), Cong ty Xuat nhap kh^u hang khong (AIRIMEX: von chu so huu 21 ty), Cong ty xay dung cong trinh hang khong (18 ty) Tham chi' co the de nghi Nha nudc cd phan hoa chfnh Hang Hang khong Quoc gia vdi dieu kien von Nha nudc van giu cd phan da so' (khoang 70% cd phan) de huy dong them von cd phan td xa hoi de dau tu truc tiep phat trien doi may bay cua Vietnam Airlines Viec thuc hien cd phan hoa khdng nhung dat duoc muc tieu huy dong them von cho dau tu phat trien ma co tac dung tich cuc viec nang cao hieu qua hoat dong SXKD cua cac doanh nghiep, day lai la co so de gia tang quy phat trien kinh doanh loi nhuan se dat o muc cao hon Ben canh viec phat hanh cd phieu, viec phat hanh trai phieu de huy dong vo'n cung se la mot kenh thu hut ngudn vo'n td ben ngoai rat co hieu qua Doi vdi Tdng -92- cong ty Hang khong co mot thuan loi de co the phat hanh trai phieu la thuc hien viec phat hanh trai phieu theo hinh thuc trai phieu cong trinh Day la mot loai hinh trai phieu mdi duoc ap dung thir nghiem d Viet Nam Trai phieu cong trinh co diem dac biet so vdi trai phieu thong thudng la loai trai phieu dupe phat hanh de phuc vu cho nhu cau d^u tu mot du an cu the nao dd De cd thd phat hanh loai trai phieu Tong cong ty Hang khong Viet Nam can phai lap tung du an rieng do'i vdi viec dau tu may bay theo tung hop ddng cu the va chung minh dupe tinh kha thi cua chinh du an dd Trong giai doan mdi thir nghiem hien va chua lap dupe cong ty tai chinh hang khong thi Tdng cong ty phai kien nghi vdi Chinh phu de thong qua Bo Tai chinh va cac co quan Chinh phu lien quan hd trp viec phat hanh Vdi tidm nang thi trudng vdn nudc, viec phat hanh trai phieu cong trinh nudc cd kha nang dap ung dupe mot ty le tuong ddi ldn cho viec phat trien dpi may bay Tuy nhien, viec phat hanh trai phieu cong trinh nudc de dau tu phat trien dpi may bay cung cd mot sd han che nhat dinh dd la thdi han cua trai phieu hien da sd la 05 nam thdi han huy dong vdn de mua may bay la 10-12 nam, cd nghia la den han tra goc thi gia tri khau hao may bay chua dap ung dupe nen lai phai tiep tuc phat hanh trai phieu dpt thu hai de tra goc va lai cho trai phieu dpt thu nhat Hon nua day la mot hinh thuc mdi nen giai doan dau chi phi cho viec phat hanh la chua xac dinh dupe cu the va cung chi dupe xac dinh thuc hien phat hanh tren thi trudng chung khoan hoac dau thau tir cac to chuc tin dung Mac du vay, lap dupe cong ty tai chinh hang khong va thi trudng tai chinh nudc phat trien thi viec phat hanh trai phieu cong trinh se la mot kenh huy dong vdn rat cd tiem nang khong chi ddi vdi Tdng cong ty Hang khong Viet Nam ma ddi vdi rat nhidu doanh nghiep cd du an dau tu vdi nhu cau vdn ldn 3.2.1.4.3 Von vay cac ngan hans thu'o'ng mai va cac to chuc tin dung nitfc Ddi vdi du an dau tu phat trien dpi may bay sd hiru cua Tdng cong ty HKVN hien nay, viec huy dong vdn tu cac ngan hang thuong mai va cac to chuc tin dung nudc nhin chung la tuong ddi thuan loi Tuy nhien, viec vay vdn thong thudng tir cac ngan hang thuong mai va to chuc tin dung nudc thudng cd muc lai suat tuong ddi cao so vdi cac ngudn vdn khac Vi vay, muc tieu chung cua Tdng cong ty -93- la phai tan dung toi da moi nguon vo'n cd chi phi vo'n tha'p, chi thuc hien vay vo'n thuong mai cac nguon vo'n khac chua du dap ung nhu cau tirng thdi ky Tuy nhien, vdi du an dau tu phat trien doi may bay cd luqng vo'n rat ldn va phai huy dong tu nhieu nguon thi viec vay vo'n thuong mai cung se la mot ngudn vo'n khong the khdng tinh den do'i vdi Tdng cong ty HKVN Hay trudng hop vo'n vay uu dai nudc khdng du tai tro cho phan vo'n do'i ung nudc thi giai phap vay vo'n thuong mai se la mot nguon thay the vo cung quan Dd'i vdi khoan vo'n vay thay the Tdng cong ty se de nghi Nha nudc cap bu chenh lech lai suat (hinh thuc hd tro lai suat sau dau tu) de dam bao can do'i dong tien te cua du an De cd the chu dong do'i vdi ngudn von nay, Tdng cong ty phai ky hop dong cam ket tai tro vo'n vdi mot ngan hang thuong mai hay to chuc tin dung cd tiem luc tai chfnh du manh de cd the thuc hien giai ngan duqc mot each kip thbi 3.2.2 Von nudc ngoai 3.2.2.1 Von vay ho traphat trien (ODA) cua cac Chinh phu va to chuc quoc te Vo'n vay tir ngudn hd tro phat trien chinh thuc (ODA) cua cac Chfnh phu va to chiic quo'c te hien chu yeu duqc thuc hien thong qua nhung chuong trinh va du an cu the cua Viet Nam Do'i tuqng cho vay theo quy dinh cua mdi nudc hay mdi to chuc tai tro khac nhung nhin chung ngudn vo'n nham thuc hien hien muc tieu la phat tridn co so tang, giup cac quoc gia dang phat trien cai each va co cau lai nen kinh te cho phu hop vdi yeu cau phat tridn Dd'i vdi Tdng cong ty Hang khdng Viet Nam, thdi gian tdi cung mdi chi cd the thu hut duqc ngudn vo'n tiep tuc phuc vu cho hoat dong dao tao ngudi lai va thq ky thuat may bay dd tung budc chuyen giao cong nghe bao dudng sira chua Ben canh dd, cd the thu hut ngudn vo'n hd tro ODA de thuc hien cac du an tang ky thuat tai san bay nhu he thong bao dudng sua chua may bay (Hanggar), he thong cung cap nhien lieu bang dudng d'ng tai cac san bay Viec thu hut ngudn vo'n ODA nhung nam tdi cd the chua thuc hien tai tro duqc cho cac du an mua may bay nhung nd gop phan giam bdt nhu cau vo'n dau -94- tu tir quy phat trien kinh doanh chung cua Tdng cong ty tao dieu kien de tap trung von cho dSu tu phat trien doi may bay 3.2.2.2 Phat hanh trai phieu quoc te Ngoai nguon von dau tu gian tiep thong qua hd trq phat trien chfnh thuc (ODA), mot loai hinh keu goi vo'n dau tu nudc ngoai gian tiep thong qua viec phat hanh trai phieu quoc te se la mot kenh huy dong vo'n quan va kinh te dac biet doi vdi cac dir an dau tu cd quy mo ldn va doi vdi cac nudc cd tin nhiem cao va rui ro thap De cd the phat hanh trai phieu quoc te Vietnam Airlines phai tien hanh dam phan va ky hop ddng phat hanh trai phieu thong qua cac td chuc tai chinh trung gian d nudc ngoai de phat hanh Chi phi vo'n doi vdi viec phat hanh trai phieu quoc te bao gom chi phi tra lai trai phieu cho ngudi ndm giu trai phieu d nudc ngoai (chu dau tu trai phieu: trai chu), them vao la khoan chi phi bao hiem rui ro, chi phi phat hanh trai phieu tra cho td chuc tai chinh trung gian nudc ngoai Theo thong tin khao sat cua Vietnam Airlines thi kha nang huy dong duqc vo'n tir ngudn phat hanh trai phieu quoc te la tuong doi ldn Tuy nhien, giai doan hien Viet Nam la nudc mdi dang giai doan tim hieu vd thi trudng nen chua tao duqc uy tin cao doi vdi nha dau tu nudc ngoai do chi phi bao hiem rui ro cho viec phat hanh trai phieu quoc te doi vdi nudc ta hien tuong doi cao, chi phi quan ly doi vdi viec phat hanh cung rift khdng nhd doi vdi nudc ta giai doan hien Cu thd, tai thdi diem hien chi phi phat hanh trai phieu tai mot so nudc khu vuc nhu sau: + Tai Philippin: 9,875%/nam + Tai Han Quoc: 8,625 %/nam + Tai Thai Lan: 7,750%/nam + Tai Indonesia: 7,625 %/nam + Tai Hong Kong: 8,005 %/nam + Tai Malaysia: 8,750%/nam -95- Ben canh do, hanh lang phap ly cho viec phat hanh trai phieu quoc te cua cac doanh nghiep Viet Nam hien cung chua duoc ro rang nen se kho khan cho cac doanh nghiep thdi gian dau phat hanh Tuy nhien, day la mot ngudn von co y nghia ra't ldn va co kha nang huy dong duoc vdi so' luong khong nho Chfnh vi vay, Vietnam Airlines can phai tich cuc hon nua viec tim hi£u them kha nang phat hanh trai phieu quo'c te tai cac thi trudng tai chfnh phat trien khac nhu thi trudng London, thi trudng Singapore de tim kie'n nguon von vdi chi phi vo'n canh tranh nha't di doi vdi viec de xua't vdi Nha nudc can khan truong hoan thien he thong phap ly viec phat hanh trai phieu quoc te' cung nhu tro giup cac doanh nghiep ve thong tin thi trudng, ve quy trinh va cac thong le doi vdi viec phat hanh trai phie'u quoc te Do'i vdi Vietnam Airlines giai doan tu do'n 2005, kha nang huy dong ngudn vd'n tu phat hanh trai phieu qud'c te mac du chua nhieu (do chi phi co the khong canh tranh bang cac ngudn vo'n khac) nhung se la mot giai phap dac biet quan trong giai doan 2006- 2010 va nhung giai doan tiep theo 3.2.2.3 Von vay tin dung xuat khau cua cac ngan hang thuong mai nudc ngoai (cac ngan hang Xuat nhap khau- EXIMBANK cua cac nudc cung cap may bay) Nhu da de cap d Chuong 2, tai cac quoc gia phat tridn thudng co mot ngan hang xuat nhap khau hay goi la td chuc tin dung xuat khdu (EXIM BANK) de hd tro cho hoat dong xuat khau va nhap khau cua cac doanh nghiep, dac biet la hd tro nham khuyen khfch cac doanh nghiep nudc co dieu kien de xuat khau mot nhung mat hang ma chfnh phu khuyen khfch co hoat dong xuat khau may bay Trong giai doan tu den 2010, viec dau tu phat trien doi may bay cua Vietnam Airlines tap trung chu yeu vao hai loai may bay la Boeing cua My va Airbus cua Chau Au Mot co hoi rat thuan loi viec huy dong vo'n tin dung xua't khau vdi chi phi tha'p cua Vietnam Airlines hien la cac td chuc tin dung xua't khau cua My (US EXIMBANK) va cac td chuc tin dung xua't khau cua Chau Au (COFACE, ECGD, HERMES) san sang ca'p bao lanh cho cac khoan vay dd mua -96- may bay Boeing hoac Airbus Ngoai tinh kha thi cua phuong an duoc the hien ro cac uu dai cua cac to chuc tin dung xuat khau danh cho cac khoan vay tin dung xuat khau mua cac may bay than ldn (thuc hien theo quy dinh LASU cua cac nudc OECD) Theo cac quy dinh LASU (Large Aircraft Sector Understanding), cac nudc vay von tin dung de mua may bay than lon duoc hudng theo quy che lai suat va cac dieu kien co ban sau: > So tien cho vay: Muc toi da la 85% gia tri hop dong mua may bay (bao gom ca dong co va phu tung du phong ban dau) > Thdi han vay: Thdi han vay toi da doi vdi mdi hop dong la 12 nam > Lai sua't vay: ben di vay co the lua chon theo hai phuong an: - Phucng an thu nhat: Tinh lai sua't co dinh ca thdi gian hop dong cu the nhu sau: + Doi vdi khoan vay co thdi han 10 nam duoc tinh bang lai suat trung binh 10 nam (muc triet kha'u cua trai phieu kho bac nhu d Hoa Ky FED cong bo theo tung thdi diem) cong them 1,2%/nam + Doi vdi khoan vay co thdi han 12 nam duoc tinh bang lai sua't trung binh 10 nam (muc triet khau cua trai phieu kho bac nhu d Hoa Ky FED cong bo theo tdng thdi didm) cong them 1,75%/nam - Phucng an thu hai: Tinh lai ■ sua't theo phuong an tha nOi cu the nhu sau + Doi vdi khoan vay co thdi han 10 nam duoc tinh bang lai sua't cho vay trung binh tren thi trudng lien ngan hang Luan Don (London Inter-Bank Offered Rate) cong them 0,5%/nam (LIBOR + 0,5%) + Doi vdi khoan vay co thdi han 12 duoc tinh bang lai sua't cho vay trung binh tren thi trudng lien ngan hang Luan Don (London Inter-Bank Offered Rate) cong them 0,75%/nam (LIBOR + 0,75%) Trong bo'i canh hien tren thi trudng tai chinh quo'c te co nhieu bien dong ve lai sua't huy dong vo'n, muc lai sua't cho vay bang USD dang giam manh Theo thong bao cua FED fund (My), muc lai sua't triet kha'u trai phieu kho bac My den -97- mUc thap nhat vong 40 nam Day la mot co hoi rat tot de Vietnam Airlines co the huy dong mua may bay vdi chi phi thap Neu lua chon theo phuong an thu nhat (tinh lai suat co dinh cho ca thdi ky) thi vdi thdi han vay 12 nam, muc lai suat gop cho khoan vay tin dung xua't khau cung chi vao khoang LIBOR+0,5% /nam uu the ve lai suat hon han cac ban chao cua cac ngan hang thuong mai nudc vdi cung thdi han vay la LIBOR+2,5%/nam De co the trien khai vay tin dung xuat khau d mUc toi da 85% nhu cau vo'n va thdi gian toi da (12 nam), ben canh nhung nd luc cua minh, Tong cong ty HKVN de nghi Chinh phu chi dinh Bo Tai chinh dung bao lanh va khong thu phi bao lanh doi vdi cac giao dich vay von mua may bay thdi gian tdi Nguon vo'n tin dung xua't khau la kha thi va hap din ve mat lai sua't Tuy nhien co the se phat sinh mot so' vudng mlc ve mat phap ly can duoc giai quyet tham chi can co su hd tro cua Nha nudc nhu de thuc hien phuong an To chuc tin dung xuat khau Hoa Ky (US EXIMBANK) yeu -cau Viet Nam phai thong qua Cong udc Cape Town Convention la cong udc quy dinh ve viec bao dam quyen loi cua cac ben cho vay va ngudi bao lanh do'i vdi cac tai san di dong co gia tri cao co may bay -98- KET LUAN Trong nhung nam qua, Tong cong ty Hang khong Viet Nam ma nong cot la Hang Hang khong Quo'c gia Viet Nam (Vietnam Airlines) da khong ngirng phat trien va ldn manh, gop ph£n quan vao su nghiep phat tridn kinh te da't nudc theo hudng cong nghiep hoa, hien dai hoa Tuy nhien, qua trinh phat trien, ben canh nhung thuan lqi Tong cong ty da gap phai khong ft nhung kho khan ma dac biet la van dd huy dong so lupng ldn vdn dau tu de thuc hien Chien lupc phat trien dpi may bay nhftm tung budc tang ty le sd huu, thay the dan viec di thue may bay hien Thuc hien Chien lupc phat tridn dpi may bay se giup Tdng cong ty nang cao hieu qua hoat dong kinh doanh, tang tinh chu dong viec khai thac dpi may bay, nang cao nang luc dap ung nhu c