Thẩm định dự án đầu tư trực tiếp nước ngoài tại ngân hàng ngoại thương việt nam thực trạng và giải pháp

2196 TRUONG DAI HOC KINH TE QUOC DAN *** D6 Thi To Quyen DAI HOC K I'QD TRUNG TAM THONG TIN THlJ VIEN THAM DINH DUAN DAU TUTRUC TIEP NUOC NGOAI TAI NGAN HANG NGOAI THUONG VIET NAM THUC TRANG VA GIAI PHAP Chuyen nganh: Kinh te Dau tu LUAN VAN THAC SY KINH TE nguOi huOng dAn khoa hoc: pgs.ts nguyEn bach nguyet DAI HOC KTQDr TRUNG TAMP THONG TIN THUVIEN Ha noi, nam 2006 2196 MUC LUC Danh mue bang bieu, so do, hinh ve Tom tat luan van Ldi noi dau Choong 1: ly luan chung ve duan dau tutruc tiep NUdc ngoai va tham dinh duan dau tu truc tiep nuOc ngoai tai cac ng an hang thuong mai 1.1 Mott o vVn nd ly luan vedu an d au tu true tiep nndc cgoai 1.1.1 Khai niem va vai tro eua da an dau tu true tiep nude ngoai 1.1.1.1 Dau tu true tiep nude ngoai (FDI) va khai niem du an dau tu true tiep nude ngoai 1.1.1.2 Vai tro eua eae du an FDI 1.1.2 Cae dae trimg eua Du an FDI 1.1.3 Chu ky eua du an FDI 11 1.1.4 Phan loai du an FDI 12 1.1.5 Cae noi dung dupe soan thao du an FDI 13 1.2 Ngan hang thuongruai va co ng tec tg am dinh dunn ddu tu true t1e'r> n udc ngoai 18 1.2.1 Ngan hang thuong mai va hoat dong tai trp eho eae du an dau tu viv kinh te 18 1.2.1.1 Khai niem ngan hang thuong mai va vai tro eua ngan hang thuong mai ndn kinh te 18 1.2.1.2 Hoat dong eho vay theo du an tai ngan hang thuong mai 20 1.2.2 Ccng tae tham dinh du an FDI tai eae ngan hang thuong mai 20 1.2.2.1 Khaimem tham dinndd an FDI tai nnanhaud thu^n mai 21 1.2.2.2 VV tro cua cong tac tham dinh hoat dong chovay du an FDI tai cac ngan hang ihuong mai 22 1.2.2.3 Chai luong cOng iac ihdm ninh da an FDt va cac nhan io anh huong nen chai luong cOng iac Cham ninh da an FDt Cai Ngan hang ihuong mai 23 1.2.2.4 YY1 c an c uacong gac chain dinh da an FDItai ngan hang tfiuong mai 24 1.2.2.5 Qcy irlnh To chac iham ninh da an FDt iai ngan hang ihuong mai 25 1.2.2.6 Phuong phap iham ninh da an FDt iai ngan hang ihuong mai 26 F 1.2.2.7 NN dungtham miniid a an roi tai n gan nang thuong mm 29 Chuong 2: thUc trang cong tac tham dinh du an dau tutruC tiep nuOc ngoai tai ngan hang ngoai thUOng viet nam 40 2.1.Gioi ihiec khai qcai ve Ngan hang Ngvai ihuong Viei Ncm 40 2.1.1 Lich sa hinh ihanh va phai irien cuc Ngan hang Ngvai ihuong Viei Ncm 40 2.1.2 Nhang hvai nong chu yec cuc Ngan hang Ngvai Cduonh Viei Ncm 41 2.1.3 Kei qua hvai nong kinh dvcnh cuc NHNTVN 42 2.2 TThc Iraan ccnn tac chfim dinn du a n FDI Iai NHNTTV 44 2.2.1 Khai qcai hvai nong iai iro chv cac dc an FDt iai NNNT ihdi gicn qcc 44 2.2.1.1 Chrnh sach iai iro noi vdi dc an co von FDt 44 2.2.1.3 Dae dHim hh^ donn tai tro dd cm FDD taa NHNN 45 2.2.1.2 Yen cac, nhiem vu cOng iac iham ninh dc an FDt iai NNNT 45 2.2.2 Thcc trang cOng iac iham ninh dc an FDt iai NNNT ■ 46 2.2.3 Danh gia ihcc Crnnh cOng iac iham ninh dc an FDt iai NNNT 61 2.2.3.1 CCc ketqqc daa duuc 61 2.2.3.2 Cac mat han che cong tac tham dinh dir an FDI tai NHNT 67 2.2.3.3 Nguyen nhan cua nhung han che cdng tac tham dinh du an FDI tai NHNT 73 Chuomg 3: mot so giai phap nham nang cao chat luOng cong tac tham dinh du’an CO VON DAU TUTRUC TIEP NUdC NGOAI TAI NGAN HANG NGOAI THUONG 82 3.1 Chien lupc tin dung ddi vdi cac dir an FDI cua Ngan hang Ngoai thuong Viet Nam thdi gian tdi 82 3.2 Co sd cua viec d6 xuat cac giai phap nham nang cao chat lupng cong tac tham dinh dir an cd vdn dau tir true tiep nude ngoai tai Ngan hang Ngoai thuong 84 3.3 Mot so' giai phap nham nang cao chat lupng cong tac tham dinh du an cd vdn dau tu true tiep nude ngoai tai Ngan hang Ngoai thuong 84 3.3.1 Giai phap ve noi dung tham dinh 84 3.3.2 Nhom giai phap ve phuong phap tham dinh 91 3.3.3 Giai phap vd ky thuat tham dinh 101 3.3.4 Giai phap ve to chtrc tham dinh 106 3.3.5 Giai phap ve quan ly 108 3.3.6 Nhom giai phap ve nhan su, dao tao 109 3.3.7 Nhom giai phap hd trp 110 Kien nghi 113 Ket luan 116 Danh muc tai lieu tham khao 117 Phu luc 120 DANH MUC CAC BANG BIEU, SO DO, HINH VE Bang 2.1:Ket qua hoat dong kinh doanh cua NHNT nam gan nhat va quy 1/2006 42 Bang 2.2 : Chat luqng tin dung cua NHNT 43 Bang2.3 : Phan loai no va trich lap du phong rui ro tai thoi diem 31/12/2005 44 Bang 2.4: Tinh hinh cho vay, thu no, du no doi vdi khu vuc FDI tai NHNT thcti gian qua 62 Bang 2.5: Ty le No qua han/ Tong du no chung 63 Bang 3.1: Xac dinh doanh thu va cong suat tai diem hoa von tra no cua Du an D£y chuyen II cua Cong ty lien doanh xi mang Chinfon Hai Phong 90 TRUONG DAI HOC KINH TE QUOC DAN *** DO Thi To Quyen THAM DINH DUAN DAU TUTRUC TIEP NUOC NGOAI TAI NGAN HANG NGOAI THUONG VIET NAM THUC TRANG VA GIAI PHAP Chuyen nganh: Kinh te Dau tu LUAN VAN THAC SY KINH TE TOM TAT LUAN VAN THAC SY Ha noi, nam 2006 Ldi noi dau Tinh cap thiet cua de tai Ngan hang Ngoai Thuong Viet Nam la mot ngan hang quoc doanh hang dau, da tirng tai trq rat nhieu cac du an ldn Tuy nhien, ddi vdi nhung du an co vdn dau tu true tiep nude ngoai thi Ngan hang Ngoai Thuong cung nhu cac ngan hang thuong mai nude khac, mdi chi tham gia tai trq rat it Vd hinh chung, str yeu kern cua cac ngan hang thuong mai nude da tao dieu kien cho cac ngdn hang nude ngoai chiem linh thi tru’dng mot nude ma cac du an ldn d6u cac nha dau tu nuoc ngoai ndm giu, dong thdi lai cung cac ngan hang nude ngoai chi phoi thi he thong ngan hang thuong mai nude khong the coi la vung manh Nhan thuc duqc dieu do, bat dau tvr nam 1996, Ngan hang Ngoai thuong Viet Nam la ngan hang dau tien manh dan tham gia tai trq cho cac du an ldn cd vdn dau tu nude ngoai Tuy nhien, de tai trq cho cac du an dau tu true tiep nuoc ngoai dat hieu qua la mot van de het she kho khan Trong do, cdng tac tham dinh du an dong vai tro quyet dinh Ben canh vide tuan thu dung quy trinh nhu ddi vdi cac du an dau tu nude, viec tham dinh cac du an cd vdn dau tu nude ngoai phai dam bao phu hop vdi thong 16, luat phap quoc te Yeu to nude ngoai phuc tap va nhung dac thu cac du an ddi hoi can bo tham dinh phai xem xet that ky ludng, chat che Qua gan 10 nam tham gia tai trq cho cac du an dau tu true tiep nude ngoai, chua dai, chua du thdi gian de danh gia day du hieu qua cua nhung du an ma Ngan hang Ngoai thuong tham gia nhung cung da phan nao phan anh thuc trang cdng tac tham dinh ddi vdi cac du an Nhung van de ton tai, nhung bai hoc kinh nghiem cung da du thdi gian de tong ket va kip thdi tim phuong hudng, bien phap khac phuc ii Nhan thUc duoc y nghia thiet thuc va tarn quan cua van de, la mot can bo cua Ngan hang Ngoai thuong, ket hop giua nhung van de ly luan va thuc tien cong tac, toi da lua chon de tai: “ Tham dinh du an dau tu true tiep nude ngoai tai Ngan hang Ngoai thuong Viet Nam - Thue trang va giai phap ” Muc dfch nghien cuu cua luan van - Tren co sb nghien cuu he thong nhung van de ly luan ve du an dau tu truc tiep nudc ngoai va tham dinh du an dau tu truc tiep nudc ngoai, luan van phan tfch thuc trang cong tac tham dinh cac du an tai Ngan hang Ngoai thuong, danh gia nhung mat duoc, nhung han che ton tai va tim nguyen nhan cua nhung ton tai - Th nhung van de ly luan va thuc ti6n, luan van de xuat mot so giai phap nham nang cao chat luong cOng tac tham dinh cac du an dau tu truc tiep nudc ngoai tai Ngan hang Ngoai thuong Doi tuong va pham vi nghien cuu cua luan van Doi tuong nghien cuu cua luan van la toan bo cac van de lien quan den cong tac tham dinh cac du an co von dau tu truc tiep nudc ngoai bao gom: phuong phap tham dinh, noi dung tham dinh, quy trinh tham dinh va mot so van de lien quan khac Pham vi nghien cuu cua luan van: Gidi han cac du an dau tu truc tiep nudc ngoai ma Ngan hang Ngoai thuong Viet Nam da tham dinh va tham gia tai tro th nam 1996 den Phuong phap nhien cuu cua luan van Luan van su dung cac phuong phap nghien cUu khoa hoc: tong hop, phan tfch, vat bien chUng, so sanh, doi chieu, du bao va cac cong cu tin hoc iii Bong gop cua luan van He thong hoa va iam sang to nhung van de iy iunn ve du an dau tu true tiep nude ngoai, tham dinh eae du an tai ngan hang thuong mai Van dung iy iunn de tong ket, danh gia thue trang eong tae tham dinh du an dau tu true tiep nude ngoai tai Ngan hang Ngoai thuong Neu ro nhung ket qua va han ehe eaa hoat dong Dua mot so giai phap nham gpp phan nang eao ehat iupng tham dinh du an dau tu true tiep nude ngoai doi vdi Ngan hang Ngoai thuong P.Ket eau iunn vnn Ldi mo dau Chuong 1: Ly iunn ehung ve du an dau tu true tiep nude ngoai va tham dinh du an ddu tu true tiep nude ngoai tai eae ngan hang thuong mai Chuong 2: Thue trang eong tae tham dinh eae du an dau tu true tiep nude ngoai tai Ngan hang Ngoai thuong Viet Nam Chuong 3: Mot so giai phap nham nang eao ehat iupng eong tae tham dinh du an dau tu true tiep nude ngoai tai Ngan hang Ngoai thuong Viet Nam Dvt: USD at 2016 2017 2018 2019 2020 2021 10 11 12 13 14 100% 100% 100% 100% 100% 2022 15 100% 100% 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 41.93 41.93 41.93 41.93 41.93 41.93 41.93 46.49 46.49 46.49 46.49 46.49 46.49 46.49 97,262,000 97,262,000 97,262,000 97,262,000 97,262,000 97,262,000 97,262,000 88,420,000 8,842,000 88,420,000 8,842,000 88,420,000 8,842,000 88,420,000 8,842,000 88,420,000 8,842,000 88,420,000 8,842,000 88,420,000 8,842,000 Dvt: USD BANG 8: KET QUA SAN XUAT KINH DOANH Khoan muc So TT Nam lich •Nam duan Tong Doanh thu Nam dau tu N3m hoat donq 2007 •> 2008 2008 2007 •• 2009 2010 2011 ■ eo 2012 2013 11,789,333 79,578,000 88,420,000 Tong Chi phi 9,642,790 64,538,975 66,594,246 64,159,398 61,726,080 59,631,975 57,764,678 57,623,778 - Chi phi hoat dong 6,362,614 41,974,022 45,596,556 45,405,061 45,215,240 45,027,526 44,848,075 44,693,946 - Khau hao 1,327,718 7,966,310 7,966,310 7,966,310 7,966,310 7,738,650 6,600,350 6,600,350 - Lai vay von co dinh 1,143,152 9,039,158 6,779,368 4,519,579 2,259,789 564,947 - 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 - Lai vay von lull dong 266,633 1,799,087 1,969,667 1,966,954 1,964,264 1,961,604 1,959,061 1,956,877 - Thue VAT phai nop 542,672 3,760,398 4,282,344 4,301,494 4,320,476 4,339,247 4,357,193 4,372,605 Thu nhap trudc thue 21,825,754 24,260,602 26,693,920 28,788,025 30,655,322 30,796,222 Thue thu nhap 2,146,544 - 15,039,025 1,127,927 1,636,932 3,639,090 4,004,088 4,318,204 4,598,298 4,619,433 Thu nhap rong 2,146,544 13,911,098 20,188,822 20,621,512 22,689,832 24,469,822 26,057,024 26,176,789 Ldi nhuan tich luy 2,146,544 16,057,641 36,246,464 56,867,975 79,557,808 104,027,629 130,084,653 156,261,441 Cac chi tieu danh gia a Lai rong /Doanh thu (%) b Lai rong/ Von DT (%) c Doanh so hoa von 7,404,834 48,927,405 45,853,333 62.81% 61.48% 51.86% d Cdng suat hoa von e Thdi gian hoa von f Gia thanhtoan bo/don vi SP 18.21% 17.48% 22.83% 23.32% 25.66% 27.67% 29.47% 1.33% 8.65% 12.56% 12.82% 14.11% 15.22% 16.20% 41,852,333 47.33% 37,854,101 42.81% 34,409,264 31,335,565 38.92% 35.44% 29.61% 16.28% 31,080,712 35.15% 6 5 4 36 36 33 32 31 30 29 29 2014 2015 2016 2017 10 11 12 2018 13 2019 2020 4£ IO 14 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 57,484,739 57,347,652 57,212,617 57,079,735 56,949,114 56,820,867 55,949,816 44,541,852 44,391,895 44,244,181 44,098,823 43,955,938 43,815,651 43,678,090 6,600,350 - 6,600,350 - 6,600,350 - 6,600,350 - 6,600,350 - 6,600,350 - 6,600,350 88,420,000 1,954,722 1,952,597 1,950,504 1,948,444 1,946,420 1,944,432 1,197,185 4,387,815 4,402,810 4,417,582 4,432,118 4,446,406 4,460,435 4,474,191 30,935,261 31,072,348 31,207,383 31,340,265 31,470,886 31,599,133 32,470,184 4,640,289 4,660,852 4,681,108 4,701,040 4,720,633 4,739,870 4,870,528 26,294,972 26,411,496 26,526,276 26,639,226 26,750,253 26,859,263 27,599,656 182,556,414 208,967,909 235,494,185 262,133,411 288,883,664 315,742,927 343,342,584 29.74% 29.87% 30.00% 30.13% 30.25% 30.38% 31.21% 16.35% 16.43% 16.50% 16.57% 16.64% 16.70% 30,829,225 34.87% 30,581,270 34.59% 30,337,024 30,096,674 29,860,414 34.31% 34.04% 33.77% 29,628,448 33.51% 17.16% 28,185,857 31.88% 4 4 4 29 29 29 29 28 28 28 BANG 9: BAO CAO NGAN LUU THEO QUAN DI^M TONG DAU TU(Tip - danh gia kha n3ng dimg vCrng ve mat tai chinh cua tong the toan bo dy an) Khoan muc So TT Nam Iich NSmdu an Ngan luu vao ' 2006 Nam dau tu Nam hoat ddng zUUo 2007 “ 11 a b - Tong doanh thu - -DAR - c - Thanh ly TSCD Ngan luu a - Chi dau tU 2009 2010 2011 2014 y 2013 2012 2015 - 11,081,973 75,510,680 87,889,480 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 - 11,789,333 79,578,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 0 0 (707,360) (4,067,320) (530,520) 88,334,695 22,490,888 49,927,704 51,531,040 53,795,426 55,326,004 - 55,517,356 55,659,721 55,775,188 55,653,651 43,773,109 47,566,223 80,696,480 b - Chi phi san xuat 47,372,015 47,179,504 46,989,130 46,807,136 46,650,823 c -DAP (636,261) (3,561,141) (362,253) 19,149 18,982 18,771 17,945 15,413 d -DCB 190,878 1,068,342 108,676 (5,384) (4,624) 5,362,405 563,505 (5,695) - (5,631) 911,678 (5,745) - 542,672 - 3,760,398 4,282,344 4,301,494 4,320,476 4,339,247 4,357,193 4,372,605 1,127,927 1,636,932 3,639,090 4,004,088 4,318,204 4,598,298 4,619,433 23,979,640 34,094,054 33,093,996 32,902,644 32,760,279 32,644,812 32,766,349 e DI f - Thue VAT phai nop •J - Thue TNDN 6,629,247 NCF [1-21 NPV (Tip: @ = 10,29%) IRR (22,490,888) 76,956,860 18,43% (49,927,704) (69,614,507) Dvt: USD _ 2016 2017 10 2018 2019 2020 2021 12 13 14 2022 15 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 141,200,317 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 0 0 0 - - - - - - 52,780,317 55,535,325 - 55,418,652 - 55,303,715 - 55,190,600 - 55,079,399 - 54,970,207 - 54,229,623 46,496,574 46,344,492 46,194,685 46,047,267 45,902,358 45,760,082 44,875,275 15,209 14,996 14,771 14,536 14,288 14,029 13,756 (4,563) - (4,499) - (4,431) (4,361) - (4,287) - (4,209) - (4,127) 4,387,815 4,402,810 4,417,582 4,432,118 4,446,406 4,460,435 4,474,191 4,640,289 4,660,852 4,681,108 4,701,040 4,720,633 4,739,870 4,870,528 32,884,675 33,001,348 33,116,285 33,229,400 33,340,601 33,449,793 86,970,694 Khoan muc So Nam lich TT Nam da an Ngan luu vao a b - Tong Doanh thu “ - Nam hoat dong NSm dau tir 2006 2007 •2 •1 2008 89,762,500 75,510,680 11,789,333 79,578,000 30,630,773 - 78,680,527 - -Vay NHTM 2010 30,630,773 - 10,688,700 - - DAR 2009 (707,360) c - Thanh If TSC0 10,688,700 - Ngan luu 22,490,888 49,927,704 94,881,957 a - Chi dau tu 22,490,888 - 49,927,704 80,696,480 (4,067,320) - 2011 2012 2013 2014 2015 87,889,480 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 0 0 (530,520) - 80,470,951 43,773,109 - 85,274,448 85,108,740 83,040,303 68,856,247 55,775,188 55,653,651 47,566,223 b - Chi phi san xuat 47,372,015 47,179,504 46,989,130 46,807,136 46,650,823 d -DAP - (636,261) (3,561,141) (362,253) 19,149 18,982 18,771 17,945 15,413 e - DCB - 190,878 1,068,342 108,676 (5,745) (5,695) (5,631) (5,384) (4,624) f - Tra no vay NHTM - 7,458,941 34,302,316 32,042,526 29,782,737 27,522,947 h - Thue VAT phai nop - 3,760,398 4,282,344 4,301,494 4,320,476 4,339,247 4,357,193 4,372,605 i - Thue TNDN - 542,672 - 1,127,927 1,636,932 3,639,090 4,004,088 4,318,204 4,598,298 4,619,433 (4,960,271) 2,615,032 3,311,260 5,379,697 19,563,753 32,644,812 32,766,349 NCF H-2l (11,802,188) NPV (Epv: @ = 15%) IRR 6,629,247 (19,296,931) (5,119,457) 13,196,526 42,022,484 25.02% BANG 11: CAN DOI NGUON TRA NO VON VAY VA HOAN VON DAU TU Ndm dau tir Khoan muc TT NSm lich Nam dir an 2006 ■* *■ ■ Nam hoat dong 2007 “I 2008 2009 2010 2011 2012 2013 2014 2015 4,617,414 30,916,566 34,934,501 33,107,401 32,915,932 32,773,419 Lai vay VCD 1,143,152 9,039,158 6,779,368 4,519,579 2,259,789 564,947 KHCB tir DA (trich 100%): 1,327,718 7,966,310 7,966,310 7,966,310 7,966,310 7,738,650 6,600,350 6,600,350 Lgi nhuan DA (trich 100%): 13,911,098 - 20,188,822 - 20,621,512 - 22,689,832 - 24,469,822 26,057,024 26,176,789 34,302,316 32,042,526 29,782,737 27,522,947 13,196,526 I Nguon tra ng: a b c d Bo xung nguon khac 2,146,544 - Tong mure tra ng hang nam 7,458,941 32,657,373 32,777,138 2016 2017 2018 2019 2020 2021 10 11 12 13 14 2022 15 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 141,200,317 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 88,420,000 0 0 0 - - ■- - - 52,780,317 55,535,325 55,418,652 55,303,715 55,190,600 55,079,399 54,970,207 54,229,623 46,496,574 46,344,492 46,194,685 46,047,267 45,902,358 45,760,082 44,875,275 15,209 14,996 14,771 14,536 14,288 14,029 13,756 (4,563) - (4,499) - (4,431) (4,361) (4,287) (4,209) (4,127) 4,387,815 4,402,810 4,417,582 4,432,118 4,446,406 4,460,435 4,474,191 4,640,289 4,660,852 4,681,108 4,701,040 4,720,633 4,739,870 4,870,528 32,884,675 33,001,348 33,116,285 33,229,400 33,340,601 33,449,793 86,970,694 Dvt: USD iiiuu uitvw nguwn naiiy nam Luy ke nguon tra ng (2,841,527) He so KN tra ng hang nam 0.62 He so KN tra ng nhd nhat 0.62 1.17 He so KN tra no trunq binh II Hoan von gian don Chi dau tir (22,490,888) (49,927,704) (80,696.480) Gia tri dau tu1 (22,490,888) (72,418,592) (153,115,072) Thu nhap gian don Ddng tien gian don Thdi gian thut hien tra ng von vay 0 3,474,262 (149,640,810) 6.25 (J.JODJDU) z.oyi.yzo (6,227,277) (3,335,302) 0.90 21,877,408 (127,763,402) nam 1.09 3,324,664 (10,638) 1.11 5,392,984 19,576,893 5,382,346 24,959,239 1.20 2.48 32,657,373 32,777,138 28,155,133 28,587,822 30,656,142 32,208,472 32,657,373 32,777,138 (99,608,269) (71,020,447) (40,364,305) (8,155,833) 24,501,540 57,278,678 OJ,U 1 ,OHU - OO, IZX),OZO dd.zoy.s/'o 33,350,603 33,459,613 - 34,200,006 - 32,895,322 33,011,845 33,126,625 33,239,575 33,350,603 33,459,613 34,200,006 90,174,000 123,185,845 156,312,471 189,552,046 222,902,649 256,362,261 290,562,267 £ BANG 12: PHAN TICH DO NHAYTHEO CAC BIEN Rtll RO 12_1: KHI TONG MUC VON DAU TU TANG LEN SO VOI DU KIEN 12_2: KHI CHI' PHI VAT LIEU TANG 12_3: KHI GlA SAN PHAM GIAM 1U7O NPV TIP 76,956,860 IRR TIP NPV EPV 18.43% 42,022,484 IRR EPV 25.02% Thdi gian tra nd 6.25 28,348,294 ^^4,674-103