Phát triển thị trường tiền tệ ở việt nam trong hội nhập kinh tế quốc tế

BO GIAO DUC VA DAO TAO TRUONG DAI HOC KINH TE QUOC DAN - HA NOI Nguyen Thi Thanh PHAT TRIEN THI TRUONG TIEN TE VIET NAIYI TRONG HOI NHAP KINH TE QUOC TE LUAN VAN THAC SI KINH TE DAI HOC KTQD TRUNG TAM THONG TIN THlfoflSN Ha Noi, 2002 BO GIAO DUC VA DAO TAO TRUdNG DAI HOC KINH TE QUOC DAN - HA NOI Nguyen Thi Thanh PHAT TRIEN THI TRUONG TIEN TE VIET NAM TRONG HOI NHAP KINH TE QUOC TE ■ ■ ■ LUAN VAN THAC SI KINH TE ■ ■ Chuyen nganh: KTCT- XHCN Ngirdi hirorng dAn khoa hoc: PGS.TS.Tran Binh Trong Ha NOi, 2002 Loi cam an Luan van ditoc, hoan vtii sit hitting dan va giiip dd tan tinh cua cac Thay giao, Cd giao Tritdng Dai hoc Kinh te quoc dan Toi xin bay to sit biet an chan ve tat cd sit giup dd do, dac biet la sit chi bdo hitting ddn cua PGS.TS Tran Binh Trong - Ngitdi hitting ddn khoa hoc cua Luan van Do tinh phiic tap va bao quat cua de tai nghien citu ciing vtii thtii gian nghien citu co han, de tai Luan van khong the trdnh khoi thieu sot va liqn che nhdt dinh, tac gid mong nhan ditoc cac y kien qui bdu cua cac Thay giao, Co giao, cac chuyen gia, cac nha nghien citu, cua cac dong nghiep BANG CHU THICH (III VIET TAT NH Ngan hang NHNNTW Ngan hang Nha nude Trung uong NHTW Ngan hang Trung uong NHNN Ngan hang Nha nude NHTM Ngan hang Thuefng mai NHNo&PTNTVN Ngan hang Ndng nghiep va phat trien nong thon Viet Nam NHDT&PT Ngan hang dau tu va phat trien NHTMQD Ngan hang Thuong mai quoc doanh NHTMCP Ngan hang thuong mai cd phan KBNN Kho bac Nha nude TCTD Td chile tin dung QTDND Quy tin dung nhan dan WB Ngan hang the gidi IMF Quy tien te quoc te WTO Td churc tien te the gidi XHCN Xa hoi chu nghia TBCN Tu ban chu nghia CNH Cong nghiep hoa HDH Hien dai hoa TTTT Thi trudng tien te TPKB Tin phieu kho bac DTBB Du tru bat buoc USD Do la My VND Dong Viet Nam MUC LUC MUC LUC PHAN M() DAU Trang 1 Tinh cap thiet cua de tai luan van - Muc tieu nghien cdu - 3 Doi ttfomg va pham vi nghien ciru - Phtfomg phap nghien ciru - Nhurng dong gop khoa hoccua Luan van - Ket cau cua luan van - CHUONG NHUNG VAN DE CO BAN VE THI TRUONG TIEN TE 1.1 VAI TRO CUA THI TRUONG TIEN TE DOI V6l VIEC PHAT TRIEN NEN KINH TE THI TRUCJNG 1.1.1 Khai niem va dac diem cua thi trtfcmg tien te - 1.1.2 Churc nang cua thi trtfcmg tien te - 10 1.1.3 Vai tro cua thi trtfcmg tien te nen kinh te thi trtfcmg 13 1.2 CAU TRUC, CO CHE HOAT DONG CUA THI TRUONG TIEN TE 16 VA NHAN TO ANH HUONG DEN TTTT 1.2.1 Cau true cua thi trtfcmg tien te - 16 1.2.2 Co che hoat dong cua thi trtfdng tien te - 23 1.2.3 Nhufng nhan to anh htfdng den hoat dong cua thi trtfcmg tien te 37 1.3 KINH NGHIEM CUA MOT SO NU6C VE PHAI TRIEN 43 THI TRU()NG TIEN TE 1.3.1 Thi trircmg tien te Singapore - 44 1.3.2 Thi trircmg tien te Thai Lan - 45 1.3.3 Thi trircmg tien te Inddnexia - 46 1.3.4 Bai hoc va kha nang van dung doi voi Viet Nam 47 - CHU0NG IHUC TRANG PHAT TRIEN THI TRUING 49 TIEN TE d VIET NAM 2.1 KHAI QU AT SU RA DCH VA PHAT TRIEN CUA THI TRUC1NG 49 TIEN TE O VIET NAM 2.2 THUC TRANG HOAT DONG CUA THI TRUONG TIEN TE 51 O VIET NAM 2.2.1 Hoat dong cua thi trucmg tien te lien ngan hang - 51 2.2.2 Thirc trang thi trucmg tien te mo rong - 73 - 87 2.2.3 Hoat dong dieu tiet thi trircmg tien te cua Ngan hang Nha nirdc 2.3 NHUNG HAN CHE VA NGUYEN NHAN HAN CHE TRONG 91 HOAT DONG CUA THI TRUONG TIEN TE VIET NAM HIEN NAY 2.3.1 Nhirng han che han che hoat dong cua thi trircmg tien te Viet Nam hien - 91 - 98 2.3.2 Nguyen nhan cua nhung han che hoat dong thi trircmg tien te hien CHU0NG GIAI PHAP PHAT TRIEN THI TRU0NG TIEN TE d VIET NAM TRONG DIEU KIEN HOI NHAP QUOC TE 101 3.1 CO HOI, THACH THUC VA DIEU KIEN PHAT TRIEN THI 101 TRUONG TIEN TE VIET NAM TRONG HOI NHAP KINH TE QUOC TE 3.1.1 Cot hoi va thach thurc doi vol sur phat trien thi trucmg tien te d Viet Nam dieu kien hoi nhap kinh te quoc te - 101 - 104 3.1.2 Nhurng dieu kien can thiet de phat trien thi trucmg tien te hoi nhap kinh te quoc te 3.2 QUAN DIEM VA DINH HUONG PHAT TRIEN THI TRUONG 107 TIEN TE TRONG DIEU KIEN HOI NHAP KINH TE QUOC TE 3.2.1 Quan diem phat trien thi trucmg tien te dieu kien hoi nhap kinh te quoc te - 107 - 110 3.2.2 Dinh huomg phat trien thi trucmg tien te dieu kien hoi nhap kinh te quoc te 3.3 CAC GIAI PHAP VA KIEN NGHI DE PHAT TRIEN THI TRUONG 113 TIEN TE VIET NAM TRONG DIEU KIEN HOI NHAP QUOC TE 3.3.1 Nhurng giai phap true tiep - 113 3.3.2 Nhung giai phap hd tro - 118 3.3.3 Mot so kien nghi de phat trien thi trucmg tien te o VN PHAN KET LUAN - 120 125 PHAN PHU LUC - 127 TAI LIEU THAM KHAO - 131 PHAN Md DAU Tinh cap thiet cua de tai Sau hon 15 nam doi mdi, nen kinh te nude ta duqc danh gia la da bat dau co sir khdi sSc, dat nirdc da can ban khdi khung hoang va birdc vao mot thdi ky mdi, thdi ky day manh cong nghiep hoa, hien dai hoa tao mot trinh phu hop phuong thiic san xuat cua xa hoi de hoi nhap vdi nen kinh te toan cau Vi the, viec chuyen doi nen kinh te tir tap trung quan lieu bao cap mang nang tfnh chat hien vat sang nen kinh te thi trudng, doi hoi can phai hinh va phat trien dong bo mot he thong thi trudng, bao gom nhieu phan cd mdi quan he huu co vdi Do la thi trudng hang hoa va dich vu, thi trudng sdc lao dong, thi trudng tai chfnh, thi trudng von, thi trudng tien te, v.v Khi de dudng hudng va chien luqc phat trien kinh te cua nude ta giai doan hien nay, Nghi quyet dai hoi Dang lan thur IX cung da chi ro: “ Tiep tuc tao lap dong bo cac yeu to thi trudng Thue day su hinh thanh, phat trien va tiing budc hoan thien cac loai thi trudng theo dinh hudng xa hoi chu nghia Hinh dong bo thi trudng tien te, tang kha nang chuyen doi cua dong tien Viet Nam “ [12, tr.28 ] Ve mat ly luan, phat trien thi trudng tien te la budc tat yeu de hinh nen co cau va dong luc cho su van hanh cua moi nen kinh te thi trudng Vi the, thi trudng tien te luon la mdi quan tarn hang dau cua chien luqc kinh te tat ca cac quoc gia tren the gidi Su phat trien cua thi trudng tien te duong nhien trd cong cu ly tudng cho cac cong ty hoac cac dinh che tai chihh cat tru von du thira ngSn han de su dung can den Dong thdi, thi trudng tien te lai cung cap nguon von cd chi phi thap cho Chfnh phu, cho cac cong ty va cac to ch lie trung gian ho can huy dong von ngSn han Va co the noi, hau het cac quy dau tu va cac trung gian tai chfnh deu muon nlm gift mot luong churng khoan nhat dinh tren thi trudng tien te, nhSm dap ling cac nhu cau dau tu hoac nhu cau rut tien cua khach hang Doi vdi Viet Nam, van de phat trien thi trudng tien te lai cang trd mot nhu cau biic xuc Cd the thay rang, qua trinh doi mdi nen kinh te o nude ta, yeu cau cua su tang trudng kinh te cao dang cang lam rd vai trd quan cua mot thi trudng tien te - bo phan cau huu co cua thi trudng tai chfnh, mot cong cu dSc luc nhat de cac trang thai cung va cau ve von gap Neu thi trudng tien te phat trien, nd se tao dieu kien de huy dong cac nguon luc tai chfnh va ngoai nude, phuc vu cho su nghiep cong nghiep hoa va hien dai hoa, day nhanh nhip phat trien kinh te toan quoc theo tien trinh hoi nhap vdi nen kinh te the gidi, rut ngSn khoang each giua nude ta vdi cac nude khu vuc va quoc te Tuy nhien, su phat trien thi trudng tien te nude ta d rniic thap va thdi ky so khai Trong dd, yeu cau cua canh tranh de hoi nhap vdi khu vuc va the gidi doi hoi dat nude phai cd mot thi trudng tien te du manh dong bo vdi mot trinh khoa hoc cong nghe cao, san pham hang hoa da dang, phong phu, mot doi ngu can bo phai cd trinh quan ly va ky nang nghiep vu dieu luyen Tinh hinh da dat nhung van de mdi vdi nhieu kho khan, vudng mdc can phai giai quyet Chfnh vi vay, viec nghien curu de tim cac giai phap va kien nghi cho su phat trien thi trudng tien te o Viet Nam giai doan hien la mot van de het sure can thiet si kinh te cua minh 2 Muc tieu nghien curu Luan van se hudng tdi muc tieu De xuat cac giai phap co tfnh hien thuc de phat trien cac hoat dong cua thi trudng tien te thcri gian tori, thong qua viec phan tfch va danh gia mot each khoa hoc THT cac NHTMVN Tir do, co the nhan thay duoc trien vong tang trudng cua nen kinh te cimg vdi qua trinh hoi nhap vdi khu vuc va the gidi ap dung cac giai phap mot each he thong thuc ti6n khach quan Doi tuong va pham vi nghien curu Doi tuong nghien cu*u cua Luan van la sir hoat dong cua thi trudng tien te d Viet Nam, boi canh nen kinh te dang duoc van hanh theo qua trinh hoi nhap khu vuc va toan cau Tuy nhien, phat trien thi trudng tien te la mot van de rong ldn, lien quan den nhieu linh vuc, do tac gia chi gidi han noi dung cua Luan van pham vi nghien curu hoat dong cua thi trudng tien te lien ngan hang va thi trudng tien te md rong doi vdi cac td chufc tin dung dang kinh doanh tai Viet Nam Trong do, Luan van co gang nghien cdu su tham gia thi trudng tien te cua cac Ngan hang Thuong mai Nha nude hien Phuong phap nghien cuu Chu nghia Duy vat bien chdng va Duy vat lich su la co so ly luan va phuong phap luan cho viec trien khai nghien curu van de cua Luan van Dac biet phuong phap bien chiing vat duoc van dung de xem xet tmh tat yeu cua sir phat trien thi trudng tien te hoi nhap kinh te quoc te Luan van su dung cac phuong phap phan tfch va tdng hop, phuong phap so sanh, phuong phap thong ke de tim hieu doi tuong, va ket hop vdi phan tfch kinh te tren co so cac so lieu dieu tra thuc te cua cac Ngan hang Thuong mai Viet Nam thdi gian qua Dong thdi, Luan van cung se su dung cd chon loc 3.3.2.3 Bao tao nguon nhan luc, nhan to quyet dinh su phat trien thi trudng tien te hoi nhap kinh te bi bo may van hanh, dieu hanh thi trudng tien te co du nang luc, trinh do, ban linh va kinh nghiem hoat dong ngang tarn quoc te tir nhap cuoc Co the khing dinh ding, neu nhu tat ca nhung dieu kien khac da duqc hoi du, nhung chua chuan bi tot ve doi ngu nhung ngudi quan ly van hanh thi trudng, nhung chuyen gia kinh te, ky thuat, cac nha mdi gidi, nha dau tu va cac nha tu van, v.v thi thi trudng tien te chua the di vao hoat dong va phat trien duqc Day la mot nhung kho khan ldn nha't d nudc ta de hoan thien va phat trien dong bo thi trudng tien te Theo kinh nghiem cua cac nudc, doi ngu nhung nha hoat dong tren thi trudng tai chfnh - tien te phai duqc dao tao cdng phu de ho vira am hieu ve kinh te thi trudng va luat phap, vira phai cd nghiep vu kinh doanh linh vuc tai chfnh - tien te, dong thdi lai phai cd “dao diic kinh doanh” rat cao 3.3.2.4 Thanh lap Hiep hoi cac nha dau tutren thi trudng tien te Viec lap Hiep hoi cac nha dau tu kinh doanh tren thi trudng tien te la mot van de mang tfnh ph6 bien tren the gidi Nd cd dac trung la mot hinh thiic to chiic nghe nghiep, nham benh vuc va bao ve quyen lqi hqp phap cho cac nha dau tu Bang dudng cua Hiep hoi, cd the tham gia hoc hoi kinh nghiem cung nhu dao tao ttr cac nha ddu tu tai chfnh - tien te quoc te, qua dd khong ngimg nang cao kha nang kinh doanh va han che cac rui ro hoat dong tren tri trudng 119 3.3.2.5 Thanh lap cong ty chiet khau cac giay td co gid Nham tao cho thi trudng giay td cd gia hoat dong theo dung nghia cua nd va de cac cong cu thi trudng tien te trd hang hoa thuc sir thi dieu can thiet phai lap cong ty chiet khau cac giay td cd gia Cong ty cd nhiem vu chiet kha'u cac gia'y td cd gia cua bat cu vien nao cd nhu cau Nhu vay, se ra't linh hoat viec chuyen doi gia'y td cd gia chu sd huu can tien Dieu lam tang them tinh khoan cua cac giay td cd gia Tao dieu kien de hoat dong cua thi trudng tien te dupe phat trien Cong ty chiet kha'u cac gia'y td cd gia nam pham vi quyen han va dupe dieu chinh bdi luat va chiu sir quan ly cua NHTW 3.3.2.6 Thanh lap cong ty mdi gidi tdi chinh Viec lap cac cong ty moi gidi tai chfnh se co y nghia ra't ldn ddi vdi moi vien tham gia thi trirdng Cac cong ty se cung cap cac thong tin ve lai suat, ty gia, thdi han, khoi lupng d nudc va quoc te, cua cac ddi tac di vay, cho vay tren thi trudng Cac thong tin dupe cong ty mdi gidi cung cap kip thdi, hieu qua, tin cay, dap ufng tot cac yeu cau cua khach hang Cac cong ty mdi gidi tai chfnh se hoat dong mdi gidi nhieu loai tien khac va tri hoat dong bang each thu phi tir cac khach hang vdi mdc phi tuong doi thap 3.3.3 Mot so kien nghi de phat trien thi trudng tien te d Viet Nam Qua su phan tfch cua Luan van, cd the neu len mot so' kien nghi de phat trien thi trudng tien te dieu kien hoi nhap kinh te quoc te Thir nhat, la kien nghi vdi Nha nudc ve he thong luat phap cho sir phat trien thi trudng tien te Cd the ndi, muon chu dong hoi nhap mot each hieu qua thi Viet Nam phai chuan bi du nhung dieu kien can thiet Trudc het va cd the coi la viec quan nhat, dd la viec chung ta can phai cd chuong trinh xay dung va 120 dieu chinh phap luat cho phu hop cac cam ket vdi cac to chiic khu vuc, quoc te va cac hiep dinh ma Viet Nam da ky ket, cung nhu phuc vu cho cac muc tieu phat trien dat nude Dong thdi tuyen truyen sau rong den cac doanh nghiep, cac quan chiic cua bo may nha nudc nhat la can bo cac co quan true tiep tdi hoi nhSp kinh te va cong chung nam bat duqc luat cua nudc minh va ca luat le quoc te ma hien cd rat nhieu va vo cung phiic tap Thur hai, la kien nghi vdi Chinh phu phat hanh tin phieu kho bac ngan han theo dung noi dung cua nd thi trudng tien te Hien chinh phu phat hanh trai phieu, tin phieu nham muc dich vay nq nudc bu dap boi chi ngan sach chur chua nham huy dong von de tai tro true tiep cho timg du an dau tu cd hieu qua Cho phep cac td chiic tai chinh trung gian cac hoi va cac quy nhu cong ty hoa” cho thi trudng tien te Thii ba, la kien nghi vdi cac Bo, Nganh lien quan ve he thong quan ly, giam sat thi trudng Tang cudng vai trd va nang luc hoat dong cua cac co quan quan ly nha nudc tren thi trudng tien te, ma quan nha't la vai trd cua cac co quan nhu Chinh phu, NHNN, Bo tai chinh Can tang cudng cong tac kiem tra, giam sat va xii ly kip thdi, thich dang, minh bach va khach quan cac han che, tieu cue tat ca cac linh vuc hoat dong cua thi trudng tien te De thuc hien duqc dieu dd can tang cudng khau cong tac can bo linh vuc nay, dd la hoan thien bo may, dao tao nang cao trinh chuyen mon nghiep vu cho can bo, tang cudng co che, co sd phap ly cho cong tac giam sat thi trudng 121 Thur tir, la kien nghi vdi nganh ngan hang De nghi vdi NHNN can cd nhung nghien cun, ban hanh cac van ban khuon kho phap ly cho hoat dong thi trudng tien te lien ngan hang va tao dieu kien cho thi trudng hoat dong thuan loi, hieu qua phu hqp vdi Luat NHNN va Luat cac TCTD Cac van ban cua NHNN chi la khung phap ly cho cac t6 churc tin dung thirc hien, de ho cd the tu phat huy duqc tinh nang dong cua minh hoat dong kinh doanh tien te tren thi trudng NHNN nen thuc su dong vai trd la ngudi cho vay cuoi cung Can cho phep cac NHTM duqc giao dich thau chi tai NHNN theo mot han mure nha't dinh, d day la theo ty le sd du tien gui cua cac NHTM tai NHNN, de tao dieu kien cho viec su dung nguon von hieu qua hon tren thi trudng bi khan hiem tien VND, md rong cho vay chiet khau, cd cam cd doi vdi cac chi nhanh ngan hang nudc ngoai, ngan hang lien doanh va NHTMCP Trong giai doan chuyen doi sang co che thi trudng hien nay, quy dinh ve han che ty le huy dong tien gui bang VND doi vdi cac chi nhanh ngan hang nudc ngoai, ngan hang lien doanh hay chua cho vay toan bu trir doi vdi nhom chi nhanh ngan hang nudc ngoai, ngan hang lien doanh va NHTMCP nham giup cho cac ngan hang Viet Nam han che duqc su canh tranh tir cac ngan hang nudc ngoaivdi tinh hinh tai chinh vung manh va doi ngu nhan vien duqc tranh bi kien thiic nghiep vu va day dan kinh nghiem nen kinh te thi trudng Tuy nhien, quy dinh cung dan den nhung han che nhat dinh, lam thi trudng phan mang ro ret, mot ben la cac NHTMVN chu yeu la cac NHTMQD chiem uu the ve huy dong vo'n bang VND tren thi trudng va luon dong vai trd la ngan hang cho vay hoac gui tien VND, va ben la cac chi nhanh ngan hang nudc ngoai va ngan hang lien doanh thieu tien VND va luon la ngan hang di vay hoac nhan tien giri Vi vay, de tirng budc tao dieu kien cho cac ngan hang hoat dong mdi trudng kinh doanh binh dang, NHNN can nghien ciiu, cho phep cac chi nhanh 122 ngan hang nudc ngoai, ngan hang lien doanh va mot so NHTMCP ldn, co uy tin duoc vay toan bu trir tai NHNN Hoac NHNN cho phep cac TCTD duoc thau chi theo mot ty le nhat dinh vdi so du tai khoan giay td cd gia gui tai NHNN Dong thdi, sua lai quy dinh ve co che vay chiet khau, cho vay cd cam co' the chap tai san cua NHNN theo hudng thong thoang, thuan tien hon De tao mot mdi trudng kinh doanh lanh manh, binh ding giua cac TCTD, NHNN can nghien cdu han che va tien tdi loai bo dan cac hmh thiic ddi xu chua binh ding ddi vdi mot sd TCTD nhu quy dinh han che ve huy dong tien VND ddi vdi cac chi nhanh ngSn hang nudc ngoai, cac han che tiep can nguon vay tir NHNN NHNN cin xem xet nen chang cho lap thi trudng lien ngan hang khu vuc de cac NHTMCP cd co hoi tiep can thieu von Mat khac, can tao dieu kien hd tro thong tin cho cac ngSn hang ve tinh hinh hoat dong, kha nang toan cua cac ngan hang khac, hoac thiet lap nhung tieu chuan de xac dinh vien tham gia thi trudng tien te Theo quy dinh cua Luat cac td chiic tin dung, cac TCTD duqc quyen tham gia thi trudng tien te, dd cd thi trudng lien ngan hang NHNN khong quy dinh han che ddi tuqng tham gia thi trudng lien ngan hang.Cac TCTD cung duqc quyen tu quyet dinh cho vay hoac khong cho vay danh gia thay khong dam bao an toan von cho vay va trudc quyet dinh cho vay, cac ngan hang cd quyen yeu cau cac ngan hang ddi tac cung cap cac thong tin bao cao thudng nien, bao cao tai chinh duqc kiem toan cua ho de xem xet, danh gia NHNN se cung cap thong tin cho cac TCTD trudng hqp cd th£, ching han nhu lai suat binh quan tren thi trudng lien ngan hang NHNN nen nghien ciiu de cd nhung giai phap phat trien nghiep vu thi trudng md nhu thu hut them vien tham gia, tang cudng vai trd dieu tiet cua NHNN qua nghiep vu thi trudng md, tao them nhieu san pham cho thi trudng tien 123 te va cung la tao nhieu co hoi dau tu cho cac TCTD, giup cac TCTD su dung nguon von linh hoat va hieu qua hon Cac td chiic tin dung phai tu xem xet va danh gia dung kha nang cua minh, cung co lai bo may to chiic va dieu hanh, kien toan lai doi ngu can bo vira gidi ky thuat nghiep vu, vira co dao diic tac phong tot, khdng nghng hien dai cac giao dich, dam bao cho cac td chiic tin dung khong ngtmg ldn manh, dn dinh lau dai Su ldn manh cua mdi td chiic tin dung chinh la co so vung chic cho thi trudng tien te phat trien Tir dd, cac TCTD cd the dd dang vay von tren thi trudng lien ngan hang, han che su phu thuoc vao nguon von vay tir NHNN NHNN can day manh hcfn ntra viec co cau va cung cd lai hoat dong cua cac ngan hang tir ngan hang Nha nudc den cac TCTD Thuc hien de an xu ly diit diem np xau cua cac TCTD de tao san choi binh ding giua cac TCTD NHNN nghien ciiu de mo rong them nhieu hang hoa cd the giao dich tren thi trudng, de nghi Chfnh phu trinh Quoc hoi sira doi Luat NHNN, Luat cac TCTD theo hudng cho phep cac loai trai phieu dupe giao dich tren thi trudng tien te, dupe su dung de cam cd, the chap vay von kinh doanh 124 KET LUAN Hem 15 nam doi mdi cung vdi sir phat trien cua nen kinh te theo co che thi tnrdng dinh hudng xa hoi chu nghia, thi trudng tai chfnh ndi chung, thi trudng tien te ndi rieng da thuc su duoc hinh tai nudc ta, gop phan tfch cue cho viec thuc day su phat trien va nfing cao trinh cua luc luong san xuat xa hoi Tuy nhien, nhieu nguyen nhan chu quan va khach quan khac nhau, thi trudng tien te d Viet Nam van chua cd duqc sir phat trien dong bo, dd han che su luan chuyen von tai chfnh dau tu cho nen kinh te ndi chung, va tren thi trudng tien te ndi rieng De tao da cho su phat trien manh me hon nua cua nen kinh te nudc ta giai doan tdi, viec huy dong nguon von dau tu phat trien la vo cung quan Thi trudng tien te phat trien mot each dong bo, vdi qui mo ldn hon va hieu qua hon se giup cho viec huy dong va phan bo nguon von tot hon, giup cac nha dau tu va cac doanh nghiep cd the giam thieu duqc cac rui ro Nudc ta hien dang qua trinh cdng nghiep hoa - hien dai hoa dat nudc, tang trudng kinh te nham hoi nhap kinh te khu vuc va quoc te, nhu cdu ve huy dong von va dau tu von la rat ldn de dap umg cho qua trinh tang trudng kinh te, viec phat trien thi trudng tien te la mot yeu cau tat yeu va biic xue hien Qua mot thdi gian hoc tap va nghien cum, de tai luan van da duqc hoan va cd the tom tat lai nhu sau 125 Trudc het, da he thong hoa nhung van de ly luAn co ban ve thi trudng tien te, cau true cua thi trudng tien te, cac bo phan cua thi trudng tien te, luan giai va ly luan ve phat trien thi trudng tien te tien trinh hoi nhap kinh te d Viet Nam Da phan tfch thuc trang thi trudng tien te Viet Nam hien Qua dd chi nhung tuu, han che, nhung nguyen nhan han che cua timg bo phan thi trudng tien te ndi rieng va cua ca thi trudng tien te ndi chung Da dua nhung quan diem dinh hudng, va cac dieu kien cSn phai thuc hien de phat trien dong bo thi trudng tien te tien trinh hoi nhap kinh te khu vuc va quoc te Cuoi cung, Luan van de xuat cac giai phap true tiep va gian tiep cd tac dong tdi ta't ca cac phan cua thi trudng tien te, nhSm van hanh mot each tdng the thi trudng tien te timg giai doan cung nhu ca qua trinh phat trien cua nd Tom lai, cd the ndi, phat trien thi trudng tien te la mot van de phiic tap, ddi hoi cac giai phap can phai thudng xuyen duqc dieu chinh cho phu hqp vdi timg dieu kien cu the thuc te phat sinh tren thi trudng Trong qua trinh nay, cd vai tro rat quan cua NHTW, cua Chfnh phu, va su phoi hqp dong bo giua cac co quan chiic nang viec quan ly cung nhu dieu hanh moi hoat dong cua thi trudng tien te hien 126 PHAN PHU LUC 127 BANG THI PHAN CUA CAC NGAN HANG VIET NAM 1993 □ 2002 Don vi: % Nam 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) A.Tong thi phan hoat dong tien gui Cac NHTM quoc doanh 2.NHTM co phan FNgSn hang lien doanh kChi nhanh NH nudc ngoai 5.Cac dinh che tai chinh khac 100 91 100 88 2 100 80 100 76 10 11 100 46,7 28 6,8 18,5 100 50,6 29,5 5,1 14,9 100 51 29,9 4,5 14,7 100 74.6 12,8 1,3 10 1,3 100 75,7 12 1,3 9,8 1,2 (ii) 100 74,6 12,5 1,2 10,3 1,4 kTong thi phan hoat dong tin dung Cac NHTM quoc doanh NHTM c6 phan Ngan hang lien doanh Chi nhanh NH nudc ngoai Cac dinh che tai chinh khac 100 89 100 85 11 2 100 75 15 100 74 14 100 38 28,7 5,5 28 100 41 26,2 3,6 29,2 100 46,8 24,4 3,1 25,7 100 73,3 10,6 13,2 1,9 100 75,8 10,8 10,7 1,7 100 76,5 10,8 1,1 9,7 1,9 Nguon: IMF BANG TINH HINH HUY DONG NGUON VON CUA CAC NGAN HANG THUONG MAI Dan vi: Ty dong 31/12/2000 Thai difem Ten Ngan hang 1-Tien giri ngan han %fTon° nguon von huy dong Trong Ky phieu 2-Tien giri dai han %/Iong nguon von huy dong Trong Trai phieu Tong nguon von huy dong Cong Ngoai N6ng thuong thuong nghiep Ngan han.Dudi 12 thang Trung dai han.Tren 12 thang Dau tu TCTD C6ng Ngoai NOng khac thuong thuong nghiep Dau tu 31/12/2001 TCTD Cdng Ngoai NOng khac thuong thuong nghiep Dau tu 30/6/2002 TCTD Cong Ngoai Nong khac thuong thuong nghiep Dau tu TCTD khac 32.301 34.222 20.642 21.298 41.047 35.520 41.180 21.228 22.713 42.200 41.227 44.835 23.859 24.011 45.750 45.100 44.193 27.439 24.407 52.777 78% 68,6% 66.1% 65% 89.6% 76,7% 72% 61,3% 64,8% 82,7% 78,7% 73,7% 59% 57% 82,6% 79% 70,4% 55,8% 56,5% 83,4% 4.568 1.860 3.751 133 206 2.245 4.839 122 844 683 2.153 2.841 68 2.993 287 2.487 4.278 88 9.162 15.690 10.576 11.442 22% 31,4% 4.779 10.814 15.982 13.425 12.341 8.832 11.179 16.011 16.578 18.051 9.617 11.958 18.550 21.778 18.815 10.499 35% 10,4% 23,3% 28% 38,7% 35,2% 17,3% 21,3% 26,3% 41% 43% 17,4% 21% 29,6% 44,2% 43,5% 16,6% 4.620 61 0 3.224 94 632 3.662 118 637 3.251 108 33,9% 41.463 49.912 31.218 32.740 45.825 46.334 57.162 34.653 35.053 51.031 52.407 60.846 40.438 42.062 55.367 57.058 62.744 49.217 43.222 63.276 100% Ghi chu: 30/6/2001 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Ngu6n: IMF BANG TINH HINH DU NO TIN DUNG CUA CAC NGAN HANG THUONG MAI Dan vi: Ty dong 31/12/2000 Thai difem Tfen Ngan hang 1- Cho vay ngan han %/Tdng du ng tin dung 2-Cho vay trung dai han %/Tdng du ng tin dung 3-Np khong sinh Icri %/Tdng du ng tin dung Tdng du no tin dung Cong Ngoai N6ng thuong thuong nghiep D^u tu 30/6/2001 TCTD COng Ngoai Nong khac thuong thuong nghiep 30/6/2002 31/12/2001 Dau tu TCTD Cong Ngoai Nong khac thuong thuong nghifep Dau tu TCTD Cong Ngoai Nong khac thuong thuong nghifep Dau tu 23.013 10.611 26.916 17.742 29.680 22.935 11.697 30.926 20.031 33.358 26.515 10.859 35.123 21.451 34.831 34.232 13.872 39.361 23.634 34.404 62,7% 63,7% 59,8% 45,6% 60,2% 61,8% 64,4% 59,8% 47,4% 59,2% 59,8% 61,9% 59,6% 45,0% 56,9% 59,5% 9.353 3.310 16.560 20.598 18.222 9.844 3.705 19.291 21.708 21.778 15.507 4.966 21.655 24.960 23.280 18.891 25,5% 4.354 11,8% 58,0% 58,0% 45,1% 57.2% 8.249 25.375 27.557 24.047 19.8% 36,8% 52,9% 36,9% 26,5% 20,4% 37,3% 51,3% 38,7% 35,0% 28,2% 36,7% 52,4% 38,0% 32,9% 34.5% 37,5% 52,5% 40,0% 2.747 1.509 571 1.411 4.331 2.766 1.484 560 1.201 2.304 1.729 2.166 1.249 3.140 4.375 1.783 3.083 1.247 1.708 16,5% 3,4% 1,5% 2,9% 11,7% 15,2% 2,9% 1,3% 2,1% 5,2% 9,9% 3.7% 2,6% 5,1% 7,6% 7,5% 4,5% 2,4% 2,8% 36.720 16.668 44.985 38.911 49.313 37.110 18.168 51.701 42.299 56.337 44.326 17.554 58.944 47.660 61.251 57.498 23.904 67.819 52.438 60.159 100% 100% 100% 100% 100% 100% 100% 100%, 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Ghi chu: Ngdn han.Dum 12 thang Trung ddi han:Tren 12 thang TCTD khac Ngudn: IMF 100% TAI LIEU THAM KHAO Anh(Vu Hoai): “He thong ngan hang Viet Nam xu the hoi nhap quoc te va khu vuc”, Tap chi Ngan hang 2001 Blake(David): “Phan rich thi trudng Tai chinh” (Sach dich), Nxb Thong ke, Nam 2001 Bo Tai chinh: “Nhung vim de chung cua chien luqc tong the - Chien luqc tai chinh - tien te Viet Nam nam 2001 - 2010”, Ha Noi, 2000 Cam(Nguy£n Manh), Pho thu tudng - Phat bi^u ve Hoi nhap kinh te quoc te - ( Gidi thieu Nghi quyet 07- NQ/TW cua Bo Chinh tri ve Hoi nhap kinh te quoc te, 2002 ) Due(NguySn), PTS - (Chu bien): “Giao trinh thi trudng von”, Trung tam Dao tao va Nghien ciiu Khoa hoc Ngan hang, Nxb Mui Ca mSu-1995 Dang cong san Viet Nam: “Van Kien Dai hoi dai bieu toan quoc lan thur IX”, Nxb Chinh tri Quoc gia, 2001 Ha(Tran Thi), TS: “Mot sd nhan td thuc day su hinh va phat trien thi trudng tai chinh d Viet Nam”, Luan an tien si khoa hoc kinh te, 1992 Hoc vien Ngan hang: “Giao trinh dai cUOng thi trudng tai chinh”, Nxb Thong ke, Ha noi-2002 Hoc vien Ngan hang: “Giao trinh nghiep vu kinh doanh ngoai hoi”, Nxb Thong ke, Ha noi-2001 10 Hoang Kim: “Tien te Ngan hang, Thi trudng tai chinh”, Nxb Tai chinh, Ha noi-2001 131 11 Lu(Le Dire), TS: “Giai phap phat trien dong bo thi tnrdng tai chfnh d Viet Nam giai doan hien nay”, Tnrdng dai hoc KTQD, Nam 2002 12 Mishikin(Frederic S.): “The Economics of Money, Banking, and Financial Markets” - “Tien te, Ngan hang va Thi tnrdng tai chfnh” (Sach dich), Nxb Khoa hoc va Ky thuat, Ha noi-1999 13 Mui(Nguy6n Thi), TS: “Ly thuyet Tien te va Ngan hang”, Nxb Xay dung, Ha noi-2001 14 Ngan hang Nha nudc Viet Nam: “Tim hi^u nghiep vu thi trudng md”, 2002 15 Ngoc(To Kim): “Thuc trang hoat dong cua Thi trudng tien te lien ngan hang d Viet Nam thdi gian qua”, Tap chi NgSn hang, 2001 16 Nhung(Nguydn Thi), TS - (Chu bien): “Giao trinh Thi trudng tien te”, Hoc vien Ngan hang, Nxb Thong ke, Ha noi-2002 17 Que(Hoang Xuan) - Bien soan: “Nghiep vu Ngan hang Trung uong”, Dai hoc kinh te quoc dan, Khoa Ngan hang-Tai chfnh, Nxb Thong ke, Ha noi- 2002 18 Rose(Peter S.): “Commercial Bank Management” - “Quan tri ngan hang thuong mai” (Sach dich), Dai hoc kinh te quoc dan, Nxb Tai chfnh, Ha noi- 2001 19 Te(Le Van), PGS.TS va Th.S.Nguydn Thi Xuan Lidu (Bien Soan): “Phan tfch thi trudng Tai chfnh”, Nxb Thong ke, Nam 2000 20 Thong tin tham khao tren mang Internet 21 Tien(Nguydn Van) - Chu bien: “Quan tri rui ro kinh doanh ngan hang”, Hoc vien Ngan hang, Nxb Thong ke, Ha ndi-1999 132 22 Tien (Nguyen Van), TS: “Tai chfnh quoc te hien dai nen kinh te md”, Hoc vien Ngan hang, Tai ban lan thd nhat, Nxb Thong ke, Nam 2001 23 Tien(Nguy£n Dong): “Vai tro dieu tiet thi trudng tien te cua NHNN Viet Nam”, Tap chf Ngan hang 2001 24 Tu(Le Van), GS.TS va Le Timg Van - Le Nam Hai: “Tien te, Ngan hang, Thi trudng Tai chfnh”, Nxb Thong ke, Nam 2001 133