73+Ӗ&+Ë0,1+WKiQJQăP
Trang 2&iQEӝKѭӟQJGүQNKRDKӑF761JX\ӉQ$QK7Kѭ &KӳNê&iQEӝKѭӟQJGүQNKRDKӑF76ĈһQJ7Kӏ7UDQJ &KӳNê&iQEӝFKҩPQKұQ[pW767UҫQ1JX\ӉQ1JӑF&ѭѫQJ &KӳNê&iQEӝFKҩPQKұQ[pW3*676+j'X\.KiQK &KӳNê
76/r+RjL/RQJ &KӫWӏFKKӝLÿӗQJ767UҫQ1JX\ӉQ1JӑF&ѭѫQJ &iQEӝSKҧQELӋQ
3*676+j'X\.KiQK &iQEӝSKҧQELӋQ761JX\ӉQ7KDQK9LӋW Ӫ\YLrQKӝLÿӗQJ
Trang 3Tp H͛ Chí Minh, ngày … tháng … năm 2021
&È1%Ӝ+ѬӞ1*'Ү1 &È1%Ӝ+ѬӞ1*'Ү1 &+Ӫ1+,ӊ0%Ӝ0Ð1
75ѬӢ1*.+2$.Ӻ7+8Ұ7;Æ<'Ӵ1*
Trang 4LL
.tQKFK~FTXêWKҫ\F{QJj\FjQJWKjQKÿҥWQKLӅXVӭFNKӓHÿӇFӕQJKLӃQFKRVӵQJKLӋSJLiRGөF
Trang 5LLL
9ӟLNӃWTXҧÿҥWÿѭӧFFӫDQJKLrQFӭXVӁJL~SFKRFiFQKjÿҫXWѭFyFiLQKuQWRjQGLӋQEDRTXiWKѫQYӅFiF\ӃXWӕҧQKKѭӣQJÿӃQJLiWUӏEҩWÿӝQJVҧQF{QJQJKLӋSӣSKtD1DP9LӋW1DP7ӯNKyDEҩWÿӝQJVҧQF{QJQJKLӋS\ӃXWӕҧQKKѭӣQJSKkQWtFKQKkQWӕ0+KӗLTX\2/6
Trang 6LY
Foreign corporations have once again poured money into industrial real estate in Vietnam, adding to the country's strong industrial development However, given the current robust growth, there are numerous possible concerns, therefore lowering the risks for investors and identifying the elements that have the greatest impact on the value of industrial real estate are critical tasks Even though there has been a lot of past research on aspects of residential real estate, there has not been much research on industrial real estate
The research was carried out in two stages: Phase 1 requires twenty-five (25) factors to analyze the effect on the value of the industrial real estate in Vietnam's southern region in five aspects: quality, cost, location, objectivity, and a few others The average value test is used to determine which elements have an impact, and then the scale test is used to determine the scale's applicability The final phase in phase 1 is factor analysis, which is used to narrow down the elements and identify the most important influencing factors as well as the hidden components that lie beneath those primary factors In phase 2, data was collected on sixty-four factories in Ho Chi Minh City and the neighboring southern districts based on the nine criteria discovered in phase one An estimation model based on the OLS regression model has been proposed to estimate the value of real estate from nine identified factors After numerous attempts at model calibration and the testing with a few preliminary assumptions, they were found to be statistically insignificant and were removed from the model The final regression model was statistically significant when all of the assumptions were weighted
Further analysis of the factors in Phase 1 reveals a significant amount of potential within that has an impact on the industrial assets in the South The research also achieved an estimate based on the affecting factors, and the amounts of the estimate are all statistically significant Since then, research has been conducted to determine the value of industrial estate in Vietnam's southern region
The findings of the research will provide investors with a more thorough understanding of the affecting factors the value of industrial real estate in the South of Vietnam
Key words: industrial real estate, factors affecting, factor analysis, OLS regression model
(OLS)
Trang 7
Y
7{L[LQFDPÿRDQ/XұQYăQWKҥFVƭQj\KRjQWRjQGRW{LWӵWKӵFKLӋQGѭӟLVӵKѭӟQJGүQFӫD761JX\ӉQ$QK7KѭYj76ĈһQJ7Kӏ7UDQJ7{L[LQFDPÿRDQFiFWK{QJWLQWURQJOXұQYăQÿѭӧFWUtFKGүQQJXӗQJӕFU}UjQJFiFVӕOLӋXYjNӃWTXҧQJKLrQFӭXWURQJOXұQYăQQj\OjKRjQWRjQWUXQJWKӵFYjFKѭDÿѭӧFF{QJEӕӣEҩWNǤQJKLrQFӭXQjRNKiF7{L[LQFKӏXWUiFKQKLӋPKRjQWRjQYӅQJKLrQFӭXFӫDPuQK
Trang 84XҧQOê[k\GӵQJ YL +97+7UҫQ'X\.KiQK
Trang 94XҧQOê[k\GӵQJ YLL +97+7UҫQ'X\.KiQK 3KѭѫQJSKiSSKkQWtFKQKkQWӕ3&$
Trang 104XҧQOê[k\GӵQJ YLLL +97+7UҫQ'X\.KiQK
%ҧQJ%ҧQJWәQJKӧSFiFELӃQ$+JLiWUӏ%Ĉ6FӫDFiF1&WUѭӟFÿk\%ҧQJ%ҧQJWәQJKӧSFiF\rXWӕ$+ÿӃQJLiWUӏ%Ĉ6&1VDXNKL[HP[pWFKӍQKVӱDWӯFiF1&WUѭӟF%ҧQJ%ҧQJWәQJKӧSêNLӃQFKX\rQJLD%ҧQJ%ҧQJWәQJKӧSFiF<7ҧQKKѭӣQJ%ҧQJ%ҧQJWKӕQJNrP{WҧFiF<7$+ÿӃQJLiWUӏ%Ĉ6&1ӣNKXYӵFSKtD1DP%ҧQJ%ҧQJJLiWUӏWUXQJEuQKFӫDPӭFÿӝҧQKKѭӣQJ%ҧQJ%ҧQJNӃWTXҧNLӇPÿӏQKWUӏWUXQJEuQK%ҧQJ.ӃWTXҧNLӇPÿӏQK&URQEDFK¶V$OSKD%ҧQJ.ӃWTXҧWѭѫQJTXDQELӃQWәQJFӫDFiFELӃQÿӝFOұS%ҧQJ.ӃWTXҧSKkQWtFKQKkQWӕ%ҧQJ%ҧQJWKӕQJNrWӕFÿӝWăQJWUѭӣQJ*'3WӯQJQăPWӯQăPÿӃQQăP%ҧQJ%ҧQJJLiWKXrÿҩW.&1ӣFiFWӍQKWKjQK9,ӋW1DPQăP%ҧQJ%ҧQJWUDPұWÿӝ[k\GӵQJ+6VӱGөQJÿҩWYӟLQKjPi\%ҧQJ%ҧQJWәQJKӧSFiFELӃQ%ҧQJ%ҧQJWKӕQJNrP{WҧFiFVӕOLӋXGQJSKkQWtFKKӗLTX\%ҧQJéQJKƭDFӫDFiFELӃQWURQJ0++4%ҧQJ%'/ÿѭӧFYұQGөQJYjR0++4ÿѭӧFOҩ\WӯEӝGӳOLӋXPүX%ҧQJ%'/NK{QJÿѭӧFOҩ\WӯOҩ\WӯEӝGӳOLӋXPүX%ҧQJ%'/ÿѭDYjR0++4NK{QJÿѭӧFOҩ\WӯOҩ\WӯEӝGӳOLӋXPүX%ҧQJ%'/Oҩ\WӯGӵiQӣ7KiL1JX\rQ%ҧQJ%'/ÿѭDYjR0++4Oҩ\WӯGӵiQӣ7KiL1JX\rQ3KөOөF%ҧQJFkXKӓLNKҧRViW3KөOөF.ӃWTXҧSKkQWtFKWUӏWUXQJEuQKWWHVW 3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ
Trang 114XҧQOê[k\GӵQJ L[ +97+7UҫQ'X\.KiQK3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQFӫDELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQFӫDELӃQWәQJ/ҫQ3KөOөF+6&URQEDFK¶V$OSKD/ҫQ3KөOөF%ҧQJ+6WѭѫQJTXDQELӃQWәQJ/ҫQ3KөOөF.ӃWTXҧ.02DQG%DUWOHWW¶V7HVW3&$/ҫQ3KөOөF.ӃWTXҧWәQJSKѭѫQJVDLWUtFK3&$/ҫQ3KөOөFĈӗWKӏ6FUHH3ORW3&$/ҫQ3KөOөF0DWUұQ[RD\QKkQWӕ/ҫQ3KөOөF.ӃWTXҧ.02DQG%DUWOHWW¶V7HVW3&$/ҫQ3KөOөF.ӃWTXҧWәQJSKѭѫQJVDLWUtFK3&$/ҫQ3KөOөFĈӗWKӏ6FUHH3ORW3&$/ҫQ3KөOөF0DWUұQ[RD\QKkQWӕ/ҫQ3KөOөF.ӃWTXҧ.02DQG%DUWOHWW¶V7HVW3&$/ҫQ3KөOөF.ӃWTXҧWәQJSKѭѫQJVDLWUtFK3&$/ҫQ3KөOөFĈӗWKӏ6FUHH3ORW3&$/ҫQ3KөOөF0DWUұQ[RD\QKkQWӕ/ҫQ3KөOөF%ҧQJWәQJKӧSEӝGӳOLӋXFӫD%Ĉ6NKXYӵF3KtD1DP3KөOөF.ӃWTXҧSKkQWtFKKӗLTX\/ҫQ3KөOөF.ӃWTXҧSKkQWtFKKӗLTX\/ҫQ
Trang 12
4XҧQOê[k\GӵQJ [ +97+7UҫQ'X\.KiQK
+uQK9ӕQ)',9LӋW1DPYjFKLSKtORJLVWLFVRYӟL*'3WKHRWDSFKLWDLFKLQKYQ +uQK&ҩXWU~FOXұQYăQ+uQK4X\WUuQKWKӵFKLӋQ1&+uQK1ӝLGXQJFKtQKFKѭѫQJ+uQK6ѫÿӗ1&+uQK4X\WUuQK[iFÿӏQKFiF<7$++uQK6ӕOѭӧQJYjWӹOӋYӅWUuQKÿӝFKX\rQP{Q+uQK6ӕOѭӧQJYjWӹOӋYӅFKӭFGDQKYDLWUz+uQK6ӕOѭӧQJYjWӹOӋYӅVӕQăPNLQKQJKLӋP+uQK6ӕOѭӧQJYjWӹOӋYӅQѫLF{QJWiF+uQK6ӕOѭӧQJYjWӹOӋYӅQăPKRҥWÿӝQJFӫDGRDQKQJKLӋS+uQK6ӕOѭӧQJYjWӹOӋYӅJLiWUӏ%Ĉ6OӟQQKҩWÿmWKDPJLD+uQK6ӕOѭӧQJYjWӹOӋYӅORҥLGӵiQÿmWKDPJLD+uQK4X\WUuQK[k\GӵQJ0++4+uQK6ѫÿӗ0++4ѭӟFOѭӧQJJLiWUӏ%Ĉ6&1+uQK.KRҧQJJLiWUӏ'XUELQ±:DWVRQ
Trang 144XҧQOê[k\GӵQJ +97+7UҫQ'X\.KiQK
&+ѬѪ1*7Ә1*48$19ӄĈӄ7¬, *LӟLWKLӋXFKXQJ
KyD'X\7KjQK)
Trang 154XҧQOê[k\GӵQJ +97+7UҫQ'X\.KiQK
Hình 1.1: V͙n FDI Vi͏t Nam 8/2021 và chi phí logistics so vͣi GDP (theo tapchitaichinh.vn)
;iFÿӏQKFiFYҩQÿӅYjPөFWLrX &iFYҩQÿӅ
7URQJEjLQJKLrQFӭX0++4ÿmÿѭӧFWiFJLҧӭQJGөQJÿӇSKkQWtFKFiF<7$+ÿӃQJLiWUӏ%Ĉ6&1QKҵP ÿѭD UD NӃWOXұQYӅFiF<7$+ÿӃQJLi%Ĉ6&1[HP[pWWtQKFKҩWFӫDWӯQJ<7ÿiQKJLiFiLQjRFyWtQKFKҩWTXDQWUӑQJQKҩW7ӯÿyJL~SQJѭӡLWKDPJLDWKӏWUѭӡQJ%Ĉ6&1FyWKӇѭӟFOѭӧQJJLiWUӏPӝWFiFKFKtQK[iFQKҩWFNJQJQKѭFyWKӇÿѭDUDFiFTX\ӃWÿӏQKÿҫXWѭÿ~QJÿҳQ
0өFWLrX
+ ;iFÿӏQKFiF<7$+ÿӃQJLiWUӏ%Ĉ6&1ӣNKXYӵFSKtD1DP9LӋW1DP
Trang 164XҧQOê[k\GӵQJ +97+7UҫQ'X\.KiQK+ 7URQJQKӳQJ<7$+ÿӃQJLiWUӏ%Ĉ6&1ӣNKXYӵFSKtD1DP9LӋW1DPÿiQKJLiWҫP
+ ÈSGөQJ0++4ÿDELӃQÿӇѭӟFOѭӧQJJLiWUӏÿӕLYӟLFiF%Ĉ6&1ӣNKXYӵFSKtD1DP9LӋW1DP
3KҥPYL
+ K{QJJLDQYLӋFWKӵFKLӋQNKҧRViWWURQJ1&Qj\ÿѭӧFWKӵFKLӋQӣÿӕLYӟLFiFGRDQKQJKLӋSOLrQTXDQÿӃQOƭQKYӵFÿҫXWѭQKj[ѭӣQJF{QJQJKLӋSWUrQÿӏDEjQ7S+&0YjPӝWWӍQKOkQFұQWKXӝFNKXYӵFSKtD1DP
+ ĈӕLWѭӧQJNKҧRViW'ӳOLӋXWKXWKұSÿѭӧFWӯYLӋFNKҧRViWÿӕLYӟLQKӳQJQJѭӡLFyNLQKQJKLӋPWURQJOƭQKYӵFQKj[ѭӣQJF{QJQJKLӋS
ĈyQJJyS
9ӅPһWKӑFWKXұW
+ ;iFÿӏQKFiF<7$+ÿӃQJLiWUӏ%Ĉ6&1ӣ9LӋW1DP+ ;k\GӵQJ0++4ÿDELӃQÿӇѭӟFOѭӧQJJLiWUӏFӫD%Ĉ6&1
9ӅPһWWKӵFWLӉQ
+ 1&JySSKҫQJL~SFKRFKӫÿҫXWѭFKX\rQJLDFyFiLQKuQFKLWLӃWYjWәQJTXiWKѫQNKL
+ *L~SKӑQKұQWKҩ\ÿѭӧFQKӳQJ<7$+WUӵFWLӃSÿӃQJLiWUӏ%Ĉ6&17ӯÿyFyWKӇÿѭDUDPӝWYjLFKLӃQOѭӧFFNJQJQKѭJLҧLSKiSQKҵPWăQJKRһFJLҧPJLiWUӏFӫD%Ĉ6&1W\YjR
PөFÿtFKFөWKӇ &ҩXWU~FFӫDÿӅWjL
Trang 17ĈyQJJySFӫDQJKLrQFӭX &ҩXWU~FOXұQYăQ
LӇPÿӏQKWUӏWUXQJEuQK
3KkQWtFKQKkQWӕ3&$
&KѭѫQJ;k\GӵQJP{KuQKKӗLTX\ 7KӕQJNrP{WҧGӳOLӋX
;k\GӵQJP{KuQKKӗLTX\
&KѭѫQJ.ӃWOXұQYjNLӃQQJKӏ ӃWOXұQ
LӃQQJKӏ
Trang 184XҧQOê[k\GӵQJ +97+7UҫQ'X\.KiQK
4X\WUuQKWKӵFKLӋQ
Hình 1.3: Quy trình thc hi͏n NC
Trang 194XҧQOê[k\GӵQJ +97+7UҫQ'X\.KiQK
&+ѬѪ1*&Ѫ6Ӣ/é7+8<ӂ7 1ӝLGXQJFKtQK
Hình 2.1: N͡i dung chính ch˱˯ng 2
/êWKX\ӃWYӅ%Ĉ6&1 KiLQLӋPYӅ%Ĉ6&1
&iFWKXӝFWtQKFӫD%Ĉ6&1
D 7tQKNK{QJÿӗQJQKҩWE 7tQKEҩWÿӝQJ
F &yJLiWUӏFDR
G 7tQKEӅQOkXWKHRWKӡLJLDQH 7tQKFiELӋWNKDQKLӃPI &KX\ӇQKyDWKjQKWLӅQNpPJ &KLSKtJLDRGӏFKFDR
K &KӏXVӵTXҧQOêFKһWFKӁFӫDWKӇFKӃSKiSOXұWL 0DQJ<7WұSTXiQWKӏKLӃXYjWkPOê[mKӝLM 7tQKÿDFKӭFQăQJVӱGөQJ
N 7tQKWKtFKӭQJ
Trang 204XҧQOê[k\GӵQJ +97+7UҫQ'X\.KiQK
&iFSKѭѫQJSKiSWKҭPÿӏQKJLi%Ĉ6 KiLQLӋPYӅWKҭPÿӏQKJLi%Ĉ6
7KHR ĈLӅX 3KiS OӋQK Vӕ 3/8%794+FӫD Ӫ\ EDQ 7KѭӡQJYө 4XӕFKӝLQJj\WKiQJQăPYLӋFÿiQKJLiKRһFÿiQKJLi OҥL JLi WUӏ FӫD WjL VҧQ WKHRTX\ÿӏQKWKҭPÿӏQKJLi SKKӧSYӟLWKӏWUѭӡQJWҥLPӝWWKӡLÿLӇPÿӏDÿLӇPQKҩWÿӏQKWKHRWK{QJOӋTXӕFWӃKRһFWLrXFKXҭQFӫD9LӋW1DP
&iFSKѭѫQJSKiSWKҭPÿӏQKJLi%Ĉ6D 3KѭѫQJSKiSVRViQKWUӵFWLӃS
ѬXÿLӇP
+ 'ӵDWUrQFiFJLDRGӏFKWKӵFWӃWUrQWKӏWUѭӡQJÿӇ[iFÿӏQKQrQFyWKӇGӉGjQJWKX\ӃWSKөFQKjÿҫXWѭ
+ K{QJÿzLKӓLFDRYӅNӻWKXұWNK{QJFҫQSKҧL[k\GӵQJF{QJWKӭFPjFKӍFҫQGӵDYjRGӳOLӋXFӫDFiFJLDRGӏFKWUrQWKӏWUѭӡQJ
1KѭӧFÿLӇP
*LiWUӏ%Ĉ6 &KLSKt[k\GӵQJPӟL*LiÿҩW/ѭѫQJNKҩXKDRWtFKONJ\ ѬXÿLӇP
+ ;iFÿӏQKJLiWUӏ%Ĉ6ÿѭӧF[k\GӵQJYӟLPөFÿtFKÿһFELӋW+ ;iFÿӏQKÿѭӧFJLiWUӏNKLWtQKWRiQWKXӃVXҩWÿҩWÿDLEҧRKLӇP
+ &{QJWKӭFÿѭӧFVӱGөQJWѭѫQJÿӕLÿѫQJLҧQGӳOLӋXWtQKWRiQÿѭӧFFұSQKұWWURQJWKӡLJLDQQJҳQQrQWѭѫQJÿӕLFKtQK[iF
1KѭӧFÿLӇP
Trang 214XҧQOê[k\GӵQJ +97+7UҫQ'X\.KiQK+ 3KөWKXӝFYjRWK{QJWLQJLiFӫDFiFQJXӗQQJX\rQYұWOLӋXFKRQrQJLiWUӏNK{QJÿӗQJ
+ 9LӋFWtQKWRiQJLҧPJLiWtFKONJ\FKѭDFySKѭѫQJSKiSFөWKӇPjFKӍSKөWKXӝFQJѭӡLÿӏQKJLi
+ 3KѭѫQJSKiSQj\ÿѭӧFWKӵFKLӋQWKHRFiFKWKӭFFӝQJGӗQQKѭQJYүQÿҧPEҧRUҵQJWәQJJLiWUӏFiFWKjQKSKҫQWURQJQKLӅXWUѭӡQJKӧSNK{QJEҵQJWәQJJLiWUӏ
F 3KѭѫQJSKiSOӧLQKXұQ
ѬXÿLӇP
+ *LiWUӏFyÿӝFKtQK[iFFDRNKLFiFWK{QJVӕÿҫXYjRFyÿӝWLQFұ\FDR+ 6ӱGөQJF{QJWKӭFWtQKWRiQU}UjQJFөWKӇ
1KѭӧFÿLӇP
+ ĈzLKӓLÿӝFKtQK[iFFDRWӯWKDPVӕÿӇSKөFYөFKRYLӋFWtQKWRiQJLiWUӏÿӗQJWKӡLFiFJLҧÿӏQKYӅJLiWUӏÿѭӧFJLҧÿӏQKWURQJÿLӅXNLӋQGӵNLӃQWѭѫQJODLQrQNӃWTXҧWtQKWRiQWKѭӡQJKҥQFKӃ
+ &ҫQGӳOLӋXQKLӅXWtQKWRiQÿӇÿLӅXFKӍQKѭӟFWtQKQrQQJѭӡLÿӏQKJLiFҫQSKҧLFyNLQKQJKLӋPNLӃQWKӭFYjWUuQKÿӝ
ѬXÿLӇP
+ 7KtFKKӧSÿӇÿӏQKJLiNKLWKӵFKLӋQÿҩXWKҫXOӵDFKӑQSKѭѫQJiQWӕLѭX
+ 0DQJJLiWUӏTXDQWUӑQJÿӇWѭYҩQYӅWLӅQFKRWKXrWӕLWKLӇXYjFKLSKt[k\GӵQJWӕLÿDFҫQÿҥWÿѭӧFNKLWKӵFKLӋQÿҫXWѭGӵiQSKiWWULӇQ%Ĉ6
1KѭӧFÿLӇP
+ 1JѭӡLVӱGөQJSKѭѫQJSKiSQj\FҫQSKҧLFyNӻQăQJNLQKQJKLӋPYjNLӃQWKӭFWӕWÿӇѭӟFWtQKQKLӅXPөF
+ 7\WKHRFiFÿLӅXNLӋQFӫDWKӏWUѭӡQJPjJLiEiQYjFKLSKtFyWKӇEӏWKD\ÿәL+ K{QJWtQKÿӃQ<7JLiWUӏWKӡLJLDQFӫDGzQJWLӅQ
Trang 224XҧQOê[k\GӵQJ +97+7UҫQ'X\.KiQK
&iF<7$+ÿӃQJLiWUӏ%Ĉ6D 1KyP<7WiFGөQJYLP{
&XQJFҫX%Ĉ6+ &XQJ%Ĉ6EDRJӗP
x 7ӕFÿӝWăQJWUѭӣQJFXQJWӹOӋWKXұQYӟLVӵSKiWWULӇQNLQKWӃ
x ĈӇWҥRÿLӅXNLӋQFKRYLӋFWKXK~WÿҫXWѭYjRNLQKGRDQKWKuYLӋFWK~Fÿҭ\SKiWWULӇQKҥWҫQJOjFҫQWKLӃW
x 6ӵWKDPJLDFӫDQKjQѭӟFÿѭӧFWKӇKLӋQEҵQJYLӋFFKX\ӇQPөFÿtFKTX\KRҥFKVӱGөQJÿҩWQ{QJQJKLӋSYjRPөFÿtFKNLQKGRDQKVҧQ[XҩWKRһFÿҩWӣVӁJySSKҫQWăQJFXQJ.KLQKjQѭӟFWăQJYӕQÿҫXWѭFKRFiFF{QJW\NLQKGRDQK%Ĉ6KRһFEiQ%Ĉ6WKXӝFVӣKӳXQKjQѭӟFUDWKӏWUѭӡQJFXQJ%Ĉ6WăQJ
x %Ĉ6EӏJk\UDWiFÿӝQJWӯYLӋFKRҥWÿӝQJWURQJNLQKGRDQK%Ĉ6FӫDFiFQKjFXQJӭQJYjP{LJLӟL
x &iF<7[mKӝL±WkPOêFyWiFÿӝQJOӟQ
x &iF<7NKiFJLiRGөFYҩQÿӅDQQLQKFKҩWOѭӧQJGӏFKYө\WӃWұSTXiQQJѭӡLGkQWURQJYQJWUuQKÿӝGkQWUtFNJQJFy$+ÿӃQJLiWUӏ%Ĉ6&iFPӕLTXDQKӋWuQKFҧPJLDÿuQKWuQKWUҥQJVӭFNKӓHWuQKWUҥQJQKӳQJQJѭӡLVӕQJWURQJ%Ĉ6QJKӅQJKLӋSYjWuQKWUҥQJYLӋFOjP
+ &ҫX%Ĉ6EDRJӗP
x 7ăQJNKLPӭFWKXQKұSWăQJOrQ
x 7ҥRUDQKLӅXYLӋFOjPWK{QJTXDYLӋFGӏFKFKX\ӇQFѫFkXNLQKWӃWӯÿyQKXFҫXGӏFKFKX\ӇQQѫLӣYjOjPSKiWVLQKQKXFҫXYӅÿҩWYjQKjӣ
x Ĉ{WKӏKyDWұSWUXQJTX\P{GkQVӕFKRVӵSKiWWULӇQEӅPһWYjNK{QJJLDQ4XiWUuQKÿ{WKӏKyDOjPWKD\ÿәLYӅNӃWFҩXQKjӣFNJQJQKѭWәQJFҫXYӅQKjӣ &KtQKViFKFӫDQKjQѭӟF
+ 1KjQѭӟFEDQKjQKFiFTX\ÿӏQKYӅFKX\ӇQQKѭӧQJVӱGөQJWKXrÿҩWTX\ӅQVӣKӳX%Ĉ66ӵWKD\ÿәLYӅFiFTX\ÿӏQKWURQJWӯQJWKӡLNǤVӁWiFÿӝQJÿӃQJLiWUӏ%Ĉ6WUrQWKӏ
+ &iFFKtQKViFKYӅWjLFKtQKYjWtQGөQJWLӅQWӋQKҵPPөFWLrXWKҳWFKһWKD\QӟLOӓQJ
+ &iFFKtQKViFKWKXӃWKXQKұSFiQKkQÿӕLYӟLKRҥWÿӝQJPXDEiQYjFKX\ӇQQKѭӧQJ%Ĉ6+ &iF<7NLQKWӃFKXQJFӫDTXӕFJLDYjÿӏDSKѭѫQJ$+ÿӃQFҫXFyWiFÿӝQJ ÿӃQ FXQJ%Ĉ6Yj OjP$+ÿӃQ JLi %Ĉ6&y WKӇ WKҩ\JLi %Ĉ6WӹOӋWKXұQYӟLPӭFÿӝWăQJJLiQyLFKXQJPӭFWăQJWUѭӣQJNLQKWӃYj*'3FӫDTXӕFJLDYjÿӏDSKѭӧQJĈk\OjQKӳQJWLrXFKtQyLFKXQJWKXQKұSFӫDQJѭӡLGkQWăQJGүQWӟLQKXFҫXYӅYăQSKzQJFKRWKXr
WăQJQKjӣWăQJYjQKLӅXQKXFҫXNKiFOjPFKRQKXFҫXYӅ%Ĉ6WăQJ
Trang 23+ ĈӏDKuQKWӑDOҥFWKҩSKD\FDRVRYӟL%Ĉ6NKiFWURQJYQJOkQFұQFyWiFÿӝQJÿӃQJLiWUӏ%Ĉ6ӢQKӳQJNKXYӵFFDRWKѭӡQJNK{QJEӏKLӋQWѭӧQJWULӅXFѭӡQJKD\EӏQJұSQѭӟF
+ &iFQJX\FѫUӫLURYjWLӋQOӧLFӫDWӵQKLrQ 0++4+HGRQLF
/ӏFKVӱDEDQÿҫX
7URQJEjLSKiWELӇXFӫDPuQK0DOSH]]L ÿmFKRUҵQJ1&FӫD&RXUW ÿѭӧF[HPOjNKӣLÿLӇPFӫD0++HGRQLF&RXUWOjPӝWQKjNLQKWӃKӑFFӫD+LӋSKӝLVҧQ[XҩW{W{WӯQKӳQJQăPÐQJFKRUҵQJPӝWELӃQÿѫQQKҩWNK{QJÿӫSKҧQiQKQKXFҫXYӅ{W{0++HGRQLFFӫD{QJÿӏQKJLiWK{QJTXDEDELӃQOjÿӝNK{NKRҧQJFiFKWUөFYjPmOӵFĈӗQJWKӡL0+Qj\WLrQWLӃQNKLiSGөQJKjP6HPLORJGӵDWUrQJLiEiQWKӵFWӃWURQJWӯQJJLDLÿRҥQNKiFQKDX7KXұWQJӳ+HGRQLFÿѭӧF*RRGPDQ WKҧROXұQYjÿѭӧFSKәELӃQWURQJFiFEjL1&FӫD*ULOLFKHV YӅQKXFҫXSKkQEyQ7X\QKLrQ&ROZHOO Yj 'LOOPRUH FKR UҵQJ &RXUW NK{QJ SKҧL Oj FKD ÿҿ FӫD 0++HGRQLF 0ѭӡL Eҧ\ QăP WUѭӟF NKL &RXUWWKӵF KLӋQ 0+ +DDV FӫDWUѭӡQJ ĈҥL KӑF 0LQQHVRWD ÿm ÿӏQK JLi ÿҩW Q{QJQJKLӋSEҵQJFiFKiSGөQJ 0+ +HGRQLF1ăP:DOODFHÿmWLӃQKjQK1&YӅÿӏQKJLiÿҩWQ{QJQJKLӋSӣ,RZD:DOODFH