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Thyc hien quy djnh trgn, trong thyc tien ngn quy dinb viec kinh doanh vang "cd tinh chat tien te" - vang mieng la loai hinh kinh doanh cd dieu kien, doanh nghiep kinh doanh [r]
(1)Mihig Xudn Tdn Mdo
> HOAT OONG CUA N G A N H NGAN H A N G VIET NAM N A M 2010 vA OjNH HUONG N A M 2011
Cjiai phap nang cao
hieu lu€ va hieu qua quan ly nha nuvc floi voi hoat flong i(inh doanh vang
4
TS Nguyin Thj Thanh Huong' nl
Hai nam trd Igi day, chu yeu nhi/ng bat on cua tai chinh tien te tfie gioi, gid vang the gioi CO sy bien dong tang/gidm voi bien Ion Tgi Viet Nam, co them nguyen nhan la tam ly cua nguai dan bi tdc dong qud mijc; moi hvong kinh te vT mo chua that on djnh, ty le Igm phdt cao Gid vang nuoc bien dgng vol bien khd Ion, va co nhCfng bien dgng that tfiuong gay tam ly ba't dn cho nguoi dan, dnh hudng den sy dn dinh cua nen kinh te, Idm nhieu ngi/oi ddn thiet hgi chgy tfieo gid vdng Trong ndm 2010, da co mgt sd gidi phdp qudn ly dira ra, thgm chf gidi phdp quyet liet nhu dong cua sdn giao djch vdng, ban hdnh Thong tu 22/TT-NHNN ve qudn \y
Tuyet do'i khong khuye'n khich nguai dan dau tu vang
huy dgng vd cho vay bang vdng ddi vdi td chuc tfn dyng, theo hudng thu hep ddi tugng ^ vd hogt dgng kinh doanh; nang cao muc thue
sud't tCr 0% len 10% ddi vdi xud't kha'u vdng cd hdm lugng cao Tuy nhien, hieu lye vd hieu qud qudn ly nhd nudc ve hogt dgng kinh doanh vdng van chua that cao md tfij trudng vdng cdn cd phdn ndm ngodi sy kiem sodt, dieu tie't cua Nhd nudc hogc cd khd ndng tgo nhung "con sdng" bie'n dgng gid bd't thudng Do vgy, cd nhieu gidi phdp qudn ly tie'p tuc dugc de xud't Bdi vie't sau ddy, tdc gid xin dugrc frao ddi xung quanh vd'n de ndy
* Tong bien tap Tap chi IMgan hang
(2):J HOAT OONG CUA NGANH NGAN HANG VIET NAM NAMMwngXudn Tdn Mdo 2010 VAOjNH HUCING NAM 2011 Bang 1: Quy md vang thudc dir trir ngoai hdi cua cac nudc t d 2000 - 2009
Nghin tan TyUSD
% so vdi tdng dy trir ngoai hdi
2000 33,06 291,7 11,5
2001 32,78 291,4 10,8
2002 32,41 361,8 11,4
2003 31,86 426,4 10,8
2004 31,34 438,9 9,2
2005 30,74 507,0 9,6
2006 30,38 617,3 9,7
2007 29,87 800,8 9,9
2008 29.73 831,3 9,8
2009 30.19 1.005,4
9,9
Vai tro cua vang
Trong lich su phit trign cua tign te, hon bit ky loai hang hda nao, tinh chat vat ly bgn vimg, vang la mdt loai tign te dugc chap nhan rdng rai xa hdi loai ngudi qua qua trinh lich su lau dai, tu vai nghin nam trudc cdng nguyen den nam 1971 My bd chg chuygn ddi USD vang
Khi chg kim ban vi sup dd, cac nudc lan lugt thyc hien che tign giay bat kha hoin (tign giiy khdng dugc phep ddi vang, bae) Thyc chit ciia che tien giiy bat kha hoin la chg tign te liy hang hda lam ban vi, dd gii tri mdt don vi tign te quy chuin dugc xic dinh bang tdng gii tri cua khdi lugng hang hda cua qudc gia/sd lugng don vi tign giiy phit hanh Tren ca sd do, gid tri cua ddng tien ciia mot quoc gia duac xde dinh thdng qua site mua hdng hda cua dan vi tien ti, khdng phu thudc vdo khoi lieang vdng nhd nudc dang sd hieu
Vdi chg tign giay bit kha hoan, ddi sdng xa hdi hang ngay, vang khdng cdn cd chuc nang thudc gii tri, phuang tien toin, tign te thg gidi Mac du viy, vai trd tign te cua vang khdng hoan toan mit di, die biet la chuc nang cat tru gii tri va tien te qudc tg
Ngay tai nhigu qudc gia, dd cd Viet Nam, ngudi dan cd nhu eau sd hihi, nam giu vang tap quin, thdi quen su dung vang lam phuong tien cit tru gii tri va nhu ciu su dung vang lam dd trang
sue Rieng nhu cdu sii: dung vdng ldm phuong tien cat giie tdi sdn ciia ngtedi ddn phu thudc chii yeu vdo nhiing lai ich ho thu duac so vdi cdc phuang tiin cat tni tdi sdn hogc ddu tie khac, va dd, phan nao phu thudc vao sy dn dinh cua mdi trudng kinh tg vi md Bgn canh dd, sin xuit va kinh doanh dd trang sue my nghe bang vang la mdt nghg truygn thdng, ed tu liu ddi va van
Ngudn: World Gold Coiincil-WGC dugc tri, phit trign ddi sdng xa hdi hien dai Tai Viet Nam, cd hang nghin doanh nghiep boat ddng kinh doanh vang ca nudc, rigng phd Hd Chi Minh cd hon 1.000 doanh nghiep
Viec quan ly hoat dong kinh doanh vang cua cac Ngan hang Trung uong
Xuit phit tu vai trd dac biet eua Bang 2: Luong vang nSm giir va ty le so vdi tdng dy triJ ngoai hdi
ciia mdt sd nudc cudi nam 2009 Qudc gia
My
Mot sd nudc Chau Au Due
Y Phip
Eurozone (bao gdm ECB) Anh
Mdt sd nudc Bae A Trung Qudc Han Qudc Nhat
Mot sd nudc Ddng Nam A Thii Lan
Malaysia Indonesia Singapore
Tdng luong vang
(tan)
8.133,5
3.406,8 2.451,8 2.435,4 10.797,9
310,3
1.054,1 14,4 765,2
84 36,4 73,1 127,4
Ty le so vdi tong du trir (%)
77,4
69,2 66,6 70,6 59,7 17,6
1,9 0,2 2,3
2,1 1,2 3,9 2,2
Ngudn: World Gold Council-WGC
(3)MitngXudn Tdn Mdo
^ HOAT OONG CUA N G A N H N G A N H A N G VIET NAM NAM 2010 VA OINH HUONG N A M 2011 t
vang, vdi chuc nang la ca quan thyc thi chinh sich tign te qudc gia, hiu hgt Ngin hang Trung uang (NHTU) c i c nudc dgu cd chinh sach quin ly boat ddng kinh doanh vang thdng qua viec quan ly vang thudc dy tru ngoai hdi qudc gia va quan ly thi trudng vang nudc
Theo hudng dan cim nang thdng kg tign te cua IMF, chi cd vang du tieu chuin qudc tg NHTU nam giu mdi dugc coi l i tign te, thudc dy tru ngoai hdi cua qudc gia, cdn vang dugc nam giu bdi cic td chuc kinh tg bao gdm ca cic td chuc tin dung, bdi c i nhin duge coi la hang hda thdng thudng Trgn thyc tg, nhigu NHTU c i c nudc nam giu, tri ty le vang (vang tigu chuin qudc tg) nhit dinh tdng dy trir ngoai hdi qudc gia nham bao dam hd trg can can toin qudc tg va ddi phd vdi khung hoang hay cic sy cd die biet nhu thign tai, hda hoan, chign tranh Ty le dy trir bang vang so vdi tdng dy tru ngoai hdi binh quin cua cac qudc gia khdng tang, giu d muc khoang 10% (xem Bdng 1) nhung lai rat khie giira cic qudc gia (xem Bdng 2)
Viet Nam khdng phai la nudc khai thic vang Idn, vang ed duoc
chu ygu tu nhap khiu, viy, de cd dugc vang, Viet Nam phai mit ngoai te Khi xuit dugc vang, Viet Nam cung thu duge ngoai te Ndi mdt cich khic, vang ham lugng cao va d mgt phin khuc nhat dinh eua thi trudng cung la ngoai te hoae vang giin tigp tao ngudn thu hoae khoan chi ngoai te, cd tic ddng dgn cung ciu ngoai te nudc Viec binh dn tbi trudng vang cdng gdp phan quan trgng vao viec binh dn thi trudng ngoai te mgt cich tryc tigp hoae giin tigp
Gia vang bat on - tac dong va nhung he luy
Kinh doanh vang trgn thg gidi cd nhigu hinh thuc: Kinh doanh mua/ bin vang trang sue my nghe; kinh doanh vang migng; kinh doanh vang trgn Sd giao dich hang hda chinh thuc; xuit/ nhip khiu vang trang sue my nghe hoae vang nguygn lieu dudi dang hat, thdi, migng Mdt sd Sd giao dich hang hda Idn cd giao dich vang tren thg gidi hien nbu: New York Mercantile, Dubai Gold & Commondities Exchange, Hong Kong Mercantile
Viec quan ly nha nudc ddi vdi boat ddng kinh doanh vang cung rit khic d mdi qudc gia thudc
vao die digm cua mdi qudc gia nhu: ddng tign ngi te la ddng tign chuygn dd'i hoae khdng chuyen ddi: gii tri ddng ndi te dn dinh hoae khdng dn dinh; la qudc gia cd vang chu yeu tu ngudn san xuit, khai thic vang nudc hoae tu nhap khiu; dy tru ngoai hdi cua qudc gia cao hoae thap Trgn CO sd dd, tung nudc, tung giai doan phit trien, nha nude cd quy dinh Idem soit chat che hoae ndi long ddi vdi boat ddng kinh doanh vang Ngay nhu Tmng Qudc, la qudc gia cd dy tru ngoai hdi Idn, cd khai thae, san xuat khdi lugng Idn vang hang nam nhung vin thyc hien quan ly nha nude chat che ddi vdi boat ddng kinh doanh vang, nhit la giai doan dau hgi nhap kinh tg qudc te va chuygn ddi co chg quan ly kinh te theo CO chg thi trudng Ve ndi dung Tap chi Ngan hang sd 21/2010 cd bai vigt "Cdng tdc qudn ly vdng theo chiic ndng ciia Ngdn hdng Trung uang: Kinh nghiem qudn ly tgi Trung Qudc vd mot sd di xuat cho Viet Nam" cua tic gia Nguygn Thi Nhung va Nguygn Thi Tuai da ngu rd
Tdng hgp vg boat ddng mua/bin vang tren thg gidi va tai Viet Nam, chung ta cd thg ed nhiing nhan xet sau;
Dd thj 1: Dien bien gia vang the gidi nam 2010 1 Year Gold
1450 1400 1350 o 1300 ° 1250 I 1200 S 1150 1100 1050 1000
High 1423.78 Lou 1061.18
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V iN\j
/A/
\
t\^ V " V ^r
V
WUI
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j ^ k i " !
AJ 'T'ijf
, c o c
1
l^ V
om 1450 1400 1350 1300 1250 1200 1150 1100 1050 1000
Based on Neui York Close
(4)II MitngXudn Tdn Mdo
HOAT OONG COA N G A N H N G A N H A N G VIET NAM N A M 2010 VA OjNH HUONG N A M 2011 ^1
(1) Gia vang bign ddng tang/giam rat that thudng, bign bign ddng manh (xem Dd thi 1) Gii vang nhigu tang cao, lap nhCrng ky luc mdi, nhung sau dd cd the sut siu Do dd, rui ro la rat Idn cho c i nhin/td chiic mua/bin vang vdi muc dich dau ca Vi du, tai thi trudng Viet Nam, gan trua
11/11/2009, mdt sd ngudi dan phai mua vang vdi gii 29,15 trieu ddng/lugng, sau dd da bi sde nhan duge tin, gia rdt mdt mach xudng 26,4 trieu ddng/lugng ehi sau lue mua chua tdi tigng ddng hd Gia vang cdn rdt manh mdt hai sau dd va cd luc xudng dudi 25 trieu ddng/lugng; hieu vang Tuin Tai -mdt tiem vang Idn d TP HCM vd ng sau sdt gia vang thing 11/2009, keo theo tdn thit cho nhigu ngudi din cd gui vang tai tiem vang nay;
(2) Tai mdt qudc gia, sy bign ddng cua gii vang nhigu khdng xuit phit tu tang/giam tdng sin pham qudc din GDP;
(3) Gii vang bign ddng khdng chi xuit phit tu ygu td cung/ciu vg vang ma cdn bi chi phdi manh bdi ygu td diu CO, bdi nigm tin cua dan chung vao he thdng tai chinh tign te; vao gia tri ddng tign cd vai trd dy tru qudc te hoac/va gii tri ddng tien ndi te (xet pham vi mgt qudc gia) Trgn thg gidi cd nhirng quy chuygn ve dau tu vang, vi du nhu Quy Gold Bullion Securities, SPDR Gold Tmst, Dubai Gold Securities, NewGold Tai thdi digm cudi thing 7/2010, Quy SPDR Gold Trust - quy diu tu vang vat chat Idn nhat thg gidi nam giu khoang 1.300 tan vang, tri gii tuong duong ygn 48 ty USD;
(4) Trong mdt qudc gia, gii vang tang/giam cd tic ddng tdi ty gii ngoai te Muc tie ddng cdn thudc vao kha nang kigm soit cua Nha nudc ddi vdi boat ddng mua/bin vang, thudc quy md tdng cic giao dich mua/bin vang so
vdi GDP, so vdi cin ein toin qudc tg cua qudc gia dd
Tai Viet Nam, nhung thing diu nam dgn hgt thing 9/2010, cic doanh nghiep Viet Nam da xuit sigu d i quy, kim loai quy, dd chu yeu la vang, khoang 2,3 ty USD: Khi gii vang mdi nhich Ign, thing (1.204,88 USD/oz), thing (1.214 USD/oz), cic doanh nghiep da vdi vang dua xuit khau Cu thg, thing 5, xuit khau vang cua Viet Nam tang tdi 13,8% so vdd thing va den thing thi lao vgt len tdi 45,5% so vdi thing
Tu diu thing 10/2010, vang tang gii, gii vang nudc tang cao hon gii vang thg gidi, dg tao dn dinh cua ngn kinh tg qudc dan, Ngan hang Nha nudc (NHNN) da vai lan cap quota cho nhap khau vang vdi khdi lugng phu hgp, cic doanh nghiep lai quay sang nhip khau vang vdi gii cao Nhip khiu vang thyc sy la mdt ygu td lam cho can can thuong mai thgm tham hyt
Pham vi kinh doanh vang d Viet Nam hien kha rong, kho kiem soat
Tai Viet Nam, theo cic quy dinh eua phap luat hign hanh (Nghi dinh 174/1999/ND-CP da dugc sua ddi, bd sung theo Nghi dinh 64/2003/ND-CP), phgm vi hogt dong kinh doanh vdng khd rong rdi Cu thg, NHNN chi quan ly mgt sd boat ddng vg vang cd lign quan tdi digu hanh chinh sach tign te nhu: (i) xuat, nhap khau vang nguyen lieu; (ii) sin xuit vang migng Cic hoat ddng kinh doanh vang khic nhu mua bin vang trang sue my nghe, vang mieng dugc coi la boat ddng kinh doanh binh thudng gidng nhu cic loai hang hoi khic Theo Nghi dinh sd 59/2006/ND-CP 12/6/2006 cua Chinh phu quy dinh ehi tigt Luat Thuong mai vg hang hoi, dich vu cim kinh doanh, ban chg kinh doanh va kinh doanh cd
digu kien, boat ddng mua bin, sin xuit gia cdng vang trang sue my nghe la nginh nghg kinh doanh cd digu kien nhung khdng cin cip giay chung nhan du digu kien kinh doanh Td chuc, c i nhin mudn tham gia chi cin dang ky kinh doanh tai Sd Kg hoach Diu tu trgn dia ban va boat ddng trgn ca sd Giay chiing nhan dang ky kinh doanh Hoat ddng kinh doanh thudc pham vi digu chinh cua Luat Thuong mai va Luit Doanh nghiep Ngay ca boat ddng xuat, nhap khau vang trang sue, my nghe cung khdng hg cd bat ky mdt quy dinh nao de dieu phdi va kigm soit Khdng ed cic quy dinh cu the dg xic dinh: Thg nao dugc xem la vang gia cdng chg tic; vang trang sue, my nghe Trong dd, viec xuit khiu, nhip khiu vang trang sue my nghe thyc bien theo Giay chiing nhan dang ky kinh doanh; khdng can cd giay phep cua NHNN Nhu vay, kha nang lam dung de xuat khau vang cd chat lugng cao (vi du, tu 90% trd Ign) dudi binh thuc vang trang sue my nghe nhung vdi khdi lugng Idn la rat dg xay Do vay, Bd Tai chinh da sua ddi muc thug suit xuit khau vang Theo Thdng tu sd 184/2010/TT-BTC, tu 01/01/2011, cic loai vang nguygn lieu, vang trang sue ed ham lugng cao se chiu thug xuit khau la 10% thay cho muc cu la 0%
Do pham vi boat ddng kinh doanh vang rong rai, lugng vang va USD trdi ndi ngoai thi trudng nhigu (cac chuygn gia kinh tg ggi la tinh ttang "vang hda", "dd la hda") ngn ca cic co quan quan ly cung khdng the nim rd dugc sd lieu that la bao nhigu
San giao dich vang: Neu cho phep lap trd lai, Nha nudc khdng nen de tai diin nhimg han che, tac ddng xau trudc day
Trudc thdi dig'm NHNN ban hanh Thdng tu sd 01/2010/TT-NHNN bai bd viec thyc hien Quygt
(5)Mitng Xudn Tdn Mdo
1 ^ HOAT DONG CUA NGANH NGAN H A N G VIET NAM N A M 2010 VA OINH HUONG NAM 2011
dinh sd 03/2006/QD-NHNN vg kinh doanh vang tren tai khoan d nudc ngoai, mdt sd ngin hang thuong mai (NHTM) da ty phat lap san vang nudc O giai doan phat trien cao vao cudi nam 2008, nam 2009, cic san vang da bign tudng, viec kinh doanh khdng gdn
vdi vdng vat chat md thuc chat Id cho phep kinh doanh vdng tren tdi khodn a nudc Id logi hinh kinh doanh chenh lech gid (margin
trading), va cic san cdn cho phep nha diu tu su dung ddn biy tai chinh rit cao Day la loai hinh kinh doanh tigm an rui ro rat eao cho ca nha dau tu va cho chinh cac don vi kinh doanh sin vang Thyc tg cic san giao dich ving dgu thyc bien boat ddng mua, bin vdi nha diu tu qua cae phuong thuc;
(i) Chu sin tryc tigp mua bin vang vdi nhi diu tu va phdng ngua rui ro bang viec chuygn trang thii nudc ngoai thdng qua boat ddng kinh doanh ving trgn tai khoan d nudc ngoai cua chu san;
(ii) Chu sin nhan lenh eua nha dau tu vi chuygn lenh nudc ngoai thdng qua boat dgng kinh doanh vang trgn tai khoan d nudc ngoai cua chu san;
(iii) Cic nha diu tu tryc tigp mua bin vang trgn tai khoan vdi thdng qua hinh thuc khdp lenh tip trung
Ddi vdi hinh thuc giao dich (i) va (ii) thi ve ban chit, chu san cho phep nha diu tu thyc hien mua bin vang tren tai khoan d nudc ngoai Hay ndi cich khic, day la boat ddng diu tu nudc ngoai cua nha dau tu nudc Khi nha dau tu nudc tinh toin sai/thua Id, mit ngoai te nirdc ngoai la khdng trinh khdi, tao thgm sue ep Ign ty gii USD/VND
Ngoai ra, viec thyc hien giao dich vang tai cic sin giao dich vang cua Viet Nam thdi gian qua ed thg mang lai rui ro cho cac nha
dau tu ca nhin thdng tin va ea chg giao dich khdng hoan toan minh bach; chu san vua lam mdi gidi mua/bin vang, vua tryc tigp kinh doanh vang Vi vay, tic gia cho rang, ngu cho san giao dich vang dugc lap mdi hoae boat dgng trd lai, thi cin nghign cuu diy du va than trgng mgi khia canh vg td chuc va nghiep vu; can cd ca chg quan ly rat chat che, nhat la khdng cho phep td chuc/ca nhan su dung ngudn vdn huy ddng tu xa hdi de kinh doanh mao higm, dau co vao vang
O diy, vin dg can dugc md rdng va can dugc canh bio, loai hinh kinh doanh chgnh lech gii (margin trading) - kinh doanh mao higm, diu ca tren thi trudng qudc tg ciia cic nhi diu tu nudc thdng qua kieu hd trg va boat ddng tuong ty nhu cic san vang ndi tren cCng cd thg dugc thyc hien bdi mdt San/Trung tam giao dich/Sd giao dich hang hda bat ky nao dd nhu bae, ca phg, cao su , khdng nhit thigt la vang; loai hang hda cu thg quy dinh cic hgp ddng giao dich chi la ddi tugng/phuong tien dg giao dich Nghiep vu dugc thyc hien thdng qua viec ky kgt cic hgp ddng giao dich hang hda tuong lai qudc tg, dd nha dau tu su dung ddn biy tai chinh rat cao, nha dau tu chi phai ky quy mdt ty le nhd so vdi tdng gii tri giao dich; vdi dac diem tinh khoan rit cao, thudng tit toin hgp ddng trudc dio ban cua cic hgp ddng giao dich tuang lai, nha diu tu thuc bjgn mua khdng bin khdng kigm tign nhd vao su bign ddng gii trgn thi trudng thg gidi vi dua vao ddn biy tai chinh Vi vay, Nha nude cung can sdm quan tam va cd quy dinh quan ly chat che ddi vdi thi trudng cdng cu tai chinh phii sinh, nhit la cic giao dich phii sinh vdi muc dich diu ca
Muc dp can thiet cua viec huy dpng vang dan de dau tu phat trien kinh te'?
Mdt sd chuygn gia cho rang, lugng vang dan cu la sd lugng Idn va can phai duge huy ddng dg dau tu phit trign kinh tg, ngu khdng se la sy lang phi Idn? Dg di dgn kgt luan nhan dinh la dung hoae sai, chung ta xem xet, phan tich d cac gdc sau:
Thu nhdt du khdng dugc tra
lai, tham chi phai tri phi (neu phi thip), ngudi din cd vang, nhit la sd huu mdt sd lugng Idn, ngudi din vin se gui d ngin hang dg dam bao an toan Tuy theo digu kien cua ngn kinh tg va muc tigu cua chinh sich tien te tung thdi ky, NHTU ed the thyc hien nghiep vu hoan ddi giira vang (vang "cd tinh chit tien te") vdi VND ddi vdi cic NHTM Theo dd, NHTU se tang dy tru qudc gia va NHTM se tang ngudn vdn tin dung dg cho vay
Thu hai ngu cho phep cic
NHTM tra lai cao de huy ddng vang va NHTM cho vay vang dg diu tu phit trign kinh tg thi Im ich cd the khdng bii ndi nhihig thiet hai tu nhimg tac ddng tieu cue ca d tam vi md va tam vi md Cu the: (1) Vdi ky vgng "lai kep"- lai dugc tra vg tign gui bang vang va ky vgng lai tu chgnh lech gii, ngudi din cd ddng lye Idn dg tich tru tai san bang vang hoae diu co vao vang, gay khd khan cho digu hanh kinh tg vi md, nhat la cd nhung bign ddng Idn ve gii vang; ngudn vdn tigt kiem eua din eu se dd ddn de tich tru vang; tic ddng tigu eye cua hien tugng "vang hda" cung la rat Idn, tuong ty nhu hiu qua ciia "dd la hda" ngn kinh tg Ngoai ra, viec chdng "do la hda" nen kinh tg ciing chi cdng ddng thdi chdng duge "vang hda"; (2) Phit sinh rui ro vg khoan vang va rui ro
(6)MitngXudn Tdn Mdo
HOAT OONG CUA N G A N H NGAN H A N G VIET NAM N A M 2010 VA OjNH HUONG N A M 2011 ^
vg gii vang cho cic NHTM, cho cic doanh nghiep/ngudi din vay vdn bang vang va giy bit dn, bign ddng khdng ludng trudc duge vg gia vang, ty gii USD/VND Kinh nghiem thyc tg cho thay, hau qua xa hdi se rit Idn, cic khoan tign gui hoae eac khoan toin bang vang dgn han/dio ban, nhung dd gii vang trgn thi trudng tang cao, va ngudi vay hoae ngudi phai toin tra vang se phi san hoae chiu Id Idn
Thieba, gidi ban diu tu tin dung
cho ngn kinh tg dugc quygt dinh bdi nhung ygu td nao? Ngudn vdn diu tu (tigt kiem nudc, ngudn vdn vay nudc ngoai); hieu qua cua cic dy an diu tu Trong dd, hieu
qua cua cac du an dau tu la mot yeu td quyet djnh Ngu nen kinh
tg cd nhieu dy in dau tu cd hieu qua, NHTU cd thg tang vdn cho ngn kinh tg bang cich "bom vdn" cho cac NHTM Trong chg tien giiy, gidi ban nhit dinh, NHTU cd kha nang md rdng tin dung ngan hang dg phit trign kinh tg thdng qua md rdng kha nang tao tign cua he thdng cic td chuc tin dung
Tir ly tren, tac gia cho rang: Se la tdt ban hoae cin huy
dgng ngudn vdn nhan rdi bang vang dan vao he thdng cic NHTM, nhign, khdng cin/khdng nhat thigt phai huy ddng ngudn vdn vdi viec phai tra lai, nhat la phai tra lai d muc lai suat cao (vi du 2%) Ngoai ra, dg trinh riii ro khoan vang, giiy td cd gii bang vang khdng dugc toin trudc ban, neu toin trudc ban phai chiu phat/chigt khau d muc/ty le tdi thigu nhit dinh NHNN quy dinh
Quan diem quan ly doi voi hoat dpng kinh doanh vang
Trudc nhiing bign ddng gii vang gay sue ep tieu eye Ign thi trudng
tiln te, die biet la thi trudng ngoai hdi, Chinh phu va NHNN da cd mdt sd giai phip quan ly, thim chi giai phip quygt liet nhu ddng cua cic san giao dich vang nudc; dinh chi giao dich vang trgn tai khoan d nude ngoai sau 30/03/2010 (tigp dd, dugc gia ban dgn hgt 31/07/2010); NHNN ban hanh Thdng tu sd 22/2010/TT-NHNN ve quan ly huy ddng va cho vay bang vang ddi vdi td chuc tin dung, theo hudng thu hep ddi tugng va boat dgng kinh doanh Tuy nhign, hieu lye, hieu qua quan ly nha nude ve boat ddng kinh doanh vang chua that cao, thi trudng vang vin chua dugc quan ly chat che, cdn cd diu hieu dau eo, lam gii vang, gay bat dn cho ngn kinh te va nhigu rui ro cho ngudi din
Trong thdi gian tdi, Nha nudc ein thyc hien cic bien phip diy du, ddng bd han dg khac phuc tinh trang gii vang bien dgng khd kiem soit; dg chdng thit thoit ngoai te cho dit nudc; dg tip trung ngudn vdn eua xa hdi cho diu tu phit trign san xuit Du bien phip nao dugc dua cung cin cd tinh dai ban, dn dinh va ngn dya trgn nhung quan
diem quan ly la:
(1) Tdn trgng tip quin, quygn lgi cua ngudi din su dung vang lam phuong tien cat tru gia tri, nhung tuyet ddi khdng khuygn khich ngudi dan dau tu vang, dac biet can chdng viec doanh nghiep va dan cu dau ca vang bang ngudn vdn huy ddng ngoai xa hdi;
(2) Vg ky thuat, can cd tigu chuan/tigu chi rd rang cu thg phan biet vang la dd trang sue, my nghe vdi vang cd tinh chat tign te, theo dd cd ca chi qudn ly rieng biet,
chat che, thu hep phgm vi, ddi tuang tham gia vd quy mo ddi vdi kinh doanh vdng cd tinh chat tien te, VI du vang migng;
(3) Tdn trgng quy luat thi trudng digu tigt boat dgng kinh
doanh vang, ddng thdi can cd sy quan ly, dinh hudng cua nha nudc;
(4) Cd CO chg linh boat dg thi trudng vang nudc lien thdng dugc vdi thi trudng vang qudc tg; gdp phan chdng budn lau vang;
(5) Cd CO chg phu hgp dg ngudn von tigt kiem nudc khdng bj dieu chuyen qui muc vao boat ddng kinh doanh vang;
(6) Loai bd vang khdi chuc nang thudc gii tri, phuong tien toin ngn kinh tg, khdng dg thi trudng vang tic ddng Idn, anh hudng tigu eye den dn dinh kinh tg vT md;
(7) Thdng tin vg quy md giao dich, sd lugng giao dich, sd lugng vang (vang "cd tinh chit tign te" vang migng) sd hiiu bdi mdt vign tham gia thi trudng vang chinh thuc phai dugc minh bach, cdng khai vi dugc bio cio NHNN hang dg NHNN cd thg kigm soit, digu tigt thi trudng bang cae quygt djnh quan ly phu hgp; gdp phin chdng dugc hien tugng lam gii, diu CO
Mpt so' giai phap c h u yeu de quan ly hoat d p n g kinh doanh vang
Ddng quan digm vdi nhigu chuygn gia, tic gia cho rang: Thdng tu sd 22/2010/TT-NHNN cua NHNN ed tic ddng rat tich eye ddi vdi viec quan ly boat ddng kinh doarih vang va ddi vdi thj trudng tign te, nhat la dai ban
Dg ddng bd, nang cao hieu lye va hieu qua quan ly nha nudc ddi vdi hoat ddng kinh doanh vang, tic gia de xuat, bd sung, digu ehinh mdt sd quy djnh hien hanh bang mgt sd giai phap sau:
(1) Hoan thien he thdng VBQPPL hien hanh digu tiet tryc tiep hoae cd lign quan dgn quan ly boat dgng kinh doanh vang de thdng nhit vai trd quan ly boat ddng kinh doanh vang eua NHNN
(7)Mung Xudn Tdn Mdo
^ HOAT OONG CUA N G A N H NGAN H A N G VIET NAM N A M 2010 V A OjNH HU(5NG N A M 2011
theo dung quy djnh tai khoan 17 Dieu Luat Ngan hang Nha nudc Viet Nam sd 46/2010/QH12, NHNN ed nhiem vu "Qudn ly nhd nudc ve ngogi hoi, hogt dong ngogi hdi vd hogt dong kinh doanh vdng"
Thyc hien quy djnh trgn, thyc tien ngn quy dinb viec kinh doanh vang "cd tinh chat tien te" - vang mieng la loai hinh kinh doanh cd dieu kien, doanh nghiep kinh doanh phai dugc NHNN cap phep va dip ung du cic dieu kien NHNN dua phu hgp vdi tung thdi ky phit trign kinh tg eua dit nudc; nhiing td chuc, c i nhin chi kinh doanh mua, ban, san xuit vang trang sue my nghe khdng cin cd giay phep cua NHNN, nhung phai thdng bio cho NHNN vg giiy phep dang ky boat ddng kinh doanh vang va vin chiu sy kigm tra, tra cua NHNN; se phai chju phat hanh chinh nang ngu cic don vj kinh doanh vang "cd tinh chit tign te" -vang migng;
(2) xay dyng tigu ehi cu thg dg phan biet vang "cd tinh chit tign te"; vang cd ham lugng cao; vang trang sue my nghe Dg xuat eu thg:
- Vang "cd tinh chit tign te" la vang dugc coi la ngoai hdi theo digm (d) khoan Digu Luat NHNN sd 46/2010/QH 12 (Vdng thuoc du trie ngogi hdi nhd nudc, tren tdi khodn a nudc ngodi cua nguai cu tru; vdng dudi dgng khoi thdi, hgt, mieng trudng hap mang vdo vd mang khdi lanh tho Viet Nam); vang migng dugc san xuat ttong nudc; vang trgn tai khoan gui "luu ky" tai cic to' chuc tin dung nudc
Vang "cd tinh chat tign te" ed dac digm la cd tinh khoin eao; chi phi dg chuygn ddi tien la rit thip, gin bang khdng;
- Vang ham lugng cao la vang cd ham lugng > 90% Vang ham lugng cao bao gdm vang "ed tinh chat tign
te" va mdt bd phin vang trang sue my nghe;
-Vang trang sue my nghe la san phim chg tic bang vang cd ham lugng vang thip (dudi 90%) hoae san pham vang cd ham lugng cao nhung chi phi dg chg tic san phim vang dd tu vang nguygn lieu phai chigm ty le ding kg gii bin san phim (vi du trgn 5%);
(3) Phan biet muc thug suat xuat khau hoae nhip khic ddi vdi vang "cd tinh chit tien te" hoae vang cd ham lugng cao; ddi vdi vang trang sue my nghe hoae vang cd ham lugng thap Giu nguyen muc thug suit 10% ddi vdi vang ham lugng cao theo Thdng tu sd 184/2010/TT-BTC, ngn muc thug suit xudng muc 5% i p dung ddi vdi vang trang sue my nghe;
(4) Khi da cd mire thug xuit hgp ly dg digu tigt xuit/nbap khiu vang, ndi long dan va tign tdi xda bd viec cap quota xuat/nhap khau vang dg viec lign thdng thi trudng vang nudc vdi thi trudng vang thg gidi dugc linh boat, theo ca chg thj trudng;
(5) Thu hep pham vi sd lugng eac td chuc dugc phep mua, b i n vang "cd tinh chit tign te" - vang mieng so vdi hien Sd lugng nhung doanh nghiep khdng qui nhigu de Nha nudc kie'm soit dugc nhung cung khdng qui it de' tri sy canh tranh theo ca chg thj trudng mdt cich lanh manh, khdng giy tinh trang dgc quyen, thao tung thj trudng Nha nudc cd thg dua eac quy djnh vg muc vdn digu le, vg digu kien ky thuat sin xuat, vg sd nam kinh nghiem kinh doanh vang, vg muc ky quy vang tai NHNN dg' tao hang rao ky thuat viec nhap/thoai lui cua nhihig doanh nghiep dugc phep san xuat va mua, bin vang "cd tinh chit tien te" - vang mieng
Vi du binh quin toan qudc mdi phd khoang 20 doanh
i
nghiep, nhign, can ph n biet so lugng cu thg' cac doanh 'ighiep dugc phep mua/bin vang migng theo quy md hoae cap phd Nhung doanh nghiep/eira hang phai cd muc ydn dieu le Idn (khoang 100 ty ddng); phai dang ky kinh doanh vdi NHNN va dugc NHNN c i p giiy phep; phai dugc NHNN tra boat dgng dinh ky hoae dot xuat; phai kgt noi mang thdng tin vdi chi nhanh NHNN trgn dia ban de bio cao doanh sd mua/bin, va tdn kho hang ngay, va theo dinh ky thing cho NHNN Nhiing doanh nghiep/eira hang can dang ky ngudn goc, tieu chuin san pham vang migng;
(6) NHNN thyc hien nghiep vu hoin ddi giira vang tign te vdi VND ddi vdi cic NHTM Quy mo hoin ddi, ty gii giao ngay, ty gia ky ban i p dung nghiep vu hoin ddi thudc vao mue tieu chinh sach tien te tung thdi ky;
(7) Nghign cuu, cho lap va boat ddng hoae sd giao djch vang sau NHNN da xiy dyng, ban hanh diy du ea chg quan ly chat che; phan tich rd nhirng tac ddng vg kinh te xa hdi ca d tam vi md va tim vT md
Theo tic gia, mdt sd ndi dung chu ygu sau diy can dugc luu y Dg in vg lip Sd/san giao djch vang nude:
- Sd/san giao djch vang la vidn dgc lap, la trung gian khdp c i c lenh mua/bin vang va toan bu tru tign VND/vang giu'a cic vign tham gia thj trudng, khdng dugc phep tryc tiep giao djch kinh doanh vang
- Sd/san giao djch vang ngn la cdng ty cd phan dd Nha nudc nam giu >> 51 % vdn dieu le hoae la Cdng ty TNHH vign ma chu sd hihi la nha nudc Sd/san giao djch ving chiu sy giim sit chat che cua NHNN, phai thyc hien kiem toin dgc lap hang nam
(8)If HOAT OONG CUA N G A N H N G A N H A N G VIET NAM N A M 2010 VA OjNH HUONG N A M 2011 ^ MwngXudn Tdn Mdo
bdi cdng ty kigm toin cd uy tin (nam danh sich cic cdng ty kigm toin dde lap duge Co quan Thanh tra giim sit ngin hang chip thuan)
- Tai khoan tien VND, ving cua vign tham gia giao djch tai Sd giao djch vang phai tich biet, dugc gui tai cic NHTM dugc phep giao djch ngoai hdi
- Hang hda giao djch cua Sd/san giao djch vang (tam ggi la ehung chi vang) dugc tigu chuan hda va phai gan vdi vang vat chat Thdi gian cho phep toin vang vat chat cho ngudi mua la T-i- ngu ngudi mua cd nhu cau toknJnhkn lai vang vat chit;
- Ddi vdi c i nhin tham gia mua/bin vang trgn Sd/san giao dich vang, digu kien hien nay, phai ky quy 100% gii trj giao djch; khdng duge mua khdng/bin khdng
- Cho phep TCTD dugc phep boat ddng ngoai hdi, cic doanh nghiep sin xuit, mua/bin/xuit/nhap khau vang "cd tinh chat tign te" -vang migng dugc tham gia giao djch trgn Sd/san giao djch vang nudc Trong sd cac loai hinh doanh nghiep trgn, NHNN cho phep mdt sd cic TCTD dugc phep kinh doanh doanh vang trgn tai khoan d nudc ngoai dg tao sy lign thdng giiia thj trudng vang nudc va thj trudng vang the gidi
- NHNN cin quy djnh rigng biet vg trang thii giao djch vang nudc, trang thii giao djch vang trgn tai khoan d nudc ngoai va quy dinh trang thii d muc thip (vi du ± 3%/vdn digu le) ddi vdi nhimg td chuc tham gia Sd/san giao djch vang Viec quy djnh nham muc tigu ban chg quy md giao djch va chdng dau co kinh doanh vang
Tao ca chg lign thdng giira thi trudng vang nudc va thj trudng vang thg gidi nhung NHNN phai kigm soit dugc va chu ddng
dilu tiet bign cich biet (cao ban hoae thip hon) giira gii vang nude so vdi gii vang qudc tg, va ddng thdi vdi ca chg vg thug xuit/nbap khau vang "cd tinh chat tign te" dg dieu tigt khdi lugng vang xuat/nhap khau
- Quy djnh tigu chuan, ma/ky hieu ddi vdi vang migng duge sin xuat tu cac doanh nghiep sin xuat vang mieng khic tham gia giao dich trgn Sd giao djch vang
- X i y dyng quy trinh tien lgi, chat che, dam bao an toan cho viec luu ky vang, toin vang vat chit
- Thdi gian diu, ehua cho phep cac vign thj trudng thyc hien giao djch cic san phim phii sinh ve vang
- Quy djnh tran muc phi vg luu ky vang; giao djch mua/bin vang va quy djnh ve muc thug doanh nghiep hoae muc thug thu nhap c i nhin ddi vdi lgi nhuan tu chgnh lech gii ban, gii mua vang;
(8) Trong phin dy tru ngoai hdi qudc gia, NHNN cin cd phuong in dy tru vang d ty le nhit djnh so vdi tdng dy triJ ngoai hdi Ddng thdi NHNN cd phuong in tham gia mua/bin trgn Sd giao djch vang nudc; kinh doanh ving tren tai khoan d nudc ngoai; cho vay vang ddi vdi NHTM Thyc hien da dang cic nghiep vu ve vang, mdt mat tao cho NHNN chu ddng can thiep, dieu tigt thj trudng vang nudc; mat khac, ning cao hieu qua eua diu tu vang thudc dy trii ngoai hdi nha nudc
Tdm lai: Trong xa hdi hien nay, vang khdng cdn nguygn vai trd "tign te" nhung tinh chit "tiln te" cua vang khdng hoan toan mit di Hoat ddng cua thi trudng vang nudc anh hudng din thyc thi chinh sich tien te, chinh sach ty gii Ddi vdi Viet Nam, Nha nudc chua ty hda cic giao djch von, dy trii ngoai hdi khdng cao, ngudn
cung vang chu ygu tu nhip khiu Do vay, vg co ban nhung bien phip quan ly nam 2010 vua qua la dung hudng Trong thdi gian tdi, NHNN can tigp tuc hoan thien khudn khd the chg quan ly ddi vdi boat ddng kinh doanh vang, cho vua cd ca chg quan ly chat che, kigm soat, digu tigt dugc boat ddng kinh doanh vang phu hgp vdi digu kien kinh tg eua dit nudc tung thdi ky, vua tao dugc sy thdng thoang, linh boat, dn dinh vg chinh sich dg thj trudng vang phit trign, nhit la boat ddng kinh doanh vang trang sue my nghe Thdng qua he thdng c i c giai p h i p ddng bd theo cac quan digm v i djnh hudng ngu trgn, hieu lye va hieu qua quan ly nha nudc ddi vdi boat ddng kinh doanh vang tai Viet Nam se dugc ning cao.B
TAI LIEU THAM K H A O : - Luat Ngan hang Nha nudc Viet Nam so 01/1997/QHlO va Luat sua ddi, bd sung mdt sd digu cua Luit Ngin hang Nha nudc Viet Nam sd 10/2003/QHl 1;
- Luit Cic td chuc tin dung sd 02/1997/QHlO va Luat sda dd'i, bd sung mdt sd digu cua Luat Cic td chuc tin dung sd 20/2004/QHll;
- Phip lenh ngoai bdi nam 2005; Nghi djnh 174/1999/ND-CP va Nghi djnh 64/2003/ND-174/1999/ND-CP sua ddi, bd sung mdt sd dieu eua ND 174; Cic VBQPPL khic cua Nha nudc cd lign quan vg boat ddng kinh doanh vang;
- D I tai NCKH c i p nganh KNH 2009-01 "Cdc gidi phdp ndng cao hieu qud qudn ly kinh doanh vdng theo chiic ndng ciia Ngdn hdng Trung uang", chu nhiem Dg tai Nguyin Van Anh;
- Tdng hgp thdng tin dang trgn cic tap chi; bio dien tu; bio giiy nam 2009, nam 2010