Ngoai viec quy dinh ve viec niem yet tren cac SGDCK, Chinh phii ciing ban hanh Nghi dinh hudng dan ve chao ban va niem yet cua cac doanh nghiep Viet Nam r a nude ngoai; chao ban va [r]
(1)hihig khoan
PHONG VAN - TRAO DOI
MOT BVOC KHANG DINH KENH HUY DONG VON
TRUNG & DAI HAN •
2011 - nam tam xay dimg va ban hanh chinh sach cho TTCK NAM , MAC DU CON NHIEU KHO KHAN, NHUNG THI TRUdNG CHlTNG KHOAN (TTCK) VIET NAM DUOC OANH GIA LA NAM MA CAC DOANH NGHIEP TRONG uktt KINH T^ DA KHOl THONG DUOC NGUdN VON QUA TTCK DE GIAM AP LUC VE KENH TIEP CAN V N VAY QUA HE T H N G NGAN HANG V l LAI SUAT VAY CAO NHAN DfP NAY, TAP CHI CHUMG KHOAN CO CUQC TRAO DOI V l TS N G U Y I N S O N - VU TRUdNG VU PHAT TRIEN THI TRUdNG, UY BAN CHUTNG KHOAN NHA N U d C (UBCKNN) vk TTCK NAM QUA VA MOT S d DINH H U d N G , CHINH SACH CHO NAM 2011 (TIEU DE DO TdA SCAN L U A CHON)
A TS Nguyen Son
^ ^ Thua Ong, van de kinh te the gidi va Viet ^ J ! ^ ^ ^ Nam nam qua da tac ddng khong nhd ^ X j ^ den TTCK Viet Nam Ong cd the khai quat
*^ diln bien thi tnidng nam 2010 va theo
Ong, nhung diem nao la cdng nhat nam 2010 cua nCK Viet Nam?
Nam 2010, kinh te the gidi van cdn nhieu khd khan hau khiing hoang tai chinh toan cau 2008 de lai Ddi vdi Viet Nam, nen kinh te ciing cd nhieu thach thiic cac gdi kich thich kinh te ma Chinh phii ap dung nam 2009 het hieu luc Cac doanh nghiep phai tiing budc tiep can vdi cac ddng vdn theo quan he cung cau vdn ciia thi trudng, "bau siia" hd trp lai suat va uu dai miln, giam, gian thue bet hieu luc da dat cho doanh nghiep nhieu khd khan gia ca nguyen lieu tang nhanh, lam phat tang trudng trd lai, lai suat ngan hang len cao Ben canh dd, nhiing yeu kem quan ly tai chinh ciia cac tap doan nha nude da dan hoc Id Cac chi tieu kinh te vi md nam qua Cling cho thay nhieu yeu td bat Ipi ddi vdi TTCK, dd la: chi sd gia tieu diing (CPD tang manh (11,75%); lai suat ngan hang tang cao (khoang 17% nam); bien ddng ty gia VND so vdi cac ddng tien chii chdt khac (USD; Yen Nhat); tang trudng tin dung cham lai Tuy nhien, mdt so chi tieu
kinh te nam 2010 vupt miic de ra, nhir: tang trudng GDP la 6,78% (miic dat la 6,5%); chi tieu san xuat cdng nghiep; xuat nhap khau tang manh; giai ngan vdn ODA tang kha
Cd the thay, diln bien ciia TTCK Viet Nam nam 2010 khdng cd nhieu bien ddng Idn nhu nam \ 2009, chi sd' gia cd phieu VN Index 31/12/2010 la 448,66 diem, giam 49,11 diem (khoang -10%) so vdi miic chi sd 497,77 diem 31/12/2009 Tdng gia tri vdn hda thi trudng ciia j 623 cdng ty niem yet (CtyNY) tren cac Sd Giao ' dich Chiing khoan (SGDCK) chiem 40% GDP nam 2010, tang khoang 2% so vdi miic vdn hda thi trudng nam 2009 Mac dii miic vdn hda thi trudng cd tang, nhung khoan ciia thi trudng thap ban nam 2009
So lupng cac trung gian tai chinh khdng gia tang (105 cdng ty chiing khoan (CtyCK); 47 cdng ty quan ly quy) nhung so lupng tai khoan giao dich chiing khoan ciia nha dau t u tang dang ke (1.031.000 tai khoan, tang 126% so vdi 793.000 tai khoan nam 2009) Trong dd, sd lupng tai khoan nha dau t u nude ngoai (DTNN) khoang 15.000 tai khoan va gdp phan dang ke giao dich dan dat thi trudng, dac biet la cac thang cudi nam lupng mua rdng ciia nha DTNN kha Idn (khoang 15 nghin ty ddng) va keo dai qua nhieu phien giao dich tren TTCK
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(2)hihig klioan
PHONG VAN • TRAO DOI
'^-Tuy nhien, theo tdi, nam 2010 dupe danh gia la nam cd sd doanh nghiep len san kha Idn, tii 455 CtyNY tren SGDCK Tp Hd Chi Minh (HOSE) va SGDCK Ha Ndi (HNX) nam 2009 tang len 623 cdng ty, gdp phan dua tdng sd cd phieu ciia CtyNY va dang ky UPCoM len gan 750 cdng ty, qua dd gdp phan thu hep thi trudng t u va giiip doanh nghiep minh bach hda boat ddng kinh doanh thdng qua co che cdng bd thdng tin va quan tri cdng ty Ngoai ra, day ciing la nam phat huy dupe vai trd chii dao ciia kenh huy ddng vdn trung, dai ban tren TTCK tdng miic huy vdn ciia nen kinh te qua TTCK dat 116,5 nghin ty ddng (tang hon Ian so vdi nam 2009 la 39 nghin ty ddng; va hon Ian so vdi miic 29 nghin ty ddng ciia nam 2008) Khung phap ly, the che tiing budc dupc hoan thien vdi viec Qudc hdi ban hanh Luat Chiing khoan sd 62 (siia ddi, bd sung Luat Chiing khoan ban hanh nam 2006) nham tang cudng quan ly va giam sat ddi vdi TTCK
Ngoai ra, TTCK Viet Nam tiing budc dupc hoan thien theo cau tnic hpp ly, bao gdm khu vuc niem yet cd phieu quy md vdn Idn (HOSE), khu vuc doanh nghiep quy md viia va nhd (HNX), khu vuc cdng ty dai chiing chua niem yet (UPCoM), khu vuc giao dich trai phieu chinh phii chuyen biet (HNX) He thdng giao dich tiing budc dupc hoan thien, vdi viec dua vao giao dich he thdng giao dich true tuyen tai HOSE va HNX ciing nhu khu vuc UPCoM da cho phep gia tang nhanh khdi lupng giao dich va giam thieu cac nii ro, sai sdt qua trinh nhap lenh tai san giao dich Ben canh dd, de tiing budc thu hep thi trudng til va dua cac hoat ddng giao dich tu phat (thdng qua cac "san" giao dich tai cac td chiic phat hanh va CtyCK) vao quy dao quan ly, UBCKNN da day manh viec kiem tra, giam sat viec lap cac san giao dich t u phat tai cac CtyCK, chan chinh viec lap cac san vang va san giao dich chi sd ciia mdt sd CtyCK Cac boat ddng "xe rao" cua cac CtyCK cho khach hang sii dung cac "ddn bay tai chinh" (cho vay ky quy; cho ban chiing khoan trudc T+4; cho vay chiing khoan de ban ) ciing dupc chan chinh va xii ly nghiem Co quan quan ly da phdi hpp vdi co quan dieu tra de xem xet va xu ly cac trudng hpp thao tiing gia cd phieu tren thi trudng Trong pham vi xii ly hanh chinh, budc dau UBCKNN da xii phat nghiem ddi vdi cac vu thao tiing gia cd phieu VTV
va AAA, phdi hpp vdi co quan an ninh dieu tra de khdi td hinh su ddi vdi vu viec thao tiing gia cd phieu DVD, DHT
^ ^ Mot sd quy dinh mang tinh nghiep vu ^ i j ^ ^ ^ ma nha dau tv rat quan tam va cung da
m^J^ dupc UBCKNN nhic tdi nhv cho phep ban
^ chung khoan vao T+2, nha diu ttf duoc md nhieu tai khoan, mua-ban chung khoan den nao mdi cd the duoc ap dung chinh thuc?
Cac quy dinh lien quan den md nhieu tai khoan; cac trudng hpp dupe mua-ban chiing khoan giao dich; co che liy quyen tai khoan; giao dich ky quy; mua cd phieu Id le ciia td chiic niem yet ddi vdi cd ddng , hien dang dupc quy dinh du thao Thdng t u hudng dan ve giao dich chiing khoan Mac dii, du thao ndi tren da dupc xay dung kha lau va nhieu cudc hdi thao, lay y kien cac vien thi trudng cung da dupc td chiic nam 2010, nhien de trien khai cac nghiep vu ndi tren, ddi hdi phai ban hanh ddng bd cac quy dinh, quy trinh giam sat va tuan thu eae quy dinh ve chi tieu an toan tai chinh ddi vdi cac CtyCK tren thi trudng, vay, sau Bd Tai chinh da ban hanh Thdng t u ve an toan tai chinh, UBCKNN dang hoan chinh lai du thao ndi tren de bao cao Bd Tai chinh ban hanh
^ ^ Hien tren thj trudng da manh nha
^•^P^^ hinh mot sd giao djch cac san
^ M L J ^ * pham phai sinh va mdi day, UBCKNN
^ cung da td chuc hoi thao ve van de nay,
Ong cd the danh gia ve van de va cho biet dv kien ve id trinh xay dung TTCK phai sinh tai Viet Nam?
Hien nay, tren TTCK Viet Nam da manh nha hinh cac chiing khoan phai sinh, theo tdi day la dieu theo le t u nhien vi TTCK phat trien den mdt miic dd nhat dinh thi nhu cau sii dung cac san pham phai sinh (derivatives) nhu mdt cdng cu de phdng ve cac nii ro va qua dd gia tang Ipi nhuan la tat yeu Vi vay, viec sdm nghien ciiu de trien khai xay dung TTCK phai sinh dii dieu kien la viec lam can thiet, nham tranh thi trudng phat trien mdt each t u phat, gay nii ro cho cac nha dau tu Tuy nhien, nhu chiing ta biet, TTCK phai sinh la san pham cao cap, vdi co che giao dich kha phiic tap va phan Idn danh cho cac
(3)iiilng khoan
PHONG VAN - TRAO DOI nha dau t u chuyen nghiep, nen trien khai van hanh ddi hdi cac ben tham gia thi trudng tii co quan quan ly, td chiic van hanh thi trudng den nha dau t u phai cd su chuan hi ky cang de tranh nii ro tac ddng day chuyen giiia thi trudng phai sinh vdi thi trudng co sd (cd phieu; trai phieu) Ngoai ra, de trien khai thi trudng phai sinh, ben canh viec cd "hang hda" dii Idn cho thi trudng (hpp ddng tuong lai; hpp ddng quyen chpn; cdng cu chi sd ) ddi hdi cac thiet che van hanh ciia thi trudng co sd ciing phai cd dp md can thiet (nhu dupc phep ban khdng; giao dich ky quy; mua ban )
Hien tai, UBCKNN dang xay dung De an ve TTCK phai sinh de bao cao Thii tudng Chinh phii, cac ndi dung trien khai xay dung thi trudng tii co che phap ly; td chiic van hanh; hang hda giao dich; CO che quan tri, dieu hanh, giam sat va cudng che thuc thi se dupc de cap cu the de an Viec xay dung TTCK phai sinh phai g i n lien vdi Chien lupc phat trien TTCK giai doan 2011 den 2020 va gan vdi De an tai cau tnic td chiic TTCK Theo do, cd the den 2013-2014 chiing ta cd the dua vao van hanh TTCK phai sinh don gian, giao dich mdt sd cdng cu nhu san pham ETF hoac hpp ddng tuong lai chi sd chiing khoan, sau dd dan hoan thien va dua vao giao dich cac cdng cu phai sinh khac theo n h u thdng le qudc te
^ ^ ^ Ong cd the dv bao nhimg van de ve kinh ^ Y ? ^ ^ t^ vi mo nam 2011 va nhiing cong ^ p p L j ^ ^ viec ma UBCKNN phai trien khai
^ ^ nam 2011 de thuc day TTCK phat trien?
Nam 2011, kinh te the gidi da qua giai doan khd khan nhat dinh, nhien cac yeu td tiem an van cdn kha Idn Nhiing thach thiic dat cho bdi canh kinh te nam 2011 va thi trudng tai chinh la khd ludng Cu the: (i) Cac chi so that nghiep van cdn cao va gia tang manh d cac nen kinh te Idn (My; EU); (ii) Miic tham hut ngan sach va nguy co mat kha nang bii dap tham hut d cac nen kinh te Tay Au v l n rat Idn (Bd Dao Nha; Hy Lap); (iii) Miic gia tang gia ca nguyen lieu co ban (dau thd; thep; vang ) va nguy co lam phat cao; (iv) Thien tai (ddng dat, lii lut), dich benh cd nguy co hoanh hanh d mdt sd nen kinh te dang phat trien
Ddi vdi kinh te Viet Nam, trudc nhiing tac ddng ciia kinh te the gidi, kinh te Viet Nam ben canh nhiing thuan Ipi nhat dinh van cdn nhieu khd
khan, thach thiic Idn Mac dii cac chi tieu kinh te vi md nam 2010 kha thuan loi va tao tien de cho su phat trien ciia nam 2011, nhien van de chi sd gia tieu diing tang cao, chi sd dau t u ICOR cao va ap luc tri tang trudng kinh te cao (7-7,5%) ddi hdi phai gia tang dau tu, nen gay ap luc Idn den chi sd gia tieu diing ddi hdi phai cd cac giai phap de kiem soat miic tang trudng tin dung; kiem soat lam phat va xem xet lai hieu qua dau t u toan
xa hdi
De phat trien dn dinh, ben viing TTCK nam 2011, co quan quan ly TTCK se phai trien khai kha nhieu viec Theo tdi, nam 2011 la nam trpng tam ciia viec xay dung va ban hanh nhieu chinh sach cho TTCK Vdi Luat Chiing khoan siia ddi, bd sung viia dupc Qudc hdi thdng qua cudi nam 2010, co quan quan ly ve TTCK se ban hanh cac quy dinh ve phan dinh thi trudng tren ctf sd tang tieu chuan niem yet tren cac SGDCK theo hudng tang quy md vdn niem yet, tinh dai chiing va tieu chi tai chinh lanh manh, ddng thdi nang cao trach nhiem ve cdng bd thdng tin ddi vdi cong ty dai chiing Ngoai viec quy dinh ve viec niem yet tren cac SGDCK, Chinh phii ciing ban hanh Nghi dinh hudng dan ve chao ban va niem yet cua cac doanh nghiep Viet Nam r a nude ngoai; chao ban va niem yet ciia cac doanh nghiep nude ngoai tren TTCK Viet Nam; va nghia vu ciia cdng ty dai chiing chao ban chiing khoan cdng chiing phai tien hanh dua cd phieu vao giao dich tren thi trudng tap trung vdng mdt nam de bao ve quyen loi cho cac nha dau tu Cac dinh che tai chinh khac n h u quy md; quy bat ddng san; quy giao dich chi sd (ETF) ciing dupc xay dung va ban hanh nam 2011
De nang cao nang luc tai chinh cho cac CtyCK nham phat trien dn dinh thi trudng, dau nam 2011, Bd Tai chinh cung da ban hanh Thdng tu hudng dan ve chi tieu an toan tai chinh, day dupc xem nhu la "Thdng t u 13" ddi vdi cac trung gian tai chinh tren TTCK, tao co sd tien de cho viec Bp Tai chinh xem xet ban hanh mdt sd van ban mang tinh nghiep vu "phai sinh" nam 2011 nhu md nhieu tai khoan, mua ban chiing khoan va giao dich ky quy
Xin tran trpng cam on Ong!
N G U P H O N G thuc hiin
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