Thuc hien hoan ddi, mua lai trai phieu, giam sd lugng ma trai phieu niem yet tren thi truong; td chiic phat hanh trai phieu lo Ion tren co stf thong bao truffc ke hoach, lich bieu p[r]
(1)DIEN DAN CHUTNG KHOAN rfclTFI^IE]
HUY DONG VON TRONG NUOC THONG QUA PHAT HANH
TRAI PHIEU CHlNH PHU
T H S T R A N K I M V A "1 Vu TRi/ofNG Vu T O N G HC«>
- PHAP CHE, KBNN
Thirc trang giai doan 2001-2010 va dinh huong, giai phap
cho giai doan 2011-2020
0 lan tbuf IX cua Dang nam bpi dai bieu toan qudc 2001 uat muc tieu dua Viet Nam kboi tinb trang kem pbat trien, nang cao ro ret ddi sdng vat cbat, van boa, tinb tban cua nhan dan, tao nen tang den nam 2020 Viet Nam ctf ban trtf thanb nude cong ngbiep tbeo budng hien dai voi muc tieu cu the la dua GDP nam 2010 len it nha't gap doi nam 2000, dn dinh kinh te vi mo, nang cao ro ret hieu qua va sue canh tranh nen kinb te tren ctf stf thu hut tdi da cac nguon vdn cho dau tu phat trien; gan cong tac buy dpng vdn thong qua phat hanh trai phie'u chinb phu (TPCP) vtfi viec phat trien tbi truffng tien te, trutfng chiing khoan (TTCK), chii tinh hieu qua, an toan va tac dong tich cue den cac chi tieu kinh te vi mo
I Thut trqng huy dong von trong nudc thong qua phdt hdnh TPCP giai doqn 0 -2
/ tint} Ijinh trien kttai C6 the danh gia tinh hinh, ket qua cong tac huy dpng vdn
trong nutfc cho ngan sach nha nude (NSNN) va cho dau t u phat trien thcfi gian qua theo bai giai doan nhu sau:
Giai doan 2000 - 2007
Nam 2000, sau TTCK chinh tbiic dutfc lap, ben canh viec phat hanh true tiep
TCr glQa nam 2008 den dau nam 2010, it tfianh vien ttiam gio dau thdu TPCP nen ty le tlidnh cong rdt thdp
Anij Bdo Hdn
thi trai phieu kho bac qua be thdng Kho bac Nha nudc (KBNN) va da'u thau tin phie'u kho bac qua Ngan bang Nha nUtfc (NHNN), thuc hien Nghi dinh 01/2000/ND-CP 13/1/2000 cua Chinb phu, KBNN bat dau trien khai dau thau trai phieu qua thi truffng giao dich chiing khoan va bao lanh phat banh, nham buy dpng vdn trung va dai ban cho NSNN va cho dau t u phat trien, dong thdi tao bang
boa cho TTCK Ke't qua huy dong vdn cu the qua cac kenh sau:
(1) Phat hanh cac loai trai phieu tnic tiep qua he thdng KBNN
Day la kenh phat hanh dutfc tri lien tuc, thuffng xuyen sudt giai doan 2001-2005 tren toan he thong KBNN Doanh sd huy dong qua kenh dat xap xi 20% tdng khoi lutfng huy dpng qua KBNN hang nam Trai phieu phat hanh rieng le, ngang menh gia, c6 ghi ten dutfc toan tai noi phat hanh, viec mua ban chuyen nhutfng trai phieu rat ban che Trai phieu chu yeu dutfc ban cho cac tang ldp dan cu c6 nhu cau dau tu, nSm giii trai phieu cho den dao ban
Nam 2001, ben canh loai trai phieu truyen thdng, KBNN da thi diem phat banh loai trai phieu chiet khau ky ban nam tai Ha Npi va Tp Hd Chi Minh Tbeo pbutfng thiic nay, cac trai phieu ban ciing mpt dot duffc quy ve cung mpt phat banh Gia ban trai phieu se duffc chiet khau, bao dam cac trai
3
(2)DIEN DAN CHlTNG KHOAN
phieu phat banh cung mot dfft c6 cung lai sua't va dao han, du tieu chuan niem yet, giao dich tren TTCK Tuy nhien, phuffng thuc phat hanh chua quen thupc vtfi cong chiing nen ket qua huy dpng rat ban che Sau thang phat hanh tai phd Itfn, chi huy dong dutfc 48,6 ty dong va sau kbi phat hanh, trai phieu ciing khong dutfc chu stf hiJu giao dich tren TTCK
(2) Dau thau tin phieu kho bac qua NHNN
NHNN la dai ly cho Bp Tai chinh viec td chiic dau thau tin phieu va quan ly thi trutfng sau phat hanh Trong giai doan nay, thi trUtfng dau thau tin phieu kho bac dutfc td chiic deu dan hang tuan Thanh vien tham gia thi trucmg la cac ngan hang thuong mai (NHTM), cong ty tai chinh (CtyTC), quy bao hiem Tin phieu kho bac c6 cac ky ban thang, thang, thang va 364 ngay, nhung chu yeu la ky ban 364 dau thau kieu Ha Lan Do tin phieu c6 tinh khoan cao tren thi truffng thii cap, nen khdi luffng tin phieu phat hanh dat kha, lai suat tin phieu thap htfn ban cac loai cong cu khac huy dpng ciing thoi diem (chiem khoang 40 -60% tdng sd vdn KBNN huy dpng hang nam, lai suat tin phieu ky ban 364 thoi diem dau nam 2007 giam xuo'ng 3,55%/ nam) Den cuoi nam 2002, dutfc su dong y cua Chinh phii, da bat dau thuc hien ctf che cho phep NHNN mua sd tin phieu kho bac khong ban het cac phien dau thau de tang kha nang thu hut vdn cho NSNN Neu nhu NSNN lam tdt
cong tac ke hoach boa thi viec huy dpng va su dung ngudn vdn ngan ban se tiet kiem iPn ve chi phi
(3) Dau thau trai phieu qua TTCK va bao lanh phat hanh
Day la bai kerib huy dpng vdn trung va dai ban cho dau t u phat trien, ddng thoi tao hang boa cho TTCK Trai phieu phat hanh co ky ban nam trtf len, dii dieu kien tieu chuan niem yet, giao dich tren TTCK Thanh vien tham gia thi trUtfng la cac NHTM, cong ty chiing khoan (CtyCK), cong ty bao hiem, CtyTC, quy dau tu Neu nhu viec dau thau trai phieu duffc Stf Giao dich Chiing khoan (SGDCK) la dai ly td chiic thi bao lanh phat hanh KBNN thoa thuan true tiep voi cac vien thi trucmg
Trong thoi gian dau, sd lutfng vien it ve sd lutfng, ban che ve nang luc vdn va kinh nghiem, tinh khoan cua trai phieu tren thi trudng thii cap thap, nen viec da'u thau va bao lanh phat hanh trai phieu khong dutfc td chiic deu dan, thuong xuyen, khdi luong vdn huy dpng dat tha'p (Nam 2001: huy dpng dat 1.393 ty dong; Nam 2002 dat 231 ty ddng; Nam 2003 dat 2.322 ty ddng; Nam 2004 dat 3.809 ty dong; tuong duong 11% khdi lutfng vdn KBNN huy dpng hang nam)
Tii nam 2005, TPCP cung dutfc NHNN cho phep giao dich tren thi truong mtf da g6p phan quan trpng nang cao tinh khoan cua trai phieu Dac biet, tii cudi nam 2005, sau Viet Nam gia nhap Td chiic Thuong mai The gitfi (WTO), thi truPng vdn mtf ciia dieu kien kinb
te vi mo dn dinh da thu hut sU quan tam tham gia tich cue eiia cac nha dau t u nutfe ngoai (DTNN), thi truong dupc td chiic deu dan mPi tuan mpt phien Nbtf vay, tii nam 2006, khdi lugng t r a i phieu phat hanh thong qua dau thau va bao lanh tang nhanh (nam 2006: 20.126 ty dong; nam 2007: 34.607 ty ddng), chiem ty trpng khoang 55% trai phieu KBNN phat hanh, lai suat trai phieu co xu huong giam dan (loai ky ban nam giam tii 8,5%/ nam nam 2005 xudng 7,1%/ nam vao giiia nam 2007) Trong nam 2006-2007, khoang 80% sd trai phieu phat banh thong qua da'u thau, bao lanh dupe cac nha DTNN mua true tiep tren thi truong Stf cap Trong thoi gian nay, KBNN da phat hanh thi diem dfft trai phieu lo Itfn
(benchmark bond), bat dau thii
nghiem keo dai thffi ban trai phieu len 10, 15 nam Do khdi lugng vdn huy dpng qua dau thau va bao lanh dat kha, tii dau nam 2007, KBNN da tam diing kenh ban le trai phieu
Giai doan 2008-2010
Tren thi truong stf cap, tii giiia nam 2008 den dau nam 2010, lien tuc nhieu phien dau thau, bao lanh phat hanh trai phie'u khong cong, ty le vdn huy dpng dat rat thap rat it vien tham gia (nam 2008 huy dpng 19.362 ty dong; nam 2009: 2.210 ty ddng va 543 trieu USD; thang dau nam 2010: 7.897 ty ddng) Lai sua't co xu huong tang nhanh Cac nha DTNN chang n h u n g khong tham gia mua trai phieu tren thi trUtfng stf cap ma eon ban manh trai phieu tren thi truong thii
(3)DIEN DAN CHUTNG KHOAN
hikng Miodn
cap tao lupng cung trai phieu rat Ion, day lai sua't trai phie'u tang cao, len tffi 20-25%/nam vao giua nam 2008, sau dP lai suat giao dich trai phieu co giam nhung vPn diing a miie 20%/nam cho den cudi thang 8/2008
Do kho khan viec huy dpng von thong qua da'u thau, bao lanh, Bp Tai ehinh da tang cuong dau thau tin phieu kho bae qua NHNN, td chiie bao lanh, dau thau trai phieu ngoai te qua SGDCK va cudi nam
.ai sudt TPCP chua phdn dnh dung mdi quan he :ung - cdu ve vdn tren thj trudng
Anh Ldm Vt
2009, mtf lai kenh ban le trai phieu qua he thdng KBNN de tang kha nang huy dpng eho NSNN Tuy nhien, khdi lutfng vdn huy dpng dat rat tha'p (nam 2008 dat 64,7% ke hoaeb, nam 2009: 32,5% ke hoach, thang dau nam 2010 dat 8% ke hoach) De tap trung phat trien tbi trutfng TPCP, tii thang 9/2009, tbi truong TPCP chuyen biet da chinh thuc di vao boat dpng, tach bach rieng giao dich trai phieu va cd phieu, ddng thPi cho
phep su tham gia true tiep eiia cac vien la cac NHTM t u doanh; den giiia nam 2010, phan Ion trai phieu dau thau qua SGDCK dupc phat hanh theo lo Ion Nbtf trien khai ddng bp cac giai phap tich cue nen tbi truong trai phieu da co da'u hieu kha quan, b i t dau thu hut su tham gia trtf lai eiia cac nha dau tu Tii thang 4/2010 den bet thang 9/2010, KBNN da huy dpng dutfc 47.759 ty ddng, liiy ke tii dau nam dat 55.656 ty ddng, bang 56% ke hoach ea nam
2 Mpt s6 bdt cap, hgn chS
Ben canh nhiing ket qua dat duoc, cong tac huy dpng vdn nuffc van nhieu ban che, vuong vakc:
- Viec huy dpng vdn thong
qua phat hanh TPCP moi chi dua tren nhu cau chi tieu cua NSNN va ehi ehu trpng den viec bao dam khdi luffng vdn huy dpng, chua can cii vao kha nang thi truong, chua xay dung chien luffe np dai ban, gan ket cong tac vay ntf, sii dung vdn vay bieu qua de bao dam kha nang tra np
- Ky thuat phat hanh eon nhieu ban che, hau het trai phieu phat hanh thong qua dau thau va bao lanh dupc thuc hien duoi hinh thiic ngang menh gia, moi dfft phat hanh tao mpt loai trai phieu, do da tao sd lupng Iffn trai phie'u luu hanh tren thi truong (tinh den cudi nam 2009, eo tren 200 loai trai phie'u KBNN phat banh niem yet tren SGDCK), kbi khdi lupng ciia moi loai lai nho (nhieu loai duoi 100 ty ddng), gay kho khan cho ca cff quan quan ly va eac nha dau tu, lam giam tinb ha'p dan eiia trai phie'u, ban che tinh t h a n b khoan tren thi
truong tbii cap, ehua tao duong cong loi tiic chuan TPCP TPCP chua the hien dung vai tro hang boa quan trpng, gop phan dn dinh va p h a t trien TTCK Day cung la nguyen nhan gian tiep anh huong den viec huy dpng vPn tren thi truong sff cap, khien cho ty le eac phien dau thau khong cong kha cao; kho khan viec keo dai ky ban vay nff
- Viec buy dpng vdn moi ehi quan tam den an toan, chua chu trpng den van de hieu qua; chua CO su gan ket chat che giiia viec buy dpng vdn va quan ly ngan quy, dan den tinh trang tai mpt SO thffi diem van eon tdn ngan quy KBNN, nhung Chinh phii van phai di vay; ehua eP cff che phap ly eu the de thuc hien dau tu tir ngan quy KBNN
Sff di cong tac huy dpng vdn nuffc tdn tai nhiing bat cap, han ehe neu tren la mpt so nguyen nhan cff ban sau:
- Viec phat hanh TPCP ehii yeu can cii tbeo Nghi dinh so
141/2003/ND-CP 20/11/2003 den cP nhieu quy
dinh khong phu hop Viec da'u thau tin phieu, trai phieu chua duffc tap trung thdng nha't ve mpt dau mdi; viec td cbiic ddng thoi hai kenh da'u thau trai phieu va bao lanh da lam giam dang ke hieu qua huy dpng vdn Sau Luat quan ly no ePng co bieu luc tbi hanh tir dau nam 2010, can khan truong ban hanh nghi dinh thay the Nghi dinh so' 141/2003/ND-CP de bao dam viec huy dpng vdn thuc hien dung Luat va phu hpp voi dieu kien thuc tien
- Thi truong TPCP voi quy mo nho, chiu tac dpng IPn tii
5
(4)rg^^in^'^sr DIEN DAN CHlTNG KHOAN nhan tdben ngoai Nha nUffc van
can thiep vao thi truffng thong qua kiem soat lai suat tran Lai sua't TPCP chua phan anh diing mdi quan he cung - cau ve vdn tren thi truong
- Trinh dp phat trien thi truong, vien tham gia thi truong han ehe; chua thanb lap he thdng dai ly cap ddng thoi dPng vai tro nha tao lap thi truong de bao dam cong cho cac dfft phat hanh va nang cao tinh khoan trai phieu tren thi truffng thii cap
- Dpi ngii can bp quan ly thi truong thieu ve sd lupng, han che ve trinh dp, chua tranh thii va van dung dupe nhiing kinh nghiem quan ly tdt theo thong le qudc te vao dieu kien cu the ciia Viet Nam
II Djnh hudng, gidi phdp ndng cao hieu qud phdt hdnh TPCP giai doqn 2011 - 2020
(1) Hoan thien khung phap ly dieu chinh cong tac phat hanh TPCP
Ddi moi ctf ehe, chinh sach huy dpng vdn, tao khung phap ly ddng bp, hoan ehinh, phu htfp Vtfi chinh sach tai chinh, tien te va phu htfp Vtfi yeu cau dua tbi truong trai phieu Viet Nam hpi nhap vffi tbi truong trai phieu khu vuc Sau Chinh phii ban banh nghi dinh thay the Nghi dinh sd 141/2003/ND-CP se ban hanh cac van ban huffng dan cua Bp Tai chinh tren co stf ddi moi phuong thiic phat hanh, cac quy dinh ve vien tham gia thi truong, Cff che da'u thau, dieu hanh lai suat, tai eau true thi truong thPng qua mua lai trai phieu truffc ban, hoan ddi trai phieu, sir dung eac eong cu hoan
ddi tien te, lai sua't, de quan ly riii ro
(2) Phat trien hang hoa cho thi trifdng TPCP
Thuc hien hoan ddi, mua lai trai phieu, giam sd lugng ma trai phieu niem yet tren thi truong; td chiic phat hanh trai phieu lo Ion tren co stf thong bao truffc ke hoach, lich bieu phat hanh, giup cho cac nha dau tu chu dgng tham gia thi truong; da dang boa cac loai trai phieu, ky ban tren nhu cau sii dung vdn, ddng thPi eung cap cae loai hang boa cho thi truong tien te, TTCK; tiing butfc keo dai ky ban trai phieu, tao the ehii dpng cho NSNN viec su dung vdn va bo tri ngudn tra ntf; ket htfp phuong tbiic dau thau va bao lanh de bao dam cong khai, minh bach va canh tranh lanh manh giiia cac nha dau tu; tap trung td chiie dau t h a u tin phieu, trai phieu ve mpt dau mdi de tiet kiem ngudn luc, ddng thffi tao dieu kien thuan lgi eho cac vien tham gia thi truPng; tiing buffc xay dung duong cong lai sua't chuan TPCP lam cff Sff cho cac eong cu np tren thi truong tham chieu
(3) Phat trien mang ludi cac thanh vien tham gia thi tnrong
Thanh lap he thdng dai ly cap ddng thoi dong vai tro nha tao lap thi truong nham thue day giao dich trai phieu tren thi truffng, gan thi truong phat hanh va thi truong giao dich; phat trien mang luPi cac nha dau tu co td ehiic: ngan hang dau tu, ePng ty bao hiem, quy bao hiem, quy dau tu ; thao go rao can ngoai hdi de tiep tuc thu but ngudn vdn dau tu gian tiep tii nuPc ngoai; lap Hiep hpi cae nha kinh
doanh trai phieu tren ctf stf Dien dan trai phieu Viet Nam; Xay dung quy Utfc, nguyen tac dao diic, chuan muc banh nghe nham phat trien thi truong trai phieu theo huong lanh manh, chuyen nghiep, hieu qua
(4) Hien dai hoa he thong cong nghe thong tin phuc vu eho
td ehiic dau thau, dang ky, lim ky, niem yet, giao dich, toan, be thdng cong bd thong tin bao dam nhanh chong, ehinh xac, bao mat; tiing butfc lien ket voi thi truong trai phieu khu vuc; giiip cho nha dau tu tham gia thi truong thuan tien, hieu qua; ddng thoi, etf quan quan ly co the chu dpng kiem soat su van dpng, luan chuyen cac ludng vdn, eP giai phap can thiep kip tbPi, bao dam thi truong van hanh an toan
(5) Tang cn&ng dao tao doi ngu can bo nang cao nang luc quan ly
Day la van de nhieu bat cap, la mpt nhirng nguyen nhan lam giam bieu qua ciia eong tac quan ly thi truPng trai phieu trinb dp can bg chua dap ling dupc yeu cau, ca ve ngoai ngii, lan chuyen mon, ngbiep vu, ehua dupe trang bi kien thiic day du va chua xae dinh dupc tam quan trgng ciia cPng tac Do vay, thoi gian tffi can tap trung dao tao toan dien, ngoai kien thiic ve quan ly thi truffng trai phieu de due rut kinh nghiem, ap dung co hieu qua vao thuc tien tai Viet Nam, phai quan tam bd sung kien thiic phap luat, dac biet luat phap qudc te de bao dam dua thi truPng trai phieu Viet Nam hpi nhap bieu qua vao thi truong khu vuc ®