Hdm dd, tai san giao djch ciia Cdng ty cd phan Chifng khoan Sai Gdn (SSI), khi nhiing giao djch mua ban dau tien diin ra sudn se, mgi ngudi cung vd tay hoan hd ndng nhiet ciing sU t[r]
(1)• Thanh tra M I C H I ' N H
H O A I LIIMH
THI trudng chifng khoan Viet Nam sau 10 nam ddi va hoat ddng, da cd nhiing budc phat then than ky, lam ngac nhien ca nhiing ngudi cudc Gid day, theo nhieu ngudi, thj trUdng chifng khoan Viet Nam da dii trUdng thanh de nen 6uqc quan ly bang mdt md hinh tan tien hdn nham thuc day SLf Idn manh va hieu qua hdn nifa ciia thj trudng "Mac dii cd nhiing luc thang, tram song tiem nang cua thj trudng chifng khoan Viet Nam cdn rat to Idn" - Chii tjch Uy ban Chung khoan Nha nUdc Vu Bang nhan djnh Trong dd, theo each ndi eua Phd Tdng giam ddc Dragon Capital Phan Minh Tuan, da qua 10 nam nhUng "cudc chdi" mdi chl bat dau
Tuf thufa b a n d d u
"Trong bd'i canh ciia cudc khiing hoang tai chinh chau A nam 1997, song thj trudng chifng khoan Viet Nam v l n "ra" rat nhanh Sii ddi cua thj trUdng chifng khoan Viet Nam dugc chuan bj kha chu dao, dac biet dugc SLf iing hd cao eiia Trung Udng, cac bd, nganh, dja phUdng Bang chung la xin tru sd thi ca Uy ban Chung khoan Nha nUde, Trung tam Giao djch Chung khoan phd Hd Chi Minh, Trung tam Giao djch Chung khoan phd Ha Ndi deu duge giai quyet va deu d vj tri rat dep " - nguyen Chii tjch Uy ban Chung khoan Nha nUdc Le Van Chau chia se hdi ifc tai cudc tga dam nhan ky niem 10 nam lap thj trudng chifng khoan Viet Nam Ong Chau cung cho biet, luc thj trudng di xud'ng, cd y kien de nghj ngifng giao dich nhung dng van tin thj trudng chifng khoan Viet Nam se difng vufng Tuy nhien, vj thii ITnh dau tien ciia thj trUdng chifng khoan Viet Nam dd khdng the hinh dung sau 10 nam, thj trudng chifng khoan Viet Nam lai cd budc dot pha nhu hien
Budi sang 28/7/2000, hai ed phie'u REE va SAM vdi tdng sd
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vdn 270 ty ddng va mdt vai trai phieu ehfnh phii da chfnh thifc chao san, danh da'u sii ddi ciia thj trudng chifng khoan Viet Nam Hdm dd, tai san giao djch ciia Cdng ty cd phan Chifng khoan Sai Gdn (SSI), nhiing giao djch mua ban dau tien diin sudn se, mgi ngudi cung vd tay hoan hd ndng nhiet ciing sU tin tudng ve sU phat trien eiia thj trUdng chifng khoan Viet Nam tUdng lai Liic dd, khd cd the ludng het dugc nhung cung bac thang tram eiia thj trudng vdi nhung bUde phat then sau
Viec tang manh ciia chl sd VN-lndex tir 100 diem len tdi 517,04 diem chl gan nam sau md eifa, rdi nhanh chdng rdt xudng 130 diem da mang lai ndi lo au, sg hai cho nhieu vien Dii da ed chiing chl hanh nghe nhU mdi gidi, bao lanh nhieu nghiep vu nhU bao lanh phat hanh, tu van tai chinh, tu van niem yet ciia cae cdng ty chufng khoan cung chl la vUa lam vUa lan md ma chua biet ket qua se the nao Thdi ky thj trudng tram lang, len san giao djch ma nhu len chiia thudng, chl xuat hien mdt vai nha dau tU ngdi
ud'ng tra, tan g l u nhieu cdng ty chifng khoan mdi md, chl thay nhan vien va bang dien, khdng mdt bdng nha dau tU Vao thdi diem dd, tam trang hoang mang khdng biet thj trudng se di den dau ed le khdng chl la ciia cac nha dau tU ma la tam trang chung eiia nhieu ngUdi
Cdn dng Tran Van Dung, Tdng Giam ddc Sd Giao dich Chung khoan Ha Ndi - nhd lai, thdi gian dau chuan bj cho sii van hanh eua "san" Ha Ndi, mdt nhiing ndi lo Idn nha't la hang hda Khi bao cao lanh dao Uy ban Chifng khoan Nha nudc v l cdng tac chuan bj, Chii tjch Uy ban Chifng khoan Nha nUde dd la dng Tran Xuan Ha cung td ban khoan ve hang hda cho thj trUdng vi liic dd san phd Hd Chi Minh chl eo udt khoang 30 edng ty niem yet Ong Dung cho biet, sd 500 tneu ddng/phien giao djch ma Chu tjch Uy ban Chiing khoan Nha nUde Tran Xuan Ha ky vgng cung cd the dat dugc nhung sd muc tieu ty ddng/phien giao djch thi Idn qua The nhung nam dau, khd'i lugng giao djch d san Ha Ndi da len tdi 4,8 ty ddng/phien, nam 2009 la
(2)1 ^ Thanh tra '^ M I C H I ' N H
tren 800 ty ddng/phien "Thj trUdng phat then nhu vu bao, ngoai sifc mong dgi " - dng Dung hao himg de tao hang cho thj trudng, xay dung kinh phi, san Ha Ndi da manh dan xin kinh phi 120 trieu ddng Theo dng Dung, "vUa xin vUa run" vi danh muc khdng cd khoan kinh phi dd, nhung cud'i ciing cung duge duyet 100 trieu ddng kinh phi "ngoai ludng" de di tao hang
den buoc tien xa
Sau 10 nam, nhin lai, nhiing gi da dat dugc khien nhieu ngUdi khdng khdi ngac nhien Hai Sd giao djch, mdt thj trudng UPCoM, hdn 550 ma ed phieu niem yet, 105 edng ty chufng khoan, 46 edng ty quan ly quy, gan trieu tai khoan giao djch, dd khoang 25% la cua nha dau tu nude ngoai la nhifng sd het sifc an tugng 10 nam qua, hai san da thu'c hien tren 3.000 phien giao djch (tai HOSE la 2.327 phien, HNX la 1.163 phien) va tat ca deu diin an toan "Sau 10 nam, thj trUdng chifng khoan Viet Nam da cd sii tang trUdng vugt bac vdi mifc vd'n hda chiem 40% GDP ca nen kinh te Tuy nhien, day mdi chl la budc khdi dau Sau nam tdi, gia trj thj trUdng se chiem khoang 70% GDP" - Phd Tdng giam ddc Dragon Capital Phan Minh Tuan dii bao Dai dien Dragon Capital chia qiia trinh phat then ciia thj trUdng chufng khoan Viet Nam giai doan: Giai doan (2000 - 2007) duge coi la thdi ky tao diing thj trUdng vdi nhufng budc tien nhay vgt; Giai doan (tU nam 2007 den nay) la thdi ky suy thoai ehju anh hudng cudc khiing hoang toan cau; Giai doan (tu nam 2011), theo dng Tuan, day se la "lan sdng thii' 3" - thj trudng se cd budc phat trien mdi Hien tai chl sd PE dang d mifc 11,5 -12%, dii kien sang nam chl sd tie'p tue bj xudng mii'c 10 - 10,5% "Tat nhien, sd phu thudc rat nhieu vao chinh sach dieu hanh kinh te vy md cua Viet Nam " - dng Tuan lUu y
Ong Tuan cung cho biet, qua cac dgt di ggi vd'n vUa rdi tai Nhat, chau Au, My cd the khing djnh hien Ddng A va Viet Nam v l n la diem de'n ha'p d i n ciia cae nha dau tu "Viet Nam cd sii dn djnh v l ehfnh trj, kinh te, ed nhiing bien phap djnh hudng dUa la tUdng ddi chi'nh xac so vdi Chinh phii eiia eac nUdc Cae sd thd'ng ke dUa cdn khiem tdn so vdi tiem nang ciia Viet Nam Sii tang trudng deu dan ciia Viet Nam v l n la tiem nang thu'c sii Chinh vi vay, nha dau tU nao tin tudng vao sU phat then ciia Viet Nam thi chac chan lgi ich ciia hg eon tdt, cdn phat then " - dng Tuan khing djnh
Theo danh gia ciia Uy ban Chifng khoan Nha nude, quy md thj trUdng chiing khoan Viet Nam 10 nam qua da cd budc tang trudng manh me, vung chac, tifhg budc ddng vai trd la kenh d i n vdn trung va dai han quan trgng TU chd khdi dau vdi doanh nghiep niem yet, hien tai sd lugng cdng ty tren hai san len tdi sd 540 Mifc vd'n hda thj trudng bat dau tif sd khiem tdn chiem chUa den 0,5% GDP, sau 10 nam dat 40% GDP Khd'i lugng giao djch trung binh tang tU 55 ty ddng/phien len 3.000 ty
ddng/phien Chl rieng mifc huy ddng vd'n trung va dai han thj trudng thang dau nam 2010 len den 40.000 ty ddng, gap ddi so vdi nam 2009 TU chd ven ven 3.000 tai khoan ciia nha dau tu vao thdi diem thi trUdng khai md nam 2000, den ca thj trudng da cd tren 900.000 tai khoan giao djch, dd cd hdn 13.000 tai khoan cOa nha dau tu nUde ngoai Vdi cdng ty chifng khoan ban dau va den nam 2004, v l n chua ed cdng ty quan ly quy nao de'n nay, da cd 105 cdng ty chung khoan va 46 cdng ty quan ly quy dang hoat ddng tai Viet Nam
Nhifng tich tren thj tnidng thii' cap da tac ddng tich cue de'n thj trUdng phat hanh, nhilu cdng ty dai chiing, dac biet la cac cdng ty niem yet da tang vdn len tif hang chuc de'n hang tram lan Rieng nam 2008 - 2009, da cd 35.000 ty ddng gia trj cd phie'u (tinh theo menh gia) duge phat hanh edng chung, gdp phan lam lanh manh ed ca'u tai chinh ciia doanh nghiep "Qua 10 nam pha'n da'u, 10 nam phat then, cd the ndi, thj trUdng chifng khoan Viet Nam da cd su' phat trien than ky, vUOt xa nhUhg dif tinh ban dau ciia nhieu ngUdi cudc", dng Biii Nguyen Hoan, Trudng Van phdng dai dien Uy ban Chifng khoan tai cac tinh phia Nam, danh gia Cac Sd Giao djch da tao mdt hinh anh triic quan, sinh ddng ve mdt thj trudng chiing khoan cho ngUdi Viet Nam va bude dau da hinh dugc mgt "nen van hda chifng khoan" edng chiing Cung theo dng Bui Nguyen Hoan, de co dugc nhiing tich dd, edng dau trUde het thudc ve nhung ngUdi hoat ddng tren thj trUdng: cac nha dau tU, kinh doanh chuyen nghiep va cac td chifc niem yet Hg la nhifng ngUdi nhan thifc cai mdi rat nhanh, rat nang dgng va can dam
Huong toi m o hinh qudn ly tdn tie'n
Thj trudng chiing khoan Viet Nam da trai qua mgt chang dUdng vdi nhung cung bac khac nhau, gan vdi sif thay ddi ed ca'u quan ly thj trUdng Vdi sii phat then ca be rdng lan be sau nhU hien nay, md hinh quan ly ma Uy ban Chifng khoan Nha nUde triic thudc Bd Tai chinh dang cd nhiing van de bat cap cho sii phat trien cua thj trUdng Nhieu chuyen gia cho rang, da den luc Uy ban Chifng khoan Nha nUdc can phai ddc lap hdn va chl ehju sii quan ly eua Thii tudng de tac tinh linh hoat, nang ddng cho thj trudng Chuyen gia tai chinh Biii Kien Thanh cho rang, ngudi hieu thj trUdng chufng khoan hdn het la Uy ban Chifng khoan Nha nUdc nhung can quyet djnh lai di trinh Cach dieu hanh kieu "dieu khien tif xa" d i n den hai kha nang: neu chl quyet djnh diia tren nhiing kien nghj thi cham tre, khdng can thiet; cdn neu quyet djnh khac di diia tren nhifng hieu biet chung chung thi d l gay hga Van d l d day la kha nang phan ifng trUde nguy cd tiem an ciia mgt thj trudng phufc tap dang bie'n ddng manh Thiic te, rat can mdt cd quan cd chuyen mdn dUa cac giai phap ddng bd de trUdc het thj trUdng cd tfnh dn djnh, ben viifng
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(3)iThanh tra M I C H I ' N H
Thi triroing
(Tiep theo trang 22)
Ong Bill Nguyen Hoan chia se, thdi ky nam 2004, Uy ban Chifng khoan Nha nUde nhap vao Bd Tai chinh cung la can thiet Cd nhu vay, Trung tam Giao djch chifng khoan Ha Ndi mdi ddi dUdc vao nam 2005 Nhung den nay, Uy ban Chifng khoan Nha nUde da qua giai doan td chife va xay diing thj trUdng, nhiem vu trgng tam luc la quan ly, giam sat Ve dd'i tugng quan ly va tinh chat quan ly, giufa Uy ban Chung khoan Nha nUde va Bd Tai chinh la hoan toan khac Uy ban Chifng khoan Nha nUdc thiic hien viec quan ly nha nude ve chiing khoan va thj trudng chifng khoan de bao ve tai san ciia cdng chiing (nha dau tU), quan ly chii ye'u bang quy pham hUdng d i n va khuye'n khich sii sang tao ciia cac chii the tham gia thj trUdng Nguge lai, Bd Tai chinh quan ly, bao ve tai san cua Nha nUde, quan ly bang quy pham menh lenh va yeu cau dd'i tugng quan ly phai tuan thu tuyet ddi Thang 1/1993, ban d l an xay dung thi diem thi trUdng vd'n tai phd Hd Chi Minh, dugc lanh dao phd trinh len Chinh phii, Thii tudng Chi'nh phii luc dd la dng Vd Van Kiet, da cd mdt ket luan cd tinh Ijeh sif "Viet Nam se md thj trUdng chifng khoan, thj trUdng chifng khoan thi khdng the thi diem ma phai lam that sU, thj trudng chiing khoan khdng the dja phUdng ma phai la ciia Trung Udng, cua ca nUdc ", dng Biii Nguyen Hoan nhd lai Phd Thii tudng Thudng triic Chfnh phii Nguyln Sinh Hiing cdn la Bd trUdng Bd Tai chfnh, tUng phat bieu: "PhUdng an dUa Uy ban Chifng khoan Nha nUde ve Bd Tai chi'nh diing la cung khdng gidng nudc nao nhUng phu hgp vdi dac diem cua Viet Nam Khi nao ta chuan bj dii dieu kien, de Uy ban Chifng khoan Nha nude ed vj the ddc lap thi cd each phan cdng lai, nhUng it nha't cung phai den nam 2010, tham ehi cd the tdi nam 2012 hoac 2015".B
Cac bien phap quan ly gia tao moi truong
canli tranli liinh Oang
Bo Tai chinh vifa ban hanh Thdng tU 122 ve cac bien phap quan ly gia Trong dd sifa bdt cho tre dudi tudi phai dang ky gia dugc cho la bien phap quan trgng de binh dn gia ca mat hang Tuy nhien, dieu lai nhan dugc phan ifng trai chieu tif dai sif quan cd nhieu doanh nghiep xua't khau sufa vao Viet Nam
Sau cd phan hdi, Bd Tai chinh da de nghj cac dai sif quan, doanh nghiep neu ro viec ap dung Thdng tU mdi se sinh nhufng van de gi, vi pham nhiing quy djnh cu the nao ciia WTO Tuy nhien, den Bd Tai chinh van etiua nhan duge them phan hdi nao ciia eac ben
Tren thiic te, xay dung thdng tu nay, thdng qua dai sif quan, cac doanh nghiep sufa nude ngoai da phan hdi ve viec khdng mudn thiic hien viec dang ky ke khai gia ban ddi vdi cac san pham siia
Theo cac chuyen gia, viec dang ky gia, ke khai gia cung chl thiic hien ddi vdi cac mat hang thiet yeu Day khdng phai la quy dinh mdi, ma chl hoan chinh khau quan ly, viec dang ky gia, ke khai gia khdng phan biet doanh nghiep nha nUde, doanh nghiep tu nhan hay doanh nghiep nUdc ngoai da duge quy djnh
Ly giai d i l u nay, cac chuyen gia cho rang cd the cac doanh nghiep e ngai thii tuc hoac hg khdng mudn phdi bay ban chat gia ca eua siia nhap khau Bdi vi, neu khdng bat budc nhu trUde day thi hg cd the ban vdi mifc gia y, cd ca'u gia cd the bao gdm ca nhiing yeu td khdng hdp ly
Thuc te, sU bat hgp ly cd ca'u gia sifa da phan nao bdc Id rd qua nhiing lan tra gia sii'a gan day eac chi phi quang cao tiep thj, hoa hdng dai ly qua cao khien gia s&a rat dat nhUng khdng ed dii cd che de xif ly
Cae chuyen gia gia ca iing hd viec quan ly sii'a ciia Bg Tai chinh, ddng thdi cho rang, bang each hay each khac, eac nUde deu cd bien phap kiem soat gia Dii ludn hudng tdi thj trUdng t i i tren cd sd canh tranh hoan hao nhung chua bao gid cac bien phap quan ly khac bi bd qua
Rd rang phai cd can cif quan ly ve gia, cdng vdi mdt nen tang thj trudng canh tranh td't thi mdi tao sii dn djnh ciia thj trUdng, bao ve ngUdi tieu dung va bao ve doanh nghiep, tao mdi trUdng canh tranh binh dang.B
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