TMtnmng rAi CHim ^ $ Nhu'ng thuan Igi va kho khan trong qua trinh cho vay ho trg lai suat $ Car scr cho vi^c ra dai Quy bao vf ngu'd'i tham gia bao hiem tai Vift Nam Che vay he Ire lai sudU SAO CHO HIEU QUA? PGS., TS. PHAM QUANG TRUNG Pho Hieu trw&ng Trir&ng Dai hoc Kinh te Quoc dan Chinh phu Viet Nam dd thdng qua "gdi kich thich kinh te" khd ldm, vdo khodng 6 ty USD, gom: gidm, gidn thue; tdi tra Idi sud't 4% cho vay vd'n luu ddng; ddu tu cdng, ehi an sinh xd hdi. Den thdi diim hien tgi, ben cgnh nhimg tdc ddng tich cue, qud trinh triin khai cho vay ho tra Idi sudt ciing da gap mot sd'vu&ng mdc. Di trien khai cho vay ho tro Idi sud't cd hieu qud, mdt so gidi phdp nhu tdng eudng su tham gia cua khdi cdc NHTMCP trong gdi eho vay hd tra Idi sud't, tie'p tue xic ly tdi ca cdu na trong cdc NHTM, cdi thien co che thdng tin cdn duoc ddc biet chu y. Bdi cdnh thvc thi goi kich thich kinh te Khung hoang tdi chinb toan ciu da tie ddng sdu sic din toan bd nin kinh te thi gidi, dae biet Id eae thi trudng tai ehinh. Theo sd lieu sobd, tang Kucpng kmh te Viet Nam quy 1/2009 Id 3,1%, miie thap nhat ke tir mudi nam qua. Nhung khu vuc chiu sy suy giam manh nhit Id xua't khau, sin xudt cdng nghiep va khu vuc FDI. Du bao, tang trudng quy 11/2009 ed thi dat miie 4-4,5%, Quy III/2009 Id 5-5,5% vd quy rV/2009 li 5,5-6%. Tinh ehung ea nam 2009, tang trudng kinh tl ed the dat miic Ken dudi 5%. Theo TS. Le Xudn Nghia, neu tang Kucpng kinh il bing quy diing nhu dy bdo Ken thi day suy giim kinh tl nude ta ed le Ii quy I vd mdt phin quy 11/2009. Trong bdi cinh kinh tl toin eau hien nay, nhirng ehi Heu nhu Ken dii sao vdn dupe coi li nhung Ha sdng. Chinh phii Viet Nam da thdng qua "gdi kich thich kinh tl" khd Icpn, vdo khoing 6 ty USD, tuong duong 7,5% GDP nam 2008, gdm: gidm, gian thul; tai Kp Iai suit 4% cho vay vdn luu ddng; diu tu cdng, ehi an sinh xa hdi. Bio lanh tin dung cho doanh nghiep eiing dupe xem Id mdt hudng giii phap kich ciu ed tinh kha thi. Cde danh mue kich thich kinh tl duepe Kien khai khan truong, dae biet la bd Kp Iai suit vi giim, gian thue. Gdi diu tu cdng vl CO bin da phdn bd xong ngudn Hin. Bdn eanh dd, eae giii phdp tai Kp an sinh xa bdi da va dang ducpc thyc hien nhu dilu chinh lucmg, bao hiim that nghiep, tai Kp viec lam. Trong giai doan dau Hen, gdi tdi Kp lai sud't 4% chi dp dung eho vd'n luu ddng, do dd ban ehi tae ddng ddi vcii linh vuc xay dung CO ban vd phdt trien co sd ha ting. Nhiiu nha kinb tl eho ring, thdi diem bien tai dang Id CO hdi td't nhd't dl ddi mdi cdng nghe, ky thuat vdi chi phi thap vi Ki cham nhdm ndng eao nang lue eanh Kanh Kong tuong Iai. Viee Kiln khai gdi hd Kp Iai suit khdng thi tdeh rdi viee thye thi ehinh sdch Hin te vd ehinh saeh tai khod. Trude mit, Ngdn bang Nhd nude (NHNN) da va dang Hep tue dilu chinh ehinh saeh Hin te theo hudng ndi Idng mdt each linh boat, tang eung Hin cd kiem sodt va khdng gay ra edc dot biln. Nam 2007, eung Hin cho nin kinh te tang 43%, du na Kn dung tdng 54%, song, nam 2008, eung Kin ehi tang 16,3%, du np Kn dung tang 21%. Thi Kudng Hen te - tin dung tbdi gian qua da ed nhirng diln biln hit siic khd ludng, ludn xudt hien eae yeu td mcpi nim ngodi du doan. Ndm 2008, tbi Kudng Hn dung ndng len vdi su gia tdng ky lue eiia cdc miic lai suit. Thdm ehi, ed giai doan lai sud't duepc day len din 21% -22%/nam. Nhiiu ngudi dy dodn Hnh Kang mat thanh khoin eua eae ngdn, hdng thuong mai (NHTM) se diln ra nang nl, keo ddi vdi cdc muc lai suit eao Kong nhiiu thdng. Tuy nhien, vdi tdc dpng 46 Tii chinh THANG e/2(X>9 so Dir THirC HIEN CHO VAY HO TRC LAI SUAT TINH DEN NGAY 7/5/2009 i' Chi tieu T6ng mirc cho vay H6 trg lai sudt Trong d6: - Nh6m NHTM nhJi nude & Quy fin dung ND - Nhom NHTM Co phan - Nhdm NH li§n doanh, NH nude ngoai - Nhom Cong ty tai chinh So dy (ty dong) Tyie 276.673.17 198.814,04 60.281,51 11.839,76 1.007,95 100,00% 71.86% 21,79% 4,28% 3,64% aia ehinh saeh ndi Idng Hin te, Iai suit bmh quan Ken thi Kudng tin dung da ha xudng nhanh hon dy doan vd hiu hit eae NHTM da duy Ki dupe kha nang thanh toan. Din quy 1/2009, thi Kudng Hen te da dupe kiem soat kha hpp ly, mIm deo hon va ed van ddng Hch eye Kong bdi canh thye thi chinh saeh chdng suy giim kinh te. Tdc dong tich cue vd nhung wdng mdc trong qud trinh cho vay hd tro Idi sudt Cae giai phdp kich eau can phai ed thdi gian de phat huy tdc dung. Tuy nhien, den thang 4/2009 da xua't hien nhung diu hieu rit kha quan, ebo tha'y nhiing tae dpng tdt eiia gdi giai phap chdng suy thoai kinh tlaia Chinb phu. Cd the neu tdm tit nhu sau: Thii nhd't: Diln bien eua mdt bdng Iai suit da kha hpp ly va thue day ludng vdn diu Kr vao sin xuat kinh doanh. Mue lai suit huy dpng ky ban 12 thang phd biln d mue 8% - 8,5%/nam (thang 3/20009). Lai suit cho vay nhddd tuong ddi dn dinh, phd bien d mue 10-12%/nam, Kir cac Kudng hpp dae biet. Thic hai: Diln biln ty gia bdi doai (VND/USD) dupe kiem soat vi dilu chinh "mIm" theo hudng ed lpi eho xuit khau. Ty gia ed thay ddi nhung Kong bien dp chip nhan dupe vi hau nhu it gay dpt biln so vdi nam 2007- 2008. Thii ba: TTCK ed dd'u hieu hdi phue, VN Index ngdy 25/5/2009 dat hon 420 dilm, nhu vay tang khoang 80% so vdi miie thip nhat (235 dilm). Tinh thanh khodn vd tdm ly Ken thi trudng tai chinh da ed diln biln Hch eye, nilm Hn dupe eai thien rd net so vdi diu nam 2009. Vdi tu each Id ban thir bilu tdm ly Ken tbi Kudng tii chinh, sy phuc hdi cua VN-Index phin inh ky vpng Hch eye vao khi nang phue bdi kinh tl. Tint tw. Tbi trudng bit dpng san da ed mdt sd dau hieu eai thien Hch eye, song van dang Kong Hnh Kang tuong ddi khd khan, giao dieh Kim ling, chua ed su phue hdi dang kl. Nhu mdt bude di Hep theo, ngay 04/4/2009, Thii Krdng Chinb phii da ed Quyet dinh sd 443/QD-TTg ve viee bd Kplai suit ebo cac td ebiie, ea nhan vay vd'n Kung, dai han dl thyc hien diu tu mdi, phat trien san xua't kinh doanh, kit ciu ha ting. Cae ddi tupng thye hien bd trp lai suit la cac ngan bang thuong mai (NHTM), nbu quy dinh tai Quye't dinh sd 131 trudc dd, eae cdng ty tai chinh theo quy dinh tai Quyet dinh so 333. Ngoai ra, Ngan bang Phat trien Viet Nam dupe thyc hien bd Kp lai suit ebo eae dd'i tupng ebo vay uu dai vdi eae mue lai suit bd Kpquy dinh. Ddi tupng dp dung eua ehinh saeh mdi nay la eae khoan vay Kung, dai ban bang VND (theo cac hpp ddng tin dung ky kit trudc va sau ngiy 1 /4/2009 eua cac td ebiic, ea nhan thye bien diu tu mdi dl phat Kien sin xuit kinh doanh, kit ciu ha ting) dupe thye bien theo quy dinh eua NHNN vl che dp bao eao thdng ke thudc eae nganh va linb vuc kinh te. Theo Quylt dinh 443, nguyen tic hd trp Iai suit la eae NHTM, Ngdn hang Phat Kiln Viet Nam, cdng ty tdi chinb cho vay vdn trung, dai ban de thye hien diu tu mdi phdt Kiln sin xua't kinh doanh, kit eau ha ting theo co ehi eho vay thdng thudng, thue hien hd Kp lai suit theo diing quy dinh ciia Thu tudng Chinh phu va hudng din eiia NHNN. Thdi ban vay dupe hd Kp lai suit tdi da la 24 thdng. Viee hd Kp lai suit dupe thue hien tir ngay 1/4/2009 din ngdy 31/12/2011. Miie lai suit hd Kp tiln vay la 4%/nam, Hnh tren sd Hin vay vd thdi ban eho vay thue tl trong khoing thdi gian ndi Ken. Theo NHNN Viet Nam, tdng du no eho vay hd trp lai suit din ngay 7/5/2009 la 276.673 t>'' ddng. Trong dd, du np eho vay ciia nhdm NHTM nha nude va Quy Hn dung nhan dan Trung uong la 198.814 ty' ddng; nhdm NHTMCP la 60.281 ty' ddng; nhdm ngan bang lien doanh, chi nhanh ngan hang nude ngoai va ngan hang 100"'o vd'n nude ngoai la 11.839 ty ddng; cdng ty tai chinb la 1.007 ty' ddng Ben eanh nhirng tae ddng Heb cue, qua Kinb Kiln khai ebo vay bd Kp lai suit ciing da gap mdt so vudng mic sau: - Trong bdi eanh tbi trudng tbi gidi sut giam nghiem trpng va tae ddng Kye Hep de'n linb vuc xuit khiu eiia nhieu nganh trong nude, ehiing ta bude phai dieu cbinb chien lupe thi Kudng theo budng khai thae manh me nhu ciu Kong nude. Tuy nhien, eae nhdm ddi tupng bi anh budng manh nhit Kr suy giam kinh te la cdng nhan, dien hinh la cdng nhan lam viee tai eae khu cdng ngbiep, ngudi ed thu nhap thap, ndng dan (ehiem Ken 60% dan so') nhat la ngudi dan viing sau, viing xa, vung ed nhieu khd khan. Tren thye tl, viee dua ludng Hen kich ciu vdo cde khu vye ndng thdn, vimg sau, vimg xa thudng gap nhiiu khd khan va bieu qua lan tod khdng Idn so vdi khu vye cdng ngbiep. - Thu tue diu tu Kong xay dyng eo bin cdn rudm rd, pbiie tap, gay bieu qua thip. Nhiiu dy an tbdi gian qua giii ngan cham, nbilu ngudn vdn nbu Kai phie'u giao due trien khai cham, van dl thanh toan, van bin pbap quy edn chdng cheo - Su suy thoai eua TTCK Kong nude da tae ddng rit Idn de'n nbilu doanh nghiep, dae biet Id cdc cdng ty ed phan. Nbilu cdng ty niem yet va cae cdng ty dai chiing da khdng the buy ddng dupe vd'n tu diu nam 2008 ebo din nay. - Trong qud Kinh thye hien ebo vay bd Kp lai suit, xua't bien bien tupng "dio np" (khdng cdng khai) eiia mdt sd doanh ngbiep nhim budng lpi tir khoan vay lai suit thip. Mdt sd doanh nghiep da vay vdi lai suit eao trong nam 2008 (ed the lai suit vay eao tdi Ken 20% -21%/nam) se Hm each tra np eu bing chinh khoan tien vay mdi. Day Id mdt ebi Hit ein dupe nghien cuu de kiem soat tdt sy van dpng thyc su eiia ludng Hen dupe giai ngan vao sin xuat kinb doanh nhim ngan chan .suy giam kinh te. - Thdi gian thue bipn ebo \ay bd try Tii chinh THANG 6/2009 47 ^ THITRirONR TAI PHINH Idi suit cho tbiy, mdt so ngan bang thuong mai ed tdm ly Io ngai bi thanh tra eae hd so cho vay. Cae doanh ngbiep dupe vay pbii phii hpp vdi ddi tupng quy dinh. Ne'u bd so ebo vay khdng dupe thanh Ka NHNN chip nhan tbi ngan bang ebo vay gap rui ro, ed the khdng dupe nhan khoan khiu Kir lai suit 4% theo quy dinh. - Nhilu doanh ngbiep gap khd khan Kong Hep can vd'n vay hd Kp lai suit vi khdng dat chuan vay (doanh nghiep khdng dii Heu chuan theo quy dinh de ngan hang eho vay). Theo dng Vii Duy Thai (Hiep hdi Cdng thuong TP Ha Npi): "Cd nhiing doanh ngbiep gap khd khan, ehua "chit hdn" dang rat cin vdn nhung lai khd long vay vdn dupe vi khdng du dilu kien dl ra". Nhu vay, hieu qui hd trp lai suit khdng de'n dupe ddng dio doanh nghiep Nhilu y kiln Hi phia eae NHTM ebo ring, mudn nhieu doanh nghiep dupe bd Kp thi NHNN pbii eho phep cdc NHTM ba thap mot so dieu kien cho vay. Cd nhu vay, khoin hd Kp mdi de'n dupe vdi doanh nghiep dang cd nhiing khd khan tam tbdi, chua du dilu kien vay. Tuy nhien, nlu ha thip Heu chuan thi ed nguy co gia tang np xau va day nii ro Hn dung len miie eao. - VI thii tue, theo Quy dinh eua NHNN, kbi thye hien giim Kir lai Hin vay bd trplai suit ebo khach bang, eae ngan bing pbii lap "Giiy xae nhan hd trp lai suit". Giay xde nhan dupe lap ddi vdi timg lan thu lai eho vay va giam Ku sd lai Hen vay dupe hd Kp Iai suit hoac theo dinh ky hang thang. Day la mpt trong nhirng chiing tir de kiem tra, giam sat va lap bao eao Hnh hinh thye hien hd Kp lai suit. Khi thanh toan lai suit va vd'n vay, dl dupe hd Kp lai suit, cac doanh nghiep phai ed tit ci eae giiy td kinh doanh nbu hda dem, chung tir Hen quan den Hen thanh toan tir khoan vay de chiing minh vdn sir dung diing muc dich. Nlu doanh ngbiep khdng chiing minh dupe vdn sii dung diing muc dich bay bi phit hien sir dung vdn sai mue dieh se bi dimg eho vay. NHNN ciiiig yeu cau edc NHTM phii theo ddi bang ngiy sd du np ebo vay dupe bd Kp lai suit. Tren thyc tl, vi nhiing ly do khac nhau, ed mdt sd doanh ngbiep ebo biet da gap nbiing khd khan vl tbii tuc khi Hip can ngudn vdn vay bd Kp lai suit. - Ddi vdi nginh thuy san, viec trien khai cho vay bd tra lai suit eiing edn gap mdt sd khd khan vl co ehi thu tue. Nhilu doanh nghiep vd hd nudi ea Ka d ddng bing Sdng Ciiu Long eho bilH Ngan hing yeu ciu ben vay phii xud't Kinh hop ddng bao Heu sin pham nhu mdt dilu kien de dupe vay vdn hd Kp lai suit. Yeu ciu nay la phii hpp vdi nghiep vu quan Ki nii ro tin dung ma eae ngan hang ein xem xet. Tuy nhien, hien nay tren thyc te, nhilu doanh nghiep khdng thi xudt Kinh ngay eae hpp ddng bao Heu diu ra, mac dii kha nang Heu thu sin pham la rat kha quan. Nen chang cd giai phdp thay thi de thao gd khd khan eho cac doanh nghiep va hd gia dinh nudi ea Ka gidng, nhit la khi hp dang gap khd khan nhu bien nay, bdi day la mpt linh vye sin xua't kmh doanh ddng gdp kha Idn vao kim ngach xuit khau cua ei nude. Mot sd gidi phdp trien khai cho vay hd tro Idi sudt cd hieu qud 1. Cin tang eudng sy tham gia eua khdi cac NHTMCP Kong gdi eho vay hd Kp Iai suit. Ty Kpng du npcho vay hd Kp lai suit ciia khdi nay mdi chiem 21,7% so vdi tdng so du np da thuc hien, mdc dii Him nang eua toan bd eae NHTMCP edn rat Idn. Lanh dao eua mdt sd NHTMCP eho bilt, cac ngan bang vin cd sy e ngai vl thu tuc vd tham dinh eua NHNN ddi vdi cac hpp ddng ebo vay bd Kp lai suit nen tham gia ehua that eao nhu mue ed the. Do dd, ein tie'p tue thao gd eae van dl mang tinh tbii tue, ky thuat de eae NHTMCP vao cude manh me hon. Khdi cac cdng ty tai chinb (mdi ehiem 3,64% du np eho vay hd trp lai suit) ciing can dupe chii y tao dieu kien de ed the tham gia manh me bon Kong qua trinh trien khai gdi kich ciu eua Chinh pbii. 2. Tilp tue nghien ciiu xii ly tdi co eau np trong eae NHTM theo hudng linh boat, chip nhan sy dilu chinh Iai suit theo Hn hieu thi trudng. Vin dl Ka na cii de vay no mdi eua mdt sd doanh nghiep vin ehua ed giai phdp rd rang, mac du NHNN eho biet khdng chip nhan "dio np". Tuy nbien, Kong dilu kien tbi trudng dac biet nhu hien nay, can thing thin nhin nhan hien tupng tai cacdu no theo quan dilm linh boat hon, de cic ngan hang Kinh bi roi vio trang thai eung ung tin dung sai quy dinh bode bi gd eiing, mat di Hnh linh boat trong boat ddng cung ling tin dung cho thj Kudng. 3. Cai thien cache thdng Hn Ken thi Kudng nhim tang eudng Idng tin eua ngudi Heu diing va ban cbi cac Hn ddn that thiet, cd the gay ra cdc con sdt vd diu CO "Hn vit" gay nhieu loan thi Kudng. Dae biet la vdi eae thi trudng nhay cam nhu thi trudng ngoai hdi, thi trudng vang, TTCK. Ddi vdi TTCK, ein Hep tue hodn thien co ehi quin ly thi trudng, minh bach thdng tin, bdo ve lpi ieh ehinh dang eua eae nha dau tu; Nen Hep tue tao ddng luc cho TTCK thdng qua viee gian vi miin thul thu nhap ea nhan Kong diu tu chiing khodn Kong 2 nam 2009-2010; Tao thuan Ipi dl edc cdng ty niem ylt vd cdng ty ed phan ndi ehung nang eao Hnh hd'p din ciia c6 philu, nhd dd ed the huy ddng vdn Ken TTCK. Kich Kiich TTCK phue hdi se cd tae ddng Hch cue de'n toan bd thi Kudng tai ehinh, thi trucmg bit ddng sin va thi Kudng hang Heu dung. 4. Cin Kiln khai td't Quye't dinh sd 443/QD-TTg ngay 4/4/2009 eua Thii tudng Cbinb phu vl viee bd Kolai suit eho cae td ehiic, cd nhdn vay vd'n trung, dai ban ngan bang de thye hien diu tu mdi, phat trien sin xuit kinh doanh, kit eau ha ting. Cin thyc sy hudng ludng tiln vao khu vuc xay dyng va nganh vat lieu xay dung (xi mang, sit thep, gaeh ngdi, vat lieu xdy dyng khdc). Theo danh gid vd phdn Hch Ken thue te, nlu ludng vd'n hd Kp lai suit 4% eua Chinh phii dupe rdt vao khu vuc xay dung thi tdc dpng nhan bdi (Multiplier impact) ciia so vd'n nay se Idn hon nhilu nganh khae, tao ra dupe nhilu viee Idm vd thu nhap cho chudi sin xuat, dieh vu ed Hen quan. Cdc doanh nghiep sin xua't vat lieu xay dung se duy Ki dupe sdn xuit vd thu nhap, den lupt minh, se tao them siie ciu ndi dia ebo cdc doanh ngbiep eung ung khae. 5. Cin Hep tue thuan Ipi hoa qui Kinb Hep can eae ngudn vdn, don gian hda quy trinh thu tue cho doanh nghiep vay vd'n. Kiln nghi siia mpt sd dilu ciia Luat Diu tu, Luat Xdy dyng, Ludt Dit dai dl tao dilu kien thdng thoang vd hieu qua cho cdc boat ddng diu tu vd tang nhanh tdc dp giii ngdn. Trong mdt sd trudng hpp dae thii (nhu eho vay hd trp doanh nghiep nudi ed Ka gidng d ddng bang Sdng Ciiu Long) thi NHNN nen eho phep cde NHTM sii dung cac cdng eu thay thi bdo dam • Xem tiep tr. 62 Tii chinh THANG 6/2009 TAI CHINH Ol\f)C TP A Hhi NHAP BIEU 00 2: LU-CTNG KIEU HOI QUA CAC NAM (TRI$U USD) Ngudn: long cue thdng ke 4.700 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 tl vd an sinh xa hdi, Viet Nam cdn di sau Trung Qudc kha nbilu. Vi vay, ed ly do de tin tudng ngudi Viet Nam se cdn Hep tue duy tri mdt ty le tilt kiem eao Kong thdi gian tdi. Nhan dinh tren diing vdi xu hudng dupe thi hien tren bilu dd 1. Nhin ehung miie tilt kiem eua ngudi ddn Viet Nam dang trong xu hudng tang vd ehua cd dd'u hieu dio ehilu. Giai doan 2001-2003, Hit kiem cd giam xudng la do tae ddng eiia chinh saeh kich ciu 1999-2003, lam ebo ty le tieu dimg ciia bd gia dinh tdng len. Tuy nbien, de duy Ki xu hudng tang eudng tiet kiem niy, Chinh pbii can hit siic chii y tdi bai phuong dien xa hdi: Mpt Ii, can cd bien phap tang eudng niem tin eiia dan ehiing ddi vdi Chinh phu. Cd nhu vdy, ngudi dan mdi tie'p tue ung hp nbiing bien phap va ehinh sdch thiic day tilt kiem eua Chinh phu. Chinh phii cin dae biet chii y tdi cdng cupc chdng tham nbiing, lang phi, cii each hanh chinb dl don gian boa tbii tuc vi day la nhiing van dl gay biic xiie nhit ddi vdi ngudi dan. Hai Id, ciing vdi nhung Hen bd vl kinh tl, ddi sdng nhdn dan dupe eai thien mdt budc. Mdt trao luu tieu diing da vd dang xud't hien, the hien qua viee nhap khau may bay cd nhan, d td dit Hen, qua viec biing nd di du lich vi khim ehiia benh dnudc ngoai, qua viec biing nd eae nha bing v i dja dilm an ud'ng v.v Nlu khdng ed nhiing ehinh sdch phii hpp va nin tang giao due ein thilt, trao luu Heu dimg niy se thieu rui y thue Hit kiem ciia ngudi ddn. Ngoai ra, can luu y li trong phin thu nhap ciia bd gia dinh, Hen luong vi ed tinh chat luong ehi ehiem khoang tren 80%. Cae khoan chuyen nhupng hien hanh, trong dd phan Idn Id kilu hdi chiem tdi tren 15% trong nam 2007. Trong giai doan 1995 - 2006, ed 23,4 ty USD kieu hdi dupe chuyen vl nude bing 31% ngudn vdn FDI vd Idn hon ngudn ODA giii ngan. Lupng kilu hdi tang manh len 5,5 ty USD vao nam 2007 va 8 ty USD vdo nam 2008. Chinh saeh thu hiit kilu hdi eua Viet Nam nhiing nam gin day la hit siie thdng thoang. Ngudi dan hoan toan cdng khai, minh bach nhan tiln kilu hdi ehuyin qua be thdng ngan bing ma khdng phai giii trinh hay nop bat cii loai thue ndo. Tuy nhien, cdi nhd nude ein ldm khdng ehi la tao su thdng thoang eho ddng kilu hdi chiy vl ma phai khoi dupe tinh cim va sy gin bd eiia bd phdn ngudi Viet Nam dinh eu d nude ngodi, Iam eho hp thay tu hao vd ed trdch nhiem ciing nhu quyln lpi khi cd ddng gdp cho td qud'e thdng qua kilu hdi. Tdi lien tham khdo: 1. Dang Xuan Thanh, 'Vet kiem hd gia dinh & Vi$t Nam", Vi$n kinh te Vi$l Nam. 2. GS.TS. Nguyin Van Thcrang, GS.TS. Nguyin Ke Tuin, "Kinh te Vidt Nam nam 2006 - Chat lucrng tang tru&ng va hpi nhap kinh te quoc te". Nha xuSt bin dai hQC Kinh te Quoc dan, 2007. 3. Harvard University, John F. Kennedy School of Government, Mdt khudn khd chinh saeh phat then kinh te - xa hgi cho Vidt Nam giai doan 2011 - 2020. 4. tVlodigliani F "Vdng d&i, tiet kiem ca nhan va ciia cii cua cac quoc gia. Cac thuyet trinh tai li trao giii thu&ng Nobel ve khoa hQC kinh te 1981-1990". Nxb Chinh tri Quoc gia, H.:2000. 5. Nguyin Ngoc San, 'Tiet kidm - dau tir vi tang tru&ng kinh te & Vi$t Nam", Diin dan Phit trien VIQI Nam 6. Pham Dd Chi va Trin Nam Binh, Kinh te Viet Nam bu&c vio the ky XXI 7. Economic Intellegent Unit, Country report for Vietnam, 2/2009 8. IMF, Executive Board Concludes 2008 Ar- ticle IV Consultation with Vietnam, 3/2009 9. Cass, David, "Optimal growth in an Ag- gregate Model of Capital Accumulation", Review of Economics studies Magazine, 32, 1965. 10. Louis Kuijs, How will China's saving - investment balance evolve? WB China Research Paper, May 2006. 11. Mario Gutierres, Andres Solimano, Sav- ings, Investment and grovrth in the global age: Analytical and Policy Issues. Working Paper A/. 43, The American Uni- versity of Paris. 12. P. Mansson, J. Bayoumi and H. Samiel (1998), International Evidenceon the De- terminants of Private Saving, The World Bank Economic Review, September 13. Solow, Robert (1956) "A contribution to the Theory of Economic Growth" Quar- terly Journal of Economics 70 (Febru- ary). 14. WB, Taking Stock, An Update on Viet- nam's Recent Economic Developments. Report for the 15. Consultative Group Meeting for Viet- nam. • Tiep theo tr. 48 ludng Kin Kd np. Ching ban, ed the chap nhan bdng eae tdi lieu ddnh gia Hn dung kit hpp vdi tin chap eua dia phuong. Nlu nbu tinb khi thi vd hieu qui khoin vay dupe phan Hch rd rang thi ed thi xem xet hd Kd lai suit eho edc doanh nghiep Kong linh vuc nay. 6. Nha nude nen tang eudng dii ban "chuong Kinh khuyln khich phdt triln thi trudng ndi dia", uu Hen cho mdt sd nganh ma Him ndng diu ra ndi dia rat Idn va nganh sii dung nhilu lao ddng. Cd thi neu ra eie ngdnh nbu det may, da giay, thii cdng nghiep, nhua ddn dung, chi biln ndng san, thuy san. Trude diy, nhilu doanh nghiep qui chii Kpng vao xud't khau nen da dl ngd thi trudng ndi dia eho nhilu hang hoi nhdp khau Kr Trung Qud'e, Thai Lan, Ddi Loan, Han Qudc Ngdn saeh nhd nude nen danh ngan khoan dae bi?t cho"Chuong Kinh khuyen khich phdt Kiln thi trudng npi dia" nhu Id mdt khoan "kich cau" dae thii. Ddy ed thi coi Id mdt giai phdp ddn bay tii chinh Kong bdi eanh suy thodi kinh tl todn eau. $ Tdi lieu tham khdo: 1. Bio do ciia Ngan hang Nha nu&c vd then khai cho vay Hd tror Hi suit. (4/2009) 2. S& Giao djch chung khoin Thinh phd Hd Chi Minh (HOSE) - Thdng tin thi tnr&ng giao dich 3. Phin tich thi tnr&ng chung khoin cua FPTS, thing 4/2009. 62 Til Chinh THANG 6/2009 . trinh cho vay ho trg lai suat $ Car scr cho vi^c ra dai Quy bao vf ngu'd'i tham gia bao hiem tai Vift Nam Che vay he Ire lai sudU SAO CHO. khai cho vay hd tro Idi sudt cd hieu qud 1. Cin tang eudng sy tham gia eua khdi cac NHTMCP Kong gdi eho vay hd Kp Iai suit. Ty Kpng du npcho vay hd