{"id":9677,"date":"2021-04-10T03:08:13","date_gmt":"2021-04-10T03:08:13","guid":{"rendered":"https:\/\/vanhoimoi.org\/?p=9677"},"modified":"2021-04-10T03:08:16","modified_gmt":"2021-04-10T03:08:16","slug":"trai-phieu-doanh-nghiep-tai-viet-nam-vo-no-gan-ke","status":"publish","type":"post","link":"https:\/\/vanhoimoi.org\/?p=9677","title":{"rendered":"<strong>Tr\u00e1i Phi\u1ebfu Doanh Nghi\u1ec7p T\u1ea1i Vi\u1ec7t Nam: V\u1ee1 N\u1ee3 G\u1ea7n K\u1ec1<\/strong><br><span style='color:#00a0ff;font-size:.9em;font-weight:500;'>Tr\u1ea7n Nguy\u00ean Thao<\/span>"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/vanhoimoi.org\/wp-content\/uploads\/2021\/04\/trai-phieu-vn-1.jpg\" alt=\"\" class=\"wp-image-9678\" width=\"477\" height=\"316\" srcset=\"https:\/\/vanhoimoi.org\/wp-content\/uploads\/2021\/04\/trai-phieu-vn-1.jpg 535w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2021\/04\/trai-phieu-vn-1-300x199.jpg 300w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2021\/04\/trai-phieu-vn-1-465x308.jpg 465w\" sizes=\"auto, (max-width: 477px) 100vw, 477px\" \/><figcaption>______________________<\/figcaption><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>N\u0103m 2020, kh\u1ed1i B\u1ea5t \u0110\u1ed9ng S\u1ea3n (B\u0110S) ph\u00e1t h\u00e0nh 182,6 ngh\u00ecn t\u1ef7 tr\u00e1i phi\u1ebfu, trong \u0111\u00f3 kho\u1ea3ng 63 ng\u00e0n t\u1ef7 kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o,<\/strong><strong> ngu\u1ed3n c\u01a1n \u0111\u01b0a \u0111\u1ebfn v\u1ee1 n\u1ee3<\/strong><strong>.<\/strong><\/li><li><strong>Doanh Nghi\u1ec7p p<\/strong><strong>h\u00e1t h\u00e0nh \u0111\u1ee3t <\/strong><strong>tr\u00e1i phi\u1ebfu<\/strong><strong> m\u1edbi, gom ti\u1ec1n tr\u1ea3 <\/strong><strong>tr\u00e1i phi\u1ebfu<\/strong><strong> \u0111\u00e1o h\u1ea1n, l\u00e0 \u0111\u1ea3o n\u1ee3 ti\u1ec1m \u1ea9n v\u1ee1 n\u1ee3.<\/strong><strong><\/strong><\/li><li><strong>G\u1ea7n 10 n\u0103m tr\u01b0\u1edbc, khi bong b\u00f3ng n\u1ed5 tung do tr\u00e1i phi\u1ebfu B\u0110S v\u1ee1 tr\u1eadn, c\u0169ng b\u00f9ng ph\u00e1t m\u1ed9t giai \u0111o\u1ea1n ng\u1eafn t\u0103ng tr\u01b0\u1edfng n\u00f3ng . . . C\u00e1c d\u1ea5u hi\u1ec7u n\u00e0y \u0111ang l\u1eadp l\u1ea1i.<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>L\u00e0n s\u00f3ng v\u1ee1 n\u1ee3 Tr\u00e1i Phi\u1ebfu Doanh Nghi\u1ec7p (TPDN) b\u00ean Hoa L\u1ee5c \u0111ang tr\u00e0n qua v\u1edbi s\u1ee9c m\u1ea1nh v\u00f9i d\u1eadp th\u1ecb tr\u01b0\u1eddng Doanh Nghi\u1ec7p Vi\u1ec7t Nam,khi m\u00e0 l\u00e3nh v\u1ef1c B\u1ea5t \u0110\u1ed9ng S\u1ea3n (B\u0110S) v\u00e0 Ng\u00e2n H\u00e0ng Th\u01b0\u01a1ng M\u1ea1i (NHTM) Vi\u1ec7t Nam t\u1eeb l\u00e2u ti\u1ec1m \u1ea9n nguy c\u01a1 x\u1ea3y ra n\u1ee3 x\u1ea5u, r\u1ea5t x\u1ea5u &#8211; y\u1ebfu t\u1ed1\u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn TPDN. N\u0103m 2021, th\u1eddi \u0111i\u1ec3m nhi\u1ec1u TPDN \u0111\u00e1o h\u1ea1n, trong l\u00fac c\u00e1c Doanh Nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu, kh\u00f4ng c\u00f3 d\u00f2ng ti\u1ec1n v\u00e0o \u0111\u1ec3 c\u00f3 th\u1ec3 tr\u1ea3 n\u1ee3. L\u1eddi b\u00e1o \u0111\u1ed9ng \u0111\u01b0\u1ee3c ch\u00ednh gi\u1edbi th\u1ea9m quy\u1ec1n CSVN \u0111\u01b0a ra \u0111\u00fang v\u00e0o l\u00fac Tr\u01b0\u1edfng \u0110\u1ea1i Di\u1ec7n Th\u01b0\u01a1ng M\u1ea1i Hoa K\u1ef3 (USTR) b\u00e0 Katherine Tai b\u00e0y t\u1ecf quan ng\u1ea1i v\u1ec1 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7; khai th\u00e1c g\u1ed7 b\u1ea5t h\u1ee3p ph\u00e1p; th\u01b0\u01a1ng m\u1ea1i k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 n\u00f4ng nghi\u1ec7p c\u1ee7a Vi\u1ec7t Nam. . . trong cu\u1ed9c \u0111i\u1ec7n \u0111\u00e0m v\u1edbi B\u1ed9 tr\u01b0\u1edfng C\u00f4ng Th\u01b0\u01a1ng Vi\u1ec7t Nam Tr\u1ea7n Tu\u1ea5n Anh, \u0111\u01b0\u1ee3c h\u00e3ng tin Reuters v\u00e0 c\u1ea3 Bloomberg loan \u0111i ng\u00e0y 1 th\u00e1ng 4 m\u1edbi \u0111\u00e2y. N\u1ebfu Vi\u00eat Nam b\u1ecb Hoa K\u1ef3 \u00e1p thu\u1ebf tr\u00ean h\u00e0ng h\u00f3a b\u00e1n sang M\u1ef9, v\u00ec vi ph\u1ea1m c\u00e1c \u0111i\u1ec1u v\u1eeba d\u1eabn, h\u1eadu qu\u1ea3 s\u1ebd t\u00e1c \u0111\u1ed9ng r\u1ea5t x\u1ea5u \u0111\u1ebfn n\u1ec1n Kinh T\u1ebf, T\u00e0i Ch\u00e1nh Vi\u1ec7t Nam.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ch\u1ec9 t\u00ednh t\u1edbi th\u00e1ng 9\/ 2019, t\u1ed5ng gi\u00e1 tr\u1ecb c\u00e1c v\u1ee5 v\u1ee1 n\u1ee3 TPDN c\u1ee7a T\u1ea7u c\u1ed9ng l\u00ean t\u1edbi 78,4 t\u1ef7 CNY, b\u1eb1ng h\u01a1n 11 t\u1ef7 M\u1ef9 kim, [1] t\u0103ng 51% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m 2018. Tr\u1ecdn n\u0103m 2019, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu n\u1ed9i \u0111\u1ecba c\u1ee7a Trung c\u1ed9ng v\u1ee1 n\u1ee3 k\u1ef7 l\u1ee5c v\u1edbi t\u1ed5ng c\u1ed9ng \u0111\u00e3 c\u00f3 113,9 t\u1ef7 nh\u00e2n d\u00e2n t\u1ec7 tr\u00e1i phi\u1ebfu kh\u00f4ng thanh to\u00e1n \u0111\u00fang h\u1ea1n, trong \u0111\u00f3 c\u00f3 53 v\u1ee5 v\u1ee1 n\u1ee3 tr\u00e1i phi\u1ebfu c\u1ee7a c\u00f4ng ty t\u01b0 nh\u00e2n v\u00e0 82 v\u1ee5 c\u1ee7a c\u00f4ng ty \u0111\u00e3 ni\u00eam y\u1ebft.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/08\/Kinh-te-TC-xuong-doc1-1024x744.jpg\" alt=\"\" class=\"wp-image-4873\" width=\"310\" height=\"225\" srcset=\"https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/08\/Kinh-te-TC-xuong-doc1-1024x744.jpg 1024w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/08\/Kinh-te-TC-xuong-doc1-300x218.jpg 300w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/08\/Kinh-te-TC-xuong-doc1-768x558.jpg 768w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/08\/Kinh-te-TC-xuong-doc1-465x338.jpg 465w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/08\/Kinh-te-TC-xuong-doc1-689x500.jpg 689w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/08\/Kinh-te-TC-xuong-doc1.jpg 1081w\" sizes=\"auto, (max-width: 310px) 100vw, 310px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u0110\u1ebfn th\u00e1ng 11\/2020 s\u1ed1 v\u1ee5 v\u1ee1 n\u1ee3 TPDN lan r\u1ed9ng th\u00eam kh\u1eafp Hoa L\u1ee5c, t\u1ef7 l\u1ec7 t\u0103ng 150% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 4 t\u1ef7 M\u1ef9 kim. T\u1ed5ng gi\u00e1 tr\u1ecb TPDN b\u1ecb tr\u00ec ho\u00e3n tr\u1ea3 n\u1ee3 ho\u1eb7c b\u1ecb h\u1ee7y, m\u1edbi \u0111\u1ebfn th\u00e1ng 11\/2020 c\u0169ng l\u00ean t\u1edbi h\u01a1n 200 t\u1ef7 Nh\u00e2n d\u00e2n t\u1ec7, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 30.5 t\u1ef7 M\u1ef9 kim. Hai c\u00f4ng ty ti\u00eau bi\u1ec3u trong kh\u1ed1i Doanh Nghi\u1ec7p Nh\u00e0 N\u01b0\u1edbc (DNNN) l\u00e2m t\u00ecnh c\u1ea3nh v\u1ee1 n\u1ee3 tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c n\u00eau t\u00ean: C\u00f4ng ty Tsinghua Unigroup k\u00edch ho\u1ea1t \u0111i\u1ec1u kho\u1ea3n vi ph\u1ea1m ch\u00e9o (cross defaults) \u0111\u1ed1i v\u1edbi 2 t\u1ef7 M\u1ef9 kim tr\u00e1i phi\u1ebfu, v\u00e0 Peking University Founder Group \u0111ang c\u00f3 t\u1ed5ng s\u1ed1 n\u1ee3 l\u1edbn nh\u1ea5t l\u00ean t\u1edbi 42,8 t\u1ef7 NDT b\u1eb1ng 6,57 t\u1ef7 M\u1ef9 kim, \u0111\u00e3 tuy\u00ean b\u1ed1 \u201ckh\u00f4ng th\u1ec3 tr\u1ea3 n\u1ee3\u201d, n\u00ean n\u1ed9p \u0111\u01a1n xin t\u00e1i c\u1ea5u tr\u00fac n\u1ee3. [2]<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u00e1c chuy\u1ec3n bi\u1ebfn th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu b\u00ean T\u1ea7u, t\u1ea1o ra m\u1ed9t th\u1eddi c\u00e2u chuy\u1ec7n \u201cn\u00f3ng b\u1ecfng\u201d h\u00e0ng ng\u00e0y trong gi\u1edbi T\u00e0i Ch\u00e1nh Vi\u1ec7t Nam l\u00e0 n\u1ed7i \u00e2u lo TPDN c\u00f3 th\u1ec3 v\u1ee1 n\u1ee3. C\u00e1c chuy\u00ean gia t\u00e0i ch\u00e1nh than phi\u1ec1n r\u1eb1ng, ngu\u1ed3n c\u01a1n v\u1ee1 n\u1ee3 TPDN n\u1eb1m trong th\u1eddi \u201c4 n\u0103m 63 ng\u00e0y\u201d l\u00e0m Ph\u00f3 Th\u1ee7 T\u01b0\u1edbng (1916-2020), \u00f4ng V\u01b0\u01a1ng \u0111\u00ecnh Hu\u1ec7 \u0111\u00e3 d\u00f9ng phi\u00ean b\u1ea3n TPDN c\u1ee7a T\u1ea7u c\u1ed9ng \u0111\u1ec3 \u00e1p d\u1ee5ng cho Doanh Nghi\u1ec7p Vi\u1ec7t Nam \u1ed3 \u1ea1t ph\u00e1t h\u00e0nh TPDN trong c\u00e1c n\u0103m tr\u01b0\u1edbc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Theo s\u1ed1 li\u1ec7u c\u1ee7a Trung T\u00e2m Ph\u00e2n T\u00edch &amp; T\u01b0 V\u1ea5n \u0110\u1ea7u T\u01b0 SSI (SSI Research) th\u00ec, t\u1ed5ng s\u1ed1 d\u01b0 tr\u00e1i phi\u1ebfu c\u00e1c t\u1ed5 ch\u1ee9c kinh t\u1ebf m\u00e0 14 NHTM (v\u1edbi t\u1ed5ng d\u01b0 n\u1ee3 t\u00edn d\u1ee5ng chi\u1ebfm kho\u1ea3ng 76% th\u1ecb ph\u1ea7n t\u00edn d\u1ee5ng to\u00e0n h\u1ec7 th\u1ed1ng &#8211; kh\u00f4ng t\u00ednh Agribank) \u0111\u1ea7u t\u01b0 t\u1ea1i 31\/12\/2020 l\u00e0 kho\u1ea3ng 185.000 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 47% so v\u1edbi cu\u1ed1i n\u0103m 2019. T\u1ef7 tr\u1ecdng b\u00ecnh qu\u00e2n \u0111\u1ea7u t\u01b0 TPDN trong t\u1ed5ng t\u00edn d\u1ee5ng c\u1ee7a c\u00e1c NHTM n\u00e0y t\u0103ng t\u1eeb 2,5% l\u00ean 3,2%.\u00a0 [3]<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u00e1c NHTM s\u1edf h\u1eefu l\u01b0\u1ee3ng TPDN l\u1edbn nh\u1ea5t t\u1ea1i cu\u1ed1i n\u0103m 2020 l\u00e0 Techcombank, VPBank, MB. Lo\u1ea1i tr\u1eeb ng\u00e2n h\u00e0ng, c\u00e1c doanh nghi\u1ec7p \u0111\u00e3 ph\u00e1t h\u00e0nh 324.000 t\u1ef7 \u0111\u1ed3ng tr\u00e1i phi\u1ebfu trong n\u0103m 2020, t\u0103ng t\u1edbi 72% so v\u1edbi n\u0103m 2019. Tr\u1ecdn n\u0103m 2020, t\u1ed5ng s\u1ed1 TPDN tr\u00ean th\u1ecb tr\u01b0\u1eddng kho\u1ea3ng 455,4 ngh\u00ecn t\u1ef7 \u0111\u1ed3ng.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu c\u00e1c doanh nghi\u1ec7p phi ng\u00e2n h\u00e0ng \u0111ang l\u01b0u h\u00e0nh \u01b0\u1edbc kho\u1ea3ng 537.000 t\u1ef7 \u0111\u1ed3ng, trong \u0111\u00f3 c\u00e1c NHTM s\u1edf h\u1eefu kho\u1ea3ng 35% &#8211; th\u1ea5p h\u01a1n m\u1ee9c 37% t\u1ea1i cu\u1ed1i 2019. Tuy v\u1eady, cho \u0111\u1ebfn th\u1eddi \u0111i\u1ec3m n\u00e0y, s\u1ed1 li\u1ec7u ch\u00ednh th\u1ee9c TPDN \u0111\u00e3 ph\u00e1t h\u00e0nh t\u1ea1i Vi\u1ec7t Nam ch\u01b0a \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">H\u00f4m 07\/03\/2021, SSI Research \u0111\u00e3 c\u00f4ng b\u1ed1 b\u1ea3n \u0111i\u1ec1u nghi\u00ean v\u1ec1 th\u1ecb tr\u01b0\u1eddng TPDN n\u0103m 2020. [4] Theo \u0111\u00f3, trong n\u0103m 2020, ri\u00eang c\u00e1c Doanh Nghi\u1ec7p B\u0110S ph\u00e1t h\u00e0nh t\u1ed5ng c\u1ed9ng 182,6 ng\u00e0n t\u1ef7 \u0111\u1ed3ng, chi\u1ebfm 40,1% t\u1ed5ng ph\u00e1t h\u00e0nh to\u00e0n th\u1ecb tr\u01b0\u1eddng \u2013 t\u0103ng so v\u1edbi t\u1ef7 tr\u1ecdng 39,6% n\u0103m 2019 v\u00e0 l\u00e0 nh\u00f3m ph\u00e1t h\u00e0nh nhi\u1ec1u nh\u1ea5t trong 2 n\u0103m g\u1ea7n \u0111\u00e2y.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/vanhoimoi.org\/wp-content\/uploads\/2021\/04\/trai-phieu-vn.jpg\" alt=\"\" class=\"wp-image-9679\" width=\"381\" height=\"214\" srcset=\"https:\/\/vanhoimoi.org\/wp-content\/uploads\/2021\/04\/trai-phieu-vn.jpg 631w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2021\/04\/trai-phieu-vn-300x169.jpg 300w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2021\/04\/trai-phieu-vn-465x262.jpg 465w\" sizes=\"auto, (max-width: 381px) 100vw, 381px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">V\u1eabn theo SSI, trong n\u0103m 2020, l\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu <strong>kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n <\/strong>b\u1ea3o \u0111\u1ea3m ho\u1eb7c d\u1ef1a v\u00e0o c\u1ed5 phi\u1ebfu ph\u00e1t h\u00e0nh l\u00e0 g\u1ea7n 63 ngh\u00ecn t\u1ef7 \u0111\u1ed3ng, trong \u0111\u00f3 c\u00f3 g\u1ea7n 37 ngh\u00ecn t\u1ef7 \u0111\u1ed3ng <strong>ch\u1ec9<\/strong> <strong>d\u1ef1a v\u00e0o c\u1ed5 phi\u1ebfu<\/strong> chao nghi\u00eang h\u00e0ng ng\u00e0y l\u00e0m t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m, th\u00ec ri\u00eang nh\u00f3m B\u0110S chi\u1ebfm 27,1 ngh\u00ecn t\u1ef7 \u0111\u1ed3ng, b\u1eb1ng 73,2%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a>G<\/a>\u1ea7n 10 n\u0103m tr\u01b0\u1edbc, khi bong b\u00f3ng n\u1ed5 tung do tr\u00e1i phi\u1ebfu B\u0110S v\u1ee1 tr\u1eadn, c\u0169ng b\u00f9ng ph\u00e1t m\u1ed9t giai \u0111o\u1ea1n ng\u1eafn t\u0103ng tr\u01b0\u1edfng n\u00f3ng . . . &nbsp;C\u00e1c d\u1ea5u hi\u1ec7u n\u00e0y \u0111ang l\u1eadp l\u1ea1i.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trong b\u1ed1i c\u1ea3nh \u0111\u1ea1i d\u1ecbch COVID-19 nhi\u1ec1u doanh nghi\u1ec7p kh\u00f4ng \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n vay v\u1ed1n t\u00edn d\u1ee5ng. C\u00e1c c\u00f4ng ty nh\u1ecf n\u00e0y xin l\u00e0m c\u00f4ng ty con c\u1ee7a nh\u1eefng doanh nghi\u1ec7p l\u1edbn h\u01a1n, r\u1ed3i nh\u1edd t\u00ean tu\u1ed5i c\u00f4ng ty m\u1eb9, h\u1ecd ph\u00e1t h\u00e0nh TPDN v\u1edbi l\u00e3i xu\u1ea5t cao c\u00f3 khi g\u1ea7n 18%. Do l\u1eddi d\u1ee5 ng\u1ecdt c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c v\u00e0 c\u00e1 nh\u00e2n \u201cc\u00f2 m\u1ed3i\u201d nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb ham l\u1eddi nhi\u1ec1u b\u1ecf ti\u1ec1n v\u00e0o TPDN, do v\u1eady c\u00e1c c\u00f4ng ty nh\u1ecf huy \u0111\u1ed9ng v\u1ed1n d\u1ec5 d\u00e0ng. Khi \u0111\u1ea1i d\u1ecbch quay l\u1ea1i nhi\u1ec1u \u0111\u1ee3t, nhi\u1ec1u c\u00f4ng ty l\u00e0m \u0103n kh\u00f4ng \u0111\u01b0\u1ee3c b\u1ecb ph\u00e1 s\u1ea3n, th\u00ec Tr\u00e1i Ch\u1ee7 ch\u1ec9 c\u00f2n c\u00e1ch c\u1ea7m m\u1edb gi\u1ea5y l\u1ed9n \u0111i th\u01b0a ki\u1ec7n \u0111\u1ec3 mong thu v\u1ec1 ph\u1ea7n n\u00e0o v\u1ed1n th\u00f4i!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">T\u00ednh \u0111\u1ebfn h\u1ebft th\u00e1ng 10\/2020, theo b\u00e1o c\u00e1o c\u1ee7a VNDirect, t\u1ed5ng gi\u00e1 tr\u1ecb TPDN ph\u00e1t h\u00e0nh th\u00e0nh c\u00f4ng \u0111\u1ea1t 350.883 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 68,1% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i, trong \u0111\u00f3 gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb l\u00e0 326.024 t\u1ef7 \u0111\u1ed3ng. [4]<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u00e3i su\u1ea5t c\u1ee7a TPDN t\u00f9y theo t\u1eebng lo\u1ea1i, B\u1ea5t \u0110\u1ed9ng s\u1ea3n (B\u0110S) th\u01b0\u1eddng c\u00f3 ti\u1ec1n l\u1eddi cao h\u01a1n, \u0111\u01b0\u1ee3c x\u1ebfp th\u00e0nh 3 nh\u00f3m: 82% kh\u1ed1i l\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t d\u01b0\u1edbi 11% m\u1ed7i n\u0103m, 17% kh\u1ed1i l\u01b0\u1ee3ng c\u00f3 l\u00e3i su\u1ea5t t\u1eeb 11-13% v\u00e0 0,9% kh\u1ed1i l\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t tr\u00ean 13% m\u1ed7i n\u0103m. \u0110\u00e1ng l\u01b0u \u00fd, s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a cu\u1ed9c \u0111ua ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu l\u1ea1i \u0111\u1ebfn t\u1eeb cam k\u1ebft l\u00e3i su\u1ea5t chi tr\u1ea3 c\u00f3 khi l\u00ean \u0111\u1ebfn 18% m\u1ed7i n\u0103m, nh\u01b0 l\u00f4 tr\u00e1i phi\u1ebfu Happy18 Bond c\u1ee7a Apec Group. Trong khi ti\u1ec1n g\u1edfi ti\u1ebft ki\u1ec7m b\u00ean c\u00e1c NHTM trung b\u00ecnh ch\u1ec9 t\u1eeb tr\u00ean 3- tr\u00ean 6% t\u00f9y theo ng\u00e2n h\u00e0ng v\u00e0 th\u1eddi gian g\u1edfi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trong phi\u00ean h\u1ecdp cu\u1ed1i nhi\u1ec7m k\u1ef3 5 n\u0103m c\u1ee7a N\u1ed9i C\u00e1c Nguy\u1ec5n Xu\u00e2n Ph\u00fac di\u1ec5n ra h\u00f4m 31\/03, B\u1ed9 Tr\u01b0\u1edfng K\u1ebf Hoach &amp; \u0110\u1ea7u T\u01b0 Nguy\u1ec5n ch\u00ed D\u0169ng ch\u1ec9 \u0111\u00edch danh \u201cth\u1ee7 ph\u1ea1m\u201d khi\u1ebfn TPDN b\u00e1o \u0111\u1ed9ng v\u1ee1 n\u1ee3 n\u1eb1m trong khu v\u1ef1c B\u0110S. \u00d4ng D\u0169ng n\u00f3i, \u201cdo l\u00e3i su\u1ea5t g\u1edfi ti\u1ec1n \u1edf NHTM c\u00f3 m\u1ee9c th\u1ea5p, d\u00f2ng ti\u1ec1n \u0111ang chuy\u1ec3n sang \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n, m\u1ed9t ph\u1ea7n do c\u00f4ng t\u00e1c qu\u1ea3n l\u00fd \u0111\u1ea5t \u0111ai, quy ho\u1ea1ch v\u00e0 vi\u1ec7c &#8220;th\u1ed5i gi\u00e1&#8221; c\u1ee7a \u0111\u1ed1i t\u01b0\u1ee3ng m\u00f4i gi\u1edbi, t\u1ea1o n\u00ean c\u00e1c c\u01a1n s\u1ed1t \u0111\u1ea5t, khi\u1ebfn gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n nhi\u1ec1u khu v\u1ef1c t\u0103ng m\u1ea1nh trong nh\u1eefng th\u00e1ng \u0111\u1ea7u n\u0103m, b\u1ea5t ch\u1ea5p di\u1ec5n bi\u1ebfn c\u1ee7a d\u1ecbch b\u1ec7nh\u201d. \u00d4ng D\u0169ng coi \u0111\u00e2y l\u00e0 ngu\u1ed3n v\u1ed1n t\u1eadp trung v\u00e0o m\u1ed9t s\u1ed1 l\u0129nh v\u1ef1c ti\u1ec1m \u1ea9n r\u1ee7i ro h\u01a1n l\u00e0 \u0111\u1ec3 ph\u1ee5c v\u1ee5 m\u1edf r\u1ed9ng s\u1ea3n xu\u1ea5t, kinh doanh. [5]<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/11\/no-cong3.jpg\" alt=\"\" class=\"wp-image-7364\" width=\"337\" height=\"220\" srcset=\"https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/11\/no-cong3.jpg 873w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/11\/no-cong3-300x196.jpg 300w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/11\/no-cong3-768x502.jpg 768w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/11\/no-cong3-460x300.jpg 460w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/11\/no-cong3-465x304.jpg 465w, https:\/\/vanhoimoi.org\/wp-content\/uploads\/2020\/11\/no-cong3-695x455.jpg 695w\" sizes=\"auto, (max-width: 337px) 100vw, 337px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Cu\u1ed1i n\u0103m 2020, th\u1eddi \u0111i\u1ec3m xu\u1ea5t hi\u1ec7n nhi\u1ec1u th\u01b0\u01a1ng v\u1ee5 ph\u00e1t h\u00e0nh h\u00e0ng ngh\u00ecn t\u1ef7 \u0111\u1ed3ng tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb, th\u00ec gi\u1edbi T\u00e0i Ch\u00e1nh \u0111\u00e3 c\u1ea3nh b\u00e1o v\u1ee1 n\u1ee3 TPDN \u0111ang \u0111\u1ebfn r\u1ea5t g\u1ea7n. Nh\u01b0ng m\u1ed9t s\u1ed1 doanh nghi\u1ec7p ch\u1ecdn khuynh h\u01b0\u1edbng ph\u00e1t h\u00e0nh c\u00e1c <strong>\u0111\u1ee3t tr\u00e1i phi\u1ebfu m\u1edbi<\/strong> v\u1edbi l\u00e3i xu\u1ea5t cao h\u01a1n, \u0111\u1ec3 l\u1ea5y ti\u1ec1n trang tr\u1ea3i cho TPDN \u0111\u00e1o h\u1ea1n trong n\u0103m 2021. Trong tr\u01b0\u1eddng h\u1ee3p l\u01b0\u1ee3t ph\u00e1t h\u00e0nh sau kh\u00f4ng th\u00e0nh c\u00f4ng; l\u00fac n\u00e0y nguy c\u01a1 v\u1ee1 n\u1ee3 l\u00e0 r\u1ea5t cao.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u00e1c chuy\u00ean gia T\u00e0i Ch\u00e1nh ch\u1ec9 \u0111\u01b0a (1) tr\u01b0\u1eddng h\u1ee3p \u0111i\u1ec3n h\u00ecnh l\u00e0m th\u00ed d\u1ee5, c\u00f4ng ty CII kinh doanh B\u0110S t\u1ea1i Saigon, cu\u1ed1i th\u00e1ng 03\/2021 \u0111\u00e3 rao b\u00e1n 5.9 tri\u1ec7u tr\u00e1i phi\u1ebfu v\u1edbi m\u1ec7nh gi\u00e1 100,000 \u0111\u1ed3ng m\u1ed7i tr\u00e1i phi\u1ebfu. T\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng v\u1ed1n c\u1ea7n huy \u0111\u1ed9ng l\u00e0 590 t\u1ef7 \u0111\u1ed3ng. M\u1ee5c \u0111\u00edch c\u1ee7a CII huy \u0111\u1ed9ng v\u1ed1n nh\u1eb1m thanh to\u00e1n \u0111\u00fang th\u1eddi \u0111i\u1ec3m tr\u00e1i phi\u1ebfu c\u0169 \u0111\u1ebfn k\u1ef3 tr\u1ea3 n\u1ee3. \u0110\u00e2y l\u00e0 h\u00ecnh th\u1ee9c \u0111\u1ea3o n\u1ee3 ti\u1ec1m \u1ea9n nhi\u1ec1u nguy hi\u1ec3m.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u0169ng gi\u1ed1ng nh\u01b0 b\u00e2n T\u1ea7u, t\u00ecnh tr\u1ea1ng v\u1ee1 n\u1ee3 r\u1ea5t d\u1ec5 x\u1ea9y ra, v\u00ec cho \u0111\u1ebfn nay, Vi\u1ec7t Nam c\u0169ng c\u00f3 kho\u1ea3ng 150 ng\u00e0n Doanh Nghi\u1ec7p ng\u01b0ng ho\u1ea1t \u0111\u1ed9ng hay ph\u00e1 s\u1ea3n. T\u1ea1p ch\u00ed T\u00e0i Ch\u00ednh x\u00e1c nh\u1eadn, ch\u1ec9 trong th\u00e1ng Gi\u00eang 2021 m\u00e0 \u0111\u00e3 c\u00f3 25.752 doanh nghi\u1ec7p t\u1ea1m ng\u1eebng kinh doanh, ch\u1edd l\u00e0m th\u1ee7 t\u1ee5c gi\u1ea3i th\u1ec3 v\u00e0 ho\u00e0n t\u1ea5t th\u1ee7 t\u1ee5c gi\u1ea3i th\u1ec3, t\u0103ng 36,4% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc [6]. V\u00e0o l\u00fac th\u1ecb tr\u01b0\u1eddng g\u1eb7p ba \u0111\u00e0o, s\u00f3ng gi\u00f3 th\u00ec ch\u00ednh b\u1ea3n th\u00e2n doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu, c\u0169ng nh\u01b0 t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng \u0111\u1ec1u l\u00e2m ho\u00e0n c\u1ea3nh kh\u00e1 mong manh. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu nh\u1ecf l\u1ebb n\u00ean r\u1ea5t th\u1eadn tr\u1ecdng \u0111\u1eebng v\u00ec ham l\u1eddi cao, \u0111i \u0111\u1ebfn k\u1ebft cu\u1ed9c \u201cl\u00e3i kh\u00f4ng c\u00f3, v\u1ed1n c\u0169ng m\u1ea5t lu\u00f4n\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0110\u1ed1i v\u1edbi \u0111\u1ea3ng CSVN tr\u01b0\u1edbc m\u1ed1i nguy b\u1ecb Hoa K\u1ef3 \u00e1p thu\u1ebf v\u00ec B\u1ed9 Ng\u00e2n kh\u1ed1 M\u1ef9 trong th\u00e1ng 12\/2020 \u0111\u00e3 d\u00e1n nh\u00e3n Vi\u1ec7t Nam l\u00e0 n\u01b0\u1edbc thao t\u00fang ti\u1ec1n t\u1ec7 do th\u1eb7ng d\u01b0 th\u01b0\u01a1ng m\u1ea1i ng\u00e0y c\u00e0ng t\u0103ng v\u1edbi M\u1ef9. Trong th\u00e1ng 1\/2021, United States Trade Representative (USTR) \u0111\u00e3 c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 \u0111i\u1ec1u tra t\u1eeb n\u0103m ngo\u00e1i theo m\u1ee5c 301 c\u1ee7a \u0110\u1ea1o lu\u1eadt th\u01b0\u01a1ng m\u1ea1i n\u0103m 1974. \u0110\u00e2y l\u00e0 \u0110\u1ea1o lu\u1eadt m\u00e0 ch\u00ednh quy\u1ec1n c\u1ee7a T\u1ed5ng th\u1ed1ng Trump \u0111\u00e3 s\u1eed d\u1ee5ng \u0111\u1ec3 \u00e1p thu\u1ebf quan \u0111\u1ed1i v\u1edbi h\u00e0ng t\u1ef7 M\u1ef9 kim h\u00e0ng nh\u1eadp kh\u1ea9u t\u1eeb Trung c\u1ed9ng.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trong ho\u00e0n c\u1ea3nh ng\u00e2n s\u00e1ch c\u1ea1n d\u1ea7n, H\u00e0-n\u1ed9i ph\u1ea3i t\u0103ng thu\u1ebf, ph\u00ed gi\u1eefa c\u01a1n b\u00e3o l\u1ea1m ph\u00e1t \u0111e d\u1ecda quay l\u1ea1i c\u0169ng kh\u00f4ng ch\u1eafc c\u00f3 \u0111\u1ee7 ti\u1ec1n chi ti\u00eau, th\u00ec ch\u1ec9 c\u00f2n c\u00e1ch \u201cb\u00e1n n\u01b0\u1edbc\u201d d\u01b0\u1edbc hai h\u00ecnh th\u1ee9c; (i) li\u00ean doanh khai th\u00e1c th\u01b0\u01a1ng m\u1ea1i d\u1ea7u kh\u00ed v\u1edbi B\u1eafc Kinh (c\u00e1c gi\u1ebfng d\u1ea7u t\u1eebng b\u1ecb B\u1eafc Kinh \u00e9p kh\u00f4ng cho H\u00e0-n\u1ed9i li\u00ean doanh v\u1edbi nhi\u1ec1u n\u01b0\u1edbc kh\u00e1c tr\u01b0\u1edbc \u0111\u00e2y). (ii) Lu\u1ed3n l\u00e1ch \u0111\u1ec3 ng\u01b0\u1eddi T\u1ea7u khai th\u00e1c c\u00e1c \u0110\u1eb7c Khu Kinh T\u1ebf. &nbsp;Hi\u1ec7n nay V\u00e2n \u0110\u1ed3n v\u00e0 Ph\u00fa Qu\u1ed1c l\u00e0 c\u00e1c d\u1ef1 \u00e1n b\u1ecb D\u00e2n c\u1ea3 n\u01b0\u1edbc ch\u1ed1ng \u0111\u1ed1i m\u00e3nh li\u1ec7t su\u1ed1t th\u00e1ng 6\/2018; \u0111ang \u0111\u01b0\u1ee3c H\u00e0-n\u1ed9i \u01b0u ti\u00ean x\u00e2y d\u1ef1ng.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">G\u1ea7n \u0111\u00e2y H\u00e0-n\u1ed9i gia t\u0103ng tr\u1ea5n \u00e1p d\u00e2n ch\u00fang, b\u1eaft b\u1edb th\u00eam nhi\u1ec1u ti\u1ebfng n\u00f3i \u00f4n h\u00f2a. R\u1ea5t c\u00f3 th\u1ec3 H\u00e0-n\u1ed9i \u0111ang d\u1ecdn \u0111\u01b0\u1eddng \u0111\u1ec3 ch\u1ecdn l\u1ef1a thi h\u00e0nh t\u1eebng c\u00e1ch ki\u1ebfm ti\u1ec1n nu\u00f4i ch\u1ebf \u0111\u1ed9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tr\u1ea7n Nguy\u00ean Thao<\/strong><br><strong>06 Apr. 2021<\/strong><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">&nbsp;<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Tham kh\u1ea3o:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[1] https:\/\/enternews.vn\/lan-song-vo-no-trai-phieu-doanh-nghiep-trung-quoc-157714.html<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[2] https:\/\/cafeland.vn\/tin-tuc\/nguy-co-vo-no-trai-phieu-doanh-nghiep-nhin-tu-trung-quoc-93893.html<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[3] https:\/\/vietnambiz.vn\/14-ngan-hang-nam-giu-185000-ty-dong-trai-phieu-doanh-nghiep-20210304190010072.htm<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[4] https:\/\/baodauthau.vn\/bat-dong-san-phat-hanh-182-6-nghin-ty-trai-phieu-chuyen-gia-lo-vo-tran-post103396.html<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[4] https:\/\/cafeland.vn\/tin-tuc\/nguy-co-vo-no-trai-phieu-doanh-nghiep-nhin-tu-trung-quoc-93893.html<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[5] https:\/\/dantri.com.vn\/kinh-doanh\/bo-truong-khdt-chi-dich-danh-thu-pham-gay-nhieu-thi-truong-bat-dong-san-20210331171809470.htm#dt_source=Cate_SuKien&amp;dt_campaign=MainList&amp;dt_medium=8<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[6] https:\/\/tapchitaichinh.vn\/bao-cao-va-thong-ke-tai-chinh\/so-lieu-dang-ky-doanh-nghiep-thang-12021-331785.html<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>N\u0103m 2020, kh\u1ed1i B\u1ea5t \u0110\u1ed9ng S\u1ea3n (B\u0110S) ph\u00e1t h\u00e0nh 182,6 ngh\u00ecn t\u1ef7 tr\u00e1i phi\u1ebfu, trong \u0111\u00f3 kho\u1ea3ng 63 ng\u00e0n t\u1ef7 kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o, ngu\u1ed3n c\u01a1n \u0111\u01b0a \u0111\u1ebfn v\u1ee1 n\u1ee3. Doanh Nghi\u1ec7p ph\u00e1t h\u00e0nh \u0111\u1ee3t tr\u00e1i phi\u1ebfu m\u1edbi, gom ti\u1ec1n tr\u1ea3 tr\u00e1i phi\u1ebfu \u0111\u00e1o h\u1ea1n, l\u00e0 \u0111\u1ea3o n\u1ee3<span class=\"more-link\"><a href=\"https:\/\/vanhoimoi.org\/?p=9677\">\u0111\u1ecdc ti\u1ebfp&#8230;<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":9678,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[12,53],"tags":[212,82,257,187,286],"class_list":["entry","author-ntviet","post-9677","post","type-post","status-publish","format-standard","has-post-thumbnail","category-chuyenmuc","category-kinhte-chinhtri","tag-chuyen-de","tag-kinh-te","tag-kinh-te-xhcn","tag-viet-cong","tag-vo-no"],"_links":{"self":[{"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/posts\/9677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9677"}],"version-history":[{"count":0,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/posts\/9677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/media\/9678"}],"wp:attachment":[{"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}