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Viec dinh thue them dd se lam giim tigt Idem \ a bep meo boat ddng diu tu san xuat: (ii) khi ng Chinh phu tang Ign.. Digu nay cang te hai khi nhCrng khoan chi tigu cua Chinh phu la [r]
(1)Mitng Xudn Tdn Mdo W | f l
1^ HOAT OONG CUA NGANH NGAN HANG VIET NAM NAM 2010 VA OjNH HUONG NAM 2011 ^ i ^ l
VAI TRO
cua Ngan hang Nha niriic TRONG
QUANLY NO CONG
TS Nguyen Thj Kim Thanh *
Trai phieu Chinh phu la phuang tien quan trgng deNHTLf thuc thi chinh sach tien te
Khii niem ve ng cdng theo
quan digm cua Ngin hang The gidi: ""Ng cdng la toan bd nhung khoan ng cua Chinh phu va nhirng khoan ng cua Chinh phu bao lanh" Theo Luit Quan ly ng cdng cua Viet Nam ng cdng bao gdm ng Chinh phu ng dugc Chinh phu bio lanh vi ng cua chinh qu} en dia phuong NTiu \'ay cd thg thiy, khii niem ng cdng cua Viet Nam vg CO ban li phu hgp \di khii niem ciia Ngin hang The gidi D6 la toan bd cac khoan ng ma Chinh phu true tigp vay (d ttong nudc ^•a nudc ngoai) vk khdng tryc tiep \a\" nhimg cd nghia Ml tti ng (bio lanh)
Ve khai niem quan ly ng cdng dugc due ket tu kinh nghiem cic nudc, dd la, qua tiinh thigt lip \ a thyc thi chign lugc \a}' ng ciia mdt qudc gia nham giy dyng dugc mgt lugng \dn theo \ eu ciu nham dat dugc cic muc tieu \'e chi phi \ a nii ro dip ung
dugc cic muc tigu quan ly ng khac cua Chinh phu da de Theo nhung ygu td nen tang cua co che quan ly ng cdng la phai xic dinh dugc he thdng muc tieu quan ly ng cdng; \iec quan ly phii dugc minh bach \a ca quan quan ly chinh phai cd ttich nhiem giii trinh ve mire ng \'a hieu qua su dung cac khoin ng cung nhu kha nang tta ng cua Chinh phu: xi}- dyng khudn khd the che quin ly: xi\' dyng chien lugc quan K' ng: xiy dyng khudn khd quan ly rui ro: phit trign \"a tri mdt till tnrdng ttii phieu Chinh phu hieu qua
Vin de dat d diy la tai chung ta phai quin K' ng cdng? Yeu ciu ni)' dugc nit tuthyc tg:
- Danh muc ng cua Chinh phu cang Idn \aphuc tap nd cd the giy nhiing nii ro Idn ddi \'di sy bit dn \T md nhu mit kha nang toin qudc gia ddi \di phin cdn lai
cua thg gidi \"a tinh ttang dn djnh cua tai chinh qudc gia Theo Bd Tai chinh din hit 31/12/2010 du na cdng bang 56.6% GDP Diy la mot t}' le tang ding kg so \di cic nam tnrdc va khdng nhd can cd nhflng bien phip quin ly, kigm soil chat che ng cdng hien de trinh nhirng hiu qua bit lgi cd thg xay ttong tuong lai
Ngoai ng Chinh phu cdn c6 nhiing anh hirdng den ngn kinh te no cd tile lam cho \iec dinh diug ttd nen khdng hieu qua va lam triet tiioii \ on diu ur tu nhin: (i) \i de tti lai cho khoin di vay Chinh phu budc phai dinh thue hoae tang thug, dg co them ngudn thu Viec dinh thue them dd se lam giim tigt Idem \ a bep meo boat ddng diu tu san xuat: (ii) ng Chinh phu tang Ign mgi ngudi mua nhieu ttai phieu Chinh
• Vien Chi§n liroc Ngan hang, NHNN
(2)ti HOAT OONG CUA N G A N H N G A N H A N G VIET NAM N A M 2010 VA OjNH HUONG N A M 2011 ^ MitngXudn Tdn Mdo
phu ban ngn vdn danh cho diu tu
khu vyc tu nhin se giam di tuong ung Digu cang te hai nhCrng khoan chi tigu cua Chinh phu la khdng hieu qua Ket qua dai ban la, tic ddng xiu den tang trudng kinh tg va lam giam phuc lgi cua ngudi din - Viec quan ly ng cdng hgp ly cd thg lam giam thigu chi phi va rui ro Muc tigu chinh quan ly ng cdng la, dam bao dip ung nhu ciu tai chinh va cic nghia vu toin cua Chinh phu vdi ehi phi tiiap nhat ttong trung ban va dai ban, tuong ung vdi rui ro d muc cin trgng Rui ro tigm in eiia ng edng la khdng it, dd, sy bign ddng tang ciia lai suat, ty gii gay nhCrng tdn thit khdng nhd ddi vdi ng cdng, lam tang cic khoan ngcdng cua Chinh phii Do vay, mdt ea cau ng hgp ly vg ddng tign, ve cau true ky ban, cau ttue lai suat, cau triic ng nudc va ng ngoai nudc eua Chinh phu la rat can tiiigt
Bai hge vg khung ho?>ng ng cdng cua Hy Lap gan day la mdt minh chung rat rd net cho tam quan trgng ciia quan ly ng cdng ddi vdi mdt qudc gia
Vay thi quan ly ng edng gdm nhiing ndi dung gi?
Trgn CO sd nhCrng ygu td ngn tang ciia CO chg quan ly ng cdng, theo Digu cua Luat Quan ly ng cdng nam 2009, thi quan ly ng cdng bao gdm nhCrng ndi dung: Xdy dung, ban
hdnh vd td chiic thuc hien vdn bdn quy phgm phdp lugt ve qudn ly na cong; Xdy dmg, ban hdnh cdc chi tiiu an todn ve na; cdc muc tieu, dinh hifdng huy dong, sudung vdn vay vd qudn ly na cdng timg giai dogn; hi thdng cdc chi tieu gidm sdt na Chinh phd, na cdng, na mtdc ngodi cila qudc gia vd ki hogch vay, trd na chi tiithdng ndm; Td chuc huy ddng, phdn bd, su dung vdn vay vd qudn lynacdng diing muc dich, hieu qud, bdo ddm thuc hien day du nghia vu trd na; Gidm sdt viic huy dong, phdn bd, su dung vdn vay, trd na vd
Nhung khoan chi tieu khong hieu qua cua Chinh phu co tac dgng xau den tang trudng kinh te va lam giam phuc lgi cua ngudi dan
qudn ly na cdng, qudn ly rui ro tdi khod, bdo ddm an todn na vd an ninh tdi chinh qudc gia; Ddnh gid hieu qud sit dung von vay, hieu qud qudn lynacdng; Tdng hap, bdo cdo, cong bo thdng tin ve na cong; Tuyin truyen, bien chinh sach, phdp lugt ve qudn ly na cong; Thanh tra, kiem tra viic thuc hien phdp lugt ve qudn lynacdng; Xit ly viphgm, gidi quyet khiiu ngi, td cdo lien quan den viec thiec Men phdp lugt ve qudn ly nacdng; To chiic ddo tgo, bdi duang nghiep vu qudn ly na cdng; Hap tdc qudc ti qudn lynacdng
Vdi ndi dung quan ly ng cdng nhu vay, thi Bd Tai chinh la co quan chju trich nhiem chinh ttong viec quan ly ng cdng, song, cic Bd, nganh khic cung cd nhirng trich nhiem lien quan nhit djnh, va digu cung da dugc qui djnh rd Luat Quan ly ng cdng Theo qui djnh cua Luat Quan ly ngcdng nam 2009, tai Dilu 12, thi trach nhiem cua Ngan hang Nha nudc (NHNN) la:
"7 Theo phdn cdng, iiy quyen cua
Chi tich nudc hogc Chinh phd, chd tri phdi hap vdi Bo Tdi chinh vd ca quan khac cd lien quan chudn bi noi dung, tien hdnh ddm phdn, ky kit cdc dieu udc qudc ti vdi cdc to chiic tdi
chinh tiin te quoc te md NHNN Viet Nam Id dgi dien vd Id dgi dien chinh thuc cua ngudi vay tgi cdc dieu udc qudc ti ndy
2 Thdm dinh phuang dn vay lgi vdn vay thuang mgi nudc ngodi cua Chinh phd theo cdc chuaitg trinh, hgn miic tin dung vd vay thuang mgi cd bdo lanh Chinh phd cua td chuc tin dung
3 Hudng ddn vd to chiic ddng ky cdc khodn vay nudc ngodi eda doanh nghiep, to chiic tdi chinh, tin dung duac Chinh phu bdo lanh
4 Tham gia vdi Bo Tdi chinh viec: a) Xdy dmg muc tieu, dinh hudng huy dong, sudung vdn vay vd qudn ly na cdng timg giai dogn 5 ndm; chuarig trinh qudn ly na trung hgn vd ke hogch vay, trd nachi tiithdng ndm eda Chinh phu; b) Xdy dung he thdng chi tieu gidm sdt na Chinh phd, nacdng vd nanudc ngodi eda qudc gia; c) Xdy dmg phuang dn huy dong vdn nudc, nudc ngodi eda Chinh phd gdn vdi dieu hdnh chinh sach tien te - tin dung"
Trich nhiem trgn cua NHNN cho thiy, NHNN ed vai ttd rat quan ttgng viec gdp phin dam bao on djnh ng cdng, tang kha nang huy ddng vdn cua Chinh phu, ning eao hieu
(3)MitngXudn Tdn Mdo
HOAT OONG CUA N G A N H N G A N H A N G VIET NAM NAM 2010 vA OjNH HUdNG N A M 2011
qua quan ly ng cdng, cu the, NHNN cd vai trd:
- Gdp phdn gidm thieu dnh
hudng tieu cue eda thdm hut ngdn sach den cdc linh vuc khde cila nen kinh te thdng qua viec dieu tiet ddng tiin giUa cdc Unh vuc eda nin kinh ti mot cdch hap ly bdng cdc cdng cu cua chinh sach tien te (CSTT): Thu
chi khu vyc Chinh phu la mdt bd phan cau ddng luan chuygn vdn eua mgt qudc gia, nhiing bign ddng chi tigu khu vyc Chinh phu lam thay ddi khdi lugng tign ngn kinh tg, thay ddi ddng chu chuyen tien Mdt sy gia tang chi tieu khu vyc Chinh phii se lam giam chi tigu cua khu vyc phi Chinh phii cua ngn kinh tg va ngugc lai Thyc tg da chimg minh, muc tham hut ngan sach cang Idn thi muc anh hudng ciia khu vyc Chinh phu dgn cic khu vyc khac ciia ngn kinh tg cang Idn, va dg giam nhCrng anh hudng bit lgi tu khu vyc Chinh phu va tao sy luin chuygn cin bang hgp ly cua ddng chu chuygn vdn xa hdi thi vai trd cua CSTT la rat Idn Ching ban, khu vyc Chinh phii chi tigu Idn lam tang lugng tign ngn kinh tg cd the gay nguy eo lam phit, dd, d l ban chg lugng tign nay, Ngan hang Trung uang (NHTU) cd the thyc hien CSTT that chat, theo dd, se ban che chi tigu khu vyc phi Chinh phu Tuy nhign, sy can thiep niy ed gidi han mdi mang lai hieu qua cao cho sy dn djnh va phit trien kinh tl Chinh vi viy, hiu hgt cic qudc gia trgn thg gidi, hang nam deu phai thiet lap chuang tnnh tai chinh qudc gia nham bao dam sy chu chuye'n vdn hgp ly giua cic khu vyc cua nin kinh tg, thdng qua cac edng cu quan ly kinh tg vi md, die biet la, su dung cdng cu CSTT dl dilu tilt ddng von bu dap thim hut ngan sach d mgt muc hgp ly Diy cdng la mdt nhCrng bien phip huu hieu d l quan ly tdt ng cdng
^ - Ho tra tich cite viec huy ddng
von cho bd dap thdm hut ngdn sdeh, thdng qua viec gdp phdn thuc ddy sir phdt trien thi tntang trdi phieu Chinh phd, nhutgo cdu ve trdiphiiu Chinh phd, tgo tinh khodn cho trdi phiiu vd phdi hap vdi Bo Tdi chinh
trong viic xde dinh mue lai sudt trdi phieu Chinh phd cho phu hap vdi mat bang lai sudt eda thi tnedng tdi ehinh: Trong quan ly ng cdng, vin
dl huy ddng vdn la rit quan trgng, hay ndi cich khic la, Chinh phu vay mugn dudi hinh thuc nhu thg nao la tdt nhit? Thyc te da cho thiy, viec bu dap thim hut ngin sich cua Chinh phu chi cd thg dugc bu dap bdi ngudn vdn vay nudc dudi hinh thuc phit hanh trii phigu Chinh phu, cdng trii qudc gia, tin phigu kho bae va vay ng nudc ngoai dudi hinh thuc ODA, vay thuong mai, phit hanh trii phieu Chinh phu ttgn tbi trudng qudc tg va vay NHTU (bien phip cudi cung, khdng khuygn khich)
Viec huy ddng vdn cho khu vyc Chinh phu dudi hinh thde trii phigu la hinh thuc dugc ua chuong va hieu qui nhit, hien dang dugc ip dung d hiu hgt cic qudc gia Dg hinh thue mang lai hieu qua cao, cic nudc da phit trign mdt thi trudng ttii phigu Chinh phii nham tao tinh khoan cua trii phieu Chinh phu, qua dd, thu hut dugc cic ngudn vdn nhan rdi cua cic khu vyc khic cua nen kinh tg Ddng thdi, thj trudng trii phigu Chinh phu la nai tao muc lai suit dai ban chuan cho thj ttudng tai chinh (vi muc lai suit khdng chua dyng nhung ygu td rui ro) Trong thj trudng thi vai ttd cua NHTU rit quan trgng, NHTU gdp phan lam tang tinh khoan cua thj trudng Trii phigu Chinh phu la mdt phuong tien quan trgng dg NHTU thyc thi CSTT, thdng qua viec mua bin trii phieu Chinh phu ma NHTU tic ddng manh, tham chi, chi phdi gii ca ciia trii phigu tten thj trudng Cic tin hieu that chat hay ndi
<i
long CSTT cung tic ddng manh dgn gii ttii philu Chinh phu
Ddi vdi Viet Nam hien nay, thj trudng ttii philu Chinh phu chua phit triln manh nhu cic nudc, tlie hien d chd, thi trudng trai phigu Chinh phu chua hinh dugc dudng cong lai suit chuin, lugng giao djch ttgn thj trudng thu cip eon it Do viy, sy anh hudng cua CSTT den tbi trudng trii phieu, dgn gia trai phieu Chinh phu cdn ban chg Tuy nhign, bien trii phigu Chinh phii la phuong tien chu ygu dg NHNN thyc hien viec bom hay hut tign tir nen kinh tg thdng qua cic cdng cu CSTT, dac biet la, thdng qua nghiep vy thj trudng md, qua dd, tao tinh khoan cho trii phigu Chinh phu va hd trg khoan cho cac ngin hang thuong mai (NHTM) Nhd viy, trii phigu Chinh phu la kgnh dau tu' an toan, la danh muc dau tu dam bao khoan ciia cac NHTM Lugng trii phigu ma cac NHTM mua cing tang qua cac nam Viec cic NHT M mua ttii phieu la digu kien tdt dg cd the huy dong ngudn bu dap thim hut ngan sach mdt cich thuin lgi vdi chi phi thip hon nhigu so vdi phit hanh ttii phieu trijc tigp cho ngudi din
Mat khac, mdi quan he chat che giua lai suit ngan ban vdi lai suat trung va dai ban dat mdi quan he chat che giua lai suit trii phieu Chinh phu vdi lai suit chi dao ciia NHTU Viec xae djnh muc lai suat trii phieu cho thj trudng so cip neu thieu sy thdng nhat vdi lai suat chi dao cua NHTU se gay nhung bat cap ttong viec hinh gii cua san phim tai chinh tren thj trudng, lam meo md sy luin chuyen vdn xa hdi Chinh vi vay, Bd Tai chinh xic djnh lai suit trii phigu Chinh phu can cd sy tham chilu lai suit chi dao cua NHTU Trgn thyc tl, giCra NHNN va Bd Tai chinh da cd sy phdi hgp viec hinh lai suit trai philu Chinh phu Luat
(4)MitngXudn Tdn Mdo
HOAT OONG CUA N G A N H NGAN H A N G VIET NAM N A M 2010 V A OjNH HUONG N A M 2011 ^
NHNN nam 1997 va nam 2010 ciing da qui dinh trich nhiem cua NHNN la phai tham gia vdi Bd Tai chinh vg viec phit hanh trii phigu Chinh phu, trii philu Chinh phu bao lanh Tuy nhign, ca chg phdi hgp giua NHNN va Bd Tai ehinh vg vin dg chua thudng xuygn
Vdi tu each la ca quan lam dai ly va thyc hien cac djch vu ngan hang cho Kho bae Nha nudc, hien nay, NHNN dang lam dai ly phit hanh tin phigu kho bae cho Bd Tai chinh, tham gia cung vdi Bd Tai ehinh xic djnh muc lai suit tin phigu hgp ly Vdi vai ttd dai ly, nhCrng trudng hgp cin thiet lugng tin phigu kho bae khdng bin het cho cic NHTM, NHNN cd thg mua dg tao cdng cu can thiep thj trudng cin thigt, ddng thdi, cung dip ung kip thdi ngudn thu cua Chinh phu
- Co vai tro quan trong vice
tham gia chien luac qudn ly no nudc ngodi eda qudc gia, troi.g do, ed na edng eda Chinh phd: Trong ca ciu
ng Chinh phu, ng nudc ngoai cd anh hudng khdng nhd dgn kha nang toan qudc gia, sy vay mugn nudc ngoai qui muc se diy ngn kinh tg qudc gia phu thudc nhigu vao kinh tg nudc ngoai Bai bgc vg khung hoang ng Hy Lap gin diy cho thiy rd rang vg nhCrng qudc gia dang phat trign ndng theo dudi nhiing sd dep vg cbl tigu tang trudng, neu cu tigp tuc di vay va su dung tign vay khdng hieu qua, chac ehan se dg lai cho thg he tuong lai mdt mdn ng khdng Id
Ddi vdi Viet Nam, digu khdng the phu nhin la dang cin vdn dg tign hanh cdng nghiep hoa va hien dai hoi, viec vay ng nudc ngoai la cin thilt, song, vay mugn v i su dyng ngudn vdn vay mugn dd nhu the nao cd hieu qua la vin dg phai dugc quan tim Nhilu qudc gia cd nhimg budc phit triln kinh tl ding ng nhu Singapore, Han Qudc, va Trung Qudc diu phai vay ng nudc ngoai
Tuy nhign, Chinh phu cic qudc gia chi vay tign nham diu tu vao ting ca sd thigt ygu nhit dg phuc vu phit trien kinh tg va xoi ddi giam ngheo Tign vay dugc hg quin ly chat che vi sii dyng cd hieu qua Ha ting CO sd d nhCrng qudc gia mdt da dugc xiy dyng thi chit lugng rit tdt, dugc quy hoach vdi tim nhin dai ban, chu khdng phai lip tuc hay mdt thdi gian ngan sau da phai lam lai, cai tign hay md rdng Hg khdng vay tign nudc ngoai de su dung vao nhiing dy in nhd le, khdng thyc sy dem lai nhigu gii tri lgi ich xa hdi Hg cCing khdng su dung nhCrng mdn ng phai tra tuong lai de theo dudi nhung sieu dy in ttong ting ky thuat thigt ygu nudc cdn chua day du Cde bdi hoe kinh
nghiem ndy cho thdy, viec xay dung mot chien luac na nude ngodi cua quoc gia de ddm bdo can ddi vi md cd y nghia quan ddi vdi Viet Nam Men nay, md muc ng nudc ngodi dang ngdy edng gia tdng vd hieu qud su dung vdn vay kem hiiu qud
NHNN cd trach nhiem quan ly Nha nudc vg ngoai bdi, hoat ddng ngoai hdi; quan ly dy tru ngoai hdi nha nudc; quan ly viec vay, tra ng, cho vay va thu hdi ng nudc ngoai theo quy djnh cua phip luat; chu tri, phdi hgp vdi ca quan cd lign quan chuan bi ndi dung, tien hanh dam phan, ky kgt digu udc qudc tg vdi td chuc tai chinh, tign te qudc tg ma NHNN la dai dien va la dai dien ehinh thuc cua ngudi vay, quy dinh tai digu ude qudc tg theo jiiin edng, uy quygn cua Chu tjch nudc hoae Chinh phu Do viy, NHNN cd vai trd quan trgng viec tham gia chien lugc quan ly ng nudc ngoai ciia quoc gia, dd, cd ng cdng cua Chinh phu
- Gidm thieu rdi ro na Chinh
phd: Dung trgn giic quan ly rui
ro ng Chinh phu, sy d'n djnh tiln te, dam bao giu gii trj cua ddng tiln
qudc gia hay ndi each khic khdng de ddng tign nudc mit gia, dam bao cin bang cung, ciu ngoai te, giam tinh trang dd la hda cd y nghia quan trgng khdng lam gia tang ng Chinh phu tinh theo don vj ddng tign qudc gia Vin dg la trich nhiem chung cua cic cip, cac nganh, dd, NHNN ddng vai trd quan trgng
Tdm lai, NHNN khdng phai l i don vj chiu trich nhiem chinh quan ly ng cdng, nhung cd vai trd quan trgng viec ning cao tinh hieu qua cua quan ly ng cdng, tu khiu xiy dyng chien lugc quan ly ng cdng dgn khiu thyc hien chign lugc NHNN tham gia y kien vdi Bd Tai ehinh vg nhCing van dg lien quan dgn bign ddng thj trudng tign te, nhu mue lai suat, tinh hinh khoan, sy thay ddi vg cung tign; dua quan digm viec xay dyng kg hoach, chign lugc quan ly ng cdng ve ea cau ng, ca cau cic loai chung khoin, cdng cu vay ng, khdi lugng va lai suit, ngudn vay ng; thyc hien chuc nang dai ly phit hanh tin phigu kho bae va nhan tign gui kho bae; tao tinh khoan cho thj trudng trii phigu Chinh phu; bu dap ngudn vdn thigu hut tam thdi cho thim hut ngin sich khudn khd CSTT cho phep a
TAI LIEU THAM KHAO
- Luit Quan ly ng cdng nam 2009
-Luat NHNN nam 2010 -Trin Thj Thanh Hda, Khung hoang ng edng - nhin tu Hy Lap tdi Viet Nam, website cua NHNN
- Ng cdng: Phai quan ly sd lugng, giim sit chit lugng, Bee.net.vn, 02/20/2010
- TS Td Kim Nggc, D I tai nghign ciru khoa hge "Giai phip phdi hgp giua CSTT va quan ly ng cdng d Viet Nam, Ma so: KNH 2004-12, thing 8-2007
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