. { ;':;.'

VI~NKHOAHQC xA HQI VI~TNAM'0!f.r~[i.:!Nf, Tf \~~ctdrut T~!nUS GiO";

. -.:":~'.~~~-~-;,-,~~~~r- ::',;}-:..-"

-.t, .' •..-:.,:,,»,'"

-

-.

~;.~,{~.'

Kfnh glri: PGS.TS. Nguyen Hong Son

. Ph6 hi~u truong-D9i hQc Kinh te-D<;li h9C Quac gia Ha Ni;)i

DC: 144 - Xuon Thuy ...ceiu Giay - Ha Ni;)i ;_,.'_'''.'. ". ._. . , ~ ._.,.. ' ~__l

. '

, REVIEW OF WORLD ECONOMIC AND POLITICAL ISSUES,"" M.- .':w '_ •.••.•~

'..",' ,';

" ."

.,'..

lSSN 0868.2984

Th6ng.9- 2007 .....

i

N~~JtKinh teva Chinh trfi•

The giai

,JW,'9 (137)fiui.n.g 9 - 2007

"lAM THU' MU'Oi CHiNg'ffL ei<.i I'd 1 fltiin'l- 1k¥.

TONG BIEN TAP.PGS TS. NGUY~N XUANTHANG

]vruc LUC. . Trang

PHO TONG BIEN TAP, • I l' _ ~, ,.' .

TS.CHU DUC DUNG.' ,TS. NGUY~N vAN iAM

: .:~" . . .....>':,;<::_:,,:~~~-\.~1~l"'::~~:_'''''~.:;~:.'.:" ,

Tran Anh Titi: Phi tap trung hoa - Jloi clung chu yeu euacai each hanh chinh 6 Nhat Ban.

Ha My IILrang: Doi diiu ten lira - hat nhan: Tlr Xo - My Il'lf,"c

day den Nga - My hien nay.3

31

24

Khung hoang, dicuVo Dai Luqc: Chu nghia tu banehinh va thieh liilg.

Hoang Th, Thanh Nhan: Hop tae kinh Ie i\SEAN:Nhfrng van de dal ra.

~;f~1~~tE4~~~l)~~~wKiM~n-~6~~.;~GOAt:~~::;~~'.~.>.~.~.~:'.':;7~ ••

H(lI DONG BIEj.N.TAP'!~,,!~Ali; ,"1 _

TS. CHU DUC DUNGPGS.TS. 'LE SQ iiN~

PGS. TSKH. VO D •••' LUQCPGS. ,TS. LEVAN SANG

PGS. TSNGUYENHONG SON

TS.:NGUYEHVAN TAM'PGS. TS. NGUYEN XUAN TRANG

TS. TO 'THiTHANH mANPGS. TS. LUUNGQC,TRiNH .'

THU KY TO;\. SO~TS. TO TH! THANH ,ToAN

.1:

176 ThaiHa. £Jong£Ja. Ha NQiTel.: 8574310;'8570364; .•.

8574291; 8512768;.Fax: 8574316 ., .... ,., •..

[..-mail:IRpchikttg@yahoo:com.vn'oic:. iapchiktig@hn,vnnvn

~ :~~., . '. ", !. - . . "

Nguy~n Dinb Khang: Kinh te tap tht trong ncn kinh te 50thi tnrong dinh huang xii.hoi ehU ngh'ia 6 Viet Nam.

Toa so~n r •. ",

Nguy~n Th! Thu - Nguy~n Hong Son . Nguy~n Blnh Giang:Tae di?ng eua von nuae ngoai doi vai eae ncn kinh te dangphat tritn va nhfrng c1Cxual doi vaj Viet Nam.

r~lli~fJ~r~~t~\~~~~~~;[{~~1m~~A~~\~J~B;y~r;1-~~Y~,~~~'~[~\~~~iiilL~:_-;"I-.:;~':~':';:~...:

37

. Ph6ng philt himh176 ThaiH,,;£J5rig fJa; HaNoi.Tel..)J574310 .•' ;1" . L

G;a.Y"'ph~p ;~at'b~n':~6.241/GP~BVHTTog"ay BI5120011.;;.':'':''J< ~: -'. ",,, - ,,_.'

.C:h€ ban dien tUtaI.Vi€iih<inh teo va Chfnh tiiThe giaL ' . : . : . , . -. "

In kho. 20,5 ~-,28,5em'In t,?i Nha ~uat b~nBan 60In xong va n9P fw -chi~u1har9 9/2007.

r/ :.... :. .-,,' i..~ ,'~

ISSN 0868 :2984Gia 'b6n: 20.iJ,OOd

Hoang Xuan Long: Nhfing vnll M trong phat tritn khueong ngh~ eao 6 Viet Nam hie" nay:

Pham DJnh Phung: Phan tieh ehinh sach eong nghe nuaeta tiI goe di? baa ve moi twang va mQ! so goi y ehinh sach.

Vfi Thi Mai: Phat lritn thi truong lao dong Viet Namnham nang eao hieu qua sIr dung nguon nhiin lue.

Tdn Tuan: Cham Jo nha 6 eho loan dan - bili hQc bohnfChiem Xingapo.

55

62

74

, tren'an de1djnhh eua

II

Tac dQng cuo von mloc ngoo! dol v6i cae nen kinh tedang ph6t trien va nhling de xuaf do, vol Vi$t Nom

TS. NGUYEN THJ TlnfPGS.TS. NGUYEN HONG SON"TS. NGUYEN BiNH GIANG'"

VOll n1£Gcngoai buo g6m cae hink t/ucc ddll tit tn/.~ ti!'}')mtric ngoai (FDl), adut1£gian tif/p miffc ngoii.i (FP]), vay t/1ttung 77wi 7w'ffc "go,. i (flL) va vi~n tn!phat tri~;1.chinh thuc (ODA) co nhu:ng tac d(ing kinh te'nh{;,',dinh, crr tich qieltin tieu c1£c,tffi cac nen hnk te'p/uit triC;il.Ow hut voiL Bili viet nay nell. khaiquat nhU:ng tac a(ing dn, (to'ng thili eM xuat m(il si{ chinh sach cho Vi~t Namnhlim phat huy nhu:ng tac a(ing tich qic va hc;rncM' nhling tac d(ing tieu cl,iccua von n1£ffcngoil£.

U

1

!

ii;II

I. TAc DQNG TICH qfC CllA VON NlJOeNGoAI Tal NEN KINH TE CllA cAcNuoc:DANG PHAT TRIEN

1. Tang ngu6n von tren th1 tnidngvon n9i dja va lam giam chi phi vonthong qua da d;;mg hoa rui ro

Von Ia nhan til quan tn;mg dili voi tangtn(dng kinh til. Song, nhiiiu mioe dang phattri~n, nhat la nhi'lng mloe khan hihm caetai nguyen co nhu cilu cao tren the gioi nhlldau Ilia, khong d~ danh d11<,JCnhieu M ([aUtv. Von n110cngoai co th~ giup bli diip thieuhut gii'la muc dau t11 mong muon d~ dOltnhi'lng mvc tieu tang tr110ng nhat djn 11vamue d~ danh trong mlCie.

FPI can eho phep cae nha dau t11miocngoai co co h9i chi a se rui ro eua minh voicac nM dau t11n9i dja. FPI se khien ellO f.hj

*: ** t)•.li h9c Kinh te, D:.~iIH?C Qu6c gi~l Hil NOI.*** Vi~n Kinh te'vil Chinh trj The gio-i.

tntdng v6n nih djft tId nen co tlnh thanhkhoan cao hOn. ]\hd do, vi~c da d,l.l1ghoarui 10 se tra nen dt, dang han; va ket qua langu6n vClnse dbi dao han va chi phi viln diliyoi cae cong ty se giam.

2. Bli diip thieu hvt v~ ngo~i hoi

Dau ttl mtoe ngoai co th~ giup bil diip sljthieu h1,1tgiua nhu cau ngo"i hili can co vallt(,lng ng0l',i hili tIm d11<,JCtU xuat khftu.Dong v6n tli nhan n110e ngoai chay vaokhOng nhung co thi! gitip xoa bo rn9t phanhay toan 119tham hvt tai khoan vang laitrong ngiin h"n, rna con co th~ xoa bo thamh"t d6 trong cD.dal h,?n neu dau ttl do gitipdem !,?i thu nhi;tp bilng ngo"i t~ cho cacdoanh lJghi~p(l)

3. Bll diip thieu h1,lt ngan sach

a nhit" rMoc dang phat tri~n, ngan sach'1uor:g;a t1ll1dng thieu h1,!tda s6 thu th1,ictEihi tb l!e ci'ia chinh .phl'l kh6ng b:ing sO' thu

Nguy&nTh! ,hU'. Nguyen Hong Son - Nguy&nSinh Gi,,~,y," III

Tac 6(mg cua von ntHic ngoai ...

mong mu6n. Nhung khoan thue do caedoanh nghi~p co v6n FDI n(lp. nhung khoanthue danh vao vi~c tham gia cac ho"t d(lngtai chinh trong mioc clla tv nhan nVocngoai tra thanh m(lt trong nhu:ng ngubn bv.diip thieu h~t ngan sach. Ngay ca vi~n tr<;Jphat tri&n chinh thuc cling co y nghla giantiep bU diip thieu h~t ngan sach. DVa vaoODA, ehinh phll co thli' giam chi beu vaom(lt s6dV an va do do giam cang thling d6ivoi cong tac huy d(lng ngubn thu trongnVoe. Day la chVa k& tac d(lng tich cVe IantDa clla von nVoc ngoai Wi toan th& n&nkinh te co tac d]'l1lgnhv nuoi dViing ngubnthu ngan sach.

D6i voi nhi&u nvoc dang ph at tri&n, hoaed6i voi nhi&u dja phVong, thue do cacdoanh nghi~p co v6n dau tv nVoc ngoai n(lpla ngu6n thu ngan sach quan tr9ng, Chlingh"n, a Hai DVong rieng thu thue tit eong tyliip rap a to Ford chiem 50 phan tram sothu noi dja tren dja ban tinh nam 2006.

4. Thlie dlly dl1u tu noi dia

Nghien cuu clla Bosworth va Collins(1999) dva tren ket qua phan tich tit s61i~uclla 58 n&n kinh te trong thiJi ky 1978-1985cho thay m(lt do-Ia FDI co thli' keo theo hjjn0,8 do-la dau tv n(li dja. Hecht, Razin vaShinar (2002) dlfa tren ket qua phan tichtit so' li~u clla 64 n&n kinh te trong thiJi ky1976-1997 (nghla la so"quan sat nhiiu hanh&n so v6i trong nghien cuu cua Bosworthva Collins) cho thay m(lt do-Ia FDI co th&keo theo 0,68 den 0,76 do.la dau tv n(li dja.Tuy nhien, International Institute forSustainable Development (2002) l"i chod.ng FDI chi thuc d>1ydau tu n(li dja neu latrong nhung nganh moi, noi ma doanhnghiep trong nuoc rat it va khong eo c(lnhtranh tn,;e tiep voi xi nghi~p co v6n FDI.

5. Bli dAp thieu hVt vii eong ngh~, biquyi'lt quan ly, eae ehulln rove ke toanva kien thU'e vii thi tru'O'ng quae te

Trong m(lt so' tniiJng h<;Jp,v6n eho tA1J.gtruCing dv. thieu v&.neo th& huy d(lng chi,!cphan nao bi'tng "chinh sach thilt lli:ng buocbu,ng". Tuy nhien, cong ngh~ va bi quyetquan ly thi khong th& co dV<;Jcbi'tng chinhsach do. Mo hinh tang tniCing n(li sinh eoyeu to' FDI ella Walz (1997) eho thay caeeong ty da qu6c gia se lAm tang hi~u SU{l;~

cl6i moi Cicae nuoc nhaneong e6 trinh d(lthap. Thu hut FDI tit cae cong ty da qu{;cgia se giup mot nVoc co co hQi tiep thu co"gngh~ vA bi quye't quan Iy kinh doanh macae cong ty nay da heh lliy va phat tri?nqua nhi&u nam bi'tng nlliIng khoan chi phiIOn. NhiJ do, nang suat lao di?ng a nuoe th"hut v6n nVoe ngoai se d1.i<;Jecai thi~n. Hauhet cae nghien euu kinh te IU<;Jngd&u ellothay eo SIf ph6 bien eac eong ngM, bi quy{,tquan ly, kien thue v& thj truiJng quae teeling nh1.ieae tieu ehu>1nke toan tit FDI ehonuoe thu hut v6n dau t1.i.Tuy nhien, clingeo ll1i?t s6 nghien euu kinh te lu<)ng ehotha.\' slf ph6 bien nay ehi xay ra khi khoangeaeh eong ngh~ giua nuoe dau tu va miocthu hut dau tti khong qua xa va eon ph],1thu(le vao trinh d(l ella ngu6n nhan llfc 0nVDethu hut.

6. Thlie dlly cl).nh tranh trong nuoc

NhiJ eong ngh~ vU<;Jttr(li va bi quyctquan ly tien tien, cae eong ty nUDengoai eotll& san xuat hang hoa re han so voi cneeong ty n(li dja, Di&u nay se thue d1\y eaeeong ty n(li dia' phai tim eaeh nang eaonang life e"nh tranh ella minh, phai VU011Wi nhung tieu ehu>1neong ngh~ va quan I}'t6t nhat eila the gioi, Cl).nll tranh trongnUDe truoc sue ep eila FDI se buoc eae xinghi~p 'phai ap d~ng eong ngh~ san xuatmoi va nang eao ngu6n nhan life ella minh.C(lnll tranh se giup phan bo ngu6n hie hii}u

Tae d(mg eua von nuCJengoai ...

Nghien euu thve nghii:im ella Bekaert vaHarvey (1998, 2002) eho thily dong FPIehLingkhoan co anh huang tr,!,e tiep va tiehe~icWi thanh tieh kinh te vi mo ella cae nenkinh te dang n6i len. Durham (2004) ehothay anh huong tr,!,c bep tieh e,!,eella FPIehiJ'ng khoan d5i vai tang truang lai ph",thuQe vao cae bien. 85 tai ehinh va phap Iydu'c;JcSl:! dvng khi nghien euu. No co th~thue dily tang truong kinh te a nhling nuaeco thj trucng ehiJ'ng khoan can nh6 va comuc uQtham nhung thap(3)

Tuy nhien, Krugman (1993) lai chi rarbg xct toan bi? cae Huae dang phat (ri~n,\.,)'11 T\l.lck ngoai chi chiem mot ty trong rat

Nhling nghien euu thVe nghii:im VI moeho thay FDI co tae dvng thue dily tangtrudng kinh te 0 cae nUDedang phat trifin.'J'ham chi anh huang eua FDI can IOn hond. eDa lao dQng va xuilt khilu. Can caengllien euu vi mo cho thily FDI chi thue dilytang truOng kinh te chung nao dat nUDeconang Ivc hilp th", cae eong ngh~, bi quye't vaehu!\n m,!,e ma cae eong ty da quclc giamang VaO(2)

d,.iu lit nu'6e ngoai) sang die eong ty nMlllgia cong (thlfCJng la eong ty trong nuoe) d~huang di'i.nva giam sat lam thea dung tieuchuiln duqe d(it hang. Khi ily, eong ngh~, biquyet quan Iy va cae ky nang, ehuyen mon5e duc;ic ph6 bien sang cae eong ty trongnUDethong qua dao t",o ngubn nhan IVe taieong ty trong nuoe.

S, Thue d&y tang tr1idng kinh til

Vc Iy lui!-n, v5n mlOe ngoai, dli duoi hinhthue nao, b6 sung ngubn v5neho nen kinhte cae mtOe dang ph at tri~n, nen se donggop VaGtang truong kinh te 0 cae nuae do.V"" de la v5n nuOc ngaai chiem ty trongthe' nao trong eau t",o tu ban 0 cae nUDedang phat tr]~n.

qua. hon, t~o cd sO cr.o tang in.i0nc: kinh tetrang nude ben vu.ng.

7. Tham gia m:;>.ng hiai sal! xuattoan diu

Khi thu hut FDI tll cae eong ty da qullegia, khong chi xi nghi~p co v5n dfru ttl euaeong ty da qu5c gia, mil ngay Cil cae xinghi~Jl khae trang mtoc co quan h(\ liun anvoi xi nghi~p do elmg S8 (ham gJ8 qua (rinhphan eong laa dOng khu vue. Chinh vi vaY,nuoe thu hut dAn (It S8 co C(l hoi (h,un giam;;Lngluoi san xnaL taim cAn tbu~m 10' chadill' m;;Lnhxuilt kh;\u.

8. Tang so hidng vi~" 18m va d?LO t':10nhan c6ng

Vi mot trong nhl,ng muc dieh cllfl FDI lakhai thac cae dieu kiQn d~ df.lt d,!,!Cchi phisan xuilt thilp, nEm xi nghi{:p co v5n dAu tunuOe ngaai se (hue mu'On nhieu lao dQngdja phuong. Thu nh!!p cila m0t bo phan danCu'dja phuong du'oc cai thii)n se dong goptieh e,!,c vaa tang tnrong kinh te ella (haphuong. Trong qut, trinb thue TmtOn do,vi~c dao t",a die ky nang nghe nghii)p, rna(rang nhieu tru'cng helP la moi me va benbo 0 cae nuOc dang ph at trifin thu hl,t FDI,se duc;Jcxi nghii:ip eun g eilp. Dieu nay t",o ramQt dO,ngii lao d(ll1gco l(y nang. Khong chico lao dQng thong th'icng, ma eFt cae nhf!chuyen mon dja phuong dmg co co hQi lamvi~e va duc;Jcb6i du6ng nghi~p vv 0 cacdoanh nghi~p co v5n dAu tu nU0e ngoai.Khi nhling Ian d(l11gky nang va. ehuyenmon nay ehuyfifl s:mg !fun vii:ic eho xinghi~p khae hn(le mO dnanh nghiep riengCtla minh, h9 se dem eong nghi;, hi qnyetquan 15', ky nanG lao d(\ng va nghiep vv h9Cdltc;Jeph6 bien ra cD lllt0C. Khuynh hUDngthue ngoai gia cDng g~n day cho thay covi9c (;hu~r~nca c(J,~ n 11;\ c}1Pyen nlon va nha

" "t' , , ( t' " - "quan lY li el.C: cong :y nui.~ ~pa cong(" 1 ' ',. ~ v ~ ~;ihu:rjng ,.a cbng ty n~,i()r.; r:,go,:~,{, nC!f!'" co von

I1

if,~~~'_,;~SF''2;=:=d}~;~,7.;,Z~:;.''~~~..~.~~'-:'-~:u'.~:.:=~::"'E:::~:ff,;~~~~r..

chn n{~nkinb tc cling nhlf thiic (Uly vj~ecung co va cai tie'n hO'!-t Gl,\ngeua cac th~tnliJng "on nl,\i dja. DiE'u nay 58 khie'n e]-,ovon va cae ngu6n hie trong nen kinh t6duoc phan be; t.ot hem; tr,to cO hl,\i da d?nghoe, danh muc d{iu t.tl, eai t.bi$n kha ni,ngqU<.ln lS' nli I'O ',',\ thuc d&y Sl.t gia tang euat.iet.ki~m vii dan tLi voi ke't qua JiJnen kinht.e se t.).o 11(,n vung manh hon va tan[tnlClng kinh t8' sf, dune thue d&y.

II. TAC DQNG TiEU qfC

1. Gian1 lti0U qua trong sl:i d~lngcaengui:\n h/c dja phtidng

6 nhu.:1g nu.(;'; co thj t.nliing dU<;Jebac ho,FDl co thg; c6 nhung tac cl91lg tlell Cl.jC. No(UW den vice st'l dung thieu hieu qU?l caengu6n lue dia phtidng va lam gii'ltl1phtie l'iikinh t8' dja phuong. Khi vao nhung nuoct6n tai nhu.ng quy d~nh ve t)' l~ ni?i dja hoa.vI" chi a sf, eong ngh$, ve lien doan", dieGong ty da quoc gia thuiing chi mang theonllung cong ngh~ san xuat kem xa c{[ccongngh6 tan tie'n quae t/. Milt khac, FDI tro:1gtinh trang ea.edieu ki$n oj bop meo tlnldngkhong giup ntlOC Lhu hut t.bam gia V30

mr,t.ng ILlai sa n xuilt, eung ung quae teoThong thudng, dicu tie't FD I se phili hqp voidiE'll tiet mau d~ch eung lam can t.ro t8.ngt.ruong bnh t8'(')

International Institute for SustainableDevelopment (2002) eho riing FDI co thl\hem eh&'diu ttl n9i dja do kha nang qmhtranh c;{,a doanh nghi~p co FDI ap dao sovoi cae xi nghi~jJ trong nuoe.

2. NE'n kinh t&' d~ rdi vao tinh trr,tngphat tri&n qua nang

S1,1gia t.ang nwnh me ella dong von FPIvao t.rong mloc se lam xuat. hi~n "din b~nhFla. Lan" v6i nhllng di).e t.rung co ban Ja tygia h6i cIoai danh nghia hoi).c lFlm phat giatang. L~~snat ugo<;ti t9 giillJ1 dO r.o Sl.t gia

Nhu vaY, thong qua cac kenh kbae nhau,FPI va FBL co thE!bb sung them ngu6n von

nho (3%) trong cau tao ttl b,'m ella cae mi<lcll<iy.Vi the', ciong gop eiia von mioe ngoai doivoi tang tni(1ng kinh I.e(1cae nuoe dang phattrifin co thfi eoi la khong ciang kfi. Levine(2001) chi thua nhan 15'luan ella Krugmanla h<;JpIy ne'u dOn thuin xet de'n dong gopella von nuoe ngoai 0 khia c<tnh tfeh lily ttlban. Song ne'u nhin thea cae khia eanhkhac, nhtl dong gop qua cong ngh$, kg nangquan Iy, tIm nh;:tp eho lao di,\ng va eho ngansaeh thi von nuoe ngoai ciliOihinh thue FDIvi'in dong gop vao tang truCing.

Mat khae, von diu tu gian tiep nuocngoai va von vay thuong mr,ti nuoe ngoai coLinh hay th ay dbi, nen no S8 lilm tang tinhbat bn d~nh kinh te vi mo CIcae ntlOCdangphat tri0n va do do co gi{m tie'p anh huongtieu e1,1etOi tang truong kinh te' 6 do.

10. NhU'ng Igi ich moi trtiang va xa h{Ji

Nhung eong ty co von diu tu tnic tiepnuoe ngoai tuy khong luon mang 1:6i ciienuoe dang phat trifin nhllng eong ngh$ moinhat va nhung tieu ehu&n cao nhat 'Ie baov$ moi trudng va an tOa11 lao dong, songvi'in co th0 con tie'n bi? hOn cac cong ngh$ vatieu ehu&n ella eong ty trong nuoe. Dieunay 1'0 rang co feh l<;1ieho moi 1.rudng va xahi,\i ella nuoe thu hut FDI.

11. Th4c d:1y cai cach th& ch&' vanang cao ky lu~t do'i vai cac chinhsach cua chinh phu

Tinh bilt 6n djnh va dii b~ dao ngu<;1eellavon FPI va FBL se bui?e cae chinh phu phaith1,1ehi$n nhung ehinh sach kinh te vi molanh mr,tnh nhiim giam tham hl,lt ngansach, giam lr,tm phat, giam S1,1milt ca.n doiben ngo,h, ... cling nhu cac chinh saeh kinhte than thi$n voi thj trudng noi chung vacac nha diu tu nuoe ngoai noi rieng.

i\i']-,:~ V"',, (j':; ,:,:", : if VA c: i;.'iH TR! THE GIGI s6 9 (137) 2007-,- ---,--------;4n.ii.,-~;'>:::~, .-.'_..,,~

I

t.ang eua 111lJ:ccung- ngol;li t~ se khiEtn chonhu cAu d~u tv: n6i diu gia tang va n6i t!;:len giii thuc us. Den lu'<;itminh, sv len giath,tc tii ella ddng lien nQi dja se thue diiy svphal tri@n eua khu vlte san xuat hang hoa:Jhi tlw'ong mai (dich v~) va h9-n che' s1jphftt trii" CUA. kbu vlic san xuat hang h6athuonf, meti (ha:w eMt tao), Trong khi d6,can can tai kholm vang lai se bj xau di dokh;l Hang C(;i!1h tranh ciia hang hoa va d~chV~l trong nu:(;c gian1, 11<;1nude ngoai se giatanf'" Noi clich khac, nen kinh til' se bj rO;vao tjnh ~r?-ng phflt trien qua nang, bongb6n~~va db bj t6n Lhuong, xau han se roiVilClkhung hoang mot khi gi).p phai cae euS0'2 bf~n t.rong cung nilLt ben ngoai, hO~lCkhid';ng von daD ngtiyc nl::fllh.

C6 mi?t cii6m dang luu y la nhung taedQng k6 Lren eua von ,1"101doi vbi nen kinhte'se phI,! thuQe vao vii;:c dong v6n thu hutcht<;icduoe slt dung nhu the nElOva v6n d6duyc thu h'1t tren thj trtidng nQi dja haytren thi trudilf( qu6e te, Ne'u v6n 1"101thuhelt duQe d,t'iC Sl'tdl,!og d6 tai tr<;ieho d~u tumbi, tae Ul)ng cua n6 Wi nen kinh til' cunggi6ng nhu tac dQng eua FDT. Ne'u v6n d6du<;iedung d6 tra n<;i,ap 11jCMi vbi hi;:th6ngngan hang se giam va du tru ng09-i ti;:se giatang, Ne'u v6n d6 duoe d:1u tu VilO thjtrudnc; von nQi dja hay dUQe gi'ti vao hi;:th6ng ngan himg, eung tien nQi dja va tind\lng se gia tang, keo thea s1j gia tang euanhu c:lu ve tai san (baa g6m cd bat rlJ}ngsan), Ne'u v6n tIm hut dU<JcdU<Jeslt d\lngd~ chi tieu, t6ng e:1u se tang, keo thea s1jgia tang e>:W Sari luang va J9-mph at. Tat eanhung ciieu d6 se khie'n eho d6ng tien lengia th,tc te', lai suat giam va gia ea eua khuv\Jc san xwit hilllg hoa phi thuong m9-icung nhl1 gift tal. san nQi dia gia tang VOlnhring h~u quit doi vd,: nen kinh te nhu' datrinh bay Ci trcn.

Tae d60g eua von mlae n90a<,S1j thu hut von 1"101tren thj trudng qu6c

te se it e6 nhung tae d(ing bit 6n dinh dOivbi thi trudng tai ehinh ni?i dia b6i vi vi$ekinh doanh chung khoan tie'p thea se di~nra tren thj truong nuoe ngoai va kh6ng anhhuang Wi su di ehuy6n tiep thea cua vo'n,Tuy v(iy, vi!;:e tiep e(in iSn dinh thj truongvon quo'e te'lai ph" thui?e viw danh gia ticheLtecua cae nha d:1u tu d6i voi tinh thanhkhoan cua cae chung khoan eua ngu',jj yayno cung nhu s1j tuan thu ei',a ngu'oi yay nodoi vbi eac nguyen tilc ct'Ia thj truong, Neugia ca chung khoan bat 6n dinh tren thitruOng quoc te', vii;:c ph at hanh mbi se kh6e6 th6 thlic hii;:n du(Jc,

3. H~ thong tai ehinh trong nuae dfbj t&n thliang va rai vao khi'lllg hoang

Ne'u khu v\Je tai ehinh n(\i dja kh6ng c6kha nang dliong d:1u vbi s1j di ehuy6n euav6n cung nhu ne'u khu v1jc nay kh6ng dli<Jedieu tiet, giam sat th:j.n trang, su daongu<Jc m9-nh eua doog von 1"101se dAn Wikhung hoang,

Tuy nhien, khung hoang con c6 th6 xayra ma khong lien quan gi den cae nen tangco bEm cua nen kinh te nhu dubi tae dQngcua s1j kh6ng hoan hao eua thj truong v6nqu6e te', nhung thay d6i ben ngoai va hii;:uung Jay Jan,

Thti nhat, tinh kh6ng hoan hao eua thjtruong vo'n qu6e te' cung vbi cac hii;:u ungeua n6 nhu sv 11jaehQn nghich, hanh vi b~ydan, rui ro d9-0 due se tac dQng m9-nh Wih09-t d(\ng eua thi truong von nQi dja vakhuyen khich cae chu ky bung niS - d6 vacua thj trudng nay, Chiing h:;m, ne'u caenha d:1u tu eho dng ty gia h6i doai ella motnube ]a khong ben vung thi d:1u co se xuathii;:ll vbi h:j.u qua la khung hoang ti@nt~ vacan can thanh toan se xay ra voi nhieu tacd(\ng tieu eve Wi nen kinh te,

Tac 6(>n9 ella von mlac nQ':'~!.:.:.:... J"l£,l1y&n Th! Thu - Nguyen Hong Sdn. Nguyen Sinh Giang

42.,:-----------~-- -- .--------t,hJna v,j';:",; V.IN:: 1CV;'. CHfNHTRI THEGldl s6 9 (137\:-'00I-' ., ~ .

Thl1 lwi, thong qua slf- di ehuy~n euadong von FPI, nhling thay d6i mang tinhchu ky i'Jcac mioc cong nghi~p pha 1.trii'n(d(Jc b~t la slj thay drJi cuo liii suat va tygia gilio cac do"ng tie'n mr;mh ... ) se nhanhch6ng tac dQng Wi he thilng tai chfnh nQidia va khung hoang se xay ra ne"u he th(,ngdo kh6ng kip thoi thich ne-hi voi nhi1ngthay d6i do.

Thl1 bo, von vay ngan hang mioe ngoij';Iflln tang t1nh de dao thoat v6n (capitalflight;;) va khi eo l1l{jtcu sfre kinh te VI w6chAng h<ln nhli mQt Sl.t Ian truyen cur:khung hoang til nUDe ngo2i, 111<)t V1} 1"l1{i~Lg);';tien t~ trong nlioc, m0t vu tiing liii suat (.,nuoe ngoai, hay mQt Sl.t suy gi8.rn dieu ki9Dthliong m<li quor: te", tlti S8 d4 xay ra tinhtr<lng rut von b <Itra kh6i dat nLioc gay rakhung hoang Win t~ va d5i tfn dung.Nghii'm diu cua Van Hijekeghem ,mdWeder (2000, 2001) cho thay mQt hi~ntl.i~ng gqi 1a "common lender effect,')" saukhung hoang dbng Peso Jvle>:i~u va khunghoang tai chfnh D6ng A, ngbla la mQt nganhang nliOc ngoai co th6' cho nhieu miocdang phat tri~n vay va khi mi?t nliDe dangphat tri~n bi khung hoanc-, ngan hang nliOengoai chung nay se nit tien cho vay khoicac nlioc con l(li. Thein vao d6, do nganhang mioc ngoai ft c6 cam ke"t vai nlioc divay, nen h9 de nit tfn dl,lng mi?t khi nli6c divay giTtpkh6 khan kinh te" hay chfnh nliacc6 ngan hang giTtpkh6 khan .buh teo

4. Giam tinh dc}c l~p c{,a chinh 5achtign t{\ va ty giiJ.

Digu nay xay ra bi'Jivi d,ng voi qua trlnhtlf- do hoa tai khoan von, ngan himg trungliang cua eac miOc chi co tJ,6 th1,tchien (h'(jc1 trong 2 m1,1ctieu con Ie';: stj dQc I(tp cl'"chinh sach ben t$ hay Sl.t (~~'CIQr (>'~acl.rLnhsach ty gia hoi .doili. 'frO!l~ d.ieu Lj~J.: t'-,i do

di ehuy~n cua von, neu ngan hang trungliang muon duy tri chinh 5ach tien t~ d9cI(tp th\ ho bui?c phai tha n6i ty gia va ngtlQel<li neu hg muon co dinh ty gia thi bUQcph3.i tU bo chfnh sach tien t~ di?c l(lp. Vi~ckbong tufll1 thu nguyen t~c nay 5e khie'ncho cac ehinh sach kinh te" vi mo tri'J nenl.rai ngll(jc nhau va dlia de"nllhfing h(lu qual.ieu cl,iecho nen kinh te".

Vay ng8n hang c6 th& g6p phftn lam chokhung hoang tien t~ them trftm tn;mg. Khidb!lg tien eua miOc dang phi'll. tri~n bi matgiam<lnh, nQ m/oc ngoai cua cac doanhnghif,p tn)l1g mioc tinh b:1ng n(>i t~ tanglen. Do 06. doanh nghi~p co d{jng co ban ni?ite ra vii mn:, ng0<li t~ vao khie"n cho tiib t~ciia dat nuoc them mat gia. Dieu nay datUng xay ra i'JIndonesia va Han Quoc trongth0i ky khung hoang tai chfnh Dong A.5. Tang ph,! thuQc VllO kinh te"

nu'O'cngoai

Luung cung viln ngan hang nliae ngoalphu thuoc vao t\nh hinh kinh te cua cacmiac eho vay. Cac nghien cuu cua Goldberg(2001) ve hanh vi eua nhling ngan hang Mycho thay khi kinh te"My tang trlii'Jng 1.61.,cac ngan hang My 5e cho cac nliac MyLatinh vay nhieu hOn. Ngli\lC I<li,khi tangtrlii'Jng ch(lm l<1i,ngan hang My se giam chovay do'i voi cac nlioc My Latinh. Nghien cuueua Jeanneau and Micu (2002) cho thayelm ky kinh te" cua cac nuoc cong nghi~pphflt tri6n co tliong quan dliong voi lli\lngeho vay dCivoi ca'c nlioc dang n6i len.

II!. NHUNG HAM Y DOl VOl VI~T NAM

Do dem I"i cu nhling tac dQng tich c,!-eHin nhu;'g tac dQng tieu clf-c,Vi~t Nam 'liradr, d:'iy m<lnh thn hut von nliOc ngoili, vuad.n chi tl";Jltg t1'i&nkhai cae bi~n phap di!b,~n ehe nhullg tac dong tiell c,!-c.

r1. Giu 6n djnh kinh te, tAi chinh

D~ thu hut hieu qua die dong von mlocngoai, Vi$t Nam dn gili vling 6n djnh kinhte VI mo cling nhu 6n dinh h$ thong taichinh. Muc tieu cua ho"ch djnh chfnh sachkinh te VI mo la phai d"t du<iCd muc caonhat s,!"6n djnh kinh tEiva kha nang co th5du doan dU<iC(predictability) ci'w cae th5chc. D5 co th6 thljC hi$n duoc dieu nay, caenguyen tiic dieu hanh chinh sach kinh te VImo sau d.n du<iCquan tri.;,t: (1) t.heo duBicac chinh sach kinh te VI rna limh manhnhiim d"t dU<iCmuc tang trucJng kinh toeao, ben vling voi can can Chanh wan 6ndjnh; va (2) d~y m"nh ky lu!).t.tai ehfnh trongtrung han; t"o dung mi?t h(\ th6ng thu6 hi(\uqua va mang tinh xa hi?icao, quan Iy n<ikhuVljCcong mi?tcach than Crong;

Nhu vaY, dii giu vling 6n djnh kinh te VIrna, chinh phu d.n quan tam den kiem chel,,~ phat, ki5m soat tham h,lt tai khoanva.ng lai va tham lwt ngan sach nha nuoc,d6ng thiJi thi hanh mot chinh sach ty giadlja tren cac tieu chu~n moi ban hanh cuaIMF ve giam sat che di?ty gia h6i doai d cacnuoc thanh vien. Nhung chinh sach dieuti6t VI mo eua ngan hang nha nu'oc d.ndu<iCSlt dung Iinh ho"t han d5 dam bao khanang dbi ling kjp thiJi voi nhling bi6n di?ngco thii xay ra.

Cung c6 h(\ th6ng tai chinh n9i dja voim\lc dieh bien cac ngu6n IljC tai chinh noidja thanh ngu6n IljC tai chinh sib sang b6sung cho d:1u tu nuoc ngoai. Llnh vljc d.nuu tien 113.phat triiin thjtruiJng v6n va caccong CJ!.tai ehinh nhiim khuyen khieh tietki$m va cung ung tin d,mg etai h"n m9tcach co hi(\u qua. Dieu nay se giAm bOt sljh"n ch6 cua ti,i tr<i noi chung va khien chociic cong ty n9i dia co thii d",t d,IOCnhungIQifeh ti1 nhung co h9i kinh etoanh ma ho"t

d9ng cela cac cong tv nuoc ngoai t"o ra. Quatrinh nay doi h6i phai ap dJ!.ngm9t cachnhanh chong nhling chu~n muc tai chinhda dU<i(cong nhan ri?ng rai.

Dii (:n djnh h(\ th6ng tili chinh, chinhphu ci'l:l thlie d~y cae bi$n phap d6i moi h$th6ng ngan hang ban g6;n: (a) Lanh m"nhhoa va tang Cl(iJngnang lue tai ehinh cuacae t6 chuc tin d,1llg thong qua nang ty I~Iv6n tu co v,~kh6ng ch6 n<ixau; (b) Khuy6nkhich cac 1,6 chuc tin dung di thi(\n het.hong quan tri, dieu himh theo hliong phllhop han voi thong 1$ quan trj ngan hangt6t tren th6 gioi, d6i moi hn"t di?ng quantrj dieu h imh then huang ap dJ!.ng cacthong 1$, chuAn m,ic ve quan trj doanhnghiep, dac bi$t la quan trj rtli ro dli nangcao chat IUdng ho"t d9ng; (c) Hi$n d"i hoah" t:1ng cong ngh$ thong tin, vi~n thongva h(\ thong thanh tnan qua ngan hang;va (d) Tang cuiJng hi(\u qua va hi$u h1ccong tae thanh tra, giam sat doi voi hoatdong ngan hang d6 bao dam slj an toan,lanh m"nh va c"nh tranh cong biing giuacac t6 chuc tin d\lng thong qua d6i moitoan di(\n ve mo hinh t6 chuc va phuongthuc giam sat ngan hang phil hqp voi cact.hOng1(\,chufl'nmljc quoc teo

M9t mat quan tr9ng khac cua 6n djnh h(\thong tai chinh 113.cong tac quan ly thjtruiJng chung khoan. Chinh phu nen kh~ntrudng phat tri6n hanh lang phap Iy lienquan d6n chung khoan va thj truiJng chungkhoan, dil:ym"nh kiifm soat cac ngu6n ti~nd6 vao thj trudng chung khoiin, dac bi\\t 113.ngu6n ti~n ti1 cac t6 chuc t.in d\lllg, tangcuiJng han nlia ho" t d9ng kiiim tra, giamsat ho"t d9ng cua cac cong ty chung khoan,kli ca ho"t d9ng cua cac trullg tam giao djchchung khoan, dil:ym",nh cong tac quan lycae cong ty d"i ehung chua niern y6t.

NhUng vai, 6sKINHTEVACHfNHTR!ThEGIGIs6 8 (137)2007-----"------------~~~~j

Ng'~y{,n Thi Till! - Nguy{,n Hong Sdn - Nguy{,n Sinh Giang

-.-fllhJ,7C vir,., cJe KINH TEVA CKiNH TR! THE GIG' So 9 (13i) 20,1;

Tas dono GLIS v6n illJaC ngoai. ..~--,". --=-- -----------

2.Plul.ttri~n e6ng ngh~va cd sCi h~ t:lng

Ph at tri&n co sd h", ding bao gilln ca co sdha tilng v?t chat va het tilllg hnh te-phap Iyc6 y nghla quan hong d& thu hut dilu tll.D&c6 th& hap tl1\1 d1i<;ictoan bi! Wi feh ci,aFDI, eong ngh~ va co sd 1H) d.ng din phaidllqe phat tri&n d~y dD. MuGn V?y, cilnquan trii.'t cae quan di&m

Till? nhat, nang cao chat 111qngcDa co sdha tilng cung va eo sd h" tilne cong nghfo\ladieu kii)n quan t1'9"g d0 thu hut FDI cungIlhll d0 cac doanh nghifo\ptrollg mlac e6 th@hap thu dll<}cnhling tae dong hn toa vecong Ilghfo\hi nhilllg lJOq.t di?n[,; CLlil eacdoanh nghi~.p FDI; cho phep cac nha ,tfiu tu'mloc ngoai Mu tll van co sa h" tling ket hliPvoi vifo\cstr d\lllg mi)t each c6 hi~m qua v6naDA trong IInh vt;J'enay.

Dilu tll vao co sd h", tilng vat chat d.nchu trong pha,t tri0n h", d.ng cac kIm congnghi!;p, khu che xuat (r1l.tCmg xa trong va.xung quanh cae hhu na.y, he thong ct[p eld!n,eap va tiwat nuOc, hij thO/,.g xu' Ij eM:tthai, ...). Sang, kinh nghi~m ella eac miacdang phat tri6n khac cho thay thu c!ln ehlitrong nhat tl'ong phat tri@n eo sd h", tilngchinh la phat tri&n h", tilng cong ngMthong tin va truyen thOng (ICT). ICT ehopMp dic xi nghi~p c6 von dilu tll nllaengoai tri@nkhai h~ th6ng thong tin quan lyCD?minh- dieu ma til khoang mi?t th?p kynay cAedoanh llghi~p thay khong th~ thieukhi quan If doanh nghii)p. PhiJ.t tri6n ICTcan lam eho Vifo\tNam trd nell hap diin halldoi voi eae nha d:l.u tll mioe ngoai trongllnh v\.ic djeh V,,", di;iebifo\tIa nhang dieh vve6 gia trj gia tang eao va theo djnb hllongxuat khfru nhu' phat tri4n phl\n mem tinh9c, ca2 ho?t dt)ng nghicn cuu V~l tri~nkhai. Ph6t tr,~:n leT cor, lam ello Viet Nam1:1'0Hen hf(p d~~nd[{ivoi. cae COl-lgty ~ua n l)~

quy, tac nhiin khong th@ thieu trong thuhUt. von dilu tll gian tiep nlloe ngaai. Pha.ttri&n ICT can hil trQ d6i moi t6 ehue va ho,!~di?llg ella eae t6 chue tin dVng, g6p ph ilnvao 6n djnh hfo\thong ngan hang. D&phattri@n lCT, kinh nghifo\mthe gioi eho.thav s11

c!ln thiet ella tll do h6a Hnh vlle vi~n th6ng',tang so l110ng nha eung eap djeh vu dE!thong qua qmh tranh gii1a cac nha dieh V\lma nang eao ehat 111qngdjeh vu va h? giathanh cho ngllCiistl dV"g.

Phat tri@n eo sd h", tilng kinh te-phap lye6 tac dvng hap diin cae nha dilu tll miocngoai kh6ng kem co sa h? tling v?t ehat.Mi?t hanh lang philp ly phat tri1\n e6 tacdVng x6a di nhi1ng 10 ngai ve rlli 1'0 khikinh doanh 6 nlloe ngoai ella eae nha dilutll. Cae lu?t I~ bao v~ quyen sd huu trl tuc,ki@u dang cong nghi~p, thllong hi~u-nha;lmac la nhung thu d Vii)t Nam ehlla phattri&n. Vi~c thay d6i tinh trq.ng ken! phattri@n nay chite ehitn se hap diin cae nha dil"tll, di;ie bi~t la dilu tll ]jen quan den cacho",t di?ng nghien euu va tri&n khai.

Thu: hai, do tilm quan trc.mgella giao dueco ban va ph6 thong doi vai phat tri@n, eilnnang cap trinh di? giao dVe ella h;tc 111linglao di?ng quae gia. Ngoai ra, c!ln dao t",onhung lao di?ng e6 ky nang d& nang caonang h;tceDa nen kinh te va khong nen di;ittrc.mgtam vao nhi1ng mue tieu ncritnhan en~ . b..the clla tUng eong ty FDI. Mi?t h,tc l11linglaodi?ng m",nh khoe cling la dieu rat quantr9ng va dieu d6 doi hOi phai xay d1Jngmi?teo sd h? tilng ehain s6e sue khoe tOt (nhu hethOng y te; he thOng nurJc s<;Lch... ). .

Thu: ba, ap dVng nhung nguyen tite diidlllie quae te cong nh?n. Giam lao dong treem; xoa bo sl1 phan bifo\tdOi xu doi voi nrijlam vii)e va nhi1ng can tra doi vai vi~ethewllg Jllqng t?P th&... .

Tlu2 tii, Unh toan ndt. erich thim t.rqng v[;tac dQng CtlD. vi~c d<).t 1'a cae yell cau ve hi~uqua dr;i vaj cae nha dilu t.u'nuoe ngoiti ...

3. D6i mai phu(lng phap thu hut FDI

6 Vi~t. Nam. ehinh phu viln de ra caenoue heu t1m hut v6n rnioc ngoili voi cae chitieu ve S0 lu:qng1 co cau. Tuy nhif~l1, congtac e~n ciii Win thea huang: (a) Ti).p trungx\ic ben thu hut von n116c ngoai eha nlQt Va]nganh mui nbon that sli thay vi nbieungimb uu tien nhli hi~n nay; (b) Xac dinbro rang va 6n d;nb cac vung Mu tti tbeo th(itlJ liu ben va co ehinh sacb ro r?Jlg rieng cno'dl\u tli vao m6i vung; (c) L,ia cn9n cac nhadAli ttl chien JIi<,!eva nuy di?ng ngli6n l,!,e dbvi).ndi?ng 110 dilu tll vao Vi~t Nam.

Viet Nam co th6 tham kbao hnh ngbiernella cac nliac dRng phat tri6n khac trongvi~e thann lap cac co quan xuc tien dilu ttldat t:;l.inliac ngoai eung nbtl Iman luy~n kynang xue tien diiu tli eho cn.n bo kinh te d6in~;o<tiva can hi?ngo(li giao.

Tli trliae den nay, Vj~t Nam cling nhlinnieu nliac dang phat tri6n khae tblidngtien e1Jesit dVng eac hinn thuc llu dii.i dAutll nlul mi~n giam thue va thue quan,cbua'n hi s1l.nco sO h(l tiing. Tuy nhien, kin 11ngni~m ella cac nliae dang phat tri6n khaechi ra cho Vi~t Nam tnay neu khong slid\lng h<,!ply, cac liu dai nay se Jam eho tacdung clla diiu tli nliac ngoai d6i vai nenkinh te trong nliae tro nen mat y ngbla vis6 tllli ngan sach ella dia phliong co th6giam do cae bi~n phap lIli~n giam. thue cbonha diu tli Illiac ngoM bo(ic lang phi chingan sach do 8 '?-tphat trj6n cd S0 ha. tilngde'n m(ic thlia thai c16 hap diln cac nha dilutli. Chlnh quyen Trung liong ella Vi~t Namdn Q(mg va.i tra di6u ]Jh6i d6 cac ehbhquyeil dia phu:(lng khang S3 V80 In0t CLl(JC

dna 8,'i d\lIlg lill da; d;,b C,i. DiEhl.nay],!;

Ji['~lquan LCii vi~c qLlY h00-cb vung tl111 h{'..tdf{u ttl dA n6i 6 treu. Ph:ir:. dinh ro cf1e.; vlIn;;-dA u tlt th\:'.(i tlrCi t1;l ltu tii~:nva ai-nh Ini0ngvi!.}c slt d~lng khuY'3n khich dAu til b~onf:.m6i vung JiJ. diE;n dn thiet, thea kinhnghi9m ella Thai Lan V[1 Trung QurJc.

Viet Nam ch,la co m\it chitin Jlio' th'lcsv nh~m tang an tu'dl;g ella cae nba dil"tv nu"O'c ngoai vc rninh. \Ti~t Nam nellt.bam kh'lo kinh nghiem ella Thai Lan \'8co rrg tac nay.

D~ h J' "d' b 1 ~e t eo qp xu. nu\ing ~e. C luyeD sangdkh vu ella FDI vao cae nude dan~~phat. - . ~tri~n va bing <:u'dng dfill t"li vao lJn h Vl.tcH8:D, Viet Neml e6 th,s hqc Uj.pkinh nghi$ill1'hat tri~n cae khu che xu,{t vI'. eong viencong ngh~ cl\a cat(; nude dang phat tri5rtkhae. Vi$c ph at tri~n cae khu che xuat vakhu cong nghi$p trong ca nliae dn hiu S'cae khia canh h[(1' diin FDr dich Vl.l.VieLNam nen lUitn giam thue cho nh$.p kht:ucac phuong tj~n ph\lC vu eho kinb doanhdjch vu va eae hO(lt di?ng R&D, thu nbii.1'Wchuy6n giao cong ngh$ nen dli<;Jemi~n l.hueduanh thu, h6 tr<;Jchi phi nghien cuu b~ngcach khau tnJ' vao thue l.hu nhii.p clla cac eoS0R&D co \'6n diiu ttl l111aCngoai, ebo ph61'cae co S0 R&D nay nh$.p kh1lu vao VietNam m\iL sFj hang hoa ung d\lng cac coni:ngh9 ma cong ty lTIQella chllng phal. tri6nnhAm mue dich 'luang ba tinh nang va liudi61TI eua cong ngh~, ...

'4. T?o thui!.n Wi cho kinh doanh Cll[tnha dau bi Dl.toc ngoai

T?o dVng moi tnldng diiu t,i thll$.n luid6i voi dalJ t1.imlaC ngoai nhin chung d8ngnghJ3. v6i vi0C thlfC ]'i0n nhung chinh s~_~~itnh~n1 tsl.O cil.:'l'~?;In6:~tl'udng kinh doanh I1Qi(1-;.:1mang i.'nl: c'~lL1h t~'an;\_ va nang d(j_;~g.

c.,'.,....1:-r:' ,:r;'-, 1 ~~(. ll~~'r.]11h<;:"'C).' 'j0. k"C";llO'nl.'811c'--' -'h'-'-.'~" ~-'_J d._ .• u •.• ,J. 'c .... " L>-,-'~'

::: -,.

•.• ~ -":".-'C'-. ., •••.• ,..,-: -:":<~ ••..

.'~.~ ~, .. '.•~' :.•~' ~ __ ,~,~,",:••_~.r._,~ 1-:

".rf-- --~-_._------ -~------NI1C!ng VEin013KINH TE VA CHiNH TR! THE Glal S6 9 (137) ~O(rl

Thl1 niim, d([ cac TNC vfln be'p t.uc h00t.dong va cl6ng gop cho lll~n kinh t.e'6 miocthu hut FDI k1\ d. sau khi thiJi ky khuycnkhieh cham dm, hay sau khi n6 lll'eXlle lientlw etuoc ket qua, cac nuoc dang ph at tri([nd6u n6 11fecai thiQn moi truong kinh doanhcua minh. Cai thiQn moi t.nt(Jng kinh donnhla bi~n ph£lP chu yeu trong t"o thuan loicho dilu tu. D6ng thiJi cac mtoe dang phattri~n con n6 l1fCquan t1'j cong cong tilt vaJu(tt h6a cong tac di6u hanh cua chinh phu.Cac quy ehe duqc noi long va don gian h6a.Nhung bi~n phap h(l.n che thalll nhung vadoi hili Ii'>duoc tien hiillh. Cac quyel. djnh v6ke hO(l.chph at tri~n kinh te quile gia va djaphuong cung nlnt m9i vi\n ban phap Iy e6th~ lien quan true tiep hay gian tiepdenFDT duqc minh b(l.ch hoa va lam cho d~hi~u han va de hep Can han. Cac khu eongnghiQp va khu che xuat. voi nhung h6 tr(,1v6thu t1,1ehiinh chinh la cac biQn phap C\l th~qu an tr9ng d([ t.ao th uan lqi cho dilu tu vaocae nuoe clang phat tri1\n. Chfnh phu di~ntli la mi'>t biQn phap C1,1th~ quan t.r9ngkhac. Mi)t.sil Illtoc xay d1fng cac website t(l.id6 cong b6 nhung quy djnh v6 FDI eua nuoeminh, danh saeh nhung giay pMp dang kydilu tu ciln c6, lam the nao va tU dau d~ e6dll'qc nhung giay pMp d6, phi dang ky labao nhieu, thai h,m xli ly giay to t.ili da vadja chi lien l(l.ckhi cil.n thiet ...

D([ khuyen khich cuc cong ty nll'oc ngoai6 l(l.i dilu tu Liu dai va t.ich c1fe tai dilu tu,nh ling chinh sach cham sOc dilu t.il da dll'oemi)t sil nuoe th1fe hi~n (All. D6 va Theii £;nla. nhttng vi d!l ddn hinh). An Di) thiet laPhQ thilng theo doi nha clll.ut.u du(,1emay tinhh6a. H9 theo doi cac nha dilu tu ngay tu lilntiep xuc dilu tien, qua khau dang ky vathong qua dang ky, xay dl.tng co s6 kinhdoanh va hoat cli)ng. Kinh nghi~m cua AnD9 la bil tri eho m6i can bi'>ehuycn t.hea doinhung khach hang Iii.nha dilu t.ll'rieng Clla

ThL" /wi, tang euiJng Stt m6 elia tronglInh v1fc tJntong m(l.i nhiim t(l.o di6u kiQneho cae doanh nghi~p ni'>idja e6 th([ thamgia mot. each dily dll vao n6n kinh t6 khuvue va tol111eilu. l3i~n phapnay ciin dll'qclhlle hien eung voi viee nang cao tinh e:;tnhtranh clla kIm vlle kinh doanh nhIi.m trfmhllnh tr,mg taP trung qua mue.

Thl1 ba, coi tr9ng nguyen t.~c khongphiln biQl d6i xli t.rong bi'>lu1!-tquile gia vaap dung nhung t.hu t.1,1Cnhilm thue hiQnnhung nr;uyen t~c nay 6 1ll9i cap ehinhquy6n. Do Uim quan tr9ng eua e(l.nh tranhtrong vi~e phan b6 cac ngu6n l1fCva phat.tri~n b6n vung nen cac nha dilu ttt t.rue b6pnll'oc ngoai ciln c6 duqc kha nang canhtranh b6, vung va khong c6 djnh ki6n tUphia ehinh phu.

Thl1 tu', din c6 mot h~ thilng t.hue hqp ly,cong bilng trong dili xli gii:ta cac Chll th([t.ham gin h~ t.h6ng kinh te'va tai chinh, dinb:mg t.rong dc)i xii giua die thf che t.aic ..,tnh, C(iJ .£~L:l.l U1.ichinh, hinh thuc driu Lu.

bict doi x1Jdin ph,ji duoc ton t.rong. Kh6 c6the! thu hUt d'Jqc von d1lu tIl mioc ngoai neuenc nh!, cJiiu tu nuoc ngoai khong c6 nhungnhung hi~u biet nhat dinh v6 Illoi truong d1luttl mii ho sc ha"t clang kinh doanh. Ngoai ra,sV khOng minh b"ch S8 dAn den nhung ho:;ttd{mg khong hqp phap va sai nguyen dc. D([t."o dung moi tniong kinh doanh t.hu(ll1 loidoi voi dilu ttl nuoe ngoai nhung bien phapC1,1thf sau tht(ong duoe ap d\ll1g.

TInt nh({t, eung e6 he thong phap lu(tt vadte nguyen uk qUall Iy tot, baa g6m chong

'tham nhung, ding cao chal luqng ehinhs{lch va cae Idw6n l,h6' cti6u tiel. (nhli eanhtranh, baa e(io tai chinh va. ba.o vij quy~n SUhiJ:u tri tue) nh{,m tlllJC dfty khu vue kinhdoanh haCtt di'>ngt6t va nang di'>ng.

IIHI, :

II :I i! I, I

I. I

:1 1

:11

II ii I! i

I

;.I

mlnh VEt xay (h,ing quan h~ vcii C8C Lh~iehhimg 'IY. Nho he t.ho'ng n;\y, An Do co th~n1\111bi\t rat nhanh nhling van de ma nhaMill tu' gi).p phai va tim each giai qllyet[94].

1':;\0 thuan l<;Iieho kinh cloanh eua nhad;l,u tv l11.tCiengoai d.n bi\t d';.u tU vii)c dongian hoa vii)e cap giay phep d';u tv. l\"hongehi giam sf; IV<;lnggiay phep hay eae bu'i)ct.hu tl~e dang k)' e;l,n thiet, ma con d.n ginmc8. t.hoi gian eho doi keL qun xin ph6p ci\aeae nha d&.u tti. Vii)t Nam nen tham khaohnh nghii)m eua An D9, Thai Lan vaTrung Quo'c trong vii)c don gian hoa eapphep d&.u tv. 1'rung Quoe co nhieu thu tuekhi cap pMp, nhvng t.hoi gian pM duyi,'trat nhanh. Vii)c xin pMp d&.u tv 0 An £)9rat don gian nho si't cl\lllg hi) tho'ng dang kydii)n ti't (true tuy(/n). Thai Lan trao th1lmquyen cap pMp d&.u tv cho m9t so vanphong xue tien d&.u tv eua minh 0 mickngoai. Nha d&.u tv nuoc ngo~i sau khi tie'pxue vCiivan phimg xue tien d:1U tv cua ThiliLan g:1n noi minh nhit d6 tim hi6u thongtin va co h9i kinh clo,mh, neu e6 nguy!",v9ng c6 th6 !fun thu h.le dang ky ngay taivan phong d6.

Trong giai do:;\n khi'li d&.u, ngoai vii)c dongian hoa thu tuc cap phep c1:1Utu, cae nhad&.u tu nvCie. ngoai can dU'<;Iet:;\o thui).n l<;Iitrong vii)c thue van phong va mi).t b5.ng kinhdoanh, Jam d.e h<;lpd6ng mua c1ii)nva nvCic.

1':;\0 thu~m l<;Iieho kinh cloanh cua nhad&.utu nuCie ngoai cii.n du<;leben hanh tyongqU(1 trinh nha d&.u hi kinh cloanh tai Vii)tNam. Cae nha dau tti nVCicngoai d.n dtiocthOng tin day du, kjp thoi va b5.ng ngon ngu-thui).n l<;Iicho h9 ve nhung chinh sftch dmehinh phu va ehinh quyen dia phuong c6 th6anh htii'lng Wi eong vii)c kinh doanh cua h,?nhv thay d6i ve lui).t phar, ke hoach phitLtri(,n co si'l ha t&.ng, cae chinh saeh ki"l, ~,;,each thve lam viee el"a c,lc C(l quan ttl ph,,), ...

Dao wo lao dong sii.n sang M .cung capeho cae doanb nghii)p e6 von d:lu tu ml6cngoai so hap dan dl.i(Jecac nlla d&.utu, theonhu kinh nghi~m ella Philippines hay theonhli danh gia qua di&u tra nang hjc C0.nh(',:anh cap tinh d VieL Narn trong vai namqua. Dao tao lao dong e&.nchu tr9ng ca dllOL:;\oky nang lao d9ng liin ky lui).t lam vii)e(tac phong eong nghi~p), van h6a ella nvCiedAu tu:.

Th"im I<;Iicho kinh doanh bao g6m cflthu$n ]<;11trong vii)c ke kh ai va n9P thue.No eung bao g6rn ca eae quy djnh ve laoc1t?ng!chong gay kh6 khan eho kinh doanheua nha d&.u tu mioc ngoai, eh:lng h"n nhvkhong d0t ngot thay o6i mlie lvong toiLbi6u, gil'p cae nhA d&.u tu nu0e ngoai giaiqtlyet quan hi) vCiinguoi lao d9ng ...

D6 t"o thu?n 1<;1icho kinh doanh eua eaenha d&.u ttl nu0e ngoai, can d.n phai caiLhii)n moi tnlong kinh doanh, nhv: (a) t",othuan 1<;1)cho vii)c di I"i trong nuCie, ra vaomioc Cl"a nha diiu tv nvac ngoai cung caeehuyen gia ky thu?t nuCie ngoai mil. nha d&.utlJ mang sang; (1)) giam uu diE eho cac doanhnghii)p nha nuCie vi uu clai d6 co th(, dem I:;\ilqi the eho doanh nghii)p nha nuCie trong caeeU9c dau thAu, eung We la gay bat Iqi ehouha diiu tv nuCie ngoai; (c) giam cae ehi phikhong ehinh thve va giam tham nhung ...

1',,0 thui).n 1<;1ieho kinh doanh cua eacnha clau tti can bao g6m ca dfrY m:;\nh c6phan h(,a eac doanh nghii)p nha nvCie

Kinh nghiem eua cae nlJ0c dang phatLri6n kh(lC cho thay, 0 nuCie nao e6 chuangtrinh Lv nhil.n h6a dU<;lctrilln khai m",nh,th, (; do hflp dfrn cae nha d&.utv nu0c ngoai.Di;y nballh qua trinh c6 ph&.n h6a clnallhnghiep nha nU:Cicva tao dieu kii)n cho dcd':1Clnh Il&,:hlQP nfty co th~ Ulanl gia th,!

Tili li~u tham khao:

TaG dong ella von nUDCng_'!!li..'--- ~9uyiiJ1 Til} Thlf - Nguy"n Hong Son. Nguy&n Sinh Gk'r:'.G

(48--------------- -----. -NMlng van ae KIUHTE"vA CHiNK TR! THEGIOts':; 9 (i3i; ;;-:1';7

C:U:OngVA. da d?ng h6Hviec eung eap thong tineho cae nha dilu hi nUDengoai ve ho?t di)ngella thi tHiOng, ve tinh hinh hoat dong eii"cong ty ni?-m yet (thong qua quang cao, hoithao, thif'!. 19.p cac trang web".)

6. Xay dy'ng cd ch£{ di(\u ti£{t thitnfdng chU'ng khoan

C1\n thiel J$p mot co ehe eMu tiel v?cgiam 8"t tJ1(m tn;mg thj truong chungJ,hoan cling nhu hi) thong ngan hang dV"-l1'en eci sCi chuiln mVe qu6e t£ (ch/mg ha.n,du:'l tren nhii:ng nguyen tde cd ban Baslec:U([ Uy ban Basle ue' girim sci! nghii;.p vung{}n hang). D6ng thoi, ci\n thiet 1~p h~thong diSu tiet (mot ca"h linh hO';lt) 811 di(;huy~nella dong von quae te ra va vao ViQtNam, dae biet 1a FPl va v6n vay nganhang . .Killh nghi~m eua eac nUDeaang phattrii!n khae eho thay, neu kh6ng eoM th6ngaieu bet nay, thi truong chung khoan va h~th6ng ng!in hang dit de bj t6n thuong 1J(i,nhling tac dong tieu eVe eua nhung bi~tiling nily sinh tU su khong hoan hao euathong tin tren thj tn"0ng~

Chu thich:

1 Todaro (1998), Irang 460.

2. Xem 16m litTcae nghien d(u nay TrangADS (2004).

3. Tu)' nhien, Durham (2003) sir dung so' Ii~u ve'dnng FP1 n6i chung Ti(cae l7l(oc GECD, d()JlgFPl n6! chung khong kf!'xlUil x/(, /i(ong FPl (stock) vao cae m(Oc clangphaT triei, eho Th(tyFPI kh6ng C611(Ongquan Ihollg ke c6 y ngh/a voi TangImong kinh /,"(nhung co tlrang quemvai sl,Ttang twang eua thj tnrcJi1g ehung khoan).

4. Xem Moran, Graham, Bios/rom (2006).

1. Bekaert, Q. and Harvey, C. (19.98), "Capital Flows and the Behavior of Emerr;in.gMarket Equity Returns," NBER Working Paper Series No. 6669.

2, Bosworth and Collins (2003), "The Empirics of Growth. An Update", Brookings Panuon Economic Activity, September 16.

i:nriJng ehung kho8.n se co Vic dl.mg t.imgquy mo thj tnlong va lam hap dii-n cae nh,,-d&u tll nUDengoai.

5. Phat triii'n hi) thong thu th~p vaxU: If thong tin tai chinh - ngan hang

ui! e6 thi! hap th u c!u',;eb mile eao nhatnhling IQi ieh eua dong \'6n FPI va gi'\mthii!u nhu-ng tac d(\ng tiCl' ectc cila chungeung nhu d{; dam b,\o e:ho he th6ng ti'liehinh tJ-ong nUDe hoat d(\og an tOEm,vungJJ1(lnh,hi~u qua, Vi~t Nam din "ay d\lng h~,th5ng thu th~p va xii J.l' than,,: tin ta.i cliinh- ngan hang dua tron nhung chwin l1l,tcqu(,c to'. U:;tcbiet, c&n tUng buck tip dung h~th5ng ke toan va kiiilll lotin qu(;c L{:doi vDithi tnt,hg chling Jdl0{m va he thong nganhang cung nhu e&n thie't lap co quan danhgia h~ s5 tin dung qu5e: gia doc 1~p. DiSunay se eho phep c6 dUQenhung thong tinkip thoi, ehui'in xac ve tinle tn:lng hO(lt di'mgcun thj tru'0ng chung kb oan eu' !, nhu cuahi) th5ng ngan hang, Eun co sci eho vi~eh'lach djnh cae chinh sach dAm bao an ninheho hi) th6ng. Them vao d6, e1\ncili lien, tang

3. Durham, J. Bensan (2003), "Fareign partfalia inuestment, fareign bank iending, andecanamic grawth," Internatianal Finance Discl1.ssianPapers 757, Baard af Gavernarsaf the Federal Reserve System (U.S.).

4. Durham, J. Bensan (2004), "Absarptive Capacity and the E[fects 0.[Fareign DirectInvestment and Equity Fareign Part[alia Investment on Ecanamic Grawth," EuropeanEcanamic Review, val. 48(2), pages 285-306, April.

5. Galdberg, L. (2001), "When is US Bank Lending to. Emerging Marhets 1701atile?'',NBER Warking Paper 8209, April.

6. Hecht, Y., Razin A. and Shinar N. G. (2002), "Interactians Between Capital InfZawsand Damestl:c Investment: Internatianal Panel Data," available an-iine of:

http://sapir.tau.ac. ii/papers / sapir prajects /Hecht Razin Shinar pdt:

7. International Institute far Sustainable Develapment (2002), "Fareign Investment:Making it Wark far Sustainable Develapment," available an-line athttp://www.iisd.arg/ pdf/2003 / trade ee investment. pdf

8. Jeanneau, Serge and Micu, Marian (2002), "Determinants af intcrnatianal bunklending to.emerging market cauntries," BIS Warhing Papers No.. 112.

9. Krugman, P. (1993), "Internatianal [inanee and econamic develapment," in AGiavannini (ed.), Finance and develap;n,ent: issues and experience, CambridgeUniversity Press, Cambridge, 11-24.

10. Levine, Rass (2001), "Internatianal [inancial liberalization and ecanamic growth,"Review af Internatianal Ecanamics, 9(4), 688-702.

11. Maran Th. H., Graham E. M. and Bias/ram M. (2006), "Canclusions andImplieatians far FDI Pal icy in Develaping Cauntries, New Methads af Research, anda Future Research Agenda," in Maran, Graham and Blastrom eds (2005), DaesFareign Direct Investment Promate Develapment?, Washingtan D~C.

12. Tadaro, Michael P. (1998), Kinh til h<;!ccha the'giC!ithu: ba, Tran !Jaan Kim, Nguy~nQuang!Ju:c, !Ji;ingNhz.t 17an,Nguy~n Lam HOebien djch tit tiilng Anh, Nxb Giaa dlfC,HaNfji.

13. Van Rijckeghem, C. and B. Weder (2000), "Spillavers through Banking Centres: A.Panel Data Analysis," IMF Warking Paper 00/88.

14. Van Rijckeghem, C. and B. Weder (2001), "Saurces af Cantagian: Is it Finance arTrade?," Jaurnal af Internatianal Ecanamics, 170.1.54,Na.2, August, 1'1'.293-308.

t,guy~n Th! Thl1- Nguy~n Hong Sdn - NguY~11Sinh Giang Tac dt)ng cua von mr[;:c ngo8i. ..

~.'hC'ngviin ae KINHTEV/~CHiNHTR!THEGldl s6 S(137)2007-------------- ---