z z

DANH SACH NHOM ECO

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HO VA TN MSSV

1. L Thi Giang 11041811

2. Ng Thi My L 11031041

3. Ha Tuyt Linh 11053261

4. Pham Lc 11028661

5. Trn Th Tinh 11028201

6. Nguyn Thi Trang 11069481

7. V Thi Ngc Tuyt 11038001

8. Trng Thi Kim Thuy Vi 11029501
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MC LC
LI M ....................................................................................................................................... 1
PHN MT: M U ......................................................................................................... 2
1. MC TIU VA NHIM V CA TAI ............................................................................ 2
1.1 Mc tiu ................................................................................................................................ 2
1.2 Nhim v ............................................................................................................................... 2
2. PHM VI VA I TNG CA TAI ............................................................................ 2
2.1 Phm vi nghin cu.............................................................................................................. 2
2.2 i tng nghin cu .......................................................................................................... 2
2.3 ngha .................................................................................................................................. 2
3. C S L LUN ....................................................................................................................... 2
4. CAC K HIU VIT TT ...................................................................................................... 2
PHN HAI: NI DUNG CHNH ...................................................................................... 3
1. TNG QUAN V TH TRNG TIN T .......................................................................... 3
1.1 Khi nim th trng tin t ................................................................................................. 3
1.2 Chc nng ca th trng tin t ......................................................................................... 3
2. PHN LOI TH TRNG TIN T .................................................................................. 3
2.1 Phn loi theo cch thc t chc ........................................................................................ 3
2.2 Phn loi theo i tng tham gia ...................................................................................... 4
3. CAC CH TH THAM GIA TH TRNG TIN T ....................................................... 4
4. THC TRNG TH TRNG TIN T VIT NAM ........................................................ 5
4.1 Th trng lin ngn hang ................................................................................................... 6


4.1.1 Khi nim ....................................................................................................................... 6
4.1.2 Cc ch th tham gia thi trng lin ngn hang ............................................................. 6
4.1.3 Cc giao dich trn thi trng .......................................................................................... 8
4.1.4 Kt qua at c ............................................................................................................. 9
4.1.5 Nhng bt cp tn tai va han ch .................................................................................. 10
4.2 Th trng m ..................................................................................................................... 10
4.2.1 Khi nim ..................................................................................................................... 10
4.2.2 Cc ch th tham gia .................................................................................................... 11
4.2.3 Cc giao dich trn thi trng ........................................................................................ 11
4.2.4 Hang hoa ca thi trng m ......................................................................................... 13
4.2.5 Kt qua va mt s han ch, bt cp. ............................................................................. 14
4.3 Th trng tin gi ............................................................................................................. 14
4.3.1 Khi nim ..................................................................................................................... 14
4.3.2 Cc loai tin gi ca thi trng .................................................................................... 15
4.4 Th trng u thu tn phiu kho bc ............................................................................. 15
4.4.1 Nghip v thi trng .................................................................................................... 15
4.4.2 Thanh vin thi trng ................................................................................................... 15
4.4.3 Kt qua, han ch va mt s bt cp .............................................................................. 15
5. NH HNG VA GII PHAP ............................................................................................ 16
5.1 nh hng ......................................................................................................................... 16
5.2 Gii php ............................................................................................................................. 18
5.2.1 Giai php trc mt ...................................................................................................... 18
5.2.2 Cc giai php thng xuyn va lu dai ......................................................................... 18
LI KT ................................................................................................................................... 21
TAI LIU THAM KHO................................................................................................... 22



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LI M
mi quc gia, thi trng tin t lun ong mt vai tr quan trng trong vic iu
tit cung cu vn ngn han, nhm am bao yu cu h tr cho cc hoat ng kinh doanh,
san xut, dich v, i sng x hi ca cc t chc va c nhn.
D trong giai oan hoan thin nhng thi trng tin t nc ta vn cha thc s
pht trin so vi cc nc ban. Chung ta vn cn qu non tr, gp nhiu bt cp va rt cn
s y nhanh qu trinh hoan thin pht trin.
Do vy, vic nh gi ung thc trang, han ch ca thi trng tin t Vit Nam
trong thi gian qua va a ra nhng mc tiu, inh hng ung n cho nhng nm ti la
v cng quan trng, vi chung ta ang trn a hi nhp vi th gii, vn ang tip tc tin
trinh cng nghip hoa hin ai hoa t nc.
Nhn thy tm quan trng ca tai nay, nhom ECO danh thi gian tim hiu,
nghin cu va trinh bay thanh tp tiu lun mn Tai chnh - tin t vi ch Th
trng tin t Vit Nam, cung cp nhng thng tin trong pham vi nghin cu ca nhom.
Vi y la mt tai rt quan trng, pham vi nghin cu su rng nhng kin thc
trn l thuyt cng nh thc t ca nhom trong lnh vc nay cn nhiu han ch, nn kho
co th trnh khi nhng sai sot trong khi lam cng nh trong vic a ra mt s kin
nh gi mt cch ch quan. Nhom mong nhn c kin nh gi, gop ca giang
vin b mn, giup nhom rut kinh nghim va c gng hn trong nhng tai sau giam dn
nhng sai sot. Nhom xin chn thanh cam n thy tao iu kin nhom tim hiu va
hoan thanh bai tiu lun nay!




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PHN MT: M U
1. MC TIU VA NHIM V CA TAI
1.1 Mc tiu
Nghin cu v thi trng tin t Vit Nam nhm mc ch a ra cc giai php n inh
va pht trin thi trng tin t Vit Nam.
1.2 Nhim v
- Hiu c khi nim, chc nng ca thi trng tin t.
- Cch phn loai thi trng tin t Vit Nam.
- Cc ch th tham gia thi trng va thc trang thi trng tin t Vit Nam.
2. PHM VI VA I TNG CA TAI
2.1 Phm vi nghin cu
- Khng gian nghin cu: thi trng tin t Vit Nam.
- Thi gian: t 1997 n nay va t nay n 2015.
2.2 i tng nghin cu
Thi trng tin t Vit Nam.
2.3 ngha
Giup phn vao vic a ra nhng bin php pht thi trng tin t vit nam, vao s
nghip cng nghip hoa hin ai hoa t nc.
3. C S L LUN
Cc vn ban php lut
Cc nghi inh
Va cc vn ban lin quan
4. CAC K HIU VIT TT
NHTW: Ngn hang trung ng
NHNN: Ngn hang nha nc
TCTD: T chc tnh dng
NHTM: Ngn hang thng mai


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PHN HAI: NI DUNG CHNH
1. TNG QUAN V TH TRNG TIN T
1.1 Khi nim th trng tin t
Th trng tin t l th trng mua bn cc loi giy t c gi ngn hn c k hn di
mt nm, l ni p ng nhu cu vn ngn hn cho nn kinh t
nc ta, thi trng tin t mi hinh thanh, cng c giao dich trn thi trng tin t cn
t nn lut php cho php cc giy t co gi dai han c php giao dich trn thi trng
tin t. Theo iu 9, lut sa i mt s iu ca Lut NHNN (2003) inh ngha: Thi
trng tin t la thi trng vn ngn han, ni mua, bn ngn han cc giy t co gi, bao
gm tn phiu kho bac, tn phiu NHNN, chng ch tin gi va cc giy t co gi tri
khc.
1.2 Chc nng ca th trng tin t
- Thi trng tin t la knh dn truyn tc ng ca chnh sch tin t n nn kinh t.
- Thi trng tin t la knh tao thng tin va phan hi nhng tc ng ca chnh sch tin
t i vi nn kinh t.
- Thi trng tin t la cng c iu tit khi tin ca nn kinh t, trong o th hin r
nt qua chc nng ca thi trng m.
- Thi trng tin t la cng c NHTW thc hin vai tr la ngi cho vay cui cng i
vi cc ngn hang trung gian.
- Thi trng tin t tao c ch NHTW h tr thanh khoan cho h thng NHTM.
2. PHN LOI TH TRNG TIN T
Thi trng tin t c phn loai theo cch thc t chc va theo cng c n
2.1 Phn loi theo cch thc t chc
Thi trng tin t bao gm:


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Thi trng tin t theo c in: la thi trng vay vn ngn han gia cc TCTD t
di s quan l ca NHTW.
Thi trng tin t mi: y la thi trng cc ti phiu ngn han, c cu ca no gm 2
cp:
Thi trng tin t s cp: la thi tng tin t chuyn pht hanh cc loai tri
phiu ngn han ln u.
Thi trng tin t th cp: la thi trng tin t t chc mua bn lai cc tri
phiu pht hanh thi trng s cp.
Thi trng m (Openmaret operation ).
2.2 Phn loi theo i tng tham gia
Thi trng tin t bao gm:
Th trng tn dng ngn hn gia cc NHTM (hay th trng lin ngn hang
I nterbank): thi trng nay di s iu hanh ca NHTM nhm mc ch iu tit vn
trong h thng NHTM ng thi tao iu kin cho NHTM thc hin vai tr la ngi
cho vay cui cng.
Th trng cc cng n ngn hn nh: tn phiu kho bac, thng phiu, k phiu
ngn hang, chng ch tin gi, cc kh c cho vay,bao gm ca thi trng pht
hanh va thi trng lu thng , thi trng nay biu hin cho s pht trin thi trng
tin t.
Th trng hi oi: la thi trng giao dich cc loai ngoai t va cc phng tin thanh
ton co gi tri ngoai t, la mt b phn quan trng trong kt cu thi trng tin t. Thi
trng ngoai hi mang c trng la tnh quc t cao, hoat ng ca no p ng nhng
nhu cu v thng mai, u t ngn han trn binh din quc t, c bit la tao iu
kin can thip ca NHTM nhm am bao sc mua i ngoai ca ng tin quc gia.
3. CAC CH TH THAM GIA TH TRNG TIN T
Trong qu trinh pht trin ca thi trng tin t, thi trng lin ngn hang la hinh thc s
khai ca thi trng tin t hoat ng vi mc ch cn i, iu ha vn gia cc NHTM
vi cc TCTD nhm khai thng kha nng thanh ton cho cc TCTD. Vi vy, nu xt
theo chiu ngang, thi trng tin t biu hin quan h iu tit vn gia cc NHTM, cc


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TCTD. Cn nu xt theo chiu dc, thi trng tin t biu hin mi quan h gia NHTW
va NHTM qua con ng ti chit khu, trong o li xut ti chit khu la mt cng c
linh hoat NHTM iu tit v m nn kinh t trong qu trinh thc thi chnh sch tin t.
Ngay nay, quy m hoat ng ca thi trng tin t c m rng v pham vi iu tit
vn, theo o cc ch th tham gia trn thi trng a dang hn.
Cc ch th tham gia trn thi trng tin t bao gm:
Ch th cung ng ngun vn nh: NHTW , NHTM, cc TCTD khc Vic u t
ngun vn ngn han trn thi trng nay co ri ro thp, do trong thi gian ngn gi
ca chng khon bin ng khng ng k.
Ch th co nhu cu v vn nh: NHTM, cc n vi kinh t khc, kho bac nha
ncThng qua thi trng tin t, cc ch th nay co th thu hut c ngun vn
ngn han d dang va chi ph thp.
Ch th trung gian mi gii, va i vay va va cho vay nh: NHTM, Cng ty chuyn
mi gii.
4. THC TRNG TH TRNG TIN T VIT NAM
Thi trng tin t Vit Nam c hinh thanh va tng bc hoan thanh gn lin vi tin
trinh i mi va pht trin nn kinh t t nc. Cho n nay, mc d thi trng tin t
Vit Nam cha thc s pht trin, nhng no ong vai tr quan trng trong vic iu
tit cung cu va ngun vn ngn han nhm h tr cho cc hoat ng san xut, kinh doanh,
dich v, i sng ca cc ch th trong nn kinh t. c bit thi trng thc hin chc
nng cn i, iu ha ngun vn gia cc ngn hang, gop phn h tr cho cc ngn hang
am bao kha nng thanh ton, hoat ng an toan va hiu qua. Thng qua cc hoat ng
trn thi trng tin t, NHNN Vit Nam thc hin iu tit tin t nhm thc thi chnh
sch tin t quc gia. Co th khng inh rng, thi trng tin t Vit Nam gop phn
nht inh trong qu trinh pht trin kinh t t nc, nht la qu trinh chuyn i sang
kinh t thi trng theo inh hng x hi ch ngha va tng bc hi nhp kinh t quc
t.
Tuy nhin so vi lich s pht trin thi trng tin t cc nc trn th gii, thi trng tin
t Vit Nam vn cn non tr va nhiu bt cp, cn y nhanh hoan thin pht trin.


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Nghi quyt Hi nghi ln th 9 Ban chp hanh Trung ng ang khoa IX va nghi quyt
Hi nghi ln th 6 Ban chp hanh trung ng ang khoa X xc inh pht trin thi trng
tai chnh co vai tr quan trng trong vic pht trin ng b cc yu t thi trng. Do o
vic nh gi ung thc trang cc kt qua at c, cc han ch ca thi trng tin t Vit
Nam trong thi gian qua va ra mc tiu, inh hng, giai php pht trin thi trng
trong nhng nm ti co ngha rt ln tip tc hoan thin thi trng tin t, p ng
yu cu ca s nghip cng nghip hoa , hin ai hoa t nc va tin trinh hi nhp kinh
t quc t.
4.1 Th trng lin ngn hang
4.1.1 Khi nim
Thi trng lin ngn hang (thi trng 2) la thi trng i vay vn kha dng ln nhau gia
cc ngn hang trung gian. Vic pht trin thi trng lin ngn hang s tao ra mt cng c
cc ngn hang co th h tr kha nng thanh khoan cho nhau. Thi trng lin ngn hang
cng c xem nh binh thng nhau gia cc ngn hang, giup at trang thi cn bng trn
thi trng tin t.
4.1.2 Cc ch th tham gia th trng lin ngn hang
4.1.2.1 Ngn hang trung ng
a) Nhim vu:
La ngn hang ln nht trong 1 nc. Nhim v ca NHTW bao gm vic pht hanh
tin, quan l va gim st cc chnh sch tin t nh t gi hi oi hay t l li sut, d
tr ngoai hi, nghip v thi trng m, va cc giao dich khc nhm mc ch lam
thun li ho cc qu trinh kinh doanh hng n mt nn kinh t pht trin lanh
manh.
NHTW cng co nhim v duy tri s n inh ca tin t, kim ch lam pht va giam
thiu tht nghip. NHTW cng co trch nhim quan l cc NHTM va gi vai tr la
ngn hang cho vay cui cng.
b) Chc nng:


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NHTW thc hin cc chc nng c ban la ngn hang ca quc gia va thc hin chc
nng quan l nha nc ca NHTW nhm am bao s n inh tin t va an toan cho ca
h thng ngn hang, qua o ma thc hin cc mc tiu kinh t v m ca nn kinh t.
NHTW thc hin cc chc nng nay thng qua cc nghip v mang tnh kinh doanh
song mang tnh cht kinh doanh ch la phng tin nng cao hiu qua ca hoat ng
quan l ch khng phai la mc ch ca NHTW. Noi cch khc, mc ch hoat ng
ca NHTW khng phai la mu tim doanh li ma la n inh lu thng tin t, tn dng
va hoat ng ngn hang t o tao iu kin thuc y s pht trin kinh t. Cc chc
nng: pht hanh tin t, t chc tn dng, ngn hang ca chnh ph, quan l nha nc
v tin t va hoat ng ngn hang.
4.1.2.2 NHTM
a) Chc nng
Chc nng trung gian tn dng: la lam cu ni gia ngi tha vn va ngi thiu
vn.
Chc nng trung gian thanh ton: cung cp cho khch hang nhiu phng tin thanh
ton tin ch.
Chc nng tao tin: chc nng nay thc thi trn c s chc nng tn dng va thanh
ton.
b) Nhim vu
Ta nhn thy NHTM la mt trong nhng inh ch tai chnh ma c trng la cung cp
a dang cc dich v tai chnh vi nghip v c ban la nhn tin gi, cho vay va cung
ng cc dich v thanh ton. Ngoai ra, NHTM cn cung cp nhiu dich v khc nhm
thoa mn ti a nhu cu v san phm dich v ca x hi.
NHTM la t chc tn dng th hin nhim v c ban nht ca ngn hang o la huy
ng vn va cho vay vn. NHTM la cu ni gia cc c nhn va t chc, hut vn t
ni nhan ri va bm vao ni khan thiu. Hoat ng ca NHTM nhm mc ch kinh
doanh mt hang hoa c bit o la "vn - tin", tra li sut huy ng vn thp hn li
sut cho vay vn, va phn chnh lch li sut o chnh la li nhun ca NHTM. Hoat
ng ca NHTM phc v cho mi nhu cu v vn ca mi tng lp dn chung, loai
hinh doanh nghip va cc t chc khc trong x hi.


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4.1.3 Cc giao dch trn th trng
4.1.3.1 Vay va cho vay b sung ngun vn ngn hn gia cc NHTM
Cng c iu chnh: li sut lin ngn hang.
Li sut lin ngn hang ch n gian la mc li sut ma cc ngn hang p dng cho
nhau vay, thng thng cc khoan vay nay s rt ln nn co th noi nh bun bn
va do vy li sut p dng mc bn bun thp hn nhiu so vi cc t chc kinh t.
Thi trng thi cc ngn hang cho nhau vay thi han ngn, cc ngn hang nh, thi phn
km khng huy ng c nhiu vn t dn c, cn t chc kinh t thi phai vay lai t
ngn hang ln hn, ni co tha ngun vn.
Thi trng lin ngn hang kh n inh ca din bin li sut va quy m giao dich.
Nhng cu sc li sut, hay bt cp tng gy lo ngai trc y tam lng.
Nm 2011 va ang th hin la mt nm kho khn ca cc NHTM. S khng bt
ng nu cht lai ca nm nhiu thanh vin bi v cc ch tiu kinh doanh chnh.
Tc dng: s dng trit ngun vn kha dng ca toan b h thng NHTM.
4.1.3.2 Cho vay thanh ton
Vay qua m la vay mt ngay, ban cht o la hinh thc ti cp vn cho cc ngn hang
bi thm ht vn ma phai co tai san cm c.
Thu chi: la khoan vay linh hoat danh cho khch hang co nhu cu chi tiu vt s tin
trn tai khoan c nhn m tai ngn hang. Khch hang ch tra li trn s tin va s ngay
thc t s dng. Thc cht, nghip v thu chi cho php nhng ngi co tai khoan tin
gi co th chi vt s tin minh co, theo mt han mc nht inh.
Cho vay thu chi :
Vay thu chi thng c s dng khi ban cn nong mt khoan tin. Li sut
thu chi kh cao va tnh theo ngay, nn khi nhn mt khoan vay thu chi tuy
c chi tiu thoai mi nhng phai tnh n kha nng tra n.
Ngn hang cp cho ban mt han mc s dng tin trn tai khoan vng lai tai
ngn hang, vi han mc thu chi nay, ban co th dng tin trong han mc nay
khi tai khoan ban khng co s d. Ch yu nhm mc ch cho vay p ng
cc nhu cu tiu dng nay sinh bt cht.


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Ngn hang co th ty vao uy tn hoc chnh sch ca minh ma cp cho han mc
thu chi co tai san am bao hoc khng.
Li sut thu chi rt cao, gp 1,5 ln li sut vay thng thng.
Nhng ai co tai khoan tin lng gi tai Ngn hang co th yu cu ngn hang
cho hng dich v nay, han mc thu chi co th gp 3 ln tin lng, thm ch
ln ti 5 ln. Trong trng hp cn tin gp, thu chi co th la mt dich v tin
ch nhng nhiu ngn hang cn d dt khi cung cp san phm nay. Bi l yu
cu cho vay thu chi la khch hang phai p ng tin cy vi ngn hang. i
tng ph hp dich v nay la nhng ngi co thu nhp cao, n inh, ang cng
tc tai cng ty lin doanh, nc ngoai, c phn.
Tc dung: thuc y h thng thanh ton c thc hin nhanh chong, tin li.
4.1.4 Kt qua t c
Doanh s giao dich thi trng lin ngn hang t nm 2002 n nay, theo nh gi ca cc
chuyn gia ngn hang thi doanh s giao dich tng khoang 20% mi nm. Kt qua nay
phan nh phn nao vai tr thi trng lin ngn hang vi t cch la knh dn vn quan
trng ca cc TCTD, lam tng hiu qua s dng ngun vn ca cc TCTD, ng thi co
tc dng am bao an toan hoat ng kinh doanh cho toan h thng.
Hinh thc va thi han ca cc giao dich lin ngn hang cng kh a dang va nhin chung
tng t nh cc giao dich trn thi trng tin t quc t. Cc TCTD Vit Nam thc
hin mua bn vn ln nhau thng qua hai hinh thc: th nht, m khoan tin gi ln nhau
va giao dich thng qua in thoai, fax, mang vi tnh v iu khoan ca mon vay va thc
hin chuyn tin; th hai, hoat ng mua bn vn ln nhau tai trung tm thanh ton b tr
ca NHNN. Hoat ng mua bn vn gia cc TCTD, NHNN va cc TCTD c thc
hin di hai hinh thc: cho vay (ti cp vn) va cho vay theo b h s khch hang.
S lng thanh vin va doanh s hoat ng lin ngn hang dn tng ng k.
Hin nay gn 30 NHTW thc hin giao dich vn lin ngn hang thng qua h
thng hng Reuters.


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Nghip v ti cp vn c NHNN tng bc i mi, hoan thin theo hng
nng cao hiu qua iu tit tin t, thc hin vai tr la ngi cho vay cui cng ca
nn kinh t.
4.1.5 Nhng bt cp tn ti va hn ch
Mc d at c nhng kt qua nht inh, nhng kt lun tng qut t vic nghin cu
v thc trang ca thi trng la thi trng lin ngn hang Vit Nam cha pht trin, cha
th coi la cu cnh cho hoat ng ca cc TCTD Vit Nam. Quy m giao dich cn rt
han ch, tnh ph bin ca thi trng cha cao. Hu ht cc giao dich ca thi trng lin
ngn hang din ra tp trung hai trung tm tai chnh ln la Ha Ni va TP. H Ch Minh.
S lng cc thanh vin tham gia cn rt han ch va phn ln la giai quyt nhng nhu
cu t xut v ngun va s dng vn hn la mt hoat ng mang tnh thng nht ca
cc TCTD. Li sut trn thi trng tin t lin ngn hang c hinh thanh theo mt cch
hoan toan ngu nhin, i khi mang tnh t pht, cha phan nh chnh xc quan h cung
cu va xu hng vn ng ca li sut thi trng tai chnh noi chung. L ra, thi trng
tin t lin ngn hang phai la c s hinh thanh li sut thi trng bn l va li sut huy
ng ca cc TCTD khi p dng c ch li sut thoa thun thi nc ta, NHNN vn cng
b li sut c ban. Nhng trong thc t hin nay, li sut kinh doanh ca cc t chc tn
dng thot ly dn li sut c ban ca NHNN.
4.2 Th trng m
4.2.1 Khi nim
Th trng m l b phn cua th trng tin t l ni din ra cc hot ng giao dch
mua bn ngn hn cc chng t c gi gia NHTW v NHTM v cc t chc khc
Vi Vit Nam nghip v thi trng m la cng c rt quan trng va cn thit trong vic
iu hanh Vit Nam. Do o vic iu hanh chnh sch thi trng Vit Nam trong thi
gian qua co th thy han ch ca cng c trc tip la thiu ch ng, thiu hiu qua, s
phi hp cha cht ch
Do o cn phai co cng c gin tip nghip v thi trng m co th iu hanh chnh
sch tin t mt cch linh hoat va ch ng.


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Cho nn n thng 7/2000 nghip v thi trng m bt u vn hanh ghi nhn vic
chuyn iu hanh chnh sch tin t t cng c trc tip sang cng c gin tip ca
NHNN Vit Nam.
4.2.2 Cc ch th tham gia
NHTW: thc hin chc nng nghip v NHTW tc la thc hin vic mua hoc bn ra
cc giy t co gi (ch yu la ngn han) nhm thay i c s tin t trn c s o tc
ng n lng tin cung ng va li sut ngn han.
Cc NHTM: lam nhim v nhn tin gi ong vai tr la trung gian tai chnh huy ng
tin nhan ri thng qua cc dich v nhn tin gi ri cung cp cho nhng ch th cn
vn ch yu di dang cho vay trc tip.
Cc inh ch tai chnh phi ngn hang: la loai hinh t chc kinh doanh trong lnh vc
tai chnh- tin t, c thc hin mt s hoat ng Ngn hang nh la hoat ng kinh
doanh thng xuyn nhng khng c nhn tin gi khng ki han va khng lam dich
v thanh ton. Cc t chc tai chnh phi ngn hang tham gia bao gm: cc cng ty tai
chnh, cng ty bao him, cc quy u t tham gia hoat ng trn thi trng m vi
t cch la nha u t va kinh doanh giy t co gi.
4.2.3 Cc giao dch trn th trng
4.2.3.1 Giao dch khng hoan li
a) Khi nim:
Giao dich khng hoan lai la vic NHTW mua, bn giy t co gi vi cc i tc ca
minh ma khng co bt ki mt cam kt nao v vic bn hoc mua lai cc giy t co gi
o (Giao dich khng hoan lai cn gi la giao dich mua hn, bn hn/ mua t, bn
t).
b) c im:
Giao dich khng hoan lai ch c thc hin mt chiu: NHTW ch bn hoc ch mua,
ngi mua co quyn s hu khng thi han i vi giy t co gi mua (Quyn s
hu giy t co gi c chuyn hn t ngi bn sang ngi mua).
Giao dich khng hoan lai tc ng trc tip n d tr ca ngn hang, qua o tc ng
n lng tin cung ng va li sut thi trng :


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NHTW bn hn giy t co gi d tr s cp ca ngn hang giam lng tin
cung ng giam, li sut thi trng tng.
NHTW mua hn giy t co gi d tr s cp ca ngn hang tng lng tin
cung ng tng, li sut thi trng giam.
Giao dich khng hoan lai co tc ng dai han i vi cc bin s tin t.
Giao dich khng hoan lai c s dng trong trng hp NHTW mun iu chnh
lng tin cung ng trong nn kinh t mt cch r rang va dt khot.
Cc giy t co gi c s dng trong giao dich khng hoan lai thng thng phai
thoa mn cc iu kin:
La cc cng c n.
Mc ri ro thp.
c pht hanh bi cc t chc iu kin.
4.2.3.2 Giao dch c hoan li
a) Khi nim:
Giao dich co hoan lai la vic NHTW mua, bn cc giy t co gi vi i tc ca minh
co km theo hp ng mua lai - tc la giy t co gi c mua (bn) s c bn
(mua) lai vao mt ngay xc inh trong tng lai (cn c gi la giao dich co k han).
b) c im:
Giao dich co k han c thc hin 2 chiu: NHTW va ong vai tr la ngi mua,
va ong vai tr la ngi bn; quyn s hu giy t co gi ch c chuyn giao tam
thi trong thi han 2 bn cam kt.
Giao dich co k han khng anh hng n trang thi d tr ca cc ngn hang vi no
mang tnh cht nh mt giao dich hon i. Kt thuc hp ng, trang thi d tr ca
cc ngn hang s tr lai nh ban u => giao dich co hoan lai trit tiu c nhng
anh hng khng d tnh trc ti d tr ca ngn hang.
So vi giao dich khng hoan lai, giao dich co hoan lai co chi ph giao dich r hn.
c) Li ch:
Giao dich co k han giup cho vic thc thi chnh sch tin t co s mm do va linh
hoat.


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c s dng trong trng hp NHTW mun thi trng tin t thay i tam thi hoc
mun thay i c cu tin d tr tao iu kin cho cc tai chnh tn dng hoat ng
kinh doanh tt hn.
Giy t co gi s dng trong giao dich khng hoan lai phai la giy t co gi co tnh
thanh khoan cao va thoa mn cc quy inh ca NHTW.
4.2.4 Hang hoa ca th trng m
Tn phiu kho bac: la lai giy n do chnh ph pht hanh di mt nm b p
thiu ht tam thi ca ngn sch nha nc va la mt cng c trong nhng cng c
quan trng NHTW iu hanh chnh sch tin t. Tn phiu kho bac thng co thi
han 1 thng, 3 thng, 9 thng vi mt hay nhiu mc mnh gi. Tn phiu kho bac
thng c coi la khng co ri ro tn dng.
Tn phiu kho bac la hang hoa c mua bn nhiu nht trn thi trng m. S thay
i li sut tn phiu kho bac s anh hng n li sut thi trng.
Tn phiu NHTW: la giy nhn n ca NHTW i vi ngi mua tn phiu. Tn phiu
NHTW do NHTW pht hanh nhn iu chnh lng tin cung ng trong nn kinh t.
Vic mua bn tn phiu NHTW tao s ch ng cho NHTW trong vic iu hanh
chnh sch tin t.
Tri phiu chnh ph: la chng khon n dai han do chnh ph pht hanh nhm b p
s thiu ht ngn sch nha nc.
Tri phiu chnh ph c giao dich ph bin trn thi trng m.
Tri phiu thi: la giy nhn n do chnh quyn ca cc thi ln pht hanh nhm
tp trung ngun vn cho vic u t vao cc cng trinh, d n ca thi.
Tri phiu thi la mt dang tri phiu ca chnh ph, nhng c chnh quyn ia
phng pht hanh phc v cc chng trinh pht trin kinh t x hi ca cc ia
phng.
Chng ch tin gi: la giy nhn n ca NHTM i vi ngi s hu no. Chng ch
tin gi do cc NHTM pht hanh huy ng vn trn thi trng vi thi han xc
inh.
Trn thc t, chng ch tin gi rt t c giao trn thi trng m.


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Hi phiu: la giy n thng mai la mnh lnh tra tin vi iu kin do ngi bn k
pht cho ngi mua (ngi bi k pht) ra lnh cho ngi mua tra mt s tin nht
inh cho mt ngi nao o (ngi hng li) vao mt thi im xc inh.
Vit Nam, hi phiu cha c giao dich trn thi trng m.
Cc iu kin hang ho trn thi trng m:
- c pht hanh va lu thng hp php
- c giao dich, mua bn, chuyn nhng
- Cc giy t co gi c giao dich phai c pht hanh va thanh ton bng ng
VND.
- Phai ng k giy t co gi giao dich phai tai NHNN theo qui inh.
- Cc giy t co gi mua bn hn co thi han cn lai ti a la 90 ngay.
4.2.5 Kt qua va mt s hn ch, bt cp.
a) Kt qu
S lng thanh vin tham gia tng ln hang nm. n nay la co 35 thanh vin tham
gia.
Tn sut va khi lng trung thu tng dn qua cc nm.
b) Mt s hn ch v bt cp
Lut cng c chuyn nhng co hiu lc t nhng nm 2006 nhng cha co
vn ban hng dn thc hin.
Cc giy t co gi co th s dng trong giao dich trn thi trng tin t vn tp
trung ch yu cc NHTM Nha nc.
S lng thanh vin tham gia han hp nn li sut thi trng m cha phan nh
ung quan h cung cu v vn trn thi trng.
4.3 Th trng tin gi
4.3.1 Khi nim
La thi trng tp trung ngun vn thng qua h thng NHTM va cc TCTD, la thi trng
giao dich gia cc NHTM va cc TCTD vi cc t chc va c nhn trong x hi.
No co vai tr quan trng va la b phn ct li ca thi trng tin t.


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Cc cng c ca thi trng tin gi rt a dang va phong phu ng thi la thi trng co
tnh canh tranh cao.
4.3.2 Cc loi tin gi ca th trng
Tin gi co ki han: La loai tin gi c y thc vao ngn hang ma co s tha thun v
thi gian rut tin gia khch hang va ngn hang. Nh vy, v nguyn tc, khch hang gi
tin ch c rut tin ra, khi n han tha thun.
Tin gi khng ki han: La cc loai tin gi hoan toan theo quy tc kha dng, ngha la
ngi gi co quyn rut tin vao bt c luc nao h mun, ngha la cc khoan gi vi thi
gian khng xc inh.
4.4 Th trng u thu tn phiu kho bc
4.4.1 Nghip v th trng
c thc hin t thng 5-1995 va trai qua cc giai oan pht trin:
+ T 1995 n 1999: pht hanh tn phiu kho bac va tri phiu kho bac.
+ T nm 1999 n 2003: pht hanh tn phiu kho bac.
+ T nm 2003 n nay: pht hanh tn phiu kho bac va tri phiu ngoai t (USD, k han
5 thng).
4.4.2 Thanh vin th trng
Trc y, s n vi c NHNN cng nhn la 47 thanh vin. Tuy nhin trong qu trinh
tham gia, co mt s thanh vin khng tham d mt phin u thu tri phiu chnh
ph. Cui cng sau khi xem xt va cng nhn tng s thanh vin n nay la 20 thanh
vin.
4.4.3 Kt qua, hn ch va mt s bt cp
a) Kt qu
- Vic u thu tn phiu Kho bac qua NHNN m ra mt knh huy ng vn vi chi
ph thp cho Ngn sch Nha nc.
- K han tn phiu kho bac cho n nay a dang hn trc, gm 364 ngay, 273 ngay
va 182 ngay.


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b) Mt s hn ch v bt cp
- S lng thanh vin tham gia cn han hp.
- Li sut trn thi trng u thu tn phiu kho bac cn nhiu bt cp.
- H thng c s ha tng k thut cn nhng han ch nht inh.
5. NH HNG VA GII PHAP
5.1 nh hng
Trong qu trinh hi nhp nh gia nhp khi ASEAN, tham gia vao khu mu dich t do
ASEAN (AFTA), k kt Hip inh thng mai Vit Nam - Hoa K, gia nhp t chc
thng mai Th Gii WTO, tham gia nhiu t chc quc t va hp tc song phng khc.
T nay cho n nm 2015, hi nhp kinh t quc t s din ra trinh cao hn va ngay
cang manh m. Thi trng tai chnh tin t Vit Nam s hi nhp ngay cang su vi thi
trng khu vc va th gii, khi o pht trin thi trng tin t thc hin co hiu qua
vai tr iu tit cung cu vn ngn han, p ng yu cu thuc y nn kinh t pht trin
bn vng phc v cho s nghip cng nghip hoa va hin ai hoa t nc va yu cu hi
nhp kinh t quc t. Va thc hin c thi thi trng tin t Vit Nam cn pht trin
theo inh hng sau:
Pht trin thi trng tin t an toan hiu qua, ng b, mang tnh canh tranh cao nhm
tao c s quan trng cho hoach inh va iu hanh chnh sch tin t, huy ng va phn
b co hiu qua cc ngun lc tai chnh, giam thiu ri ro cho cc TCTD. Theo o, thi
trng tin t s pht trin manh trn c s t chc lai va cng c thi trng lin ngn
hang vi c ch hoat ng thng thong, tng cng vai tr gim st, iu hanh, kha
nng kim sot, iu tit thi trng ca NHNN.
Pht trin thi trng u thu tn phiu Kho bac.
Tng cng hoat ng nghip v thi trng m, tng s lng va chng loai chng
khon co an toan va tnh thanh khoan cao c php giao dich.
Tng cng s lin kt gia cc thi trng tin t b phn, gia thi trng tin t va
thi trng chng khon nhm tng tnh linh hoat ca thi trng, kha nng phng nga
va kha nng chuyn i ri ro gia cc thi trng.
Han ch can thip hanh chnh vao hoat ng thi trng tin t.


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Bn canh o, theo kin nh gi ca mt s chuyn gia Theo d liu ca y ban Gim
st Tai chnh quc gia c dn ra tai bui ta am, tc tng trng tng phng tin
thanh ton (M2) va tn dng duy tri mc cao lin tc trong giai oan 2006-2010. K t
nm 2007, M2 vt GDP, cn vi tn dng la t 2009 n nay. Chuyn gia kinh t
trng Ngn hang Th gii tai Vit Nam Deepak Mishra nhn manh rng, sau khi chnh
sch tin t u t m rng, nhng kho khn ma Vit Nam phai i mt ang co xu
hng lp lai vi chu k ngn dn, nghim trng hn va vic i pho vi bt n cng mt
nhiu thi gian ln.
Nhin nhn v vn nay, ba Nguyn Thi Kim Thanh - Vin trng Vin Chin lc ngn
hang (NHNN) cho rng, chnh sch tin t theo ui nhiu mc tiu, s dng cc cng c
mang tnh hanh chnh khng cn ph hp vi xu hng pht trin, cn phai c i
mi. Chia s goc nhin nay, ng Mishra a quan im: Co l n luc phai giam dn
cc giai php ngn han va a ra cc giai php dai han nhiu hn.
L trinh chnh sch tin t hng n kim sot lam pht mc tiu c nhiu
chuyn gia nu ln theo kich ban hai giai oan. Trc mt t nay n nm 2015, p lc lo
vn cho nn kinh t ca h thng ngn hang vn rt ln. Bi vi thi trng tai chnh, thi
trng tri phiu cha pht trin gnh cng h thng ngn hang. Nh vy, vn phai
cn m rng tn dng, ba Thanh noi. Cho nn, chnh sch tin t trong giai oan hin nay
s hng ti kim sot lam pht thng qua vic kim sot cht tc tng trng va cht
lng tn dng, inh hng r nt u t chuyn dich c cu kinh t; tip tc giam dn
cho vay ngoai t, am bao thanh khoan ngoai t, tng d tr ngoai hi.
Cn trong trung han, ng oan Hng Quang - Chuyn gia kinh t cao cp ca Ngn hang
Th gii cho rng, vic thit k chnh sch v m cn tnh n tr, hiu lc ca tng
chnh sch va tin liu nhng tc ng qua lai va giam nhng anh hng tiu cc, trit
tiu nhau ca chnh sch. Ba Thanh nu chi tit thm v giai php, trong dai han cn
hng ti iu tit thi trng tin t, kim sot lam pht mt cch ch ng trn c s s
dng cc cng c tin t gin tip, ly li sut lam cng c ch ao trong iu hanh. C
th la s phai hinh thanh c khung li sut va li sut inh hng trn thi trng lin
ngn hang; c ch phi hp gia cc cng c chnh sch trong iu hanh; hoach inh va


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thc thi chnh sch tin t da trn c s chng trinh tin t c thit lp hang nm va
5 nm. Ngoai ra, cht lng phn tch d bo lam pht, tin t phai am bao mc sai
s khng lam anh hng n mc tiu iu hanh; m hinh ho c tc ng ca chnh
sch tin t qua cc knh n lam pht va tng trng kinh t. Trong o nhn manh vn
thc thi. i khi chnh sch tt nht nhng thc thi cha tt va i khi chung ta phai
chp nhn chnh sch cha phai la tt nht nhng co kha nng thc thi tt.
5.2 Giai php
5.2.1 Giai php trc mt
a) Tho g ngay mt s vng mc php l to thun li cho cc giao dch trn th
trng tin t v tng cng cng cu giao dch th trng tin t
nghi chnh ph cho php tri phiu c bit c giao dich trn thi trng tin
t nh cc loai tri phiu khc ca Chnh ph.
nghi B Tai chnh xem xt pht hanh tn phiu, tri phiu kho bac vi nhiu
loai ki han.
nghi NHNN b sung, sa i mt s quy inh tng thm tnh thng thong
cho thi trng.
b) iu hnh linh hot th trng m v th trng u thu tri phiu Chnh phu
iu hanh linh hoat thi trng m vi vic tng s phin va s lng giao dich, a
dang hoa k han va li sut hut vn kha dng tam thi ca cc TCTD.
NHNN va B Tai chnh phi hp tng khi lng tn phiu kho bac Nha nc u
thu hang qu, hang nm va linh hoat hn na li sut u thu qua cc phin theo
st din bin thi trng.
5.2.2 Cc giai php thng xuyn va lu dai
a) Tip tuc hon thin khung php l cho s pht trin cua th trng tin t
Sm hoan chnh cc vn ban hng dn thc hin Lut Cng c chuyn nhng
m rng p dng cc cng c mi (nh thng phiu) trn thi trng. i vi cc
cng c hinh thanh trn thi trng nh chng ch tin gi, k phiu ca cc


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NHTM... cn tip tc chun hoa tao iu kin cho cc cng c nay c giao
dich trn thi trng th cp.
Ban hanh ng b vn ban hng dn thc hin cc cng c phi sinh, cng c
phng nga ri ro theo thng l quc t; y manh cc nghip v k han va hon
i, cho php cc NHTM thc hin giao dich quyn chn tng lai phng nga
ri ro t gi, gop phn cai thin tnh thanh khoan cho thi trng.
Tip tc hoan thin cc vn ban tao khun kh php l cho hoat ng ca thi
trng th cp (nh ban hanh quy inh v vic mua bn giy t co gi gia cc
TCTD; b sung, sa i quy inh v vic chit khu giy t co gi ca TCTD i
vi khch hang...) nhm tng tnh thanh khoan ca cc cng c trn thi trng tin
t, tao iu kin thun li cho hoat ng ca cc TCTD va cc thanh vin khc trn
thi trng.
Tip tc trin khai vic hoan thin cc vn ban php l cho vic hinh thanh va pht
trin cc thanh vin chuyn nghip trn thi trng tin t nht la cc nha tao lp thi
trng.
b) Thc hin cc gii php nhm nng cao vai tr iu tit, hng dn th trng cua
NHNN
Nng cao nng lc, hiu qua iu hanh chnh sch tin t thng qua vic i mi
va hoan thin cc cng c chnh sch tin t gin tip, nht la nghip v thi trng
m.
Tip tc i mi c ch iu hanh li sut ca NHNN, xc inh r li sut ch ao
inh hng li sut thi trng. NHNN phi hp cht ch vi B Tai chnh hinh
thanh ng cong li sut chun, tng cng tnh thi trng ca li sut tn phiu
Kho bac, cng nh a dang hoa k han ca tn phiu.
Tng cng ao tao v kinh t v m va kinh t lng, nng cao trinh phn tch,
d bo cho cn b ngn hang; i mi cng tc phn tch, d bo tin t theo
hng p dng m hinh kinh t lng co cc giai php iu hanh chnh sch
tin t mt cch ch ng, hiu qua.


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Nng cp va ng b hoa my moc thit bi, chng trinh phn mm, ng dng ni
mang trong cc giao dich nghip v thi trng tin t, u thu tn phiu, tri phiu
Chnh ph qua NHNN.
NHNN sm xy dng h thng mang theo di cc hoat ng trn thi trng tin t,
nht la hoat ng trn thi trng lin ngn hang nhm nm bt kip thi thng tin v
tinh hinh thi trng phc v cho vic iu hanh chnh sch tin t. Hoan thin h
thng thng tin ni b nganh theo hng tin hc hoa, am bao nm bt c y
, kip thi, chnh xc thng tin; tng cng phi hp trao i, cung cp thng tin
gia cc B, nganh phc v cng tc phn tch, d bo tin t.
NHNN tng cng cng tc ph bin, hng dn cc thanh vin thi trng tip cn
vi cc cng c thi trng tin t.
c) Tng cng nng lc qun l v s dung vn, nng lc kinh doanh cua cc TCTD -
cc thnh vin chu yu cua th trng
Cc TCTD co bin php nng cao hiu qua quan l va s dng vn ph hp vi
thng l quc t, thc hin phn tch lu chuyn vn trn c s theo di k han ca
cc khoan mc trn bang cn i.
Hoan thin h thng thng tin thanh ton nhm thc hin quan l vn tp trung,
trc tuyn iu chuyn vn linh hoat trong ni b tng h thng ngn hang, cng
nh gia cc ngn hang ; y manh thc hin cc giai php nng cao nng lc
quan l kinh doanh, nng lc tai chnh va sc canh tranh.
Chun ho t chc hoat ng kinh doanh trn thi trng tin t cc NHTM am
bao tch bach r rang gia chc nng kinh doanh vi chc nng thanh ton va
quan l ri ro.
Cc NHTM tng cng cng tc ao tao cn b trong hoat ng thi trng tin t,
nng cao trinh kinh doanh, giao dich tin t cng vi vic xy dng cc bin
php am bao an toan va phng nga ri ro trong hoat ng.



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LI KT
Thi trng tin t nc ta tuy cn nhiu bt cp, song vn khng th ph nhn ht nhng
ong gop tch cc ca no trong vai tr iu tit cung cu vn ngn han. Vi vai tr la th
h tr vi tng lai la nhng ngi ch t nc, co th nhng doanh nhn, thit ngh
sinh vin khi nganh kinh t va ngn hang cn phai bit nhng thng tin nay, phc v
cho cng vic va i sng ca minh, va gn nht la phc v cho mn hc nay. Hy vng
nhom trinh bay nhng ni dung c ban cn thit, nhom rt mong nhn c nhng
kin nh gi qu bu ca thy.
Cui cng nhm xin chn thanh cm n thy mt ln na!
Nhm ECO,


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TAI LIU THAM KHO
Gio trnh L thuyt Ti chnh Tin t - Phan Th Cc NXB Thng K.
Gio trnh L thuyt Ti chnh Tin t - Dng Th Bnh Minh ai hc Kinh t
TP. HCM.
Cc ngun thng tin t Internet:
o www.tailieu.vn
o www.vietbao.vn
o www.scribd.com
o www.mof.gov
o
Nghi quyt v cc giai php thc hin k hoach pht trin Kinh t - X hi va D
ton ngn sch nha nc nm 2012.
Thng tin t NHNN Vit Nam.