s 1

Cu 1: - Phng php yt t gi trc tip: yt theo nguyn tc ni t/ ngoi

t, cng thc chung: S(i/j) = a, trong i l s n v ni t, j l mt n v
ngoi t, 1j = ai
- Phng php yt t gi gin tip: ngc li phng php yt gi trc
tip.
Cu 2; a/ Theo quy lut mt gi th P = S.P* suy ra S(SGD/USD)=
45000/25000 = 1,8.
b/ khi S tng ln 2,1 v P khng i th P*= 45000/2,1= 21.458,57
USD
s 2

Cu 1: - Cc hng mc trong CA bao gm:

Hng ho xut nhp khu
Dch v
Thu nhp u t
Chuyn giao vng lai mt chiu.
- CA>0 tc l cc khon thu v xut khu hng ho, dch v v thu nhp u t nhiu
hn so vi cc khon chi. CA dng to iu kin ci thin BP, tr cc khon n nc
ngoi n hn n lm tng d tr ngoi hi ca quc gia. Nu CA<0 th ngc li.

Cu 2: E(USD/VND)= 15000 l sai , y l t l gi tr v:

1USD=
15000mg vng
1 VND= 1 mg vng
1USD:1VND = 15000:
1= 15000
Nh vy V(USD/VND) = 15000 th
mi l ng
Cn t gi l t l trao i. V vy khi 1USD= 15000mg vng suy ra 1mg
vng = 1/15000 USD, ta c th vit nh sau:
1mg vng = 1/15000 USD
1mg vng = 1 VND
1/15000 USD = 1 mg = 1VND suy ra 1/15000 USD = 1VND hay 1
VND = 1/15000USD ngha l E(USD/VND)= 1/15000. Mt ln na
khng nh cch vit nh u bi l sai.
s 3

cu1: - XKNSP +NK

v nhn kiu hi +

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- ; Chi DV -; Tr li -; Nhn VTR. -; Tr n vay -

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Cu 2: 1/T gi cho HKD/GBP = 1,5533x 1,6875/ 1,5543x1,6885=

2,6211/2,6244
2/ C hi kinh doanh chnh lch gi: Mua GBP ti Lon don theo t
gi 2,6244
Bn GBP ti Hng cng hoc M
theo t gi 2,6250
Li thu c tnh bng HKD l: +
0,0006
s 4

Cu 1: - Phng php yt t gi trc tip: yt theo nguyn tc ni t/ ngoi

t, cng thc chung: S(i/j) = a, trong i l s n v ni t, j l mt n v
ngoi t, 1j = ai
- Phng php yt t gi gin tip: ngc li phng php yt gi trc
tip.
Cu 2: E(USD/VND)= 15000 l sai , y l t l gi tr v:
1USD=
15000mg vng
1 VND= 1 mg vng
1USD:1VND = 15000:
1= 15000
Nh vy V(USD/VND) = 15000 th
mi l ng
Cn t gi l t l trao i. V vy khi 1USD= 15000mg vng v 1mg vng
= 1/15000 USD, ta c th vit nh sau:
1mg vng = 1/15000 USD
1mg vng = 1 VND
1/15000 USD = 1 mg = 1VND suy ra 1/15000 USD = 1VND hay 1
VND = 1/15000USD ngha l E(USD/VND)= 1/15000. Mt ln na
khng nh cch vit nh u bi l sai.
Cu 2: Nguyn tc hch ton kp:
1/
TD thng mi ghi C+ 300.000 USD
NKHH ghi N - 300.000 USD
2/
Vay nc ngoi ghi C+ 500.000 USD
NK Thit bj ghi N- 500.000 USD
3/
XK go ghi C+ 30.000 USD
Chi vin tr khng hon li cho nc ngoi ghi N- 30.000 USD
4/
Thu c tc u t ghi C+ 60.000 USD
B sung vn u t nc ngoi thng qua vic mua cc c phiu ghi
N- 30.000 USD
Tng TKTG tNT ti nc ngoi ghi n- 30.000 USD

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5/
Gim d tr ngoi t ti nc ngoi ca NHT ghi C+ 10.000
USD
Tng d tr vng ca NHTW ghi C- 10.000 USD
s 5

Cu1: - Cc ch t gi bao gm: Bn v vng; C nh v th ni

- Ph gi l gim gi tr ng tin trong nc cn nng gi l tng gi
tr ng tin trong nc.
Cu 2: 1/T gi cho GBP/EUR = 1,0012/1,9832 - 1,0018/ 1,9826=
0,5048/52
2/ C hi kinh doanh chnh lch gi: Mua EUR ti Php theo t gi
0,5039
Bn EUR ti Anh hoc c theo t
gi 0,5048
Li thu c tnh bng GBP l: +
0,0009
s 6

Cu 1:
- ng nin lim - XK tri phiu +
- Gim d tr ngoi hi +
- NHTW mua TP - Pht hnh TP +
Cu 2:
F-S
r$ = r$ + 4

15050-14950
1 + r$/4

= 0,06 + 4

1 + 0,06/4 = 0,0871

Nh vy, r$ > r tc 0,0871 >7%

a/ Nh u t quyt nh u t vo USD s c li hn
b/ Nu i vay th s vay VND, v li sut VND thp hn li sut USD
c/ Nu l kinh doanh chnh lch li sut th nh kinh doanh s thc hin i
vay VND u t vo USD s thu c li: Chnh lch li sut tnh 3
thng: (0,0871 -0,07) : 4 = 0,00423
d/ Nu i vay 1 triu VND thi hn 3 thng th li thu c l: 1000.000x
0,004289 = 4289 VND
s 7

Cu 1: t gi Spot HKD/USD = 1,8575/80 (Hc vin t tr li)

Cu 2: Nguyn tc hch ton kp:
1/
XK ghi C + 100 USD
Tng TKTGNT ti nc ngoi ghi N - 100 USD
2/
XK DV ghi C + 50.000 USD

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NKHH ghi N - 50.000 USD

3/
4/

Gim s d TKTGNT ti nc ngoi ghi C + 70.000 USD

Chuyn li u FDI t cho nc ngoi ghi N - 70.000 USD
Pht hnh tri phiu kho bc ghi C + 70.000 USD
Tr li tin vay ca Chnh ph ghi N - 70.000 USD

s 8

Cu 1: iu kin CIP : 1/ Nu nh ngha CIP; 2/ Nu cng thc hnh thnh

CIP (r = r$)
Cu 2: Nguyn tc hch ton kp:
1/
TD thng mi ghi C+ 300.000 USD
NKHH ghi N - 300.000 USD
2/
Vay nc ngoi ghi C+ 500.000 USD
NK Thit bj ghi N- 500.000 USD
3/
XK go ghi C+ 30.000 USD
Chi vin tr khng hon li cho nc ngoi ghi N- 30.000 USD
4/
Thu c tc u t ghi C+ 60.000 USD
B sung vn u t nc ngoi thng qua vic mua cc c phiu ghi
N- 30.000 USD
Tng TKTG tNT ti nc ngoi ghi n- 30.000 USD
5/
Gim d tr ngoi t ti nc ngoi ca NHT ghi C+ 10.000
USD
Tng d tr vng ca NHTW ghi C- 10.000 USD
s 9

Cu 1: Vai tr ca NHTW trong ch t gi c nh - can thip; trong ch

t gi th ni - khng can thip.
Cu 2: Nguyn tc hch ton kp:
1/
XK ghi C + 100 USD
Tng TKTGNT ti nc ngoi ghi N - 100 USD
2/
XK DV ghi C + 50.000 USD
NKHH ghi N - 50.000 USD
3/
4/
5/
6/

Gim s d TKTGNT ti nc ngoi ghi C + 70.000 USD

Chuyn li u FDI t cho nc ngoi ghi N - 70.000 USD
Pht hnh tri phiu kho bc ghi C + 70.000 USD
Tr li tin vay ca Chnh ph ghi N - 70.000 USD
TD thng mi ghi C+ 300.000 USD
NKHH ghi N - 300.000 USD
Vay nc ngoi ghi C+ 500.000 USD
NK Thit bj ghi N- 500.000 USD

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7/

XK go ghi C+ 30.000 USD

Chi vin tr khng hon li cho nc ngoi ghi N- 30.000 USD

s 10

Cu 1: - Tng h s co gin XNK (X +M) < 1 trong ngn hn. iu ny

c gii thch: Ph gi ni t to ra hiu ng gi c v hiu ng khi
lng.(Hiu ng gi c tc l gi xut khu tnh bng ngoi t gim v gi
nhp khu tnh bng ni t t hn, cn hiu ng khi lng th hin khi
lng xut khu tng v khi lng nhp khu gim). Tuy nhin trong ngn
hn CA s tr nn xu hn v hiu ng gi c vt tri hn hiu ng khi
lng, ngha l khi lng xut khu tng v khi lng nhp khu gim
cng khng b p cho gim gi tr XK tnh bng ngoi t v tng gi
tr NK tnh bng ni t, dn n CA tr nn thm ht v Tng h s co gin
XK v NK nh hn 1.
Cu 2:
a/ Trong ch t gi th ni, QD =QS th E = 1 dn n QD
=QS = 7
b/ Nu QD tng ln 3 th E mi = 1,6; (QD =QS ) mi = 8,2
c/ Khi E=2 th QD mi = 4, QS mi = 9, d tr ngoi hi ca NHTW
Singapore tng ln 5. (QD =QS) mi = 9
s 11

Cu 1: - Phng php yt t gi trc tip: yt theo nguyn tc ni t/ ngoi

t, cng thc chung: S(i/j) = a, trong i l s n v ni t, j l mt n v
ngoi t, 1j = ai
- Phng php yt t gi gin tip: ngc li phng php yt gi trc
tip.
Cu 2:
F-S
r$ = r$ + 4

15050-14950
1 + r$/4

= 0,06
0,08 + 4

1 + 0,06/4
0,08/4 = 0,0871
0,107

Nh vy, r$ > r tc 0,0871 >0,07

a/ Nh u t quyt nh u t vo USD s c li hn
b/ Nu i vay th s vay VND, v li sut VND thp hn li sut USD
c/ Nu l kinh doanh chnh lch li sut th nh kinh doanh s thc hin i
vay VND u t vo USD s thu c li: Chnh lch li sut tnh 3
thng: (0,0871 -0,07) : 4 = 0,00423
d/ Nu i vay 1 triu VND thi hn 3 thng th li thu c l: 1000.000x
0,004289 = 4289 VND
s 12

Cu 1: * Cc bin php kim sot ngoi hi:

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-T l kt hi.
-p dng h thng a t gi.
-H thng cp php cho cc th nhn v php nhn mua ngoi t.
-Gin tip: Thu XNK, hn ngch.. .
*Hu qu:
-Gy hin tng tham , quan liu, ca quyn.
-Lm cho cung cu ngoi t mt cn i.
-Hn ch s pht trin ca TMQT.. ..
Cu 2: 1/T gi cho HKD/AUD = 0,7535x 1,7872 - 0,7840x1,7885=
1,3366/85
2/ C hi kinh doanh chnh lch gi: Mua AUD ti c theo t gi
1,3450
Bn AUD ti Hng cng hoc M
theo t gi 1,3466
Li thu c tnh bng HKD l: +
0,0016
s 13

Cu 1: *S khc nhau gia cc ch t gi:

-Ch t gi c nh:
+T gi c n nh c nh (t gi trung tm), dao ng trong mt
bin hp.
+C s can thip thng xuyn ca NHTW trn th trng ngoi hi
duy tr t gi c nh (mua bn ngoi t t d tr ngoi hi ca NHTW).
(V th minh ho)
-Ch t gi th ni:
+ T gi c xc nh theo quan h cung cu ngoi t trn FOREX
+ NHTW ch can thip khi cn thit nhng khng cam kt duy tr t
gi c nh trong bin hp.
*Nguyn nhn xut hin th trng ngoi hi ch en:
-Do t gi ca NHTW n nh lun thp hn t gi th trng (SV t
ly VD gii thch).
-Do cc bin php kim sot ngoi hi ca NHTW...
Cu 2:
F-S
r$ = r$ + 4

Sir Minh: 0985.142.984

15050-14950
1 + r$/4

= 0,06
0,08 + 4

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1 + 0,06/4
0,08/4 = 0,0871
0,107

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Nh vy, r$ > r tc 0,0871 >0,07

a/ Nh u t quyt nh u t vo USD s c li hn
b/ Nu i vay th s vay VND, v li sut VND thp hn li sut USD
c/ Nu l kinh doanh chnh lch li sut th nh kinh doanh s thc hin i
vay VND u t vo USD s thu c li: Chnh lch li sut tnh 3
thng: (0,0871 -0,07) : 4 = 0,00423
d/ Nu i vay 1 triu VND thi hn 3 thng th li thu c l: 1000.000x
0,004289 = 4289 VND
s 14

Cu 1: Trnh by qu trnh hnh thnh PPP di dng u c:

Cu 2:
a/ Trong ch t gi th ni, QD =QS th E = 1 dn n QD
=QS = 7
b/ Nu QD tng ln 3 th E mi = 1,6; (QD =QS ) mi = 8,2
c/ Khi E=2 th QD mi = 4, QS mi = 9, d tr ngoi hi ca NHTW
Singapore tng ln 5.
(QD =QS) mi = 9
S 15

Cu1: Trnh by ni dung ngha thng d, thm ht cn cn thanh ton

quc t.
Cu 2: Ti Tokyo:
Ti : Kyoto
Ti Php:

JPY/USD = 112.34/40
JPY/EUR = 114,72/79
USD/ EUR = 1,0200/03

Yu cu:
1,0206/18

1/ T gi cho USD/EUR= 114,72/112,40 - 114,79/112,34 =

2/ Hy cho bit c hi kinh doanh chnh lch gi :

Mua EUR ti Php vi gi: 1 EUR = 1,0203 USD
Bn EUR ti Tokyo vi gi: 1 EUR =1,0206 USD
Li: +0,0003 USD
3/ Hy biu din kt qu kinh doanh bng nhng lung tin (SV t
biu din)
S 16

Cu 1: Tnh t gi theo PPP

Ti Singapore: S(SGD/GBP) = 700/300

S(SGP/JPY) =700/1000
Ti Anh
: S(SGP/GBP) = 700/300

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S(JPY/GBP)= 1000/300
Ti Nht
: S(JPY/SGP) = 1000/700
S(JPY/GBP) =1000/300
Cu 2: Trnh by iu kin UIP v Fisher quc t
*iu kin UIP:
-Cc gi thit:
+ p dng cng thc tng qut CIP
+ Fn = S en
-iu kin UIP:
r - r$ = Se (/$)
* Fisher: r - PeVN = r$ - PeUS
S 17

Cu 1: Trnh by iu kin CIP:

* Cc gi thit:
- Chu chuyn vn quc t l hon ton t do.
- ri ro gia cc quc gia l nh nhau.
- B qua thu v cc chi ph giao dch
*Cng thc CIP: ( Gio trnh)
Cu 2: a/ Trong ch t gi th ni, QD =QS th E = 100 dn n QD =QS =
50.000
b/ Nu QD tng ln 15.000 th E mi = 118,75; (QD =QS ) mi =
55.625
c/ Khi E=110 th QD mi = 45.000
QS mi = 53.000, d tr ngoi hi ca NHTW Nht
tng ln 8.000
(QD =QS) mi = 53.000
S 18

Cu 1: 5000JPY: 100,35= 49,82 USD;

320 CNY: 7,9534= 40,23 USD
110HKD:1,6565= 66,40 USD
Nh vy l nc hoa mua bng 40 USD l r nht.
Cu 2: Cho nhn xt v cc ng tin trong bng di y so vi USD, ng tin no
tng gi v ng tin no gim gi.

ng tin
giao dch
EUR=

T gi mua bn
ngy 27/08/2001
1,0445/55

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T gi mua bn
ngy 28/12/2001
1,0123/28

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ng tin yt gi tnghay
gim gi

EUR

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SGD=
JPY=
GBP=
HKD=
NZD=
CAD=

1,8707/25
111,70/1,75
1,5884/89
1,5323/30
0,5128/35
1,4994/99

1,9311/21
102,33/36
1,6160/70
1,5850/60
0,5175/85
1,4575/85

USD
USD
GBP
USD
NZD
USD

S 19

Cu 1: * PPP mu tuyt i: S = P/P*

Mu tng i chnh xc: S = (P - P* )/(1+P* )
Mu tng i gn ng: S = P - P*
Cu 2:
F-S
r$ = r$ + n

14900-14950
1 + r$/n

= 0,06 + 4

1 + 0,06/4 = 0,046

Nh vy, r$ < r tc 4,6% <8%

a/ Nh u t quyt nh u t vo VND s c li hn
b/ Nu i vay th s vay USD, v li sut r$ thp hn li sut VND
c/ Nu l kinh doanh chnh lch li sut th nh kinh doanh s thc hin i
vay USD u t vo VND s thu c li trn mi ng tin i vay USD
quy ra VND nh sau:
I = (r - r$ )/n tc l (0,08 - 0,046 ): 4 = 0,0085 VND
0,0085x 14950x1= 127,07 VND
d/ Nu i vay 1 triu USD thi hn 3 thng th li thu c tnh bng USD
l:
(1000.000x 127,07): 14900 = 8528,5 USD
s 20

Cu1: Trnh by nguyn nhn lm cho t gi lch khi PPP(Gio trnh)

Cu2: Cho cc thng s th trng nh sau:
R = 8%, R =6%, S(/ ) = 22120 v F1/4(/ ) = 22190
Trong :
R - li sut %/nm ca thng phiu k hn 3 thng bng VND
R - li sut thng phiu k hn 3 thng bng GBP
S((/ ) - t gi giao ngay, bng s n v VND trn 1 GBP
F((/ )- t gi k hn 3 thng , bng s n v VND trn 1 GBP.

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Hi: C hi kinh doanh chnh lch gi l nh th nao? Tnh kt qu kinh

doanh?
Tnh r, sau so snh vi r
F-S
r = r + n

22190-22120
1 + r/n

= 0,06 + 4

1 + 0,06/4 = 0,071

Nh vy, r < r tc 7,1% <8%

Nh kinh doanh chnh lch gi s thc hin i vay USD u t vo VND
s thu c li trn mi ng tin i vay USD quy ra VND nh sau:
I = (r - r$ )/n tc l (0,08 - 0,07 ): 4 = 0,0025 VND
0,0025x 22120x1= 55,3VND
d/ Nu i vay 1 triu USD thi hn 3 thng th li thu c tnh bng USD
l:
(1000.000x 55,3): 22190 = 2492,1 USD
s 21:

Cu1: *Ni dung ca ch bn v vng:

*Hot ng kinh t v m trong ch bn v vng.
Cu2: Gi s r hng ho v dch v tiu chun cc nc nh sau:
T gi theo PPP:
Ti M:
S(USD/GBP) = 400/ 280
S(USD/CNY)= 400/ 3050
Ti Anh:
S(USD/GBP)= 400/ 280
S(CNY/GBP)= 3050/ 280
Ti Trung quc: S(CNY/USD) = 3050/ 400
S(CNY/GBP) = 3050/ 280
s 22

Cu1: Hy gii thch mc v nguyn nhn ti sao khi t gi USD t

ngt thay i li nh hng ln (cho v d bng s minh ho)
a. Cng dn M nm gi tri phiu kho bc M: vn nm gi (SV t
gii thch)
b. Cng dn M i du lch ti M hi c: tng i hoc gim i (SV t
gii thch)
Cu2: Gi s r hng ho v dch v tiu chun cc nc nh sau:
Tnh t gi theo thuyt ngang gi sc mua:
Ti M:
S(CAD/USD)= 470/400
S(USD/EUR)= 400: 500
Ti Canada: S(CAD/USD)= 470/ 400

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Ti Php:

S(CAD/EUR)= 470/ 500

S(USD/EUR)= 400/500
S(CAD/EUR)= 470/ 500

s 23

Cu 1: Trnh by cc giao dch di y gia Vit Nam vi nc ngoi theo

nguyn tc hch ton kp.
1/
K: TD thng mi ghi C+ 300.000 USD
CA: NKHH ghi N - 300.000 USD
2/
K: Vay nc ngoi ghi C+ 500.000 USD
CA: NK Thit b ghi N- 500.000 USD
3/
CA: XK go ghi C+ 30.000 USD
Chi vin tr khng hon li cho nc ngoi ghi N- 30.000 USD

4/

CA: Thu c tc u t ghi C+ 60.000 USD

K: B sung vn u t thng qua mua cc c phiu ghi N30.000 USD
Tng TKTG ti NH ti nc ngoi ghi N- 30.000 USD
5/
dR: Gim d tr ngoi t ti nc ngoi ca NHTW ghi C+
10.000 USD
Cu2: - T gi mua - bn.
- Phng php yt t gi:trc tip, gin tip.
s 24

Cu 1: * Ni dung ca cn cn vng lai.

- Cn cn thng mi: XNK hng ho.
- Cn cn dch v: XNK dch v.
Cu 2: Ngn hng ngoi thng huy ng c 100 triu USD tri phiu k
hn 1 nm. Hi u t vo USD hay u t vo tri phiu kho bc bng
VND s c li nht. Bit rng cc thng s th trng nh sau: RT = 9,5%;
RC = 5,65%; S(/$)= 14537 v F(/S)= 15024.
Tnh mc li sut quy i RTC sau so snh vi RC:
S
RTC= n

RT

(1 +

14537 0,095

) - 1 = 1.

(1+

)- 1

= 0,0595

Nh vy, RTC >RC tc 0,0595>0,0565

a/ Nh u t quyt nh u t vo VND s c li hn
b/ Tnh gc v li u t vo VND quy thnh USD

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ITC = S/F(1 + RT/n) = 14537/15024 (1 + 0,095/1)= 1,0595 USD

100.000.000x 1,0595 = 105.950.580 USD.
s 25

Cu 1: Nguyn nhn sp ca BWS:

-Vn thanh khon.
-Vn c quyn ca vic pht hnh USD.
-nh lut Gresham.
-S thiu vng mt c ch iu chnh.
-S mt gi ca USD
Cu 2: a/

S(USD/GBP)= 4000/ 2800 =1,4285

S(JPY/USD) = 500000/4000 = 125

b/ *Mu tng i chnh xc: S(JPY/USD) = (PJPY - P*$ )/(1+P$*
)
= (0,06-0,02)/(1+0,02)
= 0,0392 =3,92%
Mu tng i gn ng: S(JPY/USD) = (PJPY - P*$ ) = 0,060,02 = 0,04 = 4%
St1(JPY/USD)= St0(JPY/USD)[(1+S(JPY/USD)] = 125 x (1 +
0,0392) =129,9
*Mu tng i chnh xc: S(USD/GBP) = (P$ - P* )/(1+P*
)
= (0,02-0,03)/(1+0,03)
= - 0,0097 =- 0,97%
Mu tng i gn ng: S(USD/GBP) = (P$ - P* ) = 0,020,03 = - 0,01 = -1%
St1(USD/GBP)= St0(USD/GBP)[(1+S(USD/GBP)] = 1, 4285 x
(1 - 0,0097) =1,4147
s 26

Cu1: Phn tch nh hng ca nhn t t gi ti cc hng mc ca cn cn

vng lai:
-Cn cn thng mi:
-Cn cn dch v:
-Cn cn thu nhp:
-Chuyn giao vng lai mt chiu

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Cu2

a/ Trong ch t gi th ni, QD =QS th E = 8,0000 dn n QD =QS

= 39
b/ Nu QD tng ln 3 th E mi = 8,7142; (QD =QS ) mi = 40,4285
c/ Khi E=7,5000 th QD mi = 41,5,
QS mi = 38,
D tr ngoi hi ca NHTW Singapore gim xung 3,5
tr.EUR
(QD =QS) mi = 41,5
SV t v th minh ho
s 27

Cu 1: Phn tch tc ng ca BP ti t gi hi oi:

-BP thng d :
-BP thm ht:
SV t m t bng th
Cu 2: Bi tp t gi thc
Ch s t gi thc:
eR 98-99(CAD/USD)= e(CAD/USD) x p *USD / pCAD =
(1,3895/1,3655) x (104,2/101,9)
= 1,0405

Nm

T gi danh ngha
E(CAD/USD)

1998
1999

1,3655
1,3895
1,3360
1,2307

2000

2001

Ch s gi c Ch s gi c
M
Canada
100
104,2
108,7
113,1

100
101,9
105,7
109,9

Ch s t gi
thc eR
(CAD/USD)
100
104,05
100,6
92,75

s 28.

Cu 1: Gii thch mc v nguyn nhn ti sao khi t gi (ngoi t/USD)

t ngt thay i li nh hng ln:
a/ Cng dn M nm gi c phiu ca hng Hon a.
b/ Cng dn Canada i ngh mt ti M.
c/ Cng dn M nm gi c phiu c ghi bng EUR.
(Cho v d minh ho)
Cu 2: M hnh ngang gi sc mua dng tng i li c duy tr trong
trng hp c nhn t thu v chi ph bn hng (chng minh bng cng
thc) (Gio trnh).

Sir Minh: 0985.142.984

Saocodonblog.tk

Yahoo: Sorry_honeyhn

Sir Minh: 0985.142.984

Saocodonblog.tk

Yahoo: Sorry_honeyhn