TI TR THNG MI QUC T

Thi lng : 30 tit (2 VHT) Ging vin

PGS, TS. Nguyn Th Quy

Ph Hiu trng Ch nhim Khoa Ti chnh Ngn hng CN B mn: Ti chnh quc t

NI DUNG MN HC
Chng I: Ti tr TMQT v vai tr ca n trong nn kinh t quc dn Chng II: Xu th pht trin ca ti tr TMQT Chng III: Ti tr TMQT trc tip Chng IV: Ti tr TMQT gin tip

Chng I :

TI TR THNG MI QUC T V VAI TR CA N TRONG NN KTQD

I. KHI NIM
1. Khi nim ti tr TMQT
Qu trnh kinh doanh TMQT c gii thch da trn cc c s sau: Thng mi l mt khu cui cng ca qu trnh SX T H SX H T trong H T nm khu lu thng Thng nhn l ngi thc hin gi tr ca SP trong khu lu thng ny Tn dng TM tn ti l mt tt yu khch quan Ti tr cho TM l i hi tt yu ca qu trnh ti SXXH

 Hot ng KDTM l vic thc hin mt hay nhiu hnh vi TM ca thng nhn, bao gm : Mua bn hng ho Cung ng dch v thng mi Cc hot ng xc tin TM nhm mc ch kim li (Lut TM nc CHXHCNVN 2005 ) Thc t cc nh bun lun thiu vn cn n ti tr Sn phm phi c tnh cnh tranh cao th hin cht lng, th hiu, chi ph phi c u t ti tr cho mt hoc tt c cc khu ca qu trnh SX tiu th hng ho Hot ng kinh doanh TMQT nhm vo cc th trng xa; phong tc tp qun, lut l khc nhau Ri ro l iu khng th trnh khi

Ti tr cho cc doanh nghip KDTM nhm hn

ch hoc trnh c cc ri ro.

Khi nim ti tr TMQT

Ti tr thng mi quc t l tp hp cc bin php v hnh thc h tr v mt ti chnh trc tip hay gin tip cho cc doanh nghip hoc n v kinh t tham gia hot ng kinh doanh thng mi trong mt s hoc tt c cc cng on ca qu trnh u t, t sn xut n tiu th SP hoc cung ng dch v trn th trng th gii nhm mc ch sinh li.

S : TI TR TM KHP KN MT CHU TRNH SX HNG XK

Cho vay ngn hn v trung hn Cho vay trung v di hn

Ti tr XK

T-H

SX

H T

Cho vay vn L chi ph SX

Cho vay thu mua XK

II. TNH TT YU KHCH QUAN CA TI TR TMQT

1. Nhu cu ti tr rt to ln nhng kh nng huy ng vn trong nc c hn, cn nhiu bt cp, da vo ngun vn bn ngoi pht trin kinh t l khng th trnh khi
a. Huy ng vn trong nc

* Nhng iu bt cp trong huy ng vn

CCTTQT thiu ht Tr n nc ngoi Vn tit kim x hi

 C cu ngun vn huy ng t gi tit kim v mua k phiu t cc tng lp dn c v t cc t chc kinh t c s thay i bt li n hiu qu kinh t KD tn dng ca ngn hng C cu ngun vn huy ng ca cc loi NH c s bin ng tng thch vi s chuyn dch c cu cc hnh thi s hu trong h thng ngn hng

b.Huy ng t bn ngoi
u t trc tip ODA Kiu hi

2. Cc ngn hng thng mi l ngi ti tr chnh cho cc doanh nghip nhng vc dng qu mnh mai
a) b) c) d) NHTMVN tim lc ti chnh yu Kh nng huy ng vn cha cao u c bn tay ca B tn dng NH th c iu kin pht trin (chng trnh lng thc, thu sn XK, NK phn bn)

3.Cc hnh thc ti tr ca NHTM cha a dng

a) b) c) Tn dng ti tr NK Tn dng ti tr XK Bo lnh Ngn hng

PHN LOI TI TR TMQT

TI TR TMQT
CN C VO NGI CUNG NG TI TR CN C VO CCH TI TR CN C THEO HNH THC TI TR CN C VO NGUN TI TR

Nh nc

Ngn hng Trung ng

T chc tn dng

Doanh nghip

Ti tr TMQT trc tip

Hnh thc thng thng

Ti tr TM Quc gia

Ti tr TMQT gin tip

Cung ng dch v TC-NH

Ti tr TM Quc t

III. PHN LOI TI TR TMQT

A. CN C VO NGI CUNG NG TI TR
1. Ti tr TMQT ca Nh nc
Nh nc l c quan quyn lc ca quc gia Nh nc l ngi ra cc chnh sch ti chnh, tin t v tn dng Nh nc l ngi tp trung trong tay cc ngun tin t khng l t nhiu ngun thu NN l ngi cho vay v ti tr cui cng c trng ca ti tr TMQT ca NN l ti tr gin tip

2. Ti tr thng mi QT ca Ngn hng Trung ng

Ngn hng TW l mt nh ch ti chnh cao nht v ln nht ca mi quc gia, l Ngn hng ca cc ngn hng L ngi thc hin hnh thc cho vay ti cp vn, ti chit khu, cp bo lnh Nh nc. Ngn hng TW tr thnh nh ti tr thng mi quc t ch yu ca mi quc gia

3. Ti tr thng mi QT ca cc t chc tn dng

T chc tn dng ngn hng v cc t chc tn dng phi ngn hng. Ngi ti tr ch yu cho hot ng KD TMQT l cc NHTM Ti tr TMQT ca cc t chc tn dng l ti tr trc tip Cc hnh thc ti tr TMQT ca cc t chc tn dng rt a dng, ch yu l hnh thc cho vay, bo lnh.

4. Ti tr TMQT ca cc doanh nghip

Cc doanh nghip tham gia ti tr thng mi quc t l nh XK,nh NK Cc hnh thc ti tr TMQT ca cc DN thng l tn dng TM nh: Hi phiu tr chm, Thanh ton ghi s, L/C iu khon c trng ca ti tr TMQT ca cc doanh nghip l ti tr ngn hn

B. CN C VO CCH TI TR
1. Ti tr TMQT trc tip:
L tp hp cc bin php hoc hnh thc h tr ti chnh trc tip nh cho vay vn u t, thanh ton, bo lnh thanh ton n cho DN Ti tr TMQT trong thi i hin nay c thc hin thng qua th trng

2. Ti tr TMQT gin tip:

L tp hp cc hnh thc v bin php hu hiu nhm to ra mi trng kinh doanh TMQT thun li, nh: Chnh sch thu XNK u i Chnh sch t gi hi oi Chnh sch v c ch t ch kinh doanh Mi trng php l n nh Hnh thnh v t do ho cc th trng tin t, hi oi, vn trung v di hn

C. CN C VO HNH THC TI TR
1. Hnh thc ti tr chnh thng thng
c thc hin bng tin Chim t trng rt ln trong tng s ti tr ca NHTM

2.

Hnh thc ti tr bng cch cung ng dch v ti chnh NH

VD: dch v thanh ton quc t, chuyn giao vn vay, k gi tin t, mua bn ngoi hi

D. CN C VO NGUN TI TR TRONG HAY NGOI NC

1. Ti tr TM quc gia
Ngun ti tr c huy ng t th trng tin t v th trng vn di hn Th trng tin t bao gm: TT tin t NH v th trng tn dng TM Th trng vn di hn ch yu l th trng chng khon

2. Ti tr TMQT
Ti tr pht trin chnh thc (Official Development Finance ODF) Vin tr pht trin chnh thc ODA Cc hnh thc ti tr ODF khc Ngun vn ti tr t cc NHTM Ngun vn u t t nc ngoi (FDI) v vin tr khng hon li ca cc t chc phi chnh ph v ca chnh ph.

Chng III

TI TR TMQT TRC TIP

CC LOI HNH TI TR TMQT TRC TIP

TI TR TMQT TT CA NGN HNG

TI TR TMQT TT CA CC T CHC PHI NGN HNG

TI TR TMQT TT CA CC T CHC CHNH PH

I. CC LOI HNH TI TR TMQT TRC TIP CA NGN HNG

1. Tn dng xut nhp khu:
L loi tn dng c phn loi theo mc ch s dng, l loi tn dng tng th ca cc loi tn dng khc

Khi nim:
TDXNK l ch vic h tr nhng phng tin ti chnh v hoc nhng phng tin thay th ti chnh cho cc DN hot ng trong lnh vc TMQT nhm hon tt ngha v thanh ton pht sinh trong qu trnh SX n lu thng hng ho.

Tn dng NK
L tn dng ngn hn, trung hn v cng c th l di hn Ngun vn thu ht t tn dng NK gip cho nh NK
Thanh ton trc tip cho nh XK Cho vay thu chi Bo lnh thanh ton hng NK ( Letter of Guarantee), bo lnh sc (check), k phiu (promissory) K chp nhn tr tin hi phiu k hn

Tn dng NK c th c cp bng ni t hoc bng ngoi t

Tn dng XK
Tn dng XK c chia theo 2 cng on ca qu trnh sn xut v qu trnh lu thng. Tn dng xut khu trc khi giao hng

Ti tr vn lu ng thc hin n t hng t cc (P/B performance bond)

Tn dng xut khu sau khi giao hng
Cho vay cm c hi phiu, k phiu, ha n theo b chng t thanh ton Chit khu hi phiu, k phiu, ha n theo b chng t gi hng

2. Tn dng c m bo v khng m bo trong ti tr XNK

Tn dng c m bo Yu cu i vi vt t ti sn m bo gm:
D nh gi D cho NH quyn s hu hp php D tiu th

Tn dng khng c m bo Da vo uy tn, quy m, hiu qu kinh doanh, quan h tt p

3. Tn dng chng t ( Documentary credits)

Th tn dng (L/C) l mt cng c cam kt thanh ton v l mt cng c tn dng Tn dng cp cho nh NK thng l mt cam kt khng th hu b (irrevocable) Khi nh XK khng tin tng vo kh nng thanh ton ca NH pht hnh, nh NK phi yu cu NH th 3 xc nhn (confirmation) kh nng thanh ton ca NH pht hnh i vi ti tr bng L/C chuyn nhng (Transferable L/C) Mt s hnh thc ti tr khc @ Ti tr bng L/C tun hon ( Revolving L/C) Ti tr bng L/C i ng (Reciprocal L/C) Ti tr bng L/C gip lng (Back to back L/C)

4. Bo lnh Ngn hng (Banks guarantee)

L cam kt ca NH bo lnh chu trch nhim tr tin cho ngi hng bo lnh, nu ngi c bo lnh khng thc hin ng v khng y cc ngha v tho thun vi ngi bo lnh c quy nh c th trong th bo lnh ca NH
Tnh tch bit l mt c im quan trng ca nghip v bo lnh ngn hng Tnh c lp ca bo lnh cng khng mt i Mc ch ca bo lnh NH: ngn chn ri ro c th pht sinh trong nhng hot ng khng thng xuyn, ng thi b p thit hi v ti chnh cho ngi th hng. Chc nng ca bo lnh:
Php l Thc hin Bi thng Ti tr ti chnh

 Bo lnh NH gm cc loi ch yu sau:

Bo lnh thanh ton (Payment guarantee):
V mc ch: ging nh mt L/C thng mi (bo m ngha v thanh ton) Khc nhau: v bn cht v cch truy i tin

Bo lnh tin t cc ( Advance Payment guarantee)

Ngi mua ng trc mt phn tin nhm ti tr cho ngi bn thc hin Hp ng Vic ng trc phi c mt bo lnh tin t cc c gi tr tng ng lm m bo Bo lnh tin t cc ch c hiu lc khi bn c bo lnh (bn bn) nhn c tin ng trc

Bo lnh nhn hng (Shipping guarantee)

NH ca ngi mua pht hnh mt cam kt (thay th cho vn n) -> gi l Bo lnh nhn hng Bo lnh nhn hng do ngi mua k v NH k i ng

Bo lnh thc hin hp ng (Performance guarantee)

Cung cp mt m bo cho ngi th hng v vic thc hin H ca ngi c bo lnh.

5. L/C d phng (Stanby L/C)

Vai tr ch yu ca L/C d phng: Vai tr m bo thc hin ngha v
Trng hp, ngi yu cu m stand by L/C khng thc hin hoc khng thc hin ng ngha v trong H th ngi hng li lp hi phiu i tin (hay yu cu thanh ton) v mt tuyn b bn kia vi phm v xut trnh cho NH pht hnh l c thanh ton.

Ri ro v pha ngi hng li c hn ch mt cch ti a

Vai tr nh l mt cng c ti tr

Trng hp L/C d phng m bo khon tin ng trc Trong L/C d phng khon tin bo him, cha phi tr ph bo him. Ngn hng cung cp mt cng c ti tr cho cc khch hng

Vai tr c thc thc hin ngha v hp ng

Vic c thc mang tnh t gic, xut pht t li ch kinh t ca ngi yu cu m th tn dng. Li ch khi m th tn dng d phng :
i vi ngi hng li: hn ch thit hi pht sinh trong vic thc hin H i vi ngi xin m th tn dng: c trch nhim vi cam kt trong th tn dng, lm n nghim tc hn nng cao uy tn v kh nng cnh tranh ca mnh.

5. Tn dng ngi mua 6. Chit khu hi phiu ( Bill discounting) 7. Chp nhn hi phiu ca NH (Bankers acceptance)
K hn ti tr

8. Bin lai tn thc (Trust receipt T/R) 9. Bao tn dng tng i (Factoring)
L s tho thun gia nh XK v nh Factor, trong quy nh nh XK bn cho nh Factor quyn thu tin t nh NK trong mt thi gian nht nh

10. Bao tn dng tuyt i (Forfaiting) 11. Cho thu (Leasing)

i vi quc gia Li th i vi ngi cho thu Li th i vi bn i thu

II. LOI HNH TI TR TMQT TRC TIP CA CC T CHC PHI NGN HNG
1. Thanh ton theo ti khon ghi s (Open account) 2. ng trc tin hng (Payment in advance) 3. Bn chu hng ho v hoc dch v 4. Nh thu (Collection) 5. Bun bn b tr (Compensation trade)
Hng i hng (Barter) Mua hng i ng (counter purchase) Mua li (Buy back)

III. TI TR THNG MI TRC TIP T CC T CHC CHNH PH 1. Bo him tn dng xut khu (Credit Insurance)

L bo him nhng ri ro lin quan n nhng khon tn dng m Nh XK hoc NH cp cho nh NK nc ngoi Ri ro tn dng XK bao gm:
Ri ro thng mi (commercial risk) Ri ro hi oi (Exchange risk) Ri ro chnh tr (Politic risk)

Ngi c bo him tn dng (Ngn hng, nh XK, c quan cung cp tn dng XK) phi thanh ton ph bo him cho ngi bo him (t chc tn dng t nhn, Nh nc)

2. Tn dng hn hp (Mix loan) gia ti tr h tr pht trin chnh thc (ODA) v ti tr TMQT
L mt hnh thc ti tr TMQT khuyn khch v h tr cho vic XK hng ha ca nc ti tr sang nc nhn ti tr. L hnh thc thng mi quc t c iu kin Tc dng: dng mm ha tn dng XK truyn thng bng cch ko di thi hn o hn cui cng ca khon vay v gim li sut iu kin p dng: t nht 80% tr gi H phi nhp hng c ngun gc xut x t nc ti tr

3. Cc qu ti tr u i cho nh XK
Qu d phng ri ro Qu bnh n gi c Qu tr cp xut khu Qu u t v pht trin ngnh hng xut khu Qu xc tin xut khu

Chng IV

TI TR THNG MI QUC T GIN TIP

I. CC LOI HNH TI TR TMQT GIN TIP
1.Chnh sch thu v l ph
Xu hng iu chnh chnh sch thu NK ca cc nc thng bao gm:
nh thu NK cao vo nhng mt hng ni a m quc gia cn bo v, gim n min thu XK hng ha to v th cnh tranh ca hng ha nc mnh trn th trng th gii. Cho nc ngoi hng biu thu u i trong khun kh hip nh thng mi song phng hoc a phng.

2. Chnh sch t gi hi oi
Chnh sch t gi thch hp c tc dng tt n nn kinh t T gi hi oi c coi nh l mt cng c hu hiu c tc dng trc tip v nhy bn nh hng n li nhun ca cc nh XNK ti tr cho cc nh XNK, Ty theo mt hng ti tr, sau khi giao hng, nh XK s bn ngoi t cho NH ch nh theo t gi hi oi u i nh trc Ngoi vichnh thnh c ch nhiu t gi u i, mt s nc cn p dng ch cung kt hi mang tnh u i cho nh XK

3. Chnh sch li sut L chnh sch ca NHTW tc ng n s bin

ng li sut tng hay gim nhm iu chnh n cc dng vn trn th trng hoc nhm ti tr cho cc doanh nghip vay vn vi chi ph r hn h tr cho s pht trin mt ngnh, mt lnh vc, mt khu vc no Vai tr ca chnh sch li sut iu tit kinh t v m Tc ng n tnh hnh lm pht Tc ng n kch thch tit kim

Khi nim
- Phng thc tn dng chng t l mt s tha thun theo mt ngn hng (ngn hng m th tn dng) theo yu cu ca mt khch hng (ngi yu cu m th tn dng) hoc nhn danh chnh mnh s tr mt s tin nht nh cho mt ngi th ba (ngi hng li) hoc phi chp nhn hi phiu do ngi hng li k pht hoc y quyn cho mt ngn hng khc tin hnh thanh ton, chp nhn, chit khu hi phiu vi iu kin l cc chng t do ngi hng li lp v xut trnh phi ph hp vi cc quy nh trong L/C. S tha thun Ngi hng li Ngi mua Ngn L/C hng

Ti tr bng L/C chuyn nhng (Transferable L/C)

Theo yu cu ca ngi hng li u tin Ngn hng pht hnh L/C s cam kt tr tin cho ngi hng li th 2 nu ngi hng li th 2 thc hin y quy nh trong L/C Hm lng tn dng cp cho nh NK khi pht hnh L/C chuyn nhng cao hn cc loi L/C khc.

C th chuyn nhng ti tr cho mt ngi khc hng mt cch d dng

Mt s hnh thc ti tr khc

Ti tr bng L/C tun hon (Revolving L/C)
L loi ti tr m trong ngn hng pht hnh L/C cp tn dng cho nh NK cam kt s cho php ngi hng li L/C sau khi s dng L/C xong n li c gi tr thc hin nh c v vic s dng ny c lp i lp li nhiu ln cho n khi ht tng tr gi H Gim chi ph v th tc cho ngi hng li

Ti tr bng L/C i ng (Reciprocal L/C)

L loi ti tr ny ch c gi tr hiu lc, chng no mt ti tr i ng khc c xc lp. iu kin ca NH cp tn dng i vi ngi XK: Nh XK mun hng li ti tr bng L/C i ng th phi m ti tr bng L/C ngc li cho nh NK hng c s dng ph bin trong TMQT: Hng i hng

 Ti tr bng L/C gip lng (Back-to - back L/C

L loi ti tr m ngi c ti tr cho php ngi hng li L/C s dng L/C lm vt k qu yu cu NH pht hnh mt L/C khc cho ngi khc hng. S dng trong mua bn qua trung gian S :
TQ VN MALAIXIA

L/C1

L/C2
Back to back L/C

L/C chuyn nhng (transferable L/C)

- L loi L/C m trong quy nh ngi hng li u tin c th yu cu Ngn hng m L/C hoc ngn hng tr tin, chp nhn tr sau hay chit khu - Ngn hng chuyn nhng, chuyn nhng ton b hay mt phn s tin cho mt hay nhiu ngi khc hng li (iu 48 UCP 500).

- Chuyn nhng ti nc ngi bn

A

B
C

transferable order

transferable L/C

XK
Hp ng ngoi

NK

- im cn ch : + Ngi chuyn nhng v ngi th hng cng mt quc gia + ng tin chuyn nhng phi cng chuyn sang ni t. + T gi. + Chng t.

- Chuyn nhng qua nc th ba.

360.000 USD

transferable order VN Hng ha MAL

TQ

- TQ k hp ng mua bn theo iu kin CIF vi Vit Nam = 360.000 USD. - VN k kt hp ng mua bn hng ha t Malaysia theo iu kin phi dng L/C chuyn nhng trn c s TQ m cho VN hng - VN FOB. 360.000 USD.
- Cng ty XNK VN (ngi hng li th nht) ngh VCB chuyn transferable order cho ngi XK Malaysia: 300.000 USD

- S tin chnh lch VN dng thu tu v hng hoa hng trung gian.
im cn ch :

- Lp li chng t: Hi phiu, Ha n.
- Lp mi chng t: + C/O

+ Bo him n
+ Vn n - Ngn hng thng bo L/C chuyn nhng nn ng vai tr l ngn hng kim tra chng t v i tin bng in - Bin NHTB Vit Nam thnh ngn hng tr tin.

- Chuyn nhng ti nc NK:

Hp ng NT Hp ng ni a

XK
Transferable L/C

NK seller

order ni a

Domestic transfer L/C

- Order ni a vi ngi NK thanh ton theo thc t giao hng ti nc ngi NK.

- Ngi NK vi ngi XK nc ngoi thanh ton theo chng t.

Nhng im cn lu chung i vi L/C chuyn nhng: - Ph chuyn nhng do ngi chuyn nhng th nht chu.
- Thng thng c p dng khi mua bn hng qua trung gian. - Tr khi c quy nh trong L/C, mt L/C chuyn nhng ch c th chuyn nhng mt ln. - Cho php ti chuyn nhng cho ngi th nht.

L/C gip lng (back to back L/C): l loi L/C c

m ra cn c vo L/C khc lm m bo, lm vt thTQ chp. VN MAL
L/C1 L/C2
Back to back L/C

Nhng im cn lu : - Vic k qu m L/C th hai hon ton ph thuc vo kh nng thanh ton ca pha TQ do vy pha TQ phi m L/C xc nhn. ht hn hiu lc trc L/C1, c s lng - L/C gip lng phi

chng t nhiu hn L/C 1 v thi hn giao hng sm hn L/C1. - Hai L/C trn hon ton c lp vi nhau.
- c p dng trong mua bn qua trung gian.

L/C tun hon (Revolving L/C): l loi L/C

m s tin ca L/C c t ng c gi tr tr li nh c sau khi ngi hng li L/C s dng xong hoc L/C ht thi hn hiu lc. V d: L/C = 10.000 USD current at any time: c gi tr bt c lc no. - C hai cch cng dn s d: + c php cng dn s d + Khng c php cng dn s d

- C 3 cch tun hon:

+ Tun hon t ng. + Tun hon bn t ng. + Tun hon hn ch.

L/C i ng (Reciprocal L/C): l loi L/C m

ra cha c hiu lc ngay. N ch c hiu lc khi mt L/C th hai i ng vi n c m ra.

- Trong L/C 1 c ghi cu: Tn dng ny ch c gi tr khi ngi hng li m li mt L/C i ng vi n cho ngi m L/C ny hng mt s tin l ...... - Trong L/C 2 c ghi cu: Tn dng ny i ng vi L/C s . . . . m ngy . . . . ti Ngn hng . . . ..
- Trng hp p dng: + Trong phng thc hng i hng. + Trong gia cng hng xut khu.

Red clause Stand by L/C

Stand by L/C

Ngn hng thng bo

Red clause L/C 600.000 USD Stand by

600.000 USD red clause L/C 600.000 USD

Ngn hng m L/C

Red clause L/C
Stand by L/C

Ngi xut khu

3 triu USD

Ngi nhp khu

Thanh ton theo ti khon ghi s (open account)

3
NHXK 3 2 XK 1 NK NHNK

1. Giao hng v gi chng t hng ha.

2. Ghi v bo n trc tip. 3. Tr tin khi n hn thanh ton.

Quy trnh:

Nh thu trn (Clean collection)

3 5 NHNK Collecting bank

NHXK Remitting bank

5
XK Principal 1

5
NK Drawee

1. Giao hng v lp chng t giao hng. 2. K pht HP v ch th nh thu gi ngn hng.

3. 4. NH chuyn ch th nh thu -> NH i l -> ngi NK. 5. Ngi NK tr tin.

Quy trnh: NHXK Remitting bank 2 5 XK Principal

Nh thu km chng t (documentary collection)

3 5 NHNK Collecting bank

NK Drawee

1. Giao hng m khng giao chng t. 2. Ngi bn lp chng t thanh ton hoc chng t thng mi v vit ch th nh thu.

3. 4. Nh nh thu phiu trn.

5. Ngi NK tin hnh kim tra chng t nu thy chng t ph hp th tr tin hoc chp nhn tr tin v thu vn ti n v.