C NG CHIN LC NC NGOI K VNG CA NGN HNG VIT NAM V NHNG KHONG TRNG PHP L Nguyn Cao Khi v Nguyn

Phng Linh* Mua bn, sp nhp doanh nghip (M&A) l mt hnh thc giao dch c hnh thnh t rt sm v ph bin cc nc c nn kinh t th trng m theo , cc bn tham gia giao dch c th tn dng c gi tr cng hng t thng hiu, ti chnh, th trng v cc li th ca nhau. Vit Nam, hot ng mua bn, sp nhp doanh nghip c khi ng t nm 2000 nhng s lng v quy m cn hn ch. Trong lnh vc ti chnh ngn hng, vo gia nhng nm 2000, cc ngn hng thng mi Vit Nam (sau y gi tt l ngn hng Vit Nam) ua nhau ln k hoch tm kim nh u t chin lc nc ngoi v coi y nh l mt yu t gp phn to nn s thnh cng trong hot ng kinh doanh v qung b thng hiu ca mnh. Trong giai on ny, c rt nhiu giao dch mua bn, sp nhp c thc hin thnh cng gia ngn hng Vit Nam v cc nh ch ti chnh nc ngoi. Nm 2008, cuc khng hong ti chnh ton cu bt ngun t M nh hng, tc ng n hot ng kinh doanh ca hu ht cc nh ch ti chnh trn ton th gii, nhiu ngn hng ln khng vt qua c cuc khng hong ny phi np n xin ph sn (in hnh l Lehman Brothers M). Trong bi cnh , cc nh ch ti chnh nc ngoi phi ngng/tm ngng m rng u t u tin p dng cc gii php khc phc kh khn v n nh kinh doanh nc s ti. Do vy, nhiu ngn hng Vit Nam khng th trin khai c k hoch tm kim, la chn c ng chin lc nc ngoi.
*

H Ni

Nm 2010, nhn nh cuc khng hong ti chnh chm dt v tnh hnh kinh t th gii c du hiu hi phc, cc nh ch ti chnh ln nc ngoi tip tc thc hin mc tiu u t m rng th trng, chim lnh th phn. Do , cc ngn hng Vit Nam di s hng dn v gip ca cc t chc t vn quc t khi ng li qu trnh tm kim, la chn c ng chin lc nc ngoi. Nh , nm 2011, cc nh u t chng kin giao dch mua bn, sp nhp gia hai ngn hng thng mi nh nc ln ca Vit Nam (Vietinbank v Vietcombank) vi hai nh ch ti chnh ln nc ngoi (IFC v Mizuho Corporate Bank, Ltd.). Mi y, mt ngn hng thng mi nh nc ln khc ang chun b c phn ha (Ngn hng u t v Pht trin Vit Nam - BIDV) cng cng b l trnh la chn c ng chin lc nc ngoi v t l c phn dnh bn cho i tng ny chim 15% vn iu l trong nm 2012. Do vy, c th ni, vic la chn c ng chin lc nc ngoi l mc tiu ca cc ngn hng Vit Nam, bt k ngn hng c quy m ln hay nh, c c phn nh nc chi phi hay khng c c phn nh nc chi phi C ng chin lc nc ngoi ca ngn hng Vit Nam l mt vn rng v c th c nghin cu di nhiu gc , kha cnh khc nhau. Trong phm vi bi ny, ngi vit ch cp n hot ng mua bn, sp nhp ngn hng di gc k vng ca ngn hng Vit Nam c ng chin lc nc ngoi v nhng khong trng php l trong qu trnh la chn c ng chin lc nc ngoi theo quy nh hin hnh ca php lut Vit Nam. 1. S cn thit c s tham gia ca c ng chin lc nc ngoi H thng ngn hng Vit Nam thc s c hnh thnh v hot ng vi t cch l mt nh ch ti chnh c lp theo c ch th trng nh hng x hi ch ngha vo u nhng nm 90 khi h thng ngn hng c

phn thnh hai cp: cp qun l (Ngn hng Nh nc) v cp kinh doanh (cc ngn hng thng mi). Sau nhiu ln c cu v tng vn p ng yu cu ca nn kinh t, vn iu l ln nht ca mt ngn hng Vit Nam hin nay ch t mc khong 1 t la M (quy i theo t gi hin ti trn th trng lin ngn hng) v tng ti sn khong 25 t USD (trong khi mt ngn hng mc trung bnh khu vc ng Nam c tng ti sn khong 50 t USD)(1) . T l n xu hng nm ca a s cc ngn hng thng mi trong nc cao hn nhiu so vi cc ngn hng nc ngoi hot ng ti Vit Nam. Nng lc qun tr ca cc ngn hng trong nc cn hn ch v ngnh ngh kinh doanh dch v mang nhiu du n truyn thng, cha c tnh t ph, m rng khai thc cc tim nng sn c th trng trong nc, c bit l dch v bn l v cho vay tiu dng. Nhiu ngi dn cc khu vc nng thn cha bit n hoc cha s dng cc dch v ngn hng. iu ny c chng minh qua s liu iu tra ca cc ngn hng: dn s Vit Nam c khong 84 triu ngi nhng mi ch c hn 10% dn s m ti khon tin gi s dng cc dch v ngn hng. C nhiu nguyn nhn dn n tnh trng ny, trong , ch yu l do s hn ch ca ngn hng Vit Nam v nng lc ti chnh, kh nng qun tr - iu hnh v sc cnh tranh. khc phc nhng hn ch nu trn v nng cao cht lng dch v, hiu qu kinh doanh, nhiu ngn hng Vit Nam la chn hnh thc lin kt vi cc nh ch ti chnh ln, c uy tn ca nc ngoi thng qua vic pht hnh thm c phn cho bn ring l cho t chc vi t cch l c ng chin lc nc ngoi. Ch trong vng 6 nm qua, nhiu ngn hng Vit Nam la chn c cc nh ch ti chnh ln ca nc ngoi lm c ng chin lc ca mnh. in hnh l cc giao dch c lit k (Bng 1).

Bng 1:

Ngn hng tip C ng chin nhn c ng lc nc ngoi chin lc nc ngoi Sacombank ANZ ACB Standard Chartered Techcombank HSBC VP Bank DongA Bank Habubank Southern Bank Eximbank ABBank VIBank Vietinbank Vietcombank

Thi gian u T l s t ban u hu c phn 3/2005 6/2005 10% 15%

Quy m u t

27 triu USD 161,3 triu USD 12/2005 20% 128,1 triu USD OCBC 2/2006 14,9% 41,2 triu USD Citibank 1/2007 10% 12,3 triu USD Deutsche Bank 2/2007 10% 42 triu USD UOB 5/2007 15% 45,6 triu USD SMBC 11/2007 15% 225 triu USD Maybank 3/2008 15% 135,2 triu USD Commonwealth 9/2010 15% 600 t VN Bank of Australia (theo mnh gi) IFC 3/2011 10% 173 triu USD Mizuho 9/2011 15% 567,3 triu USD Ngun: website ca cc ngn hng c tn nu trn

Ngoi cc ngn hng nu trn, Oricombank, SeABank v Tien Phong Bank cng pht hnh thm c phn cho bn ring l cho cc nh u t chin lc nc ngoi BNP Paribas (thng 11/2006), Societe Generale (thng 7/2008) v SBI Holdings (thng 8/2009) vi t l u t ban u tng ng l 15%, 15% v 20% vn iu l. Da trn nn tng tim lc ti chnh mnh, cng ngh hin i - tin tin, kinh nghim qun tr, iu hnh ngn hng theo c ch th trng hng trm nm v sn phm dch v ngn hng a dng, phong ph, cc nh ch ti chnh nc ngoi (vi t cch l c ng chin lc ca ngn hng Vit Nam) ang c k vng h tr, gip v song hnh cng vi ngn hng Vit Nam pht huy hn na cc th mnh sn c v nng cao nng lc

qun tr, iu hnh, m rng, pht trin cc lnh vc, sn phm dch v cn yu ca cc ngn hng Vit Nam. Thc t cho thy, s tham gia ca c ng chin lc nc ngoi ti cc ngn hng Vit Nam to ng lc v iu kin cho cc ngn hng Vit Nam tng cng c tnh cng khai, minh bch, nng cao cht lng hot ng v kh nng cung cp dch v, ng thi khng nh c tm vc, thng hiu trn th trng ni a v quc t. V vy, vic cc ngn hng Vit Nam cho bn c phn ring l cho c ng chin lc nc ngoi trong bi cnh hi nhp quc t l rt cn thit. 2. C ng chin lc nc ngoi: k vng ca Ngn hng Vit Nam Php lut Vit Nam yu cu nh u t chin lc nc ngoi ca ngn hng Vit Nam phi l t chc tn dng nc ngoi c uy tn, nng lc ti chnh v kh nng h tr ngn hng Vit Nam trong pht trin sn phm, dch v ngn hng, nng cao nng lc qun tr, iu hnh v p dng cng ngh hin i; c li ch chin lc ph hp vi chin lc pht trin ca ngn hng Vit Nam, p ng cc tiu ch c th do ngn hng Vit Nam quy nh. Trc khi quyt nh tm kim nh u t nc ngoi lm c ng chin lc ca mnh, cc ngn hng Vit Nam u mong mun la chn c nh u t c uy tn, c nng lc ti chnh v kh nng h tr c mnh trong cc cng vic chnh sau: Nng cao nng lc qun tr, iu hnh, qun l ri ro; p dng cng ngh hin i; pht trin sn phm, dch v ngn hng; pht trin sn phm cc lnh vc khc ph hp vi chin lc pht trin ca tng ngn hng. Tuy nhin, khng phi v mc ch nu trn m cc ngn hng Vit Nam phi la chn nh u t nc ngoi lm c ng chin lc ca mnh bng mi gi v vic la chn c ng chin lc nc ngoi khng ch t c mc ch nu trn trong ngn hn, m phi mang li li ch lu di cho

ngn hng Vit Nam. Hn na, cc nh u t nc ngoi mua c phn v tr thnh c ng chin lc ca ngn hng Vit Nam cng phi thc hin mc tiu kinh doanh ca mnh, ly li nhun lm thc o hiu qu u t (tc l phi c li) bo co ch s hu/c ng v c quan qun l nc s ti. Li nhun thu c t vic u t mua c phn chin lc ca ngn hng Vit Nam c th gin tip hoc trc tip t hot ng kinh doanh ca ngn hng Vit Nam, ngn hn hoc di hn Thng thng, khi quyt nh u t tr thnh c ng chin lc nc ngoi ca ngn hng Vit Nam, nh u t nc ngoi phi xc nh u t di hn. Mt khc, mi trng kinh doanh nc s ti v cc nc pht trin bo ho, th phn b thu hp hoc khng th m rng thm c na, nn cc nh ch ti chnh nc ngoi phi tm c hi u t nc khc m rng kinh doanh, tm kim li nhun, c bit l th trng nhng nc mi ni nh Vit Nam. Cc nh ch ti chnh nc ngoi la chn hnh thc u t mua c phn tr thnh c ng chin lc ca ngn hng Vit Nam thay v thnh lp ngn hng lin doanh, ngn hng 100% vn nc ngoi hoc chi nhnh ngn hng nc ngoi ti Vit Nam c th v mt s l do chnh sau: (i) Tn dng c mng li sn c rng khp ca cc ngn hng Vit Nam; (ii) Hiu c tp qun, vn ha, truyn thng ca dn tc Vit Nam ni chung v khch hng ni ring thng qua vic tham gia qun tr, iu hnh ti ngn hng Vit Nam; (iii) Th tc u t mua c phn ca ngn hng Vit Nam n gin hn so vi thnh lp php nhn mi hoc chi nhnh ngn hng nc ngoi ti Vit Nam; (iv) Pht trin quan h khch hng v sn phm dch v trn c s nn tng sn c thay v phi tm kim, xc lp quan h khch hng t u; (v) Thi gian thu hi vn t vic u t mua c phn

ca ngn hng Vit Nam nhanh hn v n gin hn so vi thnh lp php nhn mi hoc chi nhnh ngn hng nc ngoi ti Vit Nam. Chnh v th, vic ngn hng Vit Nam la chn nh u t nc ngoi lm c ng chin lc ca mnh phi bo m nguyn tc t nguyn, tha thun, cng c li v p ng c cc yu cu c bn sau: (i) C li ch chin lc ph hp vi chin lc pht trin ca ngn hng mnh; (ii) Khng to ra xung t li ch; (iii) Khng to ra s c quyn trong cnh tranh khng lnh mnh i vi khch hng, nh u t khc ca ngn hng mnh v i vi cc t chc tn dng khc; (iv) Cam kt gn b lu di vi ngn hng mnh (thi gian hn ch chuyn nhng c phn). Do vy, trc khi tm kim v la chn c ng chin lc nc ngoi, mi ngn hng Vit Nam phi xy dng cc tiu ch la chn c ng chin lc ph hp vi nhu cu v c im thc t ca mnh, bao gm: Tng ti sn, kinh nghim hot ng quc t, xp hng tn nhim c lp quc t, iu kin khng cnh tranh v ni dung cn c h tr t c ng chin lc nc ngoi. La chn c c ng chin lc nc ngoi l s khi u ca qu trnh hp tc gia ngn hng Vit Nam vi nh ch ti chnh nc ngoi. Cho nn, vn quan trng l sau khi tr thnh c ng chin lc, cc bn phi phi hp nh th no, ho hp vn ho ra sao, qun tr cng ty nh th no cng nhn vo nhng kha cnh tch cc ca c hai bn, nhm t c gi tr cng hng tt hn(2). Khi la chn c ng chin lc nc ngoi, a phn cc ngn hng Vit Nam u mong mun c tip cn mt h thng qun tr ni b tin tin hn v c c ng chin lc nc ngoi gip qun tr ngun nhn lc, sp xp li m hnh hot ng theo hng hin i hn, qun l hot ng ngn hng mang dng dp ca ngn hng hin i. Qua , c ng chin lc nc ngoi gip cc ngn hng

Vit Nam vn ti tm khu vc v quc t(3). Tuy nhin, quy m v c im ca ngn hng Vit Nam khc vi quy m v c im ca ngn hng nc ngoi, nn ngn hng Vit Nam kh c th p dng ngay c phng thc qun tr tin tin m c ng chin lc nc ngoi gii thiu. Cho nn, ty thuc vo kh nng, iu kin, c im v chin lc ca tng ngn hng, cc ngn hng Vit Nam c th p dng mt phn hoc ton b, ngay lp tc hoc sau mt thi gian nht nh phng thc qun tr tin tin do c ng chin lc nc ngoi gii thiu. Vi t l tham gia u t cn b hn ch theo quy nh ca php lut Vit Nam (khng c vt qu 20% vn iu l ca ngn hng Vit Nam), c ng chin lc nc ngoi c th l c ng ln ti ngn hng Vit Nam nhng khng th t quyt nh tt c cc vn lin quan n t chc v hot ng ca ngn hng Vit Nam, nn trong mt chng mc nht nh, h ch c th chuyn giao cho ngn hng Vit Nam kinh nghim qun tr mt ngn hng thng mi hin i, gip m cc kha hc o to nghip v cho mt s cn b, nhn vin v h tr pht trin, ng dng cng ngh tin tin. Chin lc kinh doanh, c bit l cc lnh vc v sn phm dch v m ngn hng Vit Nam cn c s h tr ca c ng chin lc nc ngoi m rng v pht trin, c th c xy dng bi bn, hin i v ph hp vi thng l quc t, nhng chin lc ny c thc thi c hiu qu hay khng li cn ph thuc vo ngi t chc thc hin v cc bin php trin khai thc hin c th tng a phng, tng phn khc th trng. Do , nhng ngi qun tr, iu hnh i din cho phn vn cn li ca ngn hng Vit Nam (chim ti a 80% vn iu l) phi t ch ng nghin cu, hc hi v i mi phng thc qun tr, a dng ha v nng cao cht lng sn phm dch v khng ngng pht trin, thch nghi vi mi trng kinh doanh trong bi cnh hi nhp kinh t quc t. V vy, cc ngn

hng Vit Nam cn c s chun b trc k hoch, ni dung v l trnh hp tc vi c ng chin lc nc ngoi tha thun, quy nh r trong hp ng v trin khai thc hin sau khi hon tt giao dch bn c phn cho c ng chin lc nc ngoi. 3. Nhng khong trng php l trong vic la chn c ng chin lc nc ngoi Trc khi xc lp giao dch bn c phn cho nh u t chin lc nc ngoi, cc ngn hng Vit Nam phi m phn v thng tho hp ng vi i tc nc ngoi. Thc t, ni dung ca d tho hp ng mua c phn thng c lut s nc ngoi son tho theo mu tiu chun quc t v c m mt s ni dung cho cc bn m phn, thng lng trong trng hp cc ni dung cha c php lut Vit Nam quy nh hoc quy nh cha r rng. Do , bn nc ngoi thng d tho ni dung (trong trng hp lut s ca nh u t nc ngoi son tho hp ng) hoc yu cu sa i ni dung ca d tho hp ng (nu d tho hp ng do lut s ca bn Vit Nam son tho) theo hng c li cho mnh v to sc p bn Vit Nam chp thun ni dung . in hnh l mt s ni dung sau y: (i) Ngn hng thng mi nh nc c phn ha cho bn c phn ring l theo vn bn no? Ngh nh s 01/2010/N-CP ngy 04 thng 01 nm 2011 ca Chnh ph quy nh v hot ng cho bn c phn ring l ca cc cng ty c phn thnh lp v hot ng trn lnh th Vit Nam v khng p dng i vi cc doanh nghip 100% vn nh nc chuyn i thnh cng ty c phn(4). Ngh nh ny quy nh Ngn hng Nh nc c thm quyn quyt nh vic cho bn c phn ring l ca cc t chc tn dng. Bn cnh , Chnh ph cng ban hnh Ngh nh s 69/2007/N-CP ngy 20 thng 4

nm 2007 quy nh vic nh u t nc ngoi mua c phn ca ngn hng Vit Nam cha c nim yt chng khon(5). Vit Nam, trc y c 5 ngn hng thng mi 100% vn nh nc, bao gm: Vietcombank, Vietinbank, MHB, BIDV v Agribank. Cho n nay, c 3 ngn hng thng mi 100% vn nh nc chuyn i sang hot ng di hnh thc cng ty c phn (bao gm Vietcombank, Vietinbank, MHB) v mt ngn hng (BIDV) ang thc hin cc th tc c phn ha chuyn sang m hnh ngn hng thng mi c phn (d kin qu I/2012), mt ngn hng cn li (Agribank) c t chc v hot ng di hnh thc cng ty TNHH mt thnh vin t thng 10/2010. C phiu ca Vietcombank v Vietinbank u c nim yt trn S Giao dch chng khon TP. H Ch Minh. BIDV ang c k hoch nim yt c phiu trn S Giao dch chng khon TP. H Ch Minh khng mun hn qu III/2012. Do , nu i chiu vi quy nh nu trn th vic Vietinbank cho bn c phn ring l 10% vn iu l cho IFC v Vietcombank cho bn c phn ring l 15% vn iu l cho Mizuho trong thi gian qua l khng thuc phm vi v i tng iu chnh ca Ngh nh s 01/2010/N-CP v Ngh nh s 69/2007/N-CP. V vy, vic thc hin cc th tc cho bn c phn ring l v lp h s xin chp thun cho bn c phn ring l ca ngn hng thng mi nh nc c phn ha vn cha c cc c quan nh nc c thm quyn ban hnh vn bn quy phm php lut hng dn. (ii) Thng tin ni b cung cp cho nh u t chin lc nc ngoi trong t cho bn ring l c b cm? Do tham gia giao dch c gi tr ln v phi gn b lu di vi ngn hng Vit Nam, nn nh u t chin lc nc ngoi lun rt thn trng, thm nh k nng lc v iu kin ti chnh ca ngn hng Vit Nam trc khi quyt nh u t. c c s thm nh, nh u t chin lc nc

ngoi thng yu cu ngn hng Vit Nam cung cp y thng tin v ti liu cn thit, ngoi cc thng tin v ti liu cng b ra cng chng. C kin cho rng, vic ngn hng Vit Nam cung cp thng tin, ti liu cha cng b cho nh u t chin lc nc ngoi cho bn c phn ring l l vi phm iu cm quy nh ti khon 3 iu 9 ca Lut Chng khon Vit Nam nm 2006 3. S dng thng tin ni b mua, bn chng khon cho chnh mnh hoc cho ngi khc; tit l, cung cp thng tin ni b hoc t vn cho ngi khc mua, bn chng khon trn c s thng tin ni b. Tuy nhin, khon 3 iu 9 Lut Chng khon Vit Nam nm 2006 cha quy nh r ch th s dng thng tin ni b m mi ch cp n vic ngn chn hnh vi s dng thng tin ni b phc v mc ch t li. Do , c kin hiu rng, ch th c cp ti khon 3 iu 9 nu trn ch l c nhn hoc nhm c nhn c c thng tin ni b. V vy, trong trng hp doanh nghip s dng thng tin ni b cung cp cho nh u t chin lc nc ngoi trong giao dch cho bn c phn ring l sau khi hai bn k hp ng bo mt thng tin (nh u t chin lc nc ngoi cam kt khng c cung cp thng tin ni b cho bn th ba, k c trong trng hp giao dch mua bn c phn ring l thnh cng hoc khng thnh cng, ngoi tr phi cng b/cung cp thng tin theo quy nh ca php lut hoc c ngn hng Vit Nam chp thun) c th c coi l khng vi phm quy nh ti khon 3 iu 9 Lut Chng khon Vit Nam nm 2006 v ch th v mc ch cung cp thng tin khc vi tinh thn ca quy nh ti khon 3 iu 9 Lut Chng khon Vit Nam nm 2006. Trong khi cn c cc kin khc nhau v vn nu trn th y ban Chng khon Nh nc nn ban hnh hoc trnh cp c thm quyn ban hnh vn bn quy phm php lut hng dn iu 9 Lut Chng khon Vit Nam nm 2006. (iii) ng tin s dng trong giao dch cho bn c phn ring l?

Hin ti, c hai vn bn quy phm php lut quy nh v ng tin c s dng thanh ton mua c phn ca doanh nghip c phn ha v ngn hng cha c nim yt c phiu, bao gm: Ngh nh s 59/2011/N-CP ngy 18/7/2011 ca Chnh ph v chuyn i doanh nghip 100% vn nh nc thnh cng ty c phn v Ngh nh s 69/2007/N-CP ngy 20/4/2007 ca Chnh ph v vic nh u t nc ngoi mua c phn ca ngn hng Vit Nam. Theo , khi mua c phn ca ngn hng Vit Nam, nh u t chin lc nc ngoi phi thanh ton tin mua c phn bng ng Vit Nam. Tuy nhin, nh ni trn, vic cc ngn hng thng mi nh nc c phn ha c c phiu nim yt trn th trng chng khon nh Vietinbank v Vietcombank cho bn c phn ring l cho nh u t chin lc nc ngoi khng thuc phm vi iu chnh v i tng p dng ca Ngh nh s 59/2011/N-CP v Ngh nh s 69/2007/N-CP, nn ng Vit Nam c s dng thanh ton trong giao dch bn c phn ca Vietcombank v Vietinbank cho Mizuho v IFC c thc hin theo nguyn tc vn dng quy nh tng t ca php lut v phi c s ng ca nh u t chin lc nc ngoi. Vi s tin thanh ton ln ti 3.540 t ng (IFC thanh ton cho Vietinbank) v 11.819 t ng (Mizuho thanh ton cho Vietcombank), cc nh u t chin lc nc ngoi khng d thu xp c s tin ng Vit Nam v bn thn cc nh u t chin lc nc ngoi ch c ngoi t (khng c ng Vit Nam) v cc ngn hng Vit Nam cng khng c ngun tin ng mua ht s ngoi t tng ng theo t gi chuyn i hin hnh. V d, vi s tin ng Vit Nam m Mizuho phi thanh ton cho Vietcombank nu trn th hin nay, khng c mt ngn hng Vit Nam c ngun vn bng ng Vit Nam mua ht s ngoi t tng ng theo yu cu ca nh u t chin lc nc ngoi trong thi hn 1- 2 ngy. Do vy, Ngn hng Nh

nc cn c vn bn hng dn r ng tin c s dng nh u t chin lc nc ngoi thanh ton tin mua c phn ca cc ngn hng Vit Nam c c phiu nim yt trn th trng chng khon hoc c c ch h tr mua ngoi t chuyn i sang ng Vit Nam theo yu cu ca nh u t chin lc nc ngoi hoc cho php thc hin c ch thanh ton tin mua c phn bng c ngoi t v ng Vit Nam theo mt t l ph hp (ty thuc vo gi tr ca tng giao dch). (iv) Nh u t chin lc nc ngoi c phi t cc khi mua c phn ca ngn hng thng mi nh nc c phn ha? Vic ngn hng Vit Nam la chn c ng chin lc nc ngoi c thc hin trong sut mt qu trnh di vi s h tr, gip ca cc t chc t vn ti chnh, t vn lut v t chc kim ton. K t khi nh u t chin lc nc ngoi bt u tm hiu ngn hng Vit Nam n lc thanh ton tin mua c phn v tr thnh c ng chin lc, ngn hng Vit Nam phi thc hin nhiu cng on khc nhau v chu mt s chi ph pht sinh nht nh (nh ph t vn, chi ph m phn). Do , bo m tnh nghim tc ca cc bn tham gia giao dch, ngay sau khi k hp ng mua c phn, ngn hng Vit Nam yu cu nh u t chin lc nc ngoi t cc mt khon tin nht nh. Tuy nhin, nh u t chin lc nc ngoi yu cu ngn hng Vit Nam ch r c s php l ca vn ny: php lut Vit Nam c yu cu t cc hay khng, t l t cc l bao nhiu v ng tin c s dng t cc Hin nay, nc ta ch c Ngh nh s 59/2011/N-CP quy nh nh u t chin lc nc ngoi phi t cc ngay 10% gi tr c phn ng k mua theo gi khi im. Cho nn, cc ngn hng thng mi nh nc c phn ha ang c c phiu nim yt trn th trng chng khon (khng thuc i tng v phm vi p dng ca Ngh nh s 59/2011/N-CP) khng th p dng quy nh ny yu cu

nh u t chin lc nc ngoi t cc ngay sau khi k hp ng. iu ny kh mt nhiu thi gian ngn hng Vit Nam m phn v thng tho vi nh u t chin lc nc ngoi v i tc nc ngoi khng mun phi chuyn mt khon tin ln (10% gi tr giao dch) vo ti khon phong ta ti mt ngn hng Vit Nam m khng c hng li hoc hng li vi mc li sut khng k hn trong thi hn cc bn cha hon tt cc th tc c lin quan (nh xin chp thun ni b hoc chp thun ca c quan nh nc c chc nng c th mt 1-2 qu). Hn na, nu i tc nc ngoi chp thun np tin t cc th cn c quy nh ca php lut Vit Nam, ngn hng Vit Nam phi cam kt tr cho i tc nc ngoi s tin tng ng vi 200% s tin t cc trong trng hp khng bn c phn cho h, vi phm hp ng mua c phn c k kt, trong khi mt s ni dung ca giao dch bn c phn cho nh u t chin lc nc ngoi nm ngoi thm quyn ca ngn hng Vit Nam, cn c chp thun ca c quan nh nc c thm quyn (Th tng Chnh ph, Thng c Ngn hng Nh nc). V vy, bo v quyn li ca ngn hng thng mi Vit Nam ni chung v ngn hng thng mi nh nc c phn ha ni ring, Ngn hng Nh nc cn ban hnh hoc trnh Chnh ph ban hnh vn bn quy phm php lut quy nh nh u t chin lc nc ngoi phi t cc ng k mua c phn ca ngn hng thng mi Vit Nam, trong hng dn r t l, thi im, ng tin v ni t cc. (v) Thi hn hn ch chuyn nhng c phn ca nh u t chin lc nc ngoi ti ngn hng thng mi nh nc c phn ha l bao lu? Thng t s 10/2011/TT-NHNN ngy 22 thng 4 nm 2011 ca Ngn hng Nh nc quy nh tiu ch la chn c ng chin lc i vi ngn hng thng mi nh nc c phn ha (bao gm ngn hng thng mi nh

nc ang c phn ha, ngn hng thng mi nh nc c phn ha nhng cha nim yt ti th trng chng khon, ngn hng thng mi nh nc c phn ha v nim yt ti th trng chng khon); theo , yu cu c ng chin lc nc ngoi phi c vn bn cam kt bng vn bn h tr ngn hng thng mi nh nc c phn ha trong cc lnh vc cn h tr (mc ch la chn c ng chin lc nc ngoi nh nu trn) v cam kt gn b lu di vi ngn hng thng mi nh nc c phn ha. Tuy nhin, th no l lu di hay ni cch khc, lu di l thi gian bao lu (bao nhiu thng hoc nm tr ln) th Thng t s 10/2011/TT-NHNN khng quy nh r. Cho nn, khi thng lng v m phn hp ng, bn nc ngoi thng ngh thi gian cam kt gn b vi ngn hng thng mi nh nc c phn ha l khong thi gian ngn so vi thng l (2-3 nm, k t thi im tr thnh c ng). R rng, vi thi gian ny, nu ngn hng Vit Nam chp nhn th mc ch ca vic la chn c ng chin lc nc ngoi kh c th t c, thay vo , bn nc ngoi c th hng li sau thi gian cam kt hn ch chuyn nhng c phn. Bi v sau khi tr thnh c ng chin lc ca ngn hng thng mi nh nc c phn ha, bn nc ngoi phi chuyn giao cng ngh, tiu chun qun tr tin tin, t chc o to nhn s v xy dng chin lc kinh doanh ph hp vi ngn hng thng mi nh nc c phn ha v th trng Vit Nam. Cc cng vic ny phi mt vi nm mi c th p dng v thc hin c hiu qu trn thc t, trong khi ngay t nm u tin, nh u t chin lc nc ngoi hon tt th tc c cn b qun l cp cao m nhim mt s v tr quan trng trong b my qun l ca ngn hng thng mi nh nc c phn ha (nh thnh vin HQT, thnh vin Ban iu hnh v mt s chc v quan trng khc theo tha thun trong hp ng mua c phn). Sau khi c bu c hoc b nhim, nhn s cp cao ca c ng chin lc

nc ngoi c th kim sot c cc hot ng quan trng ca ngn hng thng mi nh nc c phn ha, trong , c c nhng khch hng ln truyn thng. Nh vy, vi thi gian t 2- 3 nm, rt kh nh u t chin lc nc ngoi thc hin c vai tr h tr ngn hng thng mi nh nc c phn ha t c mc ch nu trn. Ngc li, kt thc thi hn hn ch chuyn nhng nh tha thun trong hp ng, c ng chin lc nc ngoi khng cn b rng buc bi cam kt khng cnh tranh v c quyn bn ht s c phn ca mnh ti ngn hng thng mi nh nc c phn ha thnh lp chi nhnh hoc ngn hng 100% vn nc ngoi ti Vit Nam (c th thnh lp mi hoc c sn). Khi , nh u t nc ngoi c th s dng cc thng tin c c trong thi gian lm c ng chin lc li ko khch hng ca ngn hng thng mi nh nc c phn ha. Vi nhng th mnh ca mnh (tim lc ti chnh, cng ngh, chnh sch cnh tranh linh hot, dch v a dng, phong ph v th tc n gin, nhanh chng), cc nh ch ti chnh nc ngoi khng kh cnh tranh v li ko khch hng ca ngn hng thng mi nh nc c phn ha. V vy, ngn hng thng mi nh nc c phn ha c c s php l bo v quyn li ca mnh trong qu trnh la chn c ng chin lc nc ngoi, Ngn hng Nh nc cn quy nh r thi hn ti thiu hn ch chuyn nhng c phn ca c ng chin lc nc ngoi ti ngn hng thng mi nh nc c phn ha (tng t nh thi hn hn ch chuyn nhng c phn ca c ng chin lc trong nc ti ngn hng thng mi nh nc c phn ha theo khon 2(h) iu 3 ca Thng t s 10/2011/TT-NHNN hoc ca c ng chin lc nc ngoi mua c phn ca ngn hng thng mi Vit Nam cha nim yt c phiu trn th trng chng khon theo khon 1 iu 13 Ngh nh s 69/2007/N-CP: ti thiu 5 nm k t ngy mua c phn, tr thnh c ng chin lc ca ngn hng thng mi Vit Nam).

Qua thc t thc hin giao dch mua c phn ca nh u t chin lc nc ngoi ti cc ngn hng thng mi Vit Nam v cn c quy nh hin hnh ca php lut Vit Nam nu trn, c th thy rng, cn nhiu khong trng php l cn c cc c quan nh nc c thm quyn nghin cu, hon thin to cng c v hnh lang php l an ton cho cc ngn hng thng mi Vit Nam la chn c ng chin lc nc ngoi. Vic hon thin khung php lut v vic nh u t nc ngoi mua c phn ca ngn hng thng mi Vit Nam khng ch gip cc ngn hng thng mi Vit Nam c c s php l vng chc thng lng, m phn, xc lp quan h gn b lu di vi cc nh ch ti chnh nc ngoi, thc hin c cc mc ch ca vic la chn c ng chin lc nc ngoi, m cn ngn chn c cc nh ch ti chnh nc ngoi li dng nhng k h ca php lut Vit Nam cnh tranh khng lnh mnh vi ngn hng thng mi Vit Nam, s dng quan h c ng chin lc lm cu ni m rng th phn ti Vit Nam.