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CHNG 5
AU T QUOC TE (INTERNATIONAL INVESTMENT)
I. KHAI NIEM, BAN CHAT, AC IEM, NGUYEN
NHAN HNH THANH VA PHAT TRIEN
II. HNH THC
III. TAC ONG
IV. NHNG XU THE DCH CHUYEN VON AU T
QUOC TE
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I. KHAI NIEM, BAN CHAT, AC IEM, NGUYEN NHAN
HNH THANH VA PHAT TRIEN
1.1. Khai niem
au t la viec s dung von vao mot hoat ong nhat nh nham
thu lai li nhuan va cac li ch phat trien kinh te - xa hoi khac.
au t quoc te (International Investment) la s di chuyen von di
nhieu hnh thc khac nhau t nc nay sang nc khac chu yeu
trong lnh vc san xuat - kinh doanh nham thu li nhuan va cac li
ch phat trien kinh te - xa hoi khac.
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1.2. Ban chat
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1.3. Nguyen nhan hnh thanh va phat trien
Li the so sanh va trnh o phat trien kinh te cua cac nc khong giong nhau
dan en chi ph san xuat ra san pham khac nhau.
Nhu cau ve von cua the gii rat ln, trong khi kha nang t thoa man tng
nc, tng khu vc co han.
Xu hng ty suat li nhuan giam dan cac nc cong nghiep phat trien +
hien tng d tha tng oi t ban.
S thay oi trong phan cong lao ong: cac nc i trc phai chuyen dch c cau
lao ong len cao hn va nhng li the cu e phat trien nganh det, lap rap,
che bien c chuyen sang cac nc khac.
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Tnh hnh bat on nh ve chnh tr an ninh quoc gia, cung nh nan tham nhung
hoanh hanh nhieu khu vc tren the gii, nan ra tien phan tan rui ro
The che luat phap cua cac nc va cac ieu c quoc te ngay cang hoan
thien theo hng bao am an toan cho cac hoat ong au t quoc te.
Nham giai quyet cac nhiem vu ac biet nh xay dng cac cong trnh co quy mo
vt ra ngoai pham vi bien gii quoc gia, oi hoi phai co s phoi hp cua
nhieu quoc gia.
S ra i va hoat ong cua cac cong ty quoc te







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II. CAC HNH THC AU T QUOC TE
2.1. Can c vao phng tien gop von
2.2. Can c vao tnh chat s hu von
2.2.1. Von au t cua Nha nc
2.2.2. Von au t cua cac to chc quoc te
2.2.3. Von au t cua t nhan
2.3. Can c vao tnh chat s dung von
2.3.1. au t trc tiep (Foreign Direct Investment - FDI)
2.3.2. au t gian tiep (Foreign Indirect Investment - FII)
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2.3.1. FDI
2.3.1.1. Khai niem
FDI la hnh thc au t quoc te ma chu s hu von ong thi la ngi
trc tiep quan ly va ieu hanh hoat ong s dung von.
2.3.1.2. ac iem
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2.3.1.3. Phan loai
Xet theo muc ch au t
FDI tm kiem nguon tai nguyen
FDI tm kiem th trng/au t theo chieu ngang (Horizontal Investment)
FDI tm kiem hieu qua/au t theo chieu doc (Vertical Investment)
FDI tm kiem tai san chien lc
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Xet ve tnh chat s hu /hnh thc gop von
Hp tac kinh doanh tren c s hp ong hp tac kinh doanh (Contractual Business
Co-operation)
Doanh nghiep lien doanh (Joint Venture Enterprise)
Doanh nghiep 100% von nc ngoai (Enterprise with one hundred percent foreign-owned
capital)
BOT (Hp ong xay dng - kinh doanh - chuyen giao Build - Operate - Transfer)
BTO (Hp ong xay dng - chuyen giao - kinh doanh Build - Transfer - Operate)
BT (Hp ong xay dng - chuyen giao Build - Transfer)

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2.3.2. FII
2.3.2.1. Khai niem
FII la hnh thc au t quoc te ma chu s hu von/chu au t nc ngoai
khong trc tiep quan ly va ieu hanh cac hoat ong s dung von, ho
khong chu trach nhiem trc tiep ve ket qua au t.
Chu au t nc ngoai co the au t di hnh thc:
- Cho vay va hng lai
- au t mua co phieu, trai phieu va hng li tc
- Vien tr
2.3.2.2. ac iem
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2.3.2.3. Phan loai
au t chng khoan (Foreign Portfolio Investment-FPI): la viec mua co phieu va
trai phieu cua Chnh phu va cac cong ty nc ngoai.
- au t trai phieu
- au t co phieu
Cho vay thng mai/ Tn dung au t quoc te (Commercial Loan): la hnh thc
cac nha au t (thng la cac ngan hang thng mai, cac cong ty tai chnh,
cac to chc tn dung nc ngoai ) cho cac oi tac (co the la chnh phu
mot nc hay t nhan) vay von va kiem li thong qua lai suat tien vay.
Vien tr phat trien chnh thc (Official Development Assistance - ODA)
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ODA
Khai niem
Vien tr phat trien chnh thc la cac khoan vien tr
khong hoan lai hoac cho vay von vi nhng ieu kien
u ai cua cac Chnh phu hoac cac to chc quoc te
cho Chnh phu cua cac nc cham va ang phat trien
nham on nh hoac ay nhanh toc o phat trien kinh
te cua cac nc o.

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Lch s hnh thanh:
Sau WW II: nhieu nc b tan pha nang ne ve kinh te, nhat la cac nc
Chau Au. My a ra ke hoach Marshall. Theo o, My a vien tr 17 ty USD
trong vong 4 nam e xay dng lai Chau Au sau chien tranh.
Thi ky chien tranh lanh: co ba nguon ODA chu yeu:
- Cac nc OECD
- Cac nc khoi SEV
- Cac nc OPEC
Tong lng ODA cua the gii hien nay vao khoang 100 -150 ty USD/nam.


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ac iem
ay la luong von co tnh chat mot chieu/co tnh chat u ai.
Chu the cap von va vay von eu la Chnh phu cac nc.
Chu yeu danh cho au t vao c s ha tang.
Muc tieu chu yeu cua cac nha tai tr khong phai la li nhuan.
Nc nhan ODA phai at c hai ieu kien c ban:
- Mc GDP bnh quan au ngi thap
- Muc tieu s dung von cua cac nc ang phat trien phai phu hp vi phng
hng u tien cua nha tai tr.
ODA thng co hai phan ro ret:
- Phan cho khong (vien tr khong hoan lai): chiem 25% tong von ODA
- Phan cho vay: chiem 75% vi cac ieu kien u ai
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Phan loai ODA
Xet theo chu the tai tr
- ODA song phng
- ODA a phng
Xet theo muc ch s dung von
- Von au t phat trien
- Von vien tr ky thuat
- Von ho tr can can thanh toan
- Von vien tr nhan ao va cu tr
- Von vien tr quan s
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Nhng nha tai tr ong gop chu yeu cho nguon ODA song phng toan cau
giai oan 1998-2003

STT Quoc gia 1998 1999 2000 2001 2002 2003 1998 - 2003
1 My 8,78 9,14 9,95 11,42 13,29 15,79 68,37
2 Nhat 10,64 12,16 13,5 9,84 9,28 8,91 64,33
3 c 5,58 5,51 5,03 4,99 5,32 6,7 33,13
4 Phap 5,74 5,64 4,1 4,19 5,48 7,34 32,49
5 Anh 3,86 3,42 4,5 4,58 4,92 6,17 27,45
6 Ha Lan 3,04 3,13 3,13 3,17 3,38 4,06 19,91
7 Y 2,27 1,8 1,37 1,62 2,33 2,39 11,78
8 Canada 1,7 1,7 1,74 1,53 2,01 2,21 10,89
9 Thu ien 1,57 1,63 1,79 1,66 1,99 2,1 10,74
10 TBN 1,37 1,36 1,19 1,73 1,71 2,03 9,39
Nguon: OECD - Aid from DAC Members 2003
vt: ty USD

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Xet theo cach hoan tra von/tnh chat
- ODA khong hoan lai
- ODA hoan lai
- ODA hon hp
Xet theo hnh thc s dung von
- Ho tr d an
- Ho tr ve ky thuat
- Vien tr chng trnh
- Ho tr ngan sach
Theo ieu kien
- ODA khong rang buoc
- ODA co rang buoc
- ODA co rang buoc mot phan

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Cc nc
ch u t

u t quc t
Tc ng

Cc nc
nhn u
t
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IV. NHNG XU THE DCH CHUYEN VON
AU T QUOC TE
1. Dch chuyen au t quoc te hien nay ngay cang a
dang ve hnh thc, phong phu ve cac phng tien
gop von
2. Cac nc cong nghiep phat trien tang cng tap
trung au t cho nhau

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Nguon von au t trc tiep
1980 1985 1990 1995 2000 2001 2002 2003 2004
Toan the gii 55 58 209 334 1.393 824 651 624 612
Cac nen kinh te phat trien 47 43 171 204 1.121 589 460 460 300
Cac nc ang phat trien 8 15 37 115 246 209 162 164 312
Trung Quoc 0 2 3 36 41 47 53 95
Hongkong 1 0 3 6 62 24 14
Singapore 1 1 6 11 12 11 8 21
Mexico 2 2 3 10 15 25 14
Brazil 2 1 1 4 33 22 17
vt: ty USD
Nguon: Tong hp t nien giam thong ke cua Viet Nam
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3. Co s thay oi ln trong tng quan lc lng cac chu au t
quoc te
- au the ky XX: Anh, Phap, My, c, Ha Lan
- Gia the ky XX: My, Anh, Phap
- T thap nien 70: Nhat Ban
- Mot so nam gan ay: cac nc ang phat trien bat au
au t ra nc ngoai.
4. Khu vc ong A ang noi len nh la mot khu vc hap dan
nhat von FDI xet trong khu vc cac nc ang va kem phat
trien

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5. Co s thay oi sau sac, can ban ve c cau au
t theo lnh vc au t quoc te
au the ky XX: cac lnh vc truyen thong thu
hut nhieu lao ong, khai khoang, che bien nong
san.
Ngay nay, lnh vc au t a thay oi:


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6. Cac cong ty xuyen quoc gia (TNCs) ong vai tro quan trong
trong hoat ong FDI cua the gii
7. Thong qua FDI, gia tang quoc te hoa cac hoat ong nghien
cu khoa hoc-cong nghe cua cac TNCs
8. Trong chien lc hap thu von FDI cua tat ca cac quoc gia
tren the gii hien nay eu hng ti hieu qua s dung
ong von o so vi quy mo von thu hut c.