SO 5 Chuyen de Dau Tu Cong No Cong Final PDF

THNG TIN CHUYN
U T CNG, N CNG V MC
BN VNG NGN SCH VIT NAM
PUBLIC INVESTMENT, PUBLIC
DEBT AND STATE BUDGET
SUSTAINABILITY
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MC LC
I. Tng quan v u t cng, n cng, v mc bn vng ngn sch................. 1
1.
Tng quan v u t cng............................................................................... 1
2.
Tng quan v n cng..................................................................................... 2
3.
Bn vng NSNN.............................................................................................. 6
4.
Mi quan h gia u t cng, n cng v thm ht NSNN ......................... 8
II. Thc trng u t cng, n cng v mc bn vng ngn sch Vit Nam ...10
1.
Thc trng u t cng ca Vit Nam.......................................................... 10

1.1. Thc trng u t cng............................................................................... 10
1.2. nh gi v hot ng u t cng Vit Nam.......................................... 13
1.2.1. Cc kt qu t c ............................................................................ 13
1.2.2. Nhng hn ch thiu st ....................................................................... 14
1.3. Nguyn nhn ca cc yu km .................................................................... 19
2.
Thc trng n cng ca Vit Nam................................................................ 21

2.1. Din bin n cng ca Vit Nam................................................................. 21
2.2. nh gi thc trng n cng Vit Nam.................................................... 26
2.2.1. Nhng mt tch cc .............................................................................. 26
2.2.2. Nhng hn ch trong vic s dng n cng .......................................... 26
3.
Mi quan h gia n cng, u t cng v mc bn vng NSNN .......... 30
III. Kin ngh mt s gii php nhm s dng hiu qu ngun n cng, u t
cng v tng cng mc bn vng NSNN........................................................ 33
1. Ti c cu tng th nn kinh t........................................................................ 33
2. Ti cu trc u t cng .................................................................................. 33
3. Qun l n cng hiu qu ................................................................................ 36
4. Lnh mnh ha, m bo k lut ti kha, an ninh, an ton ti chnh .......... 40
SUMMARY: PUBLIC INVESTMENT, PUBLIC DEBT AND STATE BUDGET
SUSTAINABILITY................................................................................................ 41
TI LIU THAM KHO...................................................................................... 47
TRUNG TM THNG TIN T LIU S 5/2013
U T CNG, N CNG V MC BN VNG NGN SCH

VIT NAM
I.
Tng quan v u t cng, n cng, v mc bn vng ngn sch
1.
Tng quan v u t cng
Hin nay, c nhiu cch hiu u t cng khc nhau ty thuc vo iu kin v
trnh pht trin kinh t tng nc. Tuy nhin, mt cch khi qut nht c th hiu
u t cng l vic s dng cc ngun vn Nh nc u t nhm thc hin cc
mc tiu ca cc chng trnh, d n phc v pht trin kinh t - x hi.
Ngun vn cho u t cng bao gm cc ngun chnh sau y:
- Vn Ngn sch Nh nc (NSNN): NSNN l h thng quan h kinh t pht
sinh trong qu trnh phn phi cc ngun ti chnh ca x hi to lp v s dng
qu tin t nh nc nhm thc hin cc chc nng ca Nh nc. NSNN c hnh
thnh t cc khon thu thu, ph v l ph. Trong thu l khon thu chim t trng
ln nht ti hu ht cc quc gia trn th gii, khng phn bit ch chnh tr.
Khon thu ny c xy dng trn c s trao i ngha v gia cng dn vi nh
nc. Ph v l ph l ngun thu thng c cp u tin trong cc ngun thu vn
c ca NSNN v n trc tip gn vi chc nng cung cp hng ha cng.
- Vn tn dng Nh nc: Vn tn dng Nh nc l khon n pht sinh t cc
khon vay trong nc, nc ngoi, c k kt, pht hnh nhn danh Nh nc, nhn
danh Chnh ph hoc cc khon vay khc do B Ti chnh k kt, pht hnh, u
quyn pht hnh theo quy nh ca php lut.
- Vn ODA: ODA l ngun vn h tr chnh thc t bn ngoi bao gm cc
khon vin tr v cho vay vi iu kin u i. ODA c hiu l ngun vn dnh
cho cc nc ang v km pht trin c cc c quan chnh thc v c quan tha
hnh ca chnh ph hoc cc t chc lin chnh ph, cc t chc phi chnh ph ti tr.
i tng ca u t cng hu ht cc nc u l cc chng trnh mc tiu,
d n pht trin kt cu h tng k thut, kinh t, x hi, mi trng, quc phng, an
ninh; Chng trnh mc tiu, d n phc v hot ng ca cc c quan nh nc, n
v s nghip, t chc chnh tr, t chc chnh tr - x hi, k c vic mua sm, sa
cha ti sn c nh bng vn s nghip; Cc d n u t ca cng ng dn c, t
chc chnh tr - x hi - ngh nghip c h tr t vn nh nc; Chng trnh mc
tiu, d n u t cng khc theo quyt nh ca Chnh ph.
Vai tr u t cng gn lin vi quan nim v vai tr ch o ca kinh t nh
nc ni chung v vai tr b ca bn tay nh nc ni ring trong qu trnh pht
trin kinh t - x hi theo yu cu pht trin bn vng v bo m an sinh x hi.
Thc t, vai tr ca u t cng c th hin r cc im nh sau:
Mt l, u t cng gp phn thc y qu trnh cng nghip ha hin i ha,
pht trin kinh t v m bo an sinh x hi: u t cng ng gp ln vo tng
trng, chuyn dch c cu kinh t, Trong bi cnh khng hong kinh t ton cu
th u t cng cng ni bt vai tr duy tr ng lc tng trng kinh t thng qua cc
gi kch cu ca Chnh ph.
Hai l, u t cng gp phn nh hnh v pht trin c s h tng kinh t - x
hi quc gia.
Ba l, u t cng lm gia tng tng cu ca x hi: u t cng chim t trng
ln trong tng u t ca ton b nn kinh t. Khi tng cung cha thay i, s tng
ln ca u t lm cho tng cu tng ko sn lng cn bng v gi cn bng cng
tng.
Bn l, u t cng lm gia tng tng cung v nng lc kinh t: u t cng lm
tng nng lc sn xut lm tng cung tng v sn lng tng, gi gim xung cho
php tiu dng tng. Tng tiu dng li kch thch sn xut pht trin v lm kinh tx hi pht trin.
Nm l, u t cng c vai tr nh l khon u t mi, to c huch v duy
tr ng lc tng trng. u t cng nh v v cng c nn kinh t trong mi quan
h ca khu vc v quc t. To nim tin v ng lc cho cc ngun u t khc vo
trong nc gp phn tng trng kinh t.
Su l, u t cng gp phn gii quyt vic lm, gim thiu t l tht nghip,
to vic lm v thu nhp cho ton x hi.
2.
Tng quan v n cng
N cng l mt khi nim tng i phc tp, xung quanh khi nim v ni hm
ca n cng vn cn nhiu quan im cha thng nht. Theo Ngn hng Th gii
(WB) v Qu tin t quc t (IMF), N cng, theo ngha rng, l ngha v n ca khu
vc cng, bao gm cc ngha v ca Chnh ph trung ng, cc cp chnh quyn a
phng, ngn hng trung ng v cc t chc c lp (ngun vn hot ng do
NSNN quyt nh hay trn 50% vn thuc s hu nh nc v trong trng hp v
n, nh nc phi tr n thay). Theo ngha hp, n cng bao gm ngha v n ca
Chnh ph trung ng, cc cp chnh quyn a phng v n ca cc t chc c
lp c Chnh ph bo lnh thanh ton.
Quan nim v n cng ca WB v IMF cng tng t nh quan nim ca H
thng qun l n v phn tch ti chnh ca Din n Thng mi v Pht trin Lin
hp quc, bao gm bn nhm ch th: (1) n ca Chnh ph Trung ng v cc B,
ban, ngnh trung ng; (2) n ca cc cp chnh quyn a phng; (3) n ca Ngn
hng Trung ng; v (4) n ca cc t chc c lp m Chnh ph s hu trn 50%
vn, hoc vic quyt lp ngn sch phi c s ph duyt ca Chnh ph hoc Chnh
ph l ngi chu trch nhim tr n trong trng hp t chc v n.
Hin nay, ty thuc vo th ch kinh t - chnh tr, quan nim v n cng mi
quc gia cng c s khc bit. Theo quy nh ca php lut Vit Nam, n cng c
hiu bao gm ba nhm l: n Chnh ph, n c Chnh ph bo lnh v n chnh

quyn a phng. Trong :
- N Chnh ph l khon n pht sinh t cc khon vay trong nc, ngoi nc,
c k kt, pht hnh nhn danh Nh nc hoc cc khon vay khc do B Ti
chnh k kt, pht hnh, y quyn pht hnh theo quy nh ca php lut. N Chnh
ph khng bao gm khon n do Ngn hng Nh nc Vit Nam pht hnh nhm
thc hin chnh sch tin t trong tng thi k;
- N c Chnh ph bo lnh l khon n ca doanh nghip, t chc ti chnh,
tn dng vay trong nc, nc ngoi c Chnh ph bo lnh.
- N chnh quyn a phng l khon n do y ban nhn dn tnh, thnh ph
trc thuc trung ng k kt, pht hnh hoc y quyn pht hnh.
Khi nim v n cng ca Vit Nam c nh gi l hp hn so vi thng l
quc t. Ti hu ht cc nc trn th gii, Lut Qun l n cng u xc nh: N
cng gm n ca Chnh ph v n c Chnh ph bo lnh. Mt s nc v vng
lnh th, n cng cn bao gm c n ca chnh quyn a phng (i Loan,
Bungari, Rumani), n ca doanh nghip nh nc phi li nhun (Thi Lan,
Innxia).
Nh vy, mt cch khi qut nht, c th hiu n cng l tng gi tr cc khon
tin m Chnh ph thuc mi cp t trung ng n a phng i vay nhm b p
cho cc khon thm ht ngn sch v Chnh ph phi chu trch nhim trong vic chi
tr khon vay . V th, n cng ni cch khc l thm ht ngn sch ly k tnh n
mt thi im no . d hnh dung quy m ca n Chnh ph, ngi ta thng o
xem khon n ny bng bao nhiu phn trm so vi GDP.
N cng xut pht t nhu cu chi tiu cng qu ln ca Chnh ph. Chi tiu cng
nhm: Phn b ngun lc; phn phi li thu nhp; n nh kinh t v m. Tuy nhin,
chi tiu cng qu ln hay km hiu qu cng s gy ra nhng bt n cho nn kinh t.
Nhu cu chi tiu qu nhiu trong khi cc ngun thu khng p ng ni buc Chnh
ph phi i thng qua nhiu hnh thc (nh pht hnh cng tri, tri phiu, hip nh
tn dng) v vay tin trc tip t cc ngn hng thng mi, cc th ch ti chnh quc
t b vo khon thm ht, t dn n tnh trng n cng.
Phn loi n cng
C nhiu tiu ch phn loi n cng, mi tiu ch c mt ngha khc nhau
trong vic qun l v s dng n cng. Tng ng vi mi loi n s c gii php
qun l bo m quy m n ph hp, qua s ch ng tng hay gim n to
ngun thc y pht trin kinh t x hi. Cc tiu ch phn loi n cng hin nay
gm:
Theo tiu ch ngun gc a l ca vn vay: N cng gm c hai loi: N trong
nc v n nc ngoi. N trong nc l n m bn cho vay l c nhn, t chc trong
nc. N nc ngoi l n cng m bn cho vay l Chnh ph nc ngoi, vng lnh
th, t chc ti chnh quc t, t chc v c nhn nc ngoi. Vic phn loi ny gip
xc nh chnh xc hn tnh hnh cn cn thanh ton quc t. Vic qun l n nc
ngoi cn nhm m bo an ninh tin t, v cc khon vay nc ngoi ch yu bng
ngoi t t do chuyn i hoc cc phng tin thanh ton quc t khc.
Theo phng thc huy ng vn: N cng c hai loi: N cng t tha thun
trc tip v N cng t cng c n. N cng t tha thun trc tip l khon n cng
xut pht t nhng tha thun vay trc tip ca c quan Nh nc c thm quyn vi
c nhn, t chc cho vay. Phng thc huy ng vn ny xut pht t nhng hp
ng vay, hoc tm quc gia l cc hip nh, tha thun gia cc nh nc. N
cng t cng c n l khon n cng xut pht t vic c quan Nh nc c thm
quyn pht hnh cc cng c n vay vn. Cc cng c n ny c thi hn ngn
hoc di, thng c tnh v danh v kh nng chuyn nhng trn th trng ti
chnh.
Theo tnh cht u i ca khon vay lm pht sinh n cng: N cng c ba loi:
N cng t vn vay ODA, n cng t vn vay u i v n thng mi thng thng.
Theo trch nhim i vi ch n: N cng c phn loi thnh n cng phi tr
v n cng bo lnh. N cng phi tr l cc khon n m Chnh ph, chnh quyn a
phng c ngha v tr n. N cng bo lnh l khon n m Chnh ph c trch
nhim bo lnh cho ngi vay n, nu bn vay khng tr c n th Chnh ph s c
ngha v tr n.
Theo cp qun l n: N cng c phn loi thnh N cng ca trung ng v
N cng ca chnh quyn a phng. N cng ca trung ng l cc khon n ca
Chnh ph, n do Chnh ph bo lnh. N cng ca a phng l khon n cng m
chnh quyn a phng l bn vay n v c ngha v trc tip tr n.
c trng ca n cng
Tuy c nhiu cch tip cn rng hp, khc nhau, nhng v c bn, n cng c
nhng c im ch yu sau:
Th nht, n cng l khon n rng buc trch nhim tr n ca Nh nc c
th hin di hai gc tr n trc tip v tr n gin tip. Tr n trc tip c hiu
l c quan nh nc c thm quyn s l ngi vay v do c quan nh nc s chu
trch nhim tr n khon vay. Tr n gin tip l trng hp c quan nh nc c thm
quyn ng ra bo lnh mt ch th trong nc vay n, trong trng hp bn vay
khng tr c n th trch nhim tr n s thuc v c quan ng ra bo lnh.
Th hai, n cng c qun l theo quy trnh cht ch vi s tham gia ca c
quan nh nc c thm quyn nhm m bo hai mc ch: m bo kh nng tr n
ca n v s dng vn vay (m bo cn cn thanh ton v m) v an ninh ti chnh
quc gia; t c nhng mc tiu ca qu trnh s dng vn. Bn cnh , vic
qun l n cng mt cch cht ch cn c ngha quan trng v mt chnh tr x hi.
Th ba, mc tiu cao nht trong vic huy ng v s dng n cng l pht trin
kinh t x hi v li ch cng ng. N cng c huy ng v s dng khng phi
tha mn nhng li ch ring ca bt k c nhn, t chc no, m v li ch chung
ca cng ng.
Bn cht ca n cng
Vay n l mt cch huy ng vn cho pht trin. Bn cht n khng phi l xu.
N em li rt nhiu tc ng tch cc cho nn kinh t ca cc nc i vay. Nhng
nn kinh t ln trn th gii nh M, Trung Quc, Nht Bn cng chnh l nhng
con n ln. N cng c nhiu tc ng tch cc, nhng cng c khng t tc ng tiu
cc. Tc ng tch cc ch yu ca n cng bao gm:
Th nht, n cng lm gia tng ngun lc cho Nh nc, t tng cng
ngun vn pht trin c s h tng v tng kh nng u t ng b ca Nh nc.
Mun pht trin c s h tng nhanh chng v ng b, vn l yu t quan trng nht.
Vi chnh sch huy ng n cng hp l, nhu cu v vn s tng bc c gii
quyt u t c s h tng, t gia tng nng lc sn xut cho nn kinh t;
Th hai, n cng gp phn tn dng c ngun ti chnh nhn ri trong dn c.
Mt b phn dn c trong x hi c cc khon tit kim, thng qua vic Nh nc vay
n m nhng khon tin nhn ri ny c a vo s dng, em li hiu qu kinh t
cho c khu vc cng ln khu vc t;
Th ba, n cng tn dng c s h tr t nc ngoi v cc t chc ti chnh
quc t. Ti tr quc t l mt trong nhng hot ng kinh t ngoi giao quan trng
ca cc nc pht trin mun gy nh hng n cc quc gia ngho, cng nh mun
hp tc kinh t song phng. Bit tn dng tt nhng c hi ny, th s c thm nhiu
ngun vn u i u t pht trin c s h tng, trn c s tn trng li ch i
tc, ng thi gi vng c lp, ch quyn t nc.
Bn cnh nhng tc ng tch cc, n cng cng gy ra nhng tc ng tiu cc:
N cng gia tng s gy p lc ln chnh sch tin t, c bit l t cc khon ti tr
ngoi nc. Nu k lut ti chnh ca Nh nc lng lo v thiu c ch gim st cht
ch vic s dng v qun l n cng s dn n tnh trng tham nhng, lng ph trn
lan. Tnh trng ny lm tht thot cc ngun lc, gim hiu qu u t v iu quan
trng hn l gim thu cho ngn sch. Nhn bit nhng tc ng tch cc v tiu cc
nhm pht huy mt tch cc, hn ch mt tiu cc l iu ht sc cn thit trong xy
dng v thc hin php lut v qun l n cng.
V bn cht, n cng chnh l cc khon vay trang tri thm ht ngn sch.
Cc khon vay ny s phi hon tr gc v li khi n hn, nh nc s phi thu thu
tng ln b p. V vy, suy cho cng, n cng ch l s la chn thi gian nh
thu: hm nay hay ngy mai, th h ny hay th h khc. Vay n thc cht l cch
nh thu dn dn, c hu ht chnh ph cc nc s dng ti tr cho cc hot
ng chi ngn sch. T l n cng/GDP ch phn nh mt phn no v mc an
ton hay ri ro ca n cng. Mc an ton hay nguy him ca n cng khng ch
ph thuc vo t l n/GDP m quan trng hn, ph thuc vo tnh trng pht trin
ca nn kinh t.
Qun l v nh gi n cng
Khi xt n n cng, khng ch cn quan tm ti tng n, n hng nm phi tr
m phi quan tm nhiu ti ri ro v c cu n, vn quan trng phi tnh l kh
nng tr n v ri ro trong tng lai, ch khng ch l con s tng n trn GDP. Hin
nay, tiu ch ph bin nh gi mc an ton ca n cng c p dng c th l:
- Gii hn n cng khng vt qu 50% 60% GDP hoc khng vt qu 150%
kim ngch xut khu. WB a ra mc quy nh ngng an ton n cng l 50% GDP.
- Dch v tr n cng khng vt qu 15% kim ngch xut khu v dch v tr
n ca Chnh ph khng vt qu 10% chi ngn sch. Tuy nhin, trn thc t khng
c hn mc an ton chung cho cc nn kinh t. Khng phi t l n cng/GDP thp l
trong ngng an ton v ngc li. Mc an ton ca n cng ph thuc vo tnh
trng mnh hay yu ca nn kinh t thng qua h thng ch tiu kinh t v m.
- nh gi ng mc an ton ca n cng khng th ch quan tm n t l
n/GDP, m cn phi xem xt n mt cch ton din trong mi lin h vi cc ch
tiu kinh t v m, nht l tc v cht lng tng trng kinh t, nng sut lao ng
tng hp, hiu qu s dng vn (qua tiu ch ICOR), t l thm ht ngn sch, mc
tit kim ni a v mc u t x hi Bn cnh , nhng tiu ch nh: c cu n
cng, t trng cc loi n, c cu li sut, thi gian tr n cng cn c xem xt
khi nh gi bn cht n cng, tnh bn vng ca n cng. Khi n cng tng cao, vt
qu xa gii hn c coi l an ton, nn kinh t rt d b tn thng v chu nhiu sc
p c bn trong v bn ngoi.
Tm li, vic nh gi ng thc trng n cng v bn cht n cng ca nn
kinh t, quc gia l v cng quan trng, c bit trong nhng thi im nhy cm. Bi
l, nu ch ch trng vo con s t l n cng cao mt cch thun ty s gy nn hiu
ng tm l hoang mang, kch ng, thiu tin tng, lm gia tng cng thng x hi, b
gii u c li dng tn cng, d gy ri lon nn kinh t, thm ch dn nn kinh t
n bn b vc ph sn. Ngc li, nu yn tm vi t l n cng cn trong gii hn
an ton m khng phn tch cn trng, ch ng mc n khon n c hnh
thnh nh th no, bng cch no, thc trng nn kinh t ra sao v kh nng tr n th
no, cng d y nn kinh t ri vo vng xoy thm ht ngn sch, tc ng tiu
cc n tng trng.
3.
Bn vng NSNN
Bn vng ngn sch c nh ngha l tnh trng ngn sch lun c kh nng
cung cp cho Nh nc nhng cng c ti chnh kh dng; trong bt k tnh hung
no, thu, chi v n NSNN u c nh nc kim sot mt cch ch ng; trong
ngn hn, trung hn v di hn u khng y Nh nc vo tnh trng v n, mt n
nh, mt an ton ti chnh. Khi ni n bn vng NSNN, cc chnh sch thu, chi ti
6
chnh v n cng s c xem xt chi tit, nht l n cng. Khi NSNN t ti s bn

vng th cc chnh sch thu, chi tin trin n nh, an ton, vng mnh, khng cha
ng nhng nguy c xy ra mt cn i nghim trng, khng dn n v hoc
khng hong ngn sch.
Di gc ti chnh, bn vng ngn sch cho php mang li nhng ngun thu,
nht l nhng ngun thu t thu i vi cc doanh nghip trong ni b nn kinh t,
mt cch n nh v c th ngy cng tng, c kh nng p ng c cc nhu cu chi
mt cch thun li, to ngun cho nh nc thc hin cc nhim v pht trin kinh
t - x hi trong mt giai on. Bn vng ngn sch khng phi l bt ng, khng
thay i theo thi gian v khng gian, bn vng ngn sch phi c hiu l bn vng
trong trng thi ng. Mi nc, mi thi k, ty theo hon cnh kinh t - chnh tr
- x hi c th m c cc mc bn vng tuyt i khc nhau. Do , s khng c
nhng tiu ch hoc nhng ngng c nh v bn vng ngn sch ni chung cho tt
c cc nc, cho mi thi k.
Bn vng ngn sch khng cp n vic ngn sch khng c bi chi. Ngn
sch c xem l bn vng cng khng nht thit phi hon ton khng bi chi trong
nhng chng mc nht nh c v quy m v thi gian. Bn vng ngn sch c
ngha quan trng, chim v tr then cht bo m s bn vng v an ninh ca khu vc
ti chnh cng v ko theo l s bn vng ca c nn kinh t - x hi. Song bn
vng ngn sch cng ph thuc vo s n nh, bn vng nn kinh t, tc tng
trng kinh t, cc yu t cu thnh thu v chi NSNN, qun l n cng v qun l cc
ri ro tim n c kh nng tc ng n bn vng ngn sch. Trong , thu chi n
ngn sch khng ch c hiu n thun l nhng con s hay nhng t l m tim n
bn trong l nhng chnh sch thu, chnh sch chi, chnh sch n, chnh sch ca Nh
nc i vi DNNN, chnh sch an sinh x hi, Ni chung l chnh sch ti chnh
cng m cc Chnh ph , ang v s thi hnh. Cc chnh sch ti chnh cng l ci
ngun v l nhng yu t nh tnh quy nh s bn vng NSNN.
Tnh bn vng ngn sch c nh gi da trn cc yu t nh kh nng thanh
ton; tnh thanh khon; tnh d b tn thng; bo m tng trng bn vng; tnh n
nh; tnh cng bng trong vic s dng NSNN. (Bng 1).
Bng 1: Tiu ch xc nh bn vng NSNN

Tiu ch
Ni hm
Thc o
Kh
nng Kh nng ca Chnh ph trong Gi tr hin ti ca tng ti sn bng
thanh ton
vic thc hin cc ngha v ti hoc ln hn gi tr hin ti ca cc
chnh theo cam kt ca mnh
khon n;
Gi tr hin ti ca ngn sch c bn
ca k tip bng s d n cng k
hin ti.
Tnh
khon
thanh Kh nng ca Chnh ph trong

vic sn sng thanh ton cc ngha
v ti chh hay ngha v n o
hn
Tng ti sn c tnh lng cao (vn

bng tin) hoc cc khon vay
bng hoc ln hn cc khon n o
hn.
Mt tnh thanh khon khi tng cc
ti sn d chuyn i thnh tin v
cc khon vay khng s n o
hn.
Tnh d b tn Ri ro m cc khon n pht trin

thng
theo chiu hng vi phm tnh
thanh khon hoc kh nng thanh
ton v bo trc c nguy c xy
ra khng hong
Thiu kh nng ti ti tr gy ra tnh

trng mt tnh thanh khon, li sut
cao v do vy s mt kh nng thanh
ton.
Tng trng Chnh sch ti kha phi thc y Cc ch s v thu, chi, n ngn sch
v pht trin tng trng kinh t
vi GDP v tng trng GDP
bn vng
Tnh n nh
Tnh
bng
Kh nng p ng c cc nhu Ch tiu t sut thu NSNN v n

cu chi tiu ca Chnh ph trong trn GDP c duy tr n nh.
khi gnh nng thu vn c duy
tr nh c, khng phi tng thm.
cng Khng lm dch chuyn gnh Ngn sch lin th h; t sut n

nng thu sang cc th h tng trn GDP n nh
lai
Ngun: Bi ng Nghiu (2009), Phn tch mc bn vng ca NSNN Vit

Nam v d bo n nm 2020, Nh xut bn Ti chnh, 2009.
4. Mi quan h gia u t cng, n cng v thm ht NSNN
Trong iu hnh chnh sch pht trin kinh t x hi, Chnh ph c th v cn
thit phi s dng chnh sch NSNN c bi chi tc ng vo nn kinh t. Mc ch
cao nht ca chnh sch ngn sch c bi chi l c thm ngun vn thc hin cc
mc tiu pht trin kinh t - x hi. S dng ngn sch c bi chi ng ngha vi vic
duy tr mt ngn sch c thm ht. Khi thm ht, Chnh ph phi s dng cc cng
c ti chnh cn thit huy ng ngun b p thm ht. Ty theo bi cnh c th s
8
dng nhiu bin php nh pht hnh tin, vay trong v ngoi nc, tng thu, ct
gim chi tiu k c chi trng xuyn v chi u t pht trin.
Thc t nhiu bin php khi thc hin li to ra hiu ng ph. Pht hnh tin b
p c nhc im l cha ng nguy c lm pht. Tng thu, ct gim chi tiu ngn
sch s phi ng u vi cc phn ng ca cc i tng np thu v cc n v l i
tng b ct gim ngn sch. Mt khc, ct gim chi tiu v tng thu cn to ra hiu ng
thu hp tng cu, gim ng lc thc y sn xut kinh doanh, km hm tng trng kinh
t. T thc t , cc Chnh ph cc nc thng u tin la chn gii php vay trong v
ngoi nc b p. Tuy nhin, vay trong nc b p bi chi lun cha ng nguy
c km hm cc hot ng sn xut kinh doanh ca nn kinh t. Nu cc bin php thu
ht tin vay ca Chnh ph cng hp dn th lung tin vn dch chuyn t cc khu vc
doanh nghip v dn c v ngn sch cng ln, do gim ngun tin chy vo sn xut
kinh doanh, do cn tr tng trng kinh t. Vay nc ngoi tuy khng gy hiu ng
gim ngun vn ca khu vc sn xut kinh doanh nhng li phi chu sc p t bn
ngoi. Hn na, vay trong nc v vay nc ngoi u c hiu ng li m li con,
cng ngy cng lm nng thm gnh nng n ca Chnh ph.
vay c tin, Chnh ph phi a dng ha cc hnh thc vay, ng thi phi
thc hin nhiu bin php tng mc hp dn cho ngi vay nh tng li sut,
m rng u i thu thu nhp, cng tng cng i vay, c n gc v li u ngy
cng tng, Chnh ph cng cht thm gnh nng n v cng lm gim quyn lc ti
chnh ca mnh bi phi dnh ra mt phn chi tr cc khon ngha v n o hn
bt buc. u t cng tng cao, dn n thm ht ngn sch ln, n cng tng ln s
ko theo li phi tr tng. n lt n, li phi tr tng s cht thm gnh nng ln
thm ht ngn sch. Vng lun qun ny s trm trng hn trong bi cnh li sut
tng cao, tng trng thp, hiu qu s dng NSNN thp.
Hnh 1: Vng lun qun thm ht ngn sch v n cng
Li phi tr tng
Thm nt ngn sch
Vay b p thm ht
N cng tng
T phn tch trn c th thy, v nguyn tc trong iu kin nn kinh t c tng

trng dng, khi t sut gia tng mc d n trn GDP n nh th Chnh ph c th
tng chi tiu, tng u t trin khai cc chng trnh, chin lc pht trin, thc hin
iu chnh kinh t, kch thch tng trng,Tuy nhin, khng th vay n trn lan
b p chi ngn sch v li tr n s tng ln, to gnh nng n cho Chnh ph.
II. Thc trng u t cng, n cng v mc bn vng ngn sch Vit

Nam
1.
Thc trng u t cng ca Vit Nam
1.1. Thc trng u t cng

u t cng Vit Nam hin c hiu l u t t ngun vn ca Nh nc,
bao gm u t pht trin t NSNN, tri phiu chnh ph, tn dng nh nc, vn vin
tr pht trin chnh thc, u t pht trin ca cc DNNN v cc ngun vn khc ca
Nh nc. Nhn chung, hot ng u t vn nh nc trong nhng nm va qua c
mt v tr, vai tr rt quan trng, gi vai tr ch o v gp phn thu ht c nhiu
ngun lc trong nc v ngoi nc cho u t pht trin, gp phn to nn nhng
thnh tu pht trin kinh t, c th gii nh gi cao v tin tng vo s pht trin,
t nng cao v th ca Vit Nam trn trng quc t.
- V quy m u t cng: Cng vi s pht trin mnh m ca t nc, tng
vn u t ton x hi cng lin tc tng cao. Trong giai on 2002-2012, tng vn
u t trong ton x hi lin tc tng, bnh qun mi nm tng 15,89%. Trong , t
trng u t ca khu vc kinh t nh nc kh ln (bng 2).
Bng 2: Vn u t ca cc thnh phn trong nn kinh t
Nm
Tng
vn u
t (T
ng)
Kinh t
nh
nc
Kinh t
ngoi nh
nc
Khu
vc
FDI
C cu trong tng vn u t
ton x hi (%)
Kinh t
nh nc
Kinh t
ngoi nh
nc
Khu
vc
FDI
T trng so vi GDP (%)
2000
59,1
22,9
18,0
20,2
7,8
6,2
2001
59,8
22,6
17,6
21,2
8,0
6,2
2002
200.145
57,3
25,3
17,4
21,4
9,4
6,5
2003
239.246
52,9
31,1
16,0
20,6
12,1
6,2
2004
290.927
48,1
37,7
14,2
19,5
15,3
5,8
2005
343.135
47,1
38,0
14,9
19,3
15,5
6,1
2006
404.712
45,7
38,1
16,2
19,0
15,8
6,7
2007
532.093
37,2
38,5
24,3
17,3
17,9
11,3
2008
616.735
33,9
35,2
30,9
14,1
14,6
12,8
2009
708.826
40,5
33,9
25,6
17,3
14,5
10,9
2010
830.278
38,1
36,1
25,8
16,0
15,1
10,8
2011
924.495
38,9
35,2
25,9
13,5
12,2
9,0
2012
989.300
37,8
39,9
23,2
Ngun: Tng cc Thng k v Nin gim thng k qua cc nm

10
T bng trn c th thy trong nhng nm gn y, t trng u t ca kinh t

nh nc gim ng k, t mc hn 50% trong tng u t giai on 2001 2005,
xung cn khong 39% giai on 2006 2010, 38% trong 2 nm 2011 2012. Tuy
nhin, cn lu rng t trng u t Nh nc trong tng u t ton x hi gim
khng phi l do Nh nc hn ch u t m ch yu l do s pht trin ca khi
doanh nghip ngoi quc doanh khi khu vc ny c ci tri nh Lut Doanh nghip
nm 2000, do s tng trng ca khu vc c vn FDI khi Vit Nam hi nhp su hn
vo nn kinh t ton cu v do qu trnh c phn ha mt b phn khu vc DNNN.
- V c cu ngun vn u t cng: Trong thi k 2002- 2012, ngun vn t
ngn sch chim t 43% n 64% trong tng s vn u t, ngun vn vay (gm: tri
phiu Chnh ph, tn dng ngn hng do Chnh ph bo lnh, vn tn dng u t pht
trin ca Chnh ph), vn vay nc ngoi chim t 15% n 30% v vn u t ca
cc DNNN khong t 13% n 30%. T trng ngun vn t ngn sch c xu hng
tng lin tc, trong khi t trng vn vay gim mnh qua cc nm (ngoi tr nm
2010), t trng vn u t ca cc DNNN tng mnh trong hai nm 2006-07 v bt
u gim dn t nm 2008.
Bng 3: C cu ngun vn u t cng Vit Nam
Nm
Vn t
ngn sch
Vn vay
Vn u
t ca
DNNN
C cu trong tng vn u t cng
Vn t
ngn sch
Vn vay
Vn u
t ca
DNNN
T trng so vi GDP
2000
43,6
31,1
25,3
8,8
6,3
5,1
2001
44,7
28,2
27,1
9,5
6,0
5,7
2002
43,8
30,4
25,8
9,4
6,5
5,5
2003
45,0
30,8
24,2
9,3
6,4
5,0
2004
49,5
25,5
25,0
9,7
5,0
4,9
2005
54,4
22,3
23,3
10,5
4,3
4,5
2006
54,1
14,5
31,4
10,3
2,8
6,0
2007
54,2
15,4
30,4
9,4
2,7
5,3
2008
61,8
13,5
24,7
8,7
1,9
3,5
2009
64,3
14,1
21,6
11,2
2,4
3,7
2010
44,8
36,6
18,6
7,2
5,8
3,0
2011
52,1
33,4
14,5
7,0
4,5
2,0
2012
54,8
32,4
12,8
Ngun: Tng cc Thng k

Quy m u t cng lin tc tng cao c 3 b phn cu thnh u t cng.
Trong 3 nhm ny, t trng nhm u t t NSNN c xu hng tng, t mc 43,6%
11
nm 2000 ln mc 64,3% nm 2009, nhng li gim xung mc 54,8% vo nm

2011. Trong khi , t trng vn u t Nh nc t vn DNNN c xu hng gim,
t mc 25,3% nm 2000 xung 12,8% nm 2012. Vn u t Nh nc t vn vay
gim t mc 31,1% nm 2000 xung cn 14,1% nm 2009 nhng li tng vt tr li
ti 32,4% vo nm 2012. Cn lu , ngun vn vay c hnh thnh t cc ngun vay
trong nc nh pht hnh tri phiu v vay nc ngoi bao gm vn vay ODA v tri
phiu ngoi t. Tuy t trng vn u t t ngun vn vay gim nhng n khin n
nc ngoi ca Vit Nam tng rt nhanh trong thi gian gn y.
- V phn b vn u t cng gia Trung ng v a phng: Vic phn b
vn u t nh nc c thc hin theo hai cp ngn sch, l cp Trung ng v
cp a phng (cp tnh). Trc nm 2002, t l u t nh nc (ch yu t ngun
thu trong nc ca NSNN) theo hai cp Trung ng v a phng tng ng vo
khong 60% v 40%. T nm 2002 n nay, t l vn c phn b theo cp Trung
ng c xu hng gim lin tc v nm 2012 theo tnh ton s b t l hai cp Trung
ng v a phng tng ng l 41,3% v 58,7%.
Bng 4: Vn u t ca khu vc KTNN phn theo cp qun l
Nm
Tng (t ng)
Trung ng
T ng
a phng
T ng
2002
114.738
57.031
49,7
57.707
50,3
2003
126.558
63.870
50,5
62.688
49,5
2004
139.831
70.613
50,5
69.218
49,5
2005
161.635
82.531
51,1
79.104
48,9
2006
185.102
93.902
50,7
91.200
49,3
2007
197.989
95.483
48,2
102.506
51,8
2008
209.031
103.328
49,4
105.703
50,6
2009
287.534
143.241
49,8
144.293
50,2
2010
316.285
155.788
49,3
160.497
50,7
2011
341.555
148.580
43,5
192.975
56,5
2012 (s b)
374.300
154.586
41,3
219.714
58,7
Ngun: Tng cc Thng k v Nin gim Thng k cc nm

- C cu u t theo ngnh: T trng ngun vn u t nh nc theo cc
ngnh ngh kinh t nm 2011 so vi nm 2005 kh n nh; u t khai khong (gim
t 8,4% xung 6,% trong cng k). u t nh nc vo ngnh vn ti kho bi chim
12
t trng cao nht, l 21% nm 2005 v 20% nm 2011; u t vo sn xut v phn

phi in, kh t chim v tr th 2, tng ng l 14,6% nm 2005 v 14,2% nm
2011; k l cng nghip ch bin, ch to, chim 9,2% nm 2005 v 10,3% nm
2011... Nh vy, vic phn nh chc nng, nhim v ca Nh nc trong nn kinh t
v vn tp trung ngun vn nh nc vo cc dch v cng u tin ca nn kinh t
(cc dch v khng hp dn i vi khu vc t nhn, khu vc t nhn hot ng
khng hiu qu hoc khu vc t nhn khng c kh nng thc hin, nhng cp thit
i vi nn kinh t) cha thc s chuyn bin nh mong mun.
Bng 5: C cu u t cng theo ngnh (%)
Ngun: Tng cc Thng k v Nin gim qua cc nm

1.2. nh gi v hot ng u t cng Vit Nam
1.2.1. Cc kt qu t c
Trong cc ng lc cho tng trng kinh t ca Vit Nam giai on 2001
2010, u t ng mt vai tr rt quan trng th hin trn cc im sau: u t cng
gp phn quan trng trong vic duy tr v thc y tng trng kinh t; u t cng
gp phn pht trin cc c s h tng; u t cng h tr tch cc cho cng tc bo
m an sinh x hi; u t gp phn vo vic n nh kinh t v m. C th:
Mt l, thng qua u t cng, h thng c s h tng trong nc tip tc c
u t v pht trin, to ra cc tc ng lan ta, gp phn ci thin mi trng u t,
13
thc y tng trng kinh t. C th, vn u t pht trin t NSNN c tp trung

u tin cho cc d n kt cu h tng, giao thng quan trng, c ngha chin lc
ca t nc.
Hai l, trong tng u t ton x hi, ngun vn u t cng gp phn gii
quyt kp thi cc nhu cu u t cho cng tc xa i, gim ngho, m bo an sinh
x hi. NSNN c c cu li tng chi cho gio dc o to, khoa hc cng
ngh, y t, vn ha, thng tin, gp phn nng cao ngun lc con ngi, to nn tng
cho pht trin bn vng. ch ng b tr NSNN thc hin cc chng trnh mc
tiu quc gia v xa i gim ngho, qua cung cp thm ngun vn cho pht trin
kinh t - x hi nhng vng kh khn.
Ba l, u t cng pht huy vai tr ca mnh trong vic duy tr n nh kinh t v
m. c bit trong bi cnh tc ng ca suy thoi kinh t ton cu giai on 2008
2010, chnh sch ti kha c ni lng thng qua cc chnh sch kch cu u t.
Nh , u t cng gp phn quan trng trong vic hn ch tc ng tiu cc ca
khng hong kinh t th gii, hi phc v thc y tng trng kinh t, nht l trong
bi cnh u t ca khu vc t nhn v u t nc ngoi suy gim.
1.2.2. Nhng hn ch thiu st
a) Chnh sch khung php l u t cng
Trong nhng nm gn y, Nh nc ban hnh nhiu vn bn quy phm php
lut khc nhau nhm ci thin mi trng u t Vit Nam ni chung v u t
cng ni ring. Mt s Lut lin quan nh: Lut NSNN (2002), Lut u t (2005),
Lut Doanh nghip (2003), Lut Xy dng (2005), Lut u thu (2005), Lut t
ai (2003), Lut Phng chng tham nhng (2005), Lut Thc hnh tit kim, chng
lng ph (2005), Lut Qun l n cng (2009), Lut Qun l, s dng ti sn nh nc
(2008), Bn cnh , ring i vi cc hot ng u t cng c iu chnh bng
cc Ngh quyt ca Quc hi, Ngh nh, Quyt nh ca Chnh ph v TTCP1. Ngoi
ra, cn c c h thng Thng t, Ch th hng dn cc ni dung c th ca cc B
qun l chuyn ngnh nh KH&T, Ti chnh, Xy dng, Nhn chung, cc vn bn
quy phm php lut ni trn v ang l c s php l quan trng qun l u t
ni chung v hot ng u t cng ni ring, ng thi vic thi hnh nhng lut ny
1
Ngh nh s 52/1999/N-CP ngy 8/7/1999 ca Chnh ph v quy ch qun l u t v xy

dng, trong quy nh v ni dung k hoch u t, qun l u t cc d n (sau ban hnh
thm cc Ngh nh sa i, b sung Quy ch ny, gm: Ngh nh s 12/2000/N-CP ngy
5/5/2000, Ngh nh 07/2003/N-CP ngy 30/1/2003); Ngh nh s 16/2005/N-CP ngy
7/3/2005 ca Chnh ph v quy ch qun l u t xy dng cng trnh v Ngh nh 112/2006
sa i, b sung mt s iu ca Ngh nh 16; Ngh nh s 131/2006/N-CP ngy 9/11/2006
ca Chnh ph v Quy ch qun l s dng ngun vn ODA; Ngh nh s 113/2009/N-CP
ngy 15/12/2009 v gim st v nh gi u t; Ngh nh 24/2011/N-CP ngy 5/4/2011 sa
i mt s iu ca Ngh nh s 108/2009/N-CP ngy 27/11/2009 v u t theo hnh thc
BOT, BTO, BT; Quyt nh s 135/2009/Q-TTg ngy 04/11/2009 ca TTCP v ban hnh Quy
ch qun l, iu hnh thc hin cc Chng trnh MTQG; Quyt nh 210/2009/Q-TTg ca
TTCP v nguyn tc, tiu ch v nh mc phn b vn u t t NSNN.
14
mang li mt s kt qu nht nh. Tuy nhin, qua qu trnh trin khai thc hin
cho thy, mt trong nhng yu t nh hng n hiu qu u t cng thi gian va
qua l do h thng php lut v u t cng cn cha hon chnh v cha p ng vi
yu cu thc t. Nhng vng mc trong khung php l v u t hin nay, c th l:
- Nhiu vn bn Lut iu chnh hot ng u t cng cha tht c th, r rng,
ng b v y 2.
- Cha c mt vn bn Lut thng nht iu chnh ton b qu trnh u t cng
(mt vn bn Lut ring) lm c s php l cho vic trin khai thc hin v qun l
u t s dng ngun vn nh nc (s dng ngun vn nh nc khng nhm mc
ch kinh doanh v s dng cho c mc ch kinh doanh). Hin nay, c qu nhiu cc
quy nh lin quan n hot ng u t cng nm cc vn bn quy phm php lut
khc nhau, v vy s c nhng khong trng hoc chng ln nhau, v ng thi gy
kh khn cho cng tc tra cu v thi hnh.
- Cc vn bn quy phm php lut hin hnh cha xc nh r yu cu qun l
nh nc v hot ng u t cng, i tng v ni dung qun l trong cc khu quy
hoch, k hoch, chun b u t, trin khai thc hin d n, qun l s dng vn,
qun l khai thc d n, Bn cnh , vic phn nh trch nhim ca cc ch th
tham gia vo qu trnh qun l u t cng cha c r rng, v vy khi c sai phm
rt kh xc nh c ch th c lin quan n sai phm trong qu trnh qun l.
- Thiu cc ch ti c th m bo vic chp hnh k cng, k lut trong u
t cng, khc phc tnh trng u t phn tn, km hiu qu.
b) Hn ch trong c ch thc hin u t cng
C ch thc hin u t cng Vit Nam hin nay ang tn ti nhiu hn ch.
C th:
- C ch phn b ngun vn ca Vit Nam tuy theo xu hng phn quyn
nh hu ht cc quc gia trn th gii theo ui hin nay nhng li khng to ra c
s cn bng gia vn u t cng gii ngn vi s ng gp vn cp a phng.
C ch hin ti cho php cc tnh c ph duyt cc d n u t sau trnh ln
chnh quyn trung ng xin ngn sch. iu ny v hnh chung khuyn khch cc
a phng v ra nhiu d n c th xin c cng nhiu ngn sch cng tt. H
qu l u t cng lin tc tng cao.
- Quy hoch trung ng khng c tt cng l nguyn nhn khin cho cc
chnh quyn a phng d dng xy dng cc d n i hi vn t trung ng. Cc
quy hoch khu cng nghip, cng hng khng, cng bin, u theo hng khuyn
khch cc a phng phi c nhiu khu cng nghip, c cng hng khng, cng bin
cho ring mnh.
2
Tham kho V Tun Anh, 2010 v bo co ca V Gim st v Thm nh u t (B

KH&T) (bo co phc v Hi tho Ti c cu u t cng 12/2010 Hu).
15
- Vic thc thi cc d n ca Vit Nam phn ln l vn theo hnh thc Nh nc

s hu 100% vn. Vi cc d n c thi gian ngn, n gin th hnh thc s hu ny
em li hiu qu. Nhng vi cc d n c thi gian di hn v phc tp th cc nh
thu d dng qua mt c quan qun l cng nh cc c quan gim st nhm y gi
thnh d n ln cao. Tnh trng cc d n u t cng ca Vit Nam thng b i
vn ln rt nhiu ln l mt minh chng cho vn ny.
- Vn ngn sch m trung ng cp cho a phng thiu c ch gim st. Quc
hi gim st cc d n cp quc gia. Vi cc d n cp a phng th khu gim st
thuc v Hi ng nhn dn cc cp. Do cc c quan ph duyt, thc thi v gim st
u trc thuc a phng trong khi vn cp li thuc trung ng nn rt kh trnh
khi vic cc cp ny cu kt vi nhau lm p kt qu d n thay v m bo c
c d n c hiu qu nhm c th xin c nhiu ngn sch hn cho cc d n
trong tng lai. Vic thiu c ch gim st c lp bn ngoi khin cho d n u t
cng cc a phng tr nn km hiu qu.
- C ch gim st hin nay thiu nhng b phn chuyn trch. Trn nguyn tc,
Quc hi v Hi ng nhn dn cc cp thc hin nhim v ny. Tuy nhin, hu ht
cc i biu Quc hi v Hi ng nhn dn li khng phi l i biu chuyn trch
v bn thn cc a biu cng khng c cc c quan tr gip hu hiu. V l , kh
nng gim st c phn khng c trn vn. Ngoi ra cc hot ng gim st cng
ng cn yu do cc d n u t cng vn cn thiu cng khai. Cha c quy nh r
rng v quyn v trch nhim ca cng ng trong vic tip cn thng tin c th
gim st i vi cc hot ng u t cng mt cch hiu qu nht. Hot ng gim
st thiu hiu qu c xem l mt nguyn nhn quan trng khin cho cc d n tr
nn km hiu qu.
c) Hn ch trong phn cp u t
Vic phn cp u t cng c thc hin mnh m Vit Nam k t nm
2000. V nguyn tc, phn cp qun l u t cng c thc hin ng b vi phn
cp qun l kinh t - x hi v t chc b my hnh chnh cc cp t trung ng ti
a phng.
- Cp trung ng: Quc hi gi vai tr quyt nh phng n b sung ngn sch
trung ng cho tng B, ngnh v mc b sung ngn sch trung ng cho tng tnh,
thnh ph trc thuc trung ng trn c s vn bn trnh ca Chnh ph. Quc hi
quyt nh cc chng trnh, d n quc gia, cc cng trnh xy dng c bn quan
trng u t t NSNN v iu chnh d ton NSNN khi cn thit.
- Cp a phng: Vic phn quyn trong vic quyt nh d n u t v phn
b k hoch u t pht trin c thc hin mnh m k t nm 1997. Trc ,
tt c cc d n a phng u phi do cc c quan Trung ng thm nh v ph
duyt. Trong giai on 1997 2003, cc a phng c thm nh v ph duyt cc
d n nhm B v nhm C; i vi cc d n nhm A th cn phi c s cho php ca
Th tng Chnh ph. T nm 2006 ti nay, tt c cc d n nhm A, B, C u thuc
16
thn quyn thm nh v ph duyt ca a phng. Chnh ph ch ph duyt c d n

trng im quc gia do Quc h quyt nh ch trng.
Trn c s phn cp ca Trung ng, cc tnh v thnh ph s phn cp quyt
nh u t cho cp huyn v x trong mt s lnh vc. y ban nhn dn l c quan
chu trch nhim lp d ton v phn b ngn sch a phng cho u t cng.
c th ca phn cp u t ca Vit Nam l phn cp ng b v phn cp theo
a gii hnh chnh, ngha l phn cp cng cc chc nng, nhim v nht nh i
vi tng cp qun l nh nc theo a gii hnh chnh m cha ch ti c th v
quy m, trnh pht trin, cc yu t t nhin ca tng a phng, cng nh c
th v phm vi, hiu qu ca mt s dch v cng. Cng vi h thng qun l u t
cn nhiu bt cp, u t theo phong tro din ra rm r, dn n vn tnh ha
cc cng bin, tnh ha khu cng nghip, tnh ha cc khu kinh t, tnh ha cc
trng i hc... H qu tt yu ca nhng vn trn l p lc u t a phng
ln, l u t dn tri, manh mn v lng ph.
Phn cp ng lot v i tr: Nu a phng nh l n v phn cp th cc
tnh v thnh ph trc thuc trung ng Vit Nam c chia ra thanh 3 nhm:
Nhm mt gm H Ni v H Ch Minh c hng chnh sch phn cp c bit.
Nhm hai gm ba thnh ph trc thuc trung ng cn li, bao gm Hi Phng,
Nng v Cn Th vi hng chnh sch phn cp khng rng ri nh Nhm mt,
nhng thng thong hn so vi Nhm ba, bao gm 58 tnh thnh cn li, c hng
chung mt chnh sch phn cp, bt chp s khc nhau hin nhin v quy m, khng
gian ti kha, ngun lc, nng lc, ca nhng a phng ny. Vic c mt tm p
phn cp chung cho hu ht tt c cc a phng l iu c th hiu c t gc
chnh quyn trung ng, song iu ny hn ch hiu qu ca chnh sch phn cp:
Mt h thng phn cp hiu qu s iu chnh mc t quyt ca chnh quyn mi
tnh sao cho ph hp vi nng lc ca chnh quyn tnh . Tt nhin, khi khng gian
phn cp ca mi a phng no tr nn rng ri hn th cng cn phi quy nh
trch nhim gii trnh cht ch hn v cng tc iu hnh ca chnh quyn a phng
phi minh bch hn.
Phn cp khng ng b: Phn cp Vit Nam khng ng b, c th l cc
ni dung khc nhau ca phn cp khng song hnh vi nhau, v do vy, khng nhng
khng to ra tc dng cng hng m cn hn ch hiu qu ca phn cp. Chng hn
nh phn cp v thm quyn quyt nh u t cho a phng kh rng, song phn
cp ngun thu li khng c iu chnh mt cch tng ng. Kt qu l trong khi
khng gian t quyt c m rng th ngun lc ti chnh ca a phng vn nh c.
d) Hiu qu u t thp
Bn cnh nhng thnh tch t c, hiu qu u t s dng ngun vn nh
nc cha cao. Do tnh trng u t dn tri, sai i tng hay cng lc trin khai qu
nhiu cc d n vt qu kh nng cn i ca nn kinh t... nn rt nhiu cng trnh
u t d dang, thi gian hon thnh v a vo s dng b ko di.... dn n tnh
17
trng u t cng km hiu qu. Xt v tng th, hiu qu u t ca ton b nn kinh

t Vit Nam trong nhng nm va qua vn cha xng so vi tim nng. Xt v tng
d n, cn khng t d n u t c hiu qu thp hoc khng c hiu qu, khng p
ng c yu cu pht trin kinh t v x hi, c bit c nhng d n, ni dung u t
trng lp, chng cho, hoc gy cn tr, hoc lm mt hiu qu ca cc d n c
u t trc .
Hnh 2: H s ICOR ca khu vc nh nc so v ICOR ca nn kinh t
Ngun: Ph Th Kim Chi, Trn Th Kim Dung, Vn Lm (2013), Hiu qu

u t cng Vit Nam nhn t cc cng c nh lng
Hiu qu u t tnh theo h s ICOR ca ton nn kinh t lun cao hn Hiu
qu u t ca khu vc cng. iu ny ng ngha vi vic lng vn u t khu
cng b ra cho tng trng lun cao hn con s tng ng cn b ra ca u t trong
phm vi ton nn kinh t. C th, trong cc giai on k hoch KT-XH 5 nm, giai
on t 1996-2000, vn u t cng cn cho mt n v tng trng cao gp 1,4 con
s trung bnh ca ton nn kinh t, sau tip tc tng cao hn trong 2 giai on k
hoch 5 nm tip theo (tng ng l 1,4 v 1,5 cho giai on 2000-2005 v 20062010 giai on t 2011 n nay, tuy c gim hn nhng vn u t cng cho tng
trng vn cao hn 1,3 ln so vi mc vn u t trung bnh ton nn kinh t.
ng thi, h s tng quan gia tng trng u t v tng trng gi tr tng
thm ca u t s dng ngun vn nh nc trong thi k 2001 - 2010 l 1,6 ln,
trong giai on 2006 - 2010 l 1,9 ln, cao hn so vi giai on 2001 - 2005 (1,5
ln), cho thy mc tng u t t c 1% tng trng gi tr tng thm ca khu
vc ny giai on sau cao hn giai on trc, nu khng xt n cc yu t khc.
e) C cu u t cha hp l
Hin nay ngun vn u t cng qu ch trng vo lnh vc kinh t. T trng
u t cho kinh t chim gn 80% v c xu hng tng ln trong cc giai on, trong
18
khi u t vo lnh vc x hi con ngi chim t l khim tn v ang c xu

hng gim i. S bt cp ny th hin s ln t ca kinh t Nh nc vi kinh t t
nhn nhiu lnh vc t nhn c th tham gia m cha th hin c vai tr x hi v
dch v cng cng ng vi mc tiu hng u ca u t cng l u t nhng lnh
vc m t nhn khng lm c hoc khng mun lm nhng li gii quyt vn
cng bng v an sinh x hi.
Bng 6: T l u t cho cc lnh vc kinh t, x hi (%)
Nm
Kinh t
X hi
Qun l
1995 2000
77,8
16,0
6,2
2001 2005
78,6
16,4
5,0
2006 2010
75,3
15,7
9,0
2011 - 2012
77,15
13,55
9,3
Ngun: Tng cc Thng k

Bn cnh , u t cng cho lnh vc qun l nh nc c xu hng tng ln,
t 6,2% ca giai on 1995 2000 ln 9,3% giai on 2011-2012, cho thy cng tc
ci cch hnh chnh t hiu qu cha cao.
1.3. Nguyn nhn ca cc yu km
S yu km ca nn kinh t ni chung v u t cng ni ring l do cc nguyn
nhn sau:
Mt l, vic ban hnh nhiu vn bn quy phm php lut lin quan n cng tc
qun l u t cng, nhm to c s php l trong iu hnh v qun l. Tuy nhin,
cc vn bn hng dn cn chng cho, cha c s thng nht, cha ph hp vi tnh
hnh thc t, dn n vic p dng rt khc nhau, gy kh khn cho vic hon chnh
cc th tc trin khai thc hin.
Hai l, quyt nh u t cng vt qu kh nng ca nn kinh t dn n u t
dn tri, ko di. Vic phn b vn u t cho cc d n vn cha hp l: Vic phn b
vn cho cng trnh cha tnh n cng tc bi thng, ti nh c n khi khai trin u
t xy dng b vng th mi bt u tnh n; a s cc d n u vt thi gian cn
i vn theo quy nh. T lm nh hng n tin thi cng, tin gii ngn vn
u t, u ko di thi gian u t ca d n gy lng ph v km hiu qu.
Ba l, quy hoch, c bit l quy hoch u t khng pht huy c tnh vng.
Cng tc quy hoch trin khai cha kp thi, cha theo kp vi qu trnh thay i ca
cc yu t khch quan. Mt s quy hoch ngnh, sn phm quan trng cn cha c
tin hnh xy dng hoc ang trong qu trnh nghin cu; cht lng mt s d n
19
quy hoch cha cao cha c tm nhn xa, mt s cng trnh ra trong quy hoch cn
mang tnh gii quyt tnh th.
Bn l, phn cp u t khng ph hp nng lc. Hin tn ti mt s bt cp
trong phn cp qun l u t cng. Vic phn cp, phn quyn u t cho cc a
phng, c s kinh t m thiu s kim sot li gy ra tnh trng u t dn tri trm
trng hn, i khi u t khng v mc ch kinh t. a phng ua nhau xy dng
cng nghip trn lan (xy dng nh my ng, luyn cn thp, xi mng, cng
bin,...), ph v quy hoch v c cu ca nn kinh t.
Nm l, c ch phi hp gia cc a phng cn yu. Quan h gia cc a
phng vi nhau hin nay mang tnh cnh tranh nhiu hn l phi hp. Mc d c tn
ti mt s c ch iu phi vng, chng hn nh thng qua cc Ban ch o vng,
song ban ch o ny hot ng trn c s kim nhim v bn thi gian. Hn na
ngun lc v con ngi, ti chnh, v t chc ca cc Ban ch o u rt hn ch. Tt
c nhng iu ny dn n mt h qu l vic phi hp gia cc a phng vi nhau
hin nay rt lng lo.
Do c ch v li ch cc b a phng, tnh no cng mun tr thnh mt thc
th kinh t "hon chnh" nng - cng nghip - dch v, km theo l trng i hc,
bn cng, sn bay, khu kinh t... mc du khng hi iu kin.
Cng nghip ha t nc khng c ngha l tnh no, huyn no cng cng
nghip ha m cn c s phn cng lao ng hp l ph hp vi li th ca tng
vng. Trong khi , s lin kt v quy hoch vng cn xa mi p ng yu cu lm
cho ngun lc b phn tn, trng cho, hiu qu thp, nn kinh t nc nh yu
cng yu thm. S d c tnh trng ny mt phn do s ln ln khi nim, mt phn
khc do tm l a phng ch ngha, cn bnh nhim k v nht l cch nh gi
thnh tch, phn b ngn sch v vn u t t trung ng thc y cuc chy ua
v d n, cng trnh, tc tng trng "GDP tnh-thnh.
Su l, theo di, gim st u t khng st, km hiu lc, hiu qu. Cc c ch
gim st hin nay va tn ti xung t v li ch. Ch u t va thm nh, gim st
v nh gi hiu qu. Bn cnh cng tn ti mt c ch gim st na ngy cng
chng t vai tr quan trng l thng qua cc c quan i biu dn c. Tuy nhin,
cho n thi im ny, hiu qu v hiu lc ca hot ng gim st ca Hi ng
nhn dn cc cp cn rt hn ch. Bn cnh , cha hnh thnh c h thng thng
tin chung v u t cng gia cc B, ngnh, a phng thng nht trong vic
theo di, gim st u t cng. iu ny dn n s khng minh bch, khng thun
tin trong vic qu trnh thc hin u t.
By l, vn hnh, duy tu bo dng i vi cc cng trnh u t c s h
tng t ngun vn NSNN khng tng hp vi u t. Chnh sch u t ch quan
tm n cc d n u t mi, khng quan tm n cng tc bo dng, vn hnh
khai thc c hiu qu cc d n u t cng. Cc cng trnh c u t lun
20
cn mt lng chi ph thng xuyn vn hnh v bo dng. Th nhng thi

gian qua, Vit Nam cha ch trng ng mc cho chi vn hnh v bo dng.
Ngn sch chi thng xuyn v ngn sch chi u t pht trin c son lp mt
cch ring r lm gim hiu qu s dng ngun lc cng. Hu qu l trong mt s
ngnh, phn ln cc cng trnh qui m ln khng mang li hiu qu do thiu duy
tu, bo dng.
2.
Thc trng n cng ca Vit Nam
2.1. Din bin n cng ca Vit Nam

Vit Nam m ca kinh t c gn 30 nm v t c nhng bc pht
trin vt bc. Tuy nhin, Vit Nam vn thuc nhm cc nc ang pht trin, quy
m nn kinh t ca Vit Nam nh so vi mt bng chung ca th gii, nn kinh t ph
thuc nhiu vo xut khu sn phm nng nghip th v cng nghip nh l ch yu.
Do , hin ti v trong tng lai gn, vic tng vay n chnh ph ni ring v n
cng ni chung l mt nhu cu tt yu v Vit Nam vn rt cn s h tr v mt ti
chnh t cc t chc n phng, a phng trn th gii pht trin nn kinh t.
- Chnh sch qun l n cng
Trong nhng nm gn y, Nh nc ban hnh nhiu vn bn quy phm php
lut khc nhau nhm qun l n cng Vit Nam. Mt s Lut lin quan nh Lut
Qun l N cng 2009, Lut NSNN (2002), Bn cnh , i vi hot ng qun l
n cng c iu chnh bng cc Ngh quyt ca Quc hi, Ngh nh, Quyt nh
ca Chnh ph v TTCP nh: Ngh nh 134/2005/N-CP ca Chnh ph ngy
1/11/2005 ban hnh quy ch vay v tr n nc ngoi, Ngh nh 136/2006/N-CP
ngy 9/11/2006 ca Chnh ph ban hnh quy ch qun l v s dng ngun h tr
pht trin chnh thc, cn c vo cc ngh nh ny, Th tng Chnh ph ban
hnh cc quy ch hng dn c th v quy trnh, th tc i vi tng nghip v qun
l n nc ngoi nh phn cp va qun l bo lnh Chnh ph, cho vay li t ngun
vay, vin tr nc ngoi ca Chnh ph, xy dng ch tiu nh gi, gim st tnh
trng v bo co thng tin n.
Nhn chung, cc vn bn quy phm php lut iu chnh hot ng vay n nc
ngoi tng i ng b v y th hin nhng quan im i mi trong qun l
n ca Chnh ph ph hp vi Lut NSNN (2002). Khun kh php lut v th ch
cho qun l n cng c nhng bc ci thin ng k t khi Lut Qun l n cng
(2009) v Ngh nh 79/2012/N-CP hng dn nghip v qun l v n cng ban
hnh v c hiu lc vo 1/1/1013. Vai tr ca cc thit ch ch yu nh Quc hi,
Chnh ph, Th tng Chnh ph, B Ti chnh, B K hoch v u t, Ngn hng
Nh nc c quy nh r t khu hoch nh ch trng n cc khu c th ca
ca qu trnh qun l n. c bit Lut quy nh r B Ti chnh c vai tr v
trch nhim trong qu trnh qun l n cng. iu ny khc phc c nhng hn
ch ca nhng nm trc l vai tr v mi quan h ca Chnh ph v c quan Chnh
ph nh B Ti chnh, B K hoch v u t, NHNN u cha r. Hn na vic
21
thnh lp Cc Qun l n thuc B Ti Chnh l mt bc tin ln v mt thit ch

qun l, a Vit Nam tin st vi cc nc c khun kh php l v th ch qun l
vng mnh trn th gii.
- Thc trng n cng
Trn thc t, nhng nm qua n ca cng ca Vit Nam tng nhanh c v gi tr
tuyt i cng nh t l n cng trn GDP (bng 7).
Bng 7: S liu n cng Vit Nam t 2006 2012
2006
2007
2008
2009
2010
2011
2012
Tng Cng 15,641.33 19,252.56 21,816.50 27,928.67 58,913.07 66,391.18 77,480.98

N nc
ngoi
13,920.70 16,626.24 18,833.19 24,149.46 32,741.27 37,643.91 42,097.02
N trong
nc
1,720.63 2,626.32 2,983.31 3,779.21 26,171.80 28,747.27 35,383.96
N
cng/GDP
47.00
49.60
52.90
56.30
54.90
55.70
(%)
44.50
N nc
ngoi/GDP
32.5
29.8
39
42.20
41.5
41.1
(%)
31.4
N Chnh
ph/GDP
(%)
44.6
43.2
43.3
N Chnh
ph so vi
thu ngn
sch (%)
157,9
162,0
172,0
Ngha v tr
n so vi
thu NSNN
(%)
17.60
15.6
14.6
Ngha v tr
n so vi
xut khu
(%)
4
3.8
3.3
4.2
3.40
3.5
3.5
Ngun: Bn tin n s 7, thng 7/2011 v s 2 nm 2013, B Ti chnh

Theo s liu t B Ti Chnh, quy m n ngy cng ln v tng nhanh trong
nhng nm gn y. Nu nm 2006, n cng khong gn 16 t USD chim 44,5%
GDP, tuy nhin n nm 2012, mc n tng ln 77 t USD (5 ln), chim 55,7%
GDP.N nc ngoi v n trong nc ca Chnh ph u tng, vic pht hnh tri
phiu Chnh ph thnh cng cng vi vic thu ht vn ODA t nc ngoi lm cho
tng mc n ca Chnh ph tng ln trung bnh t 43% trong 3 nm gn y. V c
cu n, trc nm 2010, n nc ngoi chim t trong kh ln (hn 80%) trong tng
s n cng, tuy nhin t l ny c xu hng gim trong cc nm 2010 2012.
S liu n cng ca Vit Nam c s chnh lch ng k so vi s nh gi ca
cc t chc quc t. Theo The Economist Intelligence Unit, n cng ca Vit Nam
22
nm 2001 l 11,5 t USD, tng ng 36% GDP, bnh qun mi ngi gnh s n
cng xp x 144 USD. Nhng tnh n ht nm 2010, n cng tng ln 55,2 t
USD, tng ng 54,3% GDP v Vit Nam c xp vo nhm c mc n cng
trn trung bnh. Nh vy, trong vng 10 nm t 2001 n nay, quy m n cng
tng gp 5 ln so vi tc tng trng n trn 15% mi nm. Nu tip tc vi tc
tng ny ch trong vng 5 nm na, n nm 2016, n cng ca Vit Nam s vt qu
100% GDP nh hai nc thnh vin EU lm vo khng hong n cng gn y l Hy
Lp (133,6% GDP), Ailen (129,2%GDP). N cng t trn 100% GDP l mt con s
khng nh i vi nhiu nn kinh t ang pht trin v quy m nh, ph thuc nhiu
vo xut khu sn phm nng nghip th v cng nghip nh nh Vit Nam.
Tnh hnh tr n ca Vit Nam
T nm 2006 n nay, tnh hnh tr n cng ca Vit Nam khng n nh v hu
nh khng c s gia tng ng k v gi tr, trung bnh hng nm Vit Nam dnh ra
trn 3,5% GDP chi tr n v vin tr. T l tr n/tng n cng gim dn qua cc
nm, t 9,09% nm 2006 xung cn 6,53% nm 2010. Trong khi , quy m ca cc
khon n cng ngy cng tng ln vi tc nhanh chng.
Bng 8: Tnh hnh tr n ca Vit Nam
2006
Tng tr
n trong
k
Tng tr
n gc
trong k
Tr li v
ph
2007
2008
2009
2010
2011
2012
764.51
885.90 1,103.88 1,290.94 6,547.07
7,485.76
10,215.77
435.51
504.83 679.49
806.56
4,570.34
5,236.11
6,422.21
329.00
381.07 424.39
484.38
1,976.73
2,249.65
3,793.56
Ngun: Bn tin n s 7, thng 7/2011 v s 2 nm 2013, B Ti chnh

Tnh hnh qun l n cng
N cng c o bng t l phn trm so vi GDP. Nhng nu ch xt ch tiu t
l n cng/GDP xc nh mc an ton l cha v cha phn nh ng thc
cht vn . Do , nh gi c hiu qu qun l n cng ca Vit Nam, ta s
dng phng php v c s m WB (2005) p dng nh gi hiu qu qun l n
cng cng nh tnh trng n cng ca cc nc ngho c t l n cao (HIPCs)3.
Hp 1: nh gi tnh n nh ca n nc ngoi
Vic nh gi tnh n nh v mc bn vng ca n cng c thc hin qua
vic nh gi cc ch tiu sau:
- T l n nc ngoi/xut khu (NPV/X): o lng gi tr hin ti rng ca n
nc ngoi lin quan n kh nng tr n ca quc gia ly t ngun thu xut khu.
Ngng an ton ca t l ny l 150%.
3
Mai Thu Hin v Nguyn Th Nh Nguyt (2011), Tnh hnh n cng v qun l n cng
Vit Nam , Tp ch Ngn hng, s 14 nm 2011.
23
- T l n nc ngoi/thu NSNN (NPV/thu ngn sch): o lng gi tr hin ti

rng ca n nc ngoi lin quan n kh nng tr n ca quc gia ly t ngun thu
NSNN. Ngng an ton ca t l ny l 250%.
- Mt quc gia c xem l an ton nu nh t l NPV/X nh hn 150%; t l
NPV/DBR nh hn 250%. Theo mc ngng ca HIPCs, ch tiu th hai ch c s
dng nu nh p ng hai iu kin: T l xut khu/GDP (X/GDP) phi ln hoc bng
30%; t l thu NSNN/GDP (thu ngn sch/GDP) phi ln hn 15%.
Ngun: Mai Thu Hin v Nguyn Th Nh Nguyt (2011), Tnh hnh n cng v
qun l n cng Vit Nam, Tp ch Ngn hng, s 14 nm 2011.
Qua tnh ton ca nhm tc gi Mai Thu Hin v Nguyn Th Nh Nguyt

(2011), c th thy t nm 2004 n nm 2010, t l X/GDP ca Vit Nam lun
mc cao, trung bnh l 64,28%; trong khi t l thu ngn sch /GDP trung bnh mc
31,75%, thp nht l 22,35% vo nm 2009. Do , Vit Nam p ng c hai iu
kin X/GDP 30% v DBR/GDP 15%. Trong khi , t l NPV/X 150% (NPV/X thp,
lun di mc 60%) v NPV/thu ngn sch 250% (NPV/thu ngn sch lun di
150%). Nh vy, n cng ca Vit Nam p ng c yu cu v n bn vng v
c nh gi l vn ngng an ton m WB4.
Trong vi nm gn y, mt cch tip cn mi m WB a vo nh gi cht
lng qun l n cng l da vo cht lng chnh sch v th ch. Cc quc gia
c chnh sch v th ch tt th c th chng c mc n cao hn so vi mc n
nh n c bn. Cch tip cn ny a ra gi tr mc ngng da vo t l n truyn
thng lm c s nh gi th ch v chnh sch ca quc gia. Da vo gi tr
ngng, WB phn loi 3 mc thc hin chnh sch: km, va v mnh (Bng 9).
Trong qu trnh nh gi chnh sch, qun l c xem l c trng s ln nht.
Bng 9: Mc ngng ph thuc vo chnh sch v th ch theo tiu chun ca
HIPCs
Mc ngng
N nc ngoi so vi GDP
Km
Va
Mnh
CPIA 3
3< CPIA<3.9
CPIA3.9
30%
45%
60%
N nc ngoi so vi xut khu
100%
200%
300%
N nc ngoi so vi thu ngn sch
200%
275%
350%
Ngun:WB 2005
Thc t t nm 2004 n nm 2010, ba ch s n cng ca Vit Nam l
NPV/GDP 30% trong khi NPV/X < 60%, NPV/Thu ngn sch <150%. iu ny cho
4
24
thy th ch v chnh sch qun l n nc ngoi caVit Nam xp vo ch s CPIA3,

tc l mc km.
V s dng n trong nc. N trong nc c nh gi qua hai ch s l N
trong nc/GDP v N trong nc/Thu ngn sch. Vi t l N trong nc/GDP nhn
chung lun mc thp hn nhng kh st vi ngng 20%-25%, tng t, N trong
nc/ Thu ngn sch lun mc thp hn nhng kh st vi ngng 92% (Bng 10),
do , n trong nc ca Vit Nam c nh gi l n nh.
Bng 10: Ngng n trong nc theo tiu chun ca HIPCs
T l
Mc ngng
N trong nc/GDP
20 25%
N trong nc/Thu ngn sch
92-167%
Ngun:WB, 2005
Nh phn tch trn, thng qua ch s ICOR, c th thy rng hiu qu s
dng n cng v hiu qu ca cc d n u t cn rt thp. Vit Nam vay n u
t v pht trin kinh t - x hi, song hiu qu u t thp khin ngun thu hi tr
n trong tng lai t cc d n ny thp v b hn ch. Cc khon vay v chi tiu hin
ti ca chnh ph khng to nn ngun thu hiu qu trong tng lai; chng lm tng
sc p ln bi chi mi. Hu qu l, th h tng lai s phi chu gnh nng n cao hn
th h hin ti. Tm li, tnh cng bng lin th h v gnh nng n Vit Nam c
nh gi l thp5.
Bng 11: Mt s ch s o lng hiu qu qun l n cng ca Vit Nam nm
2004 2010 theo mc ngng ca HIPCs (%)
2004
2005
2006
2007
2008
2009
2010
N trong nc/GDP
10.31
12.54
12.66
19.14
21.09
19.67
25.67
N trong nc/Thu
ngn sch
37.12
37.07
34.44
50.65
59.07
88.01
91.42
Ngun: Mai Thu Hin v Nguyn Th Nh Nguyt (2011), Tnh hnh n cng v
qun l n cng Vit Nam , Tp ch Ngn hng, s 14 nm 2011
25
Nh vy, p dng phng php nh gi hiu qu qun l n cng ca Ngn

hng Th gii, c th thy n cng ca Vit Nam vn nm trong gii hn an ton theo
mc ngng ca HIPCs, song nu xt tnh cng bng lin th h v gnh nng n
cng th qun l n cng ca Vit Nam cn km hiu qu, cn phi c ci thin tt
hn na trong thi gian ti6.
2.2. nh gi thc trng n cng Vit Nam
2.2.1. Nhng mt tch cc
Thng qua cc chng trnh u t cng, n cng ca Vit Nam c chuyn ti
vo cc d n u t nhm ci thin c s h tng, to nn tng cho s pht trin kinh
t bn vng. Nhn chung, vic s dng n cng ca Vit Nam trong nhng nm va
qua mang li mt s hiu qu tch cc. C th nh sau:
Mt l, n cng p ng c nhu cu b sung vn cho u t pht trin v
cn i NSNN. N cng giai on 2006 - 2012 l 23%, b p bi chi NSNN khong
5% GDP. Ngoi ra, nhiu d n c s h tng, cc chng trnh xa i gim ngho,
ci thin mi trng, gii quyt vic lm, an sinh x hi, cc d n tng trng quc
gia... u c u t bng ngun vn vay cng.
Hai l, cc ch s n cng hin nay nu theo chin lc di hn v chng trnh
n cng trung hn th ang trong gii hn an ton.
Ba l, cc khon vay nc ngoi ca Chnh ph c k hn di, li sut c nh
v u i; Chng hn nh cc d n ca WB hay ADB thng khong 20 - 30 nm,
thm ch c d n 40 nm; thi gian ngn hn t 5 n 10 nm; li sut 11 - 12%.
Thc t khong 80% khon vay l vay u i nn p lc n cng khng ln lm v c
th ni l nm trong tm kim sot c.
Bn l, c cu ng tin vay a dng, c bit nhng nm gn y t gi ng
Vit Nam v ng la tng i n nh, Nht Bn ni lng chnh sch tin t nn
ng yn yu i, Vit Nam s c li rt nhiu trong chnh sch t gi, gim thiu ri ro.
Nm l, xu hng gim t trng nc ngoi trong c cu Chnh ph vi tiu ch
t trng hng nm l n trong nc tng ln v n nc ngoi gim i.
Su l, hnh thc huy ng vn ngy cng a dng, linh hot, khng ch vay t
cc t chc ti chnh m hin nay vay rt nhiu t cc dch v phi sinh v cc vn
phng ti chnh khc.
By l, th ch chnh sch dn c hon thin, cng tc qun l n ngy cng
tt hn v tip cn c thng l quc t.
2.2.2. Nhng hn ch trong vic s dng n cng
Vit Nam , Tp ch Ngn hng, s 14 nm 2011
26
Trong tnh trng lm pht ton cu ang gia tng, nguy c bng n mt cuc
chin v tin t trn th gii th qun l n cng th no cho hiu qu l vn ng
quan tm hng u ti Vit Nam. Vn n cng ca Vit Nam mc d c nh gi
l an ton nhng cng ang tim n hng lot cc mi lo ngi t quy m, n tnh an
ton v kh nng ti tr n cng. R rng, n cng Vit Nam ang tng nhanh trong
khi thm ht ngn sch tr thnh cn bnh kinh nin, u t khng ngng m rng
ko theo lm pht v li sut tng cao khin cho vic ti tr n cng ngy cng tr nn
t v to p lc tn dng di hn. C th, cc ri ro v yu km trong vic s dng
v qun l n cng c th c nhc ti bao gm:
Mt l, n cng ca Vit Nam c xu hng tng nhanh c n trong nc v n
nc ngoi vi mc bnh qun 5-7%GDP/nm. Bn tin n nc ngoi ca B Ti
chnh cho thy gnh nng n nc ngoi ang ra tng lin tc c v quy m n, n
phi tr, v iu kin n. T l n cng Vit Nam hin chim 55,7% GDP nm
2012, mc d t l n ny vn nm trong tm kim sot (di 60% GDP theo cch
tnh ch tiu t l n cng/GDP ca Lin hp quc) nhng qu cao so vi mc ph
bin cc nn kinh t ang pht trin (t 30% 40% GDP) v so vi mt s nn
kinh t mi ni nh Trung Quc (17,4% GDP), Innxia (25,6% GDP). Mc n
cng tnh trn u ngi ca Vit Nam tng t 638,55 USD (nm 2011), ln 698,71
USD (nm 2012) vn thp hn so vi 817,22 USD (Trung Quc), 808,52 USD
(Innxia), 4.626,4 USD (Malaixia), 1.195,29 USD (Philippin), 2.261.78 USD
(Thi Lan). Nhng so vi mc n cng bnh qun u ngi ca Vit Nam xp x
112 USD (nm 2001) th mc n cng tng gp 6 ln trong mt thp k (2001
2011). Theo nh gi ca CIA World Factbook, n cng Vit Nam ng v tr
41/50 quc gia c t l n cng trn u ngi cao nht th gii (nm 2011). Gnh
nng n/u ngi ang ngy cng gia tng. Theo c tnh vi tc tng n cng
nh hin nay th sau 5 nm, n cng Vit Nam s vt qu 100% GDP v c th
xy ra khng hong n cng.
Hai l, tnh trng chm tr trong gii ngn vn: Tnh trng chm tr trong gii
ngn ngun vn u t t NSNN v ngun vn tri phiu Chnh ph din ra kh
thng xuyn. Tnh trng d n, cng trnh thi cng d dang, chuyn tip, ko di,
chm tin vn chm c khc phc. iu ny cng vi s thiu k lut ti chnh
trong u t cng v trong hot ng ca cc doanh nghip Nh nc cng nh cc
tp on ln, dn n u t dn tri, lng ph, tht thot vn u t tt c cc khu
ca qu trnh qun l d n u t.
Ba l, nguyn tc c bn ca qun l n cng bn vng l n cng ngy hm
nay phi c tr bng thng d ngn sch ngy mai. Nhng thc t ti Vit Nam,
thm ht ngn sch tr thnh kinh nin v mc thm ht vt xa ngng bo
ng 5% theo thng l quc t, e da n tnh bn vng ca n cng.
Bn l, trong thi gian qua, li sut v t gi lin tc bin ng theo hng tin
ng Vit Nam b mt gi nn to ra p lc li sut i vi n trong nc v p lc
27
t gi i vi n nc ngoi. Trong tng lai, cc ngun vay u i s gim dn, chi

ph vay n s tng ln do Vit Nam t ngng nc cho thu nhp trung bnh.
Bn cnh cc kh khn ni ti, Vit Nam cng ging nh cc quc gia khc trn
th gii, chu nh hng bi khng hong ti chnh ton cu. Tin ng Vit Nam bt
u mt gi so vi cc ng tin c sc mnh khc iu ny v hnh chung y gi tr
cc khon n nc ngoi ca Vit Nam ln cao. Song song vi , gii u t
khng cn coi Vit Nam l mt im n hp dn nh trc na. Mc d vic tin
ng mt gi c th gia tng xut khu v cn cn thng mi, nhng tc ng tch
ny khng nhiu do Vit Nam ch xut khu nhng hng ha th vi gi c thp.
Nm l, kh nng so snh v gim st quc t v an ton n thng qua cc ch
s gim st ca Vit Nam thp do hch ton NSNN cha c chun ha v cng
khai. C s chnh lch kh ln v T l n cng/GDP ca B Ti chnh v cc t
chc ti chnh quc t. S d c s chnh lch nh vy v chng ta b st 2 tiu ch
tng i quan trng l lng hu v khng thng k ht cc khon vay c chnh
ph bo lnh khi thng k n cng.
Ngoi cc khon thu a vo ngn sch, cn mt s khon thu v hn 20 qu
ngoi ngn sch thc hin cc chc nng ca chnh ph trong cc lnh vc pht trin
kt cu h tng, thc hin chnh sch x hi, ti c cu doanh nghip Nh nc,
Nhng khon chi ngoi NSNN u khng c tnh vo ngn sch tng hp hoc
trong cc tnh ton thm ht NSNN. Vic cha tp trung thng nht thu chi ca tt
c cc khon thu chi cng mt u mi cho thy nu ch xem xt bi chi NSNN so
vi GDP th cha thy y quy m cng nh s m rng ca chi tiu cng. Ngoi
NSNN c cn i, c mt lng ln tri phiu Chnh ph pht hnh u t
cc cng trnh giao thng v thy li, cng tri gio dc c pht hnh u t
kin c ha trng lp hc ngoi cn i NSNN. Nu cng tt c cc loi trn
vo cn i, th bi chi trong nhng nm qua khng phi ch l 5% GDP. Tnh c
tri phiu Chnh ph th bi chi ngn sch ln ti 9,7% GDP v 8,7% GDP trong hai
nm 2009 v 2010. Vic thng k ngn sch cha chun xc dn n rt kh tnh
ton chnh xc cc ch tiu ti chnh quan trng nh thm ht ngn sch hay ngng
n cng.
Su l, thng tin v n cng khng minh bch. Hin nay, B Ti chnh cng
bc u c nhng thng tin cng khai v n cng. Trong n cng cng mi ch quan
tm n n chnh ph nn kh c th thy c ton cnh vn ti chnh cng v n
cng v khu vc Nh nc l rt ln v Chnh ph vn phi chu trch nhim i vi
khu vc ny. Thc trng ny dn n vic kh kim sot chnh xc quy m, tnh cht
ca cc khon n. Thng tin khng minh bch lm cho cc t chc nh gi tn dng
quc t khng c cn c nh gi thc cht tnh hnh ti kha ca quc gia i vay
n, dn n nh gi khng chnh xc, quc gia vay n cng s phi chu mc chi ph
vay n cao. Cc bng chng cho thy, cc nc c ti kha minh bch cng c chi ph
i vay thp hn bi v th trng c c bc tranh chun xc hn v cc nguy c ti
kha. H s ri ro xp hng tn dng ca Vit Nam cn mc cao, li thm thanh
28
khon thp, nn khi i vay bao gi cng phi vay vi li sut cao. Trong khi ,
Innxia v Philippin c h s ri ro tng ng Vit Nam nhng h vn c u
i hn khi i vay nh tnh thanh khon cao hn v tch cc hn trong hp tc quc t.
S khng minh bch trong s liu v n cng dn ti vic khng hnh thnh
c c ch cnh bo sm, hoc nu xy dng c th cng s a ra cc cnh bo
thiu chnh xc. Thc t ny dn n nguy c nu xy ra khng hong n th cuc
khng hong s n rt t ngt, kh nng ng ph kh kp thi.
By l, Vit Nam mi ch quan tm qun l n bt buc, trc tip m cha quan
tm ti n n. Cc ngha v n thng c phn loi thnh n bt buc trc tip, n
bt buc gin tip (hay n bt buc bt thng), n n trc tip, n n gin tip (n n
bt thng). N n trc tip l khon n m vic hnh thnh n ph thuc vo cc quyt
nh chnh sch ca Nh nc. Chng hn, nu trong tng lai, Chnh ph thc hin
iu chnh chnh sch lng hu hoc cc chng trnh bo him x hi, ti tr cho cc
chng trnh y t th s hnh thnh cc khon n ca Chnh ph. Ngoi ra n n trc
tip cn bao gm chi ph thng xuyn trong tng lai ca cc khon u t cng.
N n gin tip cc loi n m ngha v n khng c bo lnh ca chnh
quyn a phng, t chc thuc Nh nc v doanh nghip Nh nc, n pht sinh
t vic gii quyt cc ngha v ca Nh nc khi t nhn ha, gii quyt vn ph
sn ca cc ngn hng, ph sn ca cc qu lng hu khng c bn lnh hoc cc
qu bo him x hi khc, cc khon chi khc phc mi trng, khi phc sau thm
ha thin nhin. Cc khon n ny chnh ph khng c ngha v phi tr n m ph
thuc vo quyt nh can thip, h tr chnh ph. Nu Chnh ph thy cn thit phi
tr n thay gip h thng ngn hng khi b v th khi cc khon n t nhn
tr thnh n chnh ph.
Ni chung, cc loi n n rt kh d tnh, khng n nh v thng c quy m ln
hn rt nhiu so vi n bt buc. Trong khi , Vit Nam mt s ri ro th trng
cha c tnh ton o lng chnh xc. Ri ro tn dng cha c phn nh trong ph
cho vay li v ph bo lnh ca Chnh ph. Quy m ca cc khon n n, n bt thng
cn cha c xc nh r, nhng c th c on rng s l con s khng nh. N
ca doanh nghip Nh nc v h thng ngn hng c nguy c to nn ri ro i vi an
ton n.
Tnh n nay, n xu trong cc ngn hng l gn 300.000 t ng, n ca
DNNN khong 1,3 triu t ng. N xu cho vay bt ng sn khong 5% tng n
xu ca h thng ngn hng, trong khi th trng ny ang d tha ngun cung rt
ln. Theo s liu ca B xy dng, n cui nm 2012, c nc tn kho hn 42.000
nh gm cn h v nh thp tng, 92.800 m2 sn vn phng cho thu, t nn nh
tn kho gn 800 ha, c tnh gi tr tn kho c khong 112.000 t ng. S liu
tn kho ny cha phn nh ng tnh hnh thc t do nhiu d n tn kho nhng
cha bo co, nhiu d n gii phng mt bng, u t kinh ph xy dng h tng
nhng cha tip tc trin khai c, nhiu loi bt ng sn c cc nh u t th
pht mua nhng khng bn c. iu cho thy, ri ro i vi n bt thng ca
29
Vit Nam c th cao mc d cho n nay cha c s liu tin cy c th xc

nh r quy m n. Khi c c sc ph sn ca cc khu vc ny th n Chnh ph c
th s tng ln rt nhanh. iu ng quan ngi l, mc d kh n lc, nhng Chnh
ph cha thu thp c cc s liu tin cy c th c tnh c gi tr ca cc
khon n n ny.
Nhiu khon chi tiu khng thng qua quy trnh ph duyt ngn sch ca c
quan lp php. C quan hnh php cc cp vn c nhiu thm quyn trong vic quyt
nh nhiu khon chi tiu, c bit l chi cho u t pht trin. Cc khon chi khng
thng qua ngn sch ph duyt nhng vn c thc hin s l khon n n m
NSNN s phi gnh tr trong tng lai, nhng nguy him l cc khon n ny b qua
trong qu trnh xc nh gi tr n cng.
Bn cnh , vic phn cp qu rng, ng thi thiu cc bin php qun l
ng b dn n tnh trng ph duyt qu nhiu d n vt kh nng cn i vn
NSNN v vn tri phiu Chnh ph, thi gian thi cng ko di, k hoch u t b ct
khc ra tng nm, hiu qu u t km, gy phn tn v lng ph ngun lc ca nh
nc. Gi tr cc khon tin Nh nc n cc doanh nghip ng trc vn u t xy
dng c bn cng n mc bo ng. Nm 2011, tng s n vn u t ca 63
tnh, thnh ph l 91.273 t ng ca 47.209 d n; trong , n vn xy dng c bn
hon thnh l 25.423 t ng; n vn xy dng c bn ca 20.921 d n ang trin
khai, n 41 d n gin tin vi tng s vn l 38.320 t ng. Vi cc khon n
ny, rt nhiu doanh nghip ang lm vo tnh trng kh khn. Nhu cu trang tri cc
khon n ngoi cn i vn ngn sch tr thnh gnh nng ln vi ngn sch v e
da tnh bn vng ti kha.
3.
Mi quan h gia n cng, u t cng v mc bn vng NSNN
Theo quy nh hin hnh ca Vit Nam, u t cng v n cng c mi quan h

rt mt thit. Cn c php l quan trng nht quy nh mi quan h gia u t cng
v n cng l iu 8, Lut NSNN 2002, C th:
Mt l, NSNN c cn i theo nguyn tc tng s thu t thu, ph, l ph phi
ln hn tng s chi thng xuyn v gp phn tch ly ngy cng cao vo chi u t
v pht trin, tin ti cn bng thu chi, chi ngn sch.
Hai l, bi chi NSNN c b p bng ngun vay trong nc v ngoi nc.
Vay b p bi chi NSNN phi m bo nguyn tc khng s dng cho tiu dng, ch
c dng cho mc ch pht trin v bo m b tr ngn sch ch ng tr n khi
n hn.
Ba l, v nguyn tc, ngn sch a phng khng c cn i vi tng s chi
khng vt qu s tng chi; trng hp tnh, thnh ph trc thuc trung ng c nhu
cu u t xy dng cng trnh kt cu h tng thuc phm vi ngn sch cp bo m,
thuc danh mc u t trong k hoch 5 nm c Hi ng Nhn dn cp tnh
quyt nh, nhng vt qu kh nng cn i ca ngn sch cp tnh nm d ton, th
c php huy ng vn trong nc v phi cn i ngn sch cp tnh hng nm
30
ch ng tr ht khi n hn. Mc d n t ngun vn huy ng khng vt qu 30%

vn u t xy dng c bn trong nc hng nm ca ngn sch cp tnh.
u t cng v n chnh ph v thm ht NSNN
Trn thc t sau nhiu nm m rng u t cng dn n h qu l mc chi t
NSNN mc cao, dn n s thm ht NSNN th tng mnh c v s tuyt i v t
l trn GDP. Nm 2012, thm ht NSNN nh nc l 163,750 t ng v bng
khong 6% GDP.
Bng 12: Thm ht NSNN giai on 2000 - 2012
Nm
Thu NSNN
(t ng)
Chi NSNN
(t ng)
Thm ht NSNN
(t ng)
T l thm ht
NSNN/GDP (%)
2006
279.472
308.058
(28.586)
2,93
2007
315.915
399.402
(83.487)
7,30
2008
416.783
494.600
(77.817)
5,24
2009
442.340
584.695
(142.355)
8,58
2010
559.170
671.370
(112.200)
5,66
2011
674.500
736,000
(121,500)
4,79
2012
741.500
905,250
(163,750)
6,00
Ngun: Tng cc Thng k

b p bi chi, Vit Nam buc phi i vay trong nc v vay nc ngoi. Do
s n vay c s dng vo nhng mc ch khng sinh li nn ton b s chi tr n
gc phi trng ch vo pht hnh n mi, c bit l vay trong nc v NSNN ang
ng trc vng xoy n nn vi quy m n ngy cng ln.
Bng 13: S pht hnh b p thm ht NSNN giai on 2007 - 2012 (t ng)
2007
2008
2009
2010
2011
Vay n trong nc
13.315
11.710
30.860
39.060
55.050
S pht hnh
51.572
48.009
75.150
82.100
92.600
S tr n gc
38.257
36.299
47.290
43.040
37.550
6.779
15.037
30.338
20.050
16.310
S pht hnh
12.995
19.668
36.292
31.000
28.000
S tr n gc
6.216
4.631
5.954
10.950
11.690
20.094
26.747
61.198
59.110
71.360
Vay n nc ngoi
Tng s n vay
2012
140.200
Ngun: S liu Quyt ton NSNN cc nm 2007 - 2012

31
S pht hnh vay trong nc nm 2009 vt d ton ti 24,15% v vay nc

ngoi vt ti 71,1% d ton do cn ngun lc ti chnh i ph vi khng hong.
Ngc li, nm 2010 do kh khn huy ng trong nc nn vay trong nc gim gn
17% so vi d ton, trong khi vay nc ngoi tng ti 47,6% b p li.
Giai on 2006 2010 khc cc giai on trc khi ngun b p thm ht
NSNN da ch yu vo vay trong nc vi t trng chim t 2/3 n trn 4/5. Tnh
chung giai on 2006 2010, tng s n pht hnh l 409.856 t ng (tng ng
21% GDP nm 2010), trong tng n pht hnh trong nc l 306.065 t ng,
chim 74,7% tng s n pht hnh tng ng 15,7% GDP nm 2010). Trong tng
s n pht hnh 5 nm c 219.162 t ng tr n gc, chim hn tng s n pht
hnh, trong tr n gc vay trong nc chim 82,3% tng s tr n gc. Tng s n
mi pht sinh b p thm ht NSNN 5 nm 2006 2010 l 190.695 t ng
(tng ng 9,77% GDP nm 2010), trong tng n mi pht sinh trong nc l
125.763 t ng, chim gn 66% tng s. R rng, trong giai on 2006 2010, ngha
v n Chnh ph v ang gia tng nhanh chng, trong ch yu l vay n trong
nc. Nu tnh thm c phn Chnh ph vay v cho vay li th tng n ca Chnh ph
5 nm 2006 2010 ln ti 506.776 t ng, xp x 26% GDP nm 2010, trong n
nc ngoi chim 39,6%, tng ng 10,3% GDP nm 2010. Giai on 2011
2015, Quc hi khng ch vn TPCP pht hnh mc 45.000 t ng/nm.
Nh vy c th khng nh l u t cng c mi quan h trc tip vi n cng
khi ton b s thm ht NSNN l dnh cho u t cng v c ti tr bi vay n
trong v ngoi nc, thm vo , tuyt i a s vay n trong v ngoi nc cng
dnh u t cng, hoc l u t trc tip ca Chnh ph, ca chnh quyn a
phng l chuyn cho DNNN u t
u t cng v n chnh ph bo lnh
N c Chnh ph bo lnh l cc khon vay c Chnh ph bo lnh cho mt
s tp on, tng cng ty Nh nc trong vic thc hin mt s d n u t cng
trong cc lnh vc nh du kh, in, xi mng, hng khng, vin thng, Ngun vn
ny chim mt t trng kh ln trong tng vn u t ca cc DNNN. Trong c cu
n c Chnh ph bo lnh c xu hng tng ln, t 4% tng d n nm 2001 ln
10% nm 2005, v 18,6% nm 2011, tng ng khong 11,6% GDP7.
u t cng v n chnh quyn a phng
Mc d n pht hnh tri phiu ca chnh quyn a phng hin nay cn kh
thp, hin c khong 0,6% GDP. Mc d n ca chnh quyn a phng hin nm
trong gii hn quy nh ca Lut NSNN khng qu 30% tng chi u t xy dng c
bn trong nc ca cc a phng.
D n 50739 CFBA (2011), Bo co nghin cu i mi ti chnh cng Vit Nam: thc

trng v nh hng n nm 2020.
32
III. Kin ngh mt s gii php nhm s dng hiu qu ngun n cng, u
t cng v tng cng mc bn vng NSNN
1. Ti c cu tng th nn kinh t
Hi ngh Ban chp hnh Trung ng ng ln th ba kha XI khng nh
cn y nhanh thc hin ti c cu nn kinh t, tp trung 3 lnh vc quan trng nht
l: Ti c cu u t, trong trng tm l u t cng; Ti c cu th trng ti
chnh vi trng tm l ti c cu h thng cc ngn hng thng mi v cc t chc
ti chnh; ti c cu DNNN, trng tm l cc tp on kinh t v tng cng ty nh
nc. Theo nh hng , trong thi gian ti, Vit Nam cn kin quyt thc hin
vic ti cu trc nn kinh t hng ti pht trin theo chiu su, mang li gi tr gia
tng nhiu hn thng qua vic m bo s pht trin ca c s h tng, ngun nhn
lc v nn ti chnh lnh mnh. Pht huy ni lc ca nn kinh t ni a, gia tng tit
kim ni a gim dn s l thuc qu nhiu vo cc dng vn u t nc ngoi.
Gii php ny l c s gia tng thu ngn sch, p ng nhu cu chi tiu cho u t
pht trin v gim bt ri ro khi c s suy gim ca cc dng vn u t nc ngoi,
c s bin ng ca nn ti chnh ton cu v li sut, t gi Mt im quan trng
trong vic m bo s bn vng NSNN l cn thc hin ti cu trc cc tp on, tng
cng ty nh nc, nh v li vai tr ca cc khu vc ny trong nn kinh t, xc nh
r vai tr ch s hu ca nh nc, lnh mnh ha nng lc ti chnh ca cc DNNN
qua gp phn lnh mnh ha nng lc ti chnh ca nh nc. Thc hin y
nhanh qu trnh c phn ha, gim bt s lng doanh nghip m nh nc cn nm
gi c phn chi phi trn c s thc hin r sot li ngnh ngh kinh doanh. Kin
quyt khc phc tnh trng cc DNNN u t ra cc ngnh m khng phi ngnh ngh
chnh. Gim dn s l thuc ca nn kinh t vo vn ngn hng, vn u t nc
ngoi. Ch c ti cu trc nn kinh t v ci thin cht lng tng trng mi gip
Vit Nam duy tr c tc tng trng cao trong tng lai.
2. Ti cu trc u t cng
Nhn thc c nhng yu km ca u t cng trong nhng nm va qua,
ng, Quc hi v Chnh ph xc nh s cn thit ca vic ti c cu u t cng
trong tng th ti c cu nn kinh t:
- Hi ngh Ban chp hnh Trung ng ng ln th ba kha XI khng nh
ti cu trc u t cng l mt trong ba lnh vc trng tm ti c cu trong thi gian
ti.
- Ngh quyt s 10/2011/QH13 ngy 08/11/2011 v K hoch pht trin kinh t
x hi 5 nm 2011-2015 khng nh v phng hng ti c cu u t cng nh
sau: C cu li u t cng theo hng sa i quy ch phn cp qun l, trc ht
l u t t ngun NSNN v tri phiu Chnh ph, phi bo m nguyn tc ch quyt
nh u t i vi cc d n th tc theo quy nh v khi xc nh r
ngun, mc v kh nng cn i ngun vn. Khn trng xc nh cc tiu ch v th
t u tin lm cn c ph duyt hoc ct gim d n u t. Vic quyt nh ph
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duyt d n c ngun vn h tr t Ngn sch Trung ng thng qua cc Chng

trnh mc tiu quc gia, cc Chng trnh mc tiu, cc khon h tr c mc tiu
phi c kim sot cht ch, c s thm nh v ngun vn v cn i vn ca cp
c thm quyn Trung ng. Bo m cc yu cu v tin , trnh cng ngh,
cht lng v an ton cc d n, cng trnh quan trng quc gia.
Ngy 19/2/2013, Th tng Chnh ph k quyt nh ph duyt n tng
th ti c cu kinh t gn vi chuyn i m hnh tng trng theo hng nng cao
cht lng, hiu qu v nng lc cnh tranh giai on 2013 2020. n to, gp
phn quan trng trong vic thng nht v c th phng hng, k hoch ti c cu
u t cng, trong giai on 2013 2020. n xc nh cn i mi c bn th ch
phn b, phn cp, qun l, s dng v gim st, nh gi i vi u t nh nc.
Th tng Chnh ph cng ban hnh mt s vn bn quan trng nhm thc hin ti
c cu u t cng, nh Ch th 1792/CT-TTg ngy 15/11/2011 v tng cng qun l
u t t ngun vn NSNN v vn tri phiu Chnh ph; Ch th 32/CT-TTg ngy
07/12/2012 v vic loi b nhng ro cn v hon thin c ch, chnh sch nng
cao hiu qu u t; Ch th s 27/CT-TTg ngy 10/10/2012 v nhng gii php ch
yu khc phc tnh trng n ng xy dng c bn cc a phng, Ch th s 14/
CT-TTg ngy 28/6/2013 v tng cng qun l u t v x l n ng xy dng c
bn t ngun NSNN, tri phiu Chnh ph. Bn cnh , Chnh ph cng ban hnh
nhiu vn bn, chnh sch nhm tng cng thu ht, a dng ha ngun vn u t x
hi. Th tng Chnh ph k Quyt nh s 71/2010/Q-TTg ngy 09/12/2010 v
vic ban hnh quy ch th im u t theo hnh thc hp tc PPP. Ngoi ra, h thng
php lut chuyn ngnh lin quan n cc cu phn ca u t cng cng tng bc
c hon thin.
Tuy nhin u t cng thc s mang li hiu qu trong thi gian ti cn thc
hin tt cc bin php sau y:
Mt l, xc nh r mc ch ca chnh sch u t cng phi phc v trc ht
cho vic thc y v h tr pht trin theo hng bn vng, nng cao cht lng cuc
sng v phc li cho ngi dn. Ti c cu u t cng khng ch lm gim u t
nhm t tc tng trng kinh t cao m cn hng n vic kt hp hi ha pht
trin kinh t vi m bo ngy cng tt hn cng bng v tin b x hi, s dng hp l
cc ngun ti nguyn, bo v mi trng, m bo nguyn tc pht trin bn vng. Do
, cn pht huy vai tr nh hng ca u t cng trong pht trin kinh t - x hi,
thu ht cc ngun lc khc. Tng bc iu chnh c cu u t theo hng gim dn
t trng u t cng trong tng u t x hi, nht l u t t ngun vn NSNN, u
tin s dng vn NSNN tp trung u t cc d n ln, quan trng quc gia, c bit l
h tng giao thng, h tng th quy m ln, d n c tnh chin lc quc gia v
vng kinh t,... R sot li ton b danh mc u t c ph duyt, bao gm c
nhng danh mc u t nhng cha trin khai. Cng quyt loi b cc danh mc u
t khng cn ph hp vi iu kin v tiu ch mi, ngn nga vic tip tc sinh ra
nhng danh mc u t "ba khng (khng r mc ch; khng cn i c ngun
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lc, gy chm tr vic a d n, cng trnh vo s dng, lm trit tiu hiu qu; khng
xc nh c phn k u t ph hp, gy lng ph ln ngun lc ca dn).
Hai l, trong ti c cu u t cng cn tng u t pht trin cc dch v phc
v sn xut nng nghip, tiu th nng sn, khoa hc v cng ngh, o to v y t;
gim cp vn ngn sch cho khi cc tng cng ty, tp on kinh t nh nc v
chuyn trng tm u t cng ra ngoi lnh vc kinh t, tp trung vo pht trin cc
lnh vc h tng v x hi. Ngoi ra, cn i mi t duy v vai tr ca Nh nc trong
nn kinh t, c th l gim bt chc nng Nh nc kinh doanh. Khng nn phn
b u t Nh nc vo cc ngnh m khu vc t nhn c th m nhim v m
nhim tt, pht trin th ch v pht trin nng lc to c ngoi ng tch cc lan
ta n khu vc t nhn, h tr khu vc ny trong qu trnh kinh doanh v ng gp
vo tng trng kinh t.
Ba l, phi hp b tr ngun vn u t cng trn c s quy hoch u t cng
c xy dng c cht lng cao v n nh. Mt mt cn coi trng nng cao cht
lng v gi n nh cc quy hoch u t pht trin cc loi c lp c cp quc
gia, ngnh cng nh a phng nh mt cn c ch yu nh hng u t cng; hn
ch tin ti khng u t cng ngoi quy hoch, ph v quy hoch v bt chp quy
hoch. Vic quy hoch cn hng ti xem xt pht trin kinh t - x hi theo vng
kinh t thay v theo vng hnh chnh a phng. Quy hoch vng cn da trn mt
s tiu chun v h tng nht nh (nh s sn bay, s cng, lng ng b v ng
st) p ng li ch pht trin kinh t ca ton b vng . Cc tnh hoc a
phng nm trong quy hoch vng cn tun th cc ch tiu ny v t tha thun
phn b ch tiu (trnh tnh trng tnh no cng xy sn bay, v xy cng trong cng
mt vng gy lng ph v gim hiu qu kinh t, thm ch trit tiu do p lc cnh
tranh). Mt khc, tin hnh iu chnh v hon thin cc quy hoch u t lp, nu
quy hoch sai, l trnh u t khng hp l v khng c thm tra y th qu trnh
u t s khng th c hiu qu trong di hn.
Bn l, sa i v hon thin cc quy ch v phn cp u t, quy nh r v
quyn quyt nh u t ca tng cp, gn vi quyn phn b ngun lc v cn i
vn. Thc hin m bo nguyn tc ch quyt nh u t khi d n c th tc theo
quy nh, xc nh r ngun vn v kh nng cn i vn tng cp ngn sch.
Nghin cu hnh thnh c ch m cho tt c cc a phng trong thu ht cc ngun
lc cho pht trin ph hp vi quy hoch, nng lc cng nh c im ca tng a
phng cng vi vic hon thin cc c ch gim st, m bo s ph hp trong nh
hng pht trin ca a phng vi nh hng pht trin ca tng vng, min.
Bn cnh , trnh tnh trng cc a phng lp d n trn lan xin ngn
sch trung ng, vic ph duyt cng nh gim st t cp trung ng l cn thit.
Trong khi ngn sch trung ng sn sng cam kt dnh mt khon ngn sch nht
nh cho cc a phng th cc d n m a phng trnh cn m bo mt s
tiu ch cn thit nh thit thc vi s pht trin ca a phng v khng ph v quy
hoch chung th mi c gii ngn. Cch thc ny c cc quc gia cp vn
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ODA thc hin i vi Vit Nam. Trong khi hng nm, cc quc gia dnh cho Vit
Nam mt khon ngn sch no nhng c th ch mt phn rt nh trong c
gii ngn v Vit Nam khng trnh c cc d n kh thi, tha mn tiu ch ca
cc nc . Bn thn cc d n ODA ny, mt khi c gii ngn cng s c
gim st bi cc t chc cp vn. Chnh sch mt mt m bo quyn t ch trong
vic xy dng v la chn d n ca a phng nhng mt khc gip ngn cn a
phng xy dng d n trn lan, ph v quy hoch chung.
Nm l, hnh thnh cc tiu ch xc nh cc u tin ngn sch cng nh xy
dng h thng tiu ch nh gi hiu qu chi NSNN cho cc d n u t. Trn c s
thc hin phn loi cc nhim v chi theo th t u tin gn vi cc nh hng
pht trin theo tng lnh vc, tng vng, tng min. Xy dng k hoch ti chnh
trung hn v k hoch chi tiu trung hn, m bo vic phn b ngun lc hng nm
nh hng vo cc mc tiu kinh t - x hi trong trung v di hn, tng cng tnh
c th d bo c, ch ng, tnh h thng trong phn b ngun lc.
Su l, thc hin a dng ha ngun vn u t, thu ht ngun vn t nhn vo
qu trnh thc hin u t. Xy dng khun kh php l y mnh hnh thc PPP
cho cc d n u t cng ko di nhiu nm, c tnh phc tp v to ra loi dch v c
tnh thng mi. Vic trin khai rng ri u t cng theo hnh thc PPP i vi cc d
n c tnh cht k trn s gip cho Nh nc trnh phi gnh chu ton b ri ro trong
qu trnh thc thi d n. Hn na, bng vic ko nh thu vo vai tr s hu s gip
cho Nh nc thc hin c nhiu d n cng hn vi cng mt lng ngn sch. N
cng gp phn thc y s pht trin ca kh doanh nghip t nhn Vit Nam.
By l, xy dng, pht trin v hon thin h thng thng tin v u t cng.
Trong c s lin kt thng tin gia cc c quan trung ng v a phng, gia
cc B, ngnh... nhm hon thin c s thng tin d liu v h thng ha cc ch tiu
thu thp thng tin, phn tch v x l cc d liu v u t cng phc v cho cng tc
hoch nh chnh sch.
Tm l, ban hnh mt s Lut mi cho ph hp vi thc tin v yu cu pht trin
ca nn kinh t trong giai on mi nh Lut u t cng, Lut u t c s h tng
v Lut Quy hoch... ph hp vi yu cu thc tin ca vic qun l u t cng.
Cui cng Vit Nam cn phi pht trin cc c quan gim st v chuyn trch v
nng cao kh nng tham gia ca cng ng vo vic gim st cc d n u t cng
c cc d n u t cng hiu qu, cng tc gim st, t khu phn b ngn sch
cho n khu thc hin u t, c ngha rt quan trng. Mun vy, trong thi gian
ti Vit Nam cn c nhng gii php nng cao nng lc cho Quc hi v Hi ng
nhn dn cc cp. Ngoi ra, Quc hi cn ra Lut v tip cn thng tin i vi cc
d n u t cng ngi dn c kh nng kim tra v gim st nu mun.
3. Qun l n cng hiu qu
nng cao hiu qu qun l n cng, Th tng Chnh ph c Quyt nh
s 958/Q-TTg, ngy 27/7/2012 v Ph duyt Chin lc n cng v n nc ngoi
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ca quc gia giai on 2011 2020 v tm nhn n nm 2030 theo , mc tiu ca

vic qun l n cng l t chc huy ng vn vay vi chi ph v mc ri ro ph
hp, p ng nhu cu cn i ngn sch nh nc v u t pht trin trin kinh t x hi trong tng thi k; vic phn b, s dng vn vay phi ng mc ch, c hiu
qu, m bo kh nng tr n; duy tr cc ch s n cng, n Chnh ph v n nc
ngoi ca quc gia mc an ton, m bo an ninh ti chnh quc gia, ph hp vi
iu kin ca Vit Nam v thng l quc t.
Chin lc cng ra nhng ch tiu c th v n cng ca Vit Nam, theo :
N cng (bao gm n Chnh ph, n c Chnh ph bo lnh v n chnh quyn a
phng) n nm 2020 khng qu 65% GDP, trong d n Chnh ph khng qu
55% GDP v n nc ngoi ca quc gia khng qu 50% GDP; Ngha v tr n trc
tip ca Chnh ph (khng k cho vay li) so vi tng thu ngn sch nh nc hng
nm khng qu 25% v ngha v tr n nc ngoi ca quc gia hng nm di 25%
gi tr xut khu hng ha v dch v; m bo ch tiu t l d tr ngoi hi nh
nc so vi tng d n nc ngoi ngn hn hng nm trn 200%.
t c cc mc tiu v ch tiu c th , Chin lc ra tm bin
php c th bao gm: Hon thin th ch chnh sch v cng c qun l n; Tip tc
nng cao hiu qu huy ng v s dng vn vay; Tng cng cng tc gim st, qun
l ri ro, bo m an ton v n v an ninh ti chnh quc gia; Pht trin th trng
tri phiu Chnh ph; Tng cng qun l n Tp on, Tng cng ty nh nc; m
bo kinh ph xy dng v thc hin chin lc n; Thc hin vic cng khai, minh
bch thng tin v n thng qua ch bo co, nh gi v tnh hnh huy ng, phn
b, s dng vn vay v tr n cng v n nc ngoi ca quc gia theo nh k hoc
t xut, ph hp vi quy nh ca Lut qun l n cng v thng l quc t; Hon
thin b my t chc, y mnh ci cch th tc hnh chnh, hin i ha v nng cao
hiu qu hot ng c quan qun l n
Tuy nhin, m bo s an ton ti chnh quc gia, bn vng NSNN, Vit
Nam cn thc hin ng b cc gii php. Trong , ng ch l cc gii php sau
y:
Mt l, xy dng chin lc vay n ph hp vi k hoch pht trin kinh t x
hi, k hoch thu chi NSNN trong tng thi k. K hoch chin lc v vay n cng
cn xc nh mc ch vay (vay n b p thm ht ngn sch, ti c cu n,
b sung cho cc chng trnh, d n u t quan trng) hay vay nhm m bo an ninh
ti chnh quc gia. Trong , cn ch r: Khon vay trong nc hay nc ngoi, thi
hn vay tng ng (ngn hn, trung hn hay di hn), hnh thc huy ng v mc li
sut ph hp. i tng s dng cc khon vay, hiu qu d kin; xc nh chnh xc
thi im vay, s vn vay tng giai on, trnh tnh trng tin vay khng c s dng
trong thi gian di hoc cha thc s c nhu cu s dng (huy ng vn, vay vn li
em gi tin khng k hn ti ngn hng thng mi trong khi vn phi tr li cao).
Hai l, xy dng k hoch qun l n cng hiu qu theo , vic qun l n
cng Vit Nam cn da trn 4 cng c chnh gm:
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- Chin lc di hn v n cng. Cn c xy dng chin lc di hn v n

cng l k hoch pht trin kinh t x hi 5 nm v 10 nm, cc k hoch pht trin
ngnh, lnh vc, vng lnh th cng nh cc ngh quyt, quyt nh v ch trng huy
ng, s dng vn vay v qun l n ca ng v Chnh ph
- Chng trnh qun l n trung hn, gm cc mc tiu, nhim v v gii php
v huy ng, s dng vn vay, tr n v c ch, chnh sch, t chc qun l n trong
giai on 3 nm lin k thc hin chi tiu an ton v n c Quc hi xc nh
trong mc tiu, nh hng huy ng, s dng vn vay v qun l n cng.
- K hoch vay, tr n chi tit hng nm ca Chnh ph, gm: K hoch vay
trong nc (gm huy ng vn NSNN v k hoch huy ng vn cho u t pht
trin); K hoch vay nc ngoi, c thc hin thng qua cc hnh thc huy ng,
gm vay ODA, vay u i, vay thng mi v c chi tit theo ch n nc ngoi;
K hoch tr n, c chi tit theo ch n, c phn nh tr n gc v tr n li, tr
n trong nc v tr n nc ngoi;
- Cc ch tiu an ton v gim st n cng. Cc ch tiu gim st n cng, n
nc ngoi ca quc gia bao gm: n cng so vi tng sn phm quc dn (GDP), n
nc ngoi ca quc gia so vi GDP, ngha v tr n nc ngoi ca quc gia so vi
tng kim ngch xut khu, n Chnh ph so vi GDP
Ba l, nng cao hiu qu huy ng vn v tng cng kim sot s dng vn
vay, vn c Chnh ph bo lnh. Gii php ny rt quan trng nhm m bo cho
kh nng tr n v tnh bn vng ca n cng. Vay mn th mi c ngun u t cho
tng trng. Chnh ph l ngi ng ra vay n, nhng khng phi l ngi s dng
cui cng cc khon vn vay, m l cc ch d n, cc n v th hng ngn sch,
cc doanh nghip; trong mi trng hp, NSNN phi gnh chu hu qu, ri ro
trong ton b qu trnh vay n. Do , vn s dng vn vay sao cho hiu qu, bi
l nhng ng tin vay mn, phi tr li v n hn s phi tr n. Huy ng, s
dng vn vay p ng cc mc tiu v nguyn tc qun l n; Vay cho ngn sch phi
kim sot cht ch m bo b p bi chi NSNN khng qu 5% GDP; R sot danh
mc d n s dng vn tri phiu chnh ph, vay li vn vay nc ngoi v bo lnh;
Nng cao cht lng cng tc thm nh, u thu; Tng cng theo di, gim st v
d bo th trng.
Bn l, gim bt gnh nng cho chi tiu cng, gia tng ngun thu ngn sch. Cn
i thu chi NSNN l cn i ln trong nn kinh t quc dn, va l nguyn nhn va
l kt qu ca cc mt cn i khc trong nn kinh t quc dn. gim bt gnh
nng n cng th phi gim bt gnh nng v chi tiu cng.
Nm l, m bo tnh bn vng, an ton v quy m v tc tng trng ca n
cng. Thit lp ngng an ton n cng. Ch trng cng tc qun l ri ro i vi
danh mc n, bao gm ri ro v ng tin vay, li sut, t gi, kh nng thanh ton v
hot ng. Tin hnh phn tch bn vng n hnh thnh cc i sch ph hp. a
dng ha cc cng c qun l n trong nc thng qua vic tip tc pht trin th
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trng th cp nhm, tng cng kh nng t qun l ri ro thng cc nghip v phi

sinh. Theo di cht ch, m bo thanh ton n y , ng hn; Xy dng ngng
an ton v hn mc vay ph hp; Thu thp, bo co, cng khai cc ch tiu gim st
an ton n; nh k bo co Chnh ph, hoc bo co t xut khi d on c nguy c
mt an ton n; Phi hp vi cc c quan chnh ph xy dng cc gii php an ton
n mang tnh thng nht vi cc mc tiu ti kha v tin t.
Su l, cng khai, minh bch v c trch nhim gii trnh trong qun l n cng.
Trong thi i hi nhp kinh t quc t minh bch lun l mt i hi ln. Vic cng
khai, minh bch nhm tng cng trch nhim trong qun l, s dng cc khon n
cng v trch nhim gii trnh ca cc c quan qun l n cng. thc hin tt
nguyn tc quan trng , n cng cn phi c tnh ton, xc nh y trong
quyt ton NSNN v phi c c quan chuyn mn xc nhn.
Quy nh r nhim v kim ton n cng trong Lut Qun l n cng v Lut
Kim ton nh nc. Kim ton nh nc kim tra, xc nhn s liu n, nh gi tnh
bn vng ca n cng/GDP, trong mi quan h vi bo m an ninh ti chnh quc
gia; c cu n, t l vay n nc ngoi trong tng s n; c ch qun l n, mc ch
s dng cc khon vay n (nht l n nc ngoi); tnh minh bch trong cc khon
n gip Chnh ph c s liu xc thc ra cc gii php tng th bo m bn
vng ca ngn sch trong tng lai. Kim ton n cng cn c tin hnh thng
xuyn kim sot kp thi cc ri ro trong qun l.
nng cao hiu qu hot ng kim ton n cng, cn tin hnh kim ton c
lp cc hot ng qun l n cng hng nm. Cho php cc cng ty kim ton c lp
khng trc thuc nh nc tham gia vo hot ng kim ton n cng m bo
tnh khch quan, minh bch. Vic s dng cc cng ty kim ton c lp kim ton
n cng c hai ngha: Mt l, tnh khch quan s cao; Hai l, s gim bt chi ph ca
nh nc trong vic duy tr b my ca cc cng ty kim ton nh nc.
By l, y mnh quan h hp tc quc t. Tng cng qung b, gii thiu tri
phiu chnh ph trn th trng quc t; To cc knh cp nht thng tin v kinh t v
m, n cng, n nc ngoi ca quc gia; Tch cc cp nht tin tc v d liu th
trng t cc cng thng tin ti chnh quc t; Hc hi kinh nghim qun l v xy
dng chnh sch t cc t chc quc t c uy tn, cc quc gia thnh cng trong cng
tc qun l n; Nghin cu tng bc ci thin h s tn nhim quc gia.
Tm l, thnh lp Qu tch ly tr n. Qu tch ly tr n c hnh thnh nhm
m bo kh nng thanh ton ngha v n ca cc khon vay nc ngoi ca Chnh
ph v cho vay li hoc ngha v n d phng ca NSNN pht sinh t cc khon bo
lnh ca Chnh ph. B Ti chnh thc hin qun l Qu tch ly tr n vi nguyn
tc bo ton v pht trin ngun vn tm thi nhn ri ca Qu, s dng ngun vn
ca Qu ng mc ch, bo m tp trung y , kp thi cc ngun thu ca Qu.
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4. Lnh mnh ha, m bo k lut ti kha, an ninh, an ton ti chnh

- Lnh mnh ha ti kha, tng bc gim dn mc bi chi NSNN theo l trnh
xc nh trc vi cc bc i thch hp, m bo cn i gia mc tiu m bo
tng vn u t ton x hi, thc y tng trng kinh t bn vng nhng vn lnh
mnh ha c tnh hnh ti kha.
- Thit lp li k lut ti kha, gim thm ht ngn sch khng phi bng vic
tng thu, m l gim chi trn c s tng hiu qu chi tiu. Cc khon thu vt d ton
khng c dng tng chi tiu m phi c dng b thm ht ngn sch.
- Tng cng s phi hp gia chnh sch ti kha v tin t, m bo vic
thc hin cc chnh sch ny c gn vi cc mc tiu v nh hng thng nht,
c th l:
(i) Nng cao s phi hp v trao i thng tin gia chnh sch tin t v chnh
sch ti kha ngay t khu xy dng v hoch nh chnh sch. Thit lp c ch phi
hp hiu qu gia cc b, ngnh trong iu hnh chnh sch kinh t v m, trong vic
gim st v duy tr cc cn i ln ca nn kinh t; ng ph hiu qu vi nhng tc
ng bt li i vi nn kinh t;
(ii) Cng c nng lc t chc thc hin, nh gi tc ng v d bo chnh sch
ti chnh. y mnh cng tc tuyn truyn, thng tin chnh sch. Hnh thnh h tng
thu nhn thng tin phn hi v cc chnh sch, c ch ti chnh t ngi dn v doanh
nghip khc phc kp thi nhng bt cp v hn ch ca chnh sch v qu trnh
thc hin chnh sch;
(iii) i mi phng thc v cch thc gim st ti chnh v m thng qua vic
thit lp h thng cnh bo sm v ti chnh - tin t kp thi cnh bo nhng nguy
c lm mt an ninh trong h thng ti chnh trn c ba cp : quc gia, ngnh v
doanh nghip.
40
PUBLIC INVESTMENT, PUBLIC DEBT AND STATE BUDGET

SUSTAINABILITY
I. Overview of public investment, public debt and State budget
sustainability
1. Public investment
Public investment generally refers to the use of state capital for investments
aimed at fulfilling targets of public programs and projects in service of socioeconomic development. Capital sources for public investment include: the state
budget, state credit, ODA, revenues from taxes, fees and charges
Subjects of public investment: national target programs and projects for physical,
technical, economic, social and environmental infrastructure, national defense and
security development; national target programs and projects in service of activities of
state bodies, non-business units, political organizations, socio-political organizations,
including procurement and repair of fixed assets through non-business expenditure;
investment projects of residential communities, political-social-professional
organizations financed by state capital as per regulations of law; national target
programs and other public investment projects as decided by the Government.
Role of public investment: public investment plays an important role in (i)
speeding up industrialization and modernization, fostering economic development and
ensuring social security; (ii) shaping and developing national socio-economic
infrastructure; (iii) increasing agrregate demand; (iv) increasing aggregate supply and
economic capacity; (v) kicking off investment, triggering and maintaining growth
momentum; and (vi) generating jobs for the society.
2. Public debt
Public debt, in a broad sense, imply debt obligations of the public sector,
including obligations of the central government, local authorities, central banks and
independent organizations (those with operating capital subject to state budget
decisions or having over 50% of state-owned capital and in case of default, the state
must repay debt). In a narrow sense, public debt includes debt obligations of the
central government, local authorities and debt of independent organizations with
government guarantee.
Presently, depending on the economic and political institutions, the concept of
public debt varies among countries. In accordance with the provisions of the law of
Vietnam, public debt is understood to include three groups as follows: government
debt, government-guaranteed debt and local government debt.
41
Public debt classification

There are many criteria for public debt classification; each has different a
meaning in management and utilization of public debt. General criteria for public debt
classification include the following:
By geographical origins of capital: Public debt consists of two categories:
domestic debt and foreign debt.
By capital mobilization modality: Public debt consists of two categories: public
debt from direct deals and public debt from debt instruments.
By preferential nature of loans incurring public debt: there are three types of
public debt: Public debt from ODA loans, public debt from concessional loans and
conventional commercial debt.
By liability for creditors: Public debt is classified as public debt in need of
payment and public debt with government guarantee.
By debt management levels: Public debt is classified as public debt of central
government and public debt of local authorities.
Public debt characteristics
There are various approaches to public debt. Basically, however, public debt has
the following main characteristics: (i) Public debt refers to the binding debt repayment
of the state; (ii) Public debt is managed in accordance with closely interconnected
procedures with the participation of competent state bodies; and (iii) The ultimate
goal of mobilization and use of public debt is to support economic development for
the benefit of the community.
Public debt nature
Naturally, public debt refers to loans to finance budget deficits. These loans will
require the repayment of principal and interest when due, and the state will have to
increase taxes for compensation. So, ultimately, public debt just gives one the option
to choose whether to tax today or tomorrow, whether to tax this generation or the
next. Debt borrowing essentially refers to gradual taxing, which is widely used by
governments to finance increased government spending. The ratio of public debt over
GDP reflects the safety or risk of public debt only partially. The level of safety or
danger of public debt not only depends on the ratio of public debt over GDP but, more
importantly, on the level of development of the economy.
3. State Budget sustainability
Budget sustainability refers to the status of the state budget always being capable
of providing the state with efficient financial tools; revenues, expenditures and debt of
the state budget are all controlled proactively by the state in any circumstances; and
the state is never pushed into bankruptcy, instability, and/or threatened in its financial
security either in the short term, medium term or long term.
42
Criteria for evaluating budget sustainability cover important aspects which are
closely interrelated, including: solvency, liquidity, vulnerability, ensuring sustainable
growth, stability and fairness.
II. Status of public investment, public debt and state budget sustainability in
Vietnam
1. Status of public investment
Public investment in Vietnam is generally referred to investment from capital
sources of the state, including development investment funded through the state
budget, government bonds, state credit, ODA, development investments of stateowned enterprises (SOEs) and other state capital sources. In line with the strong
development of the country in recent years, total social investment capital has steadily
increased. Public investment has accounted for a relatively large proportion of total
investment and has proven to play a very important role in socio-economic
development.This is particularly reflected in the following facts: public investment
has had an important contribution to maintaining and promoting economic growth;
public investment has contributed to infrastructure development; public investment
has proactively ensured social security; and public investment has made a significant
contribution to macroeconomic stability.
However, actual performance of public investment in Vietnam is still subject to
many constraints, leading to low efficiency, waste and loss of state capital. These
constraints can summarized as follows: investment mechanisms have not been
reasonable and effective; investment has soared for many years, causing substantial
budget deficit; low investment efficiency has been due to a lack of rationality in the
structure of investments, the protfolio spread of investments, low construction quality,
slow and delayed construction progress, lack of transparency regarding information
about investments and weak accountability, together with chronic corruption and high
waste of investment resources.
The above-mentioned limitations stems from several causes, notably including
the following reasons: investment decisions go beyond the capacity of the economy,
leading to scattered investment, repeated delays; an asymmetric investment structure
results in a lack of synergies; lack of close and effective monitoring and supervision
of investments; operation and maintenance with regard to infrastructure funded by the
state budget lack behind the level of investment; lack of proactive execution of major
macro balances in the economy; planning, particularly investment planning, fails to
accommodate regional strengths and advantages; decentralization of investment
management is exposed to various problems, including a lack of corresponding
capabilies at the management level.
2. Status of public debt
In recent years, Vietnam's public debt has increased rapidly both in absolute
terms as well as in terms of the ratio of public debt over GDP. According to data from
43
the Ministry of Finance, if in 2006, public debt accounted for 44.5% of GDP, then in
2012, the debt increased to 55.7% of GDP. At the same time, foreign and domestic
debt have tended to increase; the successful issuance of government bonds together
with attracting ODA from external sources has led to an average increase of 43% in
total government debt in the last 3 years.
Although in Vietnam the rate of public debt remains under control, it is still too
high compared to the average level in developing economies. Besides, the use of
public debt in Vietnam is not efficient; delays in the disbursement of investment
capital from the state budget and government bond funds take place quite often. There
remains a lack of effort and determination to overcome the status of slow and delayed
construction progress. These constraints, together with a lack of financial discipline in
public investment and in the operation of SOEs and large business corporations
results in scattered investment, waste , loss of investment capital at all stages of the
management of investment projects. All of the aforementioned limitations have
exposed Vietnam to numerous risks in the management of public debt, notably
including the following:
- The percentage of Vietnam's public debt has tended to increase, both
domestic debt and foreign debt, at 5-7% of GDP per annum. With the current growth
rate of public debt, it is estimated that after 5 years, Vietnam's public debt will exceed
100% of GDP and at that time, a debt crisis may occur;
- The volatility of interest rates and exchange rates toward a depreciation of the
Vietnamese Donghas created pressure on interest rates for domestic debt and pressure
on exchange rate for foreign debt;
- The international monitoring capability on the safety of debt through the
monitoring indicators of Vietnam has remained low given the fact that state budget
accounting has not been standardized and publicized;
- Lack of transparency in public debt information;
- Vietnam has just only paid attention to mandatory debt management, but not
hidden debt management
3. Relationship between public investment, public debt, and state budget
sustainability
According to the current regulations of Vietnam, public investment and public
debt are closely related. Specifically:
- The State budget shall be balanced on the principle that the total revenue from
taxes, charges and fees must be larger than the total regular expenditures and should
accumulate more and more funds for spending on development investment; eventually
the balance between budget revenue and expenditures shall be achieved.
- The state's budget deficit shall be funded from domestic and foreign sources.
Borrowing to make up for the state's budget deficit must comply with the principle
44
that they must not be used for consumption, but only for development purposes and it
must be ensured that the budget arrangement include an initiative to repay all debt
when due.
- In principle, the local budgets shall be balanced with the total expenditures not
exceeding the total revenue. Where provinces or centrally-run cities need to invest in
infrastructure projects which run under the scope of the provincial-level budgets and
are on the list of investment projects in the five-year plans already decided by the
provincial-level Peoples Councils, but are beyond the balance capability of the
provincial-level budgets in the estimation year, they shall be allowed to mobilize
domestic capital but must balance the annual provincial-level budgets so as to take
initiative to repay all debt when it is due. The debit balance from the mobilized capital
source must not exceed 30% of the provincial-level budgets annual investment
capital for construction. .
III. Recommended solutions for efficient use of public investment, public
debt and improved budget sustainability
There are various ways to improve the efficiency of public investment, ensure
public debt safety and enhance state budget sustainability. However, comprehensive
solutions must include the following elements:
Economic restructuring
Restructuring the economy is directed towards in-depth development, providing
moreadded value for the economy through ensuring sustainable development of
infrastructure, human resources and finance. Promoting internal resources of the
economy and increasing domestic savings aims at gradually reducing excessive
dependence on foreign capital inflows. This solution is the basis for increasing budget
revenue, meeting expenditure needs for development investment and reducing the
risks associated with decreased foreign investment inflows and global volatility of
interest rates and exchange rates, etc.,. It is also necessary to restructure SOEs that fail
to operate efficiently. Gradually reduce the economy's dependence on bank loans and
foreign investment capital. Onlyrestructuring the economy and improving growth
quality can help Vietnam to sustain high growth in the future.
Public investment restructuring
Restructuring of public investment and diversification of investment capital
sources aim to improve the investment efficiency for society. The public investment
policy must primarily serve to promote and support sustainable development and
enhance the quality of life and welfare for everyone. Restructuring of public
investment should not only target high growth rates based on reduced public
investment but also aims at the harmonious combination of economic development
and better assurance of justice and social progress, including the rational use of land
and water resources, protection of the environment, and ensuring sustainable
development.
45
In the restructuring of public investment, it is necessary to increase investment in

the development of services for agricultural production, consumption of agricultural
products, science and technology, education and health; to reduce the provision of the
state budget for state corporations and business groups; to refocus public investment
to invest in infrastructure and social development. At the same time, there should be a
strong determination not to carry out investment projects that fail to meet criteria of
socio-economic efficiency and to focus budget resources on projects that demonstrate
the ability to be completed within deadlines and that exert a high level of efficiency.
Furthermore, the number of public investment projects funded through the state
budget that are big in scope and require long-time investment but are not urgent
should be reduced. It is important to stress that strict control of public investment is
important to help reduce budget deficits.
Development and implementation of a debt management strategy
The development and implementation of a debt management strategy should
clearly state purpose and scope of tools and activities as well as a long-term
perspective in debt management. At the same time, it is necessary to inspect and
monitor closely the implementation of the strategy and the execution of debt
management policies, including the development of a debt limit and the monitoring
compliance with the set limits. The strategy must focus on the risk management of
debt portfolios, including currency risk on loans, interest rates, exchange rates,
liquidity and operations. It should also include an analysis of debt sustainability to
propose appropriate responses. Debt management tools should be divesified through
continued development of the secondary market in order to enhance the ability to
manage risks through derivative transactions. Debt management organizations need
to be restructured to gradually strengthen and promote the role of debt management
so that they are capable of uniformly managing domestic and foreign debt.
Improving transparency, publicity and enhancing public accountability in the
use of public resources
Improvement of transparency, publicity and public accountability with regard to
the use of public resources would require the following: (i) Expand forms and
contents of publicity; enhance accountability and overcome the current situation of
formalistic publicity; (ii) Enable people to have access to information on principles,
objectives and orientations of fiscal policy as well as data relating to the state budget.
This should expand and enhance public policy consultation and discussion by
communities and society; (iii) Enhance oversight responsibilities of the National
Assembly for national key projects, of the People's Council with regard to investment
projects in the locality; and (iv) Strengthen community supervision, improving
mechanisms for people to check and monitor activities relating to budget, land and
property of the state.
46
TI LIU THAM KHO

1. Bn tin n nc cng s 2 (2013), B Ti chnh, 10/2013;
2. Bn tin n nc nc ngoi 7 (2011), B Ti chnh, 7/2011;
3. Bi Quang Bnh (2012), Ti cu trc u t cng Vit Nam: Vn v gii
php, Tp ch Nghin cu Kinh t, s 4, 2012;
4. inh Th Nga (2013), Chi tiu cng nhng nguyn tc ch yu v thc tin
Vit Nam, Tp ch Nghin cu Kinh t, s 1, 2013;
5. inh Th Nga (2013), Khng hong n cng v gii php ngn nga khng
hong n cng Vit Nam, Tp ch Nhng vn Kinh t v Chnh tr Th gii, s 4,
2013;
6. Thin Anh Tun (2013), Tng lai n cng ca Vit Nam: Xu hng v
th thch, Tp ch Ngn hng, s 3, 2013;
7. Kiu Hu Thin (2013), Qun l n cng nhn t bi hc Argentina, Tp ch
Ngn hng, s 5, 2013;
8. L Hong nh (2013), Nng cao hiu qu u t cng ti Vit Nam, Tp ch
Ngn hng, s 19, 2013;
9. Nin gim Thng k cc nm 2016 2012, Nh xut bn Thng k;
10. Phm Th Anh (2012), Thm ht ti kha: thc trng, tc ng v khuyn
ngh chnh sch, Tp ch Nghin cu Kinh t, s 10, 2012;
11. Phm Xun Hoan, Hong Quc Tng (2012), Thu chi Ngn sch Nh nc
Vit Nam: phn tch quy m v khuyn ngh i vi khun kh php l, Tp ch
Nghin cu Kinh t, s 12, 2012;
12. Trn Vn Hng, Phm S An (2013): Thm ht ngn sch Nh nc giai
on 2000- 2012: Thc trng, nguyn nhn v xut mt s gii php, Tp ch
Nghin cu kinh t, s 8, 2013;
13. V nh nh (2012), Mi quan h gia u t cng v n cng, Tp ch
Nghin cu kinh t, s 6, 2012;
14. V Tun Anh (2009), Tm tt v tnh hnh u t cng Vit Nam t 2006
n nay, Vin Kinh t Vit Nam, 2009;
15. Mt s ngun khc trn bo ch, bo in t, tp ch.
47

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THNG TIN CHUYN

TRUNG TM THNG TIN T LIU

Tng quan v u t cng............................................................................... 1

Tng quan v n cng..................................................................................... 2

Mi quan h gia u t cng, n cng v thm ht NSNN ......................... 8

Thc trng u t cng ca Vit Nam.......................................................... 10

Thc trng n cng ca Vit Nam................................................................ 21

Mi quan h gia n cng, u t cng v mc bn vng NSNN .......... 30

TRUNG TM THNG TIN T LIU S 5/2013

U T CNG, N CNG V MC BN VNG NGN SCH

Tng quan v u t cng, n cng, v mc bn vng ngn sch

Tng quan v u t cng

Tng quan v n cng

TRUNG TM THNG TIN T LIU S 5/2013

hiu bao gm ba nhm l: n Chnh ph, n c Chnh ph bo lnh v n chnh

TRUNG TM THNG TIN T LIU S 5/2013

TRUNG TM THNG TIN T LIU S 5/2013

chnh v n cng s c xem xt chi tit, nht l n cng. Khi NSNN t ti s bn

TRUNG TM THNG TIN T LIU S 5/2013

Bng 1: Tiu ch xc nh bn vng NSNN

thanh Kh nng ca Chnh ph trong

Tng ti sn c tnh lng cao (vn

Tnh d b tn Ri ro m cc khon n pht trin

Thiu kh nng ti ti tr gy ra tnh

Kh nng p ng c cc nhu Ch tiu t sut thu NSNN v n

cng Khng lm dch chuyn gnh Ngn sch lin th h; t sut n

Ngun: Bi ng Nghiu (2009), Phn tch mc bn vng ca NSNN Vit

TRUNG TM THNG TIN T LIU S 5/2013

Thm nt ngn sch

T phn tch trn c th thy, v nguyn tc trong iu kin nn kinh t c tng

II. Thc trng u t cng, n cng v mc bn vng ngn sch Vit

Thc trng u t cng ca Vit Nam

1.1. Thc trng u t cng

T trng so vi GDP (%)

Ngun: Tng cc Thng k v Nin gim thng k qua cc nm

TRUNG TM THNG TIN T LIU S 5/2013

T bng trn c th thy trong nhng nm gn y, t trng u t ca kinh t

C cu trong tng vn u t cng

Ngun: Tng cc Thng k

nm 2000 ln mc 64,3% nm 2009, nhng li gim xung mc 54,8% vo nm

Ngun: Tng cc Thng k v Nin gim Thng k cc nm

TRUNG TM THNG TIN T LIU S 5/2013

t trng cao nht, l 21% nm 2005 v 20% nm 2011; u t vo sn xut v phn

Ngun: Tng cc Thng k v Nin gim qua cc nm

thc y tng trng kinh t. C th, vn u t pht trin t NSNN c tp trung

Ngh nh s 52/1999/N-CP ngy 8/7/1999 ca Chnh ph v quy ch qun l u t v xy

TRUNG TM THNG TIN T LIU S 5/2013

Tham kho V Tun Anh, 2010 v bo co ca V Gim st v Thm nh u t (B

- Vic thc thi cc d n ca Vit Nam phn ln l vn theo hnh thc Nh nc

TRUNG TM THNG TIN T LIU S 5/2013

thn quyn thm nh v ph duyt ca a phng. Chnh ph ch ph duyt c d n

trng u t cng km hiu qu. Xt v tng th, hiu qu u t ca ton b nn kinh

Ngun: Ph Th Kim Chi, Trn Th Kim Dung, Vn Lm (2013), Hiu qu

TRUNG TM THNG TIN T LIU S 5/2013

khi u t vo lnh vc x hi con ngi chim t l khim tn v ang c xu

Ngun: Tng cc Thng k

TRUNG TM THNG TIN T LIU S 5/2013

cn mt lng chi ph thng xuyn vn hnh v bo dng. Th nhng thi

Thc trng n cng ca Vit Nam

2.1. Din bin n cng ca Vit Nam

thnh lp Cc Qun l n thuc B Ti Chnh l mt bc tin ln v mt thit ch

Tng Cng 15,641.33 19,252.56 21,816.50 27,928.67 58,913.07 66,391.18 77,480.98

Ngun: Bn tin n s 7, thng 7/2011 v s 2 nm 2013, B Ti chnh