Ngn Hng & Pht Trin

NCD vi mnh gi ti thiu l

500.000 USD, thng thng l 1
triu USD. ng thi, NCD c kh
nng lu thng nn ngi gi d
dng bn li trn th trng nu cn
vn trc khi n hn.
b. Nghip v to tin:
Th trng tin t chu u c
kh nng to tin ghi s trn ti
khon tin gi thanh ton ca
khch hng thng qua hot ng
tn dng v thanh ton.
c. Nghip v tn dng:
L khon cho vay bng tin
t Euro ngn hn (bao gm trung

h trng tin t chu

u l ni gp g ca
cc NHT, NHTM
v cc cng ty ln ton cu, mt
cch ng ngha th n l cu ni
ch ti chnh gia ni a chu
u v th gii. Ngy nay tc
tng trng ca th trng tin t
quc t c biu hin thng qua
tc tng trng ca tin gi v
tn dng (Eurocurrency Deposits
and Loans), ng thi l nhn t
thc y qu trnh ton cu ha cc
th trng ti chnh ni chung v
ngnh cng nghip ngn hng ni
ring, trong c VN chng ta.
1. Th trng la chu u

1.1. Khi nim

la chu u (Euro dollar) :
L ng ngoi t t do chuyn i
c k gi bn ngoi h thng
ngn hng nc bn x. Nh vy,
ta c Euro dollar l tin gi bng
dollar M ti mt ngn hng no

ngoi nc M.
Th trng la chu u:
la chu u l nhng ti sn bng
dollar M nm ngoi nc M,
khng b Chnh ph M iu tit
v tn ti di hnh thc l ng
tin ghi s. S ti sn ny c
mua bn, chuyn nhng trn ton
th gii v hnh thnh tn gi th
trng la chu u (Euro dollar
market).
1.2. Cc nghip v c bn ca
th trng la chu u
a. Nghip v nhn tin gi:
Trn th trng tin t bn
bun, cc ngn hng EuroBank
nhn tin gi Euro c k hn v
pht hnh Chng ch tin gi kh
nhng (Negotiable Certificates of
Deposit-NCD).
Li sut tin gi Euro c
nim yt tng ng vi cc k hn
t 1 ngy ti vi nm, tuy nhin k
hn chun mc l 1, 2, 3, 6, 9 v
12 thng.
EuroBank huy ng di dng

PHT TRIN & HI NHP S 2 (12) - Thng 1-2/2012

hn) m cc Eurobank cp cho cc

doanh nghip, cc ngn hng, cc
chnh ph v cc t chc quc t.
Cc khon vay ny c thc hin
bng loi tin khng phi l ng
bn t ca quc gia m Eurobank
tr ng, do cc khon vay ny
thng ln i vi mt ngn hng,
nn cc Eurobank thng lin kt
nhau thnh mt t chc ng ti
tr chia s ri ro.
Mc li sut quan trng nht
trn th trng Eurobank l li sut
cho vay lin ngn hng ti London
(LIBOR), nhng ngi i vay
phi ngn hng s phi tr li sut
cao hn LIBOR, mc chnh lch
ph thuc vo h s tn nhim ca
ngi vay v cc chi ph giao dch
ca Eurobank. Ngc li, ngi
c tin gi ch c hng li sut
thp hn LIBOR.
Ngoi ra, ph bin hn c li
sut th ni vi khon tin gi hay
cho vay t 6 thng tr ln v c

Ngn Hng & Pht Trin

iu chnh nh k 3 hay 6 thng/
ln.
2. S ra i v pht trin ca th
trng la chu u

Sau chin tranh th gii II,

lng la M nc ngoi tng
ln rt nhanh. y l hu qu ca
k hoch Marshall v vic nhp
khu qu mc vo M - th trng
tiu th ln nht th gii sau khi
ho bnh c ti thit chu u.
Chnh v vy, mt lng ln ng
la M c nm gi bi cc
ngn hng ngoi nc M. Mt vi
quc gia trong c Lin Bang X
Vit c ti khon la ti cc
ngn hng ca M v c m
bo bng cc giy chng nhn.
Trong sut thi k chin tranh
lnh, c bit l sau cuc xm lc
Hungary vo nm 1956, Lin X lo
s rng ti khon ca mnh ngn
hng Bc M c th b phong to.
Do , h quyt nh chuyn
mt phn ti khon sang ngn hng
Moscow Narodny - Ngn hng ca
Lin X c s h tr ca Anh. Sau
ngn hng Anh gi s tin
ny sang ngn hng ca M. Nh
vy s khng c l do g tch
thu s tin ny v n thuc v ngn
hng ca Anh ch khng trc tip
thuc Lin X. Ngy 28 thng 2
nm 1957 tng s tin c chuyn
ln ti 800.000 USD v y l
nhng ng Eurodollar u tin.
Ban u cc ti khon tin gi
bng la hu ht nm ti cc ngn
hng chu u, v th mi c tn l
Eurodollar. Ngy nay, mc d cc
ti khon ny ch yu vn nm ti
ngn hng chu u song cng cn
c lu gi cc quc gia khc
nh Bahamas, Canada, Cayman
Islands, Hng Kng, Nht, H Lan,
Antilles, Panama, v Singapore. V
th trng Eurodollar tng i
thng thong v khng b rng

buc bi cc iu lut nn cc
ngn hng thng hot ng vi
bin li nhun thp hn cc ngn
hng ti M. Do , th trng cho
ng Eurodollar c pht trin
mnh m v l mt cch trnh
cc chi ph c lin quan n cc
trung gian ti chnh. Cc ti khon
thng t 1.000.000 USD tr ln,
trong ch yu l ti khon ca
mt nh ch ti chnh gi ti mt
t chc ti chnh khc. Cc giao
dch vi ng Eurodollar rt ph
bin v linh hot, c bit thi hn
c th t 1 ngy cho ti 6 thng,
rt him cc giao dch ko di ti
5 nm.
Th trng la chu u rt
rng ln, c tnh tng s lng
ca th trng vt trn 1000
t USD, trong hot ng ca
Eurodollar chim ti 65 - 70% tng
doanh s hat ng ton th trng
Eurocurrency, sau l Euromark,
Eurofrancs,
Eurosterling
v
Euroyen. Chnh v vy, theo ngha
hp, khi ni n Eurocurrency th
ngi ta cn hiu l th trng
la chu u.
Mc d c nm gi nhiu
ni trn th gii song li sut ca
Eurodollar ch yu b nh hng
bi tnh hnh kinh t ca M. Nhn
chung, khi Cc D tr lin bang
(FED) qun l cht hoc c du
hiu s tin hnh qun l cht ch
cc ti khon tin gi th li sut
Eurodollar s tng, v ngc li.
Thm vo , mc li sut ny
cng thay i tu theo tng thi
im trong ngy, tun theo quan h
cung cu. V vy nu s dng li
sut ny lm im tham chiu th
s khng ph hp. Thay vo c
th s dng li sut LIBOR v cc
li sut khc.
Nhng s kin nh tin gi chy
ra nc ngoi trnh Quy ch Q

Ngn hng Trung ng M khng

ch trn li sut ti a i vi cc
khon tin gi ti ngn hng v
cc t chc nhn tin gi ca M,
cc ngn hng chuyn hng sang
hat ng nc ngoi, cc nhu
cu USD chuyn hng sang vay
nc ngoi trnh quy ch v
thu thu nhp (IET), chng trnh
kim sot tn dng v u t trc
tip... kch thch th trng
la chu u tng trng mt cch
nhanh chng. Ngoi ra, cho d hu
ht nhng quy ch nu trn, thu
thu nhp (IET), cng nh cc kim
sot khc c d b vo nhng
nm 70, nhng th trng la
chu u vn tip tc pht trin
mnh m.
3. Li ch ca cc NHTM VN khi
tham gia th trng la chu
u

Ngy nay, i vi cc ng tin

mnh, th trng tin t vt ra
ngoi bin gii truyn thng vn
c ca n. Do , chng ta c th
k mt t sc bng la M t ti
khon m ti ngn hng Tokyo,
hoc k mt t sc bng Yn Nht
t ti khon m ti ngn hng
New York. Tng t, ta cng c th
dn xp mt khon tn dng bng
la M ti Hng Kng hay Bng
Anh ti Ty Ban Nha. Qua , dn
n thc t l: cc ng tin khc
nhau c duy tr bn cnh nhau
trn cc ti khon ngn hng v t
hnh thnh nn th trng tin t
chu u.
Khi tham gia th trng la
chu u cc ngn hng s c nhng
li ch nh sau:
- Th trng tin t chu u
l ni gp g ca cc ngn hng
trung ng (NHT), NHTM v
cc cng ty ln ton cu, l cu ni
ti chnh gia ni a chu u v
th gii. Do , khi c s thiu ht

S 2 (12) - Thng 1-2/2012 PHT TRIN & HI NHP

Ngn Hng & Pht Trin

vn tm thi v ti chnh, cc ch
th tham gia c th c c ngun
vn b p thiu ht mt cch
nhanh chng, kp thi.
- Cc NHT tham gia th
trng ny khi h cn u t tch
tr ngoi t, do vic tip cn
c th trng ny s gip cho
cc NHTM ti VN c th thu ht
c mt ngun ngoi t rt ln.
- Cc ngn hng s nhn tin gi
v cho vay ngn hn ng tin ca
mt quc gia bt k, nhng khng
chu s chi phi bi cc quy nh
ca NHT pht hnh ng tin ny
(bi l th trng tin t chu u
s di chuyn n bt k ni u c
iu kin php l thch hp v ri
ro chnh tr thp). Do khng phi
tham gia d tr bt buc nn cc
ngn hng tham gia th trng la
chu u (Eurobanks) c kh nng
ch duy tr mt lng ti sn ti u
c mc li sut thp lm ti sn d
tr, chnh v vy m cc Eurobanks
c th tr li sut tin gi cao hn
v thu li sut cho vay thp hn so
vi cc ngn hng nc bn a
m c th y l cc ngn hng
M. iu ny to li th cnh tranh
cho cc Eurobanks.
- Quy m giao dch trn th
trng la chu u rt ln. Nhn
chung, mc trung bnh ca mi
khon tin gi v mi khon cho
vay t hng trm triu n nghn
triu USD, ln hn rt nhiu so
vi giao dch ni a. iu ny cho
thy chi ph hot ng trung bnh
lin quan n mi USD nhn tin
gi hay cho vay l rt thp i vi
cc Eurobanks.
- Cc Eurobanks trnh c
nhng chi ph ph tri lin quan
n t chc cn b, hnh chnh v
s chm tr pht sinh do phi tun
theo cc quy nh ti mi ngn
hng ni a. ng thi gim c

10

chi ph cho nhng hot ng lin

quan n php l.
- Cc Eurobanks tit kim c
khon chi cho bo him tin gi do
khng phi tr ph ny, trong khi
cc ngn hng M phi tr ph
ny.
- i ng khch hng c cc
Eurobanks cho vay u l nhng
khch hng c cht lng cao, c
t l v n khng ng k v khi
tham gia th trng ny i hi
khch hng l phi c uy tn, c
mc tn nhim tt.
4. Mt s knh tip cn th
trng la chu u

- M chi nhnh ti th trng

chu u, qua c th tip cn
c ngun vn la di do t
th trng ny.
- M rng quan h vi cc ngn
hng ti th trng ny, qu to
lp c thm nhiu ngn hng i
l khi c cc khon ngoi t c
th chuyn i sang USD.
- Cc NHTM ln ti VN m
rng quan h vi cc ngn hng
nc ngoi c chi nhnh ti VN
h c th bit c nng lc ti
chnh ca cc NHTM ln VN.
Qua , h s gii thiu vi cc
ngn hng ln ti chu u.
- Ngoi ra cc NHTM VN c
th tip cn thng qua phng thc
vay vn t cc t chc ti chnh,
t chc kinh t thng qua s bo
lnh v lm u mi ca NHNN.
Bn cnh , cng c th tip cn
bng cch nhn cc ngun vn t
cc t chc trn th gii nh WB,
IMF, ADB, cc NHT ca cc
nc t s phn b v gii thiu
ca NHNN.
5. Nhng thun li v kh khn
trong vic tip cn th trng
la chu u ca NHTM VN

Thun li:

PHT TRIN & HI NHP S 2 (12) - Thng 1-2/2012

- VN ang l nc ang pht

trin, c h thng chnh tr n nh,
l mt ni c nhiu tim nng
u t, kinh doanh. Do , thu ht
c nhiu ngun vn t cc t
chc nc ngoi.
- Hin nay, M ang ngy cng
m rng hp tc kinh doanh vi
VN. y cng l c hi Chnh
ph l cu ni cho cc NHTM ti
VN m rng quan h vi cc Ngn
hng ti M.
- Cc ngn hng nc ngoi ln
m chi nhnh ti VN l nhn
t quan trng c th m bo uy
tn ca cc NHTM VN khi tip
cn ngun vn nc ngoi cng
nh pht hnh cc tri phiu ra th
trng nc ngoi.
Kh khn:
- Cc NHTM VN cng nh
NHNN VN c h s xp hng
tn nhim rt thp. Hin nay, ch
c 5 ngn hng ca VN c cc
hng xp hng tn nhim nh gi
kh nng tr n; hng Fitch cng
b nh gi i vi kh nng tr
n vn vay ngoi t di hn ca 4
ngn hng: Nng nghip & Pht
trin nng thn VN (Agribank),
Chu (ACB), Cng Thng VN
(Vietinbank) v Si Gn Thng
Tn (Sacombank), c 4 ngn hng
ny u nhn im B; cn mc tn
nhim chung i vi cc ngn hng
(c cng b vo thng 9/2010):
ACB, Sacombank, Vietinbank,
Vietcombank c nh gi mc
D/E (ngng tim cn ri ro), cn
Agribank nhn im E (c ri ro).
Khi vic tip nhn vn t cc th
trng nc ngoi rt kh vi uy
tn cha c khng nh.
Hin ti sau khi VN tip cn 800
triu USD thng qua EuroBond
vi h s BB th hin nay ch s tn
nhim nn kinh t nc ta b gim
xung l BB-. Nh vy, li sut

Ngn Hng & Pht Trin

ca c nc nm 2001
xung ch cn 1% nm
2010. Cn tnh chung
trong vng 20 nm, t
1990 n 2010, ngnh
nng nghip vn u t
FDI ch t 4,3 t USD
(chim 2,3%), tc mi
nm ch thu ht c c
215 triu USD.
- Ti VN hin ti
cha c vn bn php
lut hng dn cch
thc gia nhp th trng
la chu u cho cc
NHTM. Do , gy
kh khn cho cc ngn
hng trong vic trin
khai thc hin.
Ngun: Gio s Michel Bouchet-SKEMA 2011

huy ng cng tng tng ng

l tr ngi cho vic tip cn cc
ngun vn ny.
- N nc ngoi ca VN tng
nhanh, trong vng 5 nm tng
gp i t nm 2006 n 2010
trong khi d tr ngoi hi li gim
nhanh chng. N nc ngoi ca
VN cui nm 2010 l 32,5 t la,
tc bng 42,2% GDP, so vi mc
n vo nm 2006 l 15,64 t
la. Trong khi d tr ngoi
t ca VN nm 2010 ch cn
tng ng 187% tng d n
ngn hn, t l ny gim i
rt nhiu so vi 290% tng d
n ngn hn trong nm 2009.
iu ny gy bt li cho VN
khi tip cn ngun vn vay t
nc ngoi, do lo ngi v kh
nng thanh ton ca VN. T
cng tc ng tiu cc n
vic tip cn th trng la
chu u ca NHTMVN.
- Hin ti, vic s dng cc
ngun vn t nc ngoi nh

ngun vn ODA, FDI VN cn

thiu hiu qu. Do , cng nh
hng n uy tn ca VN trn th
trng th gii. Trong vn bn mi
nht m B NN&PTNT bo co
Chnh ph tr li cht vn trc
Quc hi, th ngun vn FDI u t
cho nng nghip, nng thn chim
t l rt t v c xu hng gim
dn, t 8% trong tng c cu FDI

6. Gii php nhm

nng cao kh nng
tip cn th trng
la chu u ca cc ngn hng
thng mi VN

6.1. M rng hot ng kinh

doanh ti nc ngoi
Cc NHTM VN cn ch ng
tip cn cc th trng nc ngoi
tim nng nh cc nc pht trin,
cc nc gip bin gii, cc nc c
li th v khch hng tim nng,...
nhm trin khai cc hot ng kinh

Ngun: B Ti chnh

S 2 (12) - Thng 1-2/2012 PHT TRIN & HI NHP

11

Ngn Hng & Pht Trin

doanh tin t ti nc bn.
Hin nay, khng t NHTM VN
ang tm cch m rng th trng
hot ng nc ngoi. Thng
06/2009, Sacombank m chi
nhnh ti Phnom Penh (Campuchia)
Trc , ngn hng ny cng
m chi nhnh ti Lo v vn phng
i din ti Trung Quc. Cng
trong xu th khai thc th trng
nc ngoi, ngy 21-7, BIDV
cng c NHNN cho php m
vn phng i din ti Campuchia.
V mi y, ngy 06/09/2011,
VietinBank chnh thc khai
trng Chi nhnh VietinBank
CHLB c (VietinBank German
Branch) ti Frankfurt.
Ti cc chi nhnh Lo v
Campuchia, i tng khch hng
m ngn hng VN hng ti l cc
doanh nghip Vit kiu, nhn vin
VN ang lm vic ti cc t chc,
doanh nghip nh v va, cc tng
lp dn c ca hai nc...
Vic m vn phng i din hay
chi nhnh ti nc ngoi ca cc
NHTM VN khng phi l chuyn
mi m. Trc y, VCB, ACB,
BIDV... c NHNN cho php
m vn phng i din ti M. Tuy
nhin, Cc D tr lin bang M
vn cha chp thun. Trc thc
t trn, nhiu ngn hng thng
mi khc tm kim a bn hot
ng nhng nc ph hp vi
tiu chun v ngun lc ca mnh.
Th trng Lo, Campuchia... c
cc ngn hng nh gi l d trin
khai dch v v d chim lnh th
trng.
Mt lnh o ca VCB cho
rng mun u t vo cc th
trng ln, VN cn c s chun b
k cng bi nhng th trng ny
i hi vn, nguyn tc hot ng
cht ch. Trong khi , VN vn
cn thiu mt s yu t nh kinh

12

nghim, qun tr ri ro, ng dng

cng ngh... Nu cha gii quyt
c cc im yu ny th cc
ngn hng thng mi VN c nguy
c gp ri ro ln khi tham gia m
chi nhnh ti cc nc, c bit l
cc nc c nn kinh t pht trin
nh M. Cc NHTM VN, nht l
cc NHTM quy m nh cn nhanh
chng hin i ha v pht trin
cng ngh theo kp tc pht
trin ca th trng ti chnh quc
t, thc hin cc cuc nghin cu
th trng nhm pht trin kinh
doanh ti cc th trng tim nng.
6.2. Huy ng vn t cc t
chc quc t
Cc NHTM VN c th tip cn
th trng ny t cc phng thc
vay vn t cc t chc ti chnh,
t chc kinh t cng nh nhn cc
ngun vn u t vo VN thng
qua cc phng thc sau:
Vay thng qua s bo lnh v
lm u mi ca NHNN: NHNN
pht hnh cc EuroBond v chn
mt s NHTM ln, c uy tn tip
nhn ngun vn u t cc
cng trnh c s h tng. NHNN
nhn cc ngun vn t cc t chc
trn th gii nh WB, IMF, ADB
cng nh cc NHT cc nc
v gii thiu cc NHTM tip cn.
Cc NHTM VN cn tch cc hp
tc, tham mu, gp cho NHNN
nhm m rng i tng cc ngn
hng tip cn cc ngun vn huy
ng quc t.
Cc NHTM thng qua s gii
thiu h tr t cc NHTM ln ti
VN cng nh cc NH nc ngoi
ti VN tip cn vay vn trc tip
cc NH ti nc ngoi. Do , cc
NHTM VN v NHNN cn ch
trng hp tc pht trin vi cc
NH nc ngoi ti VN v nh kh
nng gii thiu t cc NH ny tip
cn vn vay cc NH khc cng nh

PHT TRIN & HI NHP S 2 (12) - Thng 1-2/2012

cc NH m ti nc ngoi.
Bn cnh xu th m rng hp
tc trn phm vi ton cu th cc t
chc quc t nh WB, IMF hay cc
NHT, cc nc pht trin cng
ch trng u t vc dy cc nc
ang pht trin. l c hi
tip cn vn ca cc NHTM VN.
Tuy nhin, cc NHTM VN cng
nh NHNN c h s xp hng tn
nhim rt thp nn cng l mt
th thch ln cn phi khc phc.
6.3. Pht trin mng li ngn
hng i l
Nhm p ng mi yu cu
thanh ton xut, nhp khu ca
khch hng trong v ngoi nc,
cc NHTM VN phi lun ch trng
m rng quan h ngn hng i
l trong khu vc v quc t. Vic
m rng mng li ngn hng i
l cng l mt gii php nng cao
nng lc cnh tranh v pht trin
kinh doanh c quy m ton cu.
Hin nay, cc NHTM VN c
php thanh ton quc t v kinh
doanh ngoi t ang c mi quan
h vi hng trm, hng nghn ngn
hng i l ti hn 100 quc gia v
vng lnh th trn ton th gii. Do
, cc NHTM VN cn ch ng
tng cng thit lp quan h vi
cc ngn hng i l nhm thu ht
s h tr t cc NH ny, tch cc,
ch ng tham gia vo cc hip hi
quc t c uy tn nhm tm hiu,
hc hi v thun li hn trong kinh
doanh quc t l
TI LIU THAM KHO
1. TS. L Hong nh & on Th
Thanh Thu (2005), Nhn t thc y qu
trnh ton cu ho th trng ti chnh
ngy nay, tp ch Ngn hng s 7/2005:
EURODOLLARS - .
2. Fitch h mc tn nhim hai ngn
hng hng u VN, http://vneconomy.
vn/2010090202404940P0C6/fitch-ha-muctin-nhiem-hai-ngan-hang-hang-dau-vietnam.htm