TH TRNG TRI PHIU

THC TRNG TH TRNG

TRI PHIU TI VIT NAM

Nhm 2:

Nguyn V t Thin
Nguyn Th Xun
H Th Kim Sinh
Phm Duy Cnh
Hunh Tm

Ni dung
Chng 1

Tng quan
Chng 2

Thc trng
Chng 3

Gii php

Your text
here

TNG QUAN V TRI PHIU V

TH TRNG TRI PHIU
1.1 Tri phiu
Khi nim:
Tri phiu l mt loi giy n do Chnh ph hay doanh
nghip pht hnh huy ng vn di hn cn gi l
chng khon n, c k hn nht nh, cui k phi tr li
vn gc cho tri ch.

TNG QUAN V TRI PHIU V

TH TRNG TRI PHIU
1.1 Tri phiu
c im:

Mnh
gi

Quyn
mua li

K
hn

c
im

T sut
li TP

Gi
mua

TNG QUAN V TRI PHIU V

TH TRNG TRI PHIU
1.1 Tri phiu

Phn loi

Theo ch th
pht hnh

Theo nh mc
tn nhim

Theo hnh thc

thanh ton

Tri phiu chnh

ph

Tri phiu doanh

nghip
TP hng
u t
TP c TSB
TP khng
c TSB
TP khng
tr li nh k
TP tr li
nh k

TNG QUAN V TRI PHIU V

TH TRNG TRI PHIU
1.2 Th trng tri phiu
Khi nim:

Th trng tri phiu l th trng pht hnh v lu hnh cc

loi tri phiu do Chnh ph v cc t chc kinh t pht hnh
nhm mc tiu huy ng vn trung v di hn vi phng
thc c tr li v hon vn trong mt k hn nht nh cho
ch th u t.

TNG QUAN V TRI PHIU V

TH TRNG TRI PHIU

1.2 Th trng tri phiu

Phn loi
L th trng mua
bn cc tri phiu
mi pht hnh
L c s, l tin
cho s hnh thnh v
pht trin ca th
trng th cp

Th trng s
cp

Th trng
th cp
L ni giao dch cc
tri phiu c
pht hnh
L ng lc, l iu
kin cho s pht
trin ca th trng
s cp

TNG QUAN V TRI PHIU V

TH TRNG TRI PHIU
1.3 Vai tr ca tri
phiu v ri ro
trong u t tri
phiu
Vi nh
u t

Vi nn
kinh t

VAI
TR

Vi t chc
kinh t pht
hnh

Vi
chnh
ph

TNG QUAN V TRI PHIU V

TH TRNG TRI PHIU
1.3 Vai tr ca tri phiu
v ri ro trong u t
tri phiu
Ri ro

TNG QUAN V TRI PHIU V

TH TRNG TRI PHIU
1.4 Phng php thm nh gi tri
phiu
Hin gi tri phiu l tng hin
Gi tri phiu
gi ca cc khon phi thu nhp
Vic nh gi tri phiu gip
t tri phiu trong tng lai, bao
cho doanh nghip v nh u tu
gm s tin li (C) c tr
tnh ton c gi tr ni ti ca
hng nm, v vn gc (F) c
tri phiu thi im mua bn.
tr mt ln khi o hn.
Gi tr ny thi im hin ti
cn c gi l hin gi tri
phiu tnh theo phng php
chit khu dng tin pht sinh ra
t tri phiu tng lai.

TNG QUAN V TRI PHIU V

TH TRNG TRI PHIU
1.5 Cc nhn t nh hng n gi tri phiu
Kh nng ti chnh ca
ngi cp tri phiu

Cc nhn t nh
hng n
gi tri phiu

Thi gian o hn

D kin v lm pht

Bin ng li sut th trng

Thay i t gi hi oi

4
5

Chng 2: THC TRNG

2.1 Nhng mc pht trin chnh
Thng 3/1991, B Ti chnh quyt nh pht hnh cc loi tn phiu v tri phiu kho bc huy ng
vn cho Ngn sch nh nc v cho u t pht trin. nh du s ra i ca Th trng Tri phiu
chnh ph.
Sau khi Chnh ph ban hnh ngh nh 120/CP ngy 17/9/1994 v pht hnh c phiu, tri phiu ca
doanh nghip nh nc. T y Tri phiu doanh nghip bt u hnh thnh.
Giai on 1991 1994: Tri phiu chnh ph c pht hnh trc tip qua h thng kho bc nh nc
Giai on 1995 1999: Th trng u thu tn phiu kho bc qua s giao dch Ngn hng nh nc
ra i
07/2000: TTGDCK TPHCM m ca s ra i ca th trng tri phiu th cp.
2003: Ngh nh 141/2003/N-CP, SSC v ADB son tho Chin lc Pht trin Th trng Vn Vit Nam (Vietnam Capital
Market Roadmap) cho n nm 2012
- 05/2006: Thnh lp TT lu k chng khon
- 11/2006: Din n TT Tri phiu (VBMF)
- 2010: Hip hi TT tri phiu VN (VBMA)
- 06/2009: h thng giao dch tri phiu chuyn bit

(Ch)Chng 2: THC TRNG

2.2 Cc quy nh ca php lut hin hnh v tri phiu
Lut Chng khon 2006 s
70/2006/QH11 ngy 29/06/2006;
Lut CK sa i 2010 s
62/2010/QH12 ngy 24/11/2010;
Ngh nh 01/2011/N-CP v pht
hnh TP Chnh ph, TP c
Chnh ph bo lnh v TP chnh
quyn a phng
Ngh nh s 90/2011/N-CP v
pht hnh tri phiu doanh nghip

Thng t s 17/2012 TT-BTC ngy

8/2/2012 hng dn v pht hnh tri
phiu Chnh ph ti th trng trong
nc
Thng t s 34/2012/TT-BTC ngy
1/3/2012 hng dn v pht hnh tri
phiu c Chnh ph bo lnh
Thng t s 81/2012/ TT-BTC ngy
22/5/2012 hng dn v pht hnh tri
phiu chnh quyn a phng
Thng t s 211/TT- BTC ngy
5/12/2012 hng dn v pht hnh tri
phiu doanh nghip

Chng 2: THC TRNG

2.3 Th trng tri phiu Vit Nam
th 1 Tng s d th trng Tri phiu

Ngun: Asiansbondsonline.adb.org

Chng 2: THC TRNG

2.3 Th trng tri phiu Vit Nam
th 2 Thi gian o hn trung bnh

Ngun: Asiansbondsonline.adb.org

Chng 2: THC TRNG

2.3 Th trng tri phiu Vit Nam
th 3 Li sut thc v li sut danh ngha ca TPCP 10 nm ca Vit Nam

Ngun: Asiansbondsonline.adb.org

Chng 2: THC TRNG

2.3 Th trng tri phiu Vit Nam
th 4 dc ng cong li sut

Ngun: Asiansbondsonline.adb.org

(B)Chng 2: THC TRNG

2.3 Th trng tri phiu Vit Nam
a. i vi TPCP v TP c
Chnh ph bo lnh
Nm 2012, nm huy ng, pht
hnh TPCP t k lc
Th trng s cp: n
17/12/2012: tng mnh gi
huy ng c l 189.315,15
t ng ~ bng 95,13% KH
nm 2012.

Kt qu: m bo iu hnh ngn sch ca Chnh

ph
Ngy 6/8/2012, h thng u thu in t trn th
trng s cp tri phiu chnh ph chnh thc
kt ni trc tip vi cc thnh vin u thu, vi
t chc pht hnh v c quan qun l.
Chnh sch ca NHNN m bo thanh
khon
Tng trng tn dng ca h thng NH thp
Nguyn nhn:

Chng 2: THC TRNG

2.3.1. Tri phiu Chnh ph:
Th trng s cp: Khi lng pht hnh tng mnh
qua cc nm. Nm 2013, khi lng pht hnh mc
181,093 t ng, tng 165% so vi mc 68,292 t ng
ca nm 2010, bnh qun tng 55% mi nm, c th theo
2010
2011
2012
2013
bngNm
di y:
Khi
lng

pht

hnh (t ng

68,292

80,704

141,340

181,093

Chng 2: THC TRNG

Mt yu t na cho thy s tng trng vt bc l
s liu d n th trng tri phiu Chnh ph/GDP
qua cc nm:

Chng 2: THC TRNG

Th trng th cp:
Khi lng giao dch bnh qun ngy t mc 1.200 t nm 2012 ln
mc 1.600 t nm 2013. Hot ng th trng c du hiu tch cc,
nhng:
Quan im trnh ri ro li sut trong thi gian di, vi cc k hn 10,
15 nm mi ch cc cc cng ty bo him, qu quan tm.
Thanh ton tin u thu v giao dch tri phiu Chnh ph trn th
trng th cp vn c thc hin qua (NHTM) ri ro thanh ton v
thanh khon.
NHTM tp trung 86% trn th trng th cp cho thy s ph thuc
ca th trng tri phiu Chnh ph vo h thng NHTM. hiu ng
ln t .

Chng 2: THC TRNG

2.3.2. Tri phiu doanh nghip
2011-2012: 30 DN ng k (27.500 t ng), pht hnh thnh cng: 21 DN
(17.000 t ng)
Tnh n ngy 30/9/2014, tng gi tr pht hnh tri phiu
chnh ph t 790 nghn t ng, trong khi tng gi tr pht
hnh tri phiu doanh nghip ch t 11,8 nghn t ng,
bng 1% vn ha th trng c phiu v bng 1,5% tng gi
tr pht hnh tri phiu chnh ph.
Cc doanh nghip nim yt mun pht hnh tri phiu doanh
nghip thng phi km theo iu kin chuyn i sang c
phiu (tri phiu chuyn i) mi c th hp dn nh u t.

Chng 2: THC TRNG

Hn ch ca th trng tri
phiudoanh nghip
Th trng tri phiu doanh nghip ca Vit Nam cn
thiu minh bch.
Cc nh u t t chc, trong ch th ngn hng
thng mi vi quy m v tim lc gn c xem nh
thng lnh v chim a s, th ch tp trung nm gi tri
phiu chnh ph.
Ro cn php l.
Vit Nam vn cha c m hnh th trng th cp pht
trin v tri phiu doanh nghip.

Chng 2: THC TRNG

Tri phiu Quc T
t pht hnh tri phiu quc t u tin nm 2005 ti New
York c lng t mua 4.5 t USD, cao gp 6 ln tr gi cho l
750 triu USD vi li sut 7.125%/nm.
t th 2 vo nm 2007, Vit Nam pht hnh 1 t USD tri
phiu ra th trng quc t vi k hn m rng 10-30 nm.
t pht hnh nm 2010 cng t c thnh cng vi mc li
sut trng thu 6.755%/ nm, thp hn con s 7% theo yu
cu ca B Ti chnh.
u thng 11/2014, Vit Nam pht hnh thnh cng 1 t
USD tri phiu quc t vi li sut 4.8%/nm.

Chng 2: THC TRNG

Tri phiu ca Vit Nam hp dn gii u t quc t
nh 3 nguyn nhn chnh sau:
Li sut hp dn:
Mc tn nhim ca Vit Nam c ci thin
ng k.
C hi tt nh u t quc t a dng ha
danh mc.

Chng 2: THC TRNG

Tri phiu trong nm 2015
Trong nm 2015, chng trnh pht hnh tri phiu chnh ph
kh c th hon thnh mc tiu do phi cnh tranh vi nhu cu
vay vn t khu vc t nhn.
Quyt nh ca Quc hi v vic ch pht hnh tri phiu k
hn 5 nm k t nm 2015 c th khng hon ton ph hp.
Hu ht cc khch hng xu hng gi tin ngn hn, qua
khin cc ngn hng thng mi a thch cc loi tri phiu k
hn ngn (1-2-3 nm).
Li sut trong nc (cho vay, tin gi, tri phiu chnh ph)
ang c xu hng tng theo li sut tri phiu.

Chng 2: THC TRNG

nh gi chung v Th trng Tri phiu Vit Nam
Hn ch
Quy m th trng tri phiu Vit Nam kh khim tn so
vi cc nc trong khu vc

Chng 2: THC TRNG

nh gi chung v Th trng Tri phiu Vit Nam
Hn ch
Qu u tin pht trin th trng tri phiu chnh ph
(TPCP) v b ng th trng tri phiu doanh nghip

Chng 2: THC TRNG

nh gi chung v Th trng Tri phiu Vit Nam
Hn ch
Th trng tri phiu Vit Nam vi nguy c ri ro k hn

Chng 2: THC TRNG

nh gi chung v Th trng Tri phiu Vit Nam
Hn ch
C s nh u t t v cha c nh to lp th trng

Chng 2: THC TRNG

nh gi chung v Th trng Tri phiu Vit Nam Tch Cc
Th nht, trong thng 10, B Ti chnh chnh thc cho dng pht
hnh tri phiu chnh ph k hn di 3 nm v c cu li k hn.
Tp trung hng vo pht hnh cc k hn di hn trn 5nm.
Th hai, thay i c s nh u t v pht hnh tri phiu quc t.
Th ba, tp trung pht hnh v giao dch tri phiu chnh ph ti
HNX. Bn cnh, B Ti chnh cng ang quyt lit trin khai cc gii
php chnh pht trin th trng tri phiu theo quyt nh
261/Q BTC ph duyt L trnh pht trin th trng tri phiu
Vit Nam n 2020.

Chng 2: THC TRNG

L TRNH PHT TRIN TH TRNG TP VN N 2020
(Quyt nh s 261/Q-BTC Ngy 01/02/2013)

nh hng pht trin th trng:

Xy dng v pht trin th trng tri phiu ph hp vi mc
pht trin ca nn kinh t, ng b vi s pht trin ca
cc hp phn khc ca th trng ti chnh.
Pht trin th trng tri phiu mt cch bn vng, m bo
an ton h thng, v tng bc tip cn vi cc thng l,
chun mc quc t tr thnh mt knh huy ng vn quan
trng, an ton, hiu qu.
u tin pht trin th trng tri phiu chnh ph.
Bo m tnh cng khai, minh bch, bo v li ch hp php
ca cc ch th tham gia th trng.

Chng 2: THC TRNG

L TRNH PHT TRIN TH TRNG TP VN N 2020
(Quyt nh s 261/Q-BTC Ngy 01/02/2013)
Mc tiu c th giai on t nm 2011 2020
Tng t trng d n tri phiu/GDP t 18% - 38% GDP
tri phiu CP 22% GDP, tri phiu CP bo lnh 8% GDP,
tri phiu chnh quyn a phng 1%GDP , tri phiu DN
7% GDP.
Tng t trng tri phiu CP, tri phiu c CP bo lnh do
khi cc cng ty bo him, qu hu tr, cng ty qun l qu
nm gi t 12% ln 20%
Tng khi lng giao dch tri phiu giao ngay bnh qun
phin: 0,2% - 0,4% d n tri phiu nim yt
Ko di k hn vay qua pht hnh tri phiu CP:
2011 2015: 4 - 6 nm ; 2016 2020: 6 - 8 nm.

Chng 2: THC TRNG

L TRNH PHT TRIN TH TRNG TP VN N 2020
(Quyt nh s 261/Q-BTC Ngy 01/02/2013)

Gii php pht trin th trng

Xy dng c ch v cng ty nh mc tn nhim ti th
trng trong nc, hu tr b sung t nguyn
Xy dng c ch v qun l ngn qu gn qun l ngn
qu vi qun l n.
Thng nht a im u thu tri phiu CP ti S Giao dch
Chng khon H Ni
Xy dng c ch mua li, cho vay tri phiu CP; cc sn
phm phi sinh tri phiu; s dng tri phiu CP lm cng c
d tr bt buc ca NHTM.
Xy dng c ch php l Bo him tin gi mua tri
phiu.

Chng 2: THC TRNG

L TRNH PHT TRIN TH TRNG TP VN N 2020
(Quyt nh s 261/Q-BTC Ngy 01/02/2013)
Mt s im mi ng lu

L trnh c th, to thng ip r rng.

Cc gii php tng i ton din v mang tnh ng b.
Cc gii php chi tit v c khung thi gian trin khai
thc hin c th.
Quy nh c th trch nhim ca cc n v c lin quan.
N lc ng khch l ca c quan qun l trong qu trnh
xy dng v pht trin th trng tri phiu Vit Nam theo
hng hin i, ng b v hiu qu

Chng 3: MT S XUT, GII PHP

V TRI PHIU V TH TRNG TP
3.1. i vi Tri phiu Chnh ph
Thng nht xy dng h thng thanh ton giao dch tri phiu Chnh ph
thc hin ti Ngn hng Nh nc thay v NHTM nh hin nay trnh cc
ri ro thanh ton v thanh khon c th xy ra.
Cng b thng nht i vi lch pht hnh tri phiu, li sut u thu cn
kt hp hi ha gia nh hng li sut ca Nh nc vi cc mc li sut
giao dch cng k hn trn th trng s cp.
Pht hnh tri phiu Chnh ph chit khu
Hon thin qui ch v xy dng khung php l
Kt ni c vi h thng giao dch tri phiu c chp nhn ton cu ca
Bloomberg, pht trin cc sn phm phi sinh tri phiu trong tng lai gn

Chng 3: MT S XUT, GII PHP

V TRI PHIU V TH TRNG TP
3.1. i vi Tri phiu Chnh ph
Xy dng b quy tc ng x th trng (Market conversion) v tiu chun
o c (Code of conduct) thng nht quy chun giao dch ng x trn
th trng.
Xy dng b hp ng khung giao dch Repo theo chun GMRA ton cu
VBMA lm u mi t chc cc bui lm vic ca thnh vin vi c quan
qun l, qua gip cc c quan ny nm bt tt hn nhu cu th
trng.
Hon thin cc c s php l, cng ngh a vo cc sn phm phi
sinh tri phiu Chnh ph nh Bond Index, Bond Forward, Bond Option,
Cross repos currency....

Chng 3: MT S XUT, GII PHP

V TRI PHIU V TH TRNG TP
3.2. i vi tri phiu doanh nghip

Chng 3: MT S XUT, GII PHP

V TRI PHIU V TH TRNG TP
3.2. i vi tri phiu doanh nghip
Minh bch ha thng tin v doanh nghip, cc t pht hnh, cch thc s dng
vn huy ng thng qua mt h thng thng tin tri phiu
Nghin cu vic p dng mt chun mc chung v phng php nh gi cho
cc t chc nh mc tn nhim
a dng ha ngun cung sn phm trn th trng ngoi tri phiu tr li nh
k v tri phiu chuyn i.
To lp mi trng kinh t v m n nh, to iu kin cho cc doanh nghip
kinh doanh c hiu qu
Sa i, b sung c ch chnh sch v pht hnh TPDN
Nng cao nhn thc cho nh u t
a tri phiu doanh nghip ln sn nim yt

Chng 3: MT S XUT, GII PHP

V TRI PHIU V TH TRNG TP
3.3. i vi Tri phiu quc t
Ci thin h s tn nhim quc gia
La chn i tc bo lnh pht hnh
Phn tch din bin th trng ti chnh quc t
Chun b cc ti liu c lin quan n vic pht hnh
tri phiu