VAMC T K VNG N KH NNG THC T

V Hong Cng- K14NHTMI

Nguyn Thu Hoa- K15NHTMN
V Th Minh Hu- K15TCDNC
Vn tm kim mt m hnh x l n xu ph hp cho Vit Nam c t
ra t nm 2011, khi bt u c nhng du hiu cnh bo v mc n xu tng cao ca
h thng ngn hng v nhng h ly ca n i vi nn kinh t. Trong nm 2012, yu
cu1 ny cng tr ln cp bch bi khi n xu ngy mt phnh to (t l n xu theo
thng bo ca NHNN tnh n 30/9/2012 l 8,82%) v tr thnh cc mu ng
nghn mch tng trng. Nhng thng u nm 2013, n xu tip tc xu hng tng
v tnh hnh cng khng kh quan mc d bn thn cc ngn hng c nhng bin
php t x l nhm gim n. Chnh v mc nghim trng ca vn nn s ra i
ca Cng ty Qun l ti sn ca cc t chc tn dng Vit Nam (VAMC) vo ngy
26/7/2013 sau hn 2 nm bn tho vi nhim v chnh l x l khi n xu khng l
ca ngnh ngn hng c cng chng k vng rt ln. Ngay sau khi ra i, VAMC
to c dng c nim tin vi nn kinh t v i sng x hi sau khi thu nhn
mt loi cc h s xin bn n xu ca cc ngn hng. Tuy nhin, vi c ch x l n
xu nh hin nay, liu VAMC c th p ng li c nhng nim tin v k vng ca
cng chng hay khng sau nhng hiu ng tch cc ban u? Bn cht ca qu trnh
x l n xu ca VAMC l g khi m cng ty ny t mc tiu x l hng trm
nghn t ng n xu trong khi vn iu l ch c 500 t? VMAC ang phi i mt
vi nhng nhng tn ti v tr ngi g? l nhng cu hi m bi vit c gng gii
quyt.
1. Hiu ng tch cc t hot ng x l n xu ca VAMC
VMAC chnh thc i vo hot ng vo ngy 26/7/2013 sau hn 2 nm tm hiu,
nghin cu vi nhiu tranh lun, bn tho. Vic thnh lp VAMC da trn kinh
nghim ca nhiu quc gia trn th gii trong qu trnh x l n xu ngn hng sau
thi k tng trng nng. Ch t lu sau khi hot ng, VAMC c hp ng mua
bn n u tin vi Ngn hng Nng nghip v Pht trin nng thn Vit Nam vo
ngy 1/10/2013. Gi tr pht hnh ca tri phiu c bit cho hp ng l 1.723 t
ng. Gi tr ca khon n trn s sch l 2.451 t ng. Gi tr ca ti sn m bo
cc khon n trong hp ng khung c tng 3.640 t ng. Mc tiu ca VAMC nm
1

T l n xu l t l gi tr gia n xu (n nhm 3, 4, 5) so vi tng s n t nhm 1 n nhm 5 theo quyt

nh s 18/2007/Q-NHNN. Theo k hoch, ngy 1/6/2013, thng t 02/2013/TT-NHNN ban hnh 21/01/2013
quy nh quy nh v phn loi ti sn c, mc trch, phng php trch lp d phng ri ro v vic s dng d
phng x l ri ro trong hot ng ca t chc tn dng, chi nhnh ngn hng nc ngoi s c hiu lc. Tuy
nhin, hiu lc ca thng t ny c hon li 1 nm, tc l n 1/6/2014 h tr cho qu trnh x l n
xu ca VAMC.

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nay d kin mua c t 30 n 35 nghn t ng n xu. Trong khi , tnh n

10/11/2013, VAMC mua c 12.430 t ng n xu ca 15/23 ngn hng c h s
ngh bn n xu cho VAMC vi tng s n xu ln n 38.000 t ng, trong c
c nhng ngn hng khng thuc din phi bn n xu (cc ngn hng c t l n xu
khng qu 3%).
Khng ch gp thun li ban u khi mua n xu, vic bn li n xu ca
VAMC cho bn th ba cng c nhng tn hiu kh quan khi m nhiu nh u t nc
ngoi, t chc ti chnh quc t ng mun mua li cc khon n xu ca VAMC.
Theo TS. L Xun Ngha (thnh vin hi ng T vn chnh sch ti chnh, tin t
quc gia), cc nh u t nc ngoi sn sng mua s lng rt ln n xu ca Vit
Nam (sgtt.vn, 13/10/2013).
Nh vy, vi nhng kt qu kh quan trn, bc u c th thy VAMC ang
to cho qu trnh x l n xu Vit Nam. Nhng liu bc ny c lu di v
lc mnh hay khng c th i n cng gii quyt trit vn n xu?
Mun tr li cu hi ny cn xem xt bn cht qu trnh x l n xu hin nay ca
VAMC.
2. Bn cht qu trnh x l n xu ca VAMC
Trc khi chnh thc khai trng i vo hot ng, Chnh ph v Ngn hng
Nh nc (NHNN) ban hnh cc bn quy phm php lut lm c s php l cho
hot ng ca VAMC. u tin, l Ngh nh 53/2013/ND-CP quy nh v vic
thnh lp, t chc v hot ng ca VAMC. Tip ln lt l cc thng t
19/2013/TT-NHNN quy nh v vic mua bn, x l n xu ca VAMC v cui cng
l thng t 20/2013/TT-NHNN quy nh v vic ti cp vn ca NHNN vi cc ngn
hng thng mi (NHTM) trn c s tri phiu c bit do VAMC pht hnh.
V c bn, cc vn bn ny chnh l b khung cho c ch x l n xu ca
VAMC, c th tm tt bng s sau:

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Gii thch s : u tin, ngn hng s chuyn giao n xu theo gi tr s sch

cho VAMC, ngc li VAMC thanh ton bng mt loi tri phiu c bit m theo ,
ngn hng c th em tri phiu ny ra NHNN chit khu ly tin v kinh doanh tip (vi
li sut thp). V pha VAMC, sau thc hin giao dch vi hon i n xu - tri phiu
c bit vi ngn hng s c ton quyn quyt nh vi khon n xu va c chuyn
giao. VAMC s tin hnh phn loi, sp xp cc khon n ny v tm cch bn cho cc
nh u t trong v ngoi nc hoc x l theo cc bin php c quy nh trong lut.
Khi cc mn n xu c VAMC x l thnh cng th VAMC s c hng mt t l
nht nh (t l ny hin vn cha c ban hnh, nhng theo d tho l 2%) trn s n
i c, phn cn li ngn hng s hng ton b. Trng hp VAMC khng x l
c cc khon n xu ny, VAMC ch cn i n khi tri phiu c bit n hn th tr
li khon n xu cho ngn hng, v ngn hng phi thanh ton li cho Ngn hng Nh
nc (NHNN) s tin c ti cp vn thng qua tri phiu c bit. Trong c qu
trnh ny, c th thy, ri ro m VAMC phi chu gn nh bng 0.
Nh vy, thc cht ca qu trnh x l n xu ca VAMC l: VAMC gi
h n xu cho cc ngn hng, qua qua mt tm v c bit l tri phiu c bit,
khng phi l quan h mua t, bn t. Sau , VAMC s bn h n xu cho
cc ngn hng, hng mt phn li nhun, nu khng bn c th li tr li.
VAMC dng nh ch l mt i l nhn n v tp hp cc khon n ca h thng
ngn hng, gip cc ngn hng lm sch bng cn i k ton, trn c s c th
khai thng ngun vn tr li cho nn kinh t.
M hnh x l n xu ca VAMC nh trn chc chn c Chnh ph v
NHNN cn nhc rt nhiu. Bi cnh nn kinh t ca Vit Nam hin nay cn nhiu vn
ni cm: (1) N xu ngn hng ln n hng trm ngn t ng, con s thng k th
khng minh bch mang du hiu che giu, khng c xu hng gim, l mt trong
nhng nguyn nhn chnh lm tr tr ton b nn kinh t; (2) Ngn sch tip tc thm
ht. Nm 2013, mc thu ngn sch st gim nghim trng so vi cc nm (9 thng u
nm ch t 66,6% so vi 80% nh cc nm trc), ngun ti tr cho x l n xu hn
hp; (3). Vic bn tho xy dng mt cng ty x l n xu ko di hn hai nm v
n thi im i hi phi i vo hot ng thc t. M hnh x l n xu ca
VAMC nh trn l ph hp v c th coi l mt s sng to. VAMC vi s hn hp
v ngun lc ti chnh khng th mua t, bn t cc khon n xu l iu d hiu,
nhng t nht s ra i ca n mt mt to hiu ng tch cc cho nn kinh t ni
chung v th trng ti chnh ni ring, ng thi gip gim nh gnh nng n xu ca
ngn hng. Thng c Nguyn Vn Bnh tng ni, VAMC khng phi l cy a
thn. VAMC ra i ph hp vi hon cnh nhng c ch x l n xu v hon cnh
x l n tn ti nhiu hn ch, ri ro.
Th nht, v pha VAMC
VAMC vn khng hot ng v mc tiu li nhun, v nu hot ng v mc
tiu li nhun th VAMC thua l l iu chc chn. Khi VAMC mua n xu bng gi
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tr s sch (tr i phn trch lp d phng ca cc khon n xu ny), khon mc ti

sn trong bn cn i k ton ca VAMC s c n. Hin nhin, khi VAMC bn n
xu ny cho bn th ba (nh u t trong nc hoc nc ngoi), h phi c chit
khu th mi c th bn c. Nh vy, mi khi bn n xu, VAMC s phi ghi nhn
mt khon l tnh vo vn ch s hu. Khon l ny ph thuc vo t l chit khu
VAMC tha thun vi bn th ba mua li n xu, c th ln n 50 70% gi tr
khon n (nu ly chit khu cho n xu ca Vinashin lm chun). Gi s t l chit
khu trung bnh ch l 30%, vi s n xu 3800 t VAMC mua, nu bn ht th
VAMC s b l khong 1100 t ln hn s vn iu l 500 t hin ti. Cha ni ht
nu phi x l ht ton b s n xu nh mc tiu ra th khon l ln n mc
no? Nhng l hay khng khng quan trng, v nu l NHNN hon ton c th ti cp
vn cho VAMC, hin nhin l khng bng tin tht v hot ng mua n ca VAMC
khng h dng n tin. Nhng khon l ny ch l trn s sch, v nu nh thng tin
khng c cng b th cng khng nh hng nhiu n hot ng ca VAMC. iu
cng cho thy khon vn iu l 500 t ch mang tnh tng trng, VAMC thm
ch c th hot ng vi vn iu l bng 0 (khng tnh n cc chi ph hot ng khc
ngoi cc khon chi ph mua n) bi VAMC ch gi h n v bn h. Di gc
v m, VAMC l mt cng ty c bit mang tnh hnh chnh c lp ra gii
quyt n xu, nn vic khng hng ti li nhun cng c th hiu c. Song, mt
tri ca n chnh l iu m cc nh iu hnh chnh sch cn cn nhc. Ni g th ni,
khi khng hng ti li nhun, khng c p lc thua l n lc tr ln tt hn,
VAMC s thiu i ng lc x l n xu, khng x l c th tr li cho ngn hng.
Thm vo , do thi hn hot ng ca VAMC khng c n nh trc nn cng
khng h c p lc buc VAMC phi x l n nhanh chng vi chi ph thp nht. Mt
ri ro na n t c quyn ca VAMC: VAMC c quyn yu cu cc t chc tn
dng cung cp s sch, thng tin hot ng; ng thi, nhng t chc tn dng c mc
n xu trn 3% c ngha v bn n xu cho VAMC. C th dn n trng hp
VAMC c gng mua tht nhiu n xu nh vo quyn lc ca mnh, nhng khi mua
ri li khng tch cc hoc tm ra phng php x l thch hp, n khi tr li n xu
cho ngn hng th n xu li cng thm xu.
Mua n xu c l khng phi l iu qu bn tm vi VAMC so vi vic bn
n xu. C bn c n th mi c dng tin dng, mi c ng lc mua thm n
ca ngn hng. Bn cho cc nh u t nc ngoi c th xem l mt trong nhng la
chn hng u. im thun li l c nhiu nh u t nc ngoi ng mua n xu
ca VAMC. Tuy nhin, ri ro c th xy ra l bin ng dng vn FPI vo ra ti khon
vn ca VN, to ra sc p v thanh khon ngoi t cho h thng ngn hng VN. Cc
cng ty, t chc mua li n, nu mc ch kim li nhanh, cch thanh l ch yu s l
bn tho ti sn th chp ch khng phi gip doanh nghip n ti cu trc li dng
tin v sn xut bin s n xu dn thnh n khng xu. Trong trng hp ny
tc ng vo nn kinh t s rt tiu cc.
Th hai, v pha cc NHTM
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Vic bn n xu cho VAMC gip nhng ngn hng cha tun th ng quy
nh trch lp gim p lc trch lp d phng ngay lp tc, s d phng ny s c
phn b u ti a 5 nm; nhn ti cp vn t NHNN khi tri phiu c bit c ti
chit khu, qua khng ch gip lm cho bng cn i k ton ca ngn hng trng
p hn, m cn to c s cho vic khi thng tn dng cho nn kinh t.
Tuy nhin, khng phi ngn hng no cng sn sng bn n xu cho VAMC m
cn nhc trn nhng li ch cng nh thit c th gnh chu. Nhng s liu thng k
cho thy c tnh trng ngn hng khng mun bn n xu cho VAMC, hoc nu phi
bn th cng c gng bn t nht c th. iu c th l gii bi mt s nguyn nhn
sau:
Th nht, i vi cc ngn
hng trch lp y d phng,
vic bn n li lm tng s trch lp
d phng, bi lc ny gi tr ca ti
Vo cui nm 2012 khi c xut thnh lp
sn m bo s khng c tnh n
VAMC th t l n xu ca nhiu ngn hng
khi phi trch lp li d phng. Th
u cao, t 4% n trn 10%. Nhng nay khi
hai, bn n cho VAMC ng ngha
VAMC i vo hot ng th t l n xu ca
vi vic tha nhn ngn hng c vn
phn ln cc ngn hng h xung mc di
v n xu (d s tht c th
3%, t tiu chun quc t v khng cn phi
khng nh vy), iu ny s gim uy
bn cho VAMC. Trong s 15 ngn hng cng
tn ng k ca ngn hng. Th ba,
b t l n xu 6 thng u nm 2013, ch c 3
nhng n xu m VAMC mua u l
ngn hng c t l vt mc 3%, ngng phi
nhng khon n c ti sn bo m,
bn cho VAMC, gm NaviBank (6,1%), SHB
khi bn n, ngn hng s khng cn
(9,04%) v TechcomBank (5,28%), cn li
quyn x l cc khon n ny na,
u mc t 3% tr xung. Ngoi ra, mt s
trong khi ngn hng cha r VAMC
ngn hng cho bit, hin ang c gng t thn
vn ng v t x l trc khi ngh n c tch cc x l cc khon n ny
hay khng, bi nu khng x l th
chuyn bn li cho VAMC. VAMC d l cng
c tt nhng t thn cc ngn hng x l n sau mt thi gian ngn hng phi
tip tc chu trch nhim v khon
xu vn tt hn. (Theo VEF) (giaoduc.net.vn,
n ny (nhng khon n m kh
23/09/2013).
nng thu hi gn nh bng 0) v
phi hon tr li s tin c NHNN ti cp vn. Th t, VAMC giao cho ngn
hng ch yu l tri phiu c bit, y l mt loi tri phiu cha c tin l Vit
Nam cng nh khng c s bo lnh t Chnh ph, v ngn hng cha r tiu chun
c ti cp vn nh th no, t l ti cp vn l bao nhiu. Th nm, VAMC ch
x l nhng ti sn c m bo, trong khi vn cn mt lng khng nh cc khon n
xu m ngn hng cho vay theo cc iu khon d di v khng c bo m, li
chnh l phn n xu m ngn hng mun x l nht. Hin ti, cc ngn hng ang c
gng x l nhng khon n ny bng cch yu cu th chp b sung nhng rt hn ch
Hp 1: Din bin n xu ca mt s ngn
hng trc v sau khi VAMC i vo hot
ng

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v cch duy nht c hiu lc l tng trch lp d phng ri ro v gn nh chp nhn

suy gim li nhun v mt vn.
Trong trng hp buc phi bn n th khon vn nhn c t ti chit khu
ngn hng s c tim nng cho vay nhng mn n c ri ro cao nhm t li sut cao
thay v thn trng b vo nhng khon b buc phi trch lp v vng xoy n li
lp li. Ngoi ra, trong qu trnh x l n xu ny, khi ngn hng em tri phiu c
bit n NHNN xin ti cp vn cng s tim n nguy c gy ra lm pht (trc mt
nguy c ngy c th khng qu ln v thanh khon ca h thng ngn hng hin thi
rt tt, thm ch c nhng kin cho rng ngn hng ang vn).
Th ba, t h thng php l
Trong quan h ny, NHNN ng vai tr nh mt ngi trng ti iu khin
cuc chi khi t ra nhng qui nh v gim st vic thc hin vi mc ch nhm
khi thng tn dng, thc y tng trng. Tuy nhin vi ng thi thn trng n mc
phn ng chm chp ca chnh NHNN li chnh l yu t cc k then cht khin cho
VAMC cha i vo hot ng thc cht. Trong khi , hng lot vn bn php quy c
tnh cht h tr cho hot ng ca VAMC ni ring v mi trng php l mua bn n
ni ring vn cha c ban hnh kp thi, chng hn nh t l ti cp vn i vi tri
phiu c bit, cc qui trnh, phng php nh gi n, ti sn; cc qui trnh, phng
php bn n, ti sn, s tham gia ca cc nh u t.Ngoi ra, nu nhng qui nh
ny khng cht ch, minh bch c th dn n c ch xin cho, gy nguy c tn ti li
ch nhm.
Cui cng, vic x l n xu chc chn gn cht vi b khung php l v x l
n ca h thng t php Vit Nam. H thng php l thun li phi m bo nhanh
chng ph sn cc doanh nghip khng cn kh nng tr n, thanh l ti sn m bo
nhanh v bo v quyn li ca ch n. Qu trnh x l n xu gn lin vi hiu qu
hot ng ca khun kh php lut, y nhanh qu trnh t tng s gim thiu chi ph
thu hi n, nh hng quyt nh n vic x l n cng nh tnh tch cc ca ch n
ln con n trong qu trnh gii quyt. Tuy vy y l mt trong nhng im nghn ca
h thng t php trong rt nhiu nm v cha c du hiu s hon chnh trong thi
gian ti.
Tm li, vi c ch x l n xu qua m hnh VAMC ang c thit k hin
nay khng to nhiu ng c v li ch thc s cho cc bn lin quan c th hp tc
tt v qua gip x l c mt cch thc cht cc khon n xu. Cc hnh vi
chp nhn ri ro qu mc khng h c loi b v tm l li l iu khng th
trnh khi i vi c VAMC ln cc ngn hng.
3. Khuyn ngh
M hnh x l n xu ca VAMC, c nhiu kin tri chiu khc nhau, nhng
thc t n thi im hin ti cng kh lng c th tm ra mt m hnh khc tt hn.
Ni nh vy khng c ngha l hi lng vi hot ng hin nay ca VAMC. Thc t
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sau hn 3 thng i vo hot ng, ngoi vic mua n xu ca cc ngn hng, VAMC
vn thc s cha x l c mt ng n xu no, m n xu, chuyn giao cho
VAMC khng c x l li cng thm xu. R rng, cn phi c s quyt tm cao
ca c h thng chnh tr v s chung sc ng lng ca cng ng, ng thi cng
phi c nhng bin php ci tin thit thc, r rng. Vi yu cu , nhm nghin cu
xin a ra mt s khuyn ngh nh sau:
- V pha NHNN, l n v ch qun chnh, ng vai tr chnh trong ch trng
cng nh hot ng ca VAMC ni ring v qu trnh s l n xu ni chung NHNN
cn minh bch ha thng tin i vi ton th cng chng v qu trnh x l n xu
hin nay, c mt c, mt cha c v nhng ri ro c th ny sinh; c bit, phi
khng nh c VAMC khng phi cy a thn. Bi mt thc t l cng chng
dng nh khng hiu r bn cht hot ng ca VAMC nn qu k vng vo kt qu
m cng ty ny to ra. VAMC i vo hot ng khng c ngha l kinh t Vit Nam s
m tr li, bi nn kinh t ca nc ta hin nay c rt nhiu bt cp cn x l, ch
khng hn ch l vic gii quyt n xu.
- khuyn khch cc ngn hng bn n xu, hn ch che giu n xu, mt gii
php quan trng l NHNH cn hon thin hn na c ch x l n xu ca VAMC, c
th l cc quy nh v t l chit khu vi tri phiu c bit cn c r rng, gi tr
khon tin nhn c khi cc tri phiu c bit ny o hn cc ngn hng cn
nhc v xc nh c chc chn nhng khon c mt, hn ch ri ro.
- S rt nguy him nu VAMC mua n xu v khng bn c n xu, sau
tr li cho ngn hng nh phn tch. m bo hn ch nhng tnh hung nh
vy, VAMC cn la chn k cng cc khon n xu s mua, d mua khng bng tin
nhng khng phi khon n xu no cng mua. c bit phi xem xt, nh gi ng
gi tr ca ti sn m bo, ng thi, cng cn thit k cc c ch u thu, phn loi,
chia nhm n xu ph hp gii gii phng nhanh n xu thu c. V cc t chc
mua li n xu vi mc tiu li nhun ch yu l mua nhanh, bn nhanh hng
chnh lch, trong khi mc ch ct li hn c l lm sao phi con n c kh nng t
tr n nn cng cn cn nhc thn trng: Khng phi i tng no cng bn.
Ti liu tham kho
1. Khng c ng c x l n m hnh VAMC, L Phc Yn Hc vin
Chnh sch cng, kha MPP5 Chng trnh Ging dy Kinh t Fulbright.
2. N xu bin mt hay bin cht, Trang L, Tp ch Ti chnh doanh nghip,
s 4/2013.
3. Cc ngun t Internet: http://kinhtetaichinh.blogspot.com/, http://vneconomy.vn/,
http://saigontiepthi.vn/, http://cafef.vn/

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