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:SU KIEN -VAN DE Tac dong cua lai suat cho vay toi hoat dong san xuat - ldnh doanh • TS. eo THI THUY Uy vien Hoi dong Qudn trj VietinBank THI TRU^QNG TAI CHINH LAI SUAT CHO VAY CUA rat han che nen ngudn vdn t y cac THU'QNG PHAN BIET 3 LOAI LAI NHTM VA HOAT DONG CUA CAC ngan hang ludn ddng mdt vai trd het SUAT: DN syc quan trpng, do dd, lai suat cho (i) Lai suat chinh sach, la lai suat ma cac Ngan hang trung ifdng Trong quan he tin dung giJa DN vay ciia cac NHTM ludn ed tac dpng va NHTM, lai suat cho vay phan anh rat Idn den hoat ddng ciia cac DN. (NHTW) cd the kiem soat du'dc trye gia ea eiia ddng vdn ma ngu'di sy Trong nam 2008, du'di syc ep ciia tiep, vi du nhif Fed fund rate d My dung vdn la cae DN phai tra cho tinh trang lam phat tang cao va tac hay lai suat ed ban d Viet Nam; ngifdi cho vay la eae NHTM. Odi vdi ddng t y cac giai phap chdng lam (ii) Lai suat lien ngan hang, la lai eae DN, lai suat cho vay hinh thanh phat ciia Chinh phii, mat bang lai suat cac ngan hang thu'dng mai nen chi phi vdn va la ehi phi d'au vao suat cho vay ciia cac NHTM tren thi (NHTM) cho vay lan nhau, vi du CLia qua trinh SXKD. Do dd, mpi sy trifdng da cd nhffng bien ddng bat bien ddng v'e lai suat cho vay tren thi thifdng va gay ra nhieu xao trpn (iii) Lai suat thu'dng mai, la lai tru'dng cung d'eu anh hifdng trye tiep trong n'en kinh te, trong dd khu vdc suat cac NHTM vay hoac cho vay cac den hieu qua SXKD hay ndi each DN la ndi chiu nhi'eu anh hu'dng ddi tycJng khdng phai la ngan hang khae la tac dpng trye tiep de'n ldi nhat. Cd le mai sau nay, ngu'di ta trong nen kinh te, vi du lai suat huy nhuan eua DN va qua dd dieu chinh khdng the quen dydc canh tu'dng cac hanh vi ciia hp cac hoat ddng "ddng ngu'di" xep hang de riit ti'en tti LIBOR, TIBOR, VIBOR; ddng, lai suat cho vay. V'e cd ban, 3 loai lai suat nay cd kinh te. Khi lai suat cho vay ciia ndi lai suat thap sang ndi lai suat cad lien he mat thiet vdi nhau va tuan NHTM tang se day chi phi dau vao va vi lai suat ti'en gifi dydc day len lien thii theo nguyen tac: (i) < (ii) < (iii). gia thanh san pham tang len, lam tuc, cao nhat la 19-20%/nam. Theo Trong dd, lai suat cho vay lai phai suy giam ldi nhuan cung nhu' kha dd, lai suat cho vay ddde day len tuan thu theo bat phu'dng trinh: L l < nang canh tranh ciia DN, gay ra tinh diing bang lai suat tdi da, 21%/nam. L2 < L3 < L4 (vdi L l la myc lam trang thua Id, pha san trong hoat Nhyng tac ddng tieu cdc ciia lai suat phat, L2 la lai suat huy ddng, L3 la lai dpng SXKD. Xu hu'dng tang lai suat den cae DN trong nam vya qua cd suat cho vay, L4 la ty suat ldi nhuan ngan hang se ludn di li'en vdi xu the khai quat lai nhy sau: binh quan xa hdi trong ciing ky han hu'dng eat giam, thu hep quy md va lai suat. Trong mpt vai thdi diem, mdi pham vi ciia cae hoat ddng SXKD hieu qua SXKD eiia hau het cac DN quan he tren ed the bi pha vd tam trong nen kinh te. Ngu'de lai, khi lai da bi giam siit, nhieu DN bi thua id, kha nang tra nd bj suy giam; - Do lai suat eho vay tang cao, thdi, nhu'ng neu nd bi pha vd trong 1 suat ngan hang giam se tao dieu thdi gian dai thi dd la dau hieu khdng kien cho DN giam chi phi, ha gia - Lai suat vay cao, ciing vdi tdt cho he thdng ngan hang va chae thanh, nang cao hieu qua kinh doanh ngudn cung tin dung bi han ehe da chan ddng vdn dang khdng du'dc [u'u va kha nang canh tranh. Lai suat cho dan den tinh trang h'au het eae DN thdng mpt each t y do va hieu qua. vay thap ludn la dpng lye khuyen bude phai ed eau lai hoat ddng Trong pham vi bai viet nay, tac gia khich cac DN md rdng d'au tu', phat SXKD, cat giam viec dau td, thu hep chi ban den lai suat cho vay va tac trien cac hoat dpng SXKD va qua do quy md va pham vi hoat ddng; ddng ciia nd den hoat ddng san xuat kich thich tang trifdng trong toan bd kinh n'en kinh te. doanh (SXKD) ciia doanh nghiep (DN) va de xuat mdt sd giai - Nhi'eu DN cd quy md nhd, vdn ft, khdng chiu dyng dUde myc lai suat nydc ta, do dieu kien thi cao, khdng cd kha nang huy ddng vdn phap de xd ly van de lai suat mdt trifdng tai chinh chya phat trien, eae de duy tri hoat ddng SXKD da phai each hdp ly, hieu qua. kenh huy ddng vdn ddi vdi DN cdn ngifng hoat ddng, giai the va pha san. 1 2 TiepihiSo 23 (5-2009) 6 SUKIEN VANDE Budc sang nam 2009, bang ddng kinh doanh eung nhffng hoat nhieu giai phap eua Chinh phu va ddng dieu tiet nen kinh te ludn la yeu - Cung cap cac san pham phai Ngan hang Nha nu'dc Viet Nam, mat c'au dat ra ddi vdi ca eae NHTM, cac sinh lam cdng cu phdng ngya rui ro bang lai suat da lien tuc difdc dieu DN va cac ed quan quan ly vl md. lai suat cho cac DN; chinh minh va cho ca ngan hang; ehinh giam, ngudn cung tin dung Dffng tren giac dp eiia mdi ben, - Thye hien thffdng xuyen va kip dydc ndi Idng, ciing vdi ehinh sach eae dinh hffdng va giai phap cu the thdi cae ehinh sach u'u dai, chia se kich c'au thdng qua hd trd lai suat khi xff ly van d'e lai suat can phai khd khan v'e lai suat vdi cac khach vay vdn phuc vu SXKD cho cac DN, thye hien nhff sau: hang gap khd khan trong kha nang hoat ddng SXKD ciia cac DN trong eiia minh, qua dd hd trd khach hang nen kinh te da cd dau hieu phuc hdi D O I V O I CAC NHTM phat trien b'en vffng va gan bd vdi trd lai, nhu cau vay vdn ciia DN cung Ngudn thu v'e lai suat cho vay la Ngan hang; nhy sd tien giai ngan cho nen kinh te ngudn thu nhap nudi sdng hoat dpng - Phat huy vai tro ciia Hiep hpi ciia cac NHTM da tang trd lai. Di'eu ciia ngan hang, va theo "ban nang" Ngan hang trong viec thffc hien dd eho thay cac tac ddng tich ede ngan hang nao cung mudn cho vay chinh sach lai suat d'n dinh, ddng ciia lai suat trong bdi canh ca nu'dc lai suat cao. Tuy nhien, xet ve ban nhat, de vffa dam bao ldi ich kinh dang tap trung thye hien cac giai chat kinh te thi lai suat ti'en vay ed lai doanh ciia ngan hang vya tranh phap kieh cau, chdng suy giam kinh ngudn gdc tff ldi nhuan hdat ddng nhffng xao trpn v'e mat bang lai suat te, ddi phd vdi cudc khiing hoang tai ciia DN, do dd, cac NHTM chi ed the gay anh hffdng den n'en kinh te. chinh va suy thoai kinh te toan eau "sdng" dffdc khi hoat ddng SXKD ciia dang dien ra lan rdng. DN cd hieu qua va phat trien. Vi vay, khi thffc hien chinh sach lai suat, cac G I A I PHAP xii LY VAN DE LAISUAT NHTM nen: Lai suat tien vay la chi phi d'au vao nen de dam bao hoat dpng kinh - Phan tich va danh gia chinh xac Tren ed sd phan tich, danh gia myc sinh Idi ciia DN, de t y dd xac nhffng tae dpng ciia lai suat cho vay dinh lai suat eho vay hdp ly, dam bao ddi vdi hoat ddng ciia DN, t y dd cd D O I V O I CAC DN doanh cd lai va phat tnen b'en vffng, DN can phai: - Tinh toan va dU bao that day du, chinh xac v'e chi phi lai vay khi ddi ben ciing co ldi; cae giai phap tdi ifu nham khai thae - Nang cao kha nang dd bao va cae tac dpng tieh cdc va han che cac thye hien tdt vai tro tif van ve lai suat tac ddng tieu eye ciia lai suat nham cho vay ddi vdi khach hang de giiip dat dffdc cae muc tieu trong hoat DN phdng ngya va han che riii ro cho xem xet, danh gia hieu qua va quyet dinh thye hien ddi vdi cac phifdng Giao dich tai ngan hang (tiep theo trang 29) Anh: Cn/ So 23 (5 2009) Tieplbi 13 [THUONG HIEU-VIET hieu KIA, THACO GROUP cdn dUde may san xuat va lap rap d td du lich Chii tich HOQT, kiem Tdng Giam Chinh phii trao tang Huan chUdng edng suat 25.000 xe/nam tai Khu ddc Tran Ba DUdng. Lao ddng hang I I I cho Tap doan va Kinh te md Chu Lai vao nam 2007 ciia Trong thdi gian tdi, THACO Chii tich Hdi ddng quan tri, kiem THACO GROUP la nham muc dich GROUP se tiep tuc nd li/e het minh, Tdng Giam ddc Tran Ba Du'dng. ngay cang da dang va nang cao chat mang den cho cho khach hang ddng Khdng ehi d trong nude, THACO lu'dng san pham. Nha may nay da xe KIA cd nhirng kieu dang thiet ke GROUP cdn tao dUng du'dc uy tin va dUde dau tu eae day chuyen han bam hien dai tre trung, nang dpng, tien vi the vdi cac tap doan Idn d nude body, day chuy'en sdn ED va sdn hoan nghi vdi chat lUdng tieu chuan qudc ngoai nhu trd thanh nha san xuat va thien, day chuyen lap rap va he thdng te. Muc tieu ciia Tap doan la den phan phdi ehinh thirc eiia Tap doan kiem dinh ban tU ddng edng nghe mdi nam 2012 se hoan thien, chuan hda Hyundai - Kia Motors Han Qudc, nhat d Viet Nam hien nay. Nha may va md rdng he thdng phan phdi cac phan phdi cae ddng xe nguyen san xuat eae ddng san pham ehinh showrooms va dai ly, he thdng dich chiec, gdm eae loai xe: Optima, bao gdm: Xe tai nhe Kia, xe tai - xe vu, bao tri, bao dUdng tren khap ea Sorento, Rio, New Carens, Careto va ben Thaco, xe bus Thaco va xe bus nUde, ddng thdi ed mdt ehinh sach Sportage tai Viet Nam. Oay la nhu'ng Daewoo. Vdi sU ra ddi ciia Nha may gia phii hdp va phUdng thirc thanh ddng xe dang dUde thi trUdng nhieu nay, TrUdng Hai td hao khdng chi la toan tien toi nhat cho khach hang. nUdc tren the gidi Ua chudng va tieu edng ty Viet Nam d'au tien san xuat va THACO GROUP se khdng chi cung thu manh. Ben canh dd, Tap doan lap rap xe du lich, ma edn la edng ty cap cho khach hang trong nUdc ma JC&C (Jardine Cycle & Carriage) va d'au tien lap rap day dii cac ddng xe cdn tien tdi xuat khau sang cac Quy tai, bus va du lich. nUdc trong khdi mau dich AFTA Oau tU Blackhorse eiia Singapore da tin tUdng va dau tU Oe ed dUde thanh edng nhu nhiing ddng xe KIA dep, tre trung, vao THACO GROUP Trong dd. Tap hdm nay la nhd vao su ddng tam tien dung va hien dai nhat td PC doan JC&C da dau tU 20% ed ph'an hiep lUc ciia toan the can bd, ky sU, (New va trd thanh ed ddng chien lUde thir cdng nhan Tap doan 6 td TrUdng Optima, Opirus), den MPV (New 5 ciia THACO GROUP Hai va dac biet la nhd ed kinh Carens), hay SUV (Soul, Sorento, nghiem, ban linh va tam huyet eiia Sportage). •:• Viec tiep tuc xay di/ng them Nha Morning, Tac dong cua lai suat an/dd an SXKD; ngudn vdn vay ngan hang; suat thdng qua viec khai thae, sir Forte, (xem Oep trang 13) quan he ve ldi ich ciia ngUdi giri tiin, cac Ngan hang va ngUdi vay tien; - Tich Cl/c va chii ddng thu'c hien cac cdng CLI phdng ngira riii ro ve lai Cerato OOI V O I CAC CO QUAN QUAN LY v i MO - Han che sir dung cac bien phap hanh chinh trong dieu hanh lai suat, dung cac san pham phai sinh de bao Lai suat la mdt cdng CLI dieu tiet vi lam bien dang sU van ddng ciia lai hiem cac riii ro do bien ddng lai suat md het sire nhay cam, ed tac ddng Idn suat de dam bao lai suat trong nen tren thj trUdng; den nhieu ddi tUdng trong nen kinh kinh te van ddng theo cd che thi - Trich lap day dii cac quy dU te, vi vay, de dam hieu qua tdi uu khi trudng, giiip cho cac chii the tham gia phdng ve tai chinh trong hoat ddng sir dung cdng cu nay thi cac nha lam thi tru'dng ed the dU bao, dUa ra cac SXKD nham tao ngudn lde dd phdng, chinh sach can: giai phap ddi phd phu hdp; - Cd Id trinh, giai phap khuyen - Tang eu'dng nang li/c dU bao khich phat trien ddng bd cac thi kinh te va sdm dda ra cac giai phap - Sir dung than trpng va linh hoat tru'dng tai chinh, da dang hda cae dieu tiet mang tinh ddn dau de tranh cdng CLI ddn bay tai chinh trong hoat kenh huy ddng vdn trong nen kinh te cac cu sdc ve lai suat, gay tdn thu'dng dpng kinh doanh nham dat dUde muc de nham dap irng nhu eau vdn ngay eho cac chii the trong nen kinh te; tieu gia tang ldi nhuan trong dieu cang tang ciia DN, han che tinh - Trong bdi canh suy giam kinh te kien lai suat thap, ddng thdi han ehe trang tin dijng den, thi tru'dng tai hien nay, can thi/c hien triet de va rui ro thua lo khi lai suat bien ddng chinh ngam phat then td do khdng kien tri giai phap hd trd lai suat, tao ngoai dd doan; cd kiem soat; dieu kien thuan ldi cho mpi DN cd the giup cho DN difTig vuTig trong cac cu soc ve lai suat; - Thu'dng xuyen tang cUdng - Oieu hanh chinh sach lai suat tiep can duoc su hd trd eiia Chinh nSng lu'c td chii ve tai chinh, da mdt each linh hoat, kjp thdi, duy tri phii, nham phat huy tdt nhat hieu dang hda cac kenh huy ddng vdn, mSt bang lai suat d'n dinh, phii hdp ed irng td gdi kich cau nay ddi vdi toan tranh viec phu thudc qua Idn vao ehe thi trUdng tren cd sd xd ly tdt mdi bid nen kmh te.*:* So 23 (5-2009) Tieptbl 33