{"id":10865,"date":"2022-03-01T16:59:25","date_gmt":"2022-03-01T09:59:25","guid":{"rendered":"http:\/\/13.250.117.83\/private-placements-of-corporate-bonds-in-vietnam-are-the-proposed-new-regulations-designed-to-promote-or-curb-further-market-development\/"},"modified":"2024-06-24T17:27:05","modified_gmt":"2024-06-24T10:27:05","slug":"private-placements-of-corporate-bonds-in-vietnam-are-the-proposed-new-regulations-designed-to-promote-or-curb-further-market-development-2","status":"publish","type":"post","link":"https:\/\/ykvn-law.com\/vi\/private-placements-of-corporate-bonds-in-vietnam-are-the-proposed-new-regulations-designed-to-promote-or-curb-further-market-development-2\/","title":{"rendered":"Ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p t\u1ea1i Vi\u1ec7t Nam: Li\u1ec7u c\u00e1c quy \u0111\u1ecbnh m\u1edbi \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t \u0111\u1ec3 th\u00fac \u0111\u1ea9y hay ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd h\u01a1n s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column][mk_padding_divider size=&#8221;20&#8243;][vc_column_text css=&#8221;.vc_custom_1719224724973{margin-bottom: 0px !important;}&#8221;]\n<h1>Ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p t\u1ea1i Vi\u1ec7t Nam: Li\u1ec7u c\u00e1c quy \u0111\u1ecbnh m\u1edbi \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t \u0111\u1ec3 th\u00fac \u0111\u1ea9y hay ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd h\u01a1n s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng?<\/h1>\n[\/vc_column_text][vc_row_inner][vc_column_inner][vc_single_image image=&#8221;8343&#8243; img_size=&#8221;full&#8221;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=&#8221;.vc_custom_1654082451742{margin-bottom: 0px !important;}&#8221;]<strong>N\u1ed9i dung ch\u00ednh<\/strong>[\/vc_column_text][vc_empty_space height=&#8221;25px&#8221;][vc_column_text css=&#8221;.vc_custom_1654082706150{margin-bottom: 0px !important;}&#8221;]\n<ul>\n<li><strong><em>D\u1ef1 Th\u1ea3o S\u1eeda \u0110\u1ed5i Ngh\u1ecb \u0110\u1ecbnh \u0111\u1ec1 xu\u1ea5t c\u00e1c thay \u0111\u1ed5i \u0111\u00e1ng l\u01b0u \u00fd sau \u0111\u1ed1i v\u1edbi c\u00e1c quy \u0111\u1ecbnh hi\u1ec7n h\u00e0nh v\u1ec1 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p<\/em><\/strong><span style=\"color: #003366;\"><em><strong>:<br \/>\n<\/strong><\/em><\/span><\/p>\n<div style=\"color: #003366; padding-top: 10px;\"><strong>&#8211; Gi\u1edbi h\u1ea1n c\u00e1c tr\u01b0\u1eddng h\u1ee3p doanh nghi\u1ec7p c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu<\/strong><\/div>\n<div style=\"color: #003366; padding-top: 10px;\"><strong><strong>&#8211; <\/strong>Quy \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf v\u00e0 tr\u00e1i phi\u1ebfu trong n\u01b0\u1edbc<\/strong><\/div>\n<div style=\"color: #003366; padding-top: 10px;\"><strong>&#8211; Y\u00eau c\u1ea7u v\u1ec1 x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m<\/strong><\/div>\n<div style=\"color: #003366; padding-top: 10px;\"><strong><strong>&#8211; Ti\u00eau chu\u1ea9n PSI<\/strong><\/strong><\/div>\n<div style=\"color: #003366; padding-top: 10px;\"><strong>&#8211; K\u1ebft lu\u1eadn<\/strong><\/div>\n<\/li>\n<\/ul>\n[\/vc_column_text][vc_empty_space height=&#8221;25px&#8221;][vc_column_text css=&#8221;.vc_custom_1654239390350{margin-bottom: 0px !important;}&#8221;]Khi c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n truy\u1ec1n th\u00f4ng \u0111\u1ecba ph\u01b0\u01a1ng \u0111\u01b0a tin r\u1eb1ng m\u1ed9t doanh nghi\u1ec7p c\u1eaft t\u00f3c, g\u1ed9i \u0111\u1ea7u \u0111\u1ecba ph\u01b0\u01a1ng v\u1edbi v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu 20 t\u1ef7 VND (d\u01b0\u1edbi 1 tri\u1ec7u USD) \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 738 t\u1ef7 VND (32,4 tri\u1ec7u USD) th\u00f4ng qua vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p, \u0111i\u1ec1u n\u00e0y \u0111\u00e3 th\u00fac \u0111\u1ea9y c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd Vi\u1ec7t Nam xem x\u00e9t ki\u1ec1m ch\u1ebf s\u1ef1 ph\u00e1t tri\u1ec3n qu\u00e1 m\u1ee9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng nh\u1eb1m ng\u0103n ch\u1eb7n t\u00ecnh tr\u1ea1ng t\u0103ng tr\u01b0\u1edfng n\u00f3ng v\u00e0 l\u1ea1m d\u1ee5ng ti\u1ec1m t\u00e0ng. V\u1eabn c\u1ea7n th\u1eddi gian \u0111\u1ec3 ki\u1ec3m ch\u1ee9ng v\u1ec1 c\u00e1c m\u1ee5c ti\u00eau ch\u00ednh s\u00e1ch c\u1ee7a nh\u1eefng bi\u1ec7n ph\u00e1p m\u1edbi n\u00e0y.<\/p>\n<p>Vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p ri\u00eang l\u1ebb g\u1ea7n \u0111\u00e2y \u0111ang chi\u1ebfm \u01b0u th\u1ebf so v\u1edbi c\u00e1c h\u00ecnh th\u1ee9c huy \u0111\u1ed9ng v\u1ed1n kh\u00e1c do doanh nghi\u1ec7p th\u1ef1c hi\u1ec7n. Theo Hi\u1ec7p H\u1ed9i Th\u1ecb Tr\u01b0\u1eddng Tr\u00e1i Phi\u1ebfu Vi\u1ec7t Nam, trong 9 th\u00e1ng \u0111\u1ea7u n\u0103m 2021, \u0111\u00e3 c\u00f3 596 \u0111\u1ee3t ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p trong n\u01b0\u1edbc v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb 362 ngh\u00ecn t\u1ef7 VND \u0111\u01b0\u1ee3c tung ra th\u1ecb tr\u01b0\u1eddng. Trong s\u1ed1 n\u00e0y, c\u00f3 t\u1ea5t c\u1ea3 582 giao d\u1ecbch ph\u00e1t h\u00e0nh d\u01b0\u1edbi h\u00ecnh th\u1ee9c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb kh\u00f4ng \u0111\u0103ng k\u00fd. Trong s\u1ed1 173 giao d\u1ecbch ph\u00e1t h\u00e0nh trong Q4\/2021, ch\u1ec9 c\u00f3 5 giao d\u1ecbch ph\u00e1t h\u00e0nh \u0111\u01b0\u1ee3c \u0111\u0103ng k\u00fd ph\u00e1t h\u00e0nh ra c\u00f4ng ch\u00fang.<\/p>\n<p>Xu h\u01b0\u1edbng n\u00e0y c\u0169ng \u0111\u01b0\u1ee3c nh\u1ea5n m\u1ea1nh t\u1ea1i B\u00e1o C\u00e1o Gi\u00e1m S\u00e1t Tr\u00e1i Phi\u1ebfu Ch\u00e2u \u00c1 Qu\u00fd 3\/2021 c\u1ee7a Ng\u00e2n H\u00e0ng Ph\u00e1t Tri\u1ec3n Ch\u00e2u \u00c1 (ADB). Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p ti\u1ebfp t\u1ee5c duy tr\u00ec s\u1ef1 m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd \u1edf m\u1ee9c 21,5% so v\u1edbi qu\u00fd tr\u01b0\u1edbc trong giai \u0111o\u1ea1n n\u00e0y.[\/vc_column_text][vc_single_image image=&#8221;7989&#8243; img_size=&#8221;full&#8221;][vc_column_text css=&#8221;.vc_custom_1654082775781{margin-bottom: 0px !important;}&#8221;](ngu\u1ed3n: b\u00e1o c\u00e1o ADB)[\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1654082818796{margin-bottom: 0px !important;}&#8221;]Lo ng\u1ea1i v\u1ec1 nh\u1eefng t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c ti\u1ec1m \u1ea9n c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p t\u0103ng tr\u01b0\u1edfng qu\u00e1 m\u1ee9c, c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd c\u1ee7a Vi\u1ec7t Nam \u0111\u00e3 v\u00e0 \u0111ang th\u1ef1c hi\u1ec7n c\u00e1c b\u01b0\u1edbc nh\u1eb1m th\u1eaft ch\u1eb7t c\u00e1c quy \u0111\u1ecbnh qu\u1ea3n l\u00fd v\u1ec1 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p. Cu\u1ed1i n\u0103m 2021, Ng\u00e2n H\u00e0ng Nh\u00e0 N\u01b0\u1edbc Vi\u1ec7t Nam \u0111\u00e3 ban h\u00e0nh Th\u00f4ng T\u01b0 s\u1ed1 16\/2021\/TT-NHNN c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb ng\u00e0y 15 th\u00e1ng 1 n\u0103m 2022 (\u201c<strong>Th\u00f4ng T\u01b0 16<\/strong>\u201d). Th\u00f4ng T\u01b0 16 v\u1ec1 c\u01a1 b\u1ea3n h\u1ea1n ch\u1ebf c\u00e1c ng\u00e2n h\u00e0ng r\u00f3t ti\u1ec1n v\u00e0o tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u00ec c\u00e1c ng\u00e2n h\u00e0ng l\u00e0 ngu\u1ed3n v\u1ed1n h\u00e0ng \u0111\u1ea7u v\u00e0o tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p trong n\u01b0\u1edbc. Theo Th\u00f4ng T\u01b0 16, ng\u00e2n h\u00e0ng ch\u1ec9 \u0111\u01b0\u1ee3c mua tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p khi t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u d\u01b0\u1edbi 3%. Ngo\u00e0i ra, c\u00e1c ng\u00e2n h\u00e0ng kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e9p mua l\u1ea1i tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p n\u1ebfu tr\u00e1i phi\u1ebfu \u0111\u00f3 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh \u0111\u1ec3 (i) c\u01a1 c\u1ea5u l\u1ea1i c\u00e1c kho\u1ea3n n\u1ee3 c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh, (ii) g\u00f3p v\u1ed1n, mua c\u1ed5 ph\u1ea7n c\u1ee7a c\u00e1c c\u00f4ng ty kh\u00e1c, ho\u1eb7c (iii) t\u0103ng v\u1ed1n l\u01b0u \u0111\u1ed9ng c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh.<\/p>\n<p>B\u1ed9 T\u00e0i Ch\u00ednh g\u1ea7n \u0111\u00e2y \u0111\u00e3 c\u00f4ng b\u1ed1 d\u1ef1 th\u1ea3o quy \u0111\u1ecbnh s\u1eeda \u0111\u1ed5i Ngh\u1ecb \u0110\u1ecbnh s\u1ed1 153\/2020\/N\u0110-CP v\u1ec1 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (\u201c<strong>D\u1ef1 Th\u1ea3o S\u1eeda \u0110\u1ed5i Ngh\u1ecb \u0110\u1ecbnh<\/strong>\u201d). D\u1ef1 Th\u1ea3o S\u1eeda \u0110\u1ed5i Ngh\u1ecb \u0110\u1ecbnh \u0111\u01b0a ra nh\u1eefng thay \u0111\u1ed5i \u0111\u00e1ng ch\u00fa \u00fd sau \u0111\u00e2y:[\/vc_column_text][vc_empty_space height=&#8221;25px&#8221;][vc_column_text css=&#8221;.vc_custom_1654136897382{margin-bottom: 0px !important;}&#8221;]<em><strong>Gi\u1edbi h\u1ea1n<\/strong><strong> c\u00e1c tr\u01b0\u1eddng h\u1ee3p <\/strong><strong>doanh nghi\u1ec7p <\/strong><strong>c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu<\/strong><\/em><\/p>\n<p>Hi\u1ec7n t\u1ea1i, m\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu cho b\u1ea5t k\u1ef3 m\u1ee5c \u0111\u00edch n\u00e0o sau \u0111\u00e2y: (i) th\u1ef1c hi\u1ec7n c\u00e1c d\u1ef1 \u00e1n ho\u1eb7c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00f4ng ty; (ii) t\u0103ng v\u1ed1n l\u01b0u \u0111\u1ed9ng, (iii) t\u00e1i c\u1ea5u tr\u00fac c\u01a1 c\u1ea5u v\u1ed1n, ho\u1eb7c (iv) c\u00e1c m\u1ee5c \u0111\u00edch kh\u00e1c c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong lu\u1eadt \u0111i\u1ec1u ch\u1ec9nh c\u00e1c ng\u00e0nh ho\u1eb7c l\u0129nh v\u1ef1c c\u1ee5 th\u1ec3.<\/p>\n<p>D\u1ef1 Th\u1ea3o S\u1eeda \u0110\u1ed5i Ngh\u1ecb \u0110\u1ecbnh nghi\u00eam c\u1ea5m c\u1ee5 th\u1ec3 vi\u1ec7c s\u1eed d\u1ee5ng ti\u1ec1n thu \u0111\u01b0\u1ee3c t\u1eeb tr\u00e1i phi\u1ebfu \u0111\u1ec3 r\u00f3t v\u1ed1n c\u1ed5 ph\u1ea7n, cho vay ho\u1eb7c mua tr\u00e1i phi\u1ebfu. Thay \u0111\u1ed5i \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t d\u1ef1 ki\u1ebfn \u0111\u00e3 g\u00e2y ra m\u1ed1i quan ng\u1ea1i gi\u1eefa c\u00e1c doanh nghi\u1ec7p v\u00ec s\u1eed d\u1ee5ng ti\u1ec1n thu \u0111\u01b0\u1ee3c t\u1eeb tr\u00e1i phi\u1ebfu \u0111\u1ec3 r\u00f3t v\u1ed1n c\u1ed5 ph\u1ea7n \u0111\u01b0\u1ee3c xem nh\u01b0 m\u1ed9t h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 l\u00e0 m\u1ed9t th\u1ef1c t\u1ebf ph\u1ed5 bi\u1ebfn. Th\u1ef1c ti\u1ec5n nh\u01b0 v\u1eady \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c t\u1eadp \u0111o\u00e0n tri\u1ec3n khai \u0111\u1ea7u t\u01b0 th\u00f4ng qua c\u00e1c c\u00f4ng ty ph\u1ee5c v\u1ee5 m\u1ee5c \u0111\u00edch \u0111\u1eb7c bi\u1ec7t (c\u00e1c SPV). Nguy\u00ean nh\u00e2n c\u1ee7a vi\u1ec7c n\u00e0y l\u00e0 do s\u1ebd r\u1ea5t kh\u00f3 \u0111\u1ec3 m\u1ed9t SPV m\u1edbi th\u00e0nh l\u1eadp m\u00e0 kh\u00f4ng c\u00f3 n\u0103ng l\u1ef1c huy \u0111\u1ed9ng v\u1ed1n v\u00e0 trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3, c\u00f4ng ty m\u1eb9 c\u00f3 n\u0103ng l\u1ef1c s\u1ebd g\u00e2y qu\u1ef9 v\u00e0 chuy\u1ec3n c\u00e1c kho\u1ea3n ti\u1ec1n \u0111\u00f3 v\u00e0o SPV c\u1ee7a m\u00ecnh \u0111\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 c\u1ee7a t\u1eadp \u0111o\u00e0n. S\u1eed d\u1ee5ng ti\u1ec1n thu \u0111\u01b0\u1ee3c t\u1eeb tr\u00e1i phi\u1ebfu \u0111\u1ec3 r\u00f3t v\u1ed1n c\u1ed5 ph\u1ea7n v\u00e0o c\u00f4ng ty con ch\u1ec9 l\u00e0 b\u01b0\u1edbc trung gian \u0111\u1ec3 th\u1ef1c hi\u1ec7n d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh; n\u00f3i c\u00e1ch kh\u00e1c, vi\u1ec7c n\u00e0y kh\u00f4ng \u0111\u01b0\u1ee3c coi l\u00e0 h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh.[\/vc_column_text][vc_empty_space height=&#8221;25px&#8221;][vc_column_text css=&#8221;.vc_custom_1654082885247{margin-bottom: 0px !important;}&#8221;]<em><strong>Quy \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi t<\/strong><strong>r\u00e1i <\/strong><strong>p<\/strong><strong>hi\u1ebfu <\/strong><strong>q<\/strong><strong>u\u1ed1c <\/strong><strong>t<\/strong><strong>\u1ebf v<\/strong><strong>\u00e0<\/strong> <strong>t<\/strong><strong>r\u00e1i <\/strong><strong>p<\/strong><strong>hi\u1ebfu <\/strong><strong>t<\/strong><strong>rong <\/strong><strong>n<\/strong><strong>\u01b0\u1edbc<\/strong><\/em><\/p>\n<p>M\u1ed9t \u0111i\u1ec3m kh\u00e1c bi\u1ec7t quan tr\u1ecdng kh\u00e1c c\u1ea7n \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o n\u1ed9i dung c\u1ee7a c\u00e1c quy \u0111\u1ecbnh l\u00e0 kh\u00e1c bi\u1ec7t gi\u1eefa tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf v\u00e0 tr\u00e1i phi\u1ebfu trong n\u01b0\u1edbc. N\u0103m 2021, c\u00f3 3 \u0111\u1ee3t ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu b\u1eb1ng \u0111\u01a1n v\u1ecb USD v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb 1 t\u1ef7 USD. C\u00e1c th\u1ecb tr\u01b0\u1eddng v\u1ed1n to\u00e0n c\u1ea7u \u0111\u00e3 x\u00e2y d\u1ef1ng khung ph\u00e1p l\u00fd c\u1ee5 th\u1ec3 r\u00f5 r\u00e0ng nh\u1eb1m b\u1ea3o v\u1ec7 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf gi\u00e0u kinh nghi\u1ec7m, nh\u1eefng ng\u01b0\u1eddi th\u01b0\u1eddng xuy\u00ean tham gia v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y. D\u01b0\u1eddng nh\u01b0 kh\u00f4ng ph\u1ea3i v\u00ec nguy\u00ean nh\u00e2n n\u00e0y m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf s\u1ebd c\u1ea7n s\u1ef1 b\u1ea3o v\u1ec7 b\u1ed5 sung \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong D\u1ef1 Th\u1ea3o S\u1eeda \u0110\u1ed5i Ngh\u1ecb \u0110\u1ecbnh. Do \u0111\u00f3, c\u00e1c h\u1ea1n ch\u1ebf m\u1edbi n\u00ean t\u1eadp trung v\u00e0o vi\u1ec7c t\u0103ng c\u01b0\u1eddng b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 trong b\u1ed1i c\u1ea3nh c\u00e1c \u0111\u1ee3t ch\u00e0o b\u00e1n tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p trong n\u01b0\u1edbc tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p trong n\u01b0\u1edbc v\u1eabn c\u00f2n \u0111ang trong giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n. S\u1ebd kh\u00f4ng c\u00f3 l\u1ee3i \u00edch g\u00ec khi \u0111\u1ed1i x\u1eed t\u01b0\u01a1ng t\u1ef1 gi\u1eefa m\u1ed9t \u0111\u1ee3t ph\u00e1t h\u00e0nh qu\u1ed1c t\u1ebf v\u00e0 m\u1ed9t \u0111\u1ee3t ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb trong n\u01b0\u1edbc v\u00ec \u0111i\u1ec1u n\u00e0y s\u1ebd kh\u00f4ng th\u00fac \u0111\u1ea9y c\u00e1c m\u1ee5c ti\u00eau ch\u00ednh s\u00e1ch l\u00e0 h\u1ea1n ch\u1ebf s\u1ef1 t\u0103ng tr\u01b0\u1edfng c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb trong n\u01b0\u1edbc v\u00e0 ng\u0103n ch\u1eb7n t\u00ecnh tr\u1ea1ng t\u0103ng tr\u01b0\u1edfng n\u00f3ng tr\u00e1i phi\u1ebfu ti\u1ec1m t\u00e0ng.[\/vc_column_text][vc_empty_space height=&#8221;25px&#8221;][vc_column_text css=&#8221;.vc_custom_1654082903364{margin-bottom: 0px !important;}&#8221;]<em><strong>Y\u00eau c\u1ea7u x\u1ebfp h\u1ea1ng t\u00edn <\/strong><strong>nhi\u1ec7m<\/strong><\/em><\/p>\n<p>Theo D\u1ef1 Th\u1ea3o S\u1eeda \u0110\u1ed5i Ngh\u1ecb \u0110\u1ecbnh, x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u b\u1ed5 sung n\u1ebfu tr\u00e1i phi\u1ebfu (i) \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n; (ii) kh\u00f4ng \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m ho\u1eb7c kh\u00f4ng c\u00f3 b\u1ea3o l\u00e3nh; ho\u1eb7c (iii) \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ch\u1ecbu l\u1ed7 trong n\u0103m li\u1ec1n tr\u01b0\u1edbc n\u0103m ph\u00e1t h\u00e0nh ho\u1eb7c ch\u1ecbu l\u1ed7 l\u0169y k\u1ebf trong n\u0103m ph\u00e1t h\u00e0nh. Do ch\u1ec9 c\u00f3 hai c\u00f4ng ty x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m hi\u1ec7n \u0111ang ho\u1ea1t \u0111\u1ed9ng v\u00e0 kinh nghi\u1ec7m c\u1ee7a h\u1ecd c\u00f2n h\u1ea1n ch\u1ebf v\u00ec th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu v\u1eabn c\u00f2n \u0111ang trong giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n n\u00ean kh\u1ea3 n\u0103ng cao l\u00e0 c\u00e1c c\u00f4ng ty n\u00e0y c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh \u0111i\u1ec3m ngh\u1ebdn. C\u1ea7n l\u01b0u \u00fd r\u1eb1ng y\u00eau c\u1ea7u x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m t\u01b0\u01a1ng t\u1ef1 trong b\u1ed1i c\u1ea3nh \u0111\u0103ng k\u00fd ch\u00e0o b\u00e1n ra c\u00f4ng ch\u00fang s\u1ebd kh\u00f4ng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho \u0111\u1ebfn n\u0103m 2023.[\/vc_column_text][vc_empty_space height=&#8221;25px&#8221;][vc_column_text css=&#8221;.vc_custom_1654082921461{margin-bottom: 0px !important;}&#8221;]<strong><em>Ti\u00eau chu\u1ea9n PSI<\/em> <\/strong><\/p>\n<p>Tr\u00e1i phi\u1ebfu VND ph\u00e1t h\u00e0nh th\u00f4ng qua \u0111\u1ee3t ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb ch\u1ec9 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch gi\u1eefa c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n chuy\u00ean nghi\u1ec7p (\u201c<strong>PSI<\/strong>\u201d). C\u00e1c PSI \u0111\u01b0\u1ee3c xem l\u00e0 c\u00f3 c\u01a1 c\u1ea5u t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p v\u00e0 \u00edt c\u1ea7n \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 h\u01a1n so v\u1edbi h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea1i ch\u00fang. Hi\u1ec7n t\u1ea1i, c\u00e1c PSI ch\u1ee7 y\u1ebfu bao g\u1ed3m c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c nh\u01b0 ng\u00e2n h\u00e0ng, c\u00f4ng ty b\u1ea3o hi\u1ec3m ho\u1eb7c c\u00f4ng ty c\u00f3 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u00e3 \u0111\u01b0\u1ee3c g\u00f3p \u00edt nh\u1ea5t 100 t\u1ef7 VND, nh\u01b0ng PSI c\u0169ng bao g\u1ed3m c\u00e1c c\u00e1 nh\u00e2n s\u1edf h\u1eefu danh m\u1ee5c \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n \u00edt nh\u1ea5t 2 t\u1ef7 VND ho\u1eb7c c\u00f3 thu nh\u1eadp ch\u1ecbu thu\u1ebf h\u1eb1ng n\u0103m t\u1ed1i thi\u1ec3u l\u00e0 1 t\u1ef7 VND. Ti\u00eau chu\u1ea9n t\u1ed1i thi\u1ec3u \u0111\u1ec3 tr\u1edf th\u00e0nh PSI c\u00e1 nh\u00e2n t\u01b0\u01a1ng \u0111\u1ed1i d\u1ec5 \u0111\u00e1p \u1ee9ng v\u00e0 c\u00f3 l\u1ebd c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c xem x\u00e9t l\u1ea1i khi th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n to\u00e0n di\u1ec7n.<\/p>\n<p>Ti\u00eau chu\u1ea9n PSI \u0111\u01b0\u1ee3c x\u00e1c minh b\u1edfi t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ho\u1eb7c c\u00f4ng ty ch\u1ee9ng kho\u00e1n t\u01b0 v\u1ea5n giao d\u1ecbch ph\u00e1t h\u00e0nh n\u1ebfu \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh \u1ee7y quy\u1ec1n. Hi\u1ec7n t\u1ea1i, kh\u00f4ng c\u1ea7n x\u00e1c minh PSI (i) trong v\u00f2ng m\u1ed9t n\u0103m k\u1ec3 t\u1eeb l\u1ea7n x\u00e1c minh cu\u1ed1i c\u00f9ng v\u00e0 (ii) \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n tr\u00e1i phi\u1ebfu. Tuy nhi\u00ean, theo D\u1ef1 Th\u1ea3o S\u1eeda \u0110\u1ed5i Ngh\u1ecb \u0110\u1ecbnh, c\u1ea7n ph\u1ea3i x\u00e1c minh ti\u00eau chu\u1ea9n PSI m\u1ed7i khi nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c hi\u1ec7n giao d\u1ecbch mua ho\u1eb7c b\u00e1n. R\u00f5 r\u00e0ng, tr\u00e1i ch\u1ee7 mu\u1ed1n b\u00e1n tr\u00e1i phi\u1ebfu c\u1ee7a m\u00ecnh kh\u00f4ng ph\u1ea3i l\u00e0 \u0111\u1ed1i t\u01b0\u1ee3ng c\u1ee7a b\u1ea5t k\u1ef3 vi\u1ec7c ki\u1ec3m tra ti\u00eau chu\u1ea9n PSI n\u00e0o.[\/vc_column_text][vc_empty_space height=&#8221;25px&#8221;][vc_column_text css=&#8221;.vc_custom_1654082944261{margin-bottom: 0px !important;}&#8221;]<strong><em>K\u1ebft lu\u1eadn\u00a0<\/em> <\/strong><\/p>\n<p>D\u1ef1 Th\u1ea3o S\u1eeda \u0110\u1ed5i Ngh\u1ecb \u0110\u1ecbnh l\u00e0 b\u01b0\u1edbc ti\u1ebfp theo c\u1ee7a c\u01a1 quan qu\u1ea3n l\u00fd sau khi Th\u00f4ng T\u01b0 16 \u0111\u01b0\u1ee3c ban h\u00e0nh nh\u1eb1m h\u1ea1n ch\u1ebf vi\u1ec7c ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p trong th\u1ecb tr\u01b0\u1eddng \u0111ang ph\u00e1t tri\u1ec3n qu\u00e1 n\u00f3ng. M\u1ee5c ti\u00eau c\u1ee7a ch\u00ednh s\u00e1ch c\u00f3 \u00fd ngh\u0129a n\u1ed5i b\u1eadt trong b\u1ed1i c\u1ea3nh cu\u1ed9c kh\u1ee7ng ho\u1ea3ng Evergrande hi\u1ec7n t\u1ea1i. Tuy nhi\u00ean, c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd c\u1ee7a Vi\u1ec7t Nam c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh m\u1ed9t c\u00e1ch c\u1ea9n tr\u1ecdng c\u00e1c bi\u1ec7n ph\u00e1p ch\u00ednh s\u00e1ch m\u00e0 s\u1ebd \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng nh\u1eb1m th\u1eaft ch\u1eb7t c\u00e1c quy \u0111\u1ecbnh \u0111i\u1ec1u ch\u1ec9nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p. Vi\u1ec7c qu\u1ea3n l\u00fd th\u00e1i qu\u00e1 c\u00f3 th\u1ec3 h\u1ea1n ch\u1ebf m\u1ed9t c\u00e1ch kh\u00f4ng c\u1ea7n thi\u1ebft c\u00e1c ph\u01b0\u01a1ng \u00e1n huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a doanh nghi\u1ec7p ho\u1eb7c s\u1ebd khi\u1ebfn c\u00e1c c\u00f4ng ty g\u1eb7p kh\u00f3 kh\u0103n trong ho\u1ea1t \u0111\u1ed9ng huy \u0111\u1ed9ng v\u1ed1n b\u1eb1ng h\u00ecnh th\u1ee9c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ri\u00eang l\u1ebb. Ngo\u00e0i ra, ti\u00eau chu\u1ea9n PSI c\u0169ng c\u1ea7n \u0111\u01b0\u1ee3c xem x\u00e9t l\u1ea1i \u0111\u1ec3 t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0.[\/vc_column_text][vc_empty_space height=&#8221;25px&#8221;][vc_column_text css=&#8221;.vc_custom_1719224739680{margin-bottom: 0px !important;}&#8221;]<u><b>T\u00e1c gi\u1ea3<\/b><\/u>[\/vc_column_text][mk_employees column=&#8221;5&#8243; orderby=&#8221;post__in&#8221; employees=&#8221;4547, 4476&#8243;][mk_divider][vc_column_text css=&#8221;.vc_custom_1719224819805{margin-bottom: 0px !important;}&#8221;]\u0110\u1ec3 bi\u1ebft th\u00eam th\u00f4ng tin chi ti\u1ebft, vui l\u00f2ng li\u00ean h\u1ec7 Ban Truy\u1ec1n th\u00f4ng v\u00e0 Marketing c\u1ee7a YKVN:<\/p>\n<p>T: (+84-28) 3 822 3155<br \/>\n<a href=\"mailto:marketing@ykvn-law.com\">marketing@ykvn-law.com<\/a>[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Vi\u1ec7c m\u1ed9t doanh nghi\u1ec7p c\u1eaft t\u00f3c, g\u1ed9i \u0111\u1ea7u \u0111\u1ecba ph\u01b0\u01a1ng v\u1edbi v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu 20 t\u1ef7 VND huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 738 t\u1ef7 VND th\u00f4ng qua ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u00e3 th\u00fac \u0111\u1ea9y c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd Vi\u1ec7t Nam xem x\u00e9t ki\u1ec1m ch\u1ebf s\u1ef1 ph\u00e1t tri\u1ec3n qu\u00e1 m\u1ee9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102],"tags":[191,192,193,118,119,120],"class_list":["post-10865","post","type-post","status-publish","format-standard","hentry","category-legal-updates-vi","tag-banking-vi","tag-financial-services-vi","tag-insurance-vi","tag-ngan-hang-tai-chinh","tag-thi-truong-von","tag-hoat-dong-doanh-nghiep"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p t\u1ea1i Vi\u1ec7t Nam: Li\u1ec7u c\u00e1c quy \u0111\u1ecbnh m\u1edbi \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t \u0111\u1ec3 th\u00fac \u0111\u1ea9y hay ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd h\u01a1n s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng? 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