[DT 29/5 Bao gio+` VN co' thi. tru+o+`ng chu+'ng khoa'n?]

["proxy098@hotmail.com" <proxy098@hotmail.com>]

Bao gio+` VN co' thi. tru+o+`ng chu+'ng khoa'n?

Chu? ti.ch Uy? ban Chu+'ng khoa'n Nha` nu+o+'c Le^ Va(n Cha^u tra? lo+`i
pho?ng va^'n cu?a ba'o DDa^`u tu+

Xin o^ng cho bie^'t, tho+`i ddie^?m na`o ddu+o+.c coi la` thi'ch ho+.p
nha^'t cho vie^.c ra ddo+`i cu?a thi. tru+o+`ng chu+'ng khoa'n (TTCK)
o+? VN va` ke^' hoa.ch hi`nh tha`nh ca'c so+? giao di.ch chu+'ng khoa'n
thi' ddie^?m trong tho+`i gian to+'i?
Tha^.t kho' ma` ddu+a ra ca^u tra? lo+`i xa'c ddi.nh cho ca^u ho?i na`y.
Ca^u tra? lo+`i thi'ch dda'ng hie^.n na`y, theo to^i, la` the^' na`y:
tho+`i ddie^?m thi'ch ho+.p cho su+. ra ddo+`i cu?a TTCK o+? nu+o+'c ta
la` tho+`i ddie^?m chi'n muo^`i cu?a mo^.t quan he^. ca(.p ddo^i: nhu
ca^`u ve^` su+. co' ma(.t cu?a TTCK va` ca'c ddie^`u kie^.n ba?o dda?m
thoa? ma~n nhu ca^`u ddo'.
Hie^.n nay, o+? nu+o+'c ta dda~ xua^'t hie^.n nhu ca^`u na`y. DDo`i ho?i
chung cu?a ne^`n kinh te^' ve^` su+. co' ma(.t cu?a TTCK la` ra^'t ca^'p
ba'ch. Nhu+ng ne^'u xe't va^'n dde^` mo^.t ca'ch thu+.c te^' va` cu.
the^? ho+n, de^~ nha^.n tha^'y ra(`ng, nhu ca^`u ddo' o+? ca'c doanh
nghie^.p, ca'c ca' nha^n - tu+'c la` ca'c chu? the^? tham gia TTCK
tu+o+ng lai - hie^.n va^~n chu+a ca^'p ba'ch nhu+ va^.y. To^i muo^'n
no'i dde^'n mu+'c ddo^. sa(~n sa`ng cu~ng nhu+ na(ng lu+.c hoa.t ddo^.ng
thu+.c su+. tre^n TTCK cu?a ca'c chu? the^? na`y. Ro~ ra`ng la` ca^`n
pha?i co' nhu+~ng ye^'u to^' ”ki'ch ” ca^`u o+? dda^y dde^? nhu ca^`u
tro+? ne^n pho^? bie^'n va` chi'n muo^`i ho+n o+? ca^'p ddo^. vi~ mo^.
Ve^` ca'c ddie^`u kie^.n ba?o dda?m cho ra ddo+`i (to^i xin lu+u y'
the^m - va` va^.n ha`nh co' hie^.u qua? ngay tu+` dda^`u) cu?a TTCK, co'
the^? no'i chu'ng ta pha?i ta.o ra ta^'t ca? tu+` dda^`u. Tu+` kha^u
dda`o ta.o ca'n bo^. qua?n ly', va^.n ha`nh dde^'n trang bi. tri thu+'c
cho nhu+~ng ngu+o+`i se~ tham gia giao di.ch o+? ddo'; tu+` kha^u xa^y
du+.ng khuo^n kho^? pha'p ly' cho TTCK cho dde^'n vie^.c ta.o ”nguo^`n
ha`ng“ cho thi. tru+o+`ng na`y, ro^`i pha?i xa'c ddi.nh ro~ tie^'n
tri`nh xa^y du+.ng no' trong quan he^. vo+'i nhu+~ng bu+o+'c tie^'n cu?a
the^? che^' kinh te^' kha'c, dda(.c bie^.t la` ca'c the^? che^' ta`i
chi'nh. Nghi~a la`, nhu+ to^i dda~ co' la^`n no'i, dde^? co' ddu+o+.c
mo^.t tho+`i ddie^?m thi'ch ho+.p xa'c ddi.nh cho su+. ra ddo+`i cu?a
TTCK, co`n vo^ kho^'i va^'n dde^` pha?i gia?i quye^'t.
Nhu+ng no'i the^' kho^ng co' nghi~a la` kho^ng co' gi` xa'c ddi.nh o+?
dda^y. Uy? ban Chu+'ng khoa'n Nha` nu+o+'c (UBCKNN) ddang no^~ lu+.c
dda^?y nhanh su+. chi'n muo^`i cu?a hai ye^'u to^' tre^n dde^? co' the^?
so+'m hi`nh tha`nh TTCK o+? nu+o+'c ta. Co' nhie^`u vie^.c dda~ va`
ddang la`m co' ke^'t qua?. Cha(?ng ha.n nhu+ mo+? ca'c lo+'p dda`o ta.o,
chua^?n bi. ca'c quy che^' hoa.t ddo^.ng, nghie^n cu+'u va` lu+.a cho.n
mo^ hi`nh.. Trong du+. kie^'n va` theo dda` ddang co', vo+'i su+. u?ng
ho^. to^'i dda cu?a Chi'nh phu? va` su+. ho^~ tro+. quo^'c te^' ti'ch
cu+.c, chu'ng to^i cho ra(`ng trong va`i na(m to+'i, ca'c nha` doanh
nghie^.p, nhu+~ng ngu+o+`i thi'ch ti`m va^.n may ba(`ng ca'ch dda^`u tu+
va`o chu+'ng khoa'n se~ co' co+ ho^.i thu+? su+'c thu+.c su+. tre^n TTCK
cu?a VN.
Theo o^ng, su+. cha^.m tre^~ trong co^ng ta'c co^? pha^`n hoa' cu?a ca'c
doanh nghie^.p Nha` nu+o+'c se~ a?nh hu+o+?ng nhu+ the^' na`o to+'i qua'
tri`nh hi`nh tha`nh TTCK o+? VN?
Hie^.n nay, theo y' kie^'n, du+o+`ng nhu+ co' mo^.t vo`ng lua^?n qua^?n
o+? dda^u: muo^'n co' TTCK thi` pha?i dda^?y nhanh va` mo+? ro^.ng
die^.n co^? pha^`n hoa', tru+o+'c tie^n va` chu? ye^'u la` ddo^i' vo+'i
ca'c doanh nghie^.p Nha` nu+o+'c; nhu+ng qua' tri`nh co^? pha^`n hoa'
se~ kho' ma` trie^?n khai to^'t ne^'u kho^ng co' TTCK.
DDu'ng la` co' su+. da`ng buo^.c nhu+ va^.y. Nhu+ng kho^ng he^` co' su+.
lua^?n qua^?n nhu+ mo^.t so^' ngu+o+`i nghi~.
Tha^.t su+. la` qua' tri`nh co^? pha^`n hoa' doanh nghie^.p Nha` nu+o+'c
ddang die^~n ra cha^.m so vo+'i mong ddo+.i, nha^'t la` khi dda(.t no'
ddo^'i die^.n vo+'i nhu ca^`u xa^y du+.ng so+'m TTCK. TTCK cha('c cha('n
se~ chi? la` mo^.t kha'i nie^.m sa'o ro^~ng ne^'u kho^ng co' ha`ng hoa'
chu? ye^'u la.i chi'nh la` co^? phie^'u - sa?n pha^?m cu?a qua' tri`nh
co^? pha^`n hoa' doanh nghie^.p.
DDe^? so+'m hi`nh tha`nh TTCK, cha('c cha('n pha?i thu'c dda^?y ma.nh
ho+n nu+~a qua' tri`nh co^? pha^`n hoa' doanh nghie^.p Nha` nu+o+'c. Va`
co^ng vie^.c na`y chi? co' the^? hoa`n tha`nh vo+'i su+. pho^'i ho+.p
hoa.t ddo^.ng ddo^`ng bo^. cu?a Chi'nh phu?, cu?a ca'c bo^., nga`nh va`
ca'c doanh nghie^.p. Ta^'t nhie^n, cu~ng ca^`n pha?i co' tho+`i gian
dde^? la`m to^'t vie^.c na`y.
Be^n ca.nh ddo', ve^` phi'a UBKHNN, cu~ng pha?i ti'ch cu+.c chua^?n bi.
cho su+. ra ddo+`i cu?a TTCK. Vi` nhu+ dda~ noi', su+. co' ma(.t cu?a
TTCK chi'nh la` mo^.t ta'c nha^n thu'c dda^?y ma.nh me~ va` co' hie^.u
qua? thu'c dda^?y qua' tri`nh co^? pha^`n hoa' la` hai qua' tri`nh thu'c
dda^?y la^~n nhau, va` nhu+ va^.y, cu~ng kho^ng co' nghi~a la` pha?i
cho+` cho dde^'n khi co^? pha^`n hoa' xong ca'c doanh nghie^.p Nha`
nu+o+'c thi` TTCK mo+'i co' the^? ddi va`o hoa.t ddo^.ng. To^i cho
ra(`ng, su+. ”song ha`nh“ na`y la` ca'ch thu+'c duy  nha^'t dde^? dda.t
mu.c tie^u mong muo^'n.
O^ng vui lo`ng cho bie^'t ro~ the^m ve^` nhu+ng a?nh hu+o?ng cu?a su+.
ra ddo+`i vo+'i ne^`n kinh te^' no'i chung va` he^. tho^'ng nga^n ha`ng
no'i rie^ng.
TTCK la` the^? che^' ba^.c cao nha^'t cu?a ne^`n kinh te^' thi.
tru+o+`ng. Su+. ra ddo+`i cu?a no' cha('c cha('n se~ mang dde^'n cho
ne^`n kinh te^' nhu+~ng chuye^?n bie^'n quan tro.ng ve^` ma(.t cha^'t
lu+o+.ng. Tru+o+'c he^'t, no' la` mo^.t co^ng cu. hu+~u hie^.u nha^'t
trong vie^.c huy ddo^.ng ca'c nguo^`n tie^'t kie^.m (ca? trong va`
ngoa`i nu+o+'c) cho ca'c mu.c tie^u da`i ha.n cu?a ne^`n kinh te^',
nho+` ddo' ma` Chi'nh phu? co' the^m nguo^`n cung ca^'p vo^'n vay cho
ca'c du+. a'n kinh te^'  - xa~ ho^.i quan tro.ng, ca'c doanh nghie^.p
co' co+ ho^.i ta(ng dda^`u tu+ mo+? ro^.ng na(ng lu+.c sa?n xua^'t, va`
nhu+ va^.y dda^'t nu+o+'c co' the^m mo^.t lo+.i the^' cho ta(ng
tru+o+?ng. DDo^'i vo+'i nu+o+'c ta hie^.n nay, khi va^'n dde^` huy
ddo^.ng vo^'n da`i ha.n ddang ra^'t ca(ng tha(?ng thi` su+. co' ma(.t
cu?a TTCK cha('c cha('n la` mo^.t gia?i pha'p cu+.c ky` quan tro.ng.
Thu+' hai, TTCK giu'p na^ng cao ti'nh nha.y ca?m cu?a ne^`n kinh te^'.
Vo+'i tu+ ca'ch la` mo^i tru+o+`ng re`n luye^.n va` thu+? tha'ch na(ng
lu+.c pha?n u+'ng cu?a ca'c doanh nghie^.p, TTCK co`n la` no+`i cung
ca^'p nhu+~ng chi? ba'o dda'ng tin ca^.y dde^? ho. ddu+a ra nhu+~ng
quye^'t ddi.nh ddu'ng dda('n va` ki.p tho+`i. Tre^n ta^`m vi~ mo^,
ddo^'i vo+'i ca'c quye^'t ddi.nh cu?a Chi'nh phu?, TTCK cu~ng co' vai
tro` tu+o+ng tu+. Ngoa`i ra TTCK co`n cung ca^'p cho Chi'nh phu? nhu+~ng
co^ng cu. to^'t dde^? ddie^`u ha`nh kinh te^' vi~ mo^. Cu. the^? ho+n,
su+. ra ddo+`i cu?a TTCK ta.o ddie^`u kie^.n cho Nga^n ha`ng trung
u+o+ng co' the^? su+? du.ng mo^.t co^ng cu. he^'t su+'c hu+~u hie^.u
dde^? ddie^`u ha`nh chi'nh sa'ch tie^`n te^.. DDo' la` nghie^.p vu. thi.
tru+o+`ng mo+?.
thu+' ba, ca'c nguye^n ta('c co^ng khai, co^ng ba(`ng, trung thu+.c va`
hie^.u qua? cu?a TTCK ddo`i ho?i va` re`n luye^.n cho ta^'t ca? ca'c
ddo^'i tu+o+.ng tham gia thi. tru+o+`ng - dda(.c bie^.t la` nhu+~ng
co^ng ty pha't ha`nh chu+'ng khoa'n - nhu+~ng pha^?m cha^'t ca^`n
thie^'t dde^? hoa.t ddo^.ng trong mo^.t mo^i tru+o+`ng thi. tru+o+`ng
hie^.n dda.i.
Be^n ca.nh ddo', khi TTCK hoa.t ddo^.ng, ca'c ddi.nh che^' ta`i chi'nh -
nga^n ha`ng se~ tham gia thi. tru+o+`ng, vu+`a vo+'i tu+ ca'ch la`
ngu+o+`i pha't ha`nh chu+'ng khoa'n, vu+`a vo+'i tu+ ca'ch la` ddo+n vi
tham gia kinh doanh chu+'ng khoa'n tho^ng qua ca'c co^ng ty phu.
thuo^.c. DDie^`u ddo' co' nghi~a la` pha.m vi, phu+o+ng thu+'c hoa.t
ddo^.ng va` tri`nh ddo^. nghie^.p vu. cu?a ca'c nga^n ha`ng se~ ddu+o+.c
na^ng cao mo^.t bu+o+'c. Trong mo^'i lie^n he^. na`y, TTCK co`n la`
mo^.t the^? che^' ho+.p lu+.c vo+'i he^. tho^'ng nga^n ha`ng trong
vie^.c thu hu't ca'c nguo^`n vo^'n dda^`u tu+. Su+. ho+.p ta'c mang
ti'nh ca.nh tranh na`y, trong ba?n cha^'t cu?a no' ha`m chu+'a nhu+~ng
ye^'u to^' ti'ch cu+.c cho ca? hai be^n khi cu`ng thu+.c hie^.n nhu+~ng
mu.c tie^u chung cu?a ne^`n kinh te^'.
Ta^'t nhie^n kho^ng lo.ai tru+` nhu+~ng ta'c ddo^.ng tie^u cu+.c ma`
TTCK co' the^? ga^y ra cho ne^`n kinh te^' ne^'u su+. va^.n ha`nh cu?a
no' kho^ng ddu+o+.c dda?m ba?o ba(`ng mo^.t khung pha'p ly' ddu? hie^.u
lu+.c va` mo^.t bo^. ma'y ddie^`u ha`nh co' na(ng lu+.c.
Nha` nu+o+'c se~ co' nhu+~ng bie^.n pha'p gi` dde^? thu hu't ca'c nha`
dda^`u tu+ nu+o+'c ngoa`i tham gia mua ba'n chu+'ng khoa'n ta.i nu+o+'c
ta? Vie^.c cho phe'p ca'c ca' nha^n va` to^? chu+'c nu+o+'c ngoa`i tham
gia mua ba'n co^? phie^'u co' ddo`i ho?i pha?i ddu+o+.c the^? che^'
ba(`ng lua^.t pha'p kho^ng?
DDie^`u kie^.n to^?ng qua't nha^'t ta.o ne^n su+'c ha^'p da^~n cu?a TTCK
ddo^'i vo+'i ca'c nha` dda^`u tu+ nu+o+'c ngoa`i la` su+. o^?n ddi.nh
vu+~ng cha('c va` trie^?n vo.ng ta(ng tru+o+?ng sa'ng su?a cu?a ne^`n
kinh te^'. Theo ca'ch xe^'p loa.i quo^'c te^', chi'nh ca'c ye^'u to^'
na`y se~ quye^'t ddi.nh mu+'c ddo^. ti'n nhie^.m cu?a quo^'c gia no'i
chung, cu?a TTCK ta.i nu+o+'c ddo' no'i rie^ng ddo^'i vo+'i ca'c nha`
dda^`u tu+ quo^'c te^'. Ngoa`i ra, pha?i xa^y du+.ng mo^.t khung pha'p
ly' hoa`n chi?nh, mo^.t he^. tho^'ng ca'c the^? che^' thi. tru+o+`ng
ddu+o+.c hoa`n thie^.n mo^.t ca'ch ddo^`ng bo^., mo^.t ddo^.i ngu~ qua?n
ly' thi. tru+o+`ng co' tri`nh ddo^. ngang ta^`m quo^'c te^' va` he^.
tho^'ng co+ so+? va^.t cha^'t ky~ thua^.t thoa? dda'ng; ddo' la` nhu+~ng
ddie^`u kie^.n kho^ng the^? thie^'u ta.o ne^n su+'c ha^'p da^~n ddo^'i
vo+'i ca'c nha` dda^`u tu+ nu+o+'c ngoa`i.
Nhu+~ng bie^.n pha'p dde^? dda.t ddu+o+.c ca'c ddie^`u kie^.n ddo' cu~ng
chi'nh la` nhu+~ng bie^.n pha'p ma` Nha` nu+o+'c ta ddang va` se~ tie^'p
tu.c la`m dde^? thu hu't nguo^`n vo^'n quo^'c te^' va`o nu+o+'c ta qua
ke^nh TTCK. Cho phe'p ngu+o+`i nu+o+'c ngoa`i mua ba'n co^? phie^'u
tre^n TTCK VN la` phu` ho+.p vo+'i chu? tru+o+ng dda da.ng hoa' va` dda
phu+o+ng hoa' ca'c mo^'i quan he^. quo^'c te^' cu?a DDa?ng va` Nha`
nu+o+'c ta, phu` ho+.p vo+'i xu the^' mo+? cu+?a va` hoa` nha^.p vo+'i
co^ng ddo^`ng quo^'c te^' cu?a ne^`n kinh te^' dda^'t nu+o+'c.
Vie^.c cho phe'p ngu+o+`i nu+o+'c ngoa`i tham gia va`o TTCK VN, be^n
ca.nh nhu+~ng lo+.i i'ch ro~ ra`ng (giu'p VN ta^.n du.ng ddu+o+.c
nguo^`n vo^'n, kinh nghie^.n ... cu?a ngu+o+`i nu+o+'c ngoa`i), co`n
tie^`m a^?n nhu+~ng khi'a ca.nh ma` ba^'t cu+' quo^'c gia na`o cu~ng
muo^'n ba?o ve^. lo+.i i'ch cu?a mi`nh cu~ng dde^`u pha?i quan ta^m. Vi`
the^', mu+'c ddo^., pha.m vi va` hi`nh thu+'c tham gia cu?a nha` dda^`u
tu+ nu+o+'c ngoa`i va`o thi. tru+o+`ng VN ta^'t ye^'u pha?i ddu+o+.c quy
ddi.nh ba(`ng lua^.t pha'p; va` nhu+~ng quy ddi.nh na`y co' the^?
thayddo^?i theo tho+`i gian, tuy thuo^.c va`o mu+'c ddo^. tru+o+?ng
tha`nh cu~ng nhu+ nhu ca^`u no^.i ta.i cu?a ne^`n kinh te^' VN no'i
chung va` TTCK VN no'i rie^ng.
Xin ca?m o+n o^ng.
P.V
DDa^`u tu+ nga`y 29/5/1997