ttqt- chuong 1&4
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LI NI U
Thanh ton quc t l mt mn hc k thut nghip v trong h thng cc mnnghip v ngoi thng. Cng vi cc mn nghip v ngoi thng, vn ti, giaonhn, bo him hng ha xut nhp khu, thanh ton quc t trang b nhng kinthc v k nng nhm hon chnh l thuyt v k thut thc hnh trn vn mt giao
dch xut nhp khu. Gio trnh ny c s dng phc v cho sinh vin v nhngngi nghin cu v k thut kinh doanh quc t v cc ngnh c lin quan nh quntr kinh doanh, k ton, ti chnh, tn dng, ngn hng
Gio trnh c bin son cp nht nhng vn v l thuyt v thc tin vnghip v thanh ton quc t phn b trong 4 chng:
Chng 1: T gi v cc giao dch hi oi
Chng 2: Cc phng tin thanh ton quc t
Chng 3: Cc phng thc thanh ton quc t thng dngChng 4: Hot ng ti tr ngoi thng ca cc ngn hng thng mi
Mc d c gng nhm p ng tt nht nhu cu ca ngi c, nhngthanh ton quc t l mt lnh vc rt phong ph v phc tp nn khng trnh khinhng khim khuyt. Do vy, chng ti rt mong nhn c nhng kin ng gpca qu ng nghip v bn c.
Nhm tc gi
Ths. H TH THU NH
Ths. NGUYN TH HONG MAI
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CHNG 1
T GI V CC GIAO DCH HI OI
Thanh ton quc t l hot ng chi tr tin pht sinh bi cc giao dch kinh tnh thng mi, u t, tn dng v cc giao dch khc gia cc ch th cc nckhc nhau. Do phn ln cc quc gia trn th gii u c ng tin ring ca mnhnn trong thanh ton quc t, cc ch th tham gia thng phi thc hin giao dchhi oi trn c s t gi gia cc ng tin.
1.1. NGOI HI V QUN L NGOI HI
1.1.1. Khi nim ngoi hi
Ngoi hi l nhng cng c c s dng trong thanh ton quc t bao gmngoi t tin mt v cc cng c c gi tr khc nh tin gi ngn hng bng ngoi t,cc phng tin thanh ton v cc loi giy t c gi ghi bng ngoi t, vng v cc
loi kim qu khcNgoi hi l i tng c cc quc gia qun l v quy nhc th trong lut qun l ngoi hi, c th c gii thch khng ging nhau gia ccnc. Vit Nam, vn bn php l cao nht v ngoi hi l Php lnh ngoi hi c y ban thng v Quc hi nc Cng ha x hi ch ngha Vit Nam khaXI thng qua ngy 13/12/2005. Php lnh ny c hiu lc thi hnh vo ngy01/06/2006.
1.1.2. Qun l ngoi hi
Ti cc nc thc hin qun l ngoi hi, mi hot ng ngoi hi ca cc tchc v c nhn phi tun theo quy nh ca php lut. Ngoi hi ch c lu hnhqua h thng ngn hng, t chc v c nhn c php hot ng ngoi hi.
1.1.2.1. Khi nim v qun l ngoi hi
Qun l ngoi hi l hot ng ca Nh nc thng qua vic ban hnh v tchc thc hin cc chnh sch, ch qun l v iu chnh hot ng ngoi hi cacc i tng thuc phm vi qun l ngoi hi.
* Hot ng ngoi hi
Theo Php lnh Ngoi hi Vit Nam, hot ng ngoi hi l nhng hot ngsau:
- Thu chi ngoi hi gia ngi c tr vi ngi khng c tr trong cc giaodch vng lai
- Thu chi ngoi hi gia ngi c tr vi ngi khng c tr trong giao dchvn
- S dng ngoi hi trn lnh th Vit Nam;
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- Hot ng cung ng dch v ngoi hi v cc giao dch khc lin quan nngoi hi;
- Xut khu, nhp khu vng;
* i tng qun l ngoi hi
i tng qun l ngai hi cc quc gia l ngi c tr, ngi khng c tr
ca quc gia. Khi nim ngi c tr v ngi khng c tr lun bao gm c t chcv c nhn.
- Ngi c tr Residentca mt quc gia l t chc v c nhn tin hnhhot ng sn xut kinh doanh hoc lm vic lu di trn lnh th quc gia , thunhp ca h c tnh vo thu nhp quc dn ca quc gia .
- Ngi khng c tr Non Resident l cc i tng khc khng phi lngi c tr.
1.1.2.2. Mc ch ca qun l ngoi hi
Qun l ngoi hi cc quc gia u c thc hin nhm cc mc ch sauy:
- Th nht: to iu kin thun li v m bo li ch hp php cho cc tchc, c nhn c php hot ng ngoi hi, gp phn thc y s pht trin kinht;
- Th hai: thc hin cc mc tiu ca chnh sch tin t quc gia, m bo sc lp v tin t v tng bc nng cao tnh chuyn i ca ng tin quc gia;
- Th ba: thc hin cc cam kt ca quc gia trong l trnh hi nhp kinh tquc t, tng cng hiu lc qun l nh nc v ngoi hi v hon thin h thngqun l ngoi hi ca quc gia .
1.2. T GI HI OI (EXCHANGE RATE)
1.2.1. Khi nim v c s hnh thnh t gi hi oi
1.2.1.1. Khi nim v t gi hi oi
T gi hi oi l t l trao i ng tin ny vi mt ng tin khc hay lgi c ca mt ng tin c biu th bng mt ng tin khc.
V d: 1USD = 115 JPY
Vit Nam: t gi hi oi ca ng Vit Nam l gi ca mt n v tin tnc ngoi tnh bng ng Vit Nam (Php lnh ngoi hi 2005).
V d: 1 USD = 16.100VND
1 EUR = 22. 860VND
1.2.1.2. C s hnh thnh t gi
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Trong h thng t gi hin i, c s ban u hnh thnh t gi hi oi giacc ng tin l so snh sc mua ca cc ng tin , cn gi l ngang gi sc mua(Purchasing Power Parity- 3P).
im xut pht hiu khi nim ngang gi sc mua l mt quan im ngin c gi l quy lut mt gi (Law of one price). Theo quy lut ny, trong iukin mu dch t do v khng tnh chi ph vn ti cng nh cc chi ph khc, nu hai
nc cng sn xut mt lai hng ha nh nhau, gi ca cc hng ho s nhnhau nu tnh bng cng mt loi tin.
V d: mt chic my tnh ca M c gi 500 USD
Mt chic my tnh tng t ca Vit nam c gi 8.000.000 VND th 1 chicmy tnh = 500 USD = 8.000.000 VND, tc l ngang gi sc mua ca USD v VNDi vi mt hng my tnh l 1 USD = 16.000 VND.
p dng quy lut mt gi vo mc gi c ca nhiu loi hng ho v dch vti hai nc, chng ta c khi nim ngang gi sc mua v L thuyt ngang gi scmua (The Theory of Purchasing Power Parity L thuyt PPP).
L thuyt ngang gi sc mua cho rng t gi gia bt k hai ng tin nocng u c xc nh trn c s ngang gi sc mua tc l so snh mc gi c cacc hng ha v dch v nh nhau ti c hai nc, v t gi ny s thay i khi c sthay i trong mc gi c ti hai nc .
tng ch yu ca l thuyt ngang gi sc mua c a ra trong mt stc phm ca cc nh kinh t hc ngi Anh th k 19, trong c David Ricardo.Sau , vo u th k 20 nh kinh t hc ngi Thy in Gustav Cassel phttrin v ph bin ngang gi sc mua tr thnh trung tm ca mt l thuyt v t gihi oi.
Trn l thuyt, khi so snh mc gi c ca hai nc vi nhau, ngi ta phixc nh gi ca cc hng ho v dch v ging y nh nhau song trn thc t iu l khng hin thc. V vy, trong thc t, khi xc nh mc gi so snh, ngi tathng chn mt tp hp hng ha v dch v tiu biu gi l mt r hng ho vdch v (basket of goods and services). Nu gi ca r ny tnh bng USD M l1.000, Anh l 500 GBP, Nht l 115.000 JPY v Vit Nam l 16.000.000VND, ngi ta c th d on 1 USD = 0,5 GBP = 115 JPY = 16.000 VND
Nu gi gi ca r hng ha v dch v nc A l Pa; gi ca r hng ha vdch v nc B l Pb, ngang gi sc mua ca ng tin A so vi ng tin B l 3Pa/b, ta c:
1.2.2. Phng php yt t gi
1.2.2.1. Cch yt t gi
Pb3P a/b =
Pa
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Mun biu th t gi, ngi ta phi s dng k hiu ca cc ng tin - codecurrency. thng nht cc k hiu tin t trn phm vi ton cu, T chc Tiuchun ha Quc t (International Standardized Organization vit tt ISO) banhnh tiu chun ha k hiu cc ng tin theo nguyn tc mi ng tin quc giac th hin bng ba ch ci latinh, trong hai ch ci u ch tn nc, ch cith ba ch tn ng tin.
Khc vi yt gi hng ha thng thng, yt mt t gi bao gi cng c haing tin tham gia, trong mt ng tin ng vai tr l ng tin yt gi(Quoted/Valued Currency), cn ng tin kia ng vai tr l ng tin nh gi(Quoting/Accounting Currency). ng tin yt gi l ng tin biu th gi tr ca nqua ng tin khc, cn ng tin nh gi l ng tin dng xc nh gi tr cang tin yt gi. ng tin yt gi thng c yt 1, 100, hay 1000 n v; ngtin nh gi biu th mt s bt k, c th c s l.
Mt ng tin thng c yt 2 t gi: t gi mua (Bid Rate) v t gi bn(Ask Rate). T gi mua c vit trc v thng nh hn t gi bn.
V d: USD = 0,73800,7390 EURhoc vit gn l: USD/EUR = 0,7380/90
Khi vit gn t gi, theo tp qun quc t, ng tin yt gi thng c vittrc, ng tin nh gi vit sau. Vi cc t gi c phn l thp phn, ngi tathng yt ti a bn ch s sau du phy thp phn, trong hai ch s u tinc l s (figures), ch s th ba v bn c l im (points). Chnh lch gia t gibn v t gi mua thng ch l mt s im nn c th yt s im trong t gi bnthay v yt y .
1.2.2.2 Yt gi trc tip (Certain/Direct Quotation)
L phng php yt gi ca mt hay mt s n v ngoi t (100, 1000) tnh ratin trong nc (ni t). Xut pht t khi nim ngoi t l mt loi hng ha cbit trong quan h vi ni t, cc ngoi t c yt gi thng qua ni t, ging nhyt gi cc loi hng ha thng thng nh go, c ph, xi mng, st thp Trongphng php yt gi ny, ng tin yt gi l ngoi t ng vai tr hng ha, ngtin nh gi l ni t ng vai tr tin t (do cn gi l yt theo gi c: pricequotation).
Ngoi t = x ni t
V d: Vit Nam thng yt
Ngoi t T gi mua Ty gi bn
USD 15.950 15.970
JPY 137 140
Hoc vit gn li: USD/VND = 15.950/15.970
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JPY/VND= 137/140
1.2.2.3. Yt gi gin tip (Incertain/Indirect Quotation)
Ni t c yt gi bng mt s lng ngoi t (nn cn gi l yt theo slng - volum quotation). Trong phng php yt gi ny, ni t l ng tin yt gi
cn ngoi t l ng tin nh gi. Do gi ca ngoi t ch c biu th gin tip quani t, ngi ta khng th bit ngay c gi ca ngoi t l bao nhiu. bit cgi ca ngoi t, phi thc hin php tnh cn thit l o nghch t gi.
Ni t = x ngoi t
V d: Anh, t gi USD s c yt gin tip nh sau:
USD = 2,0322/2,0354 (GBP/USD = 2,0322/54)
T gi trc tip ca USD so vi GBP s l t gi nghch o (ReciprocalRate):
1: 2,0354 = 0,4913 1: 2,0322 = 0,4921
(USD/GBP = 0,4913/21)
Phn ln cc nc trn th gii p dng phng php yt gi trc tip, ccnc Anh, Ireland, Newzealand, Australiadng phng php yt gi gin tip,ring M s dng c hai phng php yt gi.
1.2.3. T gi cho v cch tnh
1.2.3.1. Khi nim t gi cho - cross rate
Trn bng yt t gi ca cc ngn hng thng ch c t gi ca mt s ng
tin, trong khi cc nh kinh doanh xut nhp khu, kinh doanh tin t, cc nh ut li cn n t gi ca nhiu ng tin khc cho hot ng thanh ton quc thay hot ng kinh doanh ca mnh. Trong trng hp ny, c th xc nh t gicn thit da vo nhng t gi c nim yt qua cch tnh t gi cho.
T gi cho l t gi ca hai ng tin bt k c xc nh thng qua t gica chng vi cng mt ng tin th ba (ng tin trung gian).
1.2.3.2. Quy tc tnh t gi cho
Gi s c cc ng tin khc nhau c k hiu l A, B, C, v t gi giachng l A/B, A/C, B/C, trong c mt ng tin ng vai tr l ng tin trung
gian.C ba quy tc p dng cho 3 trng hp:
a/ Quy tc 1
T gi c cng b A/B = eb
A/C = ec
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T gi cho B/C =
b/ Quy tc 2
T gi c cng b A/C = ea
B/C = eb
T gi cho A/B =
c/ Quy tc 3
T gi c cng b A/B = ea
B/C= ec
T gi cho A/C = ea x ec
C/A =
1.2.4. Cc nhn t c bn nh hng n s bin ng t gi
T gi ca cc ng tin l mt lai gi c bin ng thng xuyn, lin tcdi tc ng ca nhiu nhn t, trong c nhng nhn t c bn sau:
1.2.4.1. S thay i trong so snh sc mua ca hai ng tin (so snh mcgi c) hai nc hu quan
Theo l thuyt ngang gi sc mua, khi ngang gi sc mua ca hai ng tin(tc l so snh mc gi c hai nc c cc ng tin y) thay i th t gi ca haing tin y cng thay i.
Mc gi c c th hin bng ch s lm pht (cn c gi l ch s gi chay ch s gi tiu dng - Consumer Price Index - CPI) nn cng c th ni chnh
lch lm pht gia hai nc nh hng ti t gi ca hai ng tin. Nu mc gi cca mt nc tng ln tng i so vi nc khc (ch s lm pht cao hn) th ngtin nc gim gi so vi ngoi t v ngc li.
Nu k hiu mc gi c ca nc A l Pa, mc gi c ca nc B l Pb v E (T)l t gi da trn so snh mc gi c ca 2 nc A, B vo thi im T ta c:
ea
eb
1
ea x ec
PbE(T) =
Pa
ec
eb
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n thi im T+ n, gi nh ch s lm pht ca nc A l Ia, ch s lm phtca nc B l Ib, t gi E(T+n) s bng:
1+Ib
Thc t cho thy l thuyt ngang gi sc mua gii thch v s bin ng ca tgi nh trn hon ton khng chnh xc, nht l trong ngn hn v:
- Hng ha cc nc hon ton khc nhau, mt khc nhng chi ph vn ti,bo him, thu v cc chi ph mi nc khc nhau lm cho gi c hng ho ccnc khc nhau.
- Mc gi c hng ho (ch s lm pht) mi nc bao gm gi ca nhiuloi hng ho v dch v khng c mua bn qua bin gii, hn na cn ph thucchnh sch gi c ca Nh nc v vy nhiu khi mc gi c thay i khng lm bini t gi mt cch tng ng.
Tuy nhin, v lu di, nhng d on ca l thuyt ngang gi sc mua thngl ng. V vy, c th cho rng ngang gi sc mua l l thuyt ch c gi tr khi
mun d on xu hng vn ng ca t gi trong di hn.1.2.4.2. Cung cu ngoi hi
Trn cc th trng ngoi hi, cung cu ngoi hi l nhn t nh hng trctip v nhy bn ti s bin ng ca t gi.
a. Cung ngoi hi (Supply of Currencies): nhng khon tin mt nc thuc t bn ngoi do xut khu hng ha v dch v, nhn u t, i vay, kiu hi
b. Cu ngoi hi (Demand for Currencies): nhng khon tin mt nc phichi tr cho bn ngoi nh thanh ton nhp khu, u t ra bn ngoi, cho vay Btc mt nhn t no lm nh hng n cung cu ngoi hi cng dan n s thay it gi.
1.2.5. S can thip, iu chnh ca Nh nc
V t gi c lin quan cht ch ti ngoi thng cng nh cc bin ng kinht v m, cho nn cc Chnh ph u phi can thip vo t gi khi cn thit bng cccng c sau:
1.2.5.1. Cc bin php hnh chnh
Pb 1+IbE(T+n) = x (1)
Pa 1+ Ia
E(T+n) = E(T) x (1 + Ib ) (2)
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Nh nc ban hnh cc chnh sch, ch , quy nh, quy ch, iu l pdng i vi hot ng mua bn ngoi hi v cc i tng tham gia mua bn.
Tc dng: c hiu lc tc thi, nhanh chng lp li trt t trn th trng ngoihi.
Tuy nhin cc bin php ny cng gy ra nhng hu qu ng k:
- Hn ch hot ng ca th trng ngoi hi, tng chi ph lu thng.- Xi mn lng tin ca cc nh u t nc ngoi.
- C th gy nhng phn ng t pha cc nc i tc.
1.2.5.2. Chnh sch chit khu (Discount Policy)
L chnh sch ca Nh nc thay i li sut chit khu ca Ngn hng Trungng, iu chnh li sut trn th trng tin t, t tc ng ti quan h cung cungoi hi lm thay i t gi.
Chnh sch chit khu l chnh sch in hnh ca cc nc t bn pht trin,
nhng nc m ng tin ca h c v tr quan trng trong thng mi, ti chnhquc t v c mua bn thng xuyn trn th trng ngoi hi. C th, M l ncthng xuyn s dng chnh sch chit khu. C mi khi c s bin ng t giUSD, Cc d tr lin bang M (FED) li lp tc s dng cng c li sut chit khu.T nm 2001-2002, FED ct gim li sut ca USD 11 ln t 6,5% xung ch cn1,25%/nm, t na cui nm 2004 n nm 2006 FED iu chnh tng li sut USDlin tc 15 ln t mc 5,25%/nm, t nm 2007 n nay, FED li lin tc ct gimli sut USD. Tng ng trong thi k ny l s bin ng thng xuyn ca USDso vi cc ng tin ch cht khc.
Nhn chung chnh sch chit khu ch c nh hng nht nh v c hn i
vi t gi v li sut khng phi l nhn t duy nht tc ng ti s vn ng ca tbn gia cc nc, tc l n khng phi l nhn t duy nht tc ng ti cung cungoi hi. Ngoi yu t li sut cao, vic t bn nc ngoi u t vo mt thtrng no cn ph thuc vo hng lot cc yu t kinh t, chnh tr, x hi, phpl V d: nm 1973, mc d Ngn hng Trung ng Thy S nh li sut 8%/nm (negative interest) cho cc khon tin gi nc ngoi, USD v GBP t khpth gii vn x vo Thy S trong khi li sut M l 11%, Anh l 7%.
1.2.5.3. Chnh sch hi oi cn gi l chnh sch th trng m (openmarket policy)
Nh nc thng qua Ngn hng Trung ng trc tip mua bn ngoi hi trnth trng iu chnh t gi.
Chnh sch hi oi trn thc t cng ch c tc dng rt hn ch v mun canthip vo th trng mt cch c hiu qu, nh nc phi c mt lng d tr ngoihi rt ln.
1.2.5.4. Nng gi hoc ph gi tin t
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a. Nng gi: thng ch xy ra khi:
- ng tin nc b nh gi qu thp so vi gi tr thc.
- Di sc p ca cc nc khc do xut siu ln.
- Nc mun tng nhp khu to cn bng trong cn cn thng mi,hn ch lm pht.
Ngoi ra nng gi ng tin cn c xem l cng c hu hiu ngn ngacc ng tin b mt gi chy vo nc mnh.
b. Ph gi tin t: thng tin hnh khi ng tin ca mt nc b mt gitrm trng. Ph gi l mt trong nhng bin php nhm y mnh xut khu, hn chnhp khu, ci thin tnh trng cn cn thng mi v cn cn thanh ton quc t.
1.2.6. Cc loi t gi
Trn th trng ngoi hi t gi c phn loi theo nhng cn c khc nhau,trong c cc cn c phn loi ph bin sau:
1.2.6.1. Cn c vo cch kinh doanh v hot ng ca ngn hng c ccloi t gi
- T gi chuyn khon - Exchange Rate: t gi mua bn ngoi t chuynkhon.
- T gi tin mt - Cash Rate: t gi mua bn ngoi t tin mt.
- T gi m ca - Opening Rate: t gi ca chuyn giao dch ngoi hi u tintrong ngy.
- T gi ng ca - Closing Rate: t gi ca chuyn giao dch ngoi hi cui
cng trong ngy.- T gi giao ngay - Spot Rate: t gi mua bn ngoi t giao ngay
- T gi k hn - Forward Rate: t gi mua bn ngoi t k hn.
- T gi mua - Bid Rate (pay at, take at, buy at): t gi ngn hng mua ngtin yt gi
- T gi bn - Ask Rate (give at, offer at, sell at): t gi ngn hng bn ngtin yt gi
1.2.6.2. Cn c vo c ch t gi v s qun l ngoi hi ca Nh nc c
cc cp t gi- T gi c nh v t gi th ni
T gi c nh (Fix Rate): t gi c Nh nc kim sot v can thip mnhm nn hu nh khng bin ng trong mt thi hn di.
T gi th ni (Floating Rate): t gi bin ng di s iu tit ca cung cungai hi, Nh nc khng can thip v iu chnh.
- T gi chnh thc v t gi ch en
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T gi chnh thc (Official Rate): t gi do Nh nc quy nh, c p dngtrong cc giao dch chnh thc vi nc ngoi, l t gi c bn cc ngn hngthng mi xc nh gi mua bn ngoi t ca h, l t gi c dng tnh thui vi hng ho xut, nhp khu
T gi t do/t gi ch en (Free Rate): t gi hnh thnh trn th trng ngoihi t do, c xc nh bi quan h cung cu ngoi hi.
1.2.7. C ch xc nh v iu chnh t gi hi oi ca VND
1.2.7.1. Lch s hnh thnh
Do p dng ch qun l ngoi hi v a v ca VND trn th trng quct cn thp, nhn chung VND cha tham gia thanh ton quc t. Vic thanh ton caVit nam vi nc ngoi c thc hin ch yu bng cc loi ngoi t mnh nhUSD, GBP, JPY, EUR
Trc y vn t gi VND ch mang ngha i ni m khng phi l itng quan tm ca cc c nhn v t chc nc ngoi, tr khch du lch v kiu
quyn.Sau khi thc hin chnh sch m ca nn kinh t thu ht u t nc ngoi,
m rng quan h ngoi thng vi cc nc, lung USD t bn ngoi vo nhiu,hot ng thanh ton quc t ca Vit Nam dn chuyn sang thanh ton hon tonbng USD v cc ngoi t mnh khc th vn xc nh mt cch chnh xc, kpthi t gi USD v cc ngoi t khc vi VND tr thnh c bit quan trng.
T lc ny, t gi VND c ngha rt ln:
- L c s tnh gi hng ho nhp khu v hch ton hot ng kinh doanhca cc doanh nghip xut nhp khu
- L c s xc nh t l ng gp ca bn Vit nam trong cc x nghiphoc cng ty lin doanh
- Gp phn m rng v pht trin u t nc ngoi ti Vit Nam
- Tc ng n hot ng xut nhp khu, du lch v kiu hi
1.2.7.2. C ch xc nh v iu chnh t gi VND
Bt u t ngy 01/01/1989, Ngn hng Nh nc hng ngy cng b t giVND vi cc ngoi t v tin hnh vic mua bn ngoi t vi cc n v c nhu cuthanh ton quc t.
- T cui nm 1992, p dng c ch t gi th ni c s qun l cht ch caNh nc nn duy tr c s n nh t gi trong thi gian kh di (t 1992-1996).
- Thng 3/1997 Ngn hng Nh nc tin hnh iu chnh t gi chnh thc vbin chnh lch cho php i vi t gi giao dch ca cc ngn hng thng mi.
- Ngy 14/02/1998 iu chnh t gi chnh thc t 1 USD = 11.175 ln11.800VND (ph gi VND 5,60%).
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- Ngy 07/8/1998 iu chnh t gi chnh thc ln 1 USD = 12.980VND (phgi VND 10%) ng thi thu hp bin bin ng c php t 10% xung cn7%.
Ngy 26/02/1999 Ngn hng Nh nc Vit Nam quyt nh ch cng b 1 tgi USD/VND gi l t gi thc t bnh qun trn th trng ngoi t lin ngn hngthay cho vic cng b t gi chnh thc. T gi ng Vit Nam t lc ny hnh thnh
trn c s cung cu ngoi t trn th trng c s iu tit ca Nh nc. Ngn hngNh nc Vit Nam xc nh c ch iu chnh t gi ca ng Vit Nam ph hpvi cc mc tiu kinh t v m trong tng thi k.
T gi thc t bnh qun trn th trng ngoi t lin ngn hng ngy giao dchgn nht trc (c gi l t gi lin ngn hng) do Ngn hng Nh nc cngb hng ngy c dng lm c s xc nh t gi VND vi cc ngoi t khc,dng xc nh t gi mua bn ngoi t ti cc t chc kinh doanh ngoi t, dng tnh thu xut nhp khu Trn c s t gi do Ngn hng Nh nc Vit Namcng b, cc t chc kinh doanh ngoi t quy nh t gi mua bn giao ngay khngc vt qu bin 0,1% so vi t gi ny. T ngy 1/7/2002, bin dao ng
t gi c p dng l 0,25%. T nm 2007, bin ny c iu chnh ln mc0,5%. T 10/3/2008, bin ny c m rng ti 1%.
1.3. CC GIAO DCH HI OI
1.3.1. Th trng ngoi hi (Exchange Market/Forex Market)
1.3.1.1. Khi nim
Th trng ngoi hi l ni tp trung cung cu ngoi hi hnh thnh nn tgi hi oi.
Theo David Begg: th trng ngoi hi l mt th trng quc t, trong mtng tin quc gia ny c th trao i ly mt ng tin quc gia khc vi mt t lnht nh gi l t gi hi oi.
Cng ging nh th trng tin t, trn th trng ngoi hi, hng ha ch yul cc chng t c gi c thi hn tng i ngn, ch khc l cc chng t ny cpht hnh bng cc ng tin khc nhau. Trn th trng ngoi hi ch din ra ccgiao dch gia cc ng tin khc nhau gi l giao dch hi oi.
Tc dng ca th trng ngoi hi l to iu kin thun li cho vic chuynsc mua tnh bng ng tin ny sang ng tin khc, gip cho cc hot ng ngoithng, tn dng, u t, du lch v cc hot ng quc t khc tin hnh c ddng. Ngoi ra, th trng ngoi hi cn to iu kin cc Ngn hng Trung ngthc hin chnh sch tin t nhm iu tit nn kinh t tm v m.
1.3.1.2. Vai tr, chc nng ca th trng ngoi hi
Th trng ngoi hi c vai tr c bit quan trng trong nn kinh t quc dn.Cng vi cc th trng tin t, th trng vn, th trng chng khon, th trng
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ngoi hi hp thnh mt chnh th th trng ti chnh hon thin c v nh tritim cung cp mu nui dng v thc y ton b nn kinh t pht trin.
Trong nn kinh t th trng, th trng ngoi hi m nhn nhng chc nngc bn sau y:
- p ng nhu cu mua bn ngoi hi ca cc nh kinh doanh xut nhp khu,cc nh u t
- L ni cc nh kinh doanh tm kim li nhun
- Cung cp phng tin t bo him cho cc khon thu chi bng ngoi t cacc nh kinh doanh
- L ni Ngn hng Trung ng thc hin chnh sch can thip v iu chnht gi nhm p ng nhng mc tiu ca chnh sch tin t.
1.3.1.3. c im ca th trng ngoi hi
So vi th trng hng ha thng thng, th trng ngoi hi c nhng cim sau:
a. Hng ha khng c hnh thi tn ti vt cht nn khng cn kho cha,khng cn phng tin chuyn ch. Vic di chuyn quyn s hu rt n gin.
b. Lng giao dch rt ln v tip tc tng ln trong nhng nm gn y
Trc thp k 80 th trng ngoi hi ch yu phc v cc nh kinh doanhxut nhp khu v u t, cc v giao dch ngoi hi ch c gi tr gp ba ln gi trmu dch hng ha v dch v. T u thp k 80 tr li y, cc giao dch trn thtrng ny v mc ch thanh ton xut nhp khu v u t ch cn chim t trngkhong 10%, 90% cn li v mc ich u c v cc mc ch chuyn nghip khc,do vy lng giao dch ngoi hi ln gp hng chc ln gi tr mu dch hng hov dch v. Xt v doanh s, th trng ngoi hi l th trng c doanh s ln nhttrn th trng ti chnh.
Phn ln cc giao dch ngoi hi tp trung vo mt s ng tin nh USD,EUR, JPY, GBP, CHF, CAD, AUD.
c. Gi c bin ng nhanh v nhiu
Trn th trng ngoi hi gi c chnh l t gi hi oi. Do ph thuc voquan h cung cu tng thi im v chu tc ng ca hng lot cc yu t khc, tgi hi oi trn cc th trng ngoi hi bin ng lin tc vi bin bin ngln.
d. Mang tnh cht quc t r rt
in thoi trc tip, telex, fax, swift, v mng my tnh ni lin cc thtrng ngoi hi quc gia thnh cc b phn ca mt th trng quc t han chnhhot ng khng lc no ng ca do s chnh lch mi gi. Hin nay mi din binca bt k th trng no cng u c thng tin lp tc ti cc th trng khcthng qua h thng thng tin lin lc hin i (v d: Reuters Dealing System -RDS), do s chnh lch t gi gia cc th trng ngoi hi trn th gii l rt
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nh. Cc quy tc giao dch, k thut giao dch, tp qun giao dch ngai hi ccth trng cng gn nh thng nht vi nhau.
1.3.1.4. Thnh vin ca th trng ngoi hi
V nguyn tc, bt k ai mun chuyn i mt ng tin ny sang ng tinkhc u c th coi l ngi tham gia vo th trng ngoi hi. Tuy nhin, khi xem
xt cc thnh vin ca th trng ngoi hi, ngi ta ch tp trung vo nhng thnhvin quan trng - nhng ngi ng vai tr quyt nh s tn ti v pht trin ca thtrng ny.
Thnh vin ca th trng ngoi hi c th phn loi theo cc cn c khcnhau, c th nu cn c vo c cu t chc, th trng ngoi hi c th chia thnhbn nhm thnh vin ch yu:
a. Cc ngn hng thng mi (Commercial Banks)
Theo bt k tiu chun no th cc ngn hng thng mi vn lun l thnhvin ch yu v quan trng nht c th ni rng chnh h l ngi to ra v dn dt
th trng ngoi hi.Cc ngn hng thng mi tin hnh cc giao dch ngoi hi theo lnh ca
khch hng vi t cch l ngi cung cp dch v cho khch hng v giao dch chochnh mnh nhm kim li nhun khi t gi bin ng. Cc ngn hng thng mithc hin vic bn bun ngoi hi vi nhau (hot ng interbank) v bn l cho cckhch hng thng l nhng ngi gi tin ti ngn hng (cc nh xut nhp khu,u t...). Giao dch ngoi hi ca cc ngn hng thng mi thng c tin hnhtrc tip gia cc ngn hng vi nhau (interbank) hoc thng qua mi gii.
Cc ngn hng thng mi thng c d tr ngoi hi Hi s nhm png nhu cu mua bn ca khch hng trong nc, ng thi m ti khon ti cc chinhnh hoc ngn hng i l nc ngoi giao dch. S lng ti khon c mph thuc vo quy m hot ng ca mi ngn hng, thng l hai ti khon cho mtng tin. S d trn mi ti khon thay i tu thuc vo mc mi ln giao dch.Nhng s d ny phi ln c th thanh ton nhng khng gi qu mc cnthit v chng l ti khon khng c hng li v phi chu chi ph giao dch ngoihi.
b. Nhng ngi mi gii hi oi (Exchange Brockers)
Trc y, mt s nc chu u nh Anh, c giao dch ngoi hi phic thc hin qua cc nh mi gii m khng th tin hnh trc tip nh mt s
nc khc. Chc nng ca nhng ngi mi gii hi oi ni chung l rp ni nhngngi c nhu cu mua bn thc s li vi nhau, lm cho cung cu tip cn nhau gpphn thc y s hot ng ca th trng. Nhn chung giao dch qua mi giithng c thc hin mt cch nhanh chng vi t gi thun li hn so vi giaodch trc tip, bn cnh ngun gc ca cc giao dch s c gi b mt cho tikhi kt thc. Khc vi ngi mi gii chng khan, ngi mi gii hi oi khngi din cho cng chng (nhng ngi mua bn l) m thng i din cho Chnhph v cc ngn hng thng mi.
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c. Cc nh kinh doanh hi oi (Exchange Dealers/Exchange Traders)
Cc nh kinh doanh hi oi l khch hng mua bn l bao gm cc cng tyni a, cng ty a quc gia, cc nh u t quc t v tt c nhng ai c nhu cumua bn ngoi hi nhm phc v cho hot ng ca mnh v tm kim li nhun chochnh mnh. Cc nh kinh doanh hi oi hu nh khng giao dch trc tip vi nhaum thng mua bn ngoi hi thng qua cc ngn hng thng mi. Trong s cc
nh kinh doanh hi oi, c th chia thnh cc i tng sau:- Trc ht l nhng ngi chuyn kinh doanh ngoi hi, thc cht c th
xem h l nhng ngi u c hay bun tin. Ngoi vic thng tho nhng k thutth trng, am hiu v bit nh gi ng n tnh hnh kinh t, th trng nhngngi ny thng l cc t ph rt c th lc trn th trng ti chnh quc t. Hotng u c ca h c th lm nh hng n th trng ngoi hi, th trng tichnh ni chung v thm ch c th gy nh hng ti tnh hnh kinh t ca mt nchay ca c mt khu vc.
- Cc cng ty bo him, cng ty ti chnh tham gia vo th trng ngoi hi
thot u vi mc ch l ngn nga ri ro do bin ng t gi. Tuy nhin h cngsn sng mua bn kim li v hot ng ca h ngy cng c vai tr quan trngtrn th trng ngoi hi. Dn dn h cng tr thnh nhng nh kinh doanh hi oichuyn nghip.
- Cc nh kinh doanh xut nhp khu, cc nh u t, cc cng ty a quc giacng c xem l cc nh kinh doanh hi oi. Mc d kinh doanh ngoi hi khngphi l hot ng ch yu m ch l nhm phc v cc nhu cu ti chnh hay thanhton ca h, song trn thc t h vn sn sng tin hnh cc giao dch u c tin tnhm thu li nhun. Cc giao dch ny thng c tin hnh thng qua cc ngnhng thng mi m h c quan h ti khon. Mt s cng ty ln cn lp nhng nh
ch ti chnh ring ca mnh ch ng tin hnh cc giao dch ngoi hi.d. Cc Ngn hng Trung ng (Central Banks)
Cc Ngn hng Trung ng tham gia vo th trng tng lc can thipnhm gim bt s cng thng trong quan h cung cu ngoi hi, gim bt s binng ca t gi hay duy tr nhng t gi mc tiu. Khng ch trong ch t gi cnh m ngay c trong ch t gi th ni, cc Ngn hng Trung ng mi nccng vn phi thng xuyn can thip vo th trng ngoi hi nhm duy tr trt tca th trng hoc nhm iu chnh bin ng ca th trng theo hng m Ngnhng Trung ng thy cn thit. Ngoi ra cc Ngn hng Trung ng cn thc hinvic mua bn ngoi hi theo lnh ca khch hng l cc ngn hng thng mi, qud tr quc gia, kho bc hay cc c quan khc ca Chnh ph.
Ngn hng Trung ng can thip trc tip trn th trng ngoi hi bng nhiucch thc khc nhau:
- Trc tip mua bn vi cc ngn hng thng mi
- Thng qua cc nh mi gii
- Thng qua cc Ngn hng Trung ng nc khc
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Giao dch ca Ngn hng Trung ng c th l giao dch giao ngay hoc giaodch k hn.
1.3.2. Cc giao dch hi oi - Exchange Transactions
Giao dch hi oi l giao dch mua bn mt ng tin ny bng mt ng tinkhc theo nhng k thut nghip v do cc bn la chn. C nhiu loi giao dch hi
oi trn th trng ngoi hi, bao gm:1.3.2.1. Giao dch giao ngay (Spot Transaction)
a. Khi nim: Giao ngay l giao dch mua bn mt lng ngoi t nht nhvi t gi xc nh, vic giao nhn v thanh ton s c thc hin vo ngy lmvic th hai sau ngy cam kt mua bn.
b. K thut thc hin
Gi N l ngy cam kt mua bn (ngy k hp ng - date of contract)
Th N+2 s l ngy giao nhn ngoi t v thanh ton c gi l ngy gi tr
(value date).V d: Giao dch ngy th hai
Ngy gi tr: th t (eligible value date)
Giao dch ngy th ba
Ngy gi tr: th nm (eligible value date)
Giao dch ngy th nm
Ngy gi tr: th by - khng c hiu lc (non-eligible value date)
Ngy gi tr c hiu lc l ngy lm vic k tip: th hai
Giao dch ngy th su
Ngy gi tr: th ba tun k tip
Ngy gi tr c hiu lc l ngy lm vic ca hai nc c ng tin giao dch.
Mi giao dch giao ngay nu khng c tha thun g c bit u c gi tr sauhai ngy lm vic. T gi mua bn trong giao dch ny gi l t gi giao ngay (spotrate).
Nh vy, khi hai bn tha thun mua bn ngoi t theo spot rate th phi sauhai ngy lm vic cc bn mi c th s dng khon tin c c qua nghip v mua
bn ny. Thi hn hai ngy lm vic l thi hn cn thit do c s chnh lch mi giv thc hin cc bt ton k ton, qun l ngn qu v ra lnh chuyn tin giacc bn tham gia giao dch.
Ngy gi tr ca giao dch giao ngay ch c hiu lc khi n ri vo ngy lmvic ca hai nc c ng tin giao dch. Khi ri vo ngy khng lm vic (ngh lhoc ngh cui tun) ca mt trong hai nc c ng tin giao dch, ngy gi tr s chiu lc vo ngy lm vic k tip.
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c. Giao dch ng dng nghip v giao ngay: Giao dch ac-bit/chuyn hi(Arbitrage Transaction)
Ac-bit l mt giao dch hi oi nhm s dng mc chnh lch t gi gia ccth trng khc nhau thu li theo nguyn tc mua ni r nht v bn ni tnht. Giao dch ny cn c goi l giao dch kinh doanh chnh lch t gi.
Giao dch ac-bt c th tin hnh gia hai ng tin qua hai th trng nhngcng c th tin hnh gia nhiu ng tin qua nhiu th trng thng qua phngphp tnh t gi nghch o hoc tnh t gi cho.
Giao dch ac-bt thng c s dng vi 2 mc ch:
- Kim li: c gi l ac bt chnh lch hay ac-bt u c (speculativearbitrage).
- V nhu cu khc: c gi l ac-bt cn i (equilibrium arbitrage). Ac-btcn i th hin vic tm kim gi c thun li nht cho mt giao dch hi oi tin hnh thanh ton quc t, u t hay bo ton vn...
Nhn chung li nhun ca giao dch ac-bt kh hp dn nn thu ht nhiungi vo cuc, kt qu l t gi th trng c mc cao gim xung cn t gi thtrng c mc thp li tng ln, s chnh lch t gi cc th trng c thu hpmt cch nhanh chng. c bit, t khi cc nh kinh doanh thng xuyn chm chtheo di trn mn hnh my vi tnh ca h tm cch mua bn kim li, cc c hikinh doanh chnh lch t gi thng ch xut hin trong khonh khc.
1.3.2.2. Giao dch k hn (Forward Transaction)
a. Khi nim: Giao dch k hn l giao dch mua bn mt lng ngoi t nhtnh theo mt t gi xc nh, vic giao nhn v thanh ton s c thc hin sau
mt thi hn nht nh do hai bn tha thun.b. K thut thc hin
Ngy gi tr giao dch k hn = ngy tha thun + k hn + 2 ngy
V d: Ngy giao dch 25/3
Ngy gi tr k hn 1 thng: 27/4
Ngy gi tr k hn 2 thng: 27/5
Nu ngy 27/5 khng phi l ngy lm vic th ngy gi tr c hiu lc s ctnh sang ngy lm vic k tip 28, 29, 30/5
Giao dch k hn thng c tha thun vi cc k hn bt k, ti a l 12thng song ph bin nht l cc k hn 1 thng, 3 thng, 6 thng v ch p dng ivi mt s ng tin ch yu nh USD, JPY, CAD v 1 s ng tin chu u. yl giao dch ph bin cc th trng ngoi hi hon chnh, n nh v c uy tn.
T gi trong giao dch ny gi l t gi k hn (Forward Rate).
- Cch xc nh t gi k hn
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Xut pht t lp lun rng giao dch k hn chnh l giao dch giao ngay kthp vi giao dch tin gi v i vay trn th trng tin t, ngi ta thy rng t gigiao ngay v chnh lch li sut ca hai ng tin giao dch chnh l nhng cn cxc nh t gi k hn.
Gi li sut k hn n ngy ca ng tin yt gi l Iy (% /nm)
v li sut cng k hn ca ng tin nh gi l Id T gi giao ngay l Es T gi k hn n ngy l Ef Ta c:
Thc cht t gi k hn l t gi giao ngay c iu chnh bi li sut ca haing tin giao dch: t gi k hn bng t gi giao ngay cng vi mt khon chnhlch nht nh lin quan n chnh lch li sut ca hai ng tin giao dch v sngy k hn.
- Yt t gi k hn
Trn th trng ngoi hi, t gi k hn c yt theo hai cch:
1. Yt gi y (Outright Quotation): yt t gi ca hai ng tin theo nhngk hn c th
V d:Giao ngay 1 thng 3 thng 6 thng
GBP/USD 1,5580/90 1,5570/82 1,5472/88 1,5415/35
USD/CAD 1,3854/64 1,3875/90 1,3914/34 1,3970/00
2. Yt gi Swap (Swap Rate): yt s im gia tng/khu tr vo t gi giaongay cho mi k hn. y l cch yt t gi k hn ph bin trn cc th trngngoi hi, ch yu l trn th trng lin ngn hng.
V d:
Giao ngay 1 thng 3 thng 6 thng
GBP/USD 1,5580/90 10 - 8 108-102 165 -155
USD/CAD 1,3854/64 21 -26 60 -70 116 - 136
1.3.2.3. Giao dch Swap tin t/Giao dch hon i tin t (Currency SwapTransaction)
Es x (Id-Iy)x nEf = Es +
360
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Khi nim:Hon i tin t l mt giao dch hi oi bao gm ng thi chai giao dch mua v bn cng mt s lng ng tin ny vi mt ng tin khc,theo cc t gi c xc nh vi cc tha thun v thi hn giao nhn v thanhton khc nhau, bao gm hai loi:
- Giao dch hon i giao ngay/k hn (Spot/Forward Swap)
Giao dch mua (bn) giao ngay kt hp vi bn (mua) k hn cng mt lngngoi t nht nh.
V d: bn 100.000 USD giao ngay ng thi mua 100.000 USD k hn 3thng.
- Giao dch hon i k hn/k hn (Forward/Forward Swap)
Giao dch kt hp mua v bn cng mt lng ngoi t vi nhng k hn khcnhau.
V d: mua 500.000 USD k hn 2 thng ng thi bn 500.000 USD k hn6 thng.
Nghip v swap, ging nh nghip v forward, c ngha quan trng i vicc ngn hng thng mi, nh kinh doanh xut nhp khu, cc nh u t trong vicphng chng ri ro do bin ng t gi hi oi.
1.3.2.4. Giao dch quyn chn tin t (Currency Options)
a. Khi nim: quyn chn tin t l giao dch mua bn quyn chn mua (calloption) hay quyn chn bn (put option) mt loi ngoi t nht nh vi s lng cth trong mt khong thi gian hoc ti thi im xc nh trong tng lai theo mtt gi c xc nh ti thi im giao dch. Trong nghip v quyn chn, ngimua phi tr cho ngi bn mt s tin nht nh gi l ph hay gi ca quyn chn
(option cost/option money/ premium cost) v do vy c quyn mua hoc bn mtlng ngoi t nht nh theo t gi tha thun, cng nh c th t b quyn nu thy bt li. Ngi bn, sau khi thu ph quyn chn c ngha v tin hnhgiao dch theo s la chn ca ngi mua quyn.
Quyn chn - option l mt sn phm ca nn kinh t th trng, c p dngtrong cc giao dch hng ho, li sut, tin t, chng khon nhiu nc trn thgii.
Nghip v k hn tuy em li cho ngi mua mt s bo v trc nhngbin ng ca t gi nhng vn c nhc im l chng loi tr kh nng kim li tnhng bin ng ny. khc phc, cc ngn hng thng mi a ra cng cgiao dch quyn chn tin t. Giao dch quyn chn u tin c tin hnh ti sgiao dch Philadenphia vo nm 1983. Hin nay, giao dch ny l loi giao dch ctc pht trin nhanh nht trn th trng ngoi hi ton cu v chim khong 4%doanh s giao dch hng ngy ch yu di hnh thc giao dch t do (khng thngqua s giao dch - OTC). Cn ti s giao dch, v d s giao dch Philadenphia cchp ng quyn chn c chun ha vi gi tr ti thiu cho mi hp ng bngmt na gi tr cc hp ng futures, cc k hn tiu chun l 1, 3, 6, 9, 12 thng vngy gi tr tiu chun l ngy Th T tun th ba cc thng Ba, Su, Chn v Mi
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hai. Tuy nhin, ngi ta cng c th tho thun v mt ngy gi tr khc vi thng l trn th trng t do.
Ti cc th trng ngoi hi c hai loi quyn chn: quyn chn mua - CallOption v quyn chn bn - Put Option v hai loi giao dch quyn chn: giao dchmua - Puchase v giao dch bn - Sale quyn chn.
Ty thi im thc hin quyn chn, hin nay trn th gii, ngi ta chia haikiu (style) quyn chn:
- Quyn chn kiu M (American Style Option): ngi mua quyn chn c ththc hin quyn chn ca mnh vo bt k lc no trong thi hn hiu lc ca hpng. Thi im chm dt hp ng l thi im ngi mua quyn thc hin quynchn ca mnh hoc khi hp ng ht hn.
- Quyn chn kiu chu u (European Style Option): ngi mua quyn chnch c th thc hin quyn chn vo ngy o hn ca hp ng. Thi im chmdt hp ng l khi hp ng ht hn.
Mc ph giao dch quyn chn c xc nh theo nhng cn c sau:
+ Thi hn hiu lc ca quyn chn;
+ T gi giao ngay, t gi k hn ti thi im k kt hp ng;
+ T gi thc hin;
+ Kiu quyn chn (M hay chu u);
+ Li sut hai ngoi t giao dch;
+ Mc bin ng t gi hai ng tin giao dch d kin trong tng lai
Trong giao dch quyn chn, ngn hng thng mi thng l ngi bnquyn, ngi mua quyn l cc khch hng ca ngn hng.
b. K thut thc hin
1. Thc hin nghip v quyn chn i vi nh nhp khu
V d: Cng ty A nhp khu mt l hng my mc thit b tr gi 2 triu USD,tr chm 6 thng. Lo ngi USD c th tng gi, h quyt nh: mua quyn chn mua2 triu USD thi hn 6 thng vi t gi c xc nh: 1 USD = 15.992 VND. Cngty A phi tr cho ngn hng bn quyn chn 1 khon ph l 18 VND/USD. Nh vy,gi USD thc t m cng ty A mua theo tha thun l 160.010 VND - y l mc gicao nht m cng ty A phi b ra mua c s USD cn thit cho hot ng thanh
ton quc t ca mnh. n thi im thc hin hp ng, c th xy ra cc trnghp sau:
+ T gi giao ngay 1USD >15.992: Cng ty A s thc hin quyn chn v nukhng thc hin quyn chn m mua trn th trng giao ngay h s phi tr s tin>16.010 VND mua c USD.
+ T gi giao ngay 1 USD = 15.992: Cng ty A c th thc hin quyn chnhoc t b quyn chn v trn nguyn tc, trong trng hp ny, h s phi mua
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USD vi t gi 16.010 VND d mua giao ngay hay mua quyn chn. Tuy nhin, xtv li ch kinh t, vic thc hin quyn chn trong nhng trng hp ny c li hnv nu mua giao ngay lng ngoi t m h cn c th s phi tr thm mt khonph giao dch ngoi hi, mt khc, cng cha chc h mua c s ngoi t cnthit.
+ T gi giao ngay 1 USD
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BI TP CHNG 1
1. Mt nh nhp khu Vit Nam cn thanh ton tin cho cc khch hngAustralia, Japan, Hong kong v Singapore (bng tin ca cc quc gia ny).Bit rng t gi c cng b nh sau:- Ti ngn hng Vit Nam:
AUD = 14.319/14.580
JPY = 144/148HKD = 2.015/2.054SGD = 11.047/11.318
- Ti ngn hng nc ngoi: (yt gi 1.000VND)Ngn hng Australia : 0,0686/00Ngn hng Japan : 0,6750/70Ngn hng Hong kong : 0,4869/90Ngn hng Singapore : 0,0427/30
Hi nh kinh doanh ni trn nn mua ngoi t u cho c li? (Gi nh khng ccc chi ph giao dch v cc ng tin u c mua bn t do)
2. Mt nh xut khu Vit Nam cn bn ngoi t thu c do xut khu sangSingapore, USA, France, China v Australia.Bit rng t gi c cng b nh sau:- Ti ngn hng Vit Nam:
SGD = 2.450/2.490 USD = 14.970/14.990FRF = 2.340/2.370 CNY =
1.870/1.900 AUD = 7.820/7.860 ---- Ti ngn hng nc ngoi: (yt gi 1.000 VND)
Ngn hng Singapore : 0,4020/60
Ngn hng USA : 0,0660/80Ngn hng France : 0,4225/45Ngn hng China : 0,5310/40Ngn hng Australia : 0,1240/60
Hi nh kinh doanh ni trn nn bn ngoi t u cho c li? (Gi nh khng ccc chi ph giao dch v cc ng tin u c mua bn t do)
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PHU LUC CHNG 1
1. BANG BIEU
Bang 1: TY GIA CHEO
CURRENCY CROSS RATES
Friday, August 29, 2003USD GBP CAD EUR HKD JPY CHF
USD 0.634 1.385 0.910 7.799 116.910 1.399
GBP 1.577 2.184 1.435 12.297 184.332 2.206
CAD 0.722 0.458 0.657 5.631 84.412 1.010
EUR 1.099 0.697 1.522 8.569 128.449 1.537
HKD 0.128 0.081 0.178 0.117 14.990 0.179JPY 0.009 0.005 0.012 0.008 0.067 0.012
CHF 0.715 0.453 0.990 0.651 5.575 83.567
Calculated cross rates as of 4 p.m New York timeNguon: Reuters
Bang 2: S BIEN ONG TY GIA EUR/USD
Bang 3: TOC O TANGGIA TIEU DUNG VAUSD TREN THTRNG VIET NAMTRONG CAC NAM QUA(% so vi nam trc)
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Nam Ch so gia tieudung- CPI
GiaUSD
Nam Ch so gia tieudung- CPI
GiaUSD
1991 67,4 103,1 1999 6,8 1,1
1992 17,5 -25,8 2000 - 0,6 3,4
1993 5,3 0,3 2001 - 0,2 3,8
1994 14,4 1,7 2002 4,0 2,11995 12,7 - 0,6 2003 3,0 12,2
1996 4,5 1,2 2004 9,5 0,4
1997 3,6 14,2 2005 8,4 0,9
1998 9,0 9,6 2006 9,0 0,9
2007 12,63 -0,1
Nguon: Tong cuc thong ke Viet nam
Bang 4: KY HIEU TIEN TE CUA ISO (trch)
Ten nc Ten ngoai te Ky hieu
Australia Dollar AUDBrazil Real BRLGreat British and NorthernIreland
Pound GBP
Brunei Darussalam Dollar BNDCambodia Riel KHR
Canada Dollar CADChina Yuan / Renminbi CNY/RMBDanmark Krone DKKEast Timor Rupiah/Escudo IDR/TPEEurope (Euroland) Euro EURHong kong Dollar HKDIndia Rupee INRIndonesia Rupiah IDRJapan Yen JPYKorea Won KRW
Laos Kip LAKMalaysia Ringgit MYRMacau Pataca MOPMyanmar Kyat MMKNorway Krone NOKNew Zealand Dollar NZDPhilippine Peso PHP
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Russia Rouble RUBSingapore Dollar SGDSweden Krone SEKSwitzerland France CHFTaiwan Dollar TWDThailand Baht THB
USA Dollard USDViet Nam Dong VND
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2. TRCH MOT SO QUYET NHVE GIAO DCH NGOAI HOI
2.1. Quyet nh cua Thong oc Ngan hang Nha nc Viet Nam so 17/1998/Q-NHNN7ngay 10/01/1998 ban hanh quy che hoat ong giao dch hoi oai
THONG OC NGAN HANG NHA NC
QUYET NHieu 1. Ban hanh kem theo Quyet nh nay Quy che hoat ong giao dch hoi oai
QUY CHE HOAT ONG GIAO DCH HOI OAII. QUY NH CHUNGieu 1. Muc ch
Quy che hoat ong giao dch hoi oai c ban hanh nham tao c s phap ly cho cachoat ong kinh doanh hoi oai, a dang hoa cac loai hnh giao dch tren th trng; tao cac congcu phong nga rui ro trc nhng bien ong cua ty gia va lai suat tren th trng trong tnglai; giup cho cac nha xuat khau, nhap khau, cac n v kinh te chu ong trong kinh doanh; thucay va phat trien cac giao dch hoi oai e gop phan hoan thien th trng hoi oai Viet
Nam.ieu 2. Cac loai hnh giao dch
Giao dch hoi oai la giao dch mua ban ngoai te. Cac loai hnh giao dch hoi oai quynh tai Quy che nay bao gom:1. Giao dch hoi oai giao ngay (ten goi bang tieng Anh SPOT):
Giao dch hoi oai giao ngay la giao dch mua, ban mot so lng ngoai te gia hai bentheo ty gia giao ngay tai thi iem giao dch va ket thuc thanh toan trong vong 02 ngay lamviec tiep theo ke t ngay cam ket mua ban.2. Giao dch hoi oai ky han (ten goi bang tien Anh FORWARD):
Giao dch hoi oai ky han la giao dch trong o hai ben cam ket se mua, ban vi nhau
mot so lng ngoai te theo mot mc ty gia xac nh, va viec thanh toan se c thc hientrong tng lai.3. Giao dch hoi oai hoan oi (ten goi bang tieng Anh SWAP):
Giao dch hoi oai hoan oi la giao dch hoi oai bao gom ong thi ca hai giao dch:giao dch mua va giao dch ban cung mot so lng ong tien nay vi mot ong tien khac (ch cohai ong tien c s dung trong giao dch), trong o ky han cua hai giao dch khac nhau va tygia cua hai giao dch c xac nh tai thi iem ky ket hp ong.ieu 3. oi tng tham gia giao dch
Cac oi tng sau ay c phep tham gia va s dung cac loai hnh giao dch hoi oai:1. Cac to chc tn dung
2. Cac to chc kinh te la phap nhan Viet Nam3. Cac to chc khac va ca nhan4. Ngan hang Nha ncieu 6. ong tien giao dch1. Cac giao dch hoi oai c phep tien hanh gia ngoai te vi ong Viet nam hoac gia cacngoai te vi nhau.2. Can c tnh hnh thc te, Tong giam oc (Giam oc) cac to chc tn dung c phep quy nhcu the cac loai ngoai te trong hoat ong kinh doanh cua n v mnh.
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3. Trong trng hp can thiet, Ngan hang Nha nc se quy nh cac ong tien khong c phepgiao dch.ieu 7. Ph giao dch
Ngan hang Nha nc quy nh mc ph giao dch toi a ap dung oi vi mc ph ma cacto chc tn dung c phep thu.ieu 8. Ky han giao dch cua cac giao dch hoi oai ky han, hoan oi.
Ky han giao dch toi a c phep ap dung oi vi cac loai hnh giao dch hoi oai kyhan, hoan oi la 6 thang ke t ngay ky hp ong giao dch.ieu 9. Nguyen tac yet gia giao dch.
Cac to chc tn dung c phep kinh doanh ngoai te phai niem yet ong thi ca ty giamua va ty gia ban.II. NHNG QUY NH CU THE VE KY THUAT GIAO DCHieu 10. Nguyen tac thc hien giao dch giao ngay (SPOT)1. Ty gia giao ngay
Ty gia giao ngay la ty gia do to chc tn dung yet gia tai thi iem giao dch hoac do haiben t thoa thuan nhng phai am bao trong bien o quy nh hien hanh cua Ngan hang Nhanc.
2. Thanh toanViec thanh toan gia cac ben phai c thc hien va ket thuc cham nhat trong vong 2
ngay lam viec tiep theo sau ngay cam ket mua ban. Cac ben tham gia giao dch c phep thoathuan cu the thi iem chuyen tien trong pham vi hai ngay lam viec quy nh tren .ieu 11. Nguyen tac thc hien giao dch ky han (FORWARD)1. Ty gia
Ty gia giao dch ky han la ty gia giao dch do Ngan hang thng mai, Ngan hang au tva phat trien yet gia hoac do hai ben tham gia giao dch t tnh toan va thoa thuan vi nhau,nhng phai am bao trong bien o quy nh gii han ty gia ky han hien hanh cua Ngan hangNha nc tai thi iem ky ket hp ong.
2. Thanh toana/ Ngay thanh toan la ngay lam viec cuoi cung cua ky han giao dch va c hai ben ghiro trong hp ong khi ky ket hp ong.
b/ Cac ben ch c phep chuyen tien khi en han thanh toan. Viec chuyen tien gia haiben phai c thc hien va ket thuc cham nhat trong vong 2 ngay lam viec tiep theo sau ngaythanh toan.ieu 12. Nguyen tac thc hien giao dch hoi oai hoan oi (SWAP)1. Ty gia
Ty gia giao dch hoan oi la ty gia thc hien giao dch do Ngan hang thng mai, Nganhang au t va phat trien yet gia hoac do cac ben thoa thuan vi nhau tai thi iem ky ket hpong theo nguyen tac:
Trng hp giao dch hoan oi bao gom giao dch hoi oai giao ngay th ty gia giao dchgiao ngay phai theo quy nh oi vi ty gia giao ngay tai muc 1 ieu 10 cua Quy che nay.
Trng hp giao dch hoan oi bao gom giao dch hoi oai ky han th ty gia giao dch kyhan phai theo quy nh oi vi ty gia ky han tai muc 1 ieu 11 cua Quy che nay.2. Thanh toan
Trng hp giao dch hoan oi bao gom mot giao dch giao ngay va mot giao dch kyhan th viec thanh toan da tren nguyen tac a quy nh oi vi giao dch giao ngay va giaodch ky han.
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Trng hp giao dch hoan oi bao gom hai giao dch ky han th viec thanh toan datren nguyen tac a quy nh oi vi giao dch ky han.ieu 13. at coc
e am bao cho cac hp ong giao dch hoi oai ky han hoac hp ong giao dch hoioai hoan oi, Tong giam oc (Giam oc) cac Ngan hang Thng mai, Ngan hang au t vaphat trien c quyen yeu cau oi tac giao dch cua mnh at coc. Mc at coc oi vi cackhach hang khac nhau do Tong giam oc (Giam oc) cac Ngan hang Thng mai, Ngan hangau t va phat trien quy nh cu the. Cac Ngan hang Thng mai, Ngan hang au t va phattrien phai tra lai cho khoan at coc theo mc lai suat tien gi tng ng phu hp vi ky hangi so tien at coc.
Cac Ngan hang Thng mai, Ngan hang au t va phat trien co trach nhiem hoan tralai toan bo so tien at coc va khoan lai cua so tien at coc cho ben oi tac khi ben oi tac thchien ay u ngha vu cua mnh.ieu 14. Phng thc giao dch
Cac ben tham gia giao dch hhoi oai co the tien hanh giao dch trc tiep qua ien thoai,telex, fax va he thong mang vi tnh.1. Giao dch qua ien thoai, telex, fax:
Sau khi cam ket giao dch, oi vi trng hp giao dch hoi oai giao ngay cac ben cothe xac nhan lai vi nhau bang van ban ve so lng ngoai te mua, ban, ty gia va phng thcthanh toan hoac ky ket chi tiet theo quy nh tai ieu 15 cua Quy chenay.2. Giao dch qua mang vi tnh:
Trng hp giao dch qua mang vi tnh theo ma so va cac quy c cua mang vi tnh thcac ben tham gia giao dch ch can xac nhan vi nhau bang van ban, khong can phai ky ket hpong.ieu 15. Hp ong giao dch hoi oai
Hp ong giao dch hoi oai phai co ay u cac ieu khoan sau:- Ten loai hnh giao dch
- Ten, a ch, ma so (code) cua cac ben tham gia giao dch- So hieu tai khoan cua cac ben- Ngay ky ket hp ong- Ky han cua hp ong (neu co)- Cac ong tien giao dch (ngoai te vi ngoai te hoac ngoai te vi ong Viet nam)- So lng giao dch- Ty gia giao dch- Phng thc thanh toan- Ngay thanh toan- Mc at coc (neu co)- Ph giao dch neu co- a iem chuyen tien i. a iem chuyen tien en- Ch ky xac nhan cua ngi co tham quyen cua moi ben.
2.2. Quyet nh so 679/2002/Q-NHNN ngay 01/7/2002 ve viec ban hanh mot so quy nhlien quan en giao dch ngoai te cua to chc tn dung c phep kinh doanh ngoai te
THONG OC NGAN HANG NHA NCQUYET NH
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ieu 1. Tong giam oc (Giam oc) cac to chc tn dung c phep kinh doanh ngoai te cphep an nh ty gia mua, ty gia ban giao ngay (SPOT) cua ong Viet Nam vi cac ngoai te theonguyen tac sau:1. oi vi ola My: Khong c vt qua bien o 0,25% (khong phay hai mi lam phantram) so vi ty gia bnh quan tren th trng ngoai te Lien Ngan hang cua ngay giao dch gannhat trc o do Ngan hang Nha nc cong bo.2. oi vi cac ngoai te khac: Do Tong giam oc (Giam oc) cac to chc tn dung c phepkinh doanh ngoai te xac nh.3. Chenh lech gia ty gia mua va ty gia ban do Tong giam oc (Giam oc) cac to chc tn dungc phep kinh doanh ngoai te xac nh.ieu 2. Cac to chc tn dung c phep kinh doanh ngoai te ch c giao dch ky han(forward), hoan oi (swap) theo cac ky han sau:1. Ky han toi thieu: 7 (bay) ngay ke t ngay ky hp ong giao dch.2. Ky han toi a: 180 (mot tram tam mi) ngay ke t ngay ky hp ong giao dch.ieu 3. Ty gia giao dch hoi oai ky han, hoan oi c thc hien theo nguyen tac sau:1. oi vi giao dch gia ong Viet Nam va o la My: mc ty gia ap dung cho tng ky han toia khong c vt qua mc tran cua ty gia giao ngay ap dung tai thi iem ky hp ong ky
han, hoan oi (ty gia bnh quan tren th trng ngoai te Lien Ngan hang do Ngan hang Nhanc cong bo cong 0,25%) cong vi mc gia tang cho phep (ty le pham tram cua mc tran tygia giao ngay) quy nh vi tng ky han cu the nh sau:
- oi vi ky han t 7 ngay en 30 ngay: 0,5%- oi vi ky han t 30 ngay en 60 ngay: 1,2%- oi vi ky han t 60 ngay en 90 ngay: 1,5%- oi vi ky han t 90 ngay en 180 ngay: 2,5%
2. oi vi giao dch lien quan en cac ngoai te khac: Do Tong giam oc (Giam oc) cac tochc tn dung c phep kinh doanh ngoai te xac nh.ieu 4. Cac to chc tn dung thu ph giao dch theo quy nh hien hanh cua Ngan hang Nha
nc.2.3. Quyet nh so 648/2004/Q-NHNN ngay 28/5/2004 ve viec sa oi, bo sung mot soieu cua Quyet nh so 679/2002/Q-NHNN ngay 01/7/2002 ve viec ban hanh mot so quynh lien quan en giao dch ngoai te cua to chc tn dung c phep kinh doanh ngoai te
THONG OC NGAN HANG NHA NCQUYET NH
ieu 1. Sa oi, bo sung mot so ieu cua Quyet nh so 679/2002/Q-NHNN ngay 1/7/2002ve viec ban hanh mot so quy nh lien quan en giao dch ngoai te cua to chc tn dung cphep kinh doanh ngoai te nh sau:1. ieu 2 c sa oi, bo sung nh sau:
ieu 2. Ky han cua cac giao dch ky han, hoan oi1. Cac to chc tn dung c phep kinh doanh ngoai te c giao dch ky han, hoan oigia ong Viet Nam vi cac ngoai te trong ky han t 3 (ba) ngay en 365 (ba tram sau milam) ngay ke t ngay ky hp ong giao dch.
2. Ky han cua cac giao dch ky han, hoan oi gia cac ngoai te vi nhau do cac to chctn dung c phep kinh doanh ngoai te va khach hang thoa thuan.2. ieu 3 c sa oi, bo sung nh sau:ieu 3. Nguyen tac xac nh ty gia ky han trong giao dch ky han, hoan oi
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1. To chc tn dung c phep kinh doanh ngoai te va khach hang thoa thuan mc ty giaky han gia ong Viet Nam vi o la My. Ty gia ky han nay khong c vt qua mc ty giac xac nh tren c s : (i) ty gia giao ngay vao ngay ky hp ong ky han, hoan oi; (ii)chenh lech gia hai mc lai suat hien hanh la lai suat c ban cua ong Viet Nam (tnh theonam) do Ngan hang Nha nc Viet Nam cong bo la lai suat muc tieu cua o la My do Cuc Dtr Lien bang My cong bo (FED Funds Target Rate ); (iii) ky han cua hp ong.
2. Ty gia ky han gia ong Viet Nam vi cac ngoai te khac (ngoai USD) va ty gia giacac ngoai te vi nhau do Tong giam oc (Giam oc) cac to chc tn dung c phep kinh doanhngoai te va khach hang thoa thuan.
Forex Open Market Time and Volume* time displayed as EST
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CHNG 4 :HOT NG TI TR XUT NHP KHU CA
CC NGN HNG THNG MI
4.1 KHI NIM
Ti tr xut nhp khu (cn gi l ti tr ngai thng trade finance) l mt
dch v ca ngn hng thng mi h tr ti chnh v k thut cho cc nh kinh
doanh xut nhp khu trong hot ng ngoi thng.
V bn cht, ti tr xut nhp khu l vic ngn hng thng mi cung cp
mt khon tn dng cho doanh nghip nhm to iu kin cho h thc hin thnh
cng giao dch thng mi quc t v gia tng hiu qu kinh t ca thng v, t
gp phn thc y quan h bun bn v cc mi quan h kinh t khc gia cc nc
trn th gii pht trin.
4.2 C IM CA HOT NG TI TR XUT NHP KHUHot ng ti tr xut nhp khu ca ngn hng thng mi c mt s c
im sau:
- Ngi c ti tr l cc nh kinh doanh xut nhp khu trong qu trnh hot ng
sn xut kinh doanh .
- c thc hin di hnh thc ngn hng thng mi cung ng vn hoc bo lnh
cho doanh nghip.- S vn m ngn hng cung ng cho doanh nghip khng phi l tan b tr gi ca
thng v.
- Thi hn ti tr ch yu l ngn hn v trung hn. Ti tr di hn chim t trng rt
thp.
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- Thng gn lin vi dch v thanh ton quc t m ngn hng cung cp cho khch
hng ca mnh.
- Vt th chp hay m bo cho cc khan ti tr l chng t thanh tan hoc hp
ng ngai thng.
4.3 PHN LAI NGHIP V TI TR XUT NHP KHU
4.3.1 NGHIP V TI TR XUT KHU CA NGN HNG THNG MI
4.3.1.1 Mc ch
Ti tr xut khu nhm p ng nhu cu vn lu ng ca doanh nghip sn
xut v xut khu hng ha, to iu kin cho doanh nghip c y vn thc
hin hp ng xut khu hoc nhanh chng thu hi vn sau khi thc hin hp ng
tip tc hat ng sn xut, kinh doanh, t thc y hat ng xut khu ca
tng doanh nghip ni ring v hat ng xut khu chung ca t nc pht trin.
Ti tr xut khu thng c cung cp bng ngai t hoc ni t.
4.3.1.2 Cc hnh thc ti tr xut khu
a/ Ti tr trc khi giao hng xut khu
i tng c ti tr l cc doanh nghip sn xut kinh doanh hng ha, dch
v xut khu thng xuyn c nhu cu b sung vn lu ng thu mua, sn xut,
gia cng, cung ng hng ha v dch v xut khu. Tr gi khan ti tr : thng t
60-70% tr gi hp ng xut khu. Tin cho vay bng VND theo mc li sut cho
vay hin hnh. Doanh nghip c uy tn c th th chp, m bo khan ti tr bng
hp ng xut khu hoc L/C .
b/Chit khu b chng t thanh tan
Ngay sau khi giao hng, doanh nghip c th yu cu ngn hng chit khu tcl ng trc s tin s c thanh tan da trn b chng t xut khu. S tin chit
khu c tr bng ngai t, c th ln ti 90-95% tr gi b chng t. C hai hnh
thc chit khu chng t xut khu:
- Chit khu truy i :
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Sau khi kim tra v xc nh b chng t xut khu hp l, ngn hng s ng
tin ngay cho doanh nghip v gi chng t i tin nc ngai. Ngn hng s t
ng thu hi s tin chit khu v ph pht sinh khi nhn c bo c ca ngn hng
nc ngai. Ngc li, nu nc ngai t chi tr tin, doanh nghip xut khu s
phi hon li y s tin ngn hng chit khu cng ph pht sinh. Nu khng
c tin han tr, s tin ny s c chuyn sang n vay, doanh nghip s phi tr li
vay qu hn theo quy nh hin hnh. Trong trng hp ny, b chng t ng vai
tr l vt th chp cho khon ti tr.
Chit khu truy i c p dng vi b chng t xut khu nh thu v chng
t xut khu theo L/C.
- Chit khu min truy i:
Ngn hng s khng i li s tin chit khu ng cho doanh nghip nu
pha nc ngai khng tr tin. Tuy nhin s tin chit khu trong trng hp ny
thp hn nhiu so vi chit khu truy i, thng khng qu 80% tr gi b chng t
xut khu. B chng t hng xut mun c chit khu min truy i phi l b
chng t theo L/C v m bo mt s iu kin do ngn hng quy nh, c th l:
+Chng t phi ph hp hon ton vi cc iu khan, iu kin ca L/C.
+L/C quy nh tr tin ngay v cho php i tin bng tin (TTR allowed).
+L/C phi yu cu vn ti n lp theo lnh ngn hng pht hnh L/C v tan
b vn n gc xut trnh qua ngn hng chit khu.
+Ngn hng pht hnh L/C phi l ngn hng c uy tn, thng xuyn giao
dch v c quan h tt vi ngn hng chit khu.
Ngoi ra mt s vn khc nh v mt hng, gi c, th trng xut khu
vo thi im chit khu cng c ngn hng xem xt k lng.
Thc cht ca chit khu min truy i l ngn hng mua t b chng t
thanh tan v chu mi ri ro khi nc ngai khng tr tin, do vy Vit Nam, hnh
thc chit khu ny ch chim t l rt nh.
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c/ Bao thanh ton
Nghip v bao thanh ton bt u xut hin cc nc Ty Au t nhng nm
1950 v hin nay c p dng nhiu nc khc trn th gii. Vit Nam,
nghip v bao thanh tan l mt nghip v rt mi m m cc ngn hng thng mi
hng u ang n lc gii thiu vi cc doanh nghip xut khu. So vi cc nghipv ti tr xut khu ni trn, bao thanh tan l mt nghip v phc tp hn nhiu.
V bn cht, bao thanh ton quc t l mt nghip v tn dng ngn hng,
theo mt Cng ty ti chnh (thng l mt n v trc thuc ngn hng thng
mi) thc hin vic mua li cc khon thanh ton cha ti hn t nhng hot ng
xut khu hng ho v dch v.. Bao thanh ton l mt nghip v ti tr xut khu rt
quan trng, gip cc nh xut khu thu hi vn ngay tip tc hot ng kinh
doanh d bn tr ngay hay tr chm, ng thi cn gip cc nh xut khu khng
phi vng bn vo vic thanh ton phc tp v ko di, to iu kin cho h yn
tm chuyn lo v xut khu.
C 2 loi nghip v bao thanh ton:
-Bao thanh ton tng i - Factoring
y l hot ng bao ton b cc khon thanh ton ca mt nh xut khu cho
nhiu i tng nhp khu nhiu nc khc nhau. Cng ty Factoring (c gi l
factor) ng ra mua li ton b cc khon thanh ton ca nh xut khu ( factoree)
trong mt thi hn nht nh trn c s c truy i. Sau khi ng tin cho nh
xut khu , factor m nhn vic i tin t nh nhp khu . Nu khng i c,
nh xut khu s phi hon tr li s tin nhn. S tin m factor tr cho nh xut
khu do hai bn tha thun , thng khong t 70-80% tr gi khon thanh ton, phn
cn li c gi trong Qu d phng phng ri ro nh nhp khu khng ththanh ton c. Bao thanh ton tng i thng p dng cho cc khon thanh ton
c thi hn ngn (khng qu 6 thng), khng s dng L/C hoc hi phiu. Chi ph
thc hin nghip v factoring bao gm hai loi: ph chit khu (discount charge)
c tnh trn s tin ng trc theo mc li sut tng ng vi li sut cho vay
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v ph factoring ( factoring charge) l chi ph hnh chnh qun tr ca factor vi mc
ti a l 0,5% tr gi ho n thng mi.
- Bao thanh ton tuyt i Forfaiting .
Forfaiting l nghip v mua li cc khon thanh ton c th, ring l ca nh
xut khu trn c s min truy i. Cng ty kinh doanh forfaiting (forfaiter) tr cho
nh xut khu ton b tr gi khon n cha n hn thanh ton th hin trn cc
chng t do nh xut khu lp ( hi phiu hoc cc cng c ti chnh khc) v
c nh nhp khu chp nhn hay c mt ngn hng ca nh nhp khu bo
lnh sau khi khu tr mt t l nht nh. Forfaiter chu trch nhim i tin t
nh nhp khu, h c th gi li cc phiu n cho n ngy o hn hoc bn li cho
mt forfaiter khc cng trn c s min truy i.
Theo thng l, forfaiting l mt khon ti tr trung hn thng t 3-5 nm vi
li sut c nh nhng c th iu chnh li cc iu khon m cng ty forfaiter s
chp nhn. Mt s fofaiter c th chp nhn cc chng t ti 10 nm v trong cc
trng hp khc, c th l 180 ngy. V d : Thi lan, nghip v forfaiting thng
p dng cho cc khon n t 2-5 nm, trong khi Indonesia , nghip v ny li c
thi hn t 6 thng 1 nm v lu hn. Cc fofaiter thng tin hnh nghip v ny
vi cc khon n c gi tr khng di 100.000 USD v bng cc ng tin mnhtrn th trng tin t chu Au nh GBP, USD,CHF, EUR
Chi ph giao dch forfaiting cao hn nhiu so vi chi ph factoring (c th gp
4 ln). V d : Hn quc, chi ph forfaiting = Libor + 4-5%, Indonesia : Libor +8-
10%.
4.3.2 TI TR NHP KHU CA NGN HNG THNG MI
4.3.2.1 Mc ch
Ti tr nhp khu to iu kin cho doanh nghip c kh nng ti chnh
thc hin hp ng nhp khu, thanh tan tin hng nhp khu nhm p ng nhu
cu nhp khu nguyn nhin vt liu, vt t, my mc thit b, cng ngh v cc lai
hng ha thit yu khc m trong nc cha sn xut c hoc sn xut trong nc
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khng c hiu qu. Ti tr nhp khu c cung cp ch yu bng ngai t vi s
tin c th ti 70-80% tr gi l hng v ti sn th chp l chnh l hng . i vi
cc quc gia cn ngho v lc hu, ti tr nhp khu ca cc ngn hng thng mi
dnh cho cc hat ng nhp khu my mc, thit b, cng ngh tin tin gp phn
y nhanh qu trnh cng nghip ha, hin i ha t nc. Bn cnh , ti tr
nhp khu cn m bo cho cc doanh nghip c vn kp thi nhp khu vt
t, nguyn liu sn xut hng xut khu.
4.3.2.2 Cc hnh thc ti tr nhp khu
a/ Cho vay thu chi
Cho vay thu chi l hnh thc ti tr ngn hn ca ngn hng thng mi
thng qua vic ng doanh nghip nhp khu chi vt s d c trn ti khontin gi thanh ton m ti ngn hng theo hn mc c tha thun. Cho vay thu
chi nhm cung cp vn thiu ht tm thi trong thanh tan tin hng ha, dch v
m bo hat ng sn xut, kinh doanh ca doanh nghip tin hnh c thun li.
c im ca cho vay thu chi l vic cho vay v tr n, tr li c thc hin mt
cch t ng trn ti khan tin gi ca doanh nghip, gim ti a li vay phi tr
cho ngn hng.
b/ Pht hnh L/C
Khi k hp ng nhp khu thanh tan bng L/C, vic ngn hng pht hnh
L/C l iu kin nh xut khu - ngi th hng L/C giao hng. i vi cc nh
nhp khu, pht hnh L/C l hnh thc ti tr ca ngn hng v khi ngn hng chp
nhn pht hnh L/C theo yu cu ca doanh nghip nhp khu cng c ngha l ngn
hng cam kt tr tin cho nh xut khu thay h. Khi ngi th hng L/C xut
trnh c b chng t thanh ton hp l, ngn hng pht hnh phi tr tin bt kdoanh nghip nhp khu - ngi yu cu ngn hng pht hnh L/C c kh nng thanh
tan hay khng. Khan ti tr m ngn hng dnh cho nh nhp khu di hnh thc
pht hnh L/C trc ht l bng uy tn ca ngn hng v vic pht hnh L/C m bo
cho nh nhp khu nhn c l hng m h cn, nu khng c L/C c pht hnh,
nh xut khu s khng giao hng. Nh vy nh xut khu nc ngai giao hng l
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v tin tng vo uy tn ca ngn hng pht hnh L/C- ngi cam kt thanh tan cho
h.
c/ Chp nhn
Khi mua hng tr chm khng thanh tan bng L/C, nh nhp khu thng
phi chp nhn hi phiu m nh xut khu k pht cho h. Tuy nhin cng c
trng hp nh xut khu cha tin tng nh nhp khu nn ngh nh nh nhp
khu yu cu mt ngn hng c uy tn chp nhn hi phiu thay nh nhp khu. Khi
chp nhn hi phiu nh vy, ngn hng thc s ti tr cho nh nhp khu h
thanh ton cho nh xut khu khi hi phiu o hn. Khan ti tr ca ngn hng c
th khng phi bng tin nu vo lc o hn hi phiu, nh nhp khu c tin
thanh tan hi phiu . Trong trng hp khc, ngn hng s phi b tin ra thanh
tan hi phiu m h chp nhn v i li nh nhp khu sau .
d/ Thu mua - Leasing
Leasing theo cch hiu thng thng l mt nghip v c thc hin gia
ngi cho thu (Cng ty Leasing thng l thuc mt hay mt nhm cc ngn
hng thng mi, cng ty ti chnh) v ngi i thu (doanh nghip nhp khu),
trong ngi i thu mua quyn s dng ti sn bng cch thanh ton nhng khon
tin thu theo nh k cho ngi cho thue - ch s hu ti sn. K thut ca nghip
v leasing l k thut tch ri quyn s hu hng ho vi quyn s dng hng ha.
Leasing thc cht l mt nghip v cho vay bng hng ho ca ngn hng.
thc hin nghip v ny, cc ngn hng thnh lp Cng ty Leasing, b vn ra mua
my mc thit b v cho thu thu tin, sau mt thi hn nht nh c th thu hi ti
sn cho thu hoc bn li cho ngi thu. i tng cho vay l nhng hng ho c
gi tr ln v thI hn s dng lu di nh my bay, tu bin, cc thit b ton b, ccloi my mc chuyn dngThi hn cho vay thng di t 10-15 nm. Ngi i
vay l nhng doanh nghip khng tin mua thit b nhng li c nhu cu s
dng. y l hnh thc ti tr trung di hn cho cc doanh nghip nhp khu, mc d
chi ph kh cao nhng gip cho doanh nghip c th nhanh chng i mi cng
ngh, trang thit b hin i m khng phi ch i cho ti khi tch ly tin.
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Nghip v leasing xut hin M t u nhng nm 1950, bt u t mt
Cng ty t nhn c tn l United States Leasing Co. c thnh lp nm 1952. Sau
nghip v ny pht trin mnh M bi v M l nc c ch thu kho rt
thun li cho hot ng leasing, cho php mt mc chi ph thp hn cho vay trc
tip. u nhng nm 1960, nghip v ny pht trin mnh chu Au v hin nay
ph bin rng ri trn ton th gii. C rt nhiu cng ty Leasing quc t ang hot
ng Thi lan, Singapo, Philipin v c vit Nam.
4.3.3 BO LNH NGN HNG TRONG THNG MI QUC T
4.3.3.1 Khi nim bo lnh ngn hng
Bo lnh l mt trong cc nghip v ca ngn hng thng mi , trong
ngn hng bo lnh cam kt vi bn c quyn (ngi th hng bo lnh ) v victhc hin ngha v ti chnh thay cho khch hng (bn c bo lnh) trong trng
hp ngi c bo lnh khng thc hin ng v cc ngha v cam kt vi
bn th hng bo lnh c quy nh c th ti th bo lnh ca ngn hng. Ngi
c bo lnh phi nhn n v hon tr cho ngn hng s tin c tr thay.
4.3.3.2 Cc ch th trong nghip v bo lnh
Trong mt nghip v bo lnh thng bao gm 3 hp ng ring bit, c lp
vi nhau:
- Hp ng gia ngi yu cu bo lnh - cn gi l ngi c bo lnh (Account
party) v NH bo lnh - NH pht hnh bo lnh (Guarantor) thng c th hin
di hnh thc Giy yu cu ( ngh) pht hnh bo lnh (Application for bank
guarantee).
- Hp ng gia ngi c bo lnh vi ngi th hng bo lnh (Guarantee
beneficiary); c th l hp ng ngai thng, hp ng tn dng, hp ng xy
dng
- Th bo lnh (Letter of Guarantee L/G ) hay Th tn dng d phng (L/C
standby) l hp ng gia NH bo lnh v ngi th hng bo lnh.
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Khi thc hin hp ng ngoi thng, c bit l nhng hp ng c gi tr
ln v thi gian di, ngi xut khu c th cn n mt khon tin ng trc ca
i tc. Ngi xut khu s rt kh khn v ti chnh v c th chu nhiu ri ro nu
h phi hon tt vic giao hng ri mi c thanh ton. S bo lnh ca mt ngn
hng thng mi trong trng hp ny s gip cho ngi xut khu nhn c khon
tin ng trc m h cn. Khon tin ng trc thc cht la mt s ti tr ca nh
nhp khu cho nh xut khu. Trong trng hp ny, hu nh khng c nh nhp
khu no chu ng vn trc nu khng c s bo lnh ca ngn hng.
i vi doanh nghip nhp khu, vic nhp khu hng ha, c bit l nhp
khu tr chm thng ch c thc hin di s bo lnh ca ngn hng. Nh cung
cp hng ha, dch v nc ngai thng yu cu nh nhp khu phi c c s
bo lnh ca mt ngn hng trong nc v vic thanh ton trc khi giao hng.
Ring trong trng hp vay vn ca ngn hng hay cc nh ch ti chnh nc
ngai nhp khu, s bo lnh ca ngn hng trong nc thng l iu kin cn
doanh nghip c th vay c vn ca nc ngoi.
Bo lnh l mt trong nhng phng thc ti tr ca ngn hng thng mi.
Khng ch cn vn, trong hat ng sn xut v kinh doanh, nht l kinh doanh trn
th trng quc t, cc doanh nghip Vit Nam, c bit l nhng doanh nghip vav nh vn chim t trng ln lun cn n s bo lnh ca ngn hng y mnh
sn xut, kinh doanh ni chung v m rng hat ng thng mi quc t.
Khi tin hnh nghip v bo lnh, ngn hng thng yu cu doanh nghip
phi c ti sn m bo ging nh trong cc trng hp cho vay bng tin. Tuy
nhin, cng cn phi thy rng ti tr ca ngn hng thng qua nghip v bo lnh
ch yu l s dng uy tn ca ngn hng vi i tc nc ngoi, v vy, trong nhiu
trng hp, ngn hng pht hnh bo lnh cho doanh nghip xut nhp khu cng
ch da trn uy tn ca cc i tng ny m khng i hi phi c ti sn m bo.
4.3.3.3 Cng c bo lnh
C hai cng c m cc ngn hng thng mi c th s dng khi thc hin
nghip v bo lnh.
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a/ Th bo lnh : Letter of Guarantee (L/G)
Th bo lnh l mt cam kt bng vn bn ca mt ngn hng thng mi
pht hnh theo yu cu ca mt khch hng v vic tr tin cho ngi th hng khi
c s vi phm hp ng vi ngi th hng t pha khch hng yu cu.
-Ni dung ch yu ca th bo lnh
- Tn v a ch cc bn c lin quan
- S tin bo lnh
- Ngy pht hnh bo lnh, thi hn hiu lc, a im ht hn hiu lc
- Hnh thc v cc iu kin thc hin ngha v bo lnh
- Cam kt ca ngn hng pht hnhNgoi cc ni dung nu trn, th bo lnh cn c th c cc ni dung khc nh
quyn v ngha v ca cc bn, gii quyt tranh chp pht sinh, chuyn nhng
quyn v ngha v ca cc bn v cc tha thun khc.
- Ngun php l iu chnh
+ Ngun php l quc t
Cho ti nay, cha c mt cng c quc t no iu chnh quan h bo lnhmc d c mt s nc hay nhm nc c nhng tha thun tng tr t php
thi hnh nhng phn quyt t php nc ngoi trong lnh th nc mnh. Nghip v
bo lnh ch c iu chnh bi cc Quy tc ca Phng Thng mi quc t, bao
gm:
1/ Quy tc thng nht v bo lnh hp ng s xut bn 325 - Uniform Rules
for Contract Guarantees vit tt URCG 325 c ban hnh vo nm 1978.
L n bn u tin ca Phng Thng mi quc t ( ICC) v hot ng bo
lnh, URCG 325 vi 11 iu khon c nh gi kh cao trong n lc thng nht
cch hiu v thc hnh nghip v bo lnh. Tuy nhin, n bn ny cn kh nhiu
nhc im, trong nhc im ln nht l cha th hin c tnh c lp ca
bo lnh. Theo Quy tc ny, vic thanh ton bo lnh ph thuc vo vic xem xt ca
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to n hay trng ti v vic vi phm hp ng hoc ph thuc vo s ng ca bn
c bo lnh v vic yu cu thanh ton v s tin thanh ton , do vy n ch m
bo quyn li cho ngi c bo lnh . Chnh v vy, trong sut thi gian s dng,
Quy tc ny gy ra nhiu tranh ci, d ICC c nhng vn bn b sung, gii
thch vo nm 1988 song trn thc t Quy tc ny khng c chp nhn rng ri.
2/ Quy tc thng nht v bo lnh theo yu cu s xut bn 458 Uniform Rules
for Demand Guarantees vit tt URDG 458 c ban hnh vo thng 4/1992
Do kh nhiu nhc im tn ti trong Quy tc URCG 325, cc chuyn gia
ca ICC tch cc hon tt Quy tc thng nht v bo lnh theo yu cu URDG
v cho xut bn vo thng 4 nm 1992 vi s xut bn 458. Quy tc ny l mt bc
hon thin URCG 325, trn c s tng hp nhng im tin b cng nh khc phc
nhng nhc im ca bn Quy tc ni trn. URDG 458 quy nh ngi bo lnh ch
thanh ton bo lnh trn c s chng t yu cu thanh ton v nhng chng t khc
ch khng cn phi xc nh vic vi phm thc s ca ngi c bo lnh bng
nhng chng t ca mt bn th ba nh quyt nh ca trng ti hay phn quyt ca
to n. Vi 28 iu khon, URDG th hin c nhng nguyn tc c bn ca
bo lnh sau y:
- Bo lnh c lp vi hp ng
- Bo lnh c lp vi mi quan h gia ngi bo lnh v ngi c bo lnh
- Bo lnh ch da trn cc chng t vi iu kin chng t ph hp vi nhng
iu khon ca bo lnh
- Trch nhim kim tra chng t ca ngi bo lnh ch dng li b mt ca
chng t v ngha v ca ngi bo lnh ch mc cn trng hp l .
URDG 458 khng nhng iu tit mi quan h gia ngi bo lnh v ngi th
hng bo lnh m cn iu tit mi quan h pht sinh t nhng bo lnh i ng
(counter guarantee) ng thi cng khng nh nguyn tc c lp ca bo lnh vi
bo lnh i ng .
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Mc d xut bn sau v c hon thin hn , URDG 458 vn khng lm mt hiu
lc ca URCG 325. Trong mt nghip v bo lnh ty chn, cc bn tham gia c th
tha thun p dng URCG 325 hay URDG 458.
+ Ngun php l quc gia
Bn cnh cc quy tc quc t, nhiu quc gia c ban hnh nhng Lut,
nhng Quy nh cho nghip v bo lnh nh Lut bo lnh ca Anh, Lut hp ng
Thng mi ca c, B lut Thng mi ca M Vit nam nghip v bo lnh
c thc hin theo quy ch bo lnh NH ca T chc tn dng i vi khch hng
km theo Quyt nh s 26/2006/Q-NHNN ngy 26/6/2006 ca Thng c
NHNNVN.
b/ Th tn dng d phng Stand-by L/CL/C d phng l mt L/C khng th hy ngang trong ngn hng pht hnh
cam kt tr tin cho ngi th hng trong trng hp ngi yu cu pht hnh L/C
d phng khng thc hin nhng ngha v ca h theo hp ng vi ngi th
hng tn dng.
Trong L/C d phng, ngn hng pht hnh ghi r L/C ny ch c gi tr thc
hin khi c s vi phm ngha v ca ngi yu cu pht hnh L/C, ngc li nu
khng c s vi phm y, L/C d phng s khng c thc hin.
L/C d phng l mt sn phm ca cc ngn hng M, nhm n trnh quy nh
ca B lut ngn hng ni a M ( National Banks Act of 1864) cm cc ngn hng
thng mi cam kt tr tin thay cho ngi khc. L/C d phng c ngn hng pht
hnh theo yu cu ca mt khch hng nhm m bo thanh ton thay khch hng
ny cc ngha v bng tin trong trng hp ngi ny khng thc hin c nhng
ngha v ca h trong hp ng vi i tc khc. Khng ch c s dng rng ri M, L/C d phng ngy cng c s dng ph bin trn ton th gii v thc s
tr thnh mt sn phm quc t. L/C d phng c s dng nh mt cng c bo
lnh trong mt phm vi rt rng bao gm cc hot ng thng mi, ti chnh
- Ni dung ch yu ca L/C d phng : gn ging nh L/G .
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- Ngun php l iu chnh
+ Ngun quc t
Trc y, nhiu L/C d phng c pht hnh theo UCP mc d mc ch
ca UCP l p dng cho L/C thng mi. Tuy nhin, thc t cho thy l UCP khng
c p dng hon ton cng nh khng ph hp vi L/C d phng. V vy ICC
cho xut bn Quy tc Thc hnh tn dng d phng quc t International
Standby Practices s xut bn 590 vo nm 1998 - vit tt ISP 590 - 1998 nhm
to mt hnh lang php l cho nghip v L/C d phng.
Khc vi UCP, ISP 590 khng nhng phi c cc ngn hng thng mi,
cc thng nhn chp nhn m cn phi c tt c nhng ngi hot ng trong
lnh vc php lut v tp qun v L/C d phng bao gm c cc nh ti chnh doanhnghip, cc gim c tn dng, cc t chc nh gi, cc c quan qun l nh nc,
nhng ngi th thc kh c cng nh t vn ca h tha nhn. V L/C d phng
ch c thc hin khi c xy ra tranh chp hay khi ngi yu cu pht hnh khng
thc hin ngha v ca h nn ni dung ca L/C ny phi c s tha nhn ca tt
c cc bn c lin quan.
+ Ngun quc gia
V bn cht, L/C d phng l cng c ca ngn hng thc hin nghip v bo
lnh nn nhiu nc, L/C d phng cng c iu chnh bi cc Lut, quy tc v
bo lnh. Ring M, nm 1977 ban hnh Lut din gii (Interpretative Ruling)
cho php cc ngn hng ni a M pht hnh L/C d phng c th dn chiu Lut
Thng mi thng nht - UCC hay Quy tc v Thc hnh thng nht v tn dng
chng t UCP.
4.3.3.4 Cc lai bo lnh trong thng mi quc t
a/ Bo lnh thc hin hp ng
Bo lnh thc hin hp ng l mt lai bo lnh rt ph bin trong thng
mi quc t. Xut pht t thc t l sau khi k kt hp ng, v nhiu l do, c nh
xut khu ln nh nhp khu u c th khng thc hin ng v nhng ngha v
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theohp ng gy thit hi cho i tc. Trong trng hp ny, theo yu cu ca
khch hng, ngn hng bo lnh s pht hnh cam kt m bo vic thc hin ng
v y cc ngha v ca khch hng theo hp ng k vi bn th hng bo
lnh. Nu khch hng vi phm hp ng v phi bi thng cho bn th hng bo
lnh m h khng thc hin hoc thc hin khng y th ngn hng s thc hin
thay. Bo lnh thc hin hp ng c chia lm hai lai:
-Bo lnh cho nh xut khu (Performance bond): thng c dng km vi
phng thc thanh tan tn dng chng t. Nh nhp khu nc ngai yu cu nh
xut khu phi c bo lnh ca ngn hng trc hoc sau khi h m L/C thanh tan.
Ngn hng bo lnh cam kt rng nu nh xut khu khng giao hng hoc giao hng
khng ng th nh nhp khu c quyn yu cu ngn hng thanh ton bo lnh.
Cng c thc hin bo lnh ny c th l th bo lnh hoc L/C d phng.
-Bo lnh cho nh nhp khu (bo lnh thanh ton - payment guarantee): ngn
hng theo yu cu ca nh nhp khu pht hnh bo lnh cam kt thanh tan cho nh
xut khu nu nh nhp khu khng thanh tan. Trong trng hp ny, bo lnh
c dng nh mt cng c m bo thanh tan cho nhng hp ng ngai thng
khng thanh tan bng L/C thng mi m bng cc phng thc thanh tan khc.
Cng c thng dng thc hin lai bo lnh ny thng l L/C d phng.b/ Bo lnh hon thanh ton / bo lnh han tr tin ng trc (Repayment
Guarantee/ Advance payment bond)
Nh xut khu mun c nh nhp khu nc ngai ng tin trc thng
phi yu cu ngn hng pht hnh bo lnh. Bo lnh han thanh tan l cam kt ca
ngn hng v vic m bo ngha v han tr tin ng trc ca khch hng l nh
xut khu trong nc cho ngi th hng l nh nhp khu nc ngai theo hp
ng k kt gia hai bn. Cng c thc hin lai bo lnh ny thng l th bo
lnh, trong c quy nh r trng hp ngi th hng c quyn i thanh tan
bo lnh (v d: ngi yu cu bo lnh s dng s tin ng trc khng ng tha
thun, khng giao hng, giao hng tr, giao hng thiu, giao hng khng ng ).
c/ Bo lnh vay vn (Credit Guarantee)
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Khi c nhu cu vay vn nc ngai (vay ca cc ngn hng thng mi)
nhp khu hng ha do nc sn xut, nh nhp khu thng phi c ngn hng
bo lnh. Trong trng hp ny, ngn hng s pht hnh th bo lnh cam kt thanh
ton n (v tin li nu c) cho nc ngai nu doanh nghip vay vn khng thanh
tan hoc khng thanh tan y , ng hn. Bo lnh vay vn l lai nghip v
bo lnh quan trng i vi doanh nghip nhp khu bi nu khng c ngn hng
bo lnh, doanh nghip khng th tip cn c ngun vn nc ngai vi tr gi ln
v thi hn tng i di.
d/ Bo lnh nhn hng khi cha c vn n ( Guarantee for take delivery of
goods without transport documents)
Trong ngai thng, nh nhp khu mun nhn c hng ha phi c b
chng t, c bit l chng t vn ti. Thng thng nh xut khu nc ngai sau
khi giao hng s nhanh chng lp v chuyn b chng t cho nh nhp khu trc
khi hng v nh nhp khu nhn hng. Tuy nhin, c mt s trng hp chng t
c th v tr sau khi hng v, c bit l khi hai bn mua bn hai nc gn nhau.
nhanh chng nhn hng trnh ph lu kho lu bi hoc hng ha b h hng, nh
nhp khu thng phi yu cu ngn hng pht hnh bo lnh nhn hng khi cha c
vn n th mi c th c ngi vn ti giao hng. Cng c bo lnh trong trnghp ny l th bo lnh.
Ngoi cc lai bo lnh ni trn, trong thc t cc ngn hng cn s dng
nhiu lai bo lnh khc p ng yu cu ca khch hng.
CU HI
1. Ti tr xut nhp khu l g ?c nhng c im g?
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2. Hy nu cc nghip v ti tr xut nhp khu ca ngn hng.
3. Hy trnh by nghip v bao thanh tan ? Bao thanh tan v chit khu chng t
c nhng im g khc nhau?
4. Leasing l g? C my hnh thc?
5. Phn bit chit khu hi phiu v chit khu chng t thanh tan. Cho v d minh
ha.
6. Trnh by nghip v bo lnh ca ngn hng thng mi.
7. Phn bit th bo lnh v th tn dng d phng.
8. Hy nu cc lai bo lnh thng dng trong thng mi quc t.
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