{"id":5806,"date":"2021-03-21T17:17:45","date_gmt":"2023-02-07T10:17:45","guid":{"rendered":"https:\/\/ceco.vn\/doi-pho-khung-hoang-tai-chinh-kinh-nghiem-cua-my-va-dac-thu-cua-viet-nam\/"},"modified":"2021-03-21T17:17:45","modified_gmt":"2023-02-07T10:17:45","slug":"doi-pho-khung-hoang-tai-chinh-kinh-nghiem-cua-my-va-dac-thu-cua-viet-nam","status":"publish","type":"post","link":"https:\/\/ceco.com.vn\/en\/doi-pho-khung-hoang-tai-chinh-kinh-nghiem-cua-my-va-dac-thu-cua-viet-nam\/","title":{"rendered":"\u0110\u1ed1i ph\u00f3 kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh: Kinh nghi\u1ec7m c\u1ee7a M\u1ef9 v\u00e0 \u0111\u1eb7c th\u00f9 c\u1ee7a Vi\u1ec7t Nam"},"content":{"rendered":"
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N\u1ed9i dung n\u1ed5i b\u1eadt<\/strong><\/p>\n

– Sau cu\u1ed9c \u0111\u1ea1i kh\u1ee7ng ho\u1ea3ng 2008, Ch\u00ednh ph\u1ee7 M\u1ef9 \u0111\u00e3 ph\u1ea3i can thi\u1ec7p tr\u1ef1c ti\u1ebfp \u0111\u1ebfn h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh b\u1eb1ng nh\u1eefng ch\u00ednh s\u00e1ch quy\u1ebft li\u1ec7t nh\u01b0 b\u01a1m ti\u1ec1n, h\u1ea1 l\u00e3i vay, mua tr\u00e1i phi\u1ebfu, s\u00e1p nh\u1eadp ng\u00e2n h\u00e0ng, qu\u1ed1c h\u1eefu h\u00f3a ng\u00e2n h\u00e0ng…<\/em><\/p>\n

– Kh\u00e1c v\u1edbi M\u1ef9, r\u1ee7i ro h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng Vi\u1ec7t nam kh\u00f4ng \u0111\u1ebfn t\u1eeb c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 quy m\u00f4 l\u1edbn (too big to fail) m\u00e0 \u0111\u1ebfn t\u1eeb nh\u1eefng ng\u00e2n h\u00e0ng nh\u1ecf, d\u1ec5 b\u1ecb r\u1ee7i ro thanh kho\u1ea3n v\u00e0 g\u00e2y r\u1ee7i ro lan truy\u1ec1n cho to\u00e0n h\u1ec7 th\u1ed1ng.<\/em><\/p>\n

– Ph\u01b0\u01a1ng ph\u00e1p t\u00e1i c\u1ea5u tr\u00fac ng\u00e2n h\u00e0ng l\u00e2m v\u00e0o t\u00ecnh tr\u1ea1ng kh\u1ee7ng ho\u1ea3ng c\u0169ng \u0111\u01b0\u1ee3c NHNN \u00e1p d\u1ee5ng gi\u1ed1ng nh\u01b0 c\u00e1ch m\u1ed9t v\u00e0i c\u00e1ch m\u00e0 C\u1ee5c d\u1ef1 tr\u1eef li\u00ean bang M\u1ef9 \u0111\u00e3 l\u00e0m.<\/em><\/p>\n

– Qu\u1ed1c h\u1eefu h\u00f3a nh\u1eefng ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m, kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng t\u0103ng v\u1ed1n, kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng s\u00e1p nh\u1eadp l\u00e0 m\u1ed9t bi\u1ec7n ph\u00e1p \u0111\u00fang \u0111\u1eafn nh\u1eb1m \u0111\u1ea3m b\u1ea3o gi\u1ea3m thi\u1ec3u r\u1ee7i ro h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh Vi\u1ec7t nam. Tuy nhi\u00ean, v\u1ea5n \u0111\u1ec1 \u0111\u1eb7t ra l\u00e0, NHNN l\u1ea5y ti\u1ec1n \u0111\u00e2u?<\/em><\/p>\n

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M\u1edbi \u0111\u00e2y NHNN c\u00f4ng b\u1ed1 quy\u1ebft \u0111\u1ecbnh mua l\u1ea1i Ng\u00e2n h\u00e0ng X\u00e2y d\u1ef1ng v\u1edbi gi\u00e1 0 \u0111\u1ed3ng v\u00e0 th\u00f4ng b\u00e1o s\u1ebd ti\u1ebfp t\u1ee5c xem x\u00e9t mua l\u1ea1i c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m kh\u00e1c. Nhi\u1ec1u chuy\u00ean gia cho r\u1eb1ng vi\u1ec7c mua m\u1ed9t ng\u00e2n h\u00e0ng v\u1edbi gi\u00e1 0 \u0111\u1ed3ng th\u1ef1c ch\u1ea5t l\u00e0 qu\u1ed1c h\u1eefu h\u00f3a v\u00e0 g\u00e2y ra nhi\u1ec1u \u00fd ki\u1ebfn tr\u00e1i chi\u1ec1u.<\/p>\n

B\u00e0i vi\u1ebft n\u00e0y t\u00e1c gi\u1ea3 \u0111\u01b0a ra nh\u1eb1m \u0111i\u1ec3m l\u1ea1i c\u00e1c bi\u1ec7n ph\u00e1p v\u00e0 c\u00e1ch th\u1ee9c Ch\u00ednh ph\u1ee7 M\u1ef9 \u0111\u00e3 th\u1ef1c hi\u1ec7n \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh 2007-2009, v\u00e0 qua \u0111\u00f3 ch\u1ec9 ra nh\u1eefng n\u00e9t t\u01b0\u01a1ng \u0111\u1ed3ng v\u1edbi Vi\u1ec7t nam. \u0110\u1ec3 t\u1eeb \u0111\u00f3, \u0111\u00e1nh gi\u00e1 bi\u1ec7n ph\u00e1p qu\u1ed1c h\u1eefu h\u00f3a c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m trong t\u1ed5ng th\u1ec3 c\u00e1c bi\u1ec7n ph\u00e1p \u1ed5n \u0111\u1ecbnh kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 \u0111\u1ea3m b\u1ea3o an to\u00e0n h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh Vi\u1ec7t nam.<\/p>\n

Qu\u1ed1c h\u1eefu h\u00f3a t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh c\u00f3 nguy c\u01a1 ph\u00e1 s\u1ea3n trong t\u00f2a c\u1ea3nh \u0111\u1ed1i ph\u00f3 v\u1edbi kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh t\u1ea1i M\u1ef9<\/strong><\/p>\n

\u0110\u01b0\u1ee3c ch\u00e2m ng\u00f2i b\u1edfi kh\u1ee7ng ho\u1ea3ng t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n, t\u1eeb cu\u1ed1i n\u0103m 2007 \u0111\u1ebfn 2009, h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh ng\u00e2n h\u00e0ng M\u1ef9 ch\u1ee9ng ki\u1ebfn cu\u1ed9c kh\u1ee7ng ho\u1ea3ng v\u1edbi quy m\u00f4 l\u1edbn ch\u01b0a t\u1eebng c\u00f3. B\u1eaft \u0111\u1ea7u t\u1eeb vi\u1ec7c bong b\u00f3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n l\u00ean \u0111\u1ec9nh \u0111i\u1ec3m v\u00e0 v\u1ee1 n\u0103m 2005, th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh M\u1ef9 d\u1ea7n r\u01a1i v\u00e0o kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n. \u0110\u1ebfn qu\u00fd 3 n\u0103m 2007, m\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng ph\u1ea3i n\u1ed9p \u0111\u01a1n ph\u00e1 s\u1ea3n. Ni\u1ec1m tin nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh gi\u1ea3m s\u00fat nhanh ch\u00f3ng, gi\u00e1 c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh gi\u1ea3m m\u1ea1nh, ng\u01b0\u1eddi d\u00e2n m\u1ea5t ni\u1ec1m tin v\u00e0 ph\u1ea3n \u1ee9ng t\u1ef1 v\u1ec7 b\u1eb1ng c\u00e1ch nhanh ch\u00f3ng r\u00fat ti\u1ec1n ti\u1ebft ki\u1ec7m kh\u1ecfi h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng l\u00e0m cho h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng thi\u1ebfu thanh kho\u1ea3n tr\u1ea7m tr\u1ecdng. Ngay l\u1eadp t\u1ee9c, Ch\u00ednh ph\u1ee7 M\u1ef9 \u0111\u00e3 ph\u1ea3i can thi\u1ec7p tr\u1ef1c ti\u1ebfp \u0111\u1ebfn h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh b\u1eb1ng nh\u1eefng ch\u00ednh s\u00e1ch quy\u1ebft li\u1ec7t v\u1eeba mang t\u00ednh h\u1ec7 th\u1ed1ng, v\u1eeba mang t\u00ednh c\u00e1 bi\u1ec7t v\u1edbi t\u1eebng t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh.<\/p>\n

Th\u1ee9 nh\u1ea5t, ch\u00ednh ph\u1ee7 ban h\u00e0nh c\u00e1c ch\u00ednh s\u00e1ch t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn to\u00e0n b\u1ed9 h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh nh\u1eb1m h\u1ed7 tr\u1ee3 thanh kho\u1ea3n cho h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. Bi\u1ec7n ph\u00e1p n\u00e0y \u0111\u01b0\u1ee3c v\u00ed nh\u01b0 ph\u01b0\u01a1ng ph\u00e1p c\u1ea5p c\u1ee9u kh\u1ea9n c\u1ea5p, ti\u1ebfp m\u00e1u cho ng\u01b0\u1eddi \u0111ang b\u1ecb m\u1ea5t m\u00e1u c\u1ea5p. Theo \u0111\u00f3, t\u1eeb qu\u00fd 3\/2007, FED li\u00ean t\u1ee5c b\u01a1m ti\u1ec1n v\u00e0o n\u1ec1n kinh t\u1ebf th\u00f4ng qua vi\u1ec7c h\u1ea1 l\u00e3i su\u1ea5t cho vay qua \u0111\u00eam li\u00ean ng\u00e2n h\u00e0ng v\u00e0 nghi\u1ec7p v\u1ee5 th\u1ecb tr\u01b0\u1eddng m\u1edf nh\u1eb1m t\u0103ng t\u00ednh thanh kho\u1ea3n cho h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. Trong ch\u01b0a \u0111\u1ea7y 8 th\u00e1ng t\u1eeb qu\u00fd 3\/2007 \u0111\u1ebfn \u0111\u1ea7u qu\u00fd 2\/2008, FED 6 l\u1ea7n h\u1ea1 l\u00e3i vay li\u00ean ng\u00e2n h\u00e0ng t\u1eeb 5.25% xu\u1ed1ng c\u00f2n 2% v\u00e0 th\u1eadm ch\u00ed xu\u1ed1ng c\u00f2n 0.25% v\u00e0o th\u00e1ng 12\/2008. \u0110\u1ed3ng th\u1eddi FED mua l\u1ea1i tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, h\u1ea1 l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u v\u00e0 b\u01a1m ti\u1ec1n b\u1eb1ng c\u00e1ch cho c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng \u0111\u1ea5u gi\u00e1 c\u00e1c kho\u1ea3n vay ng\u1eafn h\u1ea1n.<\/p>\n

Th\u1ee9 hai, ch\u00ednh ph\u1ee7 ra c\u00e1c ch\u00ednh s\u00e1ch mang t\u00ednh ri\u00eang bi\u1ec7t, t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp l\u00ean t\u1eebng ng\u00e2n h\u00e0ng c\u1ee5 th\u1ec3. Bi\u1ec7n ph\u00e1p n\u00e0y \u0111\u01b0\u1ee3c xem l\u00e0 ph\u01b0\u01a1ng ph\u00e1p c\u1ea7m m\u00e1u l\u00e2u d\u00e0i v\u00e0 ti\u1ebfn t\u1edbi kh\u1eafc ph\u1ee5c nguy\u00ean nh\u00e2n g\u00e2y ch\u1ea3y m\u00e1u. Theo \u0111\u00f3,<\/p>\n

\u2022 Ch\u00ednh ph\u1ee7 \u0111\u1ee9ng ra b\u1ea3o \u0111\u1ea3m v\u00e0 cam k\u1ebft h\u1ed7 tr\u1ee3 thanh kho\u1ea3n cho nh\u1eefng ng\u00e2n h\u00e0ng l\u00e2m v\u00e0o t\u00ecnh tr\u1ea1ng kh\u00f3 kh\u0103n, c\u00f3 nguy c\u01a1 m\u1ea5t thanh kho\u1ea3n cao. Nh\u1eefng \u0111\u1ed9ng th\u00e1i n\u00e0y s\u1ebd gi\u00fap \u1ed5n \u0111\u1ecbnh ni\u1ec1m tin, ng\u0103n ch\u1eb7n vi\u1ec7c kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n theo d\u00e2y truy\u1ec1n.<\/p>\n

\u2022 Sau \u0111\u00f3, khi ng\u00e2n h\u00e0ng \u0111\u00e3 \u1ed5n \u0111\u1ecbnh v\u00e0 t\u1ea1m th\u1eddi qua giai \u0111o\u1ea1n c\u00f3 kh\u1ea3 n\u0103ng ph\u00e1 s\u1ea3n do thi\u1ebfu thanh kho\u1ea3n, v\u1ea5n \u0111\u1ec1 thanh kho\u1ea3n kh\u00f4ng c\u00f2n l\u00e0 lo ng\u1ea1i h\u00e0ng \u0111\u1ea7u m\u00e0 thay v\u00e0o \u0111\u00f3 l\u00e0 kh\u1ee7ng ho\u1ea3ng n\u1ee3. V\u1edbi c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m, kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3 \u0111\u1ebfn h\u1ea1n v\u00e0 c\u00f3 nguy c\u01a1 ph\u00e1 s\u1ea3n, Ch\u00ednh ph\u1ee7 th\u1ef1c hi\u1ec7n t\u00e1i c\u1ea5u tr\u00fac c\u00e1c ng\u00e2n h\u00e0ng n\u00e0y b\u1eb1ng c\u00e1ch:<\/p>\n

– Gi\u00fap c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m t\u00ecm ki\u1ebfm \u0111\u1ed1i t\u00e1c \u0111\u1ec3 th\u1ef1c hi\u1ec7n s\u00e1p nh\u1eadp. \u0110i\u1ec1u ki\u1ec7n \u0111\u1ec3 th\u00e0nh c\u00f4ng th\u01b0\u1eddng l\u00e0 ch\u00ednh ph\u1ee7 ph\u1ea3i \u0111\u1ee9ng ra x\u1eed l\u00fd c\u00e1c kho\u1ea3n n\u1ee3 x\u1ea5u v\u00e0 \u0111\u1ee9ng ra b\u1ea3o l\u00e3nh (n\u1ebfu c\u00f3 thua l\u1ed7 trong t\u01b0\u01a1ng lai) sau khi c\u00e1c ng\u00e2n h\u00e0ng m\u1ea1nh ch\u1ecbu \u0111\u1ee9ng ra s\u00e1p nh\u1eadp ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m. V\u00ed d\u1ee5 nh\u01b0 th\u00e1ng 3\/2008, FED \u0111\u00e3 ph\u1ea3i h\u1ed7 tr\u1ee3 30 t\u1ef7 USD cho th\u01b0\u01a1ng v\u1ee5 JP Morgan Chase mua l\u1ea1i Bear Stearns \u0111\u1ec3 gi\u00fap Bear Stearns tr\u00e1nh \u0111\u01b0\u1ee3c k\u1ebft c\u1ee5c ph\u00e1 s\u1ea3n.<\/p>\n

– Qu\u1ed1c h\u1eefu h\u00f3a nh\u1eefng ng\u00e2n h\u00e0ng kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng s\u00e1p nh\u1eadp. Theo \u0111\u00f3, \u0111\u1ec3 \u0111\u1ed5i l\u1ea1i vi\u1ec7c \u0111\u01b0\u1ee3c c\u1ea5p v\u1ed1n \u0111\u1ec3 tho\u00e1t kh\u1ecfi ph\u00e1 s\u1ea3n, c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m ph\u1ea3i hi sinh quy\u1ec1n s\u1edf h\u1eefu c\u1ee7a m\u00ecnh. N\u00f3i m\u1ed9t c\u00e1ch kh\u00e1c, c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng y\u1ebfu k\u00e9m s\u1ebd b\u1ecb qu\u1ed1c h\u1eefu h\u00f3a \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o an to\u00e0n cho to\u00e0n h\u1ec7 th\u1ed1ng. Th\u00e1ng 9\/2008, hai t\u1eadp \u0111o\u00e0n chi\u1ebfm m\u1ed9t n\u1eeda th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng th\u1ebf ch\u1ea5p b\u1ea5t \u0111\u1ed9ng s\u1ea3n M\u1ef9 l\u00e0 Fannie Mae v\u00e0 Freddie Mac \u0111\u01b0\u1ee3c ch\u00ednh ph\u1ee7 M\u1ef9 ti\u1ebfp qu\u1ea3n \u0111\u1ec3 tr\u00e1nh s\u1ee5p \u0111\u1ed5. C\u0169ng trong th\u00e1ng n\u00e0y Fed chi 85 t\u1ef7 USD \u0111\u1ec3 c\u1ee9u h\u00e3ng b\u1ea3o hi\u1ec3m kh\u1ed5ng l\u1ed3 AIG kh\u1ecfi nguy c\u01a1 ph\u00e1 s\u1ea3n. Theo c\u00e1ch n\u00e0y, c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng \u0111\u01b0\u1ee3c ch\u00ednh ph\u1ee7 b\u01a1m v\u1ed1n \u0111\u1ec3 duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng, n\u1eafm quy\u1ec1n ki\u1ec3m so\u00e1t v\u00e0 th\u1ef1c hi\u1ec7n t\u00e1i c\u1ea5u tr\u00fac v\u00e0 thanh l\u00fd c\u00e1c kho\u1ea3n n\u1ee3.<\/p>\n

Nh\u01b0 v\u1eady, n\u1ebfu nh\u00ecn tr\u00ean kh\u00eda c\u1ea1nh an to\u00e0n h\u1ec7 th\u1ed1ng, qu\u1ed1c h\u1eefu h\u00f3a c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng y\u1ebfu k\u00e9m \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n nh\u01b0 m\u1ed9t ph\u1ea7n quan tr\u1ecdng trong vi\u1ec7c \u0111\u1ed1i ph\u00f3 v\u1edbi kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh. Tuy nhi\u00ean, ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u01b0\u1ee3c xem l\u00e0 t\u1ed1n k\u00e9m nh\u1ea5t \u0111\u1ed1i v\u1edbi ch\u00ednh ph\u1ee7, y\u00eau c\u1ea7u ngu\u1ed3n l\u1ef1c r\u1ea5t l\u1edbn t\u1eeb ng\u00e2n s\u00e1ch. Tr\u01b0\u1edbc h\u1ebft ch\u00ednh ph\u1ee7 ph\u1ea3i d\u00f9ng ti\u1ec1n ng\u00e2n s\u00e1ch \u0111\u1ec3 x\u00f3a n\u1ee3, l\u00e0m s\u1ea1ch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng v\u00e0 gi\u00fap t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng tho\u00e1t kh\u1ecfi nguy c\u01a1 ph\u00e1 s\u1ea3n. H\u01a1n th\u1ebf n\u1eefa, ch\u00ednh ph\u1ee7 c\u1ea7n ph\u1ea3i x\u00e2y d\u1ef1ng m\u1ed9t qu\u1ef9 v\u1ed1n \u0111\u1ec3 th\u1ef1c hi\u1ec7n t\u00e1i c\u1ea5u tr\u00fac c\u00e1c kho\u1ea3n n\u1ee3, t\u00e1i c\u1ea5u tr\u00fac ho\u1ea1t \u0111\u1ed9ng v\u00e0 t\u1eebng b\u01b0\u1edbc \u0111\u01b0a t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng \u0111ang c\u00f3 nguy c\u01a1 ph\u00e1 s\u1ea3n tr\u1edf l\u1ea1i ho\u1ea1t \u0111\u1ed9ng v\u1edbi m\u1ee5c ti\u00eau sinh l\u1ee3i. So v\u1edbi c\u00e1c ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c, vi\u1ec7c qu\u1ed1c h\u1eefu h\u00f3a t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng c\u00f3 nguy c\u01a1 s\u1ee5p \u0111\u1ed5 l\u00e0 v\u00f4 c\u00f9ng t\u1ed1n k\u00e9m v\u00e0 th\u01b0\u1eddng ch\u1ec9 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng v\u1edbi c\u00e1c t\u1eadp \u0111o\u00e0n \u0111\u01b0\u1ee3c coi l\u00e0 qu\u00e1 l\u1edbn \u0111\u1ec3 c\u00f3 th\u1ec3 cho ph\u00e9p ph\u00e1 s\u1ea3n (too big to fail).<\/p>\n

Mua l\u1ea1i ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m v\u1edbi gi\u00e1 0 \u0111\u1ed3ng v\u00e0 nh\u1eefng \u0111\u1eb7c th\u00f9 c\u1ee7a Vi\u1ec7t nam<\/strong><\/p>\n

N\u1ebfu kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh th\u1ebf gi\u1edbi n\u0103m 2008 \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t c\u01a1n s\u00f3ng th\u1ea7n, t\u00e0n ph\u00e1 n\u1eb7ng n\u1ec1 cho c\u00e1c n\u1ec1n kinh t\u1ebf th\u1ebf gi\u1edbi th\u00ec Vi\u1ec7t nam \u0111\u01b0\u1ee3c xem nh\u01b0 m\u1ed9t h\u00f2n \u0111\u1ea3o nh\u1ecf n\u1eb1m t\u01b0\u01a1ng \u0111\u1ed1i xa t\u00e2m ch\u1ea5n. Tuy nhi\u00ean, khi s\u00f3ng th\u1ea7n lan t\u1edbi th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Vi\u1ec7t nam th\u00ec m\u1eb7c d\u00f9 \u0111\u00e3 b\u1ecb suy y\u1ebfu nh\u01b0ng \u0111\u00e3 g\u00e2y nh\u1eefng t\u1ed5n th\u1ea5t to l\u1edbn v\u00e0 l\u00e2u d\u00e0i cho m\u1ed9t h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh nh\u1ecf b\u00e9 nh\u01b0ng v\u1ed1n \u0111\u00e3 mang nhi\u1ec1u v\u1ea5n \u0111\u1ec1 n\u1ed9i t\u1ea1i.<\/p>\n

Giai \u0111o\u1ea1n t\u1eeb n\u0103m 2008 \u2013 2011 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem l\u00e0 giai \u0111o\u1ea1n kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng Vi\u1ec7t nam. B\u01b0\u1edbc v\u00e0o n\u0103m 2008, cu\u1ed9c \u0111ua l\u00e3i su\u1ea5t b\u1eaft \u0111\u1ea7u,\u00a0l\u00e3i su\u1ea5t qua \u0111\u00eam li\u00ean ng\u00e2n h\u00e0ng li\u00ean t\u1ee5c t\u0103ng ch\u00f3ng m\u1eb7t v\u1edbi c\u00e1c k\u1ef7 l\u1ee5c 20%, 25% v\u00e0 \u0111\u1ec9nh \u0111i\u1ec3m l\u00e0 m\u1ee9c ch\u00e0o 27%\/n\u0103m. C\u00e1c ng\u00e2n h\u00e0ng \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c ng\u00e2n h\u00e0ng nh\u1ecf ph\u1ea3i g\u1ed3ng m\u00ecnh tham gia cu\u1ed9c \u0111ua \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o thanh kho\u1ea3n. Ngay l\u1eadp t\u1ee9c, NHNN ra tay can thi\u1ec7p. Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 th\u1eaft ch\u1eb7t \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng k\u1ec3 c\u1ea3 c\u00e1c bi\u1ec7n ph\u00e1p h\u00e0nh ch\u00ednh nh\u01b0 \u00e1p tr\u1ea7n l\u00e3i su\u1ea5t vay v\u00e0 cho vay. Nh\u1eefng ch\u00ednh s\u00e1ch n\u00e0y \u0111\u00e3 b\u1ed9c l\u1ed9 t\u00e1c d\u1ee5ng ph\u1ee5 kh\u00f4ng mong mu\u1ed1n.<\/p>\n

N\u0103m 2009 l\u00e0 n\u0103m \u201c\u0111\u01b0\u1eddng cong l\u00e3i su\u1ea5t\u201d tr\u1edf th\u00e0nh \u201c\u0111\u01b0\u1eddng th\u1eb3ng\u201d \u1edf g\u1ea7n h\u1ebft c\u00e1c k\u1ef3 h\u1ea1n. \u0110i\u1ec1u n\u00e0y th\u1ec3 hi\u1ec7n ngh\u1ecbch l\u00fd, c\u00e1c ng\u00e2n h\u00e0ng kh\u00f4ng khuy\u1ebfn kh\u00edch ng\u01b0\u1eddi d\u00e2n g\u1eedi ti\u1ec1n t\u1ea1i c\u00e1c k\u1ef3 h\u1ea1n d\u00e0i. V\u00e0 v\u00ec l\u00e3i su\u1ea5t \u1edf c\u00e1c k\u1ef3 h\u1ea1n v\u00e0 t\u1ea1i c\u00e1c ng\u00e2n h\u00e0ng kh\u00e1c nhau l\u00e0 g\u1ea7n nh\u01b0 b\u1eb1ng nhau, ti\u1ec1n g\u1eedi \u1edf c\u00e1c ng\u00e2n h\u00e0ng nh\u1ecf ch\u1ea1y v\u1ec1 c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn c\u00f3 uy t\u00edn cao h\u01a1n \u0111\u1ed3ng ngh\u0129a v\u1edbi r\u1ee7i ro th\u1ea5p h\u01a1n. V\u00e0 h\u1ec7 l\u1ee5y l\u00e0 thanh kho\u1ea3n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng nh\u1ecf c\u00e0ng c\u0103ng th\u1eb3ng.<\/p>\n

B\u01b0\u1edbc sang n\u0103m 2010, cu\u1ed9c \u0111ua l\u00e3i su\u1ea5t t\u00e1i di\u1ec5n. C\u00e1c ng\u00e2n h\u00e0ng \u0111ua nhau ph\u00e1 r\u00e0o l\u00e3i su\u1ea5t tr\u1ea7n 12% do ch\u00ednh NHNN v\u00e0 c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ed3ng thu\u1eadn v\u1edbi nhau thi\u1ebft l\u1eadp n\u00ean. \u0110\u1ec3 gi\u1ea3m c\u0103ng th\u1eb3ng, NHNN n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, b\u01a1m th\u00eam ti\u1ec1n v\u00e0o h\u1ec7 th\u1ed1ng th\u00f4ng qua nghi\u1ec7p v\u1ee5 th\u1ecb tr\u01b0\u1edfng m\u1edf b\u1eb1ng c\u00e1ch ch\u00e0o mua gi\u1ea5y t\u1edd c\u00f3 gi\u00e1 ng\u1eafn h\u1ea1n, t\u0103ng cho vay t\u00e1i c\u1ea5p v\u1ed1n, h\u1ed7 tr\u1ee3 tr\u1ef1c ti\u1ebfp cho ng\u00e2n h\u00e0ng c\u00f3 quy m\u00f4 nh\u1ecf. Tuy nhi\u00ean, thanh kho\u1ea3n c\u1ee7a h\u1ec7 th\u1ed1ng v\u1eabn kh\u00f4ng \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n nhi\u1ec1u.<\/p>\n

N\u0103m 2011, cu\u1ed9c \u0111ua l\u00e3i su\u1ea5t ti\u1ebfp t\u1ee5c gay go. D\u1ea5u hi\u1ec7u tr\u1edf l\u1ea1i c\u1ee7a l\u1ea1m ph\u00e1t \u0111\u00e3 khi\u1ebfn NHNN quay l\u1ea1i v\u1edbi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 th\u1eaft ch\u1eb7t. NHNN ra th\u00f4ng t\u01b0 \u00e1p tr\u1ea7n l\u00e3i su\u1ea5t 14%\/n\u0103m, h\u1ea1 m\u1ee5c ti\u00eau tr\u1ea7n t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng, gi\u1ea3m t\u0103ng tr\u01b0\u1edfng ngu\u1ed3n cung ti\u1ec1n, y\u00eau c\u1ea7u c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i h\u1ea1n ch\u1ebf c\u1ea5p t\u00edn d\u1ee5ng cho nh\u1eefng ng\u00e0nh kh\u00f4ng mang t\u00ednh s\u1ea3n xu\u1ea5t. \u0110\u1ed3ng th\u1eddi v\u1edbi \u0111\u00f3, NHNN th\u1eaft ch\u1eb7t qu\u1ea3n l\u00fd ngo\u1ea1i t\u1ec7, ti\u1ebfn h\u00e0nh \u0111\u1ed9c quy\u1ec1n kinh doanh v\u00e0ng mi\u1ebfng nh\u1eb1m m\u1ee5c ti\u00eau \u1ed5n \u0111\u1ecbnh gi\u00e1 tr\u1ecb ti\u1ec1n \u0111\u1ed3ng.<\/p>\n

Sau nh\u1eefng n\u0103m li\u00ean t\u1ee5c loay hoay v\u1edbi vi\u1ec7c th\u1ef1c hi\u1ec7n ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 th\u1eaft ch\u1eb7t hay n\u1edbi l\u1ecfng m\u1ed9t ph\u1ea7n, hi sinh t\u0103ng tr\u01b0\u1edfng \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y \u1ed5n \u0111\u1ecbnh v\u0129 m\u00f4 hay c\u00e2n b\u1eb1ng gi\u1eefa t\u0103ng tr\u01b0\u1edfng v\u00e0 l\u1ea1m ph\u00e1t, d\u01b0\u1eddng nh\u01b0 NHNN nh\u1eadn ra r\u1eb1ng b\u1ea5t \u1ed5n c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng n\u1eb1m trong nh\u1eefng ng\u00e2n h\u00e0ng nh\u1ecf v\u1edbi h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb r\u1ee7i ro y\u1ebfu k\u00e9m, v\u00e0 ti\u1ec1m \u1ea9n nguy c\u01a1 m\u1ea5t thanh kho\u1ea3n cao. Ch\u00ednh nh\u1eefng ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m n\u00e0y \u0111\u00e3 nhanh ch\u00f3ng b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh th\u1ebf gi\u1edbi v\u00e0 ch\u00e2m ng\u00f2i cho cu\u1ed9c \u0111ua l\u00e3i su\u1ea5t nh\u1eb1m t\u0103ng thanh kho\u1ea3n \u0111\u1ec3 tr\u00e1nh nguy c\u01a1 \u0111\u1ed5 v\u1ee1. Ch\u00ednh \u0111\u1ed9ng th\u00e1i n\u00e0y \u0111\u00e3 \u0111\u1ea9y h\u1ec7 th\u1ed1ng v\u00e0o r\u1ee7i ro m\u1ea5t thanh kho\u1ea3n d\u00e2y chuy\u1ec1n v\u00e0 \u0111\u1ec3 l\u1ea1i nh\u1eefng h\u1ec7 l\u1ee5y l\u1edbn cho n\u1ec1n kinh t\u1ebf.<\/p>\n

Nh\u01b0 v\u1eady, kh\u00e1c v\u1edbi M\u1ef9, r\u1ee7i ro h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng Vi\u1ec7t nam kh\u00f4ng \u0111\u1ebfn t\u1eeb c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 quy m\u00f4 l\u1edbn (too big to fail) m\u00e0 \u0111\u1ebfn t\u1eeb nh\u1eefng ng\u00e2n h\u00e0ng nh\u1ecf, d\u1ec5 b\u1ecb r\u1ee7i ro thanh kho\u1ea3n v\u00e0 g\u00e2y r\u1ee7i ro lan truy\u1ec1n cho to\u00e0n h\u1ec7 th\u1ed1ng.<\/p>\n

N\u0103m 2012 l\u00e0 n\u0103m NHNN \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 \u0111\u00e3 c\u00f3 nh\u1eefng b\u01b0\u1edbc \u0111i \u0111\u00fang \u0111\u1eafn, \u0111\u1ecbnh h\u01b0\u1edbng cho c\u00f4ng cu\u1ed9c t\u00e1i c\u1ea5u tr\u00fac h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. NHNN ra Ch\u1ec9 th\u1ecb 01 nh\u1eb1m ph\u00e2n lo\u1ea1i c\u00e1c ng\u00e2n h\u00e0ng, \u0111i\u1ec3m m\u1eb7t ch\u1ec9 t\u00ean c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m, ban h\u00e0nh Th\u00f4ng t\u01b0 21 si\u1ebft ch\u1eb7t ho\u1ea1t \u0111\u1ed9ng li\u00ean ng\u00e2n h\u00e0ng v\u00e0 b\u1eaft tay v\u00e0o c\u00f4ng cu\u1ed9c t\u00e1i c\u01a1 c\u1ea5u c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m.<\/p>\n

Ph\u01b0\u01a1ng ph\u00e1p t\u00e1i c\u1ea5u tr\u00fac ng\u00e2n h\u00e0ng l\u00e2m v\u00e0o t\u00ecnh tr\u1ea1ng kh\u1ee7ng ho\u1ea3ng c\u0169ng \u0111\u01b0\u1ee3c NHNN \u00e1p d\u1ee5ng gi\u1ed1ng nh\u01b0 c\u00e1ch C\u1ee5c d\u1ef1 tr\u1eef li\u00ean bang M\u1ef9 \u0111\u00e3 l\u00e0m, bao g\u1ed3m:<\/p>\n

Th\u1ee9 nh\u1ea5t l\u00e0 Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc \u0111\u1ee9ng ra t\u00ecm ki\u1ebfm \u0111\u1ed1i t\u00e1c v\u00e0 b\u1ea3o l\u00e3nh cho ho\u1ea1t \u0111\u1ed9ng s\u00e1p nh\u1eadp gi\u1eefa c\u00e1c ng\u00e2n h\u00e0ng.<\/strong><\/em>\u00a0Theo ph\u01b0\u01a1ng \u00e1n n\u00e0y:<\/p>\n

3 ng\u00e2n h\u00e0ng: Ng\u00e2n h\u00e0ng Th\u01b0\u01a1ng m\u1ea1i c\u1ed5 ph\u1ea7n S\u00e0i G\u00f2n (SCB), Ng\u00e2n h\u00e0ng \u0110\u1ec7 nh\u1ea5t (Ficombank) v\u00e0 Ng\u00e2n h\u00e0ng Vi\u1ec7t Nam T\u00edn ngh\u0129a \u0111\u00e3 h\u1ee3p nh\u1ea5t th\u00e0nh Ng\u00e2n h\u00e0ng Th\u01b0\u01a1ng m\u1ea1i c\u1ed5 ph\u1ea7n S\u00e0i g\u00f2n v\u00e0o th\u00e1ng 01\/2012. Th\u01b0\u01a1ng v\u1ee5 n\u00e0y th\u00e0nh c\u00f4ng d\u01b0\u1edbi s\u1ef1 b\u1ea3o tr\u1ee3 c\u1ee7a Ng\u00e2n h\u00e0ng \u0110\u1ea7u t\u01b0 v\u00e0 Ph\u00e1t tri\u1ec3n Vi\u1ec7t Nam (BIDV), v\u00e0 Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc h\u1ed7 tr\u1ee3 th\u00f4ng qua kho\u1ea3n vay t\u00e1i c\u1ea5p v\u1ed1n. BIDV h\u1ed7 tr\u1ee3 cho ba nh\u00e0 b\u0103ng l\u00e0 tr\u00ean 2.400 t\u1ef7 \u0111\u1ed3ng v\u1edbi t\u1ea3i s\u1ea3n \u0111\u1ea3m b\u1ea3o l\u00e0 t\u1ed5ng t\u00e0i s\u1ea3n c\u1ee7a c\u1ea3 3 ng\u00e2n h\u00e0ng tr\u00ean.<\/p>\n

Ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i c\u1ed5 ph\u1ea7n Nh\u00e0 H\u00e0 N\u1ed9i (Habubank) s\u00e1p nh\u1eadp v\u00e0o ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i c\u1ed5 ph\u1ea7n S\u00e0i G\u00f2n \u2013 H\u00e0 N\u1ed9i (SHB) v\u00e0o th\u00e1ng 08\/2012.<\/p>\n

Th\u00e1ng 10\/2013, PVFC v\u00e0 Western Bank s\u00e1p nh\u1eadp th\u00e0nh PVcomBank.<\/p>\n

Theo th\u00f4ng tin tr\u00ean c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n truy\u1ec1n th\u00f4ng, c\u00e1c th\u01b0\u01a1ng v\u1ee5 M&A s\u1eafp t\u1edbi c\u00f3 th\u1ec3 l\u00e0 Vietcombank v\u1edbi Saigonbank, SouthernBank v\u1edbi Sacombank, VietinBank v\u1edbi OceanBank ho\u1eb7c PGBank, GPBank v\u1edbi LienVietPostBank, BIDV v\u1edbi MHB, MDB v\u1edbi MaritimeBank.<\/p>\n

Th\u1ee9 hai l\u00e0 qu\u1ed1c h\u1eefu h\u00f3a nh\u1eefng ng\u00e2n h\u00e0ng c\u00f3 nguy c\u01a1 ph\u00e1 s\u1ea3n v\u00e0 kh\u00f4ng t\u00ecm \u0111\u01b0\u1ee3c \u0111\u1ed1i t\u00e1c \u0111\u1ec3 s\u00e1p nh\u1eadp<\/strong><\/em><\/p>\n

C\u1ee5 th\u1ec3, ng\u00e0y 05\/03\/2014, Th\u1ed1ng \u0111\u1ed1c NHNN ra quy\u1ebft \u0111\u1ecbnh mua l\u1ea1i Ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i c\u1ed5 ph\u1ea7n X\u00e2y d\u1ef1ng Vi\u1ec7t Nam (VNCB)\u00a0v\u1edbi gi\u00e1 0 \u0111\u1ed3ng v\u00e0 \u0111\u1ed5i t\u00ean th\u00e0nh Ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i tr\u00e1ch nhi\u1ec7m h\u1eefu h\u1ea1n m\u1ed9t th\u00e0nh vi\u00ean (TNHH MTV) X\u00e2y d\u1ef1ng Vi\u1ec7t Nam. Ng\u00e2n h\u00e0ng Ngo\u1ea1i th\u01b0\u01a1ng \u0111\u01b0\u1ee3c ch\u1ec9 \u0111\u1ecbnh \u0111\u1ec3 tham gia qu\u1ea3n tr\u1ecb, \u0111i\u1ec1u h\u00e0nh ng\u00e2n h\u00e0ng n\u00e0y.<\/p>\n

\u0110\u1ea7u th\u00e1ng 03\/2015, l\u00e3nh \u0111\u1ea1o NHNN ti\u1ebfp t\u1ee5c kh\u1eb3ng \u0111\u1ecbnh s\u1ebd ti\u1ebfn h\u00e0nh bi\u1ec7n ph\u00e1p mua l\u1ea1i nh\u01b0 tr\u00ean \u0111\u1ed1i v\u1edbi nh\u1eefng ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m.<\/p>\n

Qu\u1ed1c h\u1eefu h\u00f3a nh\u1eefng ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m, kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng t\u0103ng v\u1ed1n, kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng s\u00e1p nh\u1eadp l\u00e0 m\u1ed9t bi\u1ec7n ph\u00e1p \u0111\u00fang \u0111\u1eafn nh\u1eb1m \u0111\u1ea3m b\u1ea3o gi\u1ea3m thi\u1ec3u r\u1ee7i ro h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh Vi\u1ec7t nam. Tuy nhi\u00ean, v\u1ea5n \u0111\u1ec1 \u0111\u1eb7t ra l\u00e0, NHNN l\u1ea5y ti\u1ec1n \u0111\u00e2u ra \u0111\u1ec3 th\u1ef1c hi\u1ec7n thanh l\u00fd c\u00e1c kho\u1ea3n n\u1ee3 tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh v\u00e0 th\u1ef1c hi\u1ec7n t\u00e1i c\u1ea5u tr\u00fac to\u00e0n di\u1ec7n c\u00e1c ng\u00e2n h\u00e0ng n\u00e0y?<\/p>\n

Ng\u00e0y 06\/03\/2015, NHNN ch\u1ea5p thu\u1eadn cho ph\u00e9p C\u00f4ng ty TNHH m\u1ed9t th\u00e0nh vi\u00ean Qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng Vi\u1ec7t Nam (VAMC) ph\u00e1t h\u00e0nh 80.000 t\u1ef7 \u0111\u1ed3ng tr\u00e1i phi\u1ebfu \u0111\u1eb7c bi\u1ec7t n\u0103m 2015 v\u1edbi th\u1eddi h\u1ea1n tr\u00e1i phi\u1ebfu t\u1ed1i \u0111a l\u00e0 5 n\u0103m. \u0110\u00e2y c\u00f3 th\u1ec3 l\u00e0 kho\u1ea3n ti\u1ec1n c\u1ea7n thi\u1ebft \u0111\u1ec3 NHNN th\u00f4ng qua VAMC mua c\u00e1c kho\u1ea3n n\u1ee3, l\u00e0m s\u1ea1ch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh v\u00e0 duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trong di\u1ec7n mua l\u1ea1i. \u0110\u1ed3ng th\u1eddi, \u0111\u00f3 c\u00f9ng l\u00e0 ngu\u1ed3n d\u00f9ng \u0111\u1ec3 th\u1ef1c hi\u1ec7n t\u00e1i c\u1ea5u tr\u00fac c\u00e1c ng\u00e2n h\u00e0ng n\u00e0y sau khi NHNN n\u1eafm quy\u1ec1n qu\u1ea3n l\u00fd.<\/p>\n

\u0110\u1ed9ng th\u00e1i n\u00e0y \u0111\u00e3 th\u1ec3 hi\u1ec7n r\u00f5 quy\u1ebft t\u00e2m c\u1ee7a NHNN trong vi\u1ec7c t\u00e1i c\u01a1 c\u1ea5u c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m, n\u00e2ng cao thanh kho\u1ea3n cho to\u00e0n h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. Tuy nhi\u00ean, vi\u1ec7c VAMC v\u1edbi v\u1ed1n \u0111i\u1ec1u l\u1ec7 500 t\u1ef7 \u0111\u1ed3ng th\u1ef1c hi\u1ec7n ph\u00e1t h\u00e0nh 80.000 t\u1ef7 \u0111\u1ed3ng tr\u00e1i phi\u1ebfu c\u00f3 th\u00e0nh c\u00f4ng hay kh\u00f4ng v\u00e0 n\u1ebfu th\u00e0nh c\u00f4ng th\u00ec v\u1edbi chi ph\u00ed v\u1ed1n cao hay th\u1ea5p s\u1ebd c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng r\u1ea5t l\u1edbn \u0111\u1ebfn qu\u00e1 tr\u00ecnh mua l\u1ea1i c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m c\u1ee7a NHNN. \u0110\u1ed3ng th\u1eddi v\u1edbi n\u00f3, vi\u1ec7c NHNN mua l\u1ea1i, t\u00e1i c\u01a1 c\u1ea5u v\u00e0 tr\u1ef1c ti\u1ebfp qu\u1ea3n l\u00fd nhi\u1ec1u ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i nh\u1ecf s\u1ebd l\u00e0m gi\u1ea3m hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. Tr\u00ean ph\u01b0\u01a1ng di\u1ec7n r\u1ee7i ro h\u1ec7 th\u1ed1ng, vi\u1ec7c can thi\u1ec7p qu\u00e1 s\u00e2u v\u00e0o ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng t\u1eeb ph\u00eda NHNN v\u1ec1 l\u00e2u d\u00e0i c\u0169ng s\u1ebd l\u00e0m t\u0103ng r\u1ee7i ro ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u1ea3 h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng.<\/p>\n

Do \u0111\u00f3, theo nh\u01b0 \u00fd ki\u1ebfn c\u1ee7a m\u1ed9t s\u1ed1 chuy\u00ean gia \u0111\u00e3 nh\u1eadn \u0111\u1ecbnh, NHNN n\u00ean s\u1edbm \u0111\u01b0a ra c\u01a1 ch\u1ebf v\u00e0 h\u00e0nh lang ph\u00e1p l\u00fd cho ph\u00e9p c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m \u0111\u01b0\u1ee3c ph\u00e1 s\u1ea3n \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a h\u1ec7 th\u1ed1ng, qua \u0111\u00f3 c\u0169ng n\u00e2ng cao kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a to\u00e0n h\u1ec7 th\u1ed1ng v\u1ec1 l\u00e2u d\u00e0i.<\/p>\n

Ths. Tr\u1ea7n Phan Huy Hi\u1ec7u<\/strong><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Th\u1ea1c s\u0129 Qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh, \u0111\u1ea1i h\u1ecdc Melbourne, \u00dac<\/strong><\/em><\/p>\n

Theo info.net<\/strong><\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

N\u1ed9i dung n\u1ed5i b\u1eadt – Sau cu\u1ed9c \u0111\u1ea1i kh\u1ee7ng ho\u1ea3ng 2008, Ch\u00ednh ph\u1ee7 M\u1ef9 \u0111\u00e3 ph\u1ea3i can thi\u1ec7p tr\u1ef1c ti\u1ebfp \u0111\u1ebfn h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh b\u1eb1ng nh\u1eefng ch\u00ednh s\u00e1ch quy\u1ebft li\u1ec7t nh\u01b0 b\u01a1m ti\u1ec1n, h\u1ea1 l\u00e3i vay, mua tr\u00e1i phi\u1ebfu, s\u00e1p nh\u1eadp ng\u00e2n h\u00e0ng, qu\u1ed1c h\u1eefu h\u00f3a ng\u00e2n h\u00e0ng… – Kh\u00e1c v\u1edbi M\u1ef9, r\u1ee7i ro […]<\/p>","protected":false},"author":1,"featured_media":3021,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,1],"tags":[],"class_list":["post-5806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tong-hop","category-tin-tuc"],"acf":[],"_links":{"self":[{"href":"https:\/\/ceco.com.vn\/en\/wp-json\/wp\/v2\/posts\/5806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceco.com.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceco.com.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceco.com.vn\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceco.com.vn\/en\/wp-json\/wp\/v2\/comments?post=5806"}],"version-history":[{"count":0,"href":"https:\/\/ceco.com.vn\/en\/wp-json\/wp\/v2\/posts\/5806\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceco.com.vn\/en\/wp-json\/wp\/v2\/media\/3021"}],"wp:attachment":[{"href":"https:\/\/ceco.com.vn\/en\/wp-json\/wp\/v2\/media?parent=5806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceco.com.vn\/en\/wp-json\/wp\/v2\/categories?post=5806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceco.com.vn\/en\/wp-json\/wp\/v2\/tags?post=5806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}