Mô hình VAMC

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VAMC: Nt c trng v x l n xu

ThS. nGuyn Thanh DnG

Cng ty qun l ti sn ca cc t chc tn dng VN (VAMC) lbc i c th trong qu trnh ti cu trc h thng ngn hngVN. tr thnh cng c c lc v hiu qu cn c iu kin

kinh t v m n nh, khu vc doanh nghip t nhn phc hi v doanhnghip nh nc c cu trc li. Bi vit xut vn dng hp l cchthc nh gi v o lng hiu qu VAMC trong tng thi k. Bn lunv s phi hp hnh ng gia VAMC v AMC ca cc ngn hng trthnh nt c trng trong qu trnh x l n xu ca h thng ngn hng

VN.T kha: X l n xu, VAMC, AMC, ti cu trc h thng ngn

hng.

1. Gii ti

i ph vi cuc khng hongng 1997, cc quc gia trongkhu vc u thnh lp c quan xl n xu nh IBRA (IndonesiaBank Restructuring Agency,

1998); Danaharta (Malaysia AssetManagement Corporation,1998);TAMC (Thai Asset ManagementCorporation, 2001). Vo thi im Th tng ban hnh Quytnh 150/2001/Q - Ttg ngy05/10/2001 cc ngn hngthnh lp cc cng ty qun l tisn (AMC); hai nm sau, Quytnh 109/2003/Q - Ttg ngy05/06/2003 thnh lp cng ty muabn n v ti sn tn ng ca doanhnghip (DATC). C hai quyt nhto cc cng c ng ph vi nhhng khng hong khu vc. Cth ha n ti cu trc (TCT) hthng ngn hng, nm 2013 Chnhph chnh thc thnh lp VAMCtheo Ngh nh 53/2013/N-CPngy 18/05/2013 tp trung x l nxu ca h thng.

Klingebiel D. (2000) tm tt2 loi hnh chnh m cc cng ty

qun l ti sn (QLTS) quc gias dng: (1) Tp trung ti cu trcdoanh nghip k c ngn hng; v(2) Chuyn nhng nhanh n xu.Theo chc nng th VAMC thucloi hnh 2, tp trung x l n xu

ca h thng ti chnh ngn hng.Ngh nh 53 nu r mc tiu, binphp thc hin v t chc dis qun l v gim st ca Ngnhng Nh nc (NHNN). Theokinh nghim quc t, VAMC ck vng t c mc tiu trongtrung hn l nng cao sc kho hthng ngn hng, c th l khngngn hng no ri vo tnh trngkhnh kit v tng trng tn dng

bn vng cho nn kinh t. Bi vitcng c thm c s cho VAMC,nu nhng th thch v bin phpb sung VAMC tr thnh cngc hiu qu trong qu trnh TCT hthng ngn hng.

2. Cg c c s t lpVaMC

Qua cc cuc hi tho khoahc TCT nn kinh t VN, nhiu

tc gi cp n gii php thnhlp cng ty QLTS quc gia nh

kin ca Goyal S. (2011), o ThH Hng (2012). Cc nghincu khoa hc chuyn khc vVAMC phn tch u nhcim ca cc m hnh thnh cng Malaysia, Trung Quc, Hn Quc,

Thi Lan, M, Thy in trn ccphng din nh: loi hnh s hu,mc tiu, t chc, php l v nhgi hiu qu. Sau y tip tc bnlun thm c s l lun v thc tinv mc tiu, vai tr (chc nng) vnh gi hiu qu hot ng caVAMC.2.1. V mc tiu ca VAMC

Theo kt qu phn tch cccng ty QLTS quc gia ca 7 nc

gm: Thy in, Ghana, Phn Lanc mc tiu l TCT doanh nghipk c ngn hng; v Ty Ban Nha,M, Philippines, Mexico c mctiu l x l nhanh n xu. Vi mctiu TCT doanh nghip th ch cThy in l thnh cng, do vycng ty QLTS quc gia c chorng m nhim mc tiu TCTdoanh nghip khng tt. Vi mctiu x l nhanh n xu thTy BanNha v M thnh cng, KlingebielD. (2000). Qua y, vic VAMC


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chn mc tiu chnh l x l nhanhn xu ca cc t chc tn dng(TCTD) l la chn ph hp vikinh nghim quc t.

2.2. V vai tr ca VAMC trongTCT h thng ngn hng

Theo Ingves S., Seelig A. S.,He D. (2004) c nhiu l do thnhlp mt cng ty QLTS quc gianh: (1) Gii quyt thanh khoncho h thng ngn hng nh RTC(Resolution Trust Corporation) caM, FRA (Thai Financial SectionRestructuring Authority) ca ThiLan; (2) TCT cc TCTD nguy kchnhng c kh nng phc hi nhSecurum ca Thy in, Cindathuc Ngn hng Xy dng l mttrong 4 ngn hng quc doanh caTrung Quc; v (3) T nhn hocc ngn hng quc doanh nhConsortium ca Php. Ngoi ra,c s kt hp ca (1) v (2) nhDanaharta v KAMCO (KoreaAsset Management Corporation)

hay kt hp (1) (2) (3) nh IBRA.Trong iu kin thc t ca VNhin nay, VAMC ng vai tr mtcng c gii quyt n xu trongqu trnh TCT h thng ngn hngl tng i hp l.2.3. V nh gi hon thnh mctiu ca VAMC

Klingebiel D. (2000) cho rngmc tiu x l nhanh n xu trongthi hn 5 nm vi tiu ch s nxu c thu hi 50%, cn mctiu trung hn VAMC phi lm hthng ngn hng kho mnh hnvi tiu ch khng c ngn hngno b ph sn v phc hi tngtrng dng tn dng cho khu vct nhn. Do thi gian hot ng5 nm ca VAMC l ph hp vithng l quc t (v tri phiu cbit VAMC c thi hn 5 nm l

va phi). Vic nh gi hiu quca VAMC trong thi gian hot

ng 5 nm xoay quanh 2 tiu chva nu.

3. T tc co VaMC

3.1. Tnh trng kinh t v mPhm Hng Mnh (2013) nhgi kinh t VN 2005-2012 nh sau:Tng trng gn y suy gim, lmpht gim, hiu qu u t v nngsut lao ng thp, cn cn thngmi c ci thin ch yu do gitr tp trung khu vc FDI, thm htngn sch v n cng ng lo ngi,h thng ngn hng tim n nhiuh ly v th ch ch cha theo

kp yu cu hi nhp. Trong boco ca Chnh ph ti k hp th5 Quc hi kho XIII, ch tiu tngtrng GDP v t l u t phttrin x hi so vi GDP khng tyu cu. Nh vy tnh trng kinh tv m nh hng k hoch v mctiu ca VAMC ra sao?

Nghin cu cng ty QLTSquc gia ti Malaysia v Thi Lan,

Inoguchi M. (2012) cho rng kinht v m khi sc th hin tc tng trng GDP s lm gim t ln xu khi tng d n cho vay (tngtrng tn dng). TAMC thc hinchng trnh mua n xu lm gimng k n xu ca h thng ngnhng. Do khi iu kin v mca VN tr nn tt hn th VAMCc iu kin hon thnh mc tiu.Trong giai on 2013-2014 tnh

trng kinh t v m l yu t chnhh tr VAMC hot ng hiu qu.3.2. T l thu hi - Recovery Rate

Cc cng ty QLTS quc gia xl n xu thnh cng t t l thu hicao t 50%-60% nh Malaysia vHn Quc, theo Fung B., George J.,Hohl S., Ma G. (2004). Thc trngn xu ti VN ch yu l BS vigi tr nh gi khong 65%-75%

ca ti sn m bo (TSB). KhiVAMC v cc ngn hng x l thuhi c gi tr t 65%-75%, ngha

l thu hi c 100% n xu. Lu tnh hung gi tr thu hi t di65% TSB th c th do yu tkhch quan ca gi tr th trng

lc tc ng.Ti Trung Quc, t l thu hi n

xu l 20%, Philippines l 20%.Trong thc t khi VAMC i vohot ng, t l thu hi t 20% thc ngha tn tht s l khong 80%(tng ng 4 nm trch lp dphng n xu), gi tr ny rt lnso vi mt ngn hng VN. Gi srng VAMC thnh cng khi thu hi mc 50%, th h thng ngn hngchu mc tn tht l bao nhiu gim ti a nh hng n vn cah thng ngn hng?

T l thu hi cao, cc ngnhng rt ngn thi gian trch lpd phng.3.3. Ri ro o c

Nghin cu ca Terada-Hagiwara, Pasadilla G. (2004) tiThi Lan xt ri ro o c trong

vic cp tn dng kt lun rngTAMC h c t l n xung thi kim sot tt nh hngca ri ro o c trong x l nxu. Nhng AMC thuc ngn hngkch hot ri ro o c khi nhnn xu t ngn hng chuyn sang.Nhng AMC thuc ngn hngquc doanh gia tng gi tr n xudo phi nng gi cao hn (nhmngn nga vic chuyn nhng nxu vi gi qu thp cho nh ut t nhn). Tuy ch o lng tc tng trng tn dng ch khngo lng tm l li, mc giiquyt mua li n xu ca cc ngnhng nhng TAMC kim sot ccvn lin quan n ri ro o ctt hn cc AMC trc thuc ngnhng t nhn hay ngn hng qucdoanh.


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4. Tro i cc lm co VaMCi q

4.1. V m v doanh nghipTnh trng kinh t v m n

nh v khi sc l iu kin htr VAMC hiu qu trong giiquyt n xu ca h thng ngnhng. Lm pht thp, tng trngGDP n nh, duy tr tng trngtn dng hp l, th vic thu hi cckhon n xu do BS v hng tnkho kh quan hn. Tng trng tndng vi cc khon vay mi ccp ng quy trnh v an ton s

gp phn lm gim t l n xu chomi ngn hng.TCT doanh nghip nh bi

hc ca Malaysia, Hn Quc,Thy in v Thi Lan cho thycc DNNN, tp on do chnhph h tr c c cu li n, ctim nng phc hi sn xut kinhdoanh s gip gim t l n xu vng thi tng t l thu hi bngtin mt cc khon n xu ca cc

doanh nghip ti cc ngn hnghay ti cc cng ty QLTS quc gia.VAMC c th hc hi v vn dngsng to. Thm vo , i vi khuvc t nhn, nhng doanh nghipc tim nng khi phc sn xutkinh doanh nn c xem xt avo chng trnh c cu li n. Ghinhn ca L Thanh (2013) NHNNv VAMC tin liu gii php h

tr c th cho khi doanh nghip c iu kin tip tc hot ng.Do vy iu quan trng l nng lcthc hin ca doanh nghip v sgim st ca VAMC.4.2. nh gi v o lng hotng ca VAMC

nh gi hon thnh mc tiutrong vng 5 nm, VAMC chuynnhng 50% n xu (xp x 105ngn t ng) th hon thnh mc

tiu phm vi hp. phm vi rnghn, h thng ngn hng lnh mnh

hn, khng cn ngn hng thucdin phi buc ph sn, t l n xugim di 3%, tng trng dngtn dng phc v vn lu ng cho

nn kinh t.nh gi hiu qu hot ng.

o lng tc x l n xu, t ltng ti sn c chn x l trntng ti sn do VAMC mua t ccngn hng theo gi tr s sch cngcao cng tt. Danaharta t 100%v KAMCO t 58.8%, theo FungB., George J., Hohl S., Ma G.(2004). Tuy t l ny khng thhin tt tc gii quyt n xu,nhng VAMC xem xt lp mt hnmc so snh nht nh nh githc hin trong tng nm v c khoch gia tng t l ny trong nhngnm tip theo.

o lng t l thu hi n xu.T l thu hi tin mt l tin mt dobn c n xu trn tng ti snc chn x l v t l thu hitng hp l tin mt v phi tin mt

(thng hiu v gi tr tri phiuVAMC do ngn hng c thanhton khi chuyn nhng n xucho VAMC) trn tng ti sn cchn x l. Cc cng ty QLTSquc gia trn th gii c t l thuhi n xu dao ng 25%-50%,theo Fung B., George J., Hohl S.,Ma G. (2004). Nu KAMCO chyu t t l thu hi tin mt cao, thTAMC t c t l thu hi tnghp cao do tc ng tch cc cahot ng c cu li n cho doanhnghip hn l TAMC bn ra thtrng cc khon n xu.

Fung B., George J., Hohl S.,Ma G. (2004) cho rng khi s dngt l thu hi tng hp s pht sinhri ro ph do th trng (ResidualRisk) khi gi tr thng hiu cadoanh nghip vay n v tri phiu

ca cng ty QLTS quc gia gimgi tr. Ti VN tri phiu c bit

do VAMC pht hnh mua n xukhng tr li sut v khng cchuyn nhng, do vy v nguyntc tri phiu c bit khng gim

gi trong thi gian 5 nm. V vy tl thu hi tng hp c th ph hp nh gi hiu qu ca VAMChn l dng t l thu hi tin mt.Khi no th t hn mc v t baonhiu cho t l thu hi tng hp?Nhim v VAMC phi x l tithiu 40% v ti a 70% n xutrong nm 2013 c Chnh pht ra cho VAMC, theo kin tTS L Xun Ngha trong ghi nhnca Phng Mai (2013), tuy nhint hn mc cho t l thu hi tnghp cha cn thit trong giai on1-2 nm u hot ng ca VAMCdo cha nh gi chnh xc khnng bn n xu ca VAMC (chyu l BS) trong iu kin kinht v m hin nay. Trong 3 nm tiptheo VAMC cn a ra ch tiu cth (v d 20%, 30%, 40%) lm

mc nh gi v c c s khchquan iu chnh k hoch x l nxu.4.3. Bin php nng cao hiu qux l n xu cho VAMC

Th nht, cc cng ty QLTSquc gia p dng hn hp 2 nguyntc c bn gii quyt n xu: (1)Chuyn i n xu thnh n ckh nng thu hi thng qua c culi n v TCT doanh nghip; v (2)Chuyn nhng nhanh n xu. Tuynhin hai cng ty QLTS quc giaHn Quc v Malaysia tch bit 2nguyn tc trn to nn s thnhcng ca h. Da trn nguyn tc1, KAMCO ch yu c cu li ncho doanh nghip (phc v trongtrung hn) v t x l TCT doanhnghip vi s phi hp khngchnh thc vi Cng ty bo him

tin gi (KDIC). KAMCO muan xu t KDIC, KDIC cng c


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chng trnh bo him tin gi vbm vn cho ngn hng no gpkh khn. S phi hp ny gpphn lm h thng ti chnh phc

hi nhanh. Trong khi Danahartatp trung TCT doanh nghip (phcv trung hn) v phi hp vi Hing TCT doanh nghip (CRDC).Vi c im nn kinh t ca HnQuc, KAMCO ng dng mtphn nguyn tc 2 khi khai thctt cng c chng khon ha cckhon n xu, gip thu c 22%trong tng s tin thu hi n xu.Ngc li, Danaharta tht bi khichng khon ha ch chim 2%trong tng s tin thu hi n xu,theo Fung B., George J., Hohl S.,Ma G. (2004). VAMC nn ch schuyn ha trong phng php thuhi n xu t 2004 tr i, cc cngty QLTS quc gia trn th gii cxu hng kt hp c cu li nxu ca doanh nghip vay n vichuyn nhng nhanh n xu.

Th hai, t t l thu hicao, c im chung l x l doanhnghip vay n. Cch thc rt phbin l c cu li n cho h ngthi TCT doanh nghip ca h.Nh Thi Lan, trong giai on2008-2012 t l thu hi tng hpt xp x 48%-56%, trong trn50% ca t l thu hi tng hp nt vic c cu li n cho doanhnghip. Theo bo co thng ninca TAMC qua cc nm, trn 50%n xu ca doanh nghip cc cu li doanh nghip c chi tip tc kinh doanh (tp trungkhu vc BS v sn xut). Ngoira, TAMC thc thi cc bin phpcng quyt i vi nhng doanhnghip c c cu li n nhngkhng tun th cc iu kin rngbuc trong k hoch tr n. Bn

cnh , TAMC trin khai ccchng trnh thu ht nh u t,

nh kinh doanh BS v nh ut nh, t hnh thnh mnh libn n xu. Tuy bc u chathc s hiu qu nhng to ccs kin tuyn truyn v ku gi sng h ca cng ng, theo TAMC(2011).

4.4. S phi hp gia VAMC vAMC ca cc ngn hngAMC ca cc ngn hng cn

tch cc cng VAMC hon thnhmc tiu x l dt im n xu vtng trng hp l cho nn kinh t.Nh Thi Lan, cc AMC hotng khng hiu qu, Trung Qucc 5 AMC ca 5 ngn hng qucdoanh nhng khng c nhgi cao. Nu VN khc phc cnhc im ny th cng tc x ln xu ti VN s mang c trngring bit.

Thy Th (2013) ghi nhn mts kin chuyn gia v cc bci c th, hu ch cho VAMC nhsau: (1) Ngn hng s chn t xl n xu c TSB; (2) VAMCs thc hin c cu li n cho ccdoanh nghip vay n, p dng li

sut ph hp, gim tin li, xemxt cp u t ti chnh phc hi

sn xut kinh doanh; v (3) Chnhph gii quyt nhng bt cp vro cn lin quan tnh trng phpl, th tc sang nhng TSB, xctin thng mi h tr nh u tkhi mua TSB phc v sn xutkinh doanh.

im then cht t t l thuhi tng hp cao chnh l tp trungc cu li n cho v m bo khoch tr n ng hn ca doanhnghip vay n hn l vic pht miTSB. Vai tr ca AMC l h tr,hp tc tch cc vi VAMC trongvic gim st, c thc cc doanhnghip c c cu li n thchin ng k hoch tr n.

i vi nhm doanh nghipbuc phi tch thu v pht mi tisn, th t l tng gi tr n xu cacc doanh nghip c c cu lin v TCT nhng b ph sn nnduy tr mc thp t 2%-5% tnggi tr s sch n xu c chn x l. Vic tch thu v pht mi tisn trong iu kin hin nay khngkh quan. V th s kt hp chtch gia VAMC v cc AMC cn

c cng c v cng phi hpvi cc c quan hu quan nhm


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tm cc i tng nh u t muacc khong n xu ny nh cchlm ca Hn Quc v Thi Lan.Mt khc, ring v n xu l BS,

VAMC v cc AMC ch ng tmhiu nhu cu v nh , nhu cu mtbng kho bi, nh xng nhngQuy m ph hp chuyn inh v mt bng, nh xng phhp vi nhu cu (chia l t nhhn, din tch cn h va phi, gpvn t lp lin doanh lin kt vinh sn xut c tim nng)4.5. Khch l s phi hp giaVAMC v cc ngn hng

Vic VAMC mua n xu r rngmang li li ch cho cc ngn hng.Tuy nhin tri phiu VAMC khngtr li sut v cc ngn hng trchlp d phng 20%/nm trong vng5 nm cho cc khon n xu mVAMC quyt nh mua li khngthc s to ng lc cho cc ngnhng bn n xu, c bit l nhngkhon n c TSB. NHNN c

th to s khch l bng vic tnhton mt mc li sut ti cp vnph hp khi cc ngn hng vay ticp vn ti NHNN bng tri phiuVAMC. Cn thit c mt kch bnc th v cc mc li sut ti cpvn v d nh NHNN cam kt mcli sut c nh t 1%/nm - 3%/nm trong 5 nm.

Ngoi ra cn c hnh thc khenthng i vi nhng ngn hngtch cc x l n xu c bit cckhon n ca cc doanh nghip cnguy c ph sn. Nhng ngn hngno c th thu hi tin mt cckhon n xu nh vy trn mc50% gi tr n xu th NHNN cu tin gim t l trch lp d phngcho 50% gi tr n xu khng ththu hi c, gim mc gnh chutng tn tht (tng gi tr n xu

khng th thu hi ca ngn hng), ngh B Ti chnh gim

thu thu nhp trong nm ang xt.Khi mt ngn hng tch cc

gim t l tng n xu ca ccdoanh nghip c TCT nhng b

ph sn di mc 2% trn tnggi tr s sch n xu c chn x l th c NHNN xem xt hnhthc khch l ph hp.

Phn tn tht chung khng thphc hi c trong qu trnh x ln xu ca h thng ngn hng nnc k hoch phn chia mc chung tn tht cho tng i tnglin quan nh ngi ph trch cptn dng, doanh nghip vay n, chs hu ngn hng. iu ny thhin trch nhim trc php lutca tng i tng lin quan trnmt khon n xu, cng nh trchnhim ca mi ngn hng trongh thng. VAMC xy dng c chphn chia t l chu tn tht theohiu qu x l n xu ca tng itng trong mt ngn hng v camt ngn hng trong h thng.

Vi mc tiu x l n xu ccTCTD v tng trng tn dng hpl cho nn kinh t, thi gian 5 nmcho VAMC khng phi l di. Xl n xu vi iu ct li l TCTdoanh nghip k c cc ngn hng,DNNN, khu vc t nhn th thigian hot ng ca VAMC c thko di t 5-10 nm. Mt khi hthng ngn hng vng mnh, snxut kinh doanh phc hi v giatng nng sut th rt ng gi sovi tn tht chung do phn n xucn li khng x l c. Phi mbo c gi tr mt i c bp bng s pht trin kinh t bnvng sau 5-10 nm ti. Nu quanim c bn ny c x hi ngthun, th nhn dn cng vi nhnc s vng tin chung sc vtqua th thch chng gai nyl

TI LIU THAM KHO

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Fung B., George J., Hohl S., Ma G. (2004),Public Asset Management Companies inEast Asia-A Comparative Study, www.

bis.org/fsi/fsipapers03.pdf Goyal S. (2011), Ti cu trc ngn hng

c vn - Cc bi hc kinh nghim

t ton cu, http://ueb.vnu.edu.vn/Uploads/ f i l e / [email protected]/2011/12/22/2.3.%20Hoi%20

thao%20DHQG_Bai%20trinh%20bay%20Sameer_V.

http://ttvn./2013060723454053711p0c1004/ts-le-xuan-nghia-hieu-ung-ky-thuat-cua-vamc-se-anh-huong-manh-den-cac-

ngan-hang-yeu-kem.htmIngves S., Seelig A. S, HeD. (2004),Issues in

the Establishment of Asset Management

Companies, IMF Policy DiscussionPaper, www.imf.org/external/pubs/ft/

pdp/2004/pdp03.pdf

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Asia pacic Economic Paper,No. 398,2012.

KlingebielD. (2000), The Use of AssetManagement Companies in theResolution of banking Crises:

Cross-Country Experience, http://e l ibrary.worldbank.org/content /workingpaper/10.1596/1813-9450-2284

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Ngh, Tp ch Cng ngh ngn hng,s 85, trang 03-10.

Phng Mai (2013), TS L Xun Ngha:Hiu ng k thut ca VAMC s nhhng mnh n cc ngn hng yu

kmTAMC (2011),Impaired Asset Management

Report for the First Quarter of Year

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