TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -1- B GIO DC V O TO TRNG I HC KINH T TP. H CH MINH [\ CHU THIN TRC QUNH TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP Chuyn ngnh: Kinh t Ti chnh ngn hng M s : 60.31.12 LUN VN THC S KINH T NGI HNG DN KHOA HC: TS. BI KIM YN Tp. H Ch Minh NM 2006 TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -2- Muc Luc e mucTrang DANH MUC CH VIET TAT PHAN M AU NOI DUNG CHNG I: MOT SO KHAI NIEM LIEN QUAN EN CONG TY QUAN LY QUY VA QUY AU T 1 I. CONG TY QUAN LY QUY ................................................................................1 l. Khu nom vo cong ty qoun y qoy ............................................ l 2. Choc nung hout dong vu cuc sn phm cou cong ty qoun y qoy l 2.l oun y qoy duo to ................................................................ l 2.2 1o vun duo to vu to vun tu chnh............................................ l 2.3 Nghon coo ............................................................................ 2 3. Co cho gum sut cou qoy, cong ty qoun y qoy vu cuc co qoun choc nung ............................................................................................ 2 ll. |Y DA| 1|.......................................................................... 2 l. Khu nom vo qoy duo to .......................................................... 2 2. Cac loai hnh quy au t.....................................................................................3 2.1 Can c vao nguon von huy ong......................................................................3 2.1.1 Quy au t tap the (quy cong chung) .............................................................3 2.1.2 Quy au t ca nhan( Quy thanh vien) ............................................................4 2.2 Can c vao cau truc van ong von...................................................................5 2.2.1 Quy ong........................................................................................................5 2.2.2 Quy m ...........................................................................................................5 2.3 Can c vao c cau to chc va hoat ong cua quy ............................................6 TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -3- 2.3.1 Quy au t dang cong ty ................................................................................6 2.3.2 Quy au t dang hp ong.............................................................................6 3. C cau to chc va hoat ong cua Quy au t ....................................................7 3.1 C cau to chc ..................................................................................................7 3.2 Hoat ong cua Quy au t................................................................................8 3.2.1 Hoat ong huy ong von ................................................................................8 3.2.2 Hoat ong au t ......................................................................................... 10 3.3 Cac loai ph va chi ph thong thng..............................................................10 3.3.1 Loai ph ma nha au t chi tra khi ho bat au tham gia va khi rut tien khoi quy..............................................................................................................................10 3.3.2 Loai chi ph trc tiep len quy ....................................................................... 10 3.3.3 Ph quan ly ................................................................................................... 10 4. Vai tro cua Quy au t trong nen kinh te .........................................................11 4.1 oi vi nen kinh te noi chung........................................................................11 4.2 oi vi th trng chng khoan......................................................................12 4.3 oi vi nha au t..........................................................................................13 4.4 oi vi ngi can von la cac DN...................................................................14 III.KINHNGHIEMCUACACNCOIVISRAIVAPHATTRIEN QUY AU T BAI HOC KINH NGHIEM OI VI VIET NAM.................15 1.Quy au t tai th trng cac nc phat trien....................................................17 1.1 Quy au t tai My ..........................................................................................17 1.2 Quy au t tai Nhat ........................................................................................18 2. Quy au t tai cac nc ang phat trien ..........................................................20 2.1 Quy au t tai Trung Quoc.............................................................................20 2.2 Quy au t tai Thai Lan .................................................................................23 IV. KET LUAN.....................................................................................................27 TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -4- CHNG II : TNH HNH HOAT ONG CUA CAC QUY AU T TAI VIET NAM.......................................................................................................................28 I. GII THIEU VE MOT SOQUY AU T VA CONG TY QUAN LY QUY TAI VIET NAM....................................................................................................28 1. Cong ty lien doanh quan ly Quy au t chng khoan Viet Nam va Quy au t Vietfund................................................................................................................28 1.1 Cong ty lien doanh quan ly quy au t chng khoan Viet Nam(VFM).........28 1.2 Quy au t Vietfund....................................................................................29 2. Dragon Capital..................................................................................................29 2.1 Vietnam Enterprise Investment Limited (VEIL) ...........................................29 2.2 Vietnam Growth Fund (VGF).........................................................................29 2.3 Vietnam Dragon Fund(VDF)..........................................................................30 3.Vina Capital.......................................................................................................30 3.1 Vietnam Opportunity Fund ( VOF).................................................................30 3.2 Quy bat ong san (Vinaland Fund) ................................................................31 3.3 Quy TechFund................................................................................................31 4. Mekong Capital ................................................................................................32 4.1 Quy doanh nghiep Mekong 1 .........................................................................32 4.2 Quy doanh nghiep Mekong 2 .........................................................................34 5. Indochina Capital..............................................................................................34 6. Cong ty Finansa................................................................................................35 6.1 Quy Vietnam Frontier Fund ...........................................................................35 6.2 Qu Vietnam Equity Fund ................................................................................. 35 7. Fanxipang Asset Management Ltd...................................................................36 7.1 Quy PXP Vietnam Fund .................................................................................36 8. Vietnam Holding Asset Management ..............................................................36 8.1 Quy Vienam Holding......................................................................................36 TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -5- 9. Quy au t PENM............................................................................................37 10. Cac quy au t Han Quoc ..............................................................................38 11. Cong ty quan ly quy Prudential......................................................................39 11.1 Quy bao ph ..................................................................................................39 11.2 Quy can bang................................................................................................39 12. Cong ty quan ly quy Bao Viet........................................................................40 12.1 Quy au t Bao Viet.....................................................................................40 13. Cong ty quan ly quy au t Thanh Viet .........................................................41 13.1 Qu Saigon Fund A1........................................................................................ 41 14. Cong ty quan ly quy Ngan hang Vietcombank..............................................42 14.1 Quy VCBF1..................................................................................................42 14.2 Qu VCBF2...................................................................................................... 42 15. Cong ty quan ly quy Ngan hang T&PT Vit Nam......................................43 15.1 Quy au t Vit Nam....................................................................................43 16. Cong ty quan ly quy Ngan hang An Bnh ......................................................43 II. ANH GIA TNH HNH HOAT ONG CUA CAC QUY AU T TAI VIET NAM TRONG THI GIAN VA QUA...................................................45 1. Qua trnh hot ong cua cac quy au t tai Viet Nam.....................................45 1.1 Nhng Quy au t tai Viet nam trc thi ky khung hoang Kinh te Chau A nam 1997 ..............................................................................................................45 1.2 Cac quy au t xuat hien sau nam 1997 n au nam 2006..........................46 1.3 Giai on t au nam 2006 en nay...............................................................48 2. Nhng thuan li i vi hot ng ca cc qu u t ti Vit Nam.................50 2.1 Nhng yu t v mt v m, chnh sch............................................................. 51 2.1.1 Khung php l v chng khon v TTCK cung nh cc vn bn lin quan tng i hon chnh .......................................................................................................... 51 TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -6- 2.1.2 Tng trng kinh t Vit Nam ni chung v ngnh ni ring s to nhng iu kin thu ht vn u t cho Qu............................................................................... 52 2.1.3 Nhng hip hi ngh nghip ra i l cu nih tr cho Qu u t.......... 53 2.2 Nhng yu t thun li i vi hot ng huy ng vn cho Qu u t......... 53 2.2.1 u t trong nc gia tng............................................................................. 53 2.2.2 Thu nhp ca ngi dn c nng ln.......................................................... 54 2.2.3 Ngun vn u t gin tip nc ngoi c khuynh hng gia tng............... 54 2.2.4 Cc c hi u t khc ang mt dn u th.................................................. 54 2.2.5S quan tm ca ng o cng chng s to c mt knh huy ng vn to ln cho Qu u t ................................................................................................... 55 2.3 Nhng yu t thun li phc v cho hot ng u t ca Qu u t............. 55 2.3.1 Vic y mnh chnh sch CPH ca Vit Nam to ra lng hng ha di do cho Qu u t ......................................................................................................... 55 2.3.2 Th gi c phiu ca Vit Nam hin nay ang thp so vi gi tr thc........... 56 3. Nhng kho khan nh hng n hot ng ca Qu u t..............................56 3.1 Nhng yu t kh khn v mt v m, chnh sch............................................. 57 3.2 Nhng yu t kh khn nh hng n hat ng huy ng vn..................... 57 3.2.1 Quy mTTCK cn nh b .............................................................................. 57 3.2.2 Ngun vn FII vo Vit Nam ang tng nhng cha p ng nhu cu .... 57 3.2.3 S hiu bit ca cng chng v Qu u t cn t .......................................... 58 3.3 Nhng kh khn nh hng n hot ng u t ca Qu.............................. 60 3.3.1 Lng hng ha tuy tng nhiu nhng vn cn t...................................... 60 3.3.2 Nhng kh khn v vic minh bch thng tin ca doanh nghip di tng u t ca Qu................................................................................................................. 61 3.3.3Thiu i ng nhng nh qun l chuyn nghip .......................................... 61 4. nh gi chung..................................................................................................... 62 4.1 V quy m ca Qu u t................................................................................. 62 4.2 Nhn lc ca cc Qu u t.............................................................................. 62 4.3 Hiu qu hot ng ca cc qu u t.............................................................. 63 III. KT LUN CHNG II ............................................................................... 64 TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -7- CHNGIII:CACGIAIPHAPPHATTRIENQUYAUTTAIVIET NAM N NM 2010............................................................................................ 65 I.QUANIMVNHHNGPHTTRINTTCKVITNAMN NM 2010 ..............................................................................................................65 1.Quan im..........................................................................................................65 2. nh hngpht trin TTCK Vit Nam............................................................65 II. L TRNH PHT TRIN QU U T CHNG KHAN VIT NAM N NM 2010................................................................................................................ 68 III. CAC GIAI PHAP PHAT TRIEN QU U T N NM 2010...............68 1. Cac giai phap ve hoan thien moi trng phap ly .............................................69 1.1 Hoan thien Luat chng khoan va cac VB Luat lien quan..............................70 1.2 Hoan thien cac chuan mc ke toan tiep can dan chuan mc quoc te............71 1.3 M rng v pht trin cc nh ch ti chnh trung gian................................... 71 2. Cac giai phap thuc ay hot ng huy ng vn di vi Qu u t................72 2.1 Khuyen khch Quy bao hiem xa hoi va cac cong ty bao hiem tham gia au t vao TTCK thng qua vic gp vn vo Qu u t ..............................................72 2.2KhuyenkhchsdungnguonthutbaohiemnhanthoeautvaoTTCK thng qua vic gp vn vo Qu u t ................................................................72 2.3 Tang cng pho bien kien thc chng khoan ................................................73 3. Cac giai phap nham tang lng hang hoa phuc vu nhu cau au t cua Quy...73 3.1 Tang quy mo cua TTCK.................................................................................73 3.2 Khuyen cao doanh nghiep thc hien mo hnh quan tr cong t y u viet ........74 3.3 Chu trong ao tao oi ngu cac nha quan ly ...................................................75 IV. KT LUN CHNG III.............................................................................. 75 KET LUAN TAI LIEU THAM KHAO TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -8- DANH MC CH VIT TT TTCK : Th trng chng khonUBCKNN: y ban chng khon nh ncTTGDCK: Trung tm giao dch chng khonSGDCK: S giao dch chng khon TMCP: Thng mi c phnNHTMCP: Ngn hng Thng mi c phn DNNN: Doanh nghip Nh nc NN: Nh nc CPH : C phn ha TNN : u t nc ngoi DN : Doanh nghip TNHH : Trch nhim hu hn CNTT:Cng ngh thng tin TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -9- PHN M U 1. TNH CP THIT V NGHA CA TI i mi v pht trin ton din nn kinh t l mt ch trng ln,mangtnhchtthayicnbncngvNhnc Cng ho x hi ch ngha Vit Nam kin tr thc hin trong nhng nm va qua. Trn c s , chin lc n nh v pht trin kinh t ca Vit Nam n nm 2010 l phn u a nn kinh t t nc bc u t c cc tiu ch ca mt nc cng nghip tin tin, c c s vt cht hin i, vi c cu kinh t ph hp, a mc tng trng GDP hng nm t 7-9%. y chnh l nhng yu t thit lp nhng tin cho s nghip "Cng nghip ho - Hin i ho" ca t nc trong th k XXI. thc hin mc tiu trn, iu kin cn bn l phi huy ng c ti a mi ngun lc trong v ngoi nc, trong ngun vn trongnccnhgilcbitquantrng.Chnhphc nhngchnhschcbitkhuynkhchsthamgiavtilc camithnhphnkinht,tndngminguntitkim,kc ngun vn nhn ri trong dn, bin cc ngun vn ny thnh ngun vn u t hu ch Xut pht t yu cu bc thit phi hnh thnh mt knh huy ng vn trung v di hn p ng nhu cu vn u t cho nn kinhttrongsnghipcngnghiphahinihatnc, TTCK Vit Nam chnh thc c thnh lp vo thng 7/2000. Cho n nay, qua hn su nm hot ng, mc d t c mt s kt qu bc u ng khch l nhng TTCK Vit Nam vn cn nhiu mt hn ch, mt trong s l s thiu n nh ca th trng. S thiu vng vai tr ca cc nh u t c t chc, c bit l cc t TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -10- chc u t chuyn nghip nh cc qu u t chng khon l mt trong nhng nguyn nhn chnh khin cho TTCK Vit Nam cha n nhvphttrintrongnhngnmqua.Chnhvvy,shnh thnhccquutchngkhontrnTTCKVitNamlhtsc cn thit v c ngha ht sc quan trng i vi vic thc y s pht trin ca TTCK Vit Nam. Hn na, do TTCK Vit Nam vn cn kh mi m i vi i b phn cng chng u t nn kin thc v kinh nghim ca cc nh u t c nhn khng nhiu. L mt nh ch u t chuyn nghip viingnhnlcctrnhchuynmnvkinhnghim,s xuthincaccquutchngkhonsgpphnthuht ngun vn u t vo TTCK. Mt khc, vi mc tiu u t di hn v nhng u im vt tri v nng lc ti chnh, s hnh thnh ca ccquutchngkhonsgpphnbnhnvdndtth trng,toiukinTTCKVitNamphttrinnhanhchng tr thnh mt knh huy ng vn trung-di hn c hiu qu cho nn kinh t. 2. TNH HNH NGHIN CU TI TRONG V NGOI NC Do qu u t chng khon l mt nh ch ti chnh xut hin kh lu cc TTCK pht trin nn trn th gii c nhiu tc gi nghin cu v ti ny vi nhng ni dung ht sc phong ph. Tuynhin,doquutchngkhonvncnlmtkhi nim tng i mi m Vit Nam nn cc nghin cu i vi ti ny cha nhiu. Ngoi mt s nghin cu v hot ng ca cc qu u t mo him nc ngoi Vit Nam trong thp nin 1990 nh: TngquanccquutVitNamcaBearStensvonm 1997 v Thnh lp Qu u t mo him Vit Nam mt nghin cusbcaAdamSackvJohnMcKenziethucChngtrnh phttrinkinhttnhnMPDFvonm1998,cncmts TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -11- chuyn nghin cu ca thc s kinh t Bi Vit Thuyn v ti Gii php pht trin qu u t chng khon Vit Nam ca Thc s kinh t Nguyn Th Minh Hng, ti nghin cu khoa hc v Qu u t ca tc gi Bi Nguyn HonNhng trn ht, tt c cc ti liu trn u c cc tc gi nghin cu cch y kh lu, do vy thiu tnh thi s ca ti.3. MC CH V NHIM V NGHIN CUTrncsnghincuvcim,mhnhtchcvhot ng ca cc loi hnh qu u t chng khon, kinh nghim v vic xy dng v pht trin Qu u t ca cc TTCK pht trin v tnh hnhhotngcamtsquutchngkhonVitNam trong thi gian qua, qua , ti s xut mt s gii php v khung php l, v mt chnh sch nhm pht trin cc qu u t chng khon Vit Nam trong giai on ti. 4. I TNG V PHM VI NGHIN CU i tng nghin cu ca ti l cc vn v tnh hnh hot ngcaccquuttaragiiphpphttrinqu u t chng khon Vit Nam. V khng gian, lun vn nghin cu trn a bn c nc. V thi gian, gii hn nghin cu ca ti l hot ng ca ccquutchngkhonVitNamtnm1991nnm 2006. V ni dung, lun vn tp trung nghin cu cc qu u t cc nc pht trin, rt ra bi hc kinh nghim cho Vit Nam, tnh hnh hot ng ca cc qu u t chng khon ti Vit Nam. Trn c s nhng nghin cu trn, lun vn s xut mt s gii php pht trin cc qu u t chng khon Vit Nam. 5. PHNG PHP NGHIN CU TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -12- gii quyt cc mc ch m ti hng n, tc gi s dng ch yu phng php nghin cu nh lng v phng php nghin cu nh tnh nh: Sdngphngphpthngklchsvphngphptng hp nh gi v tnh hnh hot ng ca cc qu u t Vit Nam thi gian qua. S dng cc phng php phn tch, phng php so snh lin h kinh nghim cc nc lm c s xut cc gii php ph hp nhm pht trin qu u t chng khon Vit Nam. 6. NG GP MI CA LUN VN Trn c s nghin cu nghim tc, lun vn ng gp mt s lun im mi v mt l thuyt v thc tin nh sau: tng hp mt cch tng i h thng v y hot ng ca cc qu u t Vit Nam t nm 1991 n nay. xut c l trnh pht trin qu u t chng khon Vit Nam n nm 2010. 7. KT CU LUN VN Ngoi phn m u, kt lun, cc bng biu, danh mc ti liu tham kho v ph lc, ni dung ca lun vn gm c 3 chng: Chngmt:Mtskhinimlinquanncngty qun l qu v Qu u t Chnghai:Tnhhnhhotngcaccquut chng khon Vit NamChngba:Ccgiiphpphttrinquutchng khon Vit Nam TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -13- CHNG I : MT S KHI NIM LIN QUAN N CNG TY QUN L QU V QU U T I. CNG TY QUN L QU 1. Khi nim v Cng ty qun l qu Theokhinimvcngtyqunlquut(Management Company) th cng ty qun l qu l cng ty chuyn trch thc hin vic qun l cc qu u t. Cc qu u t c t chc di dng mt cng ty, pht hnh c phn. Cng ty u t s dng nh t vn ut,hayngiqunlutquytnhloichngkhon no s a vo danh mc u t ca qu. Ngi qun l qu uc tonquynqunldanhmcut,muabnchngkhanph hp vi cc mc tiu u t ca Qu.Cn c vo Lut chng khon ban hnh ti Vit Nam th cng ty qunlqulcngtyTNHHhaycngtycphnthchinvic qunldanhmcutchngkhon,qunlquutchng khan v c php huy ng v qun l cc qu u t nc ngai c mc tiu u t ti Vit Nam.2. Chc nng hot ng v cc sn phm ca cng ty qun l qu Thcchtvhotngcacngtyqunlqulthchin chc nng v qun l vn ti sn thng qua vic u t theo danh mc u t hiu qu nht lm gia tng gi tr ca qu u t. 2.1. Qun l qu u t (Asset management) Huy ng v qun l vn v ti sn Tp trung u t theo danh mc u t Qun l u t chuyn nghipTM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -14- Cc qu u t c qun l bi cc chuyn gia c k nng v giu kinh nghim ngi m c la chn nh k cn c vo tng li nhun h lm ra. Nhng chuyn gia khng to ra li nhun s b thayth.Mttrongnhngnhntquantrngtrongvicchnla qu u t tt l qu phi c qun l tt nht.2.2 T vn u t v t vn ti chnh Thc hin vic t vn u t v t vn v qun tr cho cc khch hng H tr khch hng ti u ha cc khon u t thng qua cc cng c ti chnh Ti u ha cc ngun vn cho cc nh u t2.3 Nghin cu Thng qua vic phn tch nh gi v th trng, phn tch gi trtichnhvgitrutvhtrchocchotngqunl u t v cc t vn nh nu trn.3.Cchgimstcaqu,cngtyqunlquvccc quan chc nng theo quy nh ca Vit Nam C quan qun l ch quan ca cng ty qun l qu l y Ban Chng Khon Nh Nc Vit Nam (UBCKNN Vit Nam), B Ti Chnh v Ngn hng Nh Nc Vit Nam gim st ton b hot ngcacngtyqunlqu,ccquutvccngn hng gim st v mt v m.Ngnhnggimstthchinvicboqun,luktisn ca Qu u t chng khon v gim st cng ty qun l qu nhm bo v li ch ca ngi u t.Cngtyqunlquthchinvicqunlquvicut theo danh mc u t c nu trong co bch ca qu.TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN Cng ty kim ton: thc hin vic kim tra, nh gi khch quan v chnh xc tnh hnh hot ng ca qu u t, bo m s minh bch.II. QU U T 1. Khi nim v qu u t: Qu u t l mt nh ch ti chnh trung gian phi ngn hng thu ht tin nhn ri t cc ngun khc nhau u t vo cc c phiu, tri phiu, tin t, hay cc loi ti sn khc. Tt c cc khon utnyucqunlchuynnghip,chtchbicngty qun l qu, ngn hng gim st v c quan thm quyn khc. Di s iu hnh ca cng ty qun l qu, thng qua Qu u t, tin u t ca cc c nhn v t chc c lun chuyn theo s sau:

2. Cc loi hnh qu u tHin nay, trn th gii c rt nhiu loi hnh qu u t cn c theo tiu ch phn loi khc nhau.2.1. Cn c vo ngun vn huy ng: 2.1.1 Qu u t tp th (qu cng chng):Lquhuyngvnbngcchphthnhrngriracng chng. Nhng ngi u t c th l th nhn hay php nhn nhng SVTH: CHU THIN TRC QUNH -15- TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -16- aphnlccnhutringl.Qucngchngcungcpcho ccnhutnhphngtinutmboadnghau t, gim thiu ri ro v chi ph u t thp vi hiu qu cao do tnh chuyn nghip ca u t mang li. y cn gi l qu u t tp th, l nhng qu u t c hnh thnh t vn gp ca rt nhiu nh u t v u thc cho mt cngtyqunlquthchincchotngutcaqu. ThutngMutualFundcnghalqutngh,thutngny c dng rt nhiu M, ni c h thng cc qu u t rt pht trin.Thutngnycnglmtcchgiiviccqucng chng. Vichuyngvncaccqunycthchinthngqua nhng t pht hnh chng ch qu ra cng chng. Khi tham gia vo cc qu cng chng, cc nh u t c hng cc li ch sau: c hng li t vic u t a dng ha, nh , gim thiu cc ri ro khng h thng. chnglinhgimthiuccchiphutdoquym u t ca cc qu thng ln. Vn ca cc nh u t c qun l bi cc chuyn gia u t c chuyn mn v giu kinh nghim ca mt cng ty qun l qu. Ccchngchqucngctnhthanhkhonnhmtloic phiu,nh,ccnhutcthddngbnccchng ch qu khi cn thit. Do ngun vn ca qu cng chng c huy ng t nhiu nh u t nn hot ng u t ca qu cng chng phi tun th rt nhiu hn ch nghim ngt ca php lut. Cng ty qun l qu thc hin qun l cng phi tun th rt nhiu iu kin kht khe trong hotngqunlccquny.Mcchcacchnchtrnl TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -17- nhm m bo s an ton cho Qu u t chng khon, bo v li ch hp php v chnh ng ca cc nh u t. 2.1.2 Qu u t c nhn (Qu thnh vin):Qunyhuyngvnbngphngthcphthnhringl chomtnhmnhccnhut,cthclachntrc,l ccthnhnhayccnhchtichnhhoccctponkinht ln,dovytnhthanhkhoncaqunysthphnqucng chng.Ccnhutvoccqutnhnthngvilngvn lnvili,hcththamgiavotrongvickimsotut ca qu. Vbncht,QuthnhvinlmtdngQuutchng khon, tuy nhin, qu ny ch gii hn mt s t nh u t tham gia gp vn. Mc tiu ch yu ca vic thnh lp cc Qu thnh vin l thchincchotngutctnhchttngimohim. Cchotngutnycthmnglinhngkhonlinhun tim nng rt cao cho cc nh u t, tuy nhin ri ro cng rt ln. Vi tnh cht ri ro nh vy, cc qu thnh vin khng ph hp vi vic huy ng vn t cng chng. Quy m v phm vi huy ng vn ca qu ch tp trung vo mt s t nh u t ln, c tim lc tichnhvckhnngchpnhnnhngrirocaotronghot ng u t. Chnh v vy, tham gia vo qu thnh vin, cc nh u t phi t c nhng iu kin nht nh do php lut t ra. Vi tnh cht v mc tiu u t nh trn, cc qu thnh vin thng khng phi chu cc hn ch nh qu cng chng. Hinti,huhtccnccthtrngchngkhonpht trin u c hnh thc qu u t ny. 2.2. Cn c vo cu trc vn ng vn TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -18- 2.2.1 Qu ng y l hnh thc qu pht hnh chng ch qu mt ln duy nht khitinhnhhuyngvnchoquvqukhngthchinvic mualicphiu/chngchutkhinhutcnhucubn li.Nhm to tnh thanh khon cho loi qu ny, sau khi kt thc vic huy ng vn (hay ng qu), cc chng ch qu s c nim yttrnthtrngchngkhon.Ccnhutcthmuahoc bn thu hi vn c phiu hoc chng ch u t ca mnh thng quathtrngthcp.Tngvnhuyngcaqucnhv khng bin i trong sut thi gian qu hot ng. 2.2.2 Qu m Khc vi qu ng, tng vn ca qu m bin ng theo tng ngy giao dch do tnh cht c th ca n l nh u t c quyn bn li chng ch qu u t cho qu, v qu phi mua li cc chng ch theo gi tr thun vo thi im giao dch. i vi hnh thc qu ny, cc giao dch mua bn chng ch qu c thc hin trc tip vi cng ty qun l qu v cc chng ch qu khng c nim yt trn th trng chng khon. Do vic i hi tnh thanh khon cao, hnh thc qu m ny mi ch tn ti cc nc c nn kinh t v thtrngchngkhonphttrinnhChuu,M,Canadav cha c mt ti Vit Nam.Qu u t dng ngQu u t dng m -Slngcphiu/chngch qu hin hnh c nh -SL c phiu pht hnh lun lun thay i -Chobnracngchng/pht hnh ch 1 ln -Cthchobnracng chng/pht hnh nhiu ln -Qukhngmualiccc phiu/chngchqupht -Qusnsngmualiccc phiu/chngchqupht TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -19- hnhhnh-Cphiu/chngchquc giaodchtrnthtrngchnh thc hoc OTC -Cphiu/chngchquc phpmuatrctiptQuu t, ngi bo lnh pht hnh hay migii,ccilcy quyn -Gigiaodchcxcnh theogitrcungcu,dogi muacththphnhoccao hn gi tr ti sn thun -Gigiaodchlgitrtisn thuncng/hoctrphhoa hng 2.3. Cn c vo c cu t chc v hot ng ca qu2.3.1 Qu u t dng cng ty Trongmhnhny,quutlmtphpnhn,tclmt cng ty c hnh thnh theo quy nh ca php lut tng nc. C quaniuhnhcaonhtcaqulhingquntrdoccc ng (nh u t) bu ra, c nhim v chnh l qun l ton b hot ng ca qu, la chn cng ty qun l qu v gim st hot ng u t ca cng ty qun l qu v c quyn thay i cng ty qun l qu.Trongmhnhny,cngtyqunlquhotngnhmt nhtvnut,chutrchnhimtinhnhphntchut, qunldanhmcutvthchincccngvicquntrkinh doanhkhc.MhnhnychaxuthinVitNambitheoquy nh ca UBCKNN, qu u t khng c t cch php nhn.2.3.2 Qu u t dng hp ng y l m hnh qu tn thc u t. Khc vi m hnh qu u t dng cng ty, m hnh ny qu u t khng phi l php nhn. Cng ty qun l qu ng ra thnh lp qu, tin hnh vic huy ng vn, thc hin vic u t theo nhng mc tiu ra trong iu TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN l qu. Bn cnh , ngn hng gim st c vai tr bo qun vn v cc ti sn ca qu, quan h gia cng ty qun l qu v ngn hng gim st c th hin bng hp ng gim st trong quy nh quyn li v ngha v ca hai bn trong vic thc hin v gim st vic u t bo v quyn li ca cc nh u t. Nh u t l nhng ngi gp vn vo qu (nhng khng phi l c ng nh m hnhquutdngcngty)v ythcvicutchocngty qunlqubomkhnngsinhlicaonhttkhonvn ng gp ca h. Ngoi ra, theo thng l quc t, vic phn loi cc Qu u t cngcxemxttheohnhthcuttptrungcaQu.Khi Qu c thnh lp, trong bn co bch ca qu nu rt r qu s u t lnh vc no hoc quc gia no, hoc c nhng Qu li tp trungvomt lnhvcnonh:lnhvccngnghip,lnhvc dch v, lnh vc sn xut phn mm... 3. C cu t chc v hot ng ca Qu u t3.1. C cu t chc Hingquntr:lcquanidinchoccchshu SVTH: CHU THIN TRC QUNH -20- TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -21- caquutdocngbura,lcquanduynhtcquyn quyt nh mi vn ca qu. Hi ng qun tr chu trch nhim trin khai cc chnh sch u t, chn Cng ty qun l qu v gim st vic tun th cc quytnh ra. Theo nh k Hi ng qun trcaqushpxemxt,kimtragimsttnhhnh iuhnh ca Cng ty qun l qu gii quyt nhng vn ny sinh. Chc cc qu u t dng Cng ty mi c c hi ng qun tr qu. Banidinqu: l cc thnh vin i din qu do i hi ngi u t bu ra v hot ng theo nhng nguyn tc c quy nhtrongiulqu.Banidinquthngcthnhlp trong cc qu u t chng khon theo m hnh tn thc. Cngtyqunlqu: l Cng ty c chc nng qun l, iu hnh cc qu u t chng khon Cng ty t vn u t: l Cng ty c trch nhim lp cc dn u t v phn tch cc thng tin trnh Hi ng qun tr quxemxt,ngthicngCngtyqunlquthchinccdn u t. Thng thng Cng ty qun l qu kim lun vai tr t vn u t cho qu u t chng khon. Ngnhnggimstboqun:lngnhngthngmi, thc hin vic bo qun, lu k ti sn ca qu ng thi gim st Cng ty qun l qu trong vic bo v li ch ca c ng. C ng ca qu: l nhng ngi mua gp vn mua c phn do qu pht hnh, c quyn li nh cc c ng ca cc Cng ty cphn bnh thngNgihngli:lngimuachngchcaccqutheo m hnh tn thc v c hng li trn kt qu hot ng ca qu. Tuynhin,nhutnmgichngchquutkhngc quyn biu quyt cng nh thay i chnh sch u t ca qu. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -22- Cngtykimton: l n v xc nhn bo co ti chnh ca qu u t3.2. Hot ng ca Qu u t 3.2.1 Hot ng huy ng vn Phng thc pht hnh i vi cc qu u t dng Cng ty, qu pht hnh c phn huy ng vn hnh thnh nn qu. Tng t nh cc Cng ty c phn, c ng ca qu cng nhn c cc c phiu xc nhn s c phn mnh s hu ti Cng ty. i vi cc qu u t dng hp ng, thng thng lng vn dkinhnhthnhnnqucchiathnhccnv(tngtnhcphncaqudngCngty).Qusphthnhchngchut,xcnhnsnvtngngvisvngpcangi u t vo qu. Cng nh c phiu ph thng khc, chng ch u t c th pht hnh di hnh thc ghi danh hoc v danh v c thc chuyn nhng nh c phiu. nh gi pht hnh Vicnhgicphiu/chngchutlnulpnn qu do cc t chc ng ra thnh lp qu xc nh. i vi qu theo m hnh Cng ty, vic nh gi c phiu qu l do cc t chc bo lnh pht hnh xc nh. i vi qu u t dng hp ng, Cng ty qun l qu s xc nh gi cho bn ban u cc chng ch u t ca qu. Chi ph cho bn ln u (bao gm chi ph cho cc i l, chi ph in n ti liu) c khu tr t tng gi tr ca qu huy ng c. Phng thc cho bn V c bn, c hai phng thc cho bn: cho bn qua cc t TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -23- chc bo lnh pht hnh v do qu trc tip cho bn. Chobnquacctchcbolnhphthnh:Phng thcphbinnhtbncphncaquuttheom hnhCngtylquacctchcbolnhphthnh.Theo phngthcny,ngibolnhcaqungvaitrnh ngibnbunvngiphnphiivicchngkinh doanhvmigiichngkhon.CcCngtynynlt mnh li bn cc c phiu cho cng chng qua cc vn phng chinhnhcah.Ngoira,quutcththngquacc ilchobnlccngnhngthngmi,ccCngty chng khon hoc cc Cng ty ti chnh thc hin vic cho bn. Cho bn trc tip t qu hoc Cng ty qun l qu: cc qu c trc tip bn c phiu ca n cho nh u t khng thng qua mt trung gian no. Cc qu u t dng hp ng doCngtyqunlqungrathnhlpthnghaycho bn chng ch u t bng hnh thc ny thng qua h thng mnglicaCngtyqunlquhocmnglicangn hnggimst.Ccqunyhpdnnhuttrcht thng qua qung co, th trc tip cng nh bng nhng bi din vn, cc phng tin qung co hu hiu.Khi nim gi tr ti sn rng v vic giao dch chng ch u tGi tr ti sn rng ca qu (Net asset Value-NAV): bng tng gi tr ti sn c v cc khon u t ca qu tr i cc nghavphitrcaqu.iviquut,gitrtisn rngcaqulmttrongccchtiuquantrngnhgi hiu qu hot ng ca cc qu ni chung v l c s nh TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -24- gi cho bn cng nh xc nh gi mua li i vi cc qu u t dng m. Giaodchchngchquut:iviccquut dng ng bt k m hnh no, sau khi pht hnh, chng chquutcnimyttrnTTCKvgiaodchnhbtkloi c phiu nim yt no. Chnh v vy, gi ca chng ch u t do cung cu th trng quyt nh v dao ng xung quanh gi tr ti sn rng. i vi qu u t dng m, sau khi pht hnh, chng ch u t ca qu c pht hnh thm v mua li ti chnh Cng ty qun l qu hoc thng qua cc i l ca Cng ty. Gi chng ch u t ca qu lun gn lin vi gi trti sn rng ca qu.3.2.2 Hot ng u t Bt k qu u t chng khon no c thnh lp cng nhm t c nhng mc tiu ban u nh sau: Thu nhp: nhanh chng c ngun chi tr c tc Livn:lmtnggitrccngunvnbanuthngqua nh gi cc c phiu trong danh mc u t ca qu Thu nhp v li vn: s kt hp gia hai yu t trn t c cc mc tiu ban u, mi qu u hnh thnh cc chnhschutringcamnh,trncscthxydng danh mc u t nhm t c mc tiu ra. Ngi u t slachnvquytnhutvoqutheokhnngvmcchurirocamnhdavoccthngtinvchnhschvmc tiu u t ca qu. Chnh sch v mc tiu u t ca qu thng c th hin tn gi ca qu. 3.3 Cc loi ph v chi ph thng thng ca mt qu Ph v chi ph ca mt qu u t cho cc dch v qun l v hnh chnh bao gm 2 loi chnh: loi m nh u t ch tr khi h TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -25- btuthamgiavkhirttinkhiqu,vloichiphtrctip ln qu.3.3.1 Loi ph m nh u t ch tr khi h bt u tham gia v khi rt tin khi quPh pht hnh Phtrchocngtyqunlqukhingk mua chng ch quPh hon tin Ph tr cho cng ty qun l qu khi nh u t rt li tin t qu 3.3.2 Loi chi ph trc tip ln qu Ph qun l hng nm Phtrhngnmchovicqunlvhnh chnh ca qu, da trn phn trm gi tr ti sn thun trung bnh ca qu Ph thnh cng Ph tr cho cng ty qun l qu da trn hot ngcaqusovimtmclinhunso snhcmtnhmctrabanu, thngthngltnhtheotlphntrm trn phn vt nh mc Ban gim cPh v chi ph tr cho ban gim c ca qu Ph gim st, lu k Ph (thng da trn mc phn trm ca NAV trungbnhhngnm)vccchiphtrcho ngn hng gim st, lu k hay ban i din ca qu Dchvchoccnh u t Chiphngk,hnhchnh,thanhtonc tc, ph kim ton Ph nh giPh tr cho cng ty nh gi, nh gi c lpPhlinquantilut Ph phi tr cho cc n v lut php TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -26- php Ph vayChi ph, li vay cho cc khon vay ca qu ThuBt k loi thu no m qu phi tr Hi hp c ngChi ph hi hp cho cc nh u t Ph php lPh lin quan ti cc h s thnh lp, php l Ph mi giiChi ph trong vic giao dch ti sn ca qu Ph thnh lp Thngthngchoccqucngty,chiph thnh lp qu (bn co bch, ph php l, ph hnhchnh,vv)vchiphmarketing(i vi hnh thc qu ng) 3.3.3 Ph qun l Qu u t phi tr ph qun l cho cng ty qun l qu hng nm l t 2% - 5% / gi tr ti sn thun ca qu, v c tr hng thngtngngbng1/12caphqunlphitrhngnm (Khon ph ny c ghi r trong bn co bch ca tng qu) 4. Vai tr ca Qu u t trong nn kinh t 4.1.i vi nn kinh t ni chung Cng vi s pht trin ca th trng chng khon, Qu u t chng khon lm a dng thm cc cng c ti chnh ca th trng vn Vit Nam. Quutlnhngnhutlntrnthtrngvnni chungvthtrngchngkhonniring,nggptchccvo s nghip pht trin nn kinh t bng cch thu ht ngun vn nhn ri trong v ngoi nc cung cp cho cc doanh nghip c nhu cu vn, qu trnh thc hin s thng qua vic u t trc tip n tng doanh nghip tim nng hoc gin tip bng phng thc giao dch trnthtrngchngkhon.Quagpphnthcystng TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -27- trngcannkinht.ylmthot ngrtcnghaxt trong bi cnh nn kinh t Vit Nam ang rt thiu vn u t trung v di hn Nngcaomcquntrvkhnngcnhtranhcacc doanh nghip nhn vn, gp phn to nn s nng ng, linh hot cho cc doanh nghip, m bo sc hp dn t bn ngoi cho nn kinh t quc dn. 4.2 i vi th trng chng khon Thnht,Quuttossingvgiatngtnhthanh khon cho TTCK th hin hai mt nh sau: Qu u t to ngun cu cho TTCK : thng qua vic u t ccngunvncaQuvitcchltchckinhdoanh chng khon c ngun vn mang tnh cht tp trung cao vi khilngln,Qustoranguncuchngkhontrong th trng. Bn cnh , vic c thm cc Qu u t chng khonthamgiavothtrngstorasadngcci tngthamgia,gpphntngthmtnhnhhngcho quytnhxemuttrnTTCKlmtknhutmi, bncnhccknhuttruynthngnhngoit,vng, bt ng sn. To ngun cung chng khon :Vic u t vo cc cng ty c phn gp phn lm tng lng hng ha trn TTCK khi cc cng ty nim yt trn TTCK. Mt khc, Chng ch ca Qu u tcngchngcnimytvtrthnhhnghatrn TTCK qua cng lm tng thm lng hng ha cho TTCK.TviclmtnglngcungvcutrnTTCKlmchohot ngmuabntrnthtrngthmnhnnhpvtotnhthanh khon cho th trng. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -28- Thhai,Quutchngkhontosnnhchoth trng: Qu u t chng khon thng u t lu di hn nhng nh kinh doanh chng khon thun ty.y l mt trong nhng l do to s n nh cho th trng chng khon ni chung v cc c phiu ca cc Cng ty m Qu u t vo ni ring. Cuicng,Quutchngkhontosnhhngth trng:QuutcqunlbiCngtyqunlQulnh u t chuyn nghip v phn tch u t, do vy vic u t chng khon tr nn chuyn nghip hn v hn ch n mc thp nht cc rirocthctrnthtrngchngkhon.Ngoira,tiuchun hagitrnvncaccloichngkhon,lmcschoccnh u t c nhn tham kho trc khi quyt nh u t vo mt loi chng khon no ang giao dch trn th trng chng khon. 4.3 i vi nh u t Li ch ch yu ca vic u t thng qua qu l nh u t c th u t mt cch d dng, tit kim chi ph nhng vn t c cc yu cu v li nhun vi mc ri ro ti thiu v danh mc u t ca qu c qun l bi cc chuyn gia. Mi nh u t tham gia u t vo qu s s hu mt phn trong tng danh mc u t ca qu.Vicnmginycthhinthngquavicshucc chng ch qu u t.Mt nh u t s hu chng ch qu u t s c c hi kim tin tnhng ngun li tc tim nng sau y : C tc nhn c t thu nhp u t rng. Thu nhp u t bao gm c tc v li nhn c trn danh mc u t caqutricckhonchiph.LutthucaMquy nhtnht98%trongkhonthunhprngtut phi c chi tr cho c ng. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -29- Cc khon phn phi nhn c t li vn rng c thc hin.Khiquthchinvicbninhngchngkhon nm gi, n s thc hin c mtkhon li nhun (hoc l). Theo quy nh ca lut php th t nht 98% s li vn ny phi c phn phi cho c ng. Khontng(hocgim)rngtrongNAV.Sthayi trongNAVphnnhstnghocgimgitrongnhng ti sn nm gi ca qu cn ang v th m. Ngoi ra n cn bao gm bt k nhng khon li vn rng v thu nhp t u t rng m khng phn phi. Bn cnh , cc nh u t cn c th c hng li t victiutnhngkhoncphnphitrliqu, tcldngsctcvlivncphnphimua thmcphncaqumkhngphimtph.Vicc qumthgicphnmuatheocchtiutnyl NAVhinhnh.Cnviqung,gicphnsc tnhtheomcgithtrngnumcginythphn NAV.Chnghnnugithtrngcamtqungl 9$/cptrongkhiNAVcanl10$,thcckhonphn phiscti utvimcgil9$.Nuquc giao dch vi gi ph tri th cc khon phn phi s c ti u t theo mc gi NAV hoc bng mc 95% ca gi thtrng,tytheomcginolcaohn.Vdqu ang giao dch vi gi th trng l 20$ trong khi NAV ca nl10$(mcphtril100%soviNAV).Vycckhon phn phi s uc ti u t mc gi bng 95% githtrng,tcl19$.iuquatrngnycnuc ccnhutthcsluvcnhngquucgiao dch vi nhng khon ph tri khng l. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -30- Tiutcckhonphnphictcvlivnbtc lcnocthlcchthcttnhttchlyvnqua ccnm.Hnna,trongtrnghpqunggiaodch vi gi chit khu, nu c ng ca qu khng ti u t thscmtkhontinnobphalong,vnhng ngi thc hin ti u t s mua c c phn qu thp hn NAV Ngoi ra, Qu u t c tnh thanh khon cao cho cc nh u t. Ty thuc vo cc loi hnh Qu u t khc nhau , m nh u t c th chn la cch thc thu hi cc khon u t mt cch ph hpnhchuynnhngchngchqu(iviqucngchng) hoc la chn, tm kim mt nh u t c tiu chun chuyn nhng (i vi qu thnh vin). 4.4.ivingicnvnlccdoanhnghiphotng trongnnkinhtvccsngkincthtorachikinh doanh: Qu u t chng khon s l nh ti tr chuyn nghip thng qua hnh thc u t trc tip hoc u t gin tip; va cung cp vn ng thi cng c kh nng t vn v ti chnh, qun tr v ti cu trc doanh nghip nhm mc ch pht trin doanh nghip m Quutvo.Vaitrnyangvsphicphthuy thay i cn bn phng thc kinh doanh theo m hnh nh l, thiu tnh lin kt l mt tr ngi m khng t doanh nghip ca Vit Nam hin nay ang gp phi.i vi cc sng kin ci tin k thut, nhng tng mi v th trng,chivthictrongsnxut,kinhdoanhscQu utngvaitrnhnhngnhtitrtchccanhng iu thnh hin thc. Qua vic u t ban u, cc tng kinh doanhttsphttrinvgthicthnhcngtngxng. Trnthcttacththyrtnhiuminhchngchovicut TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -31- vo cc tng kinh doanh em li nhng thnh cng ln v li nhun cng nh khuyn khch s sng to cho cc c nhn, m ra cc hng i mi trong sn xut, kinh doanh. Ngoi ra, Qu u t chng khon l mt nh u t kh trung thnhvnnhtrongdihn,ngthilunsnsngut thmvndoanhnghipcthmrngvickinhdoanhnu doanhnghipdnchiucnhngiukinmbokhnng pht trin ca mnh. III.KINHNGHIMCACCNUCIVISRAIV PHT TRIN QU U T BI HC KINH NGHIM I VI VIT NAM Qu u t l knh u t c bit ph hp vi cc nh u t c t vn, t thi gian, v khng mun chp nhn ri ro cao. Mc d mixuthinVitNam,nhngquutcmtqutrnh hnh thnh v pht trin lu i trn th gii. Quutcngungctchuu,khithyHLant khonggiathk19,nnacuithk19thcdunhp sang Anh. Trongthikt1929nnm1951,suythoikinhtv nhngvspcathtrngchngkhonthgiikmhm tc tng trng ca ngnh qun l qu. Tuy nhin, s phc hi cathtrngchngkhontrongnhngnm1950n1960 thc y s pht trin mnh m ca cc qu u t. Mt hin tng tiu biu trong giai on ny l s bng n cc qu u t chuyn u t vo c phiu c tc tng trng cng nh mc ri ro cao (aggressive stock funds). Nm 1969 bt u mt giai on i xung ca TTCK cng nh ngnhqunlquut.Trongnhngnm1970,xuthinmt lot cc pht kin mi v cu trc qu nh qu ch s chng khon (index funds) v th h cc qu m trong nh u t khng phi tr l ph mua bn chng ch (no-load funds). TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -32- T nhng nm 1980 tr li y, th trng qun l qu lin tc pht trin v m rng, n nay tr thnh mt ngnh dch v thnhvng,mtbphncuthnhquantrngcathtrng chng khon.Cui nhng nm 1920, trn th gii mi ch c khong 10 qu ut,nnm1951squutvtquangng100v n cui nm 2003, c khong trn 54.000 qu ang hot ng vitngsvnqunlgn14ngntUSD(ngun:ICIFactbook 2004).lsminhhanginnhngrtthuytphcvtnh hp dn cng nh xu hng pht trin tt yu ca qu u t. Mcdctrnhphttrinkhcnhaugiaccnc,qu utvangtrthnhmtknhhuyngvnutquan trng cho nn kinh t. Bng di y cho thy mc huy ng ca qu u t tnh theo phn trm GDP ca mt s quc gia c ngnh qun l qu pht trin. Th trng qu u t ca mt s quc gia, lnh th trn th gii 2003Quc gia, lnh th S lng qu u t ang hot ng Tng gi tr ti sn rng ca cc qu (triu USD) % GDP Hng Kng Australia M Anh Hn Quc Nht Bn n 963 N/A 8.126 1.6926.7262.617350 255.811518.4117.414.084 396.523121.488349.14829.800 163,3% 99,2% 67,7% 22,1% 20,1% 8,1% 5,0% TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -33- (Ngun: ICI, World Bank) 1.Qu u t ti th trng cc nc pht trin 1.1.Qu u t ti M Mc d c gc gc t chu u, nhng M li l ni cc qu u tphttrinmnhmnht.Quutchnhthcutinxut hinMvonm1924,ctngilMassachusettsInvestor Trust, vi quy m ban u l 50.000 USD mt nm sau tng ln 392.000 USD vi s tham gia ca trn 200 nh u t. Hin nay Qu u t tr thnh c ng ln nht ca nc Mchimtikhong25%cphncaccCngty.Theobngso snh trn, tnh n cui nm 2003, c khong hn 8000 qu hot ng vi tng gi tr gn 7500 t USD, chim 67.7% GDP quc gia. a s cc nh u t nh ti M coi Qu u t l cch thc u t hiu qu ca hV m hnh qu u t, M c hai loi hnh qu u t hot ngphbinlquutdngcngtyvqutnthcut. Trong,qutnthcutlmtdngcngtyutct chc theo kiu hp ng tn thc thay v lp cng ty. V loi hnh qu u t dng m v ng : M, m hnh qu u t dng m chim u th, chim 90% s lng qu u t. NghincuhotngcaQuutHoaKcthrtra mt s kinh nghim: TchcvhotngcaccQuutcaMc xy dng rt cht ch, trch nhim c phn chia rt r rngthhinhthnglutphplinquannhot ng ca th trng chng khan v Qu u t cht ch vrrng.iunychyuldothtrngchng TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -34- khon Hoa K ni chung, cc Qu u t ti Hoa K ni ring hot ng trong mt thi gian rt di, h thng lut php khng ngng c hon thin m bo cc Quutlunhotnglnhmnhvhiuqu,bo v quyn li chnh ng ca ngi u t. V khung php lnycthgipchchochngtartnhiutrongqu trnhxydnghthnglutphpchohotngca Qu u t ti Vit Nam trong giai on sp ti . Hu ht cc qu u t c thit lp nhm mc ch thu ht vn nhn ri t cc nh u t. Trong , ngoi i tng nh u t c nhn, t chc cn c i tng nh u t cng rt ng quan tm nh cc qu hu tr, cng tybohim.itngnhutnyMchim khonggn40%tngtisncaccquut.iu ny cho thy y l i tng nh u t quan trng tham gia vo qu.1.2 Qu u t ti Nht Chu , Nht Bn l quc gia c loi hnh qu u t rt pht trin. y l quc gia hc tp m hnh pht trin qu u t chng khon ca M vi c cu t chc v iu hnh cht ch. Ti Nht, Qu u t thng c gi l t chc tn thc u t. Phn ln cc Qu u tc t di s gim st v qun l camtcngtyqunlQuut.CngtyqunlQuut bng kin thc v nghip v chuyn mn c nhim v thay mt cho cc t chc u t c nhn thc hin cc hot ng u t ch yu v trc ht l u t chng khon, v a dng ha danh mc u t.Ktkhiraivonhngnmuthpnin50chon nm 1972, ngnh cng nghip Qu u t c mt qu trnh pht TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -35- trin tng i n nh. Giai on 1973-1980 hot ng ca cc qu gp rt nhiu kh khn. Mt phn do chu nh hng bi nhng bin ngcaTTCKvnnkinhtNhtBn.Mtphnldoccqu khng ra c nhng chin lc hot ng c hiu qu c th thch nghi vi tnh hnh mi. Bi v trong giai on ny, s lng cc nh u t chuyn nghip xut hin ngy cng nhiu, trnh ca ccnhutngycnggiatng.Hrtktnhtrongvickn chnitngutvchchnlanhngQuutnoc hot ng nng n, hiu qu li nhun trn vn cao v cc Qu u t c thu nhp n nh .u thp nin 80, ngnh cng nghip Qu u t c nhng thay i hp l. p ng vi nhu cu ngy cng cao ca cc nh uttrongnc,ccQuutngycngphttrinva dnghalnhvchotng.Trongthigiant1980-1993hng lot qu tn thc ra i chuyn vo tri phiu chnh ph, hoc tn phiukhobc,hayccqujumbo(cquymlnvutvo tri phiu c li sut cao). ng thi cng xut hin hng lot qu tri phiu trong nc v nc ngoi chuyn u t vo chng khon n trong nc v nc ngoi. Trong nm 1986 c s xut hin qu tri phiu chnh ph. Nm 1986 thm cc qu th trng tin t ra i, u t ch yu vo tn phiungn hn V hu nh tt c cc qu u c ngi u t a thch v chp nhn. V t nm 1996 n nay, ngnh cng nghip Qu u t Nht Bn tht s bc vogiaionphttrinnnhvngmtvaitrquantrng trong vic gp phn vo s pht trin ca TTCK v ca nn kinh t Nht.Cthni,hotngcaccQuutmanglimt phng thc kinh doanh c hiu qu v kinh t i vi vic u t ti Nht TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -36- Qua nghin cu c th thy cc Qu u t ti Nht Bn hot ng rt c hiu qu l do cc nguyn nhn c bn sau:imthenchtdnnsthnhcngtronghotngca cc t chc tn thc u t ti Nht chnh l do cc t chc ny c mt chng trnh u t c h thng, v c mt c cu t chc cht ch, hon ho. iu ny lm cho Qu u t tr thnhmttrongnhngloihnhutchiuqutiNht hin nay. V vy, ngay t giai on u, vic thnh lp mt c quan qun l Nh nc hay c ring mt b phn chuyn trch trongUBCKNNivitonbhotngcaccQuut ti Vit Nam l mt iu rt cn thit, nhm m bo s thng nht, ng b v hiu qu i vi cc hot ng ca th trngNnkinhtNhtBntngcngnnhvkimsottt c lm pht. y l nn tng thun li cho s pht trin ca TTCK. ng thi chnh ph li a ra nhng chnh sch hp l nhmkhuynkhchTTCKnichung,ngnhcngnghipQu u t ni ring pht trin. iu ny gp phn ng k vo thnhquhinnay.Soviccthtrngchngkhoncng thi cc nc trn th gii th th trng chng khan Tokyo cha c g ni bt hn, mi ti sau th chin th II n mi bt u c nhiu ngich ti. l do Nht Bn p dng mt chnh sch thu hp l m bo kch thch hot ng u t trn th trng. Cc Qu u t c p dng thu n vi mcthuthpnhtvQuutkhngphinpthuthu nhp t ti sn u t . i vi c nhn nh u t, phn thu nhp c gi li t c tc nu dng ti u t th ch phi chu thu thu nhp l 20%.Khuyn khch a dng ha sn phm ca cc t chc tn thc ut.CcQuutlunckhuynkhchvtoiu TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -37- kin thun li cho hot ng chuyn bit vo tng loi cng c chngkhonnhqucphiu,qutriphiu,quthth trngtintVsxuthincaccloihnhkinhdoanha dng, u t chuyn bit vo mt loi chng khon sp ng c yu cu u t a dng ca nhng nh u t khc nhau(utnhmccthunhpnnh,utchp nhnriroclinhuncao)viuquantrnghnl gip duy tr v to ra s n nh ca gi c chng khon. iu ny s to nhiu thun li trong vic gim st v qun l hot ng ca cc Qu u t cng nh m bo c tnh n nh tng i cho cc hot ng ca ton b TTCKKhuynkhchvicthnhlpccqum.Quanghincuth trng Nht Bn cho thy, hot ng ca cc qu m rt linh hot,trnhcsthaotngcacccngtyqunlqu thngxyraiviccqung,ngthigichngch utcaccqumcngnnhhnnhiusovichng ch u t ca cc qu ng mi khi c nhng s kin tc ng n tng loi chng khon lin quan. Tuy vy iu ny khng cnghalloihnhnysthchhpviiukincath trngVitNam,mvicthnhlpqung-qumcn cxemxtmtcchthntrngsaochophhpvitrnh qun l qu v mc ch u t ca qu ti Vit Nam 2. Qu u t ti cc nc ang pht trin 2.1 Qu u t ti Trung Quc Trung Quc thnh lp Qu u t t nm 1991 cng vi s ra icaSgiaodchchngkhonThngHi.Banuchcqu vi tng gi tr ti sn l 90 triu nhn dn t, nhng ch trong vng 2 nm t 1991 n 1993, Qu u t gia tng rt nhanh c v s lng ln quy m. Tnh n cui nm 1993, c n 73 qu u t TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -38- raivitnggitrtisnlnti6tnhndnt,trong qu ln nht c gi tr ti sn ln n 581 triu nhn dn t. iu ny mt phnldohot ng ca Qu bt u to c sch ngiuttrongncvhdndnnhnthcctimnng ca loi hnh u t mi nay. Bn cnh , mc d thiu cc lut l v cc quy ch c bn lin quan n hot ng ca Qu u t, v d nh quy nh v vic thnh lp qu, quy nh v vic chuyn giao cc chng ch qu hay vic qun l ti sn ca qu, nhng c quan chc nng vn kh nng qun l hiu qu lnh vc u t mi. V vy, ch trong mt thi gian ngn c s pht trin ng k v quy m v s lng ca cc Qu u t ti Trung QucNm1998,khiybanGimstChngKhonTrungQuc c trao nhiu quyn lc hn, y ban chp thun cho cc Cng tyqunlvquutcthnhlpvhotngthngqua vicbanhnhHngdntmthivvicthnhlpccCngty qunlquvquutchngkhon.Tronggiaionny,cc qu u t vo tri phiu chnh ph v cc c phiu loi A dnh cho nh u t trong nc. Nm1999,TrungQucxuthinquuttheochs chng khon. Nm 2001, theo l trnh gia nhp T chc thng mi th gii (WTO), cc cng ty nc ngoi c th nm gi 33,33% c phntrongmtCngtylindoanhqunlquvtlnyc tng ln 49% sau 3 nm hi nhp WTO. Cng trong nm 2001, qu utchngkhondngmcphpthnhlpvccqu cphputvotriphiuCngty.Nm2002,TrungQuc ban hnh quy nh qun tr ni b i vi Cng ty qun l qu. ng thi, trong nm nay, Cng ty lin doanh qun l qu u t chng khon u tin c thnh lp. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -39- Vocuithng10/2003,saumtthigiandichi,Lut Qu u t chng khon c ban hnh v c hiu lc t ngy 1/6/2004. Lut ny iu chnh hot ng ca cc qu u t chng khon huy ng vn rng ri trong cng chng v c qu u t huy ng vn theo phng thc pht hnh ring l. Theo Lut qu u tchngkhoncaTrungQucthquutkhngphilmt phpnhnmcthnhlptheodnghpnggiaCngty qunlqu,ngnhnggimstvngiut.Lutcngquy nhhailoihnhquutlqungvqum,quynhv Cngtyqunlvngnhnggimst,vvicbovlichcc nhut.TheolutQuutchngkhoncaTrungQuc, cp php th mi c qun l qu u t v vic thnh lp qu u t phi c s chp thun ca y ban Gim st chng khon Trung Quc. Theo quy nh ca lut, qu ng ti thiu phi c vn iu l l200triunhndntvitnhtl1000cng.Quut chng khon ch c php u t vo c phiu nim yt, tri phiu vccloichngkhonkhccybangimstChngKhon Trung Quc cp php. n cui thng 9/2003, Trung Quc c n 34 Cng ty qun l ccpphpbaogm25Cngtytrongncv9Cngtylin doanh.CcCngtynyqunl87quutTrungQuc,bao gm54qung(nimyttrnSGDCKThngHivSGDCK Thm Quyn) v 33 qu m. Tng ti sn cc qu vo thi im c tnh khong 155,3 t nhn dn t, trong ti sn ca cc qu m l 79,4 t nhn dn t v ti sn cc qu ng l 75,9 t nhn dnt. Nhutvoquchyulcccnhn,tuynhincc nh u t t chc (cc Cng ty bo him) cng tng dn ln. TrungQuc,cchgia nhthnhthdnhkhong10% thu nhp u t chng khon. Ngoi ra, Trung Quc cn c Qu TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -40- an sinh x hi quc gia vi s vn ln n 15 t la M dnh u t v qu ny y thc khong 1,7 t la M cho 6 Cng ty qun l qu trong nc qun l. iu no to thun li rt ln cho hot ng ca cc Cng ty qun l qu u t. Hinnay,adnghalnhvctichnhlmttrongnhng cthcannkinhtangphttrinmnhmtiTrung Quc.Tuy nhin, trong mt thi gian khng phi l di, tc pht trincaccQuut,tbitlsbngnvslngcc Qu u t, khin cho Trung Quc gp nhiu kh khn trong vic qunlccqunymtcchchiuqu,cngnhkhngpht huy c ht nhng u im vn c ca loi hnh u t mi ny Mt s vn m Vit Nam cn phi ch ngay tban u: Vnutinhinnaylhthnglutphp.TrungQuc xy dng TTCK ni chung, Qu u t ni ring trong mt thi gianchaphildivvylutphptronglnhvcnycn cha cht ch. V vy trc khi quyt nh pht trin mt loi hnh u t mi l Qu u t- l loi hnh nng ng v phc tp nht trong cc nh ch ti chnh phi ngn hng, Vit Nam cn phi c s chun b tht y v khung php l cn bn cho loi hnh ny, chng hn nh quy nh r rng c th cc iu kin cho vic thnh lp Qu u t, gii hn hoc lm r phm vi hot ng ca Qu u t, thng nht cc lut l v quy nh lin quan n lnh vc Qu u t iu ny s to iukinthunlichoccQuutphttrincngnh pht huy nhng u im vn c ca loi hnh u t mi ny MtctrngcaTTCKTrungQuccngnhQuut Trung Quc l tc pht trin rt nhanh nhng nhn chung li thiu n nh v cn mang tnh t pht, nh hng pht trin charrng.iunyrtddnntnhtrngphttrin TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -41- bng n mt cch khng kim sot c nu nh khng c s qunlchtchcacccquancthmquyn.TiTrung Qucvothiim1990-1993chacsrrngtrongvic quynhcquanchcnngnoschutrchnhimivi vic thnh lp v qun l cc Qu u t. Trung Quc hin ti cn2cquancthmquynivihotngcacc Qu u t ni ring v cc inh ch ti chnh phi ngn hng nichung,lNgnhngTWTrungHoavybaniu hnh chng khon Trung Hoa. Do khng c s phn nh rch rivthmquynca2cquannynndnntnh trng qun l chng cho, dm chn ln nhau v i khi li to ranhnglhngtrongqunl.Huqulvogiaion 1990-1993,sbngnvslngccQuutkhin choTrungQuckhngthkimsotmtcchhiuqucc hotngtronglnhvcny.Vvyngaytgiaionu, vicquynhmtcquanchcnngschutrchnhim thnhlpvqunlhotngcaccQuuttiVit Nam l mt iu ht sc cn thit trnh s trng lp, chng cho trong qun l, lng lo trong vic thnh lp v hot ng ca cc Qu u t 2.2 Qu u t ti Thi Lan ThtrngchngkhonThiLanraichnhthcvonm 1974,chnhphThiLanbanhnhLutvthtrngchng khonThi,tocsvngchcchohotngcaSgiaodch. Vonm1975,chnhquyncngthcyvickinhdoanhchng khanvtngcngkhnnghuyngvnbngcchthitlp cng ty qu tng h di hnh thcl cc cng ty trch nhim hu hn, hnh thc ny cung cp cho ngi u t mt phng cch n ginutvothtrngvnvihotngutchuyn TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -42- nghip.Cngtytrchnhimhuhnqutnghthnhlpqu u tin ca n nm 1977, nh du s ra i chnh thc ca ngnh cng nghip Qu ti Thi Lan. K t khi ra i cho n nay, hotngcaQuutThiLancngvithtrngchng khan Thi Lan tri qua nhiu bc thng trm . Trong nhng nm cui thp nin 70, hot ng ca cc Qu u t Thi Lan kh hn ch v thiu tnh i chng. Nguyn nhn mt phn l do nh hngbissuyspcathtrngchngkhonThiLan,ngi dn Thi trnn thn trng hn trong vic u t, c bit l u tvoccqu-mtlnhvccnkhmim.Thmvo,h thng knh phn phi ca cc Qu u t ch gii hn trong phm vi nh, cha ph bin rng ri. Vo gia thp nin 80, tnh hnh tng i kh quan hn: th trngchngkhondndnphchi,Quutcngbtu pht trin: nhiu Qu u t mi thnh lp, hot ng ca cc Qu u t dn dn c m rng. n cui nm 1991, c thm 8 qu a phng cthnh lp v tng vn huy ng c t cc qu l 28,2 t baht.Nm 1992, Lut chng khon v giao dch chng khon mi ra i,trongcquynhvccthtcvvicgimstivi tng loi hnh kinh doanh chng khon bao gm c vic qun l qu t nhn, cc qu bt buc phi c ng k nh mt php nhn v l mt thc thhp php ring bit i vi cng tyqun l qu v ngi c y thc c ch nh. Cng c rt nhiu quy ch c ban hnh nhm iu chnhqu u t v nh qun l ca n. Bncnh,Btichnhcngcp7giyphpqunlqu nhmmcchkhuynkhchquphttrin.Trong6thngcui nm 1992, c thm 19 qu u t na thnh lp vi s vn l 7 triubaht,tng308,77%sovisvncaccquniavo TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -43- thng3nm1992trckhicp7giyphpmi.Thpnin90 c xem l mt thp nin tng i thnh cng ca cc Qu u t Thi Lan da trn c s s pht trin kh mnh m ca TTCK Thi Lan , m ct mc cho giai on pht trin ny l nm 1993 l nm vngsoncangnhcngnghipquvchuyngvnvs dng vn. Vn ng k ca 55 qu u t vo thng 12/1993 c ghi nhn l 100.022,6 triu bath, mt con s rt ng k . n gianm1994,ThiLanc71quutvigitrtisnrngtng ln n 205.175,33 triu bath, chim 7,77% tng vn ca th trng chng khon. C th ni qu u t ti Thi Lan t c nhng thnh cng rt ng khch l.im qua qu trnh pht trin cangnh cng nghip qu u ttiThiLan,cthrtracccbihcgpphnvos thnh cng: S thnh cng hay tht bi ca vic kinh doanh qu u t r rng ph thuc rt nhiu vo kh nng phn phi v dch v. Cc qu u t Thi Lan xy dng c cc knh phn phi rtmnhthngquaviclinktviccngnhngthng miln.UBCKThiLanchophpccchngchutc phn phi qua cc ngn hng thng mi, ngn hng tit kim chnhph,cngtytichnhTheobococaUBCK, 80,86%tnggitrccquutcphnphiquah thng ngn hng . R rng s h tr ca cc ngn hng c th hin qua nhng n lc trong vic phn phi l cha kho cho s thnh cng ca cc qu u t Thi Lan . Ti Vit Nam , h thng ngn hng thng mihin nay ang l nhng t chc tham gia ln nht trn th trng ti chnh Vit Nam, vi hthngknhphnphirng.Vvyvicphihpvih thng ngn hng c th s dng c h thng knh phn TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -44- phi rng ln sn c hin nay chc chn l mt li th khng nh cho cc qu u t Vit NamCc vn bn d tho v lut v quy ch ca SEC kh hiu qu docchunbbinhngngickinhnghim.Cnhng lut chi phi hot ng ca cc qu u t trc y nh qu cni,quthunhpcnh,qum,cthngqua visthamgiacacccngtyqunlqu.iunydnn vic p dng lut gp nhiu thun li, gp phn y nhanh tc pht trin ca ngnh cng nghip Qu Thi LanBncnh,ThiLancngkhuynkhchviclindoanhvi ncngoithnhlpQuutvcngtyqunlqu u t nhm tranh th vn v k nng ca i tc nc ngoi . y cng l mt vn ta cn lu . Tuy nhin chng ta cn c mt hn ch nht nh to iu kin cho cc qu u t trongncphttrinmnh,trnhsthaotngthtrng chng khon t bn ngoiMt vn cng khng km phn quan trngl cng vi s hot ng ca cc t chc Qu u t, Thi Lan cng c s quan tm ng mc n vic o tongun nhn lc cho cc ngnhcngnghiptnthcut.VitNam,chngta cngphinhanhchngcgiiphpcthchovnny. Ngoivicchtrngotongunnhnlc,chngtacng nncnhngquynhchtchkhngchvmtknng chuynmnmcngcnchtrngnkhacnhoc nghnghipcacnb,nhnvintrongngnhQuut m bo tnh cng khai, cng bng ca th trng v cng bo m quyn li hp php ca cc nh u t.Tuynhin,dtcmtsthnhqunhtnhnhng nhn chung TTCK Thi Lan cng nh ngnh cng nghip qu u t TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -45- Thi Lan vn cn kh non tr do ch mi ra i v pht trin trong mt thi gian cha phi l di . V vy vn cn tn ti nhiu vn cn c gii quytKh nnga dng ho cc sn phmu t ca cc Qu u tThiLancnkhhnch.Nm1993,slngquc phiu Thi Lan chim ti 87,9%trong khi cc qu thu nhp c nh v qu cn bng ch chim 12,1% . V hu ht cc qul qu c phiunn th trng chng khon ng vai trht sc quantrngtrongvicnhothotngcaccquny. Mt khi hot ng ca th trng chng khon suy gim s ko theohotngcaccquixungviunysnh hng n nh hng u t ca khch hng i viQu u t . yl vn m chng ta cn phi lu . a dng ho mc tiu u t ca cc qu u t Vit Nam ngay t ban u s m bo c hot ng n nh ca cc qu u t cng nh m bo c tnh n nhtng icho hot ng ca ton b th trng chng khon Vit NamThiuccnhchunvkinthcvhotngcacng chng u t. Hinnay ti Thi Lan, nhn chung khng c mt tiuchnovthcohotnghayriro.Nhngngi mua chng ch qu u t vn rt hn ch v kin thc trong vic nh gi hot ng ca qu v c tc vn l yu t quan trngnhthpdnh.Ccphngtintruynthngcng thiu hiu bit v thng a ra nhng thng tin sai lch. V chng ta hin cng ang trong tnh trng tng t Thi Lan. Kin thc v qu u t ca cng chng u t Vit Nam cn hn ch . V vy, vic o to , ph cp kin thc v qu u tlmtvnhtsccnthit.Hnnavicaracc TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -46- tiu chun s gip ngn chn nhng hot ng sai tri v kh nnglm dng trong vic a ra thng tin v hot ngIV. KT LUN CHNG 1 Ti chu , s tng trng mnh m ca cc qu u t trong nhng nm gn y cho thy rng loi hnh u t ny ang ngy cng c cng chng u t a chung. Tuy nhin, t l qu u t trn tng s ti sn ti chnh ca cc h gia nh ti chu cn thp hn rt nhiu so vi chu u v M. VitNamlncisauvimtthtrngchngkhonmi chnhthnhvvncnnhb.Tuynhin,trongxuthn u v hi nhp, chng ta c th nhanh chng hc hi kinh nghim caccncitrctrnthgiivkhuvc,quaynhanh qutrnhphttrincangnhquutniringvthtrng chng khon ni chung. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -47- CHNG II:TNH HNH HOT NG CA CCQU U T TI VIT NAM I. GII THIU V MT S QU U T V CNG TY QUN L QU TI VIT NAM 1. Cng ty lin doanh qun l qu u t chng khon Vit Nam v Qu u t Vietfund 1.1 Cng ty lin doanh qun l qu u t chng khon Vit Nam Cng ty lin doanh qun l qu u t chng khon Vit Nam Vietfund Management (VFM), sau y gi tt l cng ty qun l qu VFM, l mt lin doanh gia cng ty Dragon Capital Management v ngn hng thng mi c phn Si Gn Thng Tn, c thnh lp theogiyphps01/GPT-UBCKNNngy15thng07nm2003 cpbiUBCKNN.CngtyqunlquVFMlcngtyqunlqu chnh thc ca Qu u t VF1. Cc i tc trong lin doanh ca Vietfund Management NgnHngSacombankcthnhlptheogiyphps 0006/NH-GPngy05/12/1991,lmttrongnhngNgnHng Thng Mi C Phn u tin Vit Nam. Vi tnh nng l mt ngn hngbnlphcvkhchhnglcnhnvccdoanhnghip va v nh, Sacombank pht trin mng li cc chi nhnh n huhtccvngkinhttrngimtrntonlnhthVitNam. Hinnay,Sacombankchn60imgiaodchphcvchohn 200.000khchhngtrntonquc.nnay,vivniull 1000 t ng v vi tng ti sn c hn 6.000 t ng, Sacombank l mt trong hai ngn hng c phn ln nht ti Vit Nam. NHTMCP Si Gn Thng Tn l i tc lin doanh trong cng ty qun l qu VFM v l sng lp vin ca Qu u t VF1. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -48- Dragon Capital Management Limited, thnh lp vo nm 1994 tiAnhQuc,vimcchcungcpccdchvtichnhthuc ngn hng u t: qun l qu, ti chnh cng ty v chng khon, l i tc lin doanh trong cng ty qun l qu VFM v l sng lp vin ca Qu u t VF1. NgnhnggimstNgnhngngoithngVit Nam(Vietcombank):lngnhngthchinccnghipv:bo qun, lu k cc chng khon, cc hp ng kinh t, cc chng t c lin quan n ti sn ca Qu u t VF1, thc hin vic nh gi gitrtisnrngcaQuutVF1ngthigimsthot ngcaquutVF1vcngtyqunlquVFMtheogiy php s 14/GPHLK cp ngy 02/05/2003 bi UBCKNN. 1.2 Qu u t Vietfund (VF1) Qu u t VF1 c cp php thnh lp v pht hnh chng chquutracngchngvongy24/03/2004biUBCKNN, cn c theo N144 v chng khon v TTCK. Qu u t VF1 l mt qu ng. Vn huy ng l 300 t ng chia thnh 30.000.000 n v qu vi mnh gi l 10.000 ng/n v qu. 2. Dragon Capital Cng ty Dragon Capital, thnh lp vo nm 1994 ti Anh Quc, vi mc ch cung cp cc dch v ti chnh thuc ngn hng u t: qun l qu, ti chnh cng ty v chng khan. Dragon Capital l cng ty nc ngoi u tin c cp m s giao dch chng khon bi UBCKNN v thc hin cc giao dch chng khon di hnh thc t doanh. 2.1 Vietnam Enterprise Investments Limited (VEIL) Mt trong nhng gng mt nh u t t chc nc ngoi ni bt trn th trng u t ti chnh hin nay l Qu VEIL, c qun lbiCngtyQunlquDragonCapital(Anh).cthnhlp TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -49- thng 7/1995 vi vn ban u l 17 triu, qua nhiu ln tng vn, n nay c tng gi tr ti sn khong 185 triu Dollar M.VEILlmt qu u tdng ng ln nht tp trung vo th trng Vit Nam, trong c hn 12 triu Dollar M vn u t ca Tp on Ti chnh Quc t (IFC), cng ty chu trch nhim u t thuc Ngn hng Th gii. C phiu ca VEIL c nim yt ti th trngchngkhonDublin(Ireland),vcgiaodchquath trngOTCtiLondonvNewYork.Sosnhviccqukhcti Vit Nam, qu VEIL mang li li nhun cao nht vi chi ph qun l thp nht. Di s qun l ca Dragon Capital, Qu VEIL u t trn 30 cng ty v d n trong nhiu ngnh cng nghip khc nhau, ttichnhngnhng,vtliuxydng,btngsn,nch bin nng nghip, thy hi sn, sn xut hng tiu dng, v u t cshtngnhGemadept,Sacom,Ree,Vinamilk,Ngnhng ACB, Sacombank, VPBank... Khong 27% vn ca qu c u t vo cc cng ty nim yt trn sn. 2.2 Vietnam Growth Fund (VGF) TipsausthnhcngcaQuVEIL,DragonCapital huy ng vn thnh lp Qu VGF vo thng 7/2004. VGF l mt qu ng,ngkthnhlptiqunoCayman,cnimytti TTCK Ireland v giao dch OTC trn TTCK London, Hongkong . Qu c tng vn thm 60 triu USD, tr thnh nh u t t nhn ln nht vi s vn 200 triu USD. Qu u t vo cc NHTMCP, cngtyVinamilk,thyinVnhSnSngHinhvcccu tng t nh qu VEIL. 2.3 Vietnam Dragon Fund ( VDF) cthnhlpvothng12/2005visvnhuyngban u l 35 triu USD. y l mt qu ng, c nim yt ti TTCK Dublin (Ireland) vi mc tiu u t l c phiu nim yt ln OTC. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -50- 3. Vina CapitalVinaCapitalcthnhlpvivohotngvonm 2003, qun l Qu VOF v Qu bt ng sn Vinaland Fund. i ng qun l Vinacapital l nhng ngi c kinh nghim hat ng u t Chu 3.1 Vietnam Opportunity Fund(VOF) VOF l qu u t ti chnh hot ng vo thng 9/2003 vi s vn ban u l 10 triu USD, n nay l hn 200 triu USD. VOF l quutdngng,lquututinthnhlpChu cnimyttiTTCKLondon(AIM).Qucisgpmtcacc tn tui: Deustche Bank Securities Inc., Sun Wah Group, Millienium PartnersLP,TheValueCatalystFundLtdvAmericanFidelity Corporation. Mc tiu ca qu bao gm: Tptrungvocclnhvcchnhangtngtrngcann kinh t trong nc bao gm dch v ti chnh, bn l, hng tiu dng, du lch, bt ng sn utvnvchovaycccngtynimyt,cngtycha nim yt, cng ty t nhn cng nh tham gia vo vic c phn ha cc DNNN u t vo cc ti sn c gi tr thp nhng c tim nng tng trng v mang li li nhun trong tng lai bao gm ti sn tnng,nhngkhonnquhnvcctisncacc Doanh nghip Vit Nam v doanh nghip c vn TNN. VOFutgn40triuUSDvo30cngtyvdn VitNam,trongchringKinh,VOFbrahn5triuUSD. Trc , VOF hp tc kh thnh cng, cng vi Kinh , trong d n mua li thng hiu kem Wall v hin nay thng hiu kem Kido mi ang pht trin n nh vi tc tng trng 20%/nm. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -51- VOF c nh gi l qu hng u ti Vit Nam vi mc tng trng 25%/nm 20043.2 Qu bt ng sn(Vinaland fund) Qu gp vn thnh vin u t vo cc d n bt ng sn TpHCM v H Ni. Mc tiu ca qu bao gm : Nm bt nhu cu ngy cng tng v bt ng sn v thu nhp tng,ngnhdchvbnlphttrin,chngtrnhchovay mua nh tr chmngycngph binvdns phn ln l tr Kt hp k nng pht trin bt ng sn trong nc v to ra c cu ti chnh linh hot em li victhu hi vn nhanh v li nhun cao cho cc nh u t Tham gia vo cc d n pht trin bt ng sn ti Trung tm TP.HCM Ticutrcccdnbtngsnngnghotngtcc nh du t trong nhng nm 1990 3.3 Qu Techfund Vo thng 8/2006, Cng ty qun l qu VinaCapital d kin s thnh lp qu TechFund vi tng gi tr 50 triu USD, t gp vn ban u s l 25 triu USD, trong quy m ti a ca qu l 100 triu USD. y s l qu u t mo him th hai ti Vit Nam sau qu mo him ca IDG nhm vo cc doanh nghip mi thnh lp trong lnh vc CNTT.Mc ch ca vic thnh lp qu ny l mong mun s gia tng gitrtisnthngquavictptrungut,htrccdoanh nghip hot ng trong lnh vc cng ngh thng tin ti Vit Nam, bao gm cc cng ty nim yt, cng ty t nhn, cng ty mi thnh lpctimnngtngtrngmnh,emligitrcao,cngty TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -52- cnhgidigitrthtrng.utinutvolnhvc Internet,mngkhngdy,snxutphnmm,truynthngk thut s v c s h tng CNTT ti Vit Nam.4. Mekong Capital Mekong Capital Ltd l nh qun l Qu Doanh Nghip Mekong. Mekong Capital c thnh lp vo thng 5 nm 2001 vi mc tiu ch yu l qun l Qu Doanh Nghip Mekong. Mekong Capital l thnh vin ca Hip hi cc nh u t Ti chnh Vit Nam (VAFI), Phng Thng mi Hoa K ti Thnh ph H Ch Minh (AMCHAM), HiphiThngmiChuutiVitNam(EUROCHAM),Hiphi Thng mi Canada ti Vit Nam (CANCHAM), Hip hi u t Vn voccDoanhnghipTnhnticcThtrngMiNivang Pht trin (EMPEA), v Hip hi Qun tr Doanh nghip Chu .Nhim v ca Mekong Capital, Nh qun l Qu nh sau:Tm kim v kho st cc c hi u t tim nng cho Qu;Thm nh cc khon u t tim nng cho Qu;Thng lng cc khon u t tim nng cho Qu;Thc hin vic u t cho Qu;Gim st cc khon u t ca Qu sau khi vic u t c thc hin;Tr gip cc cng ty m Qu u tTun t bn cc khon u t ca Qu.4.1 Qu DN Mkng 1(MEF1) Qu Doanh Nghip Mekong 1 l mt qu u t mo him vi s vn u t 18,5 triu -la M vi s gp vn ca cc c ng l cctchctichnhquctnhngnhngphttrinChu (ADB),NordicDevelopmentFund(NDF),Quhptccngnghip PhnLan(Finnfund),CngtyutcaVngqucBdnhcho cc nc ang pht trin (BIO) tp trung u t vo c phn ca TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -53- ccdoanhnghiptnhntiVitNam,LovCampuchia(Vng Mekong).utcphncthbaogmcphnphthng,c phn u i, tri phiu chuyn i v cc loi chng khon lin quan ncphnkhc.Qutmctiutcmclinhunthu ccaonhtcthivicckhonutcamnhvng thitoctcngtchccnsphttrincaccdoanh nghip t nhn ti vng Mekong. Qu hng n vic t c cc mc tiu ca mnh bng cch a ra nhng s tr gip ng k cho cc cng ty m Qu u t, c bit trong vic gip h pht trin h thng qun l trong cc lnh vc nh qun tr nhn s, qun l mi quanhkhchhng,bnhngvtipth,qunltichnh,h thngqunlthngtin,v.v.datrnnhngthnglqucttt nht. Qu d kin s hot ng trong thi gian 10 nm, k t ngy khai trng 22 thng 4 nm 2002. Qu ch c th tin hnh cc hot ng u t trong 5 nm u. Khi u t, Qu d nh s nm gi khon u t t 5 n 8 nm. Thi gian nm gi khon u t s c th ngn hn hoc di hn, tu thuc vo tng trng hp. QuttrstioCayman.Quchacnimyttrn th trng chng khon. Hin ti, Qu thc hin u t vo cc CngtyVitNamnh:CngtykintrcvxydngAA(sn xut g, trang tr ni tht), Cng ty nha Tn i Hng, Cng ty dy cp in Ng Han, Cng ty tin hc Lc Vit NhngimctrngkhcbitcaQuDoanhNghip Mekong vi cc qu khc Qu ch yu tp trung vo cc doanh nghip thuc khu vc t nhn do cc nh doanh nghip ti a phng thnh lp, thay v tp trung vo cc cng ty c vn u t nc ngoi hay cc cng ty nh nc c phn ho;TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -54- KhonuttrungbnhmQunhmnnhhnccqu khc, v vy, Qu c th u t vo cc cng ty nh hn. Qu dtnhkhonuttrungbnhcamnhsvokhong 1.400.000 -la M;Qu hng n vic cung cp nhng s tr gip ng k v c gi tr cho cc cng ty m Qu u t;Chin lc u t ca Qu ch yu tp trung vo cc ngnh s dng nhiu nhn lc v kinh doanh theo hng xut khu;Quchtptrungutvocccngtytcnhng thnh tu ng k;ShptcchtchgiaMekongCapitalvMPDFchophp Qu tn dng c ngun lc rng ln ca MPDF trong vng.4.2 Qu doanh nghip Mekong 2 ( MEF2) Mekong Capital va thnh lp Qu u t th II vi s vn 50 triuUSD.QuIIcthutvocccngtyVitNamn3 triu USD mi cng ty. Qu II s tip tc u t vo cc cng ty t nhn ca Vit Nam. Ngoi ra, Qu II cng ch n cc doanh nghip nh nc c phn ha v doanh nghip c vn u t nc ngoi.5. Indochina Capital Indochina Capital tr s chnh t ti Hong Kong l mt cng ty u t vi cc hot ng ni bt nh ti tr, pht trin, u t, h tr ti chnh v thc hin giao dch cc d n u t tm c ti Vit Nam.Hinnay,Indochinachn50nhnvinticcvnphng i din ti H Ni, TP.H Ch Minh, vn phng qun l d n ti Hi An v ti Cng ty chng khon Mekong. BncnhhotngutbtngsncaQuIndochina LandHoldings,IndochinaCapitalcnmrnghotngut TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -55- chin lc ca mnh sang hot ng qun l danh mc u t trn cthtrngcphiuvtriphiu,kmtheoccdchvhtr nhtvn,nghincuthmnhpthtrng.Mctiuca IndochinaCapitalltrthnhtpontichnhhngutiVit Nam cung cp cc dch v ti chnh hiu qu bao gm qun l danh mcut,utbtngsn,cchcnngcangnhng thng mi,t vnvkinhdoanhchngkhontheogiyphpti Vit Nam vi vai tr l ngi mi gii v bo lnh. IndochinaCapitalangqunltrn100triuUSDtngvn u t c phn, u t bt ng sn v cc hot ng u t c bn khc. Danh mc u t chnh bao gm: i) chng khon c nim yt v OTC, ii) c phn ti CB Richard Ellis Vit Nam, iii) c phn v quynqunlcngtyChngkhonMekong,viv)cphnchnh ti American Indochina Resort - ch s hu Khu ngh mt Nam Hi ti Hi An, Vit Nam. ivihotngutbtngsn,Indochinahinang qun l mt qu u t 42 triu USD, trong hn mt na s vn cuthocchunbcuttrongnmnay. Indochina cng c k hoch tng thm 100 triu USD vo nm 2006 t tng vn 142 triu USD. i vi hot u t vo c phn, tri phiu, Indochina qun l gn39triuUSDvnutcphn,tngsvnutcho nnm2005l11triuUSD.Visphttrincathtrng chngkhonVitNam,Indochinahyvngsutht39triu USD v u t thm 50 triu USD na trong nm 2006. CngtychngkhonMekong:Indochinahinangnmgi 30% c phn Cng ty c phn chng khon Mekong, mt cng ty t nhnccpphphotngkinhdoanhchngkhontiVit Nam.Cngtycthnhlpnm2002vcUbanchng TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -56- khonnhnccpphphotngkinhdoanhmigiichng khon v t vn ti Vit Nam t nm 2003. 6. Cng ty Finansa Cng ty qun l qu Finansa c tr s chnh Thi Lan. 6.1 Qu Vietnam Frontier Fund (VFF) cthnhlptthng7/1994viquymvnbanuln n60triulaM.QuVFFdoCngtyqunlquFinansac tr s chnh Thi Lan qun l. Mc d c quy m vn ln n 60 triu la M nhng qu ny ch u t hn 10 triu la M vo th trngVitNam.DanhmcutcaQuVFFvocuithng 9/2003 nh sau: -utvoccCngtynimyt(Bibica,REE,SACOM,Betng 620 Chu Thi, Gemadept v Savimex): 22% danh mc -u t vo cc Cng ty cha nim yt (xi mng Luks, Indochina Building Supplies, Ngn hng TMCP Chu): 55,6% danh mc -Tin mt: 22,4% danh mc Do i ng qun l ti Vit Nam kh mng v khng c nhiu kinh nghim nn cc khon u t ca VFF khng mang li hiu qu cao. Vo thng 7/2004 , Qu VFF bn li cc ti sn gii th qu, kt thc 10 nm hot ng ti th trng Vit Nam. 6.2 Vietnam Equity Fund (VEF) Sau khi gii th qu VFF, Cng ty qun l qu Finansa ang n lc gi vn thnh lp mt qu u t mi c tn Vietnam Equity Fund vi mc tiu u t vo th trng Vit Nam. Quy m ca qu utminykhong20triulaM,thnhlpvothng 7/2005 vi nhng c ng chnh l Propaco ( Php) v DIG (c). 7. Fanxipang Asset Management Ltd 7.1 Qu PXP Vietnam Fund TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -57- Qu PXP Vietnam Fund c thnh lp vo thng 12/2003 vi quy m vnl 30 triu la M, do Cng ty Qun l ti sn PXP Vit Namqunl.ylmtqungcthigianhotng5nm, cngktiqunoCayman(vngqucAnh),cnim yt trn S giao dch Chng khon Ireland. Mc tiu u t ca qu PXPVietnamFundltmkimlinhuntrongdihnthngqua vicutvoccCngtynimythocchunbnimyttrn TTCK Vit Nam c mc vn ha th trng ln hn 5 triu la M. Vi mc tiu trn, PXP Vit Nam Fund u t mnh vo cc Cng ty nim yt . Cng ty u tvo TTCK Vit Nam vi danh mc utgmccCngtysau:Gemadept,Sacom,REE,Btng620 Chu Thi, Savimex v Transimex Saigon.. Do mc tiu u t vo cc Cng ty nim yt nhng hin nay t l s hu dnh cho ngi u t nc ngoi ca cc Cng ty tt nhREE,Agifish,Savimex,htnnvicgiingnvnut ca PXP Vietnam Fund tng i chm.8. Vietnam Holding Asset Management(VNH) Cng ty QunlQu Vietnam Holding (VNH) c ch nh l n v qun l u t ca Qu Vietnam Holding(VNH) v chu trch nhim qun l cc hot ng u t hng ngy ca Vit Nam thng quavnphngtiHNivTp.HChMinh..Nhmtngcng nng lc cho i ng quc t v a phng sn c ca mnh, VNH thnh lp mt hi ng c vn gm cc chuyn gia uy tn hng u ti Vit Nam. 8.1 Qu Vietnam Holding ( VNH) Qu u t Vietnam Holding c hn 70% vn c huy ng t ccnhutThyS,cthnhlpnhmutvoccloi chng khon ca cc doanh nghip nh nc v ang trong qu trnh c phn ha ti Vit Nam.TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -58- Mc tiu u t ca cng ty l gia tng vn di hn thng qua vicutvocccngtyctimnngtngtrngcaovnh gihpdn.TritlkinhdoanhcaQulsgichngkhan trongthigiandiviunythhintrongtncacngtyl VietnamHolding. QuutVietnamHolding(VNH),chnhthcnimyttrn thtrngchngkhonLunn(Anh)tngy17/06/2006, quytnhut112,5triuUSDvoVitNamthngquath trng chng khon. Nhng doanh nghip m Vietnam Holding quan tm l vin thng, du kh, khai thc m, dch v ti chnh... VNH d nh u t t nht 70% vn qu cc doanh nghip c phn ha, 25% vo cc doanh nghip t nhn, doanh nghip c vn utncngoivkhngqu20%vocctriphiucth chuyn i thnh c phiu.VNH s thc hin nguyn tc chung v a dng ho u t, tc l khng u t qu 10% tr gi ti sn rng ti thi im u t vo bt c mt cng ty n l no v s khng u t qu 30% tng gi tr ti sn rng ca cng ty ti thi im u t vo bt k mt ngnh ngh hoc lnh vc n l no. CclnhvcmVNHstptrungutbaogmhngtiu dngvdcphm,dchv,invnnglng(chyuldu kh),vinthng,m,dulch,dchvtichnh,dchviuhnh phn phi v vn ti, xy dng v vt liu xy dng. Cng ty s c bit ch trng vo nhng lnh vc c nh hng tch cc t vic Vit Nam gia nhp T chc Thng mi Th gii (WTO). 9. Qu u t PENM Tp on Ngn hng BankInvest va ra mt qu u t Private Equity New Markets (gi tt l PENM) ti Vit Nam. y l qu u tvolnhvckinhttnhncqunlbiNgnhng TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -59- BankInvest-nh u t hng uca Thy in, Na Uy, an Mch ti th trng cc nc ang pht trin.Qu u t Penm c ngun vn 80 triu USD, quy m u t caqunythngthngkhngvtqu15triuUSD,mcu tnhtuthucvotimnngcadoanhnghipnhngthng thng khng thp di mc 500.000USD.HinPenmangxctinthnhlpvnphngidinti TPHCMvscbitchtrnguttrongcclnhvcthng mi hoc k thut. 10. Cc qu u t Hn Quc KoreaInvestmentTrustManagementCo.Ltd.(KITMC),cng tyqunlquutlnnhtcaHnQucchnhthcmvn phngidintiTP.HCMvcngbkhochutvoTTCK VitNam.ylcngtyhngutronglnhvcqunlvnv ngnhngcaHnQuc,ngthicnglcngtychngkhon tng hp ln nht trong nc vi tng s nhn vin l 2.300 ngi, vn t c 1,6 nghn t Won. TrcmtKITMCsqunlhaiquutctngquym vnkhong128triuUSD,baogmKITMCVietnamGrowthFund (50triuUSD)vKITMCWorldwideVietnamFund(78triuUSD). ylccquutincaHnQucutvoTTCKVitNam, trongphnlnvndoccnhutHnQucnggp.K hochcaKITMClsutvndihnvoccdoanhnghip tim nng ca Vit Nam, trong tp trung phn ln vo cc cng ty nim yt trn TTCK v cc doanh nghip c trin vng nim yt. Ngy 27/04/2006, KITMC Viet Nam Growth Fund ra mt ti H Ni. y l qu u t u tin ca Hn Quc ti Vit Namc s vn ban u l 50 triu USD, c huy ng t cc nh u t Hn Quc. Qu u t ny d kin s u t vo th trng chng khon TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -60- VitNamthngquavicmuacphncaccdoanhnghip nh nc, cng ty c phn, tri phiu... ngthi,btutthng06/2006,quutthhais tin hnh thu ht vn t i tng cc nh u t c nhn ca Hn Quc,vtrongthigianti,vichuyngvnscmrng sang c i tng l cc nh u t M, chu u v tip tc thnh lpccquuttngtthngquacccquanphpnhnti New York, Lun n, Hong Kong. Ngoihaiquuttrn,cngtycngangxctinthnh lp qu u t Hn Quc th ba. D kin, qu u t th 3 ny s chnh thc ra mt vo qu IV/2006 vi quy m 70 triu USD. 11. Cng ty qun l qu Prudential (PVFMC) Cng ty Qun l qu Prudential l Cng ty TNHH mt thnh vin trc thuc Cng ty Bo him nhn th Prudential Vit Nam, c vn iul23tngvhotngtronghailnhvcchnhllpv qun l qu u t chng khon v t vn ti chnh, u t chng khon.CngtyQunlquPrudentialsqunlhaiquthnhvin gm:QubophPrudential(thucttonbngunboph caCngtymPrudentialVitNam)vQuPrudenceFoundation (doTponPrudentialtoncuthnhlptitrccchng trnh t thin). Hai qu ny c quy m vn ng k ban u xp x 10.020tng.Hinnay,Prudentialmihuyngvthnhlp thm Qu cn bng 11.1 Qu bo ph Qu bo ph Prudential (thu c t ton b ngun bo ph ca CngtymPrudentialVitNam)cvnl10.000tng.Tuy nhin, quy m vn ca Qu bo ph s tng ln theo nhp tng bo ph.Hinti,lngbophnhnthmPrudentialVitNamthu TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -61- c t pha khch hng trung bnh trn 150 tng/thng. Khong 6.500tngcutvoccknhkhcnhau;trong, tri phiu chnh ph chim 75%, c phiu nim yt chim 1,5%, c phiu cha nim yt 3%, bt ng sn 0,5% v 20% nm tin gi ngnhngvcckhonutngnhnkhc.Sovithiim cch y 6 thng, c cu u t c s chuyn bin tch cc, c bit c s tng ng k i vi cc khon u t vo c phiu cha nim yt (tng t 0,5% ln 3%).11.2 Qu cn bng ( PRUBF1) Ngy19thng7nm2006,UBCKNNchnhthccpGiy php pht hnh Chng ch Qu u t ra cng chng cho Qu u t Cn bng Prudential (PRUBF1) ca Cng ty Qun l Qu u t Prudential Vit Nam (PVFMC).Qu PRUBF1 c thi gian hot ng 7 nm vi vn iu l huy ng c l 500 t ng. Mnh gi n v qu l 10,000 (mi ngn ng) v ph pht hnh l 3%. Theo nh gi ca cc chuyn gia ti chnh, Qu u t ny rt ph hp vi cc nh u t c kh nng chp nhn ri ro trung bnh, thi gian u tttrungndihnvmongmuncthunhpnhkcng trin vng nng cao gi tr vn u t.PRUBF1lskthpgiacccphiuvcccngcn. Vicutvocphiumanglitrinvnggiatnggitrvn trong khi vic u t vo cc cng c n gip gim bt nh hng casbinngtronghotngutcphiuvtorathu nhp nh k. Theo Bn Co Bch c UBCKNN ph duyt, c cu u t ca Qu nh sau:30 100 % gi tr ti sn rng ca Qu c u t vo cc cngcn,baogmtriphiuChnhph,triphiuChnh quyn a phng, tri phiu cng ty v tin gi ngn hng. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -62- 0 70% gi tr ti sn rng ca Qu c u t vo c phiu nim yt v c phiu cha nim yt. 12. Cng ty qun l Qu Bo Vit Theo giy php t UBCKNN, Bo Vit c php thnh lp Cng ty TNHH qun l qu u t chng khon Bo Vit vi vn iu l 25 t ng. Mc tiu ca cng ty l tham gia vo th trng vn v th trng chng khon v cng l mt hng i chnh trong qu trnh xy dng Bo Vit tr thnh tp on ti chnh bo him mnh Vit Nam. Li th ca Cng ty Qun l qu Bo Vit l lng vn nhn ri ca Bo Vit rt ln, nht l t cng ty bo him nhn th, l ngun vn c k hn di (10, 15 v 20 nm) v rt ph hp vi vic u t vo cc cng c ti chnh di hn trn th trng vn.D kin trong nm 2005 ny, t trng u t trung v di hn vo nn kinh t ca Bo Vit s c nng ln khong 80% trn tng ngun vn 10.700 tng.ycnglhotngcmctngtrngcaonhtca Bo Vit trong nm qua, tng ti gn 50%. Trong nm 2004, tng s tin Bo Vit u t vo nn kinh t l gn 9 nghn t ng. 12.1 Qu u t Bo Vit( BVF1) QuutchngkhonmangtnBVF1,cquym500t ng, vi cc thnh vin tham gia gp vn vo qu l mt s doanh nghip bo him ln ang kinh doanh ti th trng Vit Nam. BVF1lquhnhp,dnhti75-85%gitrdanhmc utvocphiu,triphiuccngnhnghtrngyucann kinhtnhnnglng,khaikhong,tichnh,ngnhng,vin thng,hngxutkhu.Phncnliutvocclnhvctng trng cao v cc cng c th trng tin t. TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -63- BVF1chlbckhiuthnhlpccqutiptheo, trong c qu cng chng ph hp vi nhu cu ca th trng v pht huy cc li th trong kinh doanh cc sn phm bo him, c bit l bo him nhn th ca Bo Vit. 13. Cng ty qun l qu u t Thnh Vit(TVMC) CngtyCphnqunlquutThnhVit(TVMC)va chnhthcramtvkugivichuyngvnthnhlpqu utchngkhonSaigonA1(SaigonFundA1).Chtrngca TVMC l thnh lp cc qu u t vi quy m va phi, t 10 - 50 t ng.13.1 Saigon Fund A1( SFA1) Saigon Fund A1 l qu u t chng khon u tin ca TVMC viquymkhong20tng,giphthnh10.200ng/chng chqu(gmgimtnvqu:10.000ngvphphthnh: 200ng/chngchqu),trongkhong49%doccnhut ncngoinggp.SaigonFundA1dkinct3-14thnh vin, trong thnh vin gp vn l t chc phi gp ti thiu 3 t ng(tngng100.000nvqu)vnhutphpnhn tham gia ti thiu l 3 t ng (300.000 n v qu).Thi gian hot ng ca qu l 5 nm v c gia hn khi cn thit.VicsdngvncaQuSiGnA1sctdis gim st ca BIDV. V c cu vn v mc tiu u t ca qu SFA1, d kin u t 50%-60% vn vo cc chng khon nim yt, 40%-50% cn li dnh u t vo chng khon s nim yt m TVMC thamgiaquntrhochtrtvnvimctiuttngtrng gi tr ti sn rng trong nm 2006 l 30%. D kin mc c tc ca qu l 15%-17%/nm./.14. Cng ty qun l qu Ngn hng Vietcombank ( VCBF) TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -64- CngtyLindoanhQunlQuutchngkhon Vietcombank (VCBF) c lin doanh gia Ngn hng ngoi thng Vit Nam (Vietcombank) vi Cng ty u t Viet Capital Holdings Pte LtdctrstiSingapore.Vniull08tVN;trongc cu l: VCB (51%) v Viet Capital Holdings Pte Ltd (49%).Thi hn hot ng l 30 nm k t ngy UBCKNN cp Giy php qun l qu Lnh vc hot ng ca Cng ty bao gm: Lp v qun l qu u t chng khon;T vn cho cc t chc v c nhn trong, ngoi nc v cc vn lin quan n u t chng khon;u t bng ngun vn ca Cng ty vo cc loi chng khon nim yt hoc cha nim yt trn th trng 14.1 Qu VCBF1 Qu VCBF1 c quy m vn l 12,5 triu USD, c thnh lp 12/2005, ch yu u t vo cc loi chng khon cha nim yt. 14.2 Qu VCBF2 Qu u t th hai c tn Qu Vietcombank 2 do Cng ty lin doanhQunlquutchngkhonVietcombank(VCBF)sng lp. Qu ny c quy m vn 60 triu USD c thnh lp di dng qu ng, vi s gp vn ca c nh u t trong v ngoi nc. V c bn, Qu hon tt cc th tc xin thnh lp vi UBCK v kh nngthigianngntiscchpthunthnhlp.Qu Vietcombank2cnhhngutvoccDNchanimyt, thuc lnh vc du kh, ngn hng v bo him, cng ngh thng tin v vin thng...Ngoi Vietcombank 2 s c thnh lp trong nm nay, Cng ty ang c k hoch thnh lp mt qu cng chng vo nm 2007 15. Cng ty qun l qu ngn hng u t v pht trin BIDV TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -65- CngviitcHoaKlVietnamPartnersLLC,BIDV snglpraCngtyLindoanhQunlQuutqunl3 qu u t vo Vit Nam .15.1 Qu u t Vietnam ( VIF) Ngn hng u t - Pht trin Vit Nam (BIDV) v i tc Hoa K Vietnam Partners LLC khai trng Qu u t Vit Nam (VIF) viquymvnlnti1.600tng(100triuUSD).Trong, quhuyngc20tpon,tngcngty,doanhnghip hng u Vit Nam cng tham gia vi s vn 1.120 t ng Viskthpcbit,QuutVitNamscc nhng li th t mi quan h v hiu bit su sc khi doanh nghip v cc hot ng ti chnh ti Vit Nam do BIDV mang li v ngun nhn lc chuyn mn cao cng nhng mi quan h vi gii ti chnh toncumanglitVietnamPartners.Ccnhcungcpdchv cho Qu c la chn bao gm nhng tn tui c uy tn: HSBC lm Ngn hng Gim st, KPMG lm Cng ty Kim ton; t vn v lut php l Freshfields Bruckhaus Deringer.VIFlquutthnhvindngng,thnhlptiVit Nam vi quy m ti a c php huy ng l 1.600 t ng (100 triu USD). Qu c php u t nm gi cc loi c phn, chng khon, u t gp vn trc tip vo cc d n; c php t chc gp vn theo tin u t v vay vn phi hp u t. VIF l qu u tin i vo hot ng. n cui nm 2006, qu songsinhviVIFcngscthnhlptiHoaK,quymvn khong 100 triu USD. Tip n l Qu Cng chng cng vi quy m vn 100 triu USD s c thnh lp ti Vit Nam trong nm 2007, trin khai qua h thng BIDV. 16. Cng ty qun l Qu Ngn hng An Bnh TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -66- u qy IV/2006, ngn hng ny s thnh lp cng ty qun l qu v qu u tin m cng ty d kin huy ng s l qu thnh vin quy m vn khong 100 triu USD.Qu c s tham gia ca nh u t nc ngoi v mt s cng tylntrongncnhTngcngtyinlcVitNam(EVN), Vinamilk, Cng ty XNK tng hp H Ni, Cng ty ti chnh du kh, CngtyutvphttrinXD(Invesco)vCngtymytnh truyn thng CMC.Ngn hng An Bnh cn a ra chin lc pht trin kinh doanh ton din, n nm 2010 s tr thnh tp on ti chnh ngn hng ln mnh vi nhiu lnh vc kinh doanh: qun l u t, ngn hng ut,kinhdoanhbtngsn,uttichnh,kinhdoanh chng khon, qun l ti sn v mua bn n.Sau y l bng tng hp v quy m v hot ng ca Qu ti Vit Nam (tnh n thng 9/2006): CHI TIT V QU STT CNG TY QUN L QU QU TRC THUC Quy m vn Phn loi a im NY hay ng tr s 1Vietfund Management VF1300 t VNQu cng chng Nim yt ti TTGDCK TPHCM 2Dragon Capital - Qu VEIL - Qu VGF - Qu VDF 185 triu USD 200 triu USD 35 triu USD Qu thnh vin NY Dublin 3Vina Capital -Qu VOF - Vinaland Fund 225 triu USD 200 triu Qu thnh vin NY London TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -67- - Techfund USD 50 triu USD 4Mekong Capital - MEF1 - MEF2 19 triu USD 50 triu USD Qu thnh vin 5Indochina Capital - Qu Indochina Land Holding - Qu Indochina 142 triu USD 100 triu USD Qu thnh vin Hongkong 6Finansa- Qu VFF - Qu VEF 60 triu USD 20 triu USD Qu thnh vinThi Lan 7Fanxipang Asset Management Company FXP Vietnam Fund 30 triu USD Qu ng o Cayman ( Anh), NY Dublin 8Cng ty qun l qu Vietnam Holding Qu VNH112,5 triu USD Qu thnh vin NY London 9Ngn hng Bank Invest Qu PENM80 triu USD Qu thnh vin Bc u 10KITMC- Qu KITMC Growth Fund - KITMC 50 triu USD 78 triu USD Qu thnh vin Hn Quc TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -68- Worldwide Vietnam Fund 11Cng ty TNHH QL qu T Prudential Vit Nam - Qu bo ph - Qu cn bng 10.000 t VN 500 t VN - Qu thnh vin - Qu cng chng Vit Nam 12Cng ty qun l Qu Bo Vit Qu BVF1500 t VNQu thnh vin Vit Nam 13Thnh VitSaigon Fund A1 20 t VNQu thnh vin Vit Nam 14Cng ty lin doanh qun l qu Vietcombank ( VCBF) QuVCBF1 12,5 triu USD Qu thnh vin Vit Nam 15Cng ty lin doanh qun l qu BIDV(Vietnam Partner - BIDV) Qu VIF100 triu USD Qu thnh vin Vit Nam II. NH GI TNH HNH HOT NG CA CC QU U T TI VIT NAM TRONG THI GIAN VA QUA 1. Qu trnh hot ng ca cc qu u t ti Vit Nam TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -69- c s nh gi y v cc qu ti Vit Nam, c th theo di tnh hnh hot ng v pht trin ca cc qu qua tng thi k nh sau: 1.1 Nhng qu u t ti Vit Nam trc thi k khng hong kinh t chu nm 1997: Vonhngnmucathpk90,khiLutCngty,Lut TNNcbanhnh,ngunvnFII(ngunvnutgintip) vo Vit Nam bt u manh nha xut hin. Trong thi gian ny, c 7 qu c thnh lp vi tng s vn c huy ng khong 400 triu USD.Bng 1. Nhng Qu u t nc ngoi thnh lp trc nm 1997 STT Cty Qun l qu Qu Quy m (triu USD) Loi qu Tnh trng 1 VienamFund Management Co.Ltd Vietnam Fund 54,3ng Chm dt vo nm 2001 2 KV Management PteLimited (Singapore) Vietnam Investment Fund Singapore 90,9ng Thu hp quy m qu cn 5 triu USD 3 Bachmann Fund Administration Limited Beta Vietnam Fund 71,0ng Thu hp quy m qu cn 7 triu USD 4FrontierVietnam67,0MChm dt TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -70- (Finansa)Frontier Fund (VFF) nm 2004 5 VietnamVest Ltd Vietnam Lazard Fund 58,8ng Chm dt nm 1997 6 Templeton Vietnam Templeton Vietnam Opportunities Fund 11,7ng Chm dt nm 1997 v tr thnh Asian Fund 7 Dragon Capital Ltd Vietnam Enterprise Investment Fund (VEIL) 35,0ng ang hot ng v tng vn Sau cuc khng hong kinh t chu bng n vo nm 1997, QuVietnamLazardFundvQuTempelonVietnamlnltrt vnkhiVitNamNAM,trongkhiQuVietnamInvestmentFund Singapore (VIF) v Qu Beta Fund tip tc hot ng nhng thu hp quy m ch cn 5 10%. Ba qu cn li l Vietnam Fund (VF), Vietnam Frontier Fund (VFF) v VEIL vn tip tc hot ng, nhng sau VF v VFF ngng hot ng vo nm 2001 v 2004. Ch cn QuVEILvnhotngvcxemlquthnhcngnhtcho n thi im hin nay. 1.2Ccquutxuthinsaunm1997nunm 2006 Mcd,cngngquctnhgiVitNamlmttrong nhng nc t b nh hng nht trong cuc khng hong ti chnh chunm1997,nhngtnhhnhutFIIvoVitNamvn khngsngsahn.Phinthng04/2002,ngunvnnymi TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -71- tr nn si ng tr li vi s xut hin ca Qu Mekong Enterprise Fund (MEF), vi s vn huy ng l 18,5 triu USD. Tip n l s thnhlpmica10quvitngsvnutlnnkhong 900triuUSD,nngtng ngunvnFIIvoVit Namtkhong 1,2 t USD. Bng 2. 10 Qu u t nc ngoi mi c thnh lp sau nm 2002 STTCty Qun l quQuThnh lp 1Mekong Capital Mekong Enterpise Fund 04/2002 2Vina Capital Vietnam Opportunity Fund 11/2003 3 PXP Vietnam Asset Management PXP Vietnam Fund12/2003 4 International Data Group IDG Venture Vietnam 08/2004 5Dragon Capital Vietnam Growth Fund 10/2004 6Indochina Capital Indochina Land Holdings 5/2005 7 Finansa Fund Managenment Vietnam Equity Fund 07/2005 8Dragon Capital Ltd Vietnam Dragon Fund 12/2005 9Vina CapitalVina Land Fund12/2005 Nm 2004, nh du s khi u ca mt giai on pht trin mi ca cc qu TNN c v s lng v quy m hot ng, thng TM HIU HOT NG CC QU U T TI VIT NAM- THC TRNG V GII PHP GVHD : TS. BI KIM YN SVTH: CHU THIN TRC QUNH -72- cgilflnsngthhai.ychnhlktqucanhngci cchkinhtquantrngcaChnhphVitNamtrongmctiu phttrinthtrngtichnh,ngknhtlvicgiatngtl nm gi c phn ca cc nh TNN trong cc cng ty nim yt trn Trungtmgiaodchchngkhon(TTGDCK)t30%ln49%,y mnhtcCPHccDNNN,vbibquynhvslngcc ngnhngcnmgibimttchcncngoi.Ngoira, trong nhng nm gn y, nn kinh t Vit Nam tng trng nhanh chngvitcbnhquntrn7,5%/nmgipVitNamtr nnhpdnhntrongmtccnhTNNN.Hnna,mitrng chnhtrnnhsoviccncxungquanh,ngunlaongtr lnh ngh, kh nng gia nhp WTO trong nm 2006 cng l nhng yu t thu ht cc nh u t quc t n vi Vit nam. Thng 7/2004, sau khi bn li "ti sn cui cng" l c phiu BibicavislngkhlnchomtquutVitNam,Qu VietnamFrontierFundchiavn,lichocng,chnhthcng ca. Nhng Cng ty Qun l qu Finansa tip tc hot ng, qun lmtqumivisvn20triuUSD,chuynutvoVit Nam.Qu Arisaig Asian Fund, ng Singapo