{"id":19672,"date":"2012-06-29T11:11:51","date_gmt":"2012-06-29T11:11:51","guid":{"rendered":""},"modified":"2012-06-29T11:11:51","modified_gmt":"2012-06-29T11:11:51","slug":"quy-dau-tu-than-trong-hon","status":"publish","type":"post","link":"https:\/\/dntieubieuna.vn\/?p=19672","title":{"rendered":"Qu\u1ef9 \u0111\u1ea7u t\u01b0 th\u1eadn tr\u1ecdng h\u01a1n"},"content":{"rendered":"<p><P align=justify><FONT color=#0000ff><STRONG>Tho\u00e1i v\u1ed1n v\u00e0 t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 m\u1edbi l\u00e0 hai ho\u1ea1t \u0111\u1ed9ng \u0111\u01b0\u1ee3c d\u1ef1 \u0111o\u00e1n s\u1ebd di\u1ec5n ra m\u1ea1nh m\u1ebd t\u1ea1i c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u1eeb nay \u0111\u1ebfn cu\u1ed1i n\u0103m. <BR><BR><\/STRONG><A href=\"javascript:openImage('\/images_upload\/small_2409.jpg');\"><STRONG><IMG border=0 src=\"https:\/\/dntieubieuna.vn\/images_upload\/small_2409.jpg\" width=515><\/STRONG><\/A><BR><STRONG><FONT color=#b22222><SPAN style=\"FONT-STYLE: italic\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 s\u1ebd r\u1ea5t th\u1eadn tr\u1ecdng trong vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o l\u0129nh v\u1ef1c <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u1edf Vi\u1ec7t Nam. <\/SPAN><BR><\/FONT><\/STRONG><BR><\/FONT><\/P><DIV align=justify><FONT color=#0000ff>Kh\u1ea3o s\u00e1t m\u1edbi \u0111\u00e2y c\u1ee7a Grant Thornton Vi\u1ec7t Nam v\u1ec1 l\u0129nh v\u1ef1c \u0111\u1ea7u t\u01b0 c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n<SPAN style=\"FONT-STYLE: italic\">(Private Equity Investment) <\/SPAN>cho th\u1ea5y, d\u00f9 c\u00f3 l\u1ea1c quan h\u01a1n 12 &#8211; 18 th\u00e1ng tr\u01b0\u1edbc, nh\u01b0ng v\u1eabn c\u00f3 \u0111\u1ebfn 39% \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u01b0\u1ee3c kh\u1ea3o s\u00e1t &#8211; trong \u0111\u00f3 ch\u1ee7 y\u1ebfu l\u00e0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 &#8211; \u0111\u01b0a ra quan \u0111i\u1ec3m trung l\u1eadp v\u1ec1 tri\u1ec3n v\u1ecdng kinh t\u1ebf Vi\u1ec7t Nam trong v\u00f2ng 12 th\u00e1ng t\u1edbi. T\u1ec9 l\u1ec7 n\u00e0y trong cu\u1ed9c kh\u1ea3o s\u00e1t qu\u00fd IV\/2011 l\u00e0 32%. Ch\u00ednh s\u1ef1 ho\u00e0i nghi n\u00e0y khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1eadn tr\u1ecdng trong quy\u1ebft \u0111\u1ecbnh s\u1ebd ti\u1ebfp t\u1ee5c r\u00f3t v\u1ed1n v\u00e0o th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam hay x\u00e2y d\u1ef1ng k\u1ebf ho\u1ea1ch tho\u00e1i v\u1ed1n ph\u00f9 h\u1ee3p.<\/FONT><\/DIV><P style=\"FONT-WEIGHT: bold\" align=justify><FONT color=#0000ff>T\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i m\u1edbi<\/FONT><\/P><P align=justify><FONT color=#0000ff>H\u1ecfi \u00f4ng Andy Ho, Gi\u00e1m \u0111\u1ed1c \u0111\u1ea7u t\u01b0 T\u1eadp \u0111o\u00e0n VinaCapital, \u0111ang qu\u1ea3n l\u00fd 4 qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n l\u00ean \u0111\u1ebfn 1,6 t\u1ef7 USD c\u00f3 h\u1ee9ng th\u00fa v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n n\u1eefa kh\u00f4ng, v\u00ec nhi\u1ec1u ch\u1ee7 \u0111\u1ea7u t\u01b0 trong n\u01b0\u1edbc \u0111ang t\u00ecm \u0111\u1ed1i t\u00e1c sang nh\u01b0\u1ee3ng v\u1edbi m\u1ee9c gi\u00e1 kh\u00e1 h\u1ea5p d\u1eabn, \u0111\u1ea1i di\u1ec7n VinaCapital c\u01b0\u1eddi n\u00f3i: ngay c\u1ea3 \u0111\u1ea5t d\u1ef1 \u00e1n d\u00f9 \u0111\u00e3 &#8220;s\u1ea1ch&#8221; nh\u01b0ng ph\u1ea3i m\u1ea5t \u00edt nh\u1ea5t 2 &#8211; 3 n\u0103m m\u1edbi ph\u00e1t tri\u1ec3n \u0111\u01b0\u1ee3c c\u00f4ng tr\u00ecnh; chi ph\u00ed v\u1ed1n khi \u1ea5y s\u1ebd &#8220;\u0111\u1ed9i l\u00ean&#8221;, \u0111\u1ea7u ra kh\u00f3 kh\u0103n, li\u1ec7u t\u00ednh kh\u1ea3 thi c\u00f3 cao b\u1eb1ng tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n hay kh\u00f4ng? <\/FONT><\/P><P align=justify><FONT color=#0000ff>Nh\u00ecn v\u00e0o nh\u1eefng \u0111\u1ed9ng th\u00e1i t\u1eeb cu\u1ed1i n\u0103m 2011 \u0111\u1ebfn nay, c\u00f3 th\u1ec3 th\u1ea5y nhi\u1ec1u kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a VinaCapital \u0111\u00e3 \u0111\u1ebfn th\u1eddi k\u1ef3 tho\u00e1i v\u1ed1n. Theo \u0111\u00f3, VinaCapital ti\u1ebfn h\u00e0nh tho\u00e1i v\u1ed1n ho\u00e0n to\u00e0n kh\u1ecfi C\u00f4ng ty c\u1ed5 ph\u1ea7n C\u1ed3n R\u01b0\u1ee3u H\u00e0 N\u1ed9i (Halico), m\u1ed9t ph\u1ea7n t\u1ea1i Tr\u01b0\u1eddng qu\u1ed1c t\u1ebf S\u00e0i G\u00f2n v\u00e0 to\u00e0n b\u1ed9 c\u1ed5 ph\u1ea7n t\u1ea1i B\u1ec7nh vi\u1ec7n Ho\u00e0n M\u1ef9 (t\u1ef7 su\u1ea5t ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9 &#8211; IRR c\u1ee7a c\u00e1c v\u1ee5 tho\u00e1i v\u1ed1n \u0111\u1ea1t trung b\u00ecnh 48,1%. Th\u00f4ng th\u01b0\u1eddng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i mong mu\u1ed1n t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n c\u1ee7a m\u1ed7i kho\u1ea3n \u0111\u1ea7u t\u01b0 tr\u00ean 30%). <\/FONT><\/P><P align=justify><FONT color=#0000ff>\u00d4ng Andy Ho cho bi\u1ebft, VinaCapital v\u1eabn lu\u00f4n t\u00ecm ki\u1ebfm nh\u1eefng c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0o ng\u00e0nh y t\u1ebf, gi\u00e1o d\u1ee5c, h\u00e0ng ti\u00eau d\u00f9ng. Ri\u00eang m\u1ea3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u00ec Qu\u1ef9 ch\u1ec9 quan t\u00e2m \u0111\u1ebfn c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft (hi\u1ec7n t\u1ea1i Andy Ho \u0111\u00e3 tr\u1edf th\u00e0nh Ch\u1ee7 t\u1ecbch H\u0110QT c\u1ee7a C\u00f4ng ty c\u1ed5 ph\u1ea7n \u0110\u1ecba \u1ed1c Khang \u0110i\u1ec1n &#8211; KDH v\u00e0 m\u1ed9t th\u00e0nh vi\u00ean c\u1ee7a VinaCapital l\u00e0 th\u00e0nh vi\u00ean H\u0110QT c\u1ee7a Qu\u1ed1c C\u01b0\u1eddng Gia Lai &#8211; QCL). <\/FONT><\/P><P align=justify><FONT color=#0000ff>V\u00ec sao VinaCapital l\u1ea1i \u0111\u1eb7t ra chi\u1ebfn l\u01b0\u1ee3c n\u00e0y? N\u0103m 2011, ng\u00e0nh h\u00e0ng ti\u00eau d\u00f9ng v\u00e0 y t\u1ebf c\u00f3 m\u1ee9c ho\u00e0n v\u1ed1n cao h\u01a1n so v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n, d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh, \u0111\u1ea1t trung b\u00ecnh 20 &#8211; 21%. Kh\u1ea3o s\u00e1t v\u1eeba c\u00f4ng b\u1ed1 c\u1ee7a Grant Thorton c\u0169ng ch\u1ec9 r\u00f5: n\u00f4ng nghi\u1ec7p, gi\u00e1o d\u1ee5c v\u00e0 y t\u1ebf l\u00e0 nh\u1eefng l\u0129nh v\u1ef1c h\u00e0ng \u0111\u1ea7u \u0111\u01b0\u1ee3c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n quan t\u00e2m, v\u1edbi 48% \u00fd ki\u1ebfn \u0111\u00e1nh gi\u00e1 h\u1ea5p d\u1eabn. B\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh l\u00e0 hai l\u0129nh v\u1ef1c k\u00e9m h\u1ea5p d\u1eabn nh\u1ea5t, \u0111i\u1ec1u n\u00e0y tr\u00e1i ng\u01b0\u1ee3c v\u1edbi cu\u1ed9c kh\u1ea3o s\u00e1t tr\u01b0\u1edbc \u0111\u00f3, khi b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u01b0\u1ee3c \u0111a s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 &#8220;\u0111\u1ec3 m\u1eaft&#8221;. <\/FONT><\/P><P style=\"FONT-WEIGHT: bold\" align=justify><FONT color=#0000ff>B\u1ea5t \u0111\u1ed9ng s\u1ea3n xu\u1ed1ng &#8220;gi\u00e1&#8221; <\/FONT><\/P><P align=justify><FONT color=#0000ff>\u0110\u1ed1i v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n, VinaCapital s\u1ebd t\u00ecm c\u01a1 h\u1ed9i tho\u00e1i v\u1ed1n kh\u1ecfi m\u1ed9t s\u1ed1 d\u1ef1 \u00e1n l\u1edbn. Song, \u0111i\u1ec1u n\u00e0y kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi chuy\u1ec7n VinaCapital s\u1ebd &#8220;n\u00f3i l\u1eddi chia tay&#8221; v\u1edbi l\u0129nh v\u1ef1c n\u00e0y. \u00d4ng Andy Ho nh\u00ecn nh\u1eadn: g\u1ea7n \u0111\u00e2y, t\u00ecnh h\u00ecnh kinh t\u1ebf v\u0129 m\u00f4 \u0111\u00e3 c\u00f3 nh\u1eefng bi\u1ebfn chuy\u1ec3n r\u00f5 n\u00e9t. L\u1ea1m ph\u00e1t v\u00e0 l\u00e3i su\u1ea5t \u0111\u00e3 \u0111\u01b0\u1ee3c ki\u1ec1m ch\u1ebf v\u00e0 \u0111ang tr\u00ean \u0111\u00e0 gi\u1ea3m, trong khi gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c doanh nghi\u1ec7p b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u1eabn ch\u01b0a t\u0103ng m\u1ea1nh. V\u00ec th\u1ebf, \u0111\u00e2y l\u00e0 th\u1eddi \u0111i\u1ec3m t\u1ed1t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00e3 ni\u00eam y\u1ebft c\u00f3 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i b\u1ec1n v\u1eefng, c\u00f3 t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n th\u1ea5p. &#8220;C\u00e1c c\u00f4ng ty ch\u01b0a ni\u00eam y\u1ebft th\u01b0\u1eddng cho r\u1eb1ng, gi\u00e1 \u0111\u1ea5t c\u1ee7a h\u1ecd \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 l\u00e0 100 th\u00ec gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty c\u0169ng t\u01b0\u01a1ng \u1ee9ng l\u00e0 100, trong khi \u0111\u00f3 v\u1edbi c\u00f4ng ty l\u00ean s\u00e0n th\u00ec t\u1ef7 l\u1ec7 n\u00e0y l\u00e0 100:50, \u0111i\u1ec1u n\u00e0y s\u1ebd c\u1ea3n tr\u1edf qu\u00e1 tr\u00ecnh t\u00ecm ti\u1ebfng n\u00f3i chung&#8221;, Andy Ho chia s\u1ebb.<\/FONT><\/P><P align=justify><FONT color=#0000ff>\u0110\u1ea1i di\u1ec7n c\u1ee7a VinaCapital c\u00f2n cho r\u1eb1ng, ngu\u1ed3n ti\u1ec1n m\u1eb7t c\u1ee7a VinaCapital \u0111ang c\u00f3 t\u1eeb vi\u1ec7c ch\u01b0a gi\u1ea3i ng\u00e2n h\u1ebft v\u1ed1n ho\u1eb7c tho\u00e1i v\u1ed1n m\u1ed9t s\u1ed1 kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u1ec3 ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0 trong t\u01b0\u01a1ng lai. T\u1eadp \u0111o\u00e0n \u0111ang t\u1ea1m ho\u00e3n vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n t\u1ea1i th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i do kinh t\u1ebf to\u00e0n c\u1ea7u \u0111ang \u1edf th\u1eddi \u0111i\u1ec3m kh\u00f4ng \u1ed5n \u0111\u1ecbnh, \u0111\u1eb7c bi\u1ec7t l\u00e0 kinh t\u1ebf ch\u00e2u \u00c2u v\u00e0 Trung Qu\u1ed1c.<\/FONT><\/P><P align=justify><FONT color=#0000ff>Kh\u00f4ng ri\u00eang g\u00ec VinaCapital m\u00e0 ngay c\u1ea3 C\u00f4ng ty Qu\u1ea3n l\u00fd Qu\u1ef9 \u0111\u1ea7u t\u01b0 Saigon Asset Management (SAM) c\u0169ng nh\u1eafm v\u00e0o vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n l\u00ean s\u00e0n. \u0110i\u1ec3m kh\u00e1c bi\u1ec7t l\u00e0 v\u1edbi quy m\u00f4 v\u1ed1n nh\u1ecf (\u0111ang qu\u1ea3n l\u00fd 125 tri\u1ec7u USD), SAM ch\u1ecdn nh\u1eefng c\u00f4ng ty v\u1eeba v\u00e0 nh\u1ecf, c\u00f3 qu\u1ef9 \u0111\u1ea5t s\u1ea1ch mua tr\u01b0\u1edbc n\u0103m 2007 \u0111\u1ec3 \u0111\u1ea7u t\u01b0 (SAM \u0111ang tham gia v\u00e0o H\u0110QT c\u1ee7a C\u00f4ng ty c\u1ed5 ph\u1ea7n Th\u1ebf k\u1ef7 21 &#8211; C21, C\u00f4ng ty c\u1ed5 ph\u1ea7n H\u1ee3p t\u00e1c kinh t\u1ebf v\u00e0 XNK Savimex &#8211; SAV, C\u00f4ng ty c\u1ed5 ph\u1ea7n \u0110\u1ea7u t\u01b0 N\u0103m B\u1ea3y B\u1ea3y &#8211; NBB). \u00d4ng V\u0169 Quang Hi\u1ec3n, Gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh m\u1ea3ng B\u1ea5t \u0111\u1ed9ng s\u1ea3n SAM cho bi\u1ebft, nh\u1eefng s\u1ea3n ph\u1ea9m c\u1ee7a \u0111\u1ed1i t\u00e1c m\u00e0 SAM tham gia \u0111\u1ea7u t\u01b0 ph\u1ea3i ph\u1ee5c v\u1ee5 nhu c\u1ea7u \u0111a s\u1ed1, ch\u1eb3ng h\u1ea1n nh\u01b0 c\u0103n h\u1ed9 trung b\u00ecnh c\u00f3 gi\u00e1 dao \u0111\u1ed9ng t\u1eeb 600 &#8211; 800 USD\/m2 v\u00e0 \u0111\u1ed1i t\u01b0\u1ee3ng kh\u00e1ch h\u00e0ng c\u00f3 \u0111\u1ed9 tu\u1ed5i t\u1eeb 25 &#8211; 40. <\/FONT><\/P><P align=justify><FONT color=#0000ff>Trong khi \u0111\u00f3, hai trong s\u1ed1 5 qu\u1ef9 \u0111\u1ea7u t\u01b0 h\u00e0ng \u0111\u1ea7u t\u1ea1i Vi\u1ec7t Nam l\u00e0 Indochina Land v\u00e0 Dragon Capital \u0111\u00e3 c\u00f3 nh\u1eefng \u0111\u1ed9ng th\u00e1i c\u1ee5 th\u1ec3. Theo \u0111\u00f3, sau nhi\u1ec1u l\u1ea7n \u0111\u00e0m ph\u00e1n, Indochina Land (do Indochina Capital qu\u1ea3n l\u00fd) \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c th\u1ecfa thu\u1eadn h\u1ee3p t\u00e1c v\u1edbi C\u00f4ng ty Nam Long \u0111\u1ec3 c\u00f9ng ph\u00e1t tri\u1ec3n d\u1ef1 \u00e1n c\u0103n h\u1ed9 trung b\u00ecnh t\u1ea1i qu\u1eadn B\u00ecnh T\u00e2n (TP.HCM). C\u00f2n d\u1ef1 \u00e1n khu li\u00ean h\u1ee3p s\u00e2n golf S\u00e0i G\u00f2n (SGCCR) t\u1ea1i qu\u1eadn 2 (c\u00e2u l\u1ea1c b\u1ed9 Golf s\u1edf h\u1eefu c\u1ed5 ph\u1ea7n \u0111\u1ea7u ti\u00ean t\u1ea1i Vi\u1ec7t Nam) m\u00e0 Vietnam Properties Fund &#8211; VPF (m\u1ed9t trong 4 qu\u1ef9 do Dragon Capital qu\u1ea3n l\u00fd) l\u00e0 c\u1ed5 \u0111\u00f4ng c\u0169ng \u0111\u00e3 ch\u00ednh th\u1ee9c kh\u1edfi \u0111\u1ed9ng v\u00e0o th\u00e1ng 4 v\u1eeba r\u1ed3i. Ngo\u00e0i nh\u1eefng l\u0129nh v\u1ef1c n\u00f3i tr\u00ean, c\u00e1c c\u00f4ng ty qu\u1ea3n l\u00fd qu\u1ef9 ch\u1eafc ch\u1eafn s\u1ebd kh\u00f4ng r\u1eddi m\u1eaft theo d\u00f5i \u0111\u1ed9ng t\u0129nh c\u1ee7a qu\u00e1 tr\u00ecnh c\u1ed5 ph\u1ea7n h\u00f3a c\u00e1c doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc (SOEs). Theo \u0111\u00f3, t\u1eeb \u0111\u00e2y \u0111\u1ebfn h\u1ebft n\u0103m 2015, c\u00e1c SOEs l\u1ecdt v\u00e0o t\u1ea7m ng\u1eafm kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf MobiFone m\u00e0 c\u00f2n c\u00f3 c\u1ea3 Satra (b\u00e1n l\u1ebb), Vinatex (may m\u1eb7c), Agribank (ng\u00e2n h\u00e0ng)\u2026<\/FONT><\/P><P style=\"FONT-WEIGHT: bold\" align=justify><FONT color=#0000ff>Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n ch\u1edd \u0111\u1ee3i\u2026<\/FONT><\/P><P align=justify><FONT color=#0000ff><\/FONT><\/P><DIV align=justify><TABLE style=\"BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid; MARGIN: 5px; WIDTH: 180px; BORDER-COLLAPSE: collapse; BACKGROUND: #e6e6fa; BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid\" cellSpacing=5 cellPadding=0 align=right><TBODY><TR><TD style=\"PADDING-LEFT: 5px; PADDING-RIGHT: 5px; VERTICAL-ALIGN: top\"><SPAN style=\"FONT-SIZE: 10pt\"><P style=\"FONT-STYLE: italic; FONT-WEIGHT: bold\" align=center><FONT color=#0000ff>Khi \u0111\u01b0\u1ee3c h\u1ecfi v\u1ec1 vi\u1ec7c c\u00f3 b\u1ea5t k\u1ef3 m\u1ed1i quan ng\u1ea1i n\u00e0o \u0111\u1ed1i v\u1edbi &#8220;t\u00e0i s\u1ea3n b\u1ecb m\u1eafc k\u1eb9t&#8221; khi tho\u00e1i v\u1ed1n, \u0111\u00e3 c\u00f3 55% \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u01b0\u1ee3c kh\u1ea3o s\u00e1t tr\u1ea3 l\u1eddi &#8220;C\u00f3&#8221;; 28% b\u00ecnh th\u01b0\u1eddng; 11% \u00edt quan ng\u1ea1i v\u00e0 6% kh\u00f4ng \u0111\u00e1ng quan ng\u1ea1i.<\/FONT><\/SPAN><\/P><\/TD><\/TR><\/TBODY><\/TABLE><\/DIV><P align=justify><FONT color=#0000ff>S\u1ef1 ph\u00e2n b\u1ed5 v\u1ed1n c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0, t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh v\u00e0o Vi\u1ec7t Nam t\u0103ng so v\u1edbi qu\u00fd IV\/2011, c\u1ee5 th\u1ec3 l\u00e0 32% so v\u1edbi 29%, nh\u01b0ng l\u1ea1i th\u1ea5p h\u01a1n so v\u1edbi c\u00e1ch \u0111\u00e2y hai n\u0103m. \u0110i\u1ec1u \u0111\u00e1ng n\u00f3i l\u00e0 c\u00f3 \u0111\u1ebfn 54% nh\u00e0 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n c\u00f3 \u0111\u1ed9ng th\u00e1i nghe ng\u00f3ng v\u00e0 ch\u1edd \u0111\u1ee3i nh\u1eefng gi\u1ea3i ph\u00e1p c\u1ee7a Ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam \u0111\u1ed1i v\u1edbi c\u00e1c v\u1ea5n \u0111\u1ec1 l\u1ea1m ph\u00e1t, l\u00e3i su\u1ea5t v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a ti\u1ec1n \u0111\u1ed3ng; t\u1ec9 l\u1ec7 n\u00e0y t\u0103ng so v\u1edbi 43% trong cu\u1ed9c kh\u1ea3o s\u00e1t qu\u00fd IV\/2011. B\u00ean c\u1ea1nh \u0111\u00f3, c\u00f3 \u0111\u1ebfn 14% nh\u00e0 \u0111\u1ea7u t\u01b0 cho bi\u1ebft gi\u1ea3m c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o Vi\u1ec7t Nam, th\u1ea5p h\u01a1n t\u1ec9 l\u1ec7 27% c\u1ee7a n\u0103m 2011. <\/FONT><\/P><P align=justify><FONT color=#0000ff><\/FONT><\/P><P align=justify><FONT color=#0000ff>Tuy nhi\u00ean, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 cho r\u1eb1ng, nh\u1eefng &#8220;t\u00e0i s\u1ea3n x\u1ea5u&#8221; c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd \u1edf th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. B\u00ean c\u1ea1nh c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n c\u0169ng \u0111ang ti\u1ebfn h\u00e0nh tho\u00e1i v\u1ed1n, c\u1ee5 th\u1ec3 l\u00e0 c\u00f3 \u0111\u1ebfn 46% giao d\u1ecbch b\u00e1n c\u1ed3 ph\u1ea7n t\u1ea1i c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n, c\u00f4ng ty gia \u0111\u00ecnh c\u1ee7a Vi\u1ec7t Nam. T\u1ec9 l\u1ec7 n\u00e0y t\u0103ng so v\u1edbi 31% \u1edf cu\u1ed9c kh\u1ea3o s\u00e1t g\u1ea7n \u0111\u00e2y. <\/FONT><\/P><P align=justify><FONT color=#0000ff>\u0110\u1ed1i v\u1edbi chi\u1ebfn l\u01b0\u1ee3c tho\u00e1i v\u1ed1n, ch\u00e0o b\u00e1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong c\u00f9ng ng\u00e0nh l\u00e0 chi\u1ebfn l\u01b0\u1ee3c tho\u00e1i v\u1ed1n kh\u1ea3 thi nh\u1ea5t cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n \u1edf Vi\u1ec7t Nam. Khi \u0111\u01b0\u1ee3c h\u1ecfi v\u1ec1 vi\u1ec7c c\u00f3 b\u1ea5t k\u1ef3 m\u1ed1i quan ng\u1ea1i n\u00e0o \u0111\u1ed1i v\u1edbi &#8220;t\u00e0i s\u1ea3n b\u1ecb m\u1eafc k\u1eb9t&#8221; khi tho\u00e1i v\u1ed1n, \u0111\u00e3 c\u00f3 55% \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u01b0\u1ee3c kh\u1ea3o s\u00e1t tr\u1ea3 l\u1eddi &#8220;c\u00f3 quan ng\u1ea1i&#8221;; 28% b\u00ecnh th\u01b0\u1eddng; 11% \u00edt quan ng\u1ea1i v\u00e0 6% kh\u00f4ng \u0111\u00e1ng quan ng\u1ea1i.<BR><BR><STRONG><EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theo Di\u1ec5n \u0111\u00e0n Doanh nghi\u1ec7p<\/EM><\/STRONG><\/FONT><\/P><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tho\u00e1i v\u1ed1n v\u00e0 t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 m\u1edbi l\u00e0 hai ho\u1ea1t \u0111\u1ed9ng \u0111\u01b0\u1ee3c d\u1ef1 \u0111o\u00e1n s\u1ebd di\u1ec5n ra m\u1ea1nh m\u1ebd t\u1ea1i c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u1eeb nay \u0111\u1ebfn cu\u1ed1i n\u0103m. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 s\u1ebd r\u1ea5t th\u1eadn tr\u1ecdng trong vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o l\u0129nh v\u1ef1c &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u1edf Vi\u1ec7t [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":11782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[68],"tags":[],"_links":{"self":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/posts\/19672"}],"collection":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19672"}],"version-history":[{"count":0,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/posts\/19672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/media\/11782"}],"wp:attachment":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}