QUAN LY KINH TE
Giam thieu rui ro lien quan cac du an ddu tu theo hinh thCfc quan he do! tac cong - ta o Viet Nam
LE XUAN SANG
I au tu theo hinh thdc quan he doi tac cong - tif (PPP) dUdc coi la co hieu qua trong giam nhe ganh nang ngin sach nha nifdc cho chi dau tu cdng va nd cong, giiip pi^dn tan riii ro diu tif va mang lai cac ldi ich kinh te'- xa hgi khac. Tuy nhien, hinh thdc dau tdnay CO the gay nen khong it rui ro cho ca cac ben tham gia dau tu, nhat la Nha nUdc niu cac quy dinh phap ly quan ly dif an PPP va quan tri rui ro kem hieu qua. Nghien cdu nay nh^n dang cac loai hinh rui ro, nguyen nhan gay rui ro tai khoa td cac dif an PPP d Viet Nam theo each tiep can vi rui ro cua IMF va kinh nghiem giam sat, khao sat thitc tien cac dif an BOT/PPP d mien Trung Viet Nam; qua do, de xuat cac dinh hUdng giam thieu rui ro tit hinh thdc diu tU nay trong tUdnglai.
Tii khoa: rui ro tai khoa, dU an PPP, Viet Nam.
1. Ldi md d a u
Nhu cau dau tii tren the gi6i, trong do co Chau A ngay cang tang. Theo Ngan hang P h a t trien Chau A (2017), neu khu vuc nay muo'n duy tri da tang t r u i n g tdi nam 2030, nhu cau vo'n d l u tut cho ket cau ha t i n g b 45 nU6c Chau A va Thai Binh Duong dang phat trien se vifcft 22,6 nghin ty USD, ttiOng diidng 1,5 nghin ty USD m6i nam. Cac khoan dau tii Idn nhat trong ca giai doan bao gom 14,7 nghin ty USD cho linh vuc nang lifdng, 8,4 nghin ty USD cho giao thong, 2,3 nghin ty USD cho vien thong va 800 ty USD cho cac linh vile niidc va ve sinh. Cung theo Bao cao nay, trong giai doan 2016-2020, cac niidc nay thieu hut dau tii cho ket cau ha t i n g (mile chenh lech giQa nhu cau d l u tii va miic d l u t u hien thdi) tUdng dUdng 2,4% GDP trong giai doan 5 nam 2016-2020. De huy dong vd'n bu dip cho khoang thieu hut nay, viec huy dpng cac nguon von dau tU tii cac nguon va hinh thiic khac nhau, trong do mo hinh dau tii theo hinh thiic do'i tac cong - t u (public - private partnership, goi t a t la PPP) la can thiet.
Thuc t i l n nhieu nUdc tren th§' gidi cho tha'y, mo hinh P P P mang lai nhieu ldi ich ve
mat kinh te'-xa hoi neu dUdc quan ly hdp ly, hQu hieu. Mo hinh nay, ve m a t thiic chat, da manh nha dUdc thtic hien b Vifit Nam tii nam 1997 (dudi dgng dii an xay dUng - van hanh - chuyen giao (BOT) va xay diing - chuyen giao (BT) va chi'nh thQc dUdc thi diem ve phap ly nam 2010. Tuy nhien, chi tii nam 2015, khung phap ly h e n quan mdi b^t d l u tUcing doi day du ve m a t hinh thQc. Nhin chung, cac du an P P P da gop p h a n giam chi d l u t u phat trien tQ n g a n sach n h a nUdc (NSNN) va giam nd cong, nd nudc ngoai. Tuy vay, do khung phap ly cham dUdc hoan thien, chi tie't hoa vdi nhieu khiem k h u y e t ciing vdi su yeu kem cua cac quy dinh p h a p ly lien quan khac va sii t h a m n h u n g nghiem trong xay ra 6 nhieu du^ an P P P da de lai nhieu hau qua tieu cQc ve m a t kinh te - xa hoi, mac du tren thiic te chUa co du an Ppp" chinh thQc nao hoan t h a n h va chuyan giao cho Nha nudc.
Dong gop mdi cua nghien cQu i^ nj^^n dang cac rui ro tQ cac dU an P P p ^ y^g^ ^^^
theo each t i e p c^n c u a IMF, p h a n tich s a u cac rui ro tQ y e u k e m cua h e th^ng phap ly
U Xuan Sang, TS., Vien Kinh te' Viet Nam.
32 Nghien ciiv Kinh tes£7(494JTj^—
Giam thieu rui ro .
hien h a n h va thiic tien theo k h a o s a t va giam sat ciia tac gia (vdi t u each la chu nhiem d l tai va la t h a n h vien Doan giam sat cua Qud'e hoi ve cac dU an P P P b mien Trung) tQ n a m 2015 den t h a n g 3 - 2019.
2. T^ng q u a n t i n h h i n h n g h i a n cxiu v e m o h i n h d a u tit t h e o h i n h thijfc P P P
Tdng quan v^ nhQng r u i ro tiem t a n g tQ cac du an P P P da dUdc nghien cQu trong khoang 10 nam lai day, vdi cac mQc do chuyen sau khac n h a u t r e n t h e gidi va 6 Viet Nam.
Tren th§' gidi, nghien cQu ve P P P da cd kha nhieu t r e n nhieu p h u o n g dien. Mot nghien cQu dien h i n h theo each tiep can cua IMF la nghien cQu cua Cebotari va cong sii (2009) vi ly luan va k i n h nghi§m thiic tidn ve riii ro tai khoa, tap t r u n g vao cac nguon goc phat sinh rui ro, cac cong k h a i minh bach rui ro va q u a n ly rui ro. V^ m a t If luEin, nghien cQu da lam k h a ro k h a i niem rui ro tai khoa, p h a n loai r u i ro theo cac each tiep can khac n h a u . Nghien cQu cho thay, P P P khi quan ly kem dUdc eoi la mpt nguon gd'c rui ro ldn de doa b e n vQng tai khoa. Nghien cQu nay eung dUa r a mot so' kinh nghidm trong phe duyet, dac biet la cong khai cac rui ro t a i k h o a lien q u a n tdi PPP.
Mpt nghien cQu dai dien k h a chuyen sau ve kinh nghiem qudc t e ve q u a n ly P P P la Olive Harris (2011). Nghien cQu nay da phan tich cac nguyen n h a n gay r u i ro tQ thuc hi§n P P P nhU: (1) t h i e u k h u n g kho ngan saeh dai han, trpng t a m giam s a t dai han ddi vdi cac dti an (do dti an keo dai 20- 30 nam, qua eac nhiem k^ chinh phu); (2) thieu quy trinh d a n h gia hieu q u a va p h u hdp (phe duyet va d a n h gia hieu qua vong ddi du an). Nghien cQu da cung c§ip kinh nghidm trong quan tri r u i ro trong quy trinh danh gia ldi ich - chi phi, xet duyet, cdng khai minh bach du a n P P P . TUdng til, nghien cQu cua Cigdem Asian va David Duarte (2014) cung nghien cQu k h a chuyen
sau ve each do iQdng, q u a n tri, giam sat rui ro tQ cac dU an P P P b Chile, Peru, Nam P h i va Thd' Nhi Ky.
Nghien cQu chuyen sau ve rui ro cua dii an P P P b Viet Nam chUa nhieu. Nghien cQu cua Nguyen T h a n h Hoang (2015) la mot nghien cQu dien h i n h mang tinh ly lu^n ve n h a n thQc, hi^u biet ve P P P , cu the la b a n chEi't md'i q u a n he dd'i tac giQa Nh& nUdc va t u n h a n trong P P P ; tuy nhien, nghidn cQu cung budc dau d a n h gia thUc t r a n g phap ly va tinh hinh trien k h a i P P P b Viet Nam;
tuy vay, cac v a n de rui ro tQ dii an P P P da khdng dUdc p h a n tieh.
Ve riii ro lien q u a n P P P , Le TuSi'n Anh (2016), sau khi tdng quan k h u n g phap ly lidn quan tdi P P P va t i n h h i n h thiic hidn cae du an nay b Viet N a m tQ 2015 trcl v^
trUde, da chi r a mot so' rui ro khi thUc hien cac dti an P P P (vi du, rui ro phap ly, chinh tri, xay dung, ngoai hd'i, c l u sv( dung dU an);
qua dd, gdi y mot vai cd che de p h a n tan rui ro khi thtic hidn cac du an nay b Vidt Nam.
Do Sy Tien, Veerasak Likhitruangsilp vk M a s a m i t s u Onishi (2015) cho rang, p h a t trien du an P P P thUdng gap phai nhQng thach thQc, dac bidt la nhQng khd k h a n trong viec t h u hiit d l u tQ tQ nhan; cac n h a dau tQ tQ n h a n p h a i dd'i m a t vdi mpt so rui ro CO hQu trong moi trQdng dau tU; do do, ciin CO mpt each tiep can toan dien de quan ly eac yd'u to' r u i ro n h a m t h u h u t cae n h a d l u t u t u n h a n .
D a n h gia chung, trdn the gidi, nghidn cQu ve P P P ca t r e n phUdng didn ly luan va thtic tien noi c h u n g va rui ro lien quan P P P noi rieng da tUdng dd'i nhieu va day du. Tuy nhidn, cac v^'n de r u i ro lien quan hinh thQc P P P b Vidt N a m chUa dQdc nghien cQu chuydn sau, toan dien; dae biet la thieu dd cap n h a t t i n h hinh thile hien, cac rui ro va cap n h a t k h u n g p h a p Iy tQ n a m 2015. Khac vdi nhflng nghidn cQu hidn cd, nghien ciiu nay d a n h gia chuyen sau, tUdng dd'i d i y du, dong bp va cap n h a t cac Ioai h i n h rui ro chu yd'u tQ du a n P P P cd t h e p h a t sinh doi vdi
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Giam thieu rui ro ...
N h a nudc cung nhU k h u viic tU n h a n , p h a n tich chuyen sau cac r u i ro trong cdng doan xet duyet, van h a n h va cdng k h a i minh bach du an. Cach dinh nghia, p h a n loai rui ro doi vdi Nha nUdc dQdc thiic hien l l n d l u tien b Viet Nam theo each tid'p can cua IMF.
Ngoai ra, nhQng v a n de n i i ro thQc tidn b Viet Nam dUdc nhin n h a n thdng qua cac cupc khao sat cua tac gia, dac bidt vdi tinh each la t h a n h vien doan Giam sat cac dU an BOT/PPP cua Qud'e hdi tai cae t i n h Mien Trung,
3 . C a c h t i e p c a n v a m o t so' v a n d e ly l u a n v e r u i r o c u a c a c di^ a n d a u tuf t h e o h i n h t h t f c P P P
3.1.Cdch tiep can
Riii ro lien q u a n den dii an P P P chUa dUdc dinh nghia b Vidt Nam, tuy nhien, cd t h e chia t h a n h h a i n h d m rui ro ca'u t h a n h , bao gom: (1) rui ro dd'i vdi n h a nUdc (cii the la ehinh p h u se ganh chiu cac chi phi p h a t sinh lien quan tdi dti an PPP), (2) rui ro do doanh nghiep tU n h a n t h a m gia dU an P P P ganh chiu. Nhdm r u i ro d a u tidn chinh la rui ro tai khda, dQdc dinh nghia theo each tid'p can cua IMF la "nhQng yd'u to' (viec/sU viec/hanh ddng) didn r a ngoai tam kiem soat cua chinh phti k h i e n kd't qua thtic hidn eac boat ddng tai k h d a (lien q u a n de'n thu, ehi ngan sach n h a nUde, nd cdng) t r e n thtic te khac tUdng dd'i ldn vdi dU toan, dii bao b a n d l u " (Cebotari va cdng sU, 2009).
Dinh nghia rui ro tai khda dUdc v a n dung cho trudng hdp P P P dd'i vdi k h u vtic n h a nude.
Cling theo each tie'p c^n cua IMF, xet theo nguon gd'c, cac rui ro lien quan P P P cd the p h a n t h a n h : riii ro ngoai sinh (phat sinh tQ ben ngoai) va npi sinh Gien quan tdi chinh phu hay do chinh phii gay ra, do ye'u to" chu quan hay yd'u kem ve n a n g lUc quan ly cua doanh nghiep). Theo dac tinh va b a n c h a t CO t h e p h a n rui ro lidn quan P P P t h a n h rui ro kinh td', ky t h u a t va chinh tri.
Theo giai doan thUe hidn va t i n h e h a t p h a p luat, cd the chia riii ro t h a n h : b a n h a n h
phap luat; thtic thi p h a p lu^t; p h a p luat chua hoan thien (chUa d i y du, kem hidu qua va kem hieu Itic). Theo thdi han, cd thd p h a n rui ro t h a n h tam thdi (nghia la xay r a trong ngSn han) va lau dai; tuy nhien, khdng cd tieu chf tudng minh, cu t h e de xac dinh ngan han, tam thdi hay dai h a n la bao lau.
Rui ro dd'i vdi n h a nUdc la nghia vu t r a nd cd k h a n a n g p h a t sinh hay nghia vu nd tiem t a n g (Contingent liabilities), bao gom nghia vu nd trUc tie'p (explicit) va nd dii phdng (implicit). Nghia vti nd trtic tie'p bao gom: cac nghia vu, cam ket cua chinh p h u se t r a chi phi dUdc the hidn trong cac hdp dong va cac van b a n phap quy. Nd dii phdng la nhQng khoan chi tiem t a n g cua chinh phu dtia trdn cac nghia vu, trach nhiem dao dQc, nhSn dao thay vi nghia vii p h a p ly n h u cQu trd thien tai, dich hoa, trd cQu cac dinh ehd' tai chinh khi sa vao khung hoang tai ehinh... (Le Xuan Sang, 2019).
3.2. Mot so rui ro co the phdt sinh td cdc du dn ddu tu theo hinh thdc PPP Md hinh P P P dUdc coi la mo hinh hQu hidu trong t h u h u t va sQ dung vd'n ed hieu qua va giiip h a n che' t a n g nd cong, nd nUdc ngoai ne'u dQdc quan ly thich hdp (Le Xuan Sang, 2019). Tuy nhien, md hinh P P P van cd khdng it rui ro tiem an lien quan trong cae giai doan hoat dong cua cae dti an.
Hdp dong hdp tae cdng - t u cd the gay r u i ro tai chinh cho eac chinh phti va doanh nghiep t u n h a n , do vay, can dUdc giam s a t va quan iy rui ro cd hidu qua. Cae rui ro cd the S dang nghia vu nd triie tid'p (nd dii phdng), theo do, thdi gian va so' tien chi tra tQdng lai g i n dung cua cac cam kd't t h a n h toan da dUdc biet trude theo hach toan.
Ngoai ra, cac rui ro p h a t sinh do dieu kidn b a t k h a k h a n g (thien tai, dich hoa...) bude chinh phu co nghia vu nd tiem t a n g (contingent liabilities). Trong dieu kien b a t k h a khang, n h a dau t u t u n h a n ciing phai ganh chiu rui ro.
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Giam thl^u rui ro
Cebotari va cdng sU (2009) tong kd't kinh nghidm qud'e te' ve cac r u i ro chu yeu k h i xet duyet, thuc hien dU an P P P nhU sau:
- Do tinh cha't dai h a n cua cac du an P P P va mQc dp phQe tap lien q u a n , r a t khd xac dinh ta't ca cac tinh hud'ng, bid'n cd' eo thd ma cac bdn khdng lUdng trUdc dUdc trong cac hdp dong hoae p h a t sinh bbi cac bdn tai thdi diem thUe thi hdp dong. Nguydn n h a n cua nhQng rui ro n a y do n h i e u nguyen nhan, song chu ye'u vSn do k h u n g p h a p Iy, cd ehd' dieu tiet va lidn q u a n hoat dpng cac du an P P P kem hidu qua va hidu iQc, khdng du ehi tiet va thie'u dong bd.
- Mpt so dti an cd the tha't bai hoac ed th^
bi cha'm dQt trUdc thdi h a n dii kien do t h a y ddi cac quy dinh p h a p ly cua chinh phu; do nha dau tU tU n h a n hoac chinh p h u khdng thUe hien nghia vu cua hp diing cam kd't, hoac do ngoai canh ba't k h a k h a n g .
- Tong ehi phi cho viec p h a t trien, da'u t h i u va thQc hidn eac du an P P P chac chan Idn hdn cac dii an d l u tQ cdng t r u y a n thd'ng cua chinh phu, do dd, rui ro t a n g chi n g a n sach n h a nudc, t a n g nd cdng la ra't cao. Do vay, de giam thieu r u i ro, b cac nQde cd khung phap I^ hQu hidu ve P P P , cac chinh phu thudng xac dinh lieu cac ehi phi ldn hdn (do thuc hidn PPP) cd thiic sQ thda dang, can Uu tidn h a y khdng; ndi each k h a c la cd quy dinh, quy t r i n h cu t h e vk ehat che de xac dinh tinh can thiet, t i n h hidu q u a va tinh Uu tidn thtic hien du an theo h i n h thQc P P P Cling n h u eac t h u tuc phd duyet can thie't. Ngoai ra, mot so' cd q u a n co t h a m quyen phd duyet, xay dting phQdng an DA P P P va tri^n k h a i t r e n the' gidi da p h a t trien cae phUdng p h a p de p h a n tich cae chi phi, ehi phi cd th^ p h a t sinh, ldi ich- chi phi va xem xet gia tri ddng tien.
- Rui ro p h a t sinh chi p h i doi vdi dd'i tac t u n h a n la khdng it, do dd, t h u hiit dUdc ho khdng de: cac cdng ty t u n h a n (va ngUdi cho hp vay) se t h a n trpng hdn khi cha'p n h a n riii ro ldn ngoai t i m ki^m soat cua hp, chang
h a n nhU: r u i ro t y gia, rui ro cua tai san hidn tai trong thdi gian dai (20-25 nam), rui ro h u t doanh t h u tQ dii an, rui ro lidn quan tdi mdi t r u d n g dau tU (vi du, quy hoaeh cdng t r i n h giao t h d n g ed t i n h t h a y thd' hay canh t r a n h vdi dti an etia hp).
Trach nhidm cua chinh p h u kdo dai trong sud't vdng ddi dU an TPP, ed trach nhiem giai t r i n h dd'i vdi ngUdi d a n ve cha't lUdng dich vu tien ich. Chinh phu, cho du la cd q u a n thtic hidn hoac cd q u a n quan ly, cung c l n phai n a m ro, chuydn sau cac va'n de chuydn mdn de cd t h e quan ly td't cac dieu k h o a n cam kd't, ky t h u a t , phap ly ve P P P , thiic hien nghia vu cua minh theo thda t h u a n t h e Men trong dU an PPP, giam s a t thiic hidn DA cua n h a d l u t u tQ n h a n va budc k h u vtic nay thtic t h i nghia vu cua minh. Dieu n a y h a m y r a n g cac chinh phu p h a i cd du n a n g liic hoach dinh, quan ly va giam sat cd hieu qua eac du an PPP. Tuy nhien, trdn thiic te', khdng phai chinh phu nao cung cd du n a n g Iiie va khdng t h a m nhung, do vay, cd rui ro ldn tiem tang gay n e n t i n h t r a n g dpi vd'n d l u tQ, chi tidu khdng hidu q u a va h a u qua cud'i ciing la t a n g t h a m h u t n g a n sach, nd cdng, nd nUdc ngoai.
Mot sd' dii an P P P co the khd k h a n trong t r i e n k h a i do nay sinh cac va'n di chinh tri, k i n h td' hoac xa hoi so vdi cac du a n khac trong q u a t r i n h phd duyet va trien k h a i - dac biet, khi cd Itic iQdng lao dpng k h u viic cong, ngQdi dan hi ma't vide Iam, bi chuyen sang k h u vQc t u n h a n , ma't da't dai canh tac, da't d va p h a i tai dinh cU... d i n dd'n k h i e u kien, ba't on xa hdi. Vi ap Itic xa hpi, du a n cd the bi dinh hoan, dieu chinh quy hoach, d i n dd'n t a n g thdi gian thuc hien va dpi chi phi.
Cac rui ro t r e n cd t h e t r i m trong hdn neu va'n de cdng k h a i , minh bach va trach nhidm giai t r i n h khdng dUdc bao dam.
Chinh vi vky, va'n de" cd't yeu la t a n g hieu qua q u a n 1;^, q u a n tri rui ro dU an P P P .
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4. T h i i c t r a n g p h a p ly l i e n q u a n v a t i n h h i n h t h u h u t P P P or V i e t N a m Cd sd phap ly dau tidn ve hdp tac P P P trong phat t n e n kd't ca'u ha tang tai Viet Nam dUdc manh nha tQ cac quy dinh phap ly tQ nam 1997 v^ d l u tu theo eac hinh thQc hdp dong xay dung - kmh doanh - chuydn giao (BOT), hdp dong xay dung - kinh doanh chuyen giao (BTO) va hdp dong xay dUng - chuyen giao (BT)^ Tuy nhien, so vdi yeu c l u dat ra, viec thu hiit d l u t u dudi eac hinh thQc nay cdn mdt so' mat h a n che. Do vay, de hoan thien khung phap ly ve hop tae nha nUdc va khu vtic t u nhan, Thu tUdng Chinh phu da ban hanh Quyet dinh so 71/2010/QD-TTG ve quy ehe thi diem dau tU ehinh thQc theo hinh thQc PPP, budc dau xac dinh day du hdn eac hinh thQc va cd chd' nha nUdc tham gia trong cac dti an P P P nham t a n g tinh kha thi va hidu qua kmh td' cho cac dii an.
Khung phap ly ve P P P hoan thien dang k l kd tU nam 2015, khi Chinh phii ban hanh Nghi dinh so 15/2015/ND-CP ngay 14-02-2015 ve PPP tren cd sd hdp nha't, hoan thidn Nghi dinh 108/2006/ND-CP va Quyd't dinh 71/2010/QD-TTg va Nghi dinh so 30/2015/ND- CP ngay 17-3-2015 quy dinh ehi tie't thi hanh mpt so' di6u cua Luat Da'u thau vi liia chon nha dau tU. Hai nghi dinh, eung 8 thdng tu hudng dan, da tao khudn khd phap ly thd'ng nha't va day du hdn ve dau tU theo hinh thQc ddi tac cdng - tQ, gnip cho vide thtic hidn cac dti an PPP dUdc bai ban hdn, bUdc d l u thu h u t sU quan tam cua nha d l u t u va nang t i m hieu biet ve mdt hinh thQc dau tu mdi.
Tuy nhien, sau mot thdi gian thUe hien, nhQng ba't cap trong k h u n g phap ly lien quan dd'n hinh thQc P P P eua Nghi dinh 15 ciing nhQ cae quy dinh p h a p ly ed lien quan khac bat d l u 16 rd, chu yeu do cac quy dinh cdn sd khai, chi quy dinh theo h a i khu vtic tach rdi la dau tU cdng hoac d l u tU tU n h a n t h u a n tuy, chUa xet de'n cac ye'u to' dae t h u cua dti an P P P . De hoan thien va thao gd mdt sd' ba't cap nay sinh, Nghi dinh sd' 63/2018/ND-CP da dQdc b a n h a n h (va cd
hidu iQc tQ 19/6/2018) n h i m t h a y thd' Nghi dinh so 15/2015/ND-CP, vdi cac diem mdi n h u : quy t r i n h quye't dinh chu trUdng d l u tQ; bd sung linh vQc d l u tU; quy dmh bd sung t r i n h tii phu hdp hdn vdi dii an cdng nghd cao; bai bd t h u tuc ca'p gia'y chQng n h a n dang ky d a u tU; bd sung ngudn von n h a nUdc t h a m gia trong du an P P P . Dang luu y la quy dinh mdi siet chat hdn dd'i vdi cac du an BT, cti t h e nhU: t a n g ty le vd'n chu sd hQu cua n h a d a u t u (ldn 20% so vdi 15%
cua Nghi dinh 15); thdi diem chuyen nhUdng dti an...; iQa chpn n h a d l u tU sau khi cd thie't ke, dii toan. Dae biet, nghi dinh mdi quy dinh cac ndi d u n g thdng tin cd ban hdp ddng P P P p h a i dUdc cdng k h a i de tang tinh minh bach, t r a c h nhiem giai t r i n h va dac biet lam t a n g k h a n a n g giam s a t cua ngUdi dan, xa hdi.
Tuy vay, Nghi dinh 63 v a n chUa bao h a m he't cac ndi d u n g r u i ro, b a t cap c l n giai quye't. Khung p h a p ly hidn h a n h v i n cdn rui ro vi chUa cd quy dinh rd r a n g ve cac cd che bao dam, bao l a n h tU phia Chinh phu, giam thidu cac loai h i n h rui ro cho cac nha dau t u n h u da n e u va chd' tai xii ly vi pham.
Hidn, L u a t D l u t u theo h i n h thQc P P P dang trong qua t r i n h la'y y kie'n hoan thien, vdi muc dich la hoan thidn k h u n g p h a p ly va chinh sach, quy dinh ve hoat dpng cua hinh thQc d l u tQ nay.
Tinh hinh thifc hien cac dif an PPP d Viet Nam
Theo so' lieu tai Bao cao so' 25/BC-CP ngay 30-1-2019 cua Chinh phii ve tdng kd't tinh hinh thtic hien du an PPP, cd 336 dii an P P P da ky ket hdp dong (trong dd, 140 dU an ap dting loai hdp dong BOT, 188 du a n ap dting loai hdp ddng BT va 8 du an ap dung cac loai hdp ddng k h a c ) . Cung theo bao cao
1. Nghi dinh 77/CP ngay 18-6-1997 v4 dSu tu then hinh thtJc BOT ap dung cho nhS d^u tu tronR nwA • Nghi dinh 62/1998/ND-CP ngay 15-8-1998 vg M ^^
theo BOT. BTO va BT ap dung cho nhEl dSu ^ ^V""
ngoM.
36 NgftM/i dil/ Knh ISsS7(43i) - J S j j J J ^
Giam thi^u rui ro ,
nay, thdng qua mo hinh P P P , ngudn vd'n d l u tu t u n h a n da dUde huy ddng de giai quyd't nhu cau ea'p bach ve d l u tQ ha tang. Ve Ioai hdp ddng, cac dU an P P P ehu yeu dUdc thiic hidn theo hai loai hdp ddng chinh la BOT (giai doan 1997-2014 cd 120 dti an) va BT (71 du an).
Theo bao eao ciia Bp Ke' hoaeh va d a u tU, tinh den t h a n g 1-2019, ca nUdc da huy dpng dUde khoang 1.609.295 ty ddng thtic hien d l u t u 336 du an P P P ndu trdn. Cac dti an
P P P (khdng bao gdm cac dii an ap dung loai hdp ddng BT) dUdc trien k h a i chii yd'u thupc mpt so' linh viic trong diem nhQ: giao thdng v a n tai, n a n g lUdng, cung ca'p nUdc sach, xQ ly nUdc thai, cha't thai^. Mot sd' linh viic khac n h u n h a b tai dinh cU, ha t i n g ky tiic xa, t r u sci lam viec... h l u hd't ap dung loai hdp ddng BT; mot so'linh vUc dUdc quy dinh nhUng chUa ap d u n g nhU ndng nghidp, y td', giao due, v a n hda, t h e thao, ha t a n g k h u k i n h td...
HINH 1: S o liftfng d i i a n P P P d a t h i i c h i e n t h e o l i n h viic d a u t i i
Ciip, thoat nifdc, 18
N3ng liMng, 18 Vanh6a,th£thao,11
Gido due dio tao, 6
Ha tang cdsd, 32
Ngudn: Bio cao ciia Bo K^ hoach va diu lu.
Vl tid'n dp thiic hien, da so' cac dti an da hoan thanh giai doan xay diing va dang trong giai doan van h a n h . Mpt sd' dti an da tid'n hanh nghidm thu, b a n giao cdng trinh, ket thuc hdp ddng la cac dii an BT (do dae thu khdng cd giai doan v a n h a n h ) .
Doi vdi phan nhidm giQa N h a nUdc va tU nhan trong cac dii an PPP, cd nhQng hoat
ddng thudc rieng biet Nha nUdc va doanh nghidp t u n h a n , song cung cd nhQng linh viie hai ben cung hdp tac (bang 1).
2. LTnh virc giao thbng van tai co 220 du an (chi£m 65,47%), 18 du an thudc linh vuc n5ng luong (chigm 5,35%), 18 du an thu6c Knh vuc c&p nu6c, thoat nu6c, m6i tnrbng (chi^m 5,35%) (B6 Ke' hoach vi d^u tU, 2018).
Nghiin aiU Kinh tSsS7(494) • Thing 7/2019 37
Giam thieu rui ro ...
BANG 1: P h a n n h i e m gififa N h a nifdc va tii nhfin t r o n g c a c di* a n P P P d Viet N a m
Nha nit6c
t u n h a n
Hoadi dinh, lua chon d& tdc d i u tu
Hoach dinh chien luac, xac dinh muc tieu; lap danh
muc du an PPP
De xuift tham gia du
in PPP ' Thdm dinh, phfi duyet, lua chon nha
d i u t u
Dam phan, ky kit hop d6ng
Tliuchibi
Ho tro, kiem tra.
gidm sit du in
Xay dung, van hanh, khai thic, cung cSp dich vu
auyfo &^
Chuyan giao tai san, c6ng trinh va c6ng nghe tu nhftn cho N h i nudc
Afeud/j.Nghi dinh sfi 15/2015/ND-CP v6 ddu ttt theo d6i tac c6ng-tu.
4. D a n h gia rui ro tai k h o a co t h e phat s i n h tii c a c dii an P P P cf Viet N a m
D Q an P P P thiic hidn trong thdi gian dai (thQdng la 20-25 nam) nen tiem chQa nhieu rui ro cd the phat sinh trong qua trinh phe duyet, thtic hidn hdp ddng, van h a n h du an.
Nguyen n h a n ehung nha't la, so vdi thdng le quo'c te' va thiic t i l n Viet Nam, cac quy dinh phap Iy v l phe duydt dU an, chon ddi tac, p h a n dinh rui ro va giam sat thQc hidn md hinh quan he doi tac Nha nUde - tU n h a n (PPP) con sd khai, ba't cap va do do ehUa dUng khdng it rui ro tai chinh cho cac bdn lien quan. Cac ye'u kem, ba't cap chu yd'u ve phap ly bao gdm:
Mpt ia, cae quy dinh phap ly lien quan chUa day du, chUa nha't quan, thieu hidu qua cd th^ d i n dd'n nhQng rui ro tiem tang, cti the:
Quy dinh ve eae trUdng hdp dUde ap dung chi dinh t h a u cdn Idng leo, d i n dd'n tinh trang Iam dung trong da^u thau hoae ehi dinh thau t r a n lan. Dieu nay da va d i n de'n rui ro chon phai n h a t h i u thi^u nang liic, mdc ngoac, thdng thau; bdn canh dd, cd ehe bao lanh thau cac dU an P P P chQa du ha'p d i n cac n h a d l u t u "chan chinh", n h a t la n h a dau t u nUdc ngoai cd trach nhidm^.
- Quy dinh ve" giam sat qua trinh- thUc hien hdp ddng va cha't lUdng cdng trinh chQa
chat che, chQa dii chi tid't va cd hidu Itic va hidu qua tha'p.
- Quy dinh ve vide lap va cdng bo" danh mue du an cdn chUa dam bao tinh chat che, khoa hpc.
Hai la, nhieu npi dung quy dinh tai cac Nghi dinh so 15/2015/ND-CP va Nghi djnh so 30/2015/ND-CP chiu sU d i l u chinh cua nhieu luat khac nhu Luat Ngan sach n h a nUdc, Luat D l u tu, L u a t Dau t u cdng, L u a t Doanh nghidp, Luat Da't dai, L u a t Xay dUng, trong khi nhQng luat nay chua quy dinh cu t h i d l thi^e hidn dii an PPP. Dieu nay khien vide quan Iy, giai ngan vdn gdp cua Nha nUdc vao du an PPP, huy ddng vd'n gdp cua n h a d l u tU vao doanh nghiep du an, trinh tQ t h u tuc tridn khai cac du an P P P cd von gdp cua Nha nude, Ilia chon nha thau ddi vdi du an PPP...
trd ndn phQc tap, chQa n h i l u rOi ro trong qua trinh tridn khai cac du an eu t h i .
Ba M, khung phap ly dilu tid't trUc tid'p dQ an P P P va hen quan Um hidu q u i , khong day du va khdng ddng bp, th^ hien b viec-
3. Theo quy dinh hifin hanh, cac uu dai ciia Chinh phu d6i v6i cdc nha d^u tu tham gia du an PPP bao 6 giam hoac miSn thu«; (2) giam hoac miSn thugsiTdun dSt va thus dSt. Trong khi do Viet Nam chia c6 bao la!^
vd doanh thu. ty gid/ngoai h6i... nhu nhidu nu6c trgn the' gidi.
38 NghMn aiu Kmh tgsg7(494) -"SJjT
Giam thieu rui ro ...
- Chua cd quy dinh cu t h e v l " t r i n h tii, t h u tuc quyd't dinh chu trQdng d l u tU" (ma ehi cd quy dinh v l "quye't dinh chu trUdng sQ dting vdn d l u tQ cua N h a nUdc t h a m gia thtic hien du an"), khdng quy dinh rd cd quan cd t h i l n quyen se quyd't dinh chu trUdng sQ dung p h a n von d a u tU cua N h a nUdc ndu trdn ma d i n chid'u lai p h a p l u a t v l dau t u cdng, trong khi p h a p l u a t v l d l u tQ cdng khdng cd quy dinh ve ndi d u n g nay.
Nghi dinh 15/CP (Khoan 2 Dieu 17) quy dinh: "Ddi vdi dU an sQ dung vd'n d l u tQ cua Nha nUdc, can cQ mQc vd'n va ngudn vd'n dU kien sxi dung, bd, nganh, uy b a n n h a n d a n ca'p tinh bao cao cd q u a n cd t h a m quyen theo quy dinh cua p h a p l u a t v l d l u t u cdng di quyet dinh ehu trUdng sQ d u n g trUde khi phe duyet de xua't dU an".
- ChUa cd sU t h d n g n h a t giQa p h a p l u a t v l dau t u cdng va quy dinh v l d l u tU theo hinh thQc P P P v l " t r i n h tii, t h u tiie quyd't dinh chu trUdng d l u t u dd'i vdi dU an P P P " .
- ChUa quy dinh rd d i l u kidn quyd't dinh chu trUdng dau t u dU an P P P (hidn chi cd quy dinh d i l u kidn quyd't dinh chu trQdng d l u tu du an cdng song chQa cd cu thd doi vdi dti an PPP).
- Thii tue t h ^ m dinh ngudn vd'n va k h a nang can dd'i von cdn m a n g t i n h h i n h thQc, chUa hieu qua, chQa day du va Iam t a n g t h u tuc d l u tu. Nguyen n h a n chu ye'u la do tai thdi diem thuc hien t h a m dinh ngudn vd'n va kha nang can dd'i vd'n, ca'p cd t h a m q u y i n chUa cd cd sci k h a n g dinh dQdc k h a n a n g bo tri ngudn von cho tiing dU a n .
NhQng ba't c£ip ke trdn cd t h e gay r a sU tiiy tidn trong Iiia chon, chi dinh h i n h thQc d l u tu P P P (trong khi thiic td' cd t h i khdng can thiet, khdng phu hdp va k e m hidu q u a hdn hinh thQc khac) d i l u gay ba't cap, t h a m chi ba't dn xa hoi dd'i vdi cac dti an BOT trong vai ba nam g i n day.
Boh ia, vkn con vQdng mac, thie'u thd'ng nha^t giQa cac quy dinh ve P P P va cac l u a t lidn quan nhU L u a t Xay dUng, L u a t Da't
dai, L u a t Doanh nghidp, L u i t Quan ly nd eong.
Nam ia, cdng tac c h u i n hi d l u t u cdn sd sai, cac quy dinh cu t h i tieu chi xem xdt dU a n dUdc liia chpn vao D a n h muc du an khdng cu the, d i n den tinh t r a n g xay dting D a n h muc dU an cdn sd sai, t h i i u thdng tin va l u a n cQ vQng chac tai nhieu dia phQdng, khdng chi gay khd k h a n trong vide t h a m gia y kien va/hoac phe duyet D a n h muc dU an ma edn b a n che k h a n a n g tiep can day du thdng tin v l dti a n cua n h a d l u tU tU nhan.
D i l u n a y d i n dd'n t i n h t r a n g mdt so' dia phUdng de xua't du a n khdng thiic sii ca'p bach, khdng cd t i n h k h a t h i va tao cd hdi cho cae h a n h vi true Idi.
Sau la, t h d n g tin v l dti an P P P chua dUdc eong khai, minh bach, t h i i u trach nhidm giai t r i n h , h a n c h i sii t i i p can thdng tin cua n h a d a u t u va gay khd k h a n trong giam s a t phd duyet, thiic hidn cac dQa an. Nghi dinh 108/CP (Dilu 14) quy dinh sau budc cdng bo d a n h muc dii an, trUdng hdp chi cd 01 n h a d l u t u d a n g ky thiic hien di^ an t h i dQdc phep ap dung h i n h thQc chi dinh t h i u . D i l u nay d i n den t i n h t r a n g thdng tin dii an khdng thUc sQ dUdc cdng k h a i rdng rai d i n cac n h a d l u tU cung nhQ cdng chung, trong chQng mUc d a n g ke, d i n de'n chu dich ap d u n g h i n h thQc chi dinh t h I u dUdc ap dung tUdng dd'i t r a n Ian ddi vdi cac dii an BOT, BT trong thdi gian qua.
Bay 1^, vide q u a n ly, giam s a t ch^t lUdng cdng t r i n h dU a n cdn long leo. Nghi dinh 108/CP quy dinh: doanh nghidp dU an tU q u a n Iy, giam s a t hoac thud td chQc tU v^n ddc lap de q u a n Iy, giam sat t h i cdng xay dung, nghidm t h u cac h a n g mtic va toan bd cdng t r i n h theo t h i e t ke da thoa t h u a n phu hdp vdi quy dinh cua p h a p l u a t v l xay diing va thda t h u a n tai hdp ddng dii an; cd quan n h a nUdc cd t h i m q u y i n chiu trach nhidm giam sat, d a n h gia viec t u a n t h u cac nghia vu cua n h a d l u tU va doanh nghidp dU an trong vide thUc hien cac ydu c l u ve quy hoach, muc tidu, quy mo, tidu chuan k j
Nghiin cHu Kinh tSs6 7(494) - Thing 7/2019 3 9
Giam tliieu rdi ro ..,
thuat, chat lUdng edng trinh, tid'n dp huy dpng vo'n va thUe hidn dU an theo thda t h u a n trong hdp ddng dU an. Quy dinh k h a long leo nay d i n de'n thUc trang cae cd ehd', quy dinh kiem tra giam sat cac hoat ddng d l u tU cua ed quan nha nUdc cd tham quyen trong thdi gian dai mang tinh hinh thQc, khdng hieu qua, h l u nhU phd thac toan bp cho n h a dau tu tQ giai doan lap dii an, phe duyet dti an va thtic hidn dii an. Tren thQc te, theo bao cao cua Bd Ke hoach va dau tU, vi khdng cd cd che kiem soat hQu hieu (dU an dau tU do n h a d l u t u lap va tii phe duyet) nen mpt sd dii an cd khdi lUdng, ddn gia sai lech qua ldn so vdi thiic te' (thUdng la 30-50%, cd trUdng hdp ga'p 20 lln) nhUng van dUdc cha'p n h a n va hoan thien thu tuc de t h a n h toan...
Ngoai mdt sd' hau qua da neu trdn, sti chUa day du, ba't cap cua cac quy dinh phap luat lidn quan edn gay ndn cac h a u qua nghiem trpng, tilm chQa cac rui ro gay that thoat NSNN, kem hidu qua dau tU cong nhu sau:
- D i n dd'n sU tuy tidn, chpn sai (nhilu khi ed ehu dich) dii an d l u tu theo hinh thQc P P P va dat sai vi tri edng t h u n h a m true Idi (thu phi cho cdng t r i n h khae, t h u phi qua cao, t h a m chi khdng dUdc phep), gay nen nhQng rui ro nhQ: phai d i l u chinh phUdng an t h u phi (vd'n dUde quy dinh trong hdp ddng PPP) va eac rui ro t h u a Id ed h e n quan (it nha't la chi phi dich chuyen Cdng t h u phi (vdi chi phi khoang 50 ty/cdng), t h a m chi phai t h a y n h a d l u tU khac. Nguy h i l m hdn, do n h a d l u tU chi bd vd'n t u cd (chu sd hQu) r a t it (thUdng la 15-20% tdng gia tri dii an P P P , cdn lai (80-85%) la vd'n vay ciia cac n g a n h a n g thUdng mai n h a nUdc nen neu dU an gap trtic trac, t h u a Id hay dd vd t h i g a n h n a n g ddi vdi vd'n n h a nUde la khdng nhd, ed the de lai ganh nd xa'u nghidm trpng hoac t h a m chi ma't voh.
- Chon phai n h a d l u tU t h i i u nang liic, boat ddng kem hieu qua do t h a m nhiing, mdc ngoac (quan he canh hau), thdng tin khdng day du, "chi dinh chinh tri"... thi h a u qua de lai cung khdng nhd.
- Gay rui ro trong cae edng doan t h u phi, d l u t u va thuc hidn cac dU an h e n quan: dQ toan doanh t h u sai, tha'p hdn n h i l u so vdi k h a n a n g t h u hdi vd'n trdn thiic td'*; thie'u cae quy dinh, m l u hdp ddng tieu chuan ve eac cd chd' chia se rui ro chi tid't; ap iQc ehinh tri, xa hoi lidn q u a n dd'n a'n dinh khdng hdp Iy mQc phi, t h a y ddi chfnh sach thue, gia, thien tai; sii t h a y doi quy hoach, kd' hoach p h a t trien, nha't la quy hoaeh ha t a n g cua dia phQdng, ndi cd dii an P P P ; sU khdng dn dinh ngudn vd'n vay, khdng huy day dii, lai sua't vd'n vay t a n g , dac biet la gia ca v a t tQ, n h a n eong t a n g eao; sU cd' ngoai mong mud'n, t a m k i l m soat gay r a tQ phia eU dan, doanh nghidp dia phQdng (iam hdng dudng, sap, nQt n h a dan). Mpt so' Ioai h i n h rui ro va ehii t h e g a n h chiu rui ro khi thtic hidn cac dii a n P P P t r o n g Iinh vQc giao thdng va didn liic 3 Viet N a m ddi vdi Nha nQde va doanh nghidp tQ n h a n (Le Tua'n Anh, 2016).
De thao gd mdt so ba't cap va h a n che' nay, Nghi dinh sd 63/2018/ND-CP tta dUdc bari h a n h (va cd hieu Iiic tQ 19/6/2018) n h a m t h a y the Nghi dinh so 15/2015/ND- CP. Tuy gdp p h a n cai thidn d a n g ke k h u n g p h a p ly v l d l u t u P P P tai Viet Nam, Nghi djnh 63 v i n chua bao h a m hd't cac ndi dung rui ro, ba't cap can giai quyet nhU chUa cd quy dinh rd rang v l cae ed che bao dam, bao l a n h tQ phia Chinh phu d l g i i m t h i i u cac loai hinh rQi ro cho cac n h a d l u tQ nhU da ndu tren. Ngoai ra, viec chinh sQa Nghi dinh
4. Theo T6ng cue Dirbng be. Viet Nam (B6 Giao thtag van ta., nhidu du 5n BOT c6 doanh thu sui giim khien nh^ dlu tu c6 nguy co bi phS vo phucmg at. t^i chinh. Cu th^, trong s6 57 du an BOT dang khai thac do B6 Giao thang van tai quan ly, c6 27 du an doanh thu nam 2018 tang so v6i phuong an t^i chinh du kia' hop dfing. Tuy nhien, co 26 du in, chi^m 47% c6d°^h thu nam giam, do luu luong thuc tfi' tha'n hnr.
, ' " ''^H So v^i dir ki^n, phai phan chia luu luong phuong ti^n ducmg song hanh, hoac giam gia ve dich vu - duimg b6 va giam giS cho khu vuc Un can tram tt, ""^
• '™ phi.
40 Nghiin cdu Knh XesS 7(494) '^ThST-
Giam tliieu rui ro ...
30/2015 de thao gd cae ba't cap eiing d a n g dUdc tid'n h a n h ; mdt sd' npi d u n g dang dUdc de xua't, hoan thien trong Dii t h a o L u a t PPP. NhQng bd sung n a y dQdc ky vpng giup hoan thien k h u n g p h a p Iy ve P P P .
5. K e t l u a n v a m p t s o d i n h h i i d n g h o a n t h i e n p h a p ly n h a m g i a m t h i e u r u i r o p h a s i n h k h i d a u t i i t h e o h i n h t h i i c P P P
Hinh thQc dau tu P P P tao d i l u kidn giam nhe ganh nang ehi dau tU cdng va nd cdng, tang hidu qua d l u tU va p h a n t a n rui ro eho ca Nha nude va khu viic t u n h a n . Tuy nhidn, hinh thQc dau tQ nay eung t i l m chQa khdng it rui ro cho ea Nha nUdc va n h a d a u tU tQ nhan nd'u khdng dUdc q u a n ly, q u a n t r i rui ro ed hieu qua. De md h i n h P P P thiic sii mang lai hidu qua, giam thidu rui ro cho tai chinh edng va doanh nghidp t u n h a n t h a m gia, thi ngoai vide phai n h a n dang day du eac yeu to', nguydn n h a n gay rui ro va dd'i tUdng ganh chiu, can xay diing d i y dii, ddng bd va du chi tid't cac quy dinh p h a p Iy lien quan qua trinh iQa chon dti a n , n h a d l u tU PPP, giam sat thUe thi va v a n h a n h du an, cdng trinh. Cac rtii ro tQ cac dU an P P P thudng phat sinh tQ cac ye'u to' p h a p ly va thiic tidn hoat ddng dti an nhU: thid'u cac quy dinh hidu qua, ddng bd va n h a t quan, du chi tid't de chon dung h i n h thQc P P P , dti an Uu tien theo hinh thQc P P P va diing n h a dau tu cd nang Iiic, hidu qua; thid'u quy dinh hQu hidu de qua trinh phd duyet, t h a m dinh va giam sat thiic hidn dii an dQdc thiic hien g i n chat vdi cac che tai c h a t che ve cdng khai, minh bach va trach nhiem giai trinh, nha't la trong p h a n dinh ben g a n h chiu riii ro trong vdng ddi dQ an; n i i ro thi trudng (nguyen vat lieu, ty gia hd'i doai,..), t h a y doi phap ly lien quan, ke ca quy hoach (nha't la ket cau ha t i n g ) ; cac ye'u to' kinh te, chinh tri, xa hdi khac khien p h a i dieu chinh, t h a y ddi quy hoach, t h u n h a p va ddi sd'ng cua cac dd'i tUdng lien quan.
De dam bao tinh hidu qua, giam thieu eac rui ro cd the p h a t sinh tdi cac dti a n P P P ,
viec xay diing, hoan thidn cac quy dinh phap ly v l P P P la c l n thie't, vdi eac dinh hQdng cd b a n nhQ sau:
- Xay diing, chi tie't hda va n h a t quan cac nguyen tac, tidu chi, quy t n n h va giam sat qua t r i n h Itia chpn dii an Qu tien d l u tU theo h i n h thQc P P P ; ddng thdi, xay diing eae cdng cu p h a n tich dinh iQdng lan dinh tinh dd d a n h gia hieu qua d l u tU (ke ca p h a n tieh ldi ich — chi phi) cua dii an mot each chinh xac, cd trach nhiem. Dd'i vdi cac dii an dQdng bo d l u tQ theo hinh thQc hdp ddng P P P , BOT ehi ap dung dd'i vdi cac tuyen dUdng mdi dd bao dam quyen Ilia chpn cho ngudi dan, doanh nghiep sQ dung t u y i n dudng t h u d n g xuyen; khdng dau tU hinh thQc P P P cae dU an cai tao, nang ca'p eae tuye'n dQdng ddc dao hidn hQu".
- P h a n dinh ro r a n g trach nhidm va cd chd' phd'i hdp giQa cac ben lien quan thiie hidn, giam sat dii a n P P P cl ca'p t r u n g Udng va dia phUdng; quy dinh ro rang v l che tai xvt ly vi p h a m hdp ddng da ky ket, ke ea doi vdi cae cd q u a n q u a n ly n h a nUdc.
- B a n h a n h day du, chi tid't cac quy dinh v l cdng khai, minh bach thdng tin trong qua trinh xay dting, v a n h a n h va giam sat dU an d l u t u (bao gdm: eac che dd bao cao dinh ky va xay diing he thd'ng cd sb dQ lieu qudc gia ve P P P , each thQc cdng khai); tQng bQde quy dinh mQc dp cdng k h a i cac rui ro tai khda theo du a n va tinh cha't cua dU an.
- Quy liinh ro hdn: ve nghia vu phap Iy, cd che, trach nhiem chia se rui ro va cac che tai vi p h a m trong hdp ddng P P P ; v l t r i n h tti, t h u tuc d l u t u cae du an P P P vdi eae Ioai hdp ddng, quy md va ca'p quan ly khac nhau, tinh dd'n dac t h u mdt sd' nganh; ve cac cd che, bidn p h a p t h u hiit, dam bao d l u tU thdng qua cae cdng cu ho trd, bao dam, bao l a n h cua Chinh phu.
- Xay dung cd chd' thoai vdn, t h u h u t vdn trdn cac thi trUdng chQng khoan, giup giam nhe r u i rova t h u hdi vd'n eho cac n h a d l u tQ dQ an PPP./.
Nghiin aiu Kmh te so 7(494)' Thing 7/2019 4 1
Giam \h\iu riii ro ,
TAI LIEU THAM KHAO
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Ngay nhan b i i : Ngity duySt dang:
16-05-2019 20-06-2019
42 Nghan Oiu Knh tffsS7(494)'Ty^^,
