DATC v VAMC: N xu bn no s tt hn?

20/12/2013 15:26

(TBTCO) - L hai cng ty quc gia chuyn v x l n xu, tuy nhin m hnh, mc tiu hot
ng ca DATC v VAMC c rt nhiu im khc bit vi nhng th mnh khc nhau.

Nhiu khc bit v m hnh x l n

Ra i nm 2004, Cng ty mua bn n v ti sn tn ng ca doanh nghip
(DATC) l mt m hnh x l n xu kh ph bin trn th gii. Trong khi , Cng
ty qun l ti sn cc t chc tn dng Vit Nam (VAMC) ra i nm 2013 vi
nhng c th kh ring ca Vit Nam.
Di y l mt s im khc bit v m hnh, mc tiu ca hai cng ty ny:

VAMC

DATC

- Mua n xu theo tng ngn hng, hoc nhiu

ngn hng, ty khon.
-Mc tiu ly thu b chi, khng v li nhun.
- VAMC nh mt t chc x l n xu quc gia,
tp trung x l n xu ca ngn hng.
- Mua n ch yu theo gi tr ghi s, thanh ton
bng TPB, khng li sut, ngn hng phi tip
tc trch lp d phng.
- Mua n mang tnh bt buc vi quy nh
TCTD c n xu trn 3% l phi bn
- Mua n xu vo kho, ch thi gian x l.
Nu sau 5 nm cha x l, c th tr v TCTD
x l, bng khon trch lp 100%.

- Mua n xu ch yu theo i tng vay, ch yu

l cc DNNN, cc DN CP.
- DATC phi kinh doanh hiu qu, bo ton vn
nh nc.
- DATC nh mt t chc ti thit DN, mua n xu
thc hin c cu phc hi doanh nghip vay n.
- Mua theo gi th trng, thanh ton bng tin
mt, ngn hng tt ton ngay khon n.
- Mua n theo nguyn tc t nguyn m phn,
trn c s nh gi hot ng ca c ngi vay.
- DATC mua n xu khi r sot, nh gi
khch hng v xc nh c hng thu hi n.
Mua n gn vi ti cu trc DN thu hi n.

Mua nhanh - mua chm

Trao i v hot ng x l n ca DATC, ng Phm Mnh Thng, Ph Tng
gim c DATC cho bit, mc ch chnh ca DATC l thng qua vic mua bn x
l n h tr ti c cu DNNN, c bit l DN khng iu kin c phn ha.
DATC mua li quyn ch n t cc ngn hng vi i tng l cc khon n xu
v thc hin cc gii php x l thu n nhng trng tm l c cu li doanh
nghip vay to gi tr gia tng cho giao dch mua bn n.
y l im khc bit vi VAMC khi cng ty ny mua n nhng thc cht mi lin
h gia ngn hng v con n vn cn, cha gii quyt ton din mi quan h vay
tr trn th trng. Cc TCTD sau khi bn n cho VAMC vn c trch nhim tip
tc trch lp d phng v cng VAMC thu hi n.
Theo quy nh, cc ngn hng c d n xu trn 3% phi bn n cho VAMC, gi
mua theo gi tr ghi s tr i trch d phng v tr bng tri phiu c bit.
VAMC cng "kn chn" n xu mua vi cc tiu chun nh phi c ti sn bo
m hp php, khch hng cn hot ng.... Nhng quy nh mang tnh bt buc

hnh chnh ny gip VAMC ch sau vi thng hot ng mua c gn 30.000

t ng n xu, trong khi DATC t khi thnh lp n nay mi mua x l c
khong 10.000 t ng n xu.
Trong khi , DATC li mua n theo nguyn tc t nguyn, m phn theo gi th
trng, v hot ng mua bn n phi m bo hiu qu ti chnh, bo ton vn
nh nc v c li, chnh iu ny khin tc mua n ca DATC khng th
nhanh nh VAMC. c bit, gi mua n bnh qun ca DATC xp x 30% mnh
gi n xu. Sau , thng qua cc bin php khc nhau nh c cu li n, thu hi
n, hon i ti sn, v c bit l tp trung ti cu trc DN DATC thu hi
c khong 3.000 t ng, tng ng s tin chi ra mua n. Tuy nhin,
ngoi yu t hiu qu ti chnh, DATC cn gip hng hot DNNN chuyn i hot
ng theo m hnh CTCP, gip hn 30 tng cng ty nh nc dn dp tnh trng
n nn thun li hn khi lm c phn ha.
C th thy cch mua n ca DATC gn vi th trng nhiu hn, h tr DN ti c
cu thu hi n, m bo hiu qu ngun vn. Trong khi , mc tiu chnh
ca VAMC l gip cc ngn hng dn dp bng cn i k ton, ko di thi gian
trch lp d phng, h tr thanh khon cho ngn hng. iu ny c th thy r
khi gn thi im cui nm, nhiu ngn hng "xp hng bn n" cho VAMC
lm p bng cn i, d rng cc mn n sau khi bn cho VAMC ch ch
cha cho phng n x l no c th. y l mt m hnh m cc chuyn gia gi
l "tn kho n xu".
Hi sinh nhiu doanh nghip
c bit, trong s hn 130 phng n mua bn n ca DATC, c hn 80 phng
n x l theo hng ti cu trc DN. Nhiu DN sau khi c s tham gia x l n v
c cu ca DATC phc hi v lm n rt n nh. DATC a ln sn 3 DN
sau khi ti c cu v sp a thm mt DN na ln sn. C 3 DN c a ln
sn ny u nm trong top 1.000 DN ng thu thu nhp ln nht Vit Nam
trong my nm gn y.
Cch lm ca DATC cho thy, vic mua n v x l thu hi nhng phi m bo
lm cho doanh nghip hi sinh v pht trin hn. V vy, ngoi mc ch kinh t
ca chnh DATC - th vic mua n ca DATC cng to ra li ch cho x hi, m
bo i sng, cng n vic lm cho ngi lao ng.
Ngoi vic x l n xu theo cch thc th trng nh trn, DATC cn h tr x l
n phi tr ca DNNN. Mi y nht, cng ty ny thc hin 2 t pht hnh
tri phiu di s bo lnh ca Chnh ph ti cu trc n phi tr ca
Vinashin. t u x l khong 17.500 t ng n xu Vinashin vay cc t
chc tn dng trong nc. t 2 l pht hnh tri phiu quc t x l khon
n 627 triu la M Vinashin vay t nc ngoi.
Cn vi VAMC, vic ra i ca m hnh ny mang li mt s k vng ln cho
vn n xu cc ngn hng thng mi hin nay. V cn mi ra i nn cha
th ni ti kt qu ngay lc ny, cng nh cha th nh gi c "khch n"
ca bn no s tt hn bn no nu em so snh gia DATC v VAMC.
Nhng qua nhng kt qu bc u ca DATC c th thy, c DATC VAMC ra i
lm cho m hnh x l n xu ca Vit Nam c s thay i, dch chuyn dn

t m hnh phn tn sang m hnh tp trung. C hai m hnh ny cng c k

vng s gp phn x l mi ha n xu ang lm chm bc pht trin ca nn
kinh t t nc./.
Hong Yn