CHNG TRNH GING DY KINH T FULBRIGHT

FULBRIGHT ECONOMICS TEACHING PROGRAM

1 thng 10 nm 2007
Cp nht: 24 thng 2 nm 2010

Nghin cu Tnh hung

QU BO HIM X HI

gn hai nm k t khi nhn tm bng cao hc v ti chnh, Nguyn Hng c vn

kin nhn lm vic ti Bo him X hi Vit Nam (BHXH) vi khon thu nhp hng
thng t i. t lu, c p hy vng mt ngy no Qu BHXH s c php
u t mt phn ngun thu ca mnh vo th trng chng khon v c s c c hi
tham gia hot ng qun l knh u t ny.
Trong thi gian tham gia son tho cc bo co cho B Lao ng, Thng binh v X
hi (LTBXH) v B Ti chnh, Nguyn Hng c bit rng Qu BHXH ch c th
cn i thu - chi cho n nm 2020, cn t sau tr i, s chi s ln hn thu, v mc
mt cn i ny s tip tc tng ln theo thi gian ngay c khi t l ng BHXH
c tng ln. Kinh nghim quc t cho thy rng vic duy tr mt h thng BHXH
trong s dng tin ng bo him ca nhng ngi ang i lm chi tr li ch
cho nhng ngi ngh hu l khng bn vng. M hnh c khuyn co l tin
ng bo him ca nhng ngi i lm c dng u t di hn sao cho kh
nng chi tr lng hu cho chnh nhng ngi khi ht tui lao ng.
i vi h thng BHXH ca Vit Nam hin nay, tin tm thi nhn ri (tc l chnh
lch thu - chi hin hnh hng nm) c u t vo tn phiu v tri phiu chnh ph,
cho ngn hng thng mi ca Nh nc vay hay u t vo cc cng trnh v d n
trng im quc gia theo ch nh ca Th tng Chnh ph. Hot ng u t vo
chng khon chnh ph v cho ngn hng thng mi vay, mc d an ton, nhng
sut sinh li rt thp. Theo quan im ca Nguyn Hng c, nu Qu BHXH c
php a dng ha u t sang c phiu th li nhun t u t s c y mnh m
ri ro cng khng tng nhiu.

Tnh hung ny do Nguyn Xun Thnh, Ging vin Chnh sch Cng ti FETP son.
Cc nghin cu tnh hung ca Chng trnh Ging dy Fulbright c s dng lm ti liu cho tho lun trn lp
hc, ch khng phi l ng h, ph bnh hay dng lm ngun s liu cho mt tnh hung chnh sch c th.

Chng trnh Ging dy Kinh t Fulbright

Qu Bo him X hi

Lch s hnh thnh Bo him X hi Vit Nam

C th ni BHXH Vit Nam c ra i trn c s Sc lnh s 29/SL do Ch tch
Nc H Ch Minh k ngy 12 thng 3 nm 1947, trong quy nh ch tr cp
cho cng nhn. Trong sut 45 nm sau , BHXH c pht trin thc hin cc
ch m au, thai sn, tai nn lao ng v hu tr, nhng ch c gii hn cho cn
b, cng nhn vin chc ca khu vc nh nc. n tn nm 1995, BHXH mi c
m rng sang khu vc doanh nghip t nhn v doanh nghip c vn u t nc
ngoi.
Vi Ngh nh 19/CP ngy 16/02/1995, Bo him X hi Vit Nam c chnh thc
thnh lp trn c s thng nht chc nng v nhim v ca B LTBXH v Tng
Lin on Lao ng Vit Nam. Qu BHXH c hnh thnh, c lp vi ngn sch
Nh nc v nhn ng gp ca ngi lao ng, ngi s dng lao ng v s h tr
ca Nh nc. Trong chng trnh BHXH bt buc, ngi lao ng phi ng 5% v
ngi s dng lao ng ng 15% mc tin lng v tin cng. BHXH bt buc1 hin
bao gm cc ch m au, thai sn, tai nn lao ng, bnh ngh nghip, hu tr v
t tut. Tnh n nm 2005, s ngi tham gia bo him x hi l 5,8 triu v s th
hng lng hu l 1,6 triu.2
Thch thc ca Bo him X hi
H thng BHXH Vit Nam hin c vn hnh theo c ch tin ng BHXH ca
nhng ngi ang i lm c dng chi tr cc ch bo him x hi, trong
ch yu l lng hu, cho nhng ngi ngh vic.3 Tuy nhin, mt yu t lch s
ln nh hng n kh nng ti tr ca h thng l chng trnh BHXH bt buc mi
ch hot ng t nm 1995 v nhng ngi ngh hu trc khng h ng bo
him x hi trong thi gian i lm. V vy, vic ngn sch nh nc phi h tr cho
Qu BHXH l iu khng th trnh khi. Theo B LTBXH, mi nm ngn sch
phi chi 10.000 t ng tr lng hu cho khong 1 triu ngi v hu trc nm
1995.4 Hin ti, s ngi ny vn chim t trng ln trong s ngi hng lng hu
nn 80% chi ph ca vic chi tr BHXH l t ngun tr cp ngn sch nh nc.5
Vit Nam c lc lng lao ng tr v ang gia tng nhanh chng trong khu vc kinh
t chnh thc. iu ny cho thy s ngi ng bo him x hi vn s tip tc cao
hn so vi s ngi hng lng hu. Tuy nhin, s chuyn dch c cu tui ca
dn s trong tng lai l iu chc chn s xy ra do t sut sinh gim v tui th bnh
qun tng theo thi gian khi mc sng dn c c ci thin. T l ngi cao tui
trong tng dn s v vy s tng ln. Theo iu tra bin ng dn s v k hoch ha
gia nh nm 2006 ca Tng cc Thng k, s ngi t 60 tui tr ln chim 9,2%
dn s.6 D bo dn s ca B Y t cho thy t l ny s tng ln 17% vo nm 2024.
1

Bn cnh BHXH bt buc, BHXH Vit Nam cn qun l BHXH T nguyn, Bo him Tht nghip
v Bo him Y t.
2
VnExpress, Qu bo him x hi trc nguy c ph sn, 26/8/2005; truy cp vo ngy 30/8/2007 ti
a ch http://www.vnexpress.net/Vietnam/Xa-hoi/2005/08/3B9E1793/.
3
Thng l ny c gi bng thut ng ting Anh l Pay As You Go.
4
Nh ch thch 2.
5
Justino, Patricia, 'Beyond HEPR: A Framework for an Integrated National System of Social Security
in Viet Nam' Justino, P, UNDP Viet Nam Policy Dialogue Paper 2005/1 (2005).
6
y ban Dn s, Gia nh v Tr em Vit Nam, S liu Dn s; truy cp c s d liu ti a ch
http://www.vcpfc.gov.vn/.

Nguyn Xun Thnh

Chng trnh Ging dy Kinh t Fulbright

Qu Bo him X hi

Nh vy, vi c ch hin ti trong tin ng bo him hin hnh c dng chi

tr ngay cho nhng ngi ngh hu cn phn thng d nu c c u t vo nhng
ti sn sinh li thp, th trong vng ba thp nin na khi nhng ngi tr tui ang
lm vic hin nay v hu Qu BHXH s b thm ht nng.7
Trong qu trnh son tho Lut BHXH u tin ca Vit Nam, B trng B
LTBXH lc l Nguyn Th Hng cho bit:
Vi mc ng hin nay th tng s tin ng bo him x hi trong
30 nm ca mt ngi hng lng ch chi tr lng hu bnh
qun 8 nm. Trong khi , thi gian hng lng hu ca ngi
ngh hu bnh qun l 16 nm. Mt thc t khc, do ch v hu
sm, t l ngi ng bo him x hi cho mt ngi hng lng
hu gim dn, nm 2000 l 34/1, nm 2002 l 23/1 v nm 2004 l
19/1. ng t, hng ch thi gian di dn n qu bo him x
hi di hn (thc hin ch hu tr v t tut) ch kh nng cn
i thu chi n nm 2019, t nm 2020 tr i qu s ph sn v chi
nhiu hn thu.8
Nh vy, Qu BHXH c th hot ng mt cch bn vng th hai thch thc hin
ny phi c gii quyt. Th nht, v vn lch s, ngn sch nh nc vn phi
c s dng chi tr cc ch cho nhng ngi v hu m trc y khng ng
BHXH. Th hai, v s chuyn i c cu tui ca dn s trong tng lai, tin ng
BHXH ca mi ngi lao ng trong sut nhng nm i lm phi chi tr cc
ch khi ngi ngh hu. Hai bin php cn phi c thi hnh. Th nht, t l
ng BHXH ca c ngi lao ng ln ngi s dng lao ng cn phi c iu
chnh tng ln. Th hai, tin ng BHXH phi c u t vo nhng ti sn c sut
sinh li cao vi an ton nht nh
Thng 6 nm 2006, Lut BHXH c Quc hi ban hnh ln u tin, trong
ra l trnh tng t l ng BHXH ca ngi lao ng v ngi s dng lao ng ti
iu 91 v 92.
iu 91:
Hng thng, ngi lao ng [] ng bng 5% mc tin lng, tin
cng vo qu hu tr v t tut; t nm 2010 tr i, c hai nm mt
ln ng thm 1% cho n khi t mc ng l 8%.9
iu 92:
Hng thng, ngi s dng lao ng ng trn qu tin lng, tin
cng ng bo him x hi ca ngi lao ng [] nh sau:
a) 3% vo qu m au v thai sn;
b) 1% vo qu tai nn lao ng, bnh ngh nghip;
c) 11% vo qu hu tr v t tut; t nm 2010 tr i, c hai nm mt
ln ng thm 1% cho n khi t mc ng l 14%.10
7

Ngn hng Th gii, Bo co Pht trin Vit Nam nm 2006, thng 12 nm 2005.
Vit Bo.vn, 3 gii php cu qu bo him x hi, 29/11/2005; truy cp ngy 31/8/2007 ti a ch
http://vietbao.vn/Viec-lam/3-giai-phap-cuu-quy-bao-hiem-xa-hoi/30090685/267/.
9
Lut Bo him X hi ca Quc hi Nc CHXHCN Vit Nam s 71/2006/QH11, 29/6/2006.
10
Nh trn.
8

Nguyn Xun Thnh

Chng trnh Ging dy Kinh t Fulbright

Qu Bo him X hi

Tuy nhin, Lut BHXH khng quy nh c th g v vic u t tin ng BHXH bt

buc vo cc ti sn ti chnh c sut sinh li cao m vn nhn mnh vo vic u t
vo chng khon chnh ph.
iu 96. Nguyn tc u t
Hot ng u t t qu bo him x hi phi bo m an ton, hiu
qu v thu hi c khi cn thit.
iu 97. Cc hnh thc u t
1. Mua tri phiu, tn phiu, cng tri ca Nh nc, ca ngn hng
thng mi ca Nh nc.
2. Cho ngn hng thng mi ca Nh nc vay.
3. u t vo cc cng trnh kinh t trng im quc gia.
4. Cc hnh thc u t khc do Chnh ph quy nh.11
Cc ngh nh v quyt nh c th ha Lut Bo him X hi cng khng c quy
nh g chi tit hn v hnh thc u t tin ng BHXH bt buc.
Ngh nh 152/2006/N-CP, iu 49 v hot ng u t t Qu BHXH:
1. Bo him x hi Vit Nam c trch nhim thc hin cc bin php
bo ton v tng trng qu bo him x hi t tin tm thi nhn ri.
Hot ng u t t qu bo him x hi phi bo m an ton, hiu
qu v thu hi c khi cn thit.
2. Hi ng Qun l Bo him x hi Vit Nam quyt nh vic u
t theo cc hnh thc sau y:
a) Mua tri phiu, tn phiu, cng tri ca Nh nc, ca Ngn hng
Thng mi ca Nh nc;
b) Cho Ngn hng Thng mi ca Nh nc vay;
c) u t vo cc cng trnh kinh t trng im quc gia;
d) u t vo mt s d n c nhu cu ln v vn do Th tng
Chnh ph quyt nh.12
Quyt nh 41/2007/Q-TTg, iu 11 v nguyn tc v cc hnh thc u t Qu BHXH
1. Hot ng u t t qu bo him x hi phi bo m nguyn
tc: an ton, hiu qu v thu hi c khi cn thit.
2. Cc hnh thc u t:
a) Mua tri phiu, tn phiu, cng tri ca Nh nc, ca ngn hng
thng mi ca Nh nc;
b) Cho Ngn hng Pht trin Vit Nam v Ngn hng Chnh sch x
hi vay theo li sut th trng;
c) Cho ngn hng thng mi ca Nh nc vay;
d) u t vo cc cng trnh kinh t trng im quc gia;
) Cc hnh thc u t khc do php lut quy nh.
3. Cn c tnh hnh thc t pht trin kinh t x hi hng nm, v cc
nguyn tc, hnh thc u t quy nh ti khon 1 v khon 2 iu
11

Nh trn.
Ngh nh ca Chnh ph s 152/2006/N-CP, 22/12/2006, hng dn mt s iu ca Lut BHXH
v BHXH bt buc.
12

Nguyn Xun Thnh

Chng trnh Ging dy Kinh t Fulbright

Qu Bo him X hi

ny, Tng gim c Bo him x hi Vit Nam xy dng phng n

u t trnh Hi ng qun l quyt nh.13
Tm kim mt chin lc u t mi cho Qu BHXH
c i, c li Lut BHXH, Nguyn Hng c t hi l vi l trnh tng t l BHXH
th liu tnh bn vng v ti chnh ca Qu BHXH c c m bo trong di hn.
bit r, c quyt nh tnh ton th xem mt ngi lao ng trong khu vc kinh t
chnh thc mt trung tm th ln bt u lm vic vo nm 2007 tui 31 vi
mc thu nhp khi im 3 triu ng/thng s phi ng BHXH nh th no cho n
khi v hu tui 60 v s nhn lng hu ra sao trong vng 16 nm sau theo ng
nh quy nh hin hnh. Theo nh tnh ton trong Ph lc 2, tin ng BHXH c
th chi tr lng hu th tin ng BHXH phi c u t vi sut sinh li
theo gi tr thc l 5,5%/nm. Vi mc lm pht k vng trong di hn l 8%/nm, th
sut sinh li t u t theo gi tr danh ngha phi l 14%/nm.
Nhn vo s liu qu kh, c nhn thy cc khon u t vo tri phiu chnh ph v
gi ngn hng thng mi nh nc ca Qu BHXH cha bao gi t c sut sinh
li nh trn. C th, trong nm 2006, li sut danh ngha ca tri phiu chnh ph k
hn 2 nm l 8,6%/nm, cn li sut tin gi ngn hng k hn 1 nm l 7,63%/nm.
(Xem Ph lc 3).
u t mt phn tin ng BHXH vo th trng c phiu, theo c, l cch c
th ci thin sut sinh li t u t ca Qu BHXH. Mc d khng c quy nh c
th, nhng Lut BHXH cng khng cm hnh thc u t c phiu. Hng m cho
hnh thc u t ny c ch nh ti Khon 4 ca iu 97: Qu BHXH c u t
tin nhn ri vo cc hnh thc u t khc do Chnh ph quy nh. V vy, c
cho rng mnh c th trnh by mt cch cht ch cho lnh o ca BHXH Vit Nam
rng vic u t mt phn ngun thu ca qu sang c phiu cng ty s khng ch lm
tng mc li nhun k vng m ri ro chung cng s khng tng nhiu khi danh mc
u t c a dng ha. Trn c s , BHXH Vit Nam c th trnh Chnh ph cho
php c u t Qu BHXH vo c phiu doanh nghip.
Nguyn Hng c d nh s son mt t trnh gi cho ban lnh o BHXH Vit
Nam khuyn ngh vic u t Qu BHXH vo c phiu da trn cc lp lun di
y.
Th nht, sut sinh li t u t vo c phiu doanh nghip cao hn nhiu so vi sut
sinh li t u t vo tri phiu chnh ph. ng nhin, ri ro ca vic u t vo c
phiu cng ty s cao hn nhiu so vi vic u t vo tri phiu chnh ph hay gi
ngn hng thng mi. Gi cc c phiu nim yt c bin ng rt ln, trong khi li
sut tin gi v li sut tri phiu th n nh hn nhiu.
Nhn vo qu kh c rt ra kt lun rng ch s th trng chng khon c th c
nhng bin ng ln trong ngn hn, nhng v di hn th ch s lun lun tng. Nh
vy, vi c tnh u t di hn ca qu BHXH, vic gnh chu cc ri ro bin ng
gi trong ngn hn hng sut sinh li k vng cao hn trong di hn l iu hon
ton c th chp nhn c.
13

Quyt nh ca Th tng Chnh ph s 41/2007/Q-TTg, 29/3/2007 v qun l ti chnh i vi

BHXH Vit Nam.

Nguyn Xun Thnh

Chng trnh Ging dy Kinh t Fulbright

Qu Bo him X hi

Th hai, c cho rng ri ro s c hn ch nu ch gii hn u t ca qu BHXH

trong nhng c phiu nim yt trn th trng chng khon tp trung (HOSE v
HASTC). Tip theo, vic u t phi c dn tri trn nhiu c phiu nim yt thay
v ch tp trung mt vi c phiu. L do l vi mt chin lc u t a dng ha
nh vy, cc ri ro c th ca tng c phiu s trit tiu cho nhau khi s xung gi
ca c phiu ny c nhiu kh nng c b p bi s ln gi ca c phiu kia.
Th ba, tri phiu chnh ph di hn vn chim mt t trng ln trong danh mc u
t ca qu BHXH. Nh vy, s a dng ha khng ch t c trong phm vi cc c
phiu nim yt m cn gia c phiu v tri phiu. Theo c, mt danh mc vn u
t nh vy s trnh c ri ro b gim gi tr nhiu v gi c phiu c th tng khi gi
tri phiu gim v ngc li. Hn th na, vi s gia tng nhanh chng v tng gi tr
th trng ca tri phiu cng ty, th ch trong mt tng lai gn Qu BHXH c th
u t mt phn vo cc tri phiu cng ty t c s a dng ha cao hn na.
Vi s liu ti chnh sn c trong tay, Nguyn Hng c bt tay vo phn tch
chng minh cho cc lp lun ca mnh.

Nguyn Xun Thnh

Chng trnh Ging dy Kinh t Fulbright

Qu Bo him X hi

Ph lc 1: ng gp v chi tr ca Qu Bo him X hi (t ng)

Chi tr theo cc ch
ng
Lng
Tr cp
Tai nn lao
Nm
BHXH
hu
mt ln
T tut
m au
Thai sn
ng
Tng
2000
5.198
2001
6.348
2002
6.963
6.987
395
280
182
340
51
8.236
2003
6.964
10.212
361
381
208
519
67
11.747
2004
10.703
11.243
521
408
246
568
74
13.059
Ngun: Chng trnh Pht trin Lin hp Quc, An sinh x hi Vit Nam ly tin n mc no?, 22/8/2007.

Ph lc 2: V d gi nh v tin ng v chi tr BHXH

ca mt ngi lao ng in hnh ti khu vc kinh t chnh thc thnh th
Gi nh:
Nm bt u ng BHXH:
Tui nm bt u ng BHXH:
Tui bt u ngh hu:
S nm lnh lng hu t BHXH:
Lng vo nm bt u ng BHXH:
Tc tng tin lng theo gi tr thc:
T l ng BHXH:

Tui
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Nm
th
t
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Nm
lch
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036

2007
31
61
16
3.000.000 ng/thng hay 36.000.000 ng/nm
7%/nm G 2008-20, 5%/nm G 2021-36
Theo quy nh ca Lut BHXH hin hnh

T l ng BHXH
Tc
tng tin
Ngi
Tin lng
lng
Ngi
s dng (theo gi tr
theo gi
lao
lao
thc),
tr thc
ng
ng
triu VN
7,0%
5,0%
11,0%
36,0
7,0%
5,0%
11,0%
38,5
7,0%
5,0%
11,0%
41,2
7,0%
5,5%
11,5%
44,1
7,0%
6,0%
12,0%
47,2
7,0%
6,5%
12,5%
50,5
7,0%
7,0%
13,0%
54,0
7,0%
7,5%
13,5%
57,8
7,0%
8,0%
14,0%
61,9
7,0%
8,0%
14,0%
66,2
7,0%
8,0%
14,0%
70,8
7,0%
8,0%
14,0%
75,8
7,0%
8,0%
14,0%
81,1
7,0%
8,0%
14,0%
86,8
5,0%
8,0%
14,0%
91,1
5,0%
8,0%
14,0%
95,6
5,0%
8,0%
14,0%
100,4
5,0%
8,0%
14,0%
105,5
5,0%
8,0%
14,0%
110,7
5,0%
8,0%
14,0%
116,3
5,0%
8,0%
14,0%
122,1
5,0%
8,0%
14,0%
128,2
5,0%
8,0%
14,0%
134,6
5,0%
8,0%
14,0%
141,3
5,0%
8,0%
14,0%
148,4
5,0%
8,0%
14,0%
155,8
5,0%
8,0%
14,0%
163,6
5,0%
8,0%
14,0%
171,8
5,0%
8,0%
14,0%
180,4
5,0%
8,0%
14,0%
189,4
Tng gi tr hin ti tin ng BHXH

Tin ng
BHXH,
triu VN
5,8
6,2
6,6
7,5
8,5
9,6
10,8
12,1
13,6
14,6
15,6
16,7
17,8
19,1
20,0
21,0
22,1
23,2
24,4
25,6
26,9
28,2
29,6
31,1
32,6
34,3
36,0
37,8
39,7
41,7

Gi tr hin ti
ca tin ng
BHXH theo
SCK 5,49%,
triu VN
5,76
5,84
5,93
6,39
6,86
7,34
7,84
8,35
8,88
9,00
9,13
9,26
9,40
9,53
9,49
9,44
9,40
9,36
9,31
9,27
9,23
9,18
9,14
9,10
9,06
9,02
8,97
8,93
8,89
8,85
256,15

Ngun: Tnh ton ca tc gi.

Nguyn Xun Thnh

Chng trnh Ging dy Kinh t Fulbright

Qu Bo him X hi

Lng hu theo quy nh ca Lut BHXH

(75% mc lng bnh qun ca 10 nm cui trc khi ngh hu i vi
ngi c 30 nm ng BHXH)

Tui
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76

Nm
th t
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46

Lng hu (theo
Nm
gi tr thc),
lch
triu VN
2037
115,16
2038
115,16
2039
115,16
2040
115,16
2041
115,16
2042
115,16
2043
115,16
2044
115,16
2045
115,16
2046
115,16
2047
115,16
2048
115,16
2049
115,16
2050
115,16
2051
115,16
2052
115,16
Tng gi tr hin ti ca lng hu

Gi tr hin ti ca lng
hu theo SCK 5,49%,
triu VN
23,19
21,98
20,84
19,76
18,73
17,75
16,83
15,95
15,12
14,34
13,59
12,89
12,21
11,58
10,98
10,41
256,15

Ngun: Tnh ton ca tc gi.

Ph lc 3: Li sut chng khon chnh ph, li sut ngn hng, ch s

VN-Index v lm pht (%/nm)

Nm

Li sut tn
phiu kho
bc (3
thng)

Li sut
tin gi
NHTM (1
nm)

Li sut
tri phiu
chnh ph
(2 nm)

T l thay
i ca ch
s VNIndex

T l lm
pht

1997

10,82

8,39

12,00

3,60

1998

11,43

9,23

13,00

9,20

1999

8,86

7,37

13,00

0,10

2000

5,42

3,65

6,40

-0,60

2001

5,49

5,30

6,85

13,81

0,80

2002

5,92

6,45

7,33

-22,12

4,00

2003

5,83

6,62

8,20

-8,94

3,00

2004

5,71

6,17

8,30

43,34

9,50

2005

6,13

7,15

8,42

28,51

8,40

2006

4,43

7,64

8,60

144,48

6,60

2007

4,60

7,49

8,10

23,31

12,60

2008

10,26

13,50

15,30

-65,95

19,90

2009
7,85
8,32
9,92
56,76
6,52
Ngun: Tnh ton ca tc gi t CSDL Global Financial Data, CSDL Thng k Ti chnh
Quc t (IFS) v cc Ph lc Thng k S liu Kinh t Vit Nam ca Qu Tin t Quc t,
Tng cc Thng k, v bo co hng tun ca Ngn hng Nh nc.

Nguyn Xun Thnh

Chng trnh Ging dy Kinh t Fulbright

Qu Bo him X hi

Ph lc 4: S liu ch s VN-Index v gi mt s c phiu nim yt trn

Sn Giao dch Chng khon TP.HCM
AGF
Date

VN-Index

Gi

KDC

C tc C tc
TM
CP

Gi

REE

C tc C tc
TM
CP

Gi

T12/2005

307,50

42,0

T01/2006

312,32

40,2

T02/2006

390,65

49,0

55,5

T03/2006

503,56

68,0

82,0

T04/2006

595,48

76,5

97,0

T05/2006

538,91

72,0

84,0

T06/2006

515,59

72,0

88,0

82,0

T07/2006

422,41

68,5

69,0

67,0

T08/2006

491,18

73,0

79,0

82,0

T09/2006

526,73

79,0

83,0

91,5

T10/2006

511,54

78,5

T11/2006

633,05

101,0

T12/2006

751,77

112,0

T01/2007

1041,33

137,0

T02/2007

1137,69

155,0

227,0

T03/2007

1071,33

139,0

196,0

T04/2007

923,89

110,0

173,0

T05/2007

1081,48

136,0

T06/2007

1024,68

104,0

T07/2007

907,95

T08/2007

908,00

T09/2007

1/20

54,0

34,4

54,0

36,5

88,0
0,6
0,6

49,0
0,8
1/5

0,9

88,0

109,0

142,0

133,0

220,0

215,0
279,0
215,0
1/5

170,0

94,0

226,0

129,0

97,0

246,0

132,0

1046,86

103,0

255,0

T10/2007

1065,09

95,5

203,0

152,0

T11/2007

972,35

89,0

200,0

142,0

T12/2007

927,02

83,0

194,0

137,0

T01/2008

844,11

67,0

174,0

130,0

T02/2008

663,30

51,5

145,0

86,5

T03/2008

516,85

36,4

109,0

55,0

T04/2008

522,36

31,5

120,0

48,1

T05/2008

414,10

23,1

92,0

34,8

T06/2008

399,40

30,3

78,0

27,5

T07/2008

451,36

23,0

59,5

T08/2008

539,10

27,8

72,5

46,5

T09/2008

456,70

24,7

53,5

39,9

T10/2008

347,05

18,0

34,0

26,7

T11/2008

314,74

16,0

31,5

22,6

T12/2008

315,62

15,0

T01/2009

303,21

15,0

27,5

22,0

T02/2009

245,74

12,8

20,0

17,1

T03/2009

280,67

15,3

23,9

24,3

T04/2009

321,63

18,6

30,1

31,3

T05/2009

411,64

22,2

44,5

45,8

T06/2009

448,29

21,9

43,7

41,0

Nguyn Xun Thnh

0,4

30,1

0,9

283,0
0,9

150,0

0,6

0,7

88,0

102,0

236,0

1,2

0,7

78,5
99,0

230,0
1/5

C tc C tc
TM
CP

0,9

0,9

1,8

1/2

154,0

11/50

33,1
2/5

20,8

Chng trnh Ging dy Kinh t Fulbright

Qu Bo him X hi

AGF
Date

VN-Index

Gi

C tc C tc
TM
CP

KDC
Gi

REE

C tc C tc
TM
CP

Gi

T07/2009

466,76

19,8

47,0

45,6

T08/2009

546,78

28,8

70,0

49,7

T09/2009

580,9

33,7

89,0

55,0

T10/2009

587,12

35,7

90,5

53,5

T11/2009

504,12

32,5

75,5

T12/2009

494,77

33,2

60,5

T01/2010

481,96

34,0

61,0

2,4

C tc C tc
TM
CP
0,7

47,0
2/5

44,5
42,3

Ghi ch: Gi c phiu (cui thng) tnh theo 1.000 VND. C tc c tr di 2 hnh thc: tin mt
tnh theo 1.000 VND hay c phiu theo t l s c phiu chi tr /s c phiu ang nm gi.
Ngun: S Giao dch Chng khon TP.HCM.

Nguyn Xun Thnh

10