5/7/22
ĐẦU TƯ QUỐC TẾ
INTERNATIONAL INVESTMENT
Pham Thi Mai Khanh (M.A., LL.M., Ph.D.)
Slides by Pham Thi Mai Khanh-FTU
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PHẦN I:
TỔNG QUAN VỀ ĐẦU TƯ QUỐC TẾ
Slides by Pham Thi Mai Khanh-FTU
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NỘI DUNG
I.
Khái niệm, đặc điểm của Đầu tư, Đầu tư nướ
ngoài và Đầu tư quốc tế
II.
Phân loại các luồng tài chính quốc tế
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INVESTMENT
• You sacrifice something of value now,
expecting to benefit from that sacrifice later.
Current resources
(Capital)
Future benefits
Financial benefits
Social benefits
… to sacrifice consumption today in return for larger consumption tomorrow
…hy sinh tiêu dùng hiện tại nhằm tăng tiêu dùng trong tương lai
(Sammuelson & Nordhaus, Economics, 19th Edition, Tata McGraw-Hill Edition 2010, p.371)
• in expectation that….
• “risk-return trade-off”
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Đầu tư - Investment
• “An Investment is the current commitment of
money or other resources in the expectation of
reaping future benefits.”
Z. Bodie, A. Kane and A. J. Marcus, Investments, 8th edition, Mc Graw-Hill Irwin,
2009
• “A sum of money or other resources (including
e.g. knowledge or time) spent with the
expectation of getting a future return from it.”
UNCTAD, Virtual institute teaching Material on ECONOMIC AND LEGAL
ASPECTS OF FOREIGN DIRECT INVESTMENT, United Nations: New York
and Geneva, 2010
Slides by Pham Thi Mai Khanh-FTU
Capital
•
•
•
•
Resources
Investible
Mobilization of capital
Invested capital
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3 approaches:
(a) In macro-economics and national accounts:
expenditure on new capital goods (goods that are not consumed
but instead used in future production). Such investment is the
source of new employment and economic growth.
(b) In finance:
investment refers to the purchase or ownership of a financial asset
with the expectation of a future return either as income (such as
dividends), or as capital gain (such as a rise in the value of the
stock).
(c) Legal definitions of investment:
found in laws and legal agreements, focus on the issue of
property, notwithstanding the productive or financial nature of the
investment, unless specific limitations are made.
Slides by Pham Thi Mai Khanh-FTU
Financial Assets vs. Real assets
Real assets
Financial Assets
E.g. Land, buildings, machines,
knowledge
- Assets that can be used to
produce goods and services.
E.g. Shares, bonds,…
(certificates, computer entries)
Means by which individuals hold
their claims on real assets.
-Claims on the income generated
by/derived from real assets (or
claims on the income from the
government).
-Define the allocation of income
or wealth among investors.
- Generate net income for the
economy, contribute directly to
the productive capacity of the
economy.
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Effective use of capital
n
An individual project: ROI (Return on Investment)
ROI = Profit/Total Investment
(Profit = Turnover - Cost)
n
A country: ICOR (Incremental Capital Output Ratio)
ICOR = Total Investment/Δ GDP
(Δ GDP = GDPt- GDPt-1 )
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CÁC CHỈ TIÊU ĐÁNH GIÁ HIỆU QUẢ ĐẦU TƯ
n
ĐỐI VỚI MỘT DỰ ÁN: ROI (Return on Investment)
ROI = Profit/Total Investment
(Profit = Turnover - Cost)
Ý NGHĨA: MỘT ĐỒNG VỐN ĐẦU TƯ ĐEM LẠI BAO NHIÊU ĐỒNG LỢI NHUẬN
n
ĐỐI VỚI MỘT QUỐC GIA: ICOR (Incremental Capital Output Ratio)
ICOR = Total Investment/Δ GDP
(Δ GDP = GDPt- GDPt-1 )
Ý NGHĨA: ĐỂ GDP TĂNG TRƯỞNG MỘT ĐƠN VỊ CẦN BAO NHIÊU ĐỒNG VỐN ĐÂU TƯ
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Mô hình Harrod Dormar (phát triển bởi Hollis
Chenery) chứng minh được mối quan hệ tỷ lệ
giữa tỷ lệ vốn đầu tư và tăng trưởng kinh tế
k =
I
GDP
g=
ICOR =
ΔGDP
GDP
k
I
=
g
ΔGDP
Mô hình Harrod Dormar chứng minh được mối quan hệ tỷ lệ giữa tỷ lệ vốn
đầu tư và tăng trưởng kinh tế
(Total Investment = Domestic Investment + Foreign Investment)
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ICOR – Tăng trưởng - Đầu tư
n
Tổng sản phẩm
trong nước (GDP)
năm 2015 ước tính
tăng 6,68% so với
năm 2014
n
ICOR năm 2015?
n
Tổng vốn đầu tư toàn
xã hội so với GDP đạt
32,6% năm 2015
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ICOR – Tăng trưởng - Đầu tư
KẾ HOẠCH PHÁT TRIỂN KT-XH
n
n
n
Duy trì mức tăng trưởng
trung bình của GDP giai
đoạn 2016-2020 ở mức
6,5%-7%.
GDP/capital năm 2015 là
2100 USD
Dân số năm 2015 là 93.4
triệu người
n
n
Đảm bảo hiệu quả đầu
tư với ICOR từ 5-5.5
Tính lượng FDI cần thu hút
nếu biết theo kế hoạch FDI
chiếm 15% tổng vốn đầu tư
xã hội.
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Đặc điểm của đầu tư
Characteristics of investment?
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PHÂN LOẠI ĐẦU TƯ
Investment Taxonomy
• Official Flows of Investment
• Private Investment
• Domestic Investment
• Foreign Investment
• Direct investment
• Indirect investment
• Fixed capital formation – Productive investment (contribute
directly to the productive capacity of the economy)
• Financial Investment (do not contribute directly to the productive
capacity of the economy)
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NOTE: Capital fundamentalism considers capital formation is the single
most-important determinant of growth and development.
International Investment
• Capital movement across borders.
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Foreign Investment
• Capital movement across a certain
country’s borders
• Inflow and Outflow
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II. INTERNATIONAL
FINANCIAL FLOWS
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INTERNATIONAL FLOW OF
FINANCIAL RESOURCES
Official Flows
FOREIGN AID
ODA
Grants
OA
Concessional
loans
Private Flows
OOFs
FDI
Non-Concessional
Loans
FPI
Porftolio
Equity
Flows
Private loans
Bond
Debt
Flows
Commercial
Loans
Bond Debt Flows X 2
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II.1. FOREIGN AID
FOCUS: Official Development Assistance
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Kinds of Foreign Assistance
n
Development Aid:
q
q
q
n
Humanitarian Aid:
q
n
n
Transfer of finance, commodities etc.
Technical co-operation
Debt relief
Disaster relief assistance
Military Assistance
Food Aid
q
offered to countries facing food shortages
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Official Development Assistance
(ODA)
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The origin of today ODA
• The establishment of the UN, WB, IMF
• The Marshall Plan
- Post-World War II reconstruction plan for Europe,
initiated by U.S. Secretary of State George Marshall
(Nobel Prize winner) in 1947.
- European Recovery Program (1948-1952): USD
13.3 bi to 16 countries (1.5% of U.S. GDP, >1% of
major recipients’ GDP)
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What is the DAC?
•
Development Assistance Committee (DAC) of the
OECD.
•
22 Bilateral Donors, plus European Commission (EC).
•
Objective: improve development assistance through
coordination and collaboration with major stakeholders.
•
Collect and synthesize data on aid and foreign
assistance and deliver the data to the public.
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What is ODA?
• The official measure of foreign aid.
• Only internationally comparable measure of
donor assistance.
• Reported by donor countries to the OECD/
DAC on an annual basis.
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Official Definition of ODA
“Those flows to countries and territories on DAC List of ODA
Recipients and to multilateral institutions which are;
I. Provided by official agencies, including state and local
government, or by their executives agencies; and
II. Each transaction of which;
a) Is administered with the promotion of the
economic development and welfare of developing
countries as its main objective; and
b) is concessional in character and conveys a
grant element of at least 25 per cent (calculated at a rate of
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10 per cent).”
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ODA (Official Development Assistance
Khái niệm của DAC
• là những luồng tài chính chuyển tới các nước nhận
trong danh sách của DAC và tới những tổ chức đa
phương:
• được cung cấp bởi các tổ chức chính phủ (trung ương và
địa phương) hoặc bởi cơ quan điều hành của các tổ chức
này;
• có mục tiêu chính là thúc đẩy tăng trưởng kinh tế và phúc
lợi của các nước đang phát triển;
• mang tính chất ưu đãi và có yếu tố không hoàn lại ≥ 25%
(được tính với tỷ suất chiết khấu 10%)
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Explanation of ODA
ODA are official flows to or for developing countries that
are provided:
•
for developmental purposes
•
by the official sector (Government, public funds)
•
as grants or
•
as “soft loans” (ODA loans are at terms significantly softer than
commercial transactions, and bear a “grant element” of at least 25%
compared with a loan at 10%.)
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ODA flows
Multilateral
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Khanh-FTU
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BACK
Official Development Assistance-ODA
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Khanh-FTU
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ODA
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Khanh-FTU
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ODA
Country
Policy
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Official Agencies
Sweden
Australia
USA
Japan
Canada
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BACK
Grant element
Determining Factors:
•
•
•
Interest rate (%);
Grace period, i.e. the interval from commitment
date to the date of the first payment of
amortisation);
Maturity, i.e. the interval from commitment date to
the date of the last payment of amortisation.)
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Grant element (cont)
Meaning:
The present value of a the loan (taking into
account its interest rate and maturity structure )
must be at least 25% below the present value of
a comparable loan at market interest rates
(presumed 10% by DAC)
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Công thức tính thành tố hỗ trợ
R – tỷ lệ lãi suất hàng năm
A – số lần trả nợ trong năm
D – tỷ suất chiết khấu
INT – thời gian ân hạn
M – thời hạn cho vay
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Definition of ODA Flows
•
•
Commitment: Firm undertaking to provide specified funds
Disbursement: Actual payment or expenditure of funds
•
•
Grant: Non-repayable
Loan: Initial Loan plus Repayments. Only report repayments
of loan principal, not interest
•
•
Performance assessed on net disbursements
Net disbursements = disbursements of grants +
disbursements of loans - repayments of loan principal
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PHÂN LOẠI VỐN ODA:
• Theo tiêu thức hoàn trả/các thành phần cấu
thành:
+ Viện trợ không hoàn lại (grants)
+ Tín dụng ưu đãi (concessional loans)
+ Tín dụng không ưu đãi (non-concessional loans)
Tín dụng hỗn hợp ?
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PHÂN LOẠI VỐN ODA:
• Theo phương thức cung cấp:
+ ODA song phương (bilateral)
+ ODA đa phương (multilateral)
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PHÂN LOẠI VỐN ODA:
• Theo hình thức thực hiện:
+ Hỗ trợ chương trình (programmes)
+ Hỗ trợ dự án (projects)
+ Hỗ trợ cán cân thanh toán (BOP) và Hỗ trợ phi
chương trình khác
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Notes (cont.):
• Grant vs. grant element
• ODA vs. OA (official aid)
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Notes (cont.):
• ODA vs. OOFs (other official flows)
• ODA vs. ODF (official development finance)
• ODA vs. TC (technical cooperation)
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Examples of ODA Activities
•
•
•
•
•
•
•
Development Projects – schools, clinics, water supply
systems etc…
Emergency Aid for Natural or Man-made Disasters
Contributions to Multilateral Development Agencies
Food Aid, Emergency and Developmental
Aid to Refugees and IDPs
Debt Relief outlined by Paris Club Agreement
Officially Financed Scholarships for students in developing
countries
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Non Eligible ODA Activities
•
•
•
•
•
•
•
Military or Security Assistance
Cultural programmes for the donor’s nationals resident in
other countries
Aid from NGOs financed from private sources
Foreign Direct Investment
Official export credits or other commercially motivated
transactions
Guarantees on private export credits or investments
Reduced tariffs or other concessions on imports from
developing countries
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ODA Targets & Performance
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•
1970 UN Resolution urged advanced countries to provide
0.7% of their national income as ODA.
•
The average ODA/GNI ratio for DAC countries was only 0.31%
in 2006.
•
Only five countries achieve the 0.7% target, but several others
have plans to do so.
•
The EU has set ambitious ODA targets of GNI of 0.17% of GNI
by 2010 and 0.33% by 2015 for the 12 new members.
ODA trends
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ODA trends
OECD (2016), Development Aid at a Glance: Developing Countries
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ODA trends
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ODA Trends
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What is the rationale for
foreign development
assistance?
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Rationale for aid
n
Humanitarian (moral or ethical responsibility to help the
poor)
n
Political (strategic self interest)
n
Economic (develop markets)
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Foreign Aid: The Development
Assistance Debate
n
Why donors give aid
q
q
political motivations
economic motivations:
n
n
n
n
n
Foreign exchange constraints (two gap model)
Growth and savings
Technical assistance
Absorptive capacity
Self interest
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14-54
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Foreign Aid: The Development
Assistance Debate
n
n
n
Why developing recipients accept aid?
The effects of aid
The role of nongovernmental organizations
(NGOs)
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14-55
Three views on
AID, GROWTH and DEVELOPMENT
n
n
n
View 1: Although not always successful, on
average aid has a positive impact on economic
growth and development
View 2: Aid has little or no effect on growth and
actually may undermine growth
View 3: Aid has a conditional relationship with
growth, stimulating growth only under certain
circumstances, such as in countries with good
policies or institutions
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Foreign Aid: The Development
Assistance Debate
The two-gap model:
savings constraint
I < F + sY
(15.1)
Where
I is domestic investment
F is the amount of capital inflows
s is the savings rate
Y is national income
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14-57
Slides by Pham Thi Mai Khanh-FTU
Foreign Aid: The Development
Assistance Debate
The two-gap model:
foreign-exchange constraint
(m1 + m2 ) I + m2 Y − E ≤ F
(15.2)
Where
I is domestic investment
F is the amount of capital inflows
E is the level of exports
Y is national income
m1 is the marginal import share
m2 is the marginal propensity to import
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14-58
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Benefits from foreign development
assistance
n
n
n
n
Foreign Aids supplement local savings
Enhances investment which makes possible
expansion in productive capacity.
It furnishes foreign exchange for essential
imports such as machinery fuel and food.
Aid builds large construction projects.
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Why the Conditionalities in granting AID
to the Third World…1
n
n
n
A substitute for collateral assets which
private lenders require as a safeguard
against danger of default
A safeguard against a government that
might not be inclined to undertake policy
reforms
Donors have an obligation to ensure that tax
payers monies are effectively disbursed in
achieving the objectives for which the aid
was given
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Why the Conditionalities in granting AID
to the Third World…2
n
n
n
Conditionalities might tip the balance in favor
of officials in a government that favor
reforms
Can improve domestic economic policies by
inducing greater consistency over time.
An insurance that might guarantee that
reforms and policies might not be reversed
in the near future.
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Why AID might not be a panacea to
Third World Development…1
n
n
n
n
The lack of progress in Third World countries
reflects factors that cannot be overcome by aid.
Capital can be secured without Aid.
Governments who are capable of using capital
productively can always attract investment or
borrow money from abroad.
Aid does not descend indiscriminately on the
population who may need it most but goes
directly to the government.
Aid can therefore increases the patronage and
power of an unpopular government.
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Why AID might not be a panacea to
Third World Development…2
n
n
n
Foreign aids enable governments to pursue
policies that retard growth and exacerbates
poverty
Foreign aid makes it easier for governments to
restrict internal private investment so to serve
their political interests.
Aid has often been applied to dictate
unpopular and unsuitable external
development models.
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Why AID might not be a panacea to
Third World Development…3
n
n
Aid breeds dependency and promotes the
belief that economic improvement depends on
circumstances and influences outside one’s
control
The influx of money from aid drives up the
exchange rate and adversely affects inflation
at home and foreign trade competitiveness
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Foreign Aid: The Development
Assistance Debate
n
n
Conceptual and measurement problems
Amounts and allocations: public aid
q
Official development assistance (ODA)
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14-65
Conclusions: Toward a New View
of Foreign Aid
n
n
Dissatisfaction among donors and recipients
may create the possibility for new aid
arrangements
Future aid is likely to be linked to market
reforms and institutional capacity-building
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14-66
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THE FUTURE OF ODA?
1. Rethinking development finance: Three guiding
principles
https://www.youtube.com/watch?v=csWQBsJhmVI
Why it is needed to re-think?
What are the three guiding principles?
2.
Modernised ODA measure: the treatment of loans
https://www.youtube.com/watch?v=eSpxH-3hDJQ&t=84s
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NEW DEFINITION OF ODA
Definition of ODA, starting with 2018 data
The ODA grant equivalent is a measure of donor effort. Grants, loans and
other flows entering the calculation of the ODA grant equivalent measure are
referred to as ODA flows (see notes 1 and 2).
OECD, https://www.oecd.org/dac/financing-sustainable-development/
development-finance-standards/
officialdevelopmentassistancedefinitionandcoverage.htm
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NEW DEFINITION OF ODA
Official development assistance flows are defined as those flows to countries and
territories on the DAC List of ODA Recipients and to multilateral development institutions
which are:
provided by official agencies, including state and local governments, or by their
executive agencies; and
each transaction of which:
is administered with the promotion of the economic development and welfare of
developing countries as its main objective; and
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NEW DEFINITION OF ODA
is concessional in character. In DAC statistics, this implies a grant element of at least
• 45 per cent in the case of bilateral loans to the official sector of LDCs and other
LICs (calculated at a rate of discount of 9 per cent).
• 15 per cent in the case of bilateral loans to the official sector of LMICs (calculated at
a rate of discount of 7 per cent).
• 10 per cent in the case of bilateral loans to the official sector of UMICs (calculated
at a rate of discount of 6 per cent).
• 10 per cent in the case of loans to multilateral institutions (see note 5) (calculated at
a rate of discount of 5 per cent for global institutions and multilateral development
banks, and 6 per cent for other organisations, including sub-regional organisations)
(see notes 6 and 7).
Loans whose terms are not consistent with the IMF Debt Limits Policy and/or the World
Bank’s Non-Concessional Borrowing Policy are not reportable as ODA.
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Question for discussion
n
n
71
The Government of country X provide the
Gov. of Ethiopia with an educational aid which
consists of $1 million grant and $9 million
loans (bearing a single interest rate of 1%/
year) for the period of 10 years, from
2001-2010. Grace period of 10 years.
Could this educational aid be classified as
ODA?
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Question for discussion
n
n
72
The Government of country X provide the
Gov. of Vietnam with an educational aid which
consists of $1 million grant and $9 million
loans (bearing a single interest rate of 5%/
year) for the period of 10 years, from
2001-2010. Grace period of 10 years.
Could this educational aid be classified as
ODA?
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Case Study: ODA in Vietnam
nHistory and Evolvement
nGovernance:
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Decree No. 38/2013/ND-CP (dated Apr 23, 2013)
Decree No. 16/2016/ND-CP (dated Mar 16, 2016) on the
Management and Utilization of ODA and concessional loans
from donors
Decree No. 97/2018/ND-CP (dated Jun 30, 2018) on Loans
from ODA loans, government preferential loans
Decree No. 56/2020/ND-CP on the Management and
Utilization of ODA and concessional loans from donors
nOfficial Portal: http://oda.mpi.gov.vn
nOpen aids data
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ĐẦU TƯ CHỨNG KHOÁN
NƯỚC NGOÀI
Foreign Por:olio Investment
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Foreign Portfolio Investment
n
Foreign Portfolio Investment – the
investment by individuals, firms, or public
bodies in foreign financial instruments.
q
n
n
Stocks, bonds, other forms of debt.
Differs from FDI, which is the investment in
physical assets.
Portfolio theory – the behavior of individuals
or firms administering large amounts of
financial assets.
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Basic Portfolio Theory:
The broader the diversification,
the more stable the returns and
the more diffuse the risk.
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Basic Portfolio Theory:
Total Risk of a Security’s Returns may be segmented into
Systematic Risk
can not be eliminated
Non-systematic Risk
can be eliminated by diversification
Slides by Pham Thi Mai Khanh-FTU
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Why international portfolio investment :
international correlation structure and risk diversification
Portfolio investment income in different countries
is less correlated than in one country:
+ Economic, political factors, structures and even
psychological factor affecting portfolio investment
income in each country are different,
+ Business circles are different among countries,
therefore, international correlation is very low.
-
Slides by Pham Thi Mai KhanhFTU
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5/7/22
Internatonal Correlation
CƠ CẤU TƯƠNG QUAN QUỐC TẾ
Stock Market
AU
Australia (AU)
.586
France (FR)
.286
Germany (GM)
.183
Japan (JP)
.152
Netherlands (NP)
.241
Switzerland (SW)
.358
.368
.475
.281
.517
.664
United Kingdom
(UK)
.315
.378
.299
.209
.393
.431
.698
United States
(US)
.304
.225
.170
.137
.271
.272
.279
Slides by Pham Thi Mai
Khanh-FTU
FR
GM
JP
NL
SW
UK
US
Độ tương quan quốc tế thấp có nghĩa là
nhà đầu tư có thể giảm rủi ro
chứng khoán khi đa dạng
.312
.653
chứng khoán quốc tế hơn là
.238
.300
.416
khi đa dạng hóa
.344
.509
.282
.624
trong nước.
.576
.439
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Factors contribute to the growth of
international portfolio investment
-
-
Demographic changes
The increasing securitisation of the global
flows of funds
The worldwide privatization trend
The benefits of diversifying internationally
become more apparent
Slides by Pham Thi Mai Khanh-FTU
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5/7/22
Barriers to International Diversification
1.
2.
3.
4.
5.
6.
Segmented markets
Lack of liquidity
Exchange rate controls
Underdeveloped capital markets
Exchange rate risk
Lack of information
a.
not readily accessible
b.
data is not comparable
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Home bias
n
Despite the advantage of international investing,
most investors commit very little of their
investment portfolio to global equities
q
n
Home bias
Investors believe things they are familiar with
are better than things they are not familiar with
(familiarity bias)
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5/7/22
Phân loại FPI (Taxonomy of FPI)
n
n
n
n
n
FPI vào cổ phiếu (portfolio equity flows)
FPI vào trái phiếu (bond debt flows)
FPI vào các loại chứng khoán khác
FPI trực tiếp
FPI gián tiếp (qua các quỹ ĐTQT, mua cổ
phiếu của các TNCs)
Slides by Pham Thi Mai Khanh-FTU
83
Types of FPI
Foreign Equity Flows
Bond Dept Loans
Financial
instruments
InvestorIssuing
Organization
Relationship
Slides by Pham Thi Mai KhanhFTU
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5/7/22
Foreign Equity Flows
Bond Dept Loans
Income
Payable by
Issuing
Organizations
*
common stock vs. preferred stock
Slides by Pham Thi Mai KhanhFTU
85
Foreign Equity Flows
BenefitCost
Analysis
Slides by Pham Thi Mai KhanhFTU
Bond Debt Loans
-
86
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Foreign Equity Flows
Bond Debt Loans
Income of
the
Investors
Slides by Pham Thi Mai KhanhFTU
87
Đầu tư chứng khoán nước ngoài (FPI) – tóm tắt
Đặc điểm
Khái niệm
FPI là hình thức ĐT quốc tế
trong đó chủ ĐT của 1 nước
mua chứng khoán của các
công ty, các tổ chức phát
hành ở 1 nước khác với 1
mức khống chế nhất định
để thu lợi nhuận nhưng
không nắm quyền kiểm soát
trực tiếp đối với công ty
hoặc tổ chức phát hành
chứng khoán.
Chủ ĐTNN chỉ nắm CK, không
kiểm soát TCPH
Chủ ĐTNN bị khống chế tỷ lệ
nắm giữ CK tối đa
Phạm vi ĐT thường bị giới hạn
Thu nhập của chủ ĐT
Không kèm CGCN
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Quy định điều chỉnh FPI tại Việt Nam
n
n
n
Thông tư 131/2010/TT-BTC hướng dẫn mua cổ phần,
góp vốn của nhà ĐTNN trong các doanh nghiệp Việt
Nam (dự kiến sửa đổi 2016)
Nghị định 60/2015/NĐ-CP sửa đổi Điều 2a của Nghị
định 58/2012/NĐ-CP quy định chi tiết và hướng dẫn
thi hành Luật Chứng khoán (về tỷ lệ sở hữu của nước
ngoài trên TTCK Việt Nam)
Thông tư 123/2015/TT-BTC hướng dẫn hoạt động
ĐTNN trên TTCK Việt Nam
room up to 100%
Slides by Pham Thi Mai KhanhFTU
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Quy định điều chỉnh FPI tại Việt Nam
Điều 25, Luật Đầu tư 2022 – quy định vv nhà đầu tư
nước ngoài góp vốn vào các công ty Việt Nam
https://www.crowe.com/vn/vi-vn/insights/doing-businessin-vietnam/faq-about-investment-and-in-vn/6--forms-ofcapital-contribution
n Thông tư 51/2021/TT-BTC hướng dẫn nghĩa vụ của tổ
chức, cá nhân trong hoạt động đầu tư nước ngoài trên
thị trường chứng khoán Việt Nam
https://luatminhkhue.vn/nhung-quy-dinh-ve-nha-dau-tunuoc-ngoai-dau-tu-chung-khoan-tai-viet-nam.aspx
n
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45