Trng i hc Ngoi Thng H Ni

Hot ng u t chng khon ca cc nh u t nc ngoi trn th trng Vit Nam Xu hng

Trng i hc Ngoi Thng H Ni

Tiu Lun

Mn: u T Quc T

Ti :HOT NG U T CHNG KHON CA CC NH U T NC NGOI TRN TH TRNG GN Y? THEO ANH CH. XU HNG CA HOT NG NY TRONG THI GIAN 1-2 NM TI S NH TH NO?

Nhm 8 - Sinh vin :

1. V Th Thu M

2. Nguyn Xun Nam3. V Vn Nm4. Nguyn Th Thanh Nga5. Trnh Vit Ng6. Kiu Bch Ngc7. Nguyn Th Thanh Ngc8. Phan Th Hng Nht9. on Th Trang Nhung. H Ni, 13rd December, 2008. LI NI U

Th trng chng khon l mt th trng m ni cc Cng ty pht hnh c phiu cho nhng ngi mun u t vo cc Cng ty v l ni cc nh u t (v cc nh u c) mua v bn chng khon v mc tiu li nhun. Hnh thi in hnh ca th trng chng khon l S giao dch chng khon (ting Anh gi l Stock Exchange). Ti S giao dch chng khon, cc lnh mua v bn chng khon c khp hnh thnh gi giao dch.

Th trng chng khon chia lm 2 loi : th trng tp trung v th trng phi tp trung, cn c vo hnh thc t chc ca th trng . Th trng chng khon tp trung l th trng m vic giao dch mua bn chng khon c thc hin c t chc v tp trung ti mt ni giao dch nht nh. Th trng chng khon phi tp trung cn gi l th trng OTC (ting Anh gi l Over the counter). Trn th trng OTC, cc giao dch c tin hnh qua mng li cc Cng ty chng khon phn tn trn khp t nc v c kt ni vi nhau thng qua mng in t. Gi trn th trng ny hnh thnh theo phng thc tho thun.

Vi cc nc pht trin nh Anh, M, Nht Bn, c ... th hot ng u t chng khon c t gn hng my thp k qua nhng Vit Nam th hot ng ny mi ch xut hin cch y khong gn thp k nhng tc pht trin nhanh. Chng ta ang trn con ng hi nhp v pht trin, ho cng vi nn kinh t chung ca ton cu. Nm 2005 quy m vn ho ca th trng chng khon so vi GDP l 1,25%, nm 2005 l 22,7%,s cng ty nim yt trn th trng chng khon l 41cng ty, nm 2007 tng trn 43% so vi GDP, s cng ty nim yt trn th trng chng khon l 233 cng ty.Ht nm 2007 c gn 80 cng ty chng khon c cp giy php thnh lp vi quy m vn hot ng trn th trng chng khon l 13000 t ng ( tng gp 3 ln so vi nm 2006).

i vi mt nn kinh t khng th thiu u t nc ngoi, th trng chng khon cng vy. Theo thng k ca U ban chng khon Nh nc Vit Nam cui nm 2007, s lng ti khon giao dch ca nh u t nc ngoi l 8141 ti khon, trong c 480 ti khon ca nh u t c t chc tng gp 4 ln so vi nm 2006. Hin cc nh u t nc ngoi nm gi 25-30% c phn ca cc cng ty nim yt v doanh s giao dich chim 18% tr gi giao dch trn ton th trng chng khon Vit Nam.

Qua cc s liu trn c th thy, nh u t nc ngoi ang khng nh vai tr dn dt th trng chng khon Vit Nam v h c kin thc, c kinh nghim kinh doanh. V vy, vic nghin cu hot ng u t chng khon ca cc nh u t nc ngoi trn th trng gn y v xu hng ca hot ng ny trong thi gian 1-2 nm ti l ht sc cn thit, mang li nhiu li ch thit thc.

HOT NG U T CHNG KHON CA CC NH U T NC NGOI TRN TH TRNG VIT NAM HIN NAY V XU HNG CA HOT NG NY TRONG THI GIAN 1 2 NM TI.

Trc ht ta s i nghin cu cc khi nim v u t chng khon nc ngoi, c im v phn loi.

FPI ( Foreign Portfolio Investment ) l hnh thc u t quc t trong ch u t ca mt nc mua chng khon ca cc cng ty, cc t chc pht hnh mt nc khc vi mt mc khng ch nht nh thu li nhun nhng khng nm quyn kim sot trc tip i vi cng ty hoc t chc pht hnh chng khon.c im ca FPI c th hin :

S lng chng khon m cc cng ty nc ngoi c mua c th b khng ch mc nht nh tu theo tng loi chng khon v tu theo tng nc nc nhn u t kim sot kh nng chi phi doanh nghip ca nh u t chng khon; V d VN, theo Quyt nh s 238/2005 Q-TTg ban hnh ngy 29/9/2005, t l nm gi ti a c phiu c nim yt ca bn nc ngoi l 30% i vi ngnh ngn hang 49% i vi cc ngnh khc, i vi tri phiu th khng gii hn t l nm gi i vi nh u t nc ngoi.

Ch u t nc ngoi khng nm quyn kim sot hot ng ca t chc pht hnh chng khon; Tuy nhin Chng ta cn phn bit quyn kim sot v quyn s hu. Hai quyn ny khc nhau. Khng phi lc no c quyn s hu cng ng ngha vi vic c quyn kim sot doanh nghip. V d khi mua c phiu, nh u t c quyn s hu doanh nghip tng ng vi s c phiu xc nhn quyn s hu m anh ta mua, tuy nhin anh ta c th khng c quyn kim sot doanh nghip. Cn khi mua tri phiu th nh u t nc ngoi khng c quyn c v s hu ln kim sot doanh nghip.Thu nhp ca ch u t ph thuc vo loi chng khon m nh u t mua, c th c nh hoc khng. Nu nh u t mua tri phiu th s c hng thu nhp c nh, Cn nu mua c phiu th s c hng c tc tu theo kt qu kinh doanh ca doanh nghip

L do u t chng khon nc ngoi: C cu tng quan quc t: thu nhp u t chng khon gia cc quc gia t tng quan vi nhau nh trong mt quc gia v phn tn ri ro.

C th phn loi FPI nh sau :

u t c phiuu t tri phiu

i tng TC phiu (Equity/Share): l chng ch s hu (certificate of ownership)Tri phiu(Bond): l chng ch n (debt certificate)

Quan h gia nh u t v DN pht hnhQuan h s hu (ch s hu v i tng s hu)

Ch u t l c ng (share-owner)/ch s hu ca cng tyQuan h tn dng (ch n v con n-creditor &borrower)

Ch u t l tri ch (bond-bearer)/ch n ca cng ty

Thu nhp m DN pht hnh tr cho nh T- C tc (Divident): l li nhun cng ty c chia tng ng vi phn vn gp.

=>Thu nhp khng c nh*-Tri tc (Interest): l li tng ng vi phn vn cho vay.

=>Thu nhp c nh

So snh gia chi ph v thu nhp m DN tr cho nh T (i vi 1 chng khon)-Chi ph: gi th trng (market price)

(khng phi mnh gi-face value-MG)

-Thu nhp:

C tc = TNDN x (MG/TVT DN)

= MG x (TNDN/TVTDN)

= MG x ROIDN-Chi ph: gi th trng (market price)

(khng phi mnh gi-face value-MG)

-Thu nhp:

Tri tc = MG x li sut tri phiu

Thu nhp ca nh T chng khonKhng ch c c tc m cn c thu nhp t vic mua, bn chng khon (phn chnh lch gia gi mua v gi bn-spread) Khng ch c tri tc m cn c thu nhp t vic mua, bn chng khon (phn chnh lch gia gi mua v gi bn-spread)

* Ch p dng vi c phiu thng (common stock) khng p dng vi c phiu u i (preferred stock)

u t chng khon ca cc nh u t nc ngoi ti Vit Nam l mt hot ng rt tch cc: v Vit Nam l mt th trng tuy cn non tr nhng y tim nng, h c th a dng ho th trng v c bit h c th phn tn ri ro, cc nh u t c th pht trin th trng chng khon v quy m a l kinh t ln c vic khng phi bn khon v s pht trin th trng kinh t ca nc mnh hay khng.

Theo ti liu ca Ngn Hng Nh nc Vit Nam, c tnh vn u t gin tip ca cc nh u t nc ngoi ti Vit Nam nm 2007 khong 6,5 t USD ( nu tnh c th trng khng chnh thc khong 12 t USD).

Trc tin c th ni ngay rng y l cch u t vo cc qu ti chnh. Nh u t nc ngoi khng hng li trc tip t cc c phiu c mua bn trn th trng chng khon, m h s chia s hiu qu do mt qu trnh mua bn chng khon tp trung ca qu u t . Hot ng ny khng khc no mua c phn cng ty, ch khc l cng ty ny chuyn lm n trn th trng chng khon.

Hot ng u t xut pht t cch nhn dng theo c cu bn cht v mc ch. V hnh thc hot ng, ngi ta c khuynh hng gi l cc cng ty u t. Mt cng ty u t c th c t chc theo hnh thc c phn hoc mt t hp vn u nhim. Loi t hp vn ny c ch nh bng lut php ti Vit Nam, theo ti sn c u nhim qun l cho cc c nhn hay nh ch qun l chuyn nghip. Cc qu u t l phng tin nh u t a cc khon tin ca h vo nhm c c yu t u t a dng v iu kin qun l chuyn nghip. Nu n c t chc theo dng cng ty c phn, vic qun l s do mt hi ng qun tr m nhn, khc vi loi t hp vn u nhim nh phn tch trn.

Mi ch cch y khng lu, cc qu u t vn c xem l sn chi dnh ring cho mt s t ngi giu c v l mt khi nim kh xa l vi nhiu nh u t. Nhng gi y, hu nh tt c mi ngi, t cc t chc cho n cng chng c nng lc ti chnh vi s tin t nht vo khong 10 ngn USD u mun u t vo cc qu ny. C th ni, cha bao gi cc Qu u t li tr nn thnh hnh nh ngy nay. Lm ngh qun l qu u t tr thnh mt nt c bit trong th trng lao ng nc M trong thi gian gn y.

Nhiu ngi cho rng, hot ng ca Qu u t gi y pht trin mnh m, th hin vic mi khi cc loi ti sn khc nh c phiu, tri phiu mt gi th chng ch qu u t vn t ra hp dn i vi cc nh u t. Mc d loi hnh qu ny pht trin nhanh chng trong nhng nm gn y.

U T CHNG KHON NC NGOI

TRN TH TRNG GN Y - THNH VNG V SUY THOI.

Trc ht, ta xem st s hnh thnh, pht trin thnh vng ca th trng chng khon Vit Nam.

So vi cc nc nh Anh, M, Nht Bn, Singapore. hot ng u t chng khon c t hng my thp k qua th hot ng ny ti th trng Vit Nam mi ch tri qua gn 1 thp k nhng c tc pht trin nhanh chng

Ch sau 7 nm i vo hot ng v pht trin, th trng chng khon Vit Nam hnh thnh mt c s nh u t vng mnh.

Theo thng k ca y ban Chng khon, tnh ring trong nm 2006, t l s hu ca cc nh u t nc ngoi ti th trng chng khon Vit Nam tng vt gp gn ba ln, t 6% ln 17%. n u thng 3/2007, t l ny ln n 19% v cho n thng 5/2007, c tnh ton cho bit t l ny ln n 20-25%, tnh n cui thng 6/2007, th trng chng khon Vit Nam c 243.809 ti khon tng 2,3 ln so vi thng 12/2006 (106.393 ti khon). Trong , 242.624 ti khon ca nh u t c nhn v 1.185 ti khon nh u t c t chc. Nh vy, so snh hai mc thi im nm 2006 vi nm 2007, t l s hu gi tr c phiu ca nh u t nc ngoi tng gp gn 4 ln. Tnh hnh cng c tnh tng ng vi thng tin ca Ngn hng th gii c tnh cc nh u t nc ngoi u t khong 4 t USD vo th trng chng khon Vit Nam

Vi nhng quy nh kh ci m, cc nh u t nc ngoi c s tham gia mnh m trong thi gian gn y. Theo quy nh, hin nay nh u t nc ngoi c php nm gi ti a 49% tng s c phiu nim yt. ng thi, cc t chc kinh doanh chng khon nc ngoi c gp vn v mua c phn thnh lp lin doanh vi t l 49% vn iu l. Cc nh u t nc ngoi c gp vn ti a l 30% i vi cc ngn hng thng mi - c khong 5.568 ti khon giao dch nh nh u t nc ngoi (5.353 ti khon c nhn v 215 ti khon t chc) v hin c khong 260 qu nh u t nc ngoi u t vo th trng chng khon Vit Nam vi tng gi tr danh mc u t c tnh khong 5 t USD. Ring s ti khon c nhn ca cc nh u t Nht chim hn 70% tng s ti khon c nhn ca nh nh u t nc ngoi. C phiu ca cc cng ty nim yt hng u nh ACB, STB, BT6, AGF... c cc nh u t nc ngoi nm gi mc ti a gii hn cho php. Theo nhn xt ca Ban pht trin th trng, iu ny cho thy, nu th trng chng khon c hng ha tt s thu ht mnh ngun vn u t bn ngoi, gp phn thc y tng trng kinh t. Tnh n thng 31/12/2007, nh u t nc ngoi vn mnh nht trn th trng nim yt, trong gi tr u t vo c phiu ca cc cng ty nim yt chim n 68% trong tng gi tr u t ca nh u t nc ngoi; u t vo tri phiu nim yt chim 25-30%; u t vo tri phiu khng nim yt ch chim 6% v u t vo c phiu khng nim yt ch vn vn c 1%, doanh s giao dch chim khong 18% giao dch ton th trng.

Sau thi gian pht trin thnh vng, cng vi s suy thoi ca th trng chng khon v nn kinh t ton cu, th trng chng khon Vit Nam cng c nhng suy thoi vo nm nay ( 2008 ).

Mc d th trng chng khon ca Vit Nam i vo hot ng c gn 1 thp k qua, c nn tng nh u t vng mnh v n nh, nhng n nm 2008 th trng ny st gim r rt

Theo bo co thng k ra thng 12 ca Tp on Ngn hng Hng Kong Thng Hi (HSBC) by t s thiu tin tng vo th trng chng khon Vit Nam do s rt lui ca khi u t ngoi ra khi th trng ny

Mt s yu km c HSBC nhn nh:

S liu ca cc nh phn tch thc hin bo co cho thy, thng 11 li l mt thng u m na trn th trng chng khon Vit Nam, vi hn th biu VN-Index mt thm 10,1% vi gi tr tnh bng ng USD. y l mc st gim ti t hn so vi tt 6,1% ca ch s MSCI ca th trng chng khon chu ni chung, tr Nht Bn. thi im cui thng 12, ch s ny v st mc 300 im, mt ngng khng c tm l ch cht, v l mc y k t thng 12/2005 tr li y. Cn nu so vi mc nh hi thng 3/2007, hin VN-Index mt 75% s im.

S yu km ca th trng cn c phn nh cc s liu khc. Tng gi tr vn ha th trng ca c hai sn H Ni v Tp.HCM co li ch cn 13 t USD, so vi mc 30 t USD thi im u nm nay.

Bo co ch r, y thc s l gi tr vn ha qu nh so vi cc th trng chng khon nh khc chu , nh th trng Indonesia vi gi tr vn ha 79 t USD, hay th trng Philippines vi gi tr vn ha 98 t USD.

Bn cnh , khi lng giao dch ca th trng chng khon Vit Nam trong thng 11 ch t mc 782 triu USD, cao hn cht t so vi mt na khi lng giao dch ca thng 12 nm ngoi.

Hin ch cn c mt doanh nghip nim yt duy nht c gi tr vn ha th trng trn 1 t USD l ngn hng ACB, so vi mc 9 doanh nghip thi im cui nm ngoi. S doanh nghip nim yt c gi tr vn ha trn 500 triu USD cng gim t mc 15 doanh nghip xung cn 7 doanh nghip.

Bo co ca HSBC cho rng, trong thng 11, lng bn rng ca khi ngoi l 48 triu USD, xp x mc bn rng ca khi ny trong thng 10.

Nguyn nhn dn ti s st gim ca th trng chng khon Vit Nam l do:

nh hng bi s st gim chung ca Th trng chng khon ton cu, tc ng bi tnh hnh kinh t ni ti.

Ngoi ra, nu Vit Nam p dng thu thu nhp c nhn s c tc ng xu n tm l ca cc nh u t, hn ch s tham gia ca cc nh u t nh l vo th trng. Trn thc t, c nhiu cng ty thng bo tr c tc mt ln trc cui nm nay gip cc nh u t trnh thu.

Mt khc gi chng khon Vit Nam lc ny cng khng phi l r. Ch s P/E (Price/Earnings Ratio - l h s gia tr gi mt c phiu v thu nhp m n mang li.) ca th trng Vit Nam ca 12 thng ti (tnh da trn mc EPS (Earnings Per Share - thu nhp trn c phn) s gim 10% trong nm nay v tng 15% trong nm 2009) l khong 10 ln, cao hn ng k so vi mc 8,3 ln ca th trng Trung Quc v 8,9 ln ca th trng n .

XU HNG CA CC NH U T NC NGOI TRONG HOT NG U T CHNG KHON TRN TH TRNG VIT NAM HIN NAY.

Xu hng gim stNm 2008 c th coi l mt nm tht thu ca cc nh u t vi th trng chng khon Vit Nam, nhiu loi c phiu ch sau 6 thng giao dch mt mt na gi tr do nhiu l doTnh hnh cuc khng hong kinh t ton cu cng c nh hng ti th trng chng khon ni ring v nn kinh t ni chung, c th

Trn th gii chia nhng khu vc kinh t nh: M - vng ng tin chung Chu u - Nht Bn - cc nc ASEAN (cc khu vc trn theo nh gi ca cc chuyn gia Kinh t ang trong thi k suy thoi)

Trong khi xut khu ca Vit Nam vo khu vc M - ng tin chung chu u chim 50% tng gi tr kim ngch XK, Nht Bn khong 20%, ASEAN 10-15%

D bo TG v tng trng ca Vit Nam trong nm 2009 ch khong 6%, ng ngha vi vic th trng CK vng thi ca cc nhu t nc ngoicha c tn hiu khi sc, vn mc thp, cng do nh hng ca khng hong kinh t, n nm 2010 th trng chng khon, c phn tng hn nhng cng khng th t mc nh im nh 2007

Th trng CK Vit Nam quy m nh, do cng l mt mi trng u t mi, cc nh u t nc ngoi cng khng phi qu "cn ke" v vic u t hay khng th trng CK VN do gi c phiu gim, vic thu mua khng lmnh hng nhiucho s vn ca h nu c ri ro xy cn ph thuc rt nhiu vo tnh hnh chung v th trng trn TG.

Hn na kinh nghim ca cc nh u t c tch ly trong nhng nm trc y s khin cho vic chy ua mua bt k loi c phiu no cng kh din ra. V vy Cc nh u t cng cho rng 2 nm ti c c nhng t bin ng t bin nh cui nm 2006 hay u nm 2007 l mt iu rt kh khn do mt s nguyn nhn Lm pht tng cao dp cui nm 2007 & c nm 2008 khin th trng chng khon km hp dn i vi nh u t. Lm pht bn thn n khng nh hng trc tip ti th trng chng khon, tuy nhin, khi lm pht tng cao buc Ngn hng Nh nc phi can thip bng cch thu ht vn tng li sut gim lng cung tin vo u t sn xut kinh doanh, tc ng ti hot ng sn xut kinh doanh ca cc doanh nghip. ng thi, li nhun yu cu ca nh u t s tng ln, nh u t s cn nhc nn u t vo th trng chng khon, ni li nhun cao nhng ri ro ln hay gi tin tit kim. Ngoi ra, chi ph vay ca c nhn tng tc ng n hnh vi tiu dng ca h, trong khi gi c tng khin d phng ca cc h gia nh gim i. Nhn chung, lm pht cao c bit vo dp cui nm, khin th trng chng khon km hp dn i vi nh u t. Gi vng v ng USD ng lot tc ng tiu cc n Th trng - chng khon. S bin ng ca th trng vng trong gn 2 nm tr li y tr thnh mt knh u t hp dn, thu ht mt s nh u t trn th trng chng khon lm gim phn no lng vn chy vo th trng ny. ng USD gim so vi cc ngoi t khc trn th gii, trong nc u thng 10, USD gim mnh nht tc ng ti tin ng, nht l bin ng ca tin ng c gn cht vi n. Do s gy kh cho cc doanh nghip xut khu, phn no nh hng ti hot ng kinh doanh v bin ng gi ca cc doanh nghip nim yt hot ng trong ngnh ny, tuy vy khng c tc ng mnh ti th trng chng khon ni chung. Bt ng sn l mt knh u t c kh nng ht i mt lng vn ln, cnh tranh vi th trng chng khon bi nu th trng ny tip tc tan bng v c kh nng tng nng s ht i mt phn khng nh lng tin ca nh u tXu hng tng trng v n nh

Nh phn tch trn, th trng kinh t ni chung v th trng chng khon ni ring Vit Nam l th trng tuy cn non tr nhng y trin vng pht trin trong tng lai gn. Thit ngh trong 1-2 nm ti hot ng u t chng khon ca nh u t nc ngoi ti Vit Nam vn tip tc pht trin. Do nn kinh t Vit Nam ang bc vo giai on hi nhp, cha thc s pht trin mnh cho nn trong bi cnh nn kinh t ton cu ang b suy thoi cng ch l nh hng khng su vo nn kinh t non tr ny. Theo con s mi truy cp c th ngy 11/12/2008 Qu Tin T Th Gii IMF d bo mc tng trng kinh t ca Vit Nam nm 2009 l 5,6%. Khng th khng ph nhn rng t nhiu suy thoi kinh t trong nm 2008-2009 c nh hng ti mc tng trng ca nn kinh t Vit Nam. Hin nay gi giao dich c phiu bc di ngng 300 im,y l giai on kh khn cho th trng chng khon Vit Nam. Song nim tin ca cc nh u t nc ngoi v u t chng khon Vit Nam khng gim st bi mt s cc nguyn nhn m nh u t c th thy c:

Ngun cung tin cho nh u t s c ci thin nh kh nng ni lng ch th 03 (v d n cho vay chng khon chnh thc ca nh nc) v vic thnh lp hng lot ngn hng mi

Tit kim trong ton dn cn ln, kh nng huy ng vn cao

Ngun cung trn th trng s cn tng mnh m t cc t IPO ln nh Sabeco, Habeco, BIDV, MHB, ICB, MobiFone, VietnamAirline.. v nhu cu tip tc tng vn ca doanh nghip nim yt Mt lot doanh nghip ln s nim yt trn th trng tp trung nh VCB, Bo Vit s tng sc mnh cho ton th trng, gim bt vai tr u tu ca DPM, STB, SSI, ACB S tham gia ca cc Qu u t s gp phn lm th trng si ng hn

Ci thin tnh minh bch, kh nng qun l, tnh thanh khon v gim ri ro giao dch s thc y th trng pht trin

Thu TNCN c li thi hn p dng sang nm 2009, tuy nhin ang c kin xin lui lai thi gian p dng thu thu nhp c nhn

KT LUN

Th trng chng khon Vit Nam tri qua thi k pht trin thnh vng & thi k suy thoi nghim trng. Tuy nhin chng ta vn c th k vng vo vic thu ht cc nh u t nc ngoi vo th trng chng khon Vit Nam.

quay tr li thi k thnh vng cng nh pht trin mnh hn na th vn quan trng nht ca Vit Nam l th trng vn phi tht s pht trin bi v cc nh u t hin nay thng nh gi th trng no t ra hp dn th h s b vn vo u t. V vic h quyt nh s vn u t vn vo th trng no nhiu hay t cn ph thuc rt nhiu vo ch s ln ca cc th trng vn.

Hn na, nhiu nh u t nc ngoi cho rng: Tc pht trin ca VN l cao, GDP ca Vit Nam tng trng n nh v hng ho c sc cnh tranh. Cng v th trong tng lai cc ngnh kh nng sinh li ln, t cc ngnh in, thp, ngn hng... cho n vin thng, giao thng, y t, gio dc..., ngnh no cng cn rt nhiu vn. Do c th khng nh kh nng huy ng vn FPI vo VN trong thi gian ti s rt ln.

Ngoi ra pht trin cu chng khon, trong thi gian ti, y ban Chng khon Nh nc s khuyn khch pht trin nh u t,cc t chc trong nc lm nng ct, o to ph cp kin thc cho cng chng di cc hnh thc khc nhau, lm cho cng chng u t, cc doanh nghip hiu c cc ni dung ca th trng chng khon , cc nghip v lin quan, thm ch cn trang b cc kin thc v u t, v ri ro v bin php phng nga cng nh kh nng phn tch d bo tnh hnh bin ng ca th trng chng khon

Vi nhng nhn xt & cc bin php thc y th chc chn hot ng u t chng khon ca cc nh u t nc ngoi vo nc ta s tip tc pht trin mnh.

PAGE 14Tiu lun mn u T Quc T - Nhm 8 CN 17D