Trong t\u00e2m tr\u00ed c\u1ee7a nhi\u1ec1u ng\u01b0\u1eddi, Vingroup kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t t\u1eadp \u0111o\u00e0n kinh t\u1ebf t\u01b0 nh\u00e2n l\u1edbn nh\u1ea5t Vi\u1ec7t Nam m\u00e0 c\u00f2n l\u00e0 bi\u1ec3u t\u01b0\u1ee3ng c\u1ee7a kh\u00e1t v\u1ecdng qu\u1ed1c gia. Th\u1ebf nh\u01b0ng, \u0111\u1eb1ng sau b\u1ee9c tranh t\u0103ng tr\u01b0\u1edfng \u0111\u1ea7y tham v\u1ecdng l\u00e0 m\u1ed9t m\u1ea1ng l\u01b0\u1edbi c\u00e1c giao d\u1ecbch t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p, n\u01a1i h\u00e0ng t\u1ef7 \u0111\u00f4la t\u00e0i s\u1ea3n v\u00e0 v\u1ed1n \u0111\u01b0\u1ee3c lu\u00e2n chuy\u1ec3n gi\u1eefa c\u00e1c c\u00f4ng ty trong c\u00f9ng m\u1ed9t h\u1ec7 sinh th\u00e1i, th\u01b0\u1eddng kh\u00f4ng c\u1ea7n \u0111\u1ebfn nh\u1eefng d\u00f2ng ti\u1ec1n m\u1eb7t th\u1ef1c s\u1ef1.<\/p>\n
Nh\u1eefng \u201cph\u00e9p m\u00e0u\u201d k\u1ebf to\u00e1n n\u00e0y, khi \u0111\u01b0\u1ee3c m\u1ed5 x\u1ebb, l\u1ea1i g\u1ee3i nh\u1edb m\u1ed9t c\u00e1ch \u0111\u00e1ng lo ng\u1ea1i \u0111\u1ebfn c\u00e1i t\u00ean \u0111\u00e3 t\u1eebng l\u00e0 ni\u1ec1m t\u1ef1 h\u00e0o c\u1ee7a n\u01b0\u1edbc M\u1ef9 tr\u01b0\u1edbc khi tr\u1edf th\u00e0nh \u0441\u0438\u043d\u043e\u043d\u0438\u043c cho s\u1ef1 s\u1ee5p \u0111\u1ed5: Enron.<\/p>\n
\u0110\u00e1ng ch\u00fa \u00fd, c\u00e1c c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh n\u00e0y l\u1ea1i mang nh\u1eefng \u0111i\u1ec3m t\u01b0\u01a1ng \u0111\u1ed3ng \u0111\u00e1ng lo ng\u1ea1i v\u1edbi c\u00e1c k\u1ef9 thu\u1eadt \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng b\u1edfi Enron, g\u00e3 kh\u1ed5ng l\u1ed3 n\u0103ng l\u01b0\u1ee3ng M\u1ef9 \u0111\u00e3 s\u1ee5p \u0111\u1ed5 trong v\u1ee5 b\u00ea b\u1ed1i doanh nghi\u1ec7p l\u1edbn nh\u1ea5t l\u1ecbch s\u1eed. M\u1ed9t cu\u1ed9c \u0111\u1ed1i chi\u1ebfu chi ti\u1ebft, d\u1ef1a tr\u00ean ch\u00ednh c\u00e1c s\u1ed1 li\u1ec7u \u0111\u00e3 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1, s\u1ebd l\u00e0m s\u00e1ng t\u1ecf nh\u1eefng r\u1ee7i ro h\u1ec7 th\u1ed1ng ti\u1ec1m \u1ea9n. C\u00e2u h\u1ecfi \u0111\u1eb7t ra kh\u00f4ng ph\u1ea3i l\u00e0 v\u1ec1 s\u1ef1 t\u01b0\u01a1ng \u0111\u1ed3ng ng\u1eabu nhi\u00ean, m\u00e0 l\u00e0 li\u1ec7u nh\u1eefng k\u1ef9 thu\u1eadt t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p n\u00e0y c\u00f3 ph\u1ea3i l\u00e0 c\u00f4ng c\u1ee5 qu\u1ea3n tr\u1ecb v\u1ed1n th\u00f4ng minh, hay \u0111ang che gi\u1ea5u m\u1ed9t \u201cqu\u1ea3 bom h\u1eb9n gi\u1edd\u201d \u0111e d\u1ecda s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a c\u1ea3 m\u1ed9t \u0111\u1ebf ch\u1ebf \u201ct\u01b0 b\u1ea3n \u0111\u1ecf\u201d t\u01b0\u1edfng ch\u1eebng nh\u01b0 qu\u00e1 to \u0111\u1ec3 \u0111\u1ed5 v\u1ee1 (too big too fail).<\/p>\n
B\u00e0i h\u1ecdc t\u1eeb Enron<\/strong><\/p>\n T\u1eebng l\u00e0 m\u1ed9t ng\u00f4i sao s\u00e1ng c\u1ee7a kinh t\u1ebf M\u1ef9, Enron s\u1ee5p \u0111\u1ed5 kh\u00f4ng ph\u1ea3i v\u00ec m\u1ed9t th\u1ea5t b\u1ea1i kinh doanh th\u00f4ng th\u01b0\u1eddng, m\u00e0 v\u00ec \u0111\u00e3 t\u1ea1o ra m\u1ed9t \u1ea3o \u1ea3nh th\u1ecbnh v\u01b0\u1ee3ng th\u00f4ng qua hai \u201cv\u0169 kh\u00ed\u201d k\u1ebf to\u00e1n ch\u00ednh.<\/p>\n V\u0169 kh\u00ed th\u1ee9 nh\u1ea5t l\u00e0 ph\u01b0\u01a1ng ph\u00e1p k\u1ebf to\u00e1n Mark-to-Market (M2M), c\u00f3 th\u1ec3 hi\u1ec3u l\u00e0 k\u1ebf to\u00e1n ghi nh\u1eadn l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng lai. Thay v\u00ec ghi nh\u1eadn doanh thu khi th\u1ef1c s\u1ef1 thu \u0111\u01b0\u1ee3c ti\u1ec1n, Enron \u0111\u01b0\u1ee3c ph\u00e9p ghi nh\u1eadn to\u00e0n b\u1ed9 l\u1ee3i nhu\u1eadn d\u1ef1 ki\u1ebfn c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n ngay t\u1ea1i th\u1eddi \u0111i\u1ec3m k\u00fd k\u1ebft. \u0110i\u1ec1u n\u00e0y gi\u00fap c\u00e1c b\u00e1o c\u00e1o c\u1ee7a h\u1ecd lu\u00f4n c\u00f3 nh\u1eefng con s\u1ed1 l\u1ee3i nhu\u1eadn t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng. Tuy nhi\u00ean, \u0111\u00f3 ch\u1ec9 l\u00e0 nh\u1eefng l\u1ee3i nhu\u1eadn \u201ctr\u00ean gi\u1ea5y,\u201d ho\u00e0n to\u00e0n ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a c\u00e1c d\u1ef1 \u00e1n trong t\u01b0\u01a1ng lai xa, trong khi d\u00f2ng ti\u1ec1n th\u1eadt kh\u00f4ng h\u1ec1 t\u1ed3n t\u1ea1i.<\/p>\n V\u0169 kh\u00ed th\u1ee9 hai, v\u00e0 c\u0169ng l\u00e0 nguy hi\u1ec3m nh\u1ea5t, l\u00e0 vi\u1ec7c s\u1eed d\u1ee5ng c\u00e1c \u201cC\u00f4ng ty s\u00e2n sau,\u201d thu\u1eadt ng\u1eef chuy\u00ean ng\u00e0nh g\u1ecdi l\u00e0 Th\u1ef1c th\u1ec3 c\u00f3 m\u1ee5c \u0111\u00edch \u0111\u1eb7c bi\u1ec7t (Special Purpose Entities \u2013 SPEs). \u0110\u00e2y l\u00e0 nh\u1eefng c\u00f4ng ty \u0111\u01b0\u1ee3c t\u1ea1o ra \u0111\u1ec3 che gi\u1ea5u c\u00e1c kho\u1ea3n n\u1ee3 v\u00e0 t\u00e0i s\u1ea3n x\u1ea5u c\u1ee7a Enron. Quy tr\u00ecnh n\u00e0y l\u00e0 m\u1ed9t m\u00e0n \u1ea3o thu\u1eadt t\u00e0i ch\u00ednh tinh vi. \u0110\u1ea7u ti\u00ean, Enron th\u00e0nh l\u1eadp h\u00e0ng tr\u0103m c\u00f4ng ty con nh\u1ecf, tr\u00f4ng c\u00f3 v\u1ebb \u0111\u1ed9c l\u1eadp. Sau \u0111\u00f3, Enron kh\u00f4ng g\u00f3p ti\u1ec1n m\u1eb7t, m\u00e0 b\u01a1m v\u1ed1n cho c\u00e1c c\u00f4ng ty s\u00e2n sau n\u00e0y b\u1eb1ng ch\u00ednh c\u1ed5 phi\u1ebfu c\u1ee7a m\u00ecnh, m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n \u0111ang t\u0103ng gi\u00e1 phi m\u00e3 v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3.<\/p>\n V\u1edbi \u201ct\u00e0i s\u1ea3n\u201d l\u00e0 c\u1ed5 phi\u1ebfu Enron v\u00e0 s\u1ef1 b\u1ea3o l\u00e3nh ng\u1ea7m t\u1eeb c\u00f4ng ty m\u1eb9, c\u00e1c c\u00f4ng ty s\u00e2n sau n\u00e0y d\u1ec5 d\u00e0ng vay \u0111\u01b0\u1ee3c nh\u1eefng kho\u1ea3n n\u1ee3 kh\u1ed5ng l\u1ed3 t\u1eeb ng\u00e2n h\u00e0ng. Cu\u1ed1i c\u00f9ng, v\u1edbi s\u1ed1 ti\u1ec1n m\u1eb7t v\u1eeba vay \u0111\u01b0\u1ee3c, c\u00f4ng ty s\u00e2n sau s\u1ebd quay l\u1ea1i v\u00e0 \u201cmua\u201d c\u00e1c t\u00e0i s\u1ea3n x\u1ea5u ho\u1eb7c c\u00e1c d\u1ef1 \u00e1n thua l\u1ed7 t\u1eeb Enron. Tr\u00ean s\u1ed5 s\u00e1ch c\u1ee7a Enron, m\u1ed9t ph\u00e9p m\u00e0u \u0111\u00e3 x\u1ea3y ra: n\u1ee3 n\u1ea7n v\u00e0 t\u00e0i s\u1ea3n x\u1ea5u bi\u1ebfn m\u1ea5t, trong khi m\u1ed9t kho\u1ea3n \u201cl\u1ee3i nhu\u1eadn\u201d \u1ea3o c\u00f2n xu\u1ea5t hi\u1ec7n t\u1eeb ch\u00ednh vi\u1ec7c \u201cb\u00e1n\u201d t\u00e0i s\u1ea3n cho c\u00f4ng ty con.<\/p>\n To\u00e0n b\u1ed9 h\u1ec7 th\u1ed1ng n\u00e0y ch\u1ec9 c\u00f3 th\u1ec3 t\u1ed3n t\u1ea1i d\u1ef1a tr\u00ean m\u1ed9t n\u1ec1n t\u1ea3ng duy nh\u1ea5t: ni\u1ec1m tin v\u00e0o gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu Enron. Khi c\u00e1c nh\u00e0 b\u00e1o v\u00e0 nh\u00e0 ph\u00e2n t\u00edch b\u1eaft \u0111\u1ea7u \u0111\u1eb7t c\u00e2u h\u1ecfi v\u1ec1 c\u00e1c con s\u1ed1 phi l\u00fd, ni\u1ec1m tin b\u1eaft \u0111\u1ea7u lung lay. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n th\u00e1o c\u1ed5 phi\u1ebfu, khi\u1ebfn gi\u00e1 c\u1ee7a n\u00f3 lao d\u1ed1c. Hi\u1ec7u \u1ee9ng domino x\u1ea3y ra ngay l\u1eadp t\u1ee9c: c\u1ed5 phi\u1ebfu Enron, v\u1ed1n l\u00e0 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o cho c\u00e1c c\u00f4ng ty s\u00e2n sau, b\u1ed7ng tr\u1edf n\u00ean v\u00f4 gi\u00e1 tr\u1ecb. C\u00e1c ng\u00e2n h\u00e0ng ho\u1ea3ng s\u1ee3 v\u00e0 \u0111\u00f2i n\u1ee3. To\u00e0n b\u1ed9 kh\u1ed1i n\u1ee3 kh\u1ed5ng l\u1ed3 \u0111\u01b0\u1ee3c che gi\u1ea5u trong c\u00e1c c\u00f4ng ty s\u00e2n sau b\u1ea5t ng\u1edd quay tr\u1edf l\u1ea1i \u0111\u00e8 n\u1eb7ng l\u00ean vai Enron. Kh\u00f4ng c\u00f3 d\u00f2ng ti\u1ec1n th\u1eadt \u0111\u1ec3 tr\u1ea3, g\u00e3 kh\u1ed5ng l\u1ed3 t\u1eebng l\u00e0 ni\u1ec1m t\u1ef1 h\u00e0o c\u1ee7a n\u01b0\u1edbc M\u1ef9 \u0111\u00e3 tuy\u00ean b\u1ed1 ph\u00e1 s\u1ea3n, \u0111\u1ec3 l\u1ea1i m\u1ed9t b\u00e0i h\u1ecdc \u0111\u1eaft gi\u00e1 v\u1ec1 s\u1ef1 nguy hi\u1ec3m c\u1ee7a c\u00e1c th\u1ee7 thu\u1eadt t\u00e0i ch\u00ednh v\u00e0 s\u1ef1 mong manh c\u1ee7a ni\u1ec1m tin.<\/p>\n C\u00e1c th\u01b0\u01a1ng v\u1ee5 Vinfast mang b\u00f3ng h\u00ecnh \u201cbong b\u00f3ng\u201d Enron<\/strong><\/p>\n Khi soi chi\u1ebfu m\u00f4 h\u00ecnh s\u1ee5p \u0111\u1ed5 n\u00e0y v\u00e0o c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua b\u00e1n c\u00f4ng ty ph\u1ee9c t\u1ea1p c\u1ee7a Vingroup v\u00e0 VinFast, ng\u01b0\u1eddi ta kh\u00f4ng ch\u1ec9 th\u1ea5y s\u1ef1 t\u01b0\u01a1ng \u0111\u1ed3ng ng\u1eabu nhi\u00ean, m\u00e0 l\u00e0 s\u1ef1 v\u1eadn d\u1ee5ng c\u00f3 h\u1ec7 th\u1ed1ng c\u00e1c k\u1ef9 thu\u1eadt \u0111\u00e3 l\u00e0m n\u00ean \u201ct\u00ean tu\u1ed5i\u201d c\u1ee7a Enron. \u0110\u00e2y l\u00e0 m\u1ed9t m\u00e0n tr\u00ecnh di\u1ec5n ph\u1ee9c t\u1ea1p, n\u01a1i l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c t\u1ea1o ra t\u1eeb kh\u00f4ng kh\u00ed v\u00e0 c\u00e1c kho\u1ea3n n\u1ee3 kh\u1ed5ng l\u1ed3 \u0111\u01b0\u1ee3c kh\u00e9o l\u00e9o d\u1ecbch chuy\u1ec3n ra kh\u1ecfi s\u1ed5 s\u00e1ch.<\/p>\n Th\u01b0\u01a1ng v\u1ee5 b\u00e1n kh\u1ed1i t\u00e0i s\u1ea3n s\u1ea3n xu\u1ea5t xe x\u0103ng cho Vietnam Investment Group (VIG) v\u00e0o n\u0103m 2022 trong b\u1ed1i c\u1ea3nh h\u00e3ng xe n\u00e0y chuy\u1ec3n sang xe \u0111i\u1ec7n l\u00e0 m\u1ed9t v\u00ed d\u1ee5 nh\u1eadp m\u00f4n ho\u00e0n h\u1ea3o v\u1ec1 c\u00e1ch \u00e1p d\u1ee5ng tri\u1ebft l\u00fd M2M. Thay v\u00ec ghi nh\u1eadn gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n theo s\u1ed5 s\u00e1ch (12,818 t\u1ef7 VND), VinFast \u0111\u00e3 mark m\u1ed9t gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng m\u1edbi cho m\u1ed9t t\u00e0i s\u1ea3n \u0111\u00e3 kh\u00f4ng c\u00f2n s\u1eed d\u1ee5ng, cao h\u01a1n g\u1ea5p \u0111\u00f4i (28,999 t\u1ef7 VND), th\u00f4ng qua m\u1ed9t giao d\u1ecbch \u0111\u01b0\u1ee3c d\u00e0n d\u1ef1ng v\u1edbi m\u1ed9t \u201cc\u00f4ng ty s\u00e2n sau\u201d (SPE) l\u00e0 VIG, m\u1ed9t th\u1ef1c th\u1ec3 do ch\u00ednh \u00f4ng Ph\u1ea1m Nh\u1eadt V\u01b0\u1ee3ng ki\u1ec3m so\u00e1t. Giao d\u1ecbch n\u00e0y ngay l\u1eadp t\u1ee9c t\u1ea1o ra m\u1ed9t kho\u1ea3n l\u00e3i k\u1ebf to\u00e1n kh\u1ed5ng l\u1ed3 tr\u00ean gi\u1ea5y t\u1edd l\u00ean t\u1edbi 13,604 t\u1ef7 VND (kho\u1ea3ng $576 tri\u1ec7u), tr\u1ef1c ti\u1ebfp \u201cv\u00e1\u201d l\u1ea1i ph\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111ang b\u1ecb \u00e2m n\u1eb7ng c\u1ee7a VinFast.<\/p>\n B\u1ea3n ch\u1ea5t \u201c\u1ea3o\u201d c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 b\u1edfi ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n: ch\u1ec9 c\u00f3 m\u1ed9t ph\u1ea7n nh\u1ecf 2,000 t\u1ef7 VND l\u00e0 ti\u1ec1n m\u1eb7t, c\u00f2n ph\u1ea7n l\u1edbn nh\u1ea5t (h\u01a1n 24,208 t\u1ef7 VND) \u0111\u01b0\u1ee3c thanh to\u00e1n b\u1eb1ng \u201cShare Acquisition P-Note\u201d \u2013 m\u1ed9t c\u00f4ng c\u1ee5 n\u1ee3 n\u1ed9i b\u1ed9 c\u00f3 th\u1ec3 ho\u00e1n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu VFS. \u0110\u00e2y ch\u00ednh l\u00e0 k\u1ef9 thu\u1eadt kinh \u0111i\u1ec3n c\u1ee7a Enron: d\u00f9ng ch\u00ednh c\u1ed5 phi\u1ebfu c\u1ee7a m\u00ecnh l\u00e0m ph\u01b0\u01a1ng ti\u1ec7n thanh to\u00e1n. C\u00fa ch\u1ed1t h\u1ea1 cho s\u1ef1 phi logic c\u1ee7a giao d\u1ecbch l\u00e0 vi\u1ec7c VinFast l\u1ea1i \u0111i thu\u00ea l\u1ea1i ch\u00ednh d\u00e2y chuy\u1ec1n m\u00ecnh v\u1eeba b\u00e1n, m\u1ed9t h\u00e0nh \u0111\u1ed9ng cho th\u1ea5y to\u00e0n b\u1ed9 c\u1ea5u tr\u00fac \u0111\u01b0\u1ee3c d\u1ef1ng l\u00ean \u0111\u1ec3 ph\u1ee5c v\u1ee5 m\u1ee5c ti\u00eau s\u1ed5 s\u00e1ch h\u01a1n l\u00e0 nhu c\u1ea7u kinh doanh th\u1ef1c t\u1ebf.<\/p>\n N\u1ebfu VIG l\u00e0 k\u1ef9 thu\u1eadt t\u1ea1o l\u1ee3i nhu\u1eadn \u1ea3o, th\u00ec th\u01b0\u01a1ng v\u1ee5 Nam An l\u00e0 m\u1ed9t v\u00ed d\u1ee5 kinh \u0111i\u1ec3n v\u1ec1 vi\u1ec7c s\u1eed d\u1ee5ng c\u00f4ng ty SPE \u0111\u1ec3 th\u1ef1c hi\u1ec7n t\u00e0i tr\u1ee3 ngo\u00e0i b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n (off-balance-sheet financing) \u2013 m\u1ed9t th\u1ee7 thu\u1eadt c\u1ed1t l\u00f5i c\u1ee7a Enron \u0111\u1ec3 v\u1eeba gi\u1ea5u n\u1ee3 v\u00e0 t\u1ea1o doanh thu gi\u00fap t\u1eadp \u0111o\u00e0n m\u1eb9 Vingroup tho\u00e1t l\u1ed7.<\/p>\n C\u01a1 ch\u1ebf c\u1ee7a n\u00f3 l\u00e0 m\u1ed9t v\u00f2ng xoay t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf s\u1eb5n: thay v\u00ec \u0111i vay tr\u1ef1c ti\u1ebfp, VinFast \u0111\u00e3 s\u1eed d\u1ee5ng tri\u1ebft l\u00fd M2M c\u1ee7a Enron khi mark gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t l\u1eddi h\u1ee9a t\u01b0\u01a1ng lai (ph\u1ea7n tr\u0103m doanh thu t\u1eeb Vinfast) th\u00e0nh m\u1ed9t \u201ct\u00e0i s\u1ea3n\u201d tr\u00ean gi\u1ea5y th\u00f4ng qua m\u1ed9t h\u1ee3p \u0111\u1ed3ng h\u1ee3p t\u00e1c \u0111\u1ea7u t\u01b0 c\u1ee7a Nam An v\u00e0o Vinfast. T\u00e0i s\u1ea3n v\u00f4 h\u00ecnh n\u00e0y sau \u0111\u00f3 \u0111\u01b0\u1ee3c chuy\u1ec3n cho Nam An \u0111\u1ec3 l\u00e0m v\u1eadt th\u1ebf ch\u1ea5p \u0111i vay 4,700 t\u1ef7 VND ti\u1ec1n th\u1eadt th\u00f4ng qua ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu v\u1edbi l\u00e3i su\u1ea5t 13%\/n\u0103m v\u00e0 k\u1ef3 h\u1ea1n 18 th\u00e1ng t\u1eeb ng\u00e2n h\u00e0ng Techcombank, r\u1ed3i s\u1ed1 ti\u1ec1n n\u00e0y l\u1ea1i quay v\u1ec1 VinFast d\u01b0\u1edbi v\u1ecf b\u1ecdc \u201cv\u1ed1n g\u00f3p.\u201d<\/p>\n M\u1ed9t t\u00ednh to\u00e1n \u0111\u01a1n gi\u1ea3n cho th\u1ea5y, t\u1ed5ng s\u1ed1 ti\u1ec1n g\u1ed1c v\u00e0 l\u00e3i m\u00e0 Nam An ph\u1ea3i tr\u1ea3 cho kho\u1ea3n vay tr\u00e1i phi\u1ebfu 4,700 t\u1ef7 VND trong 18 th\u00e1ng x\u1ea5p x\u1ec9 g\u1ea7n b\u1eb1ng con s\u1ed1 5,875 t\u1ef7 VND m\u00e0 Nam An \u201cg\u00f3p v\u1ed1n\u201d cho VinFast. \u0110i\u1ec1u n\u00e0y ch\u1ee9ng t\u1ecf \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn, m\u00e0 l\u00e0 m\u1ed9t v\u00f2ng xoay t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 h\u1ee3p th\u1ee9c h\u00f3a vi\u1ec7c bi\u1ebfn m\u1ed9t kho\u1ea3n n\u1ee3 vay th\u00e0nh m\u1ed9t kho\u1ea3n v\u1ed1n g\u00f3p tr\u00ean s\u1ed5 s\u00e1ch c\u1ee7a VinFast, gi\u00fap b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n tr\u00f4ng \u201cs\u1ea1ch\u201d h\u01a1n m\u1ed9t c\u00e1ch gi\u1ea3 t\u1ea1o.<\/p>\n Tuy nhi\u00ean, \u0111\u1ec9nh cao c\u1ee7a s\u1ef1 ph\u1ee9c t\u1ea1p v\u00e0 t\u00e1o b\u1ea1o, n\u01a1i d\u1ea5u \u1ea5n c\u1ee7a c\u00e1c c\u00e1ch th\u1ee9c th\u1ee7 thu\u1eadt t\u00e0i ch\u00ednh Enron \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n r\u00f5 n\u00e9t nh\u1ea5t, ch\u00ednh l\u00e0 k\u1ebf ho\u1ea1ch t\u00e1i c\u1ea5u tr\u00fac v\u1edbi Novatech. \u0110\u00e2y kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t m\u00e0n tr\u00ecnh di\u1ec5n M2M \u0111\u01a1n thu\u1ea7n.<\/p>\n \u0110\u1ea7u ti\u00ean l\u00e0 b\u01b0\u1edbc \u201ckh\u1eafc xu\u1ea5t.\u201d T\u00e0i s\u1ea3n s\u1ebd \u0111\u01b0\u1ee3c t\u00e1ch ra kh\u1ecfi VFTP, c\u00f4ng ty con s\u1ea3n xu\u1ea5t xe \u0111i\u1ec7n \u1edf Vi\u1ec7t Nam c\u1ee7a Vinfast, v\u00e0 chuy\u1ec3n v\u00e0o Novatech (c\u00f4ng ty m\u1edbi th\u00e0nh l\u1eadp t\u00e1ch ra t\u1eeb VFTP) kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t nh\u00e0 m\u00e1y hay m\u1ed9t d\u00e2y chuy\u1ec1n h\u1eefu h\u00ecnh, m\u00e0 l\u00e0 \u201cchi ph\u00ed nghi\u00ean c\u1ee9u v\u00e0 ph\u00e1t tri\u1ec3n (R&D) \u0111\u00e3 ho\u00e0n th\u00e0nh\u201d \u2013 m\u1ed9t kh\u1ed1i t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh, \u0111\u00e3 l\u00e0 chi ph\u00ed ch\u00ecm trong qu\u00e1 kh\u1ee9, v\u00e0 c\u00f3 gi\u00e1 tr\u1ecb t\u01b0\u01a1ng lai c\u1ef1c k\u1ef3 m\u01a1 h\u1ed3, kh\u00f3 \u0111\u1ecbnh gi\u00e1. \u0110\u00e2y ch\u00ednh l\u00e0 \u0111i\u1ec3m t\u01b0\u01a1ng \u0111\u1ed3ng s\u00e2u s\u1eafc h\u01a1n v\u1edbi Enron: l\u1ef1a ch\u1ecdn m\u1ed9t t\u00e0i s\u1ea3n \u201cx\u1ea5u\u201d ho\u1eb7c \u201ckh\u00f4ng r\u00f5 r\u00e0ng\u201d \u0111\u1ec3 th\u1ef1c hi\u1ec7n \u1ea3o thu\u1eadt t\u00e0i ch\u00ednh. Enron d\u00f9ng SPE \u0111\u1ec3 g\u00e1nh c\u00e1c d\u1ef1 \u00e1n thua l\u1ed7, c\u00f2n \u1edf \u0111\u00e2y, m\u1ed9t chi ph\u00ed \u0111\u00e3 ph\u00e1t sinh \u0111\u01b0\u1ee3c \u201cph\u00f9 ph\u00e9p\u201d \u0111\u1ec3 tr\u1edf th\u00e0nh m\u1ed9t t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 mua b\u00e1n.<\/p>\n L\u00fac n\u00e0y, k\u1ef9 thu\u1eadt M2M m\u1edbi \u0111\u01b0\u1ee3c th\u1ef1c thi. M\u1ed9t m\u1ee9c gi\u00e1 kh\u00f3 tin l\u00e0 $1.6 t\u1ef7 \u0111\u01b0\u1ee3c \u201c\u1ea5n \u0111\u1ecbnh\u201d cho kh\u1ed1i t\u00e0i s\u1ea3n m\u01a1 h\u1ed3 n\u00e0y trong giao d\u1ecbch Vinfast b\u00e1n l\u1ea1i Novatech cho ch\u00ednh \u00f4ng Ph\u1ea1m Nh\u1eadt V\u01b0\u1ee3ng. Con s\u1ed1 n\u00e0y \u0111\u01b0\u1ee3c th\u1ed5i ph\u1ed3ng m\u1ed9t c\u00e1ch tr\u1eafng tr\u1ee3n khi n\u00f3 bao g\u1ed3m m\u1ed9t \u201ckho\u1ea3n ph\u00ed b\u1ea3o hi\u1ec3m \u0111\u00e3 th\u1ecfa thu\u1eadn\u201d l\u00ean t\u1edbi $921 tri\u1ec7u. \u0110\u00e2y ch\u00ednh l\u00e0 b\u1ea3n ch\u1ea5t c\u1ee7a Enron: d\u00f9ng m\u1ed9t giao d\u1ecbch n\u1ed9i b\u1ed9 \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t \u0111\u1ec3 \u00e1p m\u1ed9t gi\u00e1 tr\u1ecb kh\u1ed5ng l\u1ed3 l\u00ean m\u1ed9t t\u00e0i s\u1ea3n kh\u00f4ng c\u00f3 th\u1ecb tr\u01b0\u1eddng, t\u1eeb \u0111\u00f3 t\u1ea1o ra m\u1ed9t kho\u1ea3n l\u00e3i k\u1ebf to\u00e1n g\u1ea7n $1 t\u1ef7 t\u1eeb h\u01b0 kh\u00f4ng.<\/p>\n M\u00e0n \u1ea3o thu\u1eadt \u0111\u01b0\u1ee3c kh\u00e9p l\u1ea1i b\u1eb1ng b\u01b0\u1edbc \u201ckh\u1eafc nh\u1eadp,\u201d m\u1ed9t chi ti\u1ebft cho th\u1ea5y s\u1ef1 l\u1eb7p l\u1ea1i c\u00f3 ch\u1ee7 \u0111\u00edch c\u1ee7a c\u00e1c m\u00f4 h\u00ecnh tr\u01b0\u1edbc \u0111\u00f3. Gi\u1ed1ng h\u1ec7t nh\u01b0 trong th\u01b0\u01a1ng v\u1ee5 VIG, Novatech (gi\u1edd \u0111\u00e3 thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a \u00f4ng V\u01b0\u1ee3ng) s\u1ebd cho VinFast thu\u00ea l\u1ea1i ch\u00ednh c\u00e1c t\u00e0i s\u1ea3n R&D \u0111\u00e3 t\u00e1ch ra t\u1eeb Vinfast. Nh\u01b0ng m\u1ea5u ch\u1ed1t s\u00e2u xa h\u01a1n n\u1eb1m \u1edf \u0111\u00e2y: giao d\u1ecbch n\u00e0y t\u1ea1o ra m\u1ed9t t\u00e0i s\u1ea3n m\u1edbi tr\u00ean gi\u1ea5y t\u1edd cho c\u00e1 nh\u00e2n \u00f4ng V\u01b0\u1ee3ng \u2013 m\u1ed9t h\u1ee3p \u0111\u1ed3ng cho thu\u00ea b\u1ea3o \u0111\u1ea3m d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai, t\u01b0\u1ee3ng t\u1ef1 nh\u01b0 h\u1ee3p \u0111\u1ed3ng h\u1ee3p t\u00e1c kinh doanh \u0111\u00e3 \u0111\u01b0\u1ee3c d\u00f9ng l\u00e0m t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o \u0111\u1ec3 vay n\u1ee3 c\u1ee7a th\u01b0\u01a1ng v\u1ee5 Nam An, h\u1ee3p \u0111\u1ed3ng cho thu\u00ea t\u00e0i s\u1ea3n R&D n\u00e0y ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00f4ng V\u01b0\u1ee3ng \u0111em \u0111i th\u1ebf ch\u1ea5p \u0111\u1ec3 huy \u0111\u1ed9ng nh\u1eefng kho\u1ea3n v\u1ed1n m\u1edbi.<\/p>\n Nh\u01b0 v\u1eady, to\u00e0n b\u1ed9 c\u1ea5u tr\u00fac n\u00e0y, t\u1eeb vi\u1ec7c l\u1ef1a ch\u1ecdn m\u1ed9t t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh, \u0111\u1ecbnh gi\u00e1 th\u1ed5i ph\u1ed3ng, thanh to\u00e1n b\u1eb1ng c\u1ed5 phi\u1ebfu, cho \u0111\u1ebfn vi\u1ec7c cho thu\u00ea l\u1ea1i \u0111\u1ec3 t\u1ea1o ra m\u1ed9t k\u00eanh huy \u0111\u1ed9ng v\u1ed1n m\u1edbi, ch\u00ednh l\u00e0 s\u1ef1 t\u00e1i hi\u1ec7n ho\u00e0n h\u1ea3o v\u00e0 tinh vi c\u1ee7a m\u00f4 h\u00ecnh Enron, cho ph\u00e9p \u0111\u1ea1t \u0111\u01b0\u1ee3c nhi\u1ec1u m\u1ee5c \u0111\u00edch c\u00f9ng l\u00fac: t\u1ea1o l\u1ee3i nhu\u1eadn \u1ea3o, \u1ea9n gi\u1ea5u n\u1ee3 n\u1ed9i b\u1ed9, v\u00e0 m\u1edf ra m\u1ed9t k\u00eanh t\u00e0i tr\u1ee3 ngo\u00e0i s\u1ed5 s\u00e1ch cho ch\u1ee7 s\u1edf h\u1eefu. H\u00e0ng tr\u0103m c\u00f4ng ty SPE c\u1ee7a \u00f4ng V\u01b0\u1ee3ng \u0111\u00e3 th\u00e0nh l\u1eadp li\u00ean t\u1ee5c v\u1edbi nhi\u1ec1u m\u1ee5c \u0111\u00edch kh\u00e1c nhau nh\u01b0 vay v\u1ed1n, thao t\u00fang gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u1edbi Techcombank nh\u01b0 An Th\u1ecbnh, Tr\u01b0\u1eddng L\u1ed9c, Ph\u00e1t \u0110\u1ea1t, TOC, hay XanhSM, For Green (cho thu\u00ea xe Vinfast) v\u1edbi v\u1ed1n g\u00f3p b\u1eb1ng c\u1ed5 phi\u1ebfu VIC \u0111\u1ec3 ti\u00eau th\u1ee5 xe Vinfast, Vinspeed, VinEnergo \u0111\u1ec3 ti\u1ebfp nh\u1eadn c\u00e1c d\u1ef1 \u00e1n h\u1ea1 t\u1ea7ng c\u1ee7a CSVN b\u00e0n giao.<\/p>\n Vingroup c\u00f3 tr\u1edf th\u00e0nh Enron Vi\u1ec7t Nam?<\/strong><\/p>\n M\u1eb7c d\u00f9 t\u1ef7 ph\u00fa Ph\u1ea1m Nh\u1eadt V\u01b0\u1ee3ng \u0111ang v\u1eadn d\u1ee5ng nhi\u1ec1u th\u1ee7 thu\u1eadt t\u00e0i ch\u00ednh m\u00e0 Enron \u0111\u00e3 t\u1eebng \u00e1p d\u1ee5ng \u0111\u1ec3 l\u00e0m \u0111\u1eb9p s\u1ed5 s\u00e1ch v\u00e0 huy \u0111\u1ed9ng v\u1ed1n, c\u00f3 nh\u1eefng kh\u00e1c bi\u1ec7t n\u1ec1n t\u1ea3ng khi\u1ebfn Vingroup kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t b\u1ea3n sao c\u1ee7a Enron. S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y kh\u00f4ng n\u1eb1m \u1edf c\u00e1c k\u1ef9 thu\u1eadt k\u1ebf to\u00e1n, m\u00e0 \u1edf ch\u00ednh h\u1ec7 sinh th\u00e1i ch\u00ednh tr\u1ecb \u2013 kinh t\u1ebf \u0111\u1eb7c th\u00f9 m\u00e0 Vingroup \u0111ang v\u1eadn h\u00e0nh.<\/p>\n \u0110\u1ea7u ti\u00ean v\u00e0 quan tr\u1ecdng nh\u1ea5t l\u00e0 s\u1ef1 b\u1ea3o tr\u1ee3 c\u1ee7a nh\u00e0 n\u01b0\u1edbc. Enron c\u00f3 th\u1ec3 c\u00f3 quan h\u1ec7 ch\u00ednh tr\u1ecb v\u1edbi ch\u00ednh ph\u1ee7 M\u1ef9 l\u00fac b\u1ea5y gi\u1edd, nh\u01b0ng h\u1ecd kh\u00f4ng th\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c s\u1ef1 b\u1ea3o k\u00ea t\u1eeb m\u1ed9t b\u1ed9 ph\u1eadn quy\u1ec1n l\u1ef1c trong ch\u00ednh quy\u1ec1n CSVN.<\/p>\n C\u00e1c si\u00eau d\u1ef1 \u00e1n h\u1ea1 t\u1ea7ng li\u00ean t\u1ee5c \u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t v\u00e0 giao cho Vingroup, t\u1eeb vi\u1ec7c th\u00fac \u0111\u1ea9y v\u1ed9i v\u00e0ng d\u1ef1 \u00e1n \u0110\u01b0\u1eddng S\u1eaft Cao T\u1ed1c B\u1eafc \u2013 Nam, cho \u0111\u1ebfn d\u1ef1 \u00e1n c\u1ea3ng bi\u1ec3n $14.3 t\u1ef7 \u1edf H\u1ea3i Ph\u00f2ng, c\u00e1c tuy\u1ebfn cao t\u1ed1c ven bi\u1ec3n h\u00e0ng ch\u1ee5c ngh\u00ecn t\u1ef7 \u0111\u1ed3ng, cho \u0111\u1ebfn vai tr\u00f2 nh\u00e0 \u0111\u1ea7u t\u01b0 duy nh\u1ea5t c\u1ee7a tuy\u1ebfn cao t\u1ed1c L\u00e0o Cai \u2013 H\u00e0 N\u1ed9i \u2013 H\u1ea3i Ph\u00f2ng, kh\u00f4ng ch\u1ec9 l\u00e0 c\u01a1 h\u1ed9i kinh doanh. \u0110\u00e2y l\u00e0 nh\u1eefng k\u00eanh d\u1eabn v\u1ed1n kh\u1ed5ng l\u1ed3, c\u00e1i c\u1edb ho\u00e0n h\u1ea3o \u0111\u1ec3 CSVN chi ti\u1ec1n \u201c\u0111\u1ea7u t\u01b0 c\u00f4ng\u201d ho\u1eb7c c\u1ea5p \u0111\u1ea5t, gi\u00fap Vingroup li\u00ean t\u1ee5c c\u00f3 t\u00e0i s\u1ea3n m\u1edbi \u0111\u1ec3 th\u1ebf ch\u1ea5p v\u00e0 d\u00f2ng ti\u1ec1n \u0111\u1ec3 duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng. C\u00e1c ch\u00ednh s\u00e1ch \u0111\u01b0\u1ee3c ban h\u00e0nh, nh\u01b0 k\u1ebf ho\u1ea1ch c\u1ea5m xe x\u0103ng, c\u0169ng b\u1ecb \u0111\u1eb7t d\u1ea5u h\u1ecfi v\u1ec1 vi\u1ec7c li\u1ec7u n\u00f3 ph\u1ee5c v\u1ee5 l\u1ee3i \u00edch c\u00f4ng hay \u0111ang d\u1ecdn \u0111\u01b0\u1eddng cho m\u1ed9t doanh nghi\u1ec7p s\u00e2n sau.<\/p>\n S\u1ef1 b\u1ea3o tr\u1ee3 n\u00e0y c\u00f2n m\u1edf r\u1ed9ng sang l\u0129nh v\u1ef1c truy\u1ec1n th\u00f4ng v\u00e0 t\u01b0 ph\u00e1p, t\u1ea1o ra m\u1ed9t l\u00e1 ch\u1eafn m\u00e0 Enron kh\u00f4ng th\u1ec3 c\u00f3. T\u1ea1i M\u1ef9, m\u1ed9t n\u1ec1n b\u00e1o ch\u00ed t\u1ef1 do v\u1edbi c\u00e1c t\u1edd b\u00e1o nh\u01b0 The Wall Street Journal ch\u00ednh l\u00e0 t\u00e1c nh\u00e2n phanh phui v\u1ee5 Enron. Ng\u01b0\u1ee3c l\u1ea1i, t\u1ea1i Vi\u1ec7t Nam, m\u00f4i tr\u01b0\u1eddng truy\u1ec1n th\u00f4ng b\u1ecb ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd \u0111\u00e3 t\u1ea1o ra m\u1ed9t l\u00e1 ch\u1eafn b\u1ea3o v\u1ec7 Vingroup. Vi\u1ec7c nh\u1eefng ng\u01b0\u1eddi ph\u00ea b\u00ecnh VinFast b\u1ecb c\u01a1 quan ch\u1ee9c n\u0103ng m\u1eddi l\u00e0m vi\u1ec7c theo \u0110i\u1ec1u 331 \u0111\u00e3 cho th\u1ea5y r\u00f5 gi\u1edbi h\u1ea1n \u0111\u1ecf. Song song \u0111\u00f3 l\u00e0 c\u00e1o bu\u1ed9c v\u1ec1 kh\u1ea3 n\u0103ng thao t\u00fang t\u01b0 ph\u00e1p \u0111\u1ec3 ch\u1eb7n c\u00e1c \u0111\u01a1n ki\u1ec7n c\u1ee7a ng\u01b0\u1eddi d\u00e2n li\u00ean quan \u0111\u1ebfn c\u00e1c d\u1ef1 \u00e1n b\u1ea5t \u0111\u1ed9ng s\u1ea3n l\u1edbn nh\u01b0 Grand World Ph\u00fa Qu\u1ed1c hay Ocean Park, gi\u00fap d\u1eadp t\u1eaft c\u00e1c kh\u1ee7ng ho\u1ea3ng ph\u00e1p l\u00fd t\u1eeb trong tr\u1ee9ng n\u01b0\u1edbc.<\/p>\n Th\u1ee9 hai l\u00e0 h\u1ec7 sinh th\u00e1i li\u00ean minh t\u00e0i ch\u00ednh \u201cma qu\u1ef7\u201d kh\u00e9p k\u00edn. M\u1ed1i quan h\u1ec7 c\u1ed9ng sinh ch\u1eb7t ch\u1ebd gi\u1eefa Vingroup v\u00e0 Techcombank (TCB) v\u00e0 Masan t\u1ea1o ra m\u1ed9t v\u00f2ng tu\u1ea7n ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9, gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u1ed1n b\u00ean ngo\u00e0i v\u1ed1n \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng v\u00e0 soi x\u00e9t. Masan v\u1edbi quy m\u00f4 l\u00e0 m\u1ed9t t\u1eadp \u0111o\u00e0n s\u1ea3n xu\u1ea5t h\u00e0ng ti\u00eau d\u00f9ng l\u1edbn nh\u1ea5t Vi\u1ec7t Nam, d\u00f2ng ti\u1ec1n c\u1ee7a h\u1ecd \u1edf TCB \u0111\u00fa s\u1ee9c b\u01a1m cho c\u00e1c d\u1ef1 \u00e1n c\u1ee7a Vingroup. Vi\u1ec7c c\u00f9ng nhau th\u00e0nh l\u1eadp c\u00f4ng ty b\u1ea3o hi\u1ec3m TCLife c\u00e0ng cho th\u1ea5y m\u1ee9c \u0111\u1ed9 t\u00edch h\u1ee3p s\u00e2u r\u1ed9ng, gi\u00fap t\u1eadp \u0111o\u00e0n d\u1ec5 d\u00e0ng qu\u1ea3n l\u00fd d\u00f2ng ti\u1ec1n v\u00e0 c\u00e1c kho\u1ea3n vay h\u01a1n r\u1ea5t nhi\u1ec1u so v\u1edbi Enron.<\/p>\n Cu\u1ed1i c\u00f9ng, y\u1ebfu t\u1ed1 s\u1ed1ng c\u00f2n c\u1ee7a c\u1ea3 m\u00f4 h\u00ecnh Vingroup v\u00e0 Enron \u0111\u1ec1u l\u00e0 ph\u1ea3i duy tr\u00ec gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c cao. M\u1eb7c d\u00f9 c\u1ed5 phi\u1ebfu Enron kh\u00f4ng c\u00f3 t\u00ecnh tr\u1ea1ng ngu\u1ed3n cung t\u1ef1 do th\u1ea5p (low float) nh\u01b0 c\u00e1c c\u1ed5 phi\u1ebfu h\u1ecd Vin, nh\u01b0ng m\u1ed9t l\u01b0\u1ee3ng l\u1edbn c\u1ed5 ph\u1ea7n c\u1ee7a n\u00f3 c\u0169ng b\u1ecb h\u1ea1n ch\u1ebf giao d\u1ecbch do \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef b\u1edfi c\u00e1c qu\u1ef9 h\u01b0u tr\u00ed v\u00e0 gi\u1edbi n\u1ed9i b\u1ed9, gi\u00fap duy tr\u00ec m\u1ed9t m\u1ee9c gi\u00e1 gi\u1ea3 t\u1ea1o trong m\u1ed9t th\u1eddi gian. Tuy nhi\u00ean, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u1ef1 do v\u1edbi \u0111\u1ea7y \u0111\u1ee7 c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u01a1 ch\u1ebf b\u00e1n kh\u1ed1ng (short-selling) hi\u1ec7u qu\u1ea3. Ch\u00ednh c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 \u0111\u00e3 d\u00f9ng v\u0169 kh\u00ed n\u00e0y \u0111\u1ec3 \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a Enron, t\u1ea1o ra \u00e1p l\u1ef1c kh\u1ed5ng l\u1ed3 v\u00e0 \u0111\u1ea9y nhanh qu\u00e1 tr\u00ecnh s\u1ee5p \u0111\u1ed5.<\/p>\n Ng\u01b0\u1ee3c l\u1ea1i, d\u00f9 c\u00e1c c\u1ed5 phi\u1ebfu thu\u1ed9c h\u1ec7 sinh th\u00e1i Vingroup \u0111\u1ec1u \u1edf t\u00ecnh tr\u1ea1ng low float, ch\u00fang l\u1ea1i \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 b\u1edfi s\u1ef1 non tr\u1ebb c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam. Vi\u1ec7c thi\u1ebfu v\u1eafng m\u1ed9t c\u01a1 ch\u1ebf b\u00e1n kh\u1ed1ng hi\u1ec7u qu\u1ea3 \u0111\u00e3 lo\u1ea1i b\u1ecf m\u1ed9t l\u1ef1c l\u01b0\u1ee3ng \u0111\u1ed1i tr\u1ecdng quan tr\u1ecdng, khi\u1ebfn vi\u1ec7c \u201c\u0111\u1ee1 gi\u00e1\u201d c\u1ed5 phi\u1ebfu tr\u1edf n\u00ean d\u1ec5 d\u00e0ng h\u01a1n r\u1ea5t nhi\u1ec1u.<\/p>\n Th\u1eddi \u0111i\u1ec3m cho th\u1ebf c\u1edd t\u00e0n Vingroup<\/strong><\/p>\n V\u1ec1 b\u1ea3n ch\u1ea5t, c\u00e1c kho\u1ea3n n\u1ee3 m\u00e0 c\u00e1c SPE c\u1ee7a Vingroup vay m\u01b0\u1ee3n hay c\u00e1c ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p c\u1ee7a VinFast, d\u00f9 kh\u00f4ng tr\u1ef1c ti\u1ebfp \u0111\u1ee9ng t\u00ean, v\u1eabn \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o b\u1edfi m\u1ed9t y\u1ebfu t\u1ed1 duy nh\u1ea5t: s\u1ee9c kh\u1ecfe v\u00e0 uy t\u00edn c\u1ee7a c\u1ea3 h\u1ec7 sinh th\u00e1i Vingroup. R\u1ee7i ro kh\u00f4ng bi\u1ebfn m\u1ea5t, n\u00f3 ch\u1ec9 \u0111\u01b0\u1ee3c d\u1ecbch chuy\u1ec3n v\u00e0 \u1ea9n \u0111i. V\u00e0 c\u00f3 hai y\u1ebfu t\u1ed1 c\u00f3 th\u1ec3 k\u00edch ho\u1ea1t \u201cb\u00f3ng ma\u201d Enron t\u00e1i di\u1ec5n, b\u1eaft ngu\u1ed3n t\u1eeb ch\u00ednh \u201cl\u1ed7 h\u1ed5ng\u201d c\u1ed1t l\u00f5i \u0111\u00e3 h\u1ea1 g\u1ee5c g\u00e3 kh\u1ed5ng l\u1ed3 M\u1ef9: s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c kho\u1ea3n l\u1ee3i nhu\u1eadn tr\u00ean gi\u1ea5y t\u1edd. L\u1ed7 h\u1ed5ng \u0111\u00f3 ch\u00ednh l\u00e0 tri\u1ebft l\u00fd M2M. \u0110\u00e2y l\u00e0 c\u00e1ch ghi nh\u1eadn l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc khi c\u00f3 d\u00f2ng ti\u1ec1n th\u1eadt, v\u00e0 nh\u1eefng th\u01b0\u01a1ng v\u1ee5 c\u1ee7a Vingroup \u0111\u1ec1u mang \u0111\u1eadm d\u1ea5u \u1ea5n n\u00e0y. T\u1eeb vi\u1ec7c Nam An \u201c\u0111\u00e1nh d\u1ea5u\u201d gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ec3 \u0111i vay, cho \u0111\u1ebfn vi\u1ec7c VIG v\u00e0 Novatech \u201c\u1ea5n \u0111\u1ecbnh\u201d m\u1ed9t m\u1ee9c gi\u00e1 th\u1ed5i ph\u1ed3ng cho t\u00e0i s\u1ea3n th\u00f4ng qua giao d\u1ecbch n\u1ed9i b\u1ed9 \u0111\u1ec3 t\u1ea1o l\u00e3i \u1ea3o. V\u00e0 c\u00f3 hai nguy c\u01a1 c\u00f3 th\u1ec3 l\u00e0m v\u1ee1 tan \u1ea3o \u1ea3nh n\u00e0y.<\/p>\n Th\u1ee9 nh\u1ea5t, \u0111\u00f3 l\u00e0 r\u1ee7i ro t\u1eeb th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n. Hi\u1ec7n t\u1ea1i, \u201cb\u1ea7u s\u1eefa\u201d t\u1ea1o ra d\u00f2ng ti\u1ec1n th\u1eadt \u0111\u1ec3 Vingroup b\u00f9 \u0111\u1eafp cho c\u00e1c kho\u1ea3n l\u1ed7 c\u1ee7a VinFast \u0111\u01b0\u1ee3c nu\u00f4i d\u01b0\u1ee1ng tr\u1ef1c ti\u1ebfp t\u1eeb s\u1ef1 h\u1eadu thu\u1eabn c\u1ee7a ch\u00ednh quy\u1ec1n, th\u00f4ng qua hai k\u00eanh ch\u00ednh: li\u00ean t\u1ee5c c\u1ea5p \u0111\u1ea5t v\u00e0ng cho c\u00e1c d\u1ef1 \u00e1n b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 b\u01a1m v\u1ed1n gi\u00e1n ti\u1ebfp b\u1eb1ng c\u00e1ch giao cho Vingroup c\u00e1c si\u00eau d\u1ef1 \u00e1n h\u1ea1 t\u1ea7ng.<\/p>\n Tuy nhi\u00ean, chi\u1ebfn l\u01b0\u1ee3c d\u1ef1a v\u00e0o s\u1ef1 b\u1ea3o k\u00ea n\u00e0y c\u00f3 m\u1ed9t h\u1ec7 qu\u1ea3 v\u0129 m\u00f4 nguy hi\u1ec3m: vi\u1ec7c li\u00ean t\u1ee5c \u0111\u01b0\u1ee3c b\u01a1m v\u1ed1n v\u00e0 \u0111\u1ea5t \u0111ai s\u1ebd ch\u00e2m ng\u00f2i cho l\u1ea1m ph\u00e1t, \u0111\u1ea9y gi\u00e1 c\u1ea3 sinh ho\u1ea1t v\u00e0 gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n l\u00ean m\u1ee9c phi l\u00fd, v\u01b0\u1ee3t xa kh\u1ea3 n\u0103ng chi tr\u1ea3 v\u00e0 s\u1ee9c ch\u1ecbu \u0111\u1ef1ng c\u1ee7a n\u1ec1n kinh t\u1ebf.<\/p>\n \u0110i\u1ec1u n\u00e0y t\u1ea1o ra m\u1ed9t c\u00e1i b\u1eaby ho\u00e0n h\u1ea3o cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ee9 c\u1ea5p \u2013 nh\u1eefng ng\u01b0\u1eddi mua l\u1ea1i s\u1ea3n ph\u1ea9m c\u1ee7a Vingroup, th\u01b0\u1eddng b\u1eb1ng \u0111\u00f2n b\u1ea9y t\u00edn d\u1ee5ng. M\u1ed9t m\u1eb7t, l\u1ea1m ph\u00e1t v\u00e0 l\u00e3i su\u1ea5t vay ng\u00e2n h\u00e0ng t\u0103ng cao bu\u1ed9c h\u1ecd ph\u1ea3i t\u0103ng gi\u00e1 cho thu\u00ea \u0111\u1ec3 b\u00f9 \u0111\u1eafp chi ph\u00ed. M\u1eb7t kh\u00e1c, ngu\u1ed3n cung kh\u1ed5ng l\u1ed3 do li\u00ean t\u1ee5c \u0111\u01b0\u1ee3c c\u1ea5p \u0111\u1ea5t t\u1ea1o d\u1ef1 \u00e1n l\u1ea1i g\u00e2y \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 ho\u1eb7c khi\u1ebfn vi\u1ec7c cho thu\u00ea tr\u1edf n\u00ean \u1ebf \u1ea9m. Khi \u0111\u1ebfn \u0111i\u1ec3m ti\u1ec1n thu\u00ea nh\u00e0 kh\u00f4ng c\u00f2n \u0111\u1ee7 \u0111\u1ec3 tr\u1ea3 l\u00e3i vay, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00f9ng \u0111\u00f2n b\u1ea9y s\u1ebd v\u1ee1 tr\u1eadn.<\/p>\n K\u00e9o theo \u0111\u00f3 l\u00e0 m\u1ed9t l\u00e0n s\u00f3ng b\u00e1n th\u00e1o v\u00e0 thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng \u0111\u00f3ng b\u0103ng, khi\u1ebfn \u201cb\u1ea7u s\u1eefa\u201d b\u1ea5t \u0111\u1ed9ng s\u1ea3n, v\u1ed1n \u0111\u01b0\u1ee3c nu\u00f4i d\u01b0\u1ee1ng b\u1edfi c\u1ea3 vi\u1ec7c c\u1ea5p \u0111\u1ea5t v\u00e0 b\u01a1m ti\u1ec1n qua d\u1ef1 \u00e1n c\u00f4ng, c\u1ea1n ki\u1ec7t. L\u00fac \u0111\u00f3, t\u1eadp \u0111o\u00e0n s\u1ebd kh\u00f4ng c\u00f2n ngu\u1ed3n l\u1ef1c \u0111\u1ec3 g\u1ed3ng g\u00e1nh cho VinFast.<\/p>\n Th\u1ee9 hai, v\u00e0 c\u1ea5p b\u00e1ch h\u01a1n, \u0111\u00f3 l\u00e0 s\u1ef1 thay \u0111\u1ed5i kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi c\u1ee7a lu\u1eadt ch\u01a1i t\u00e0i ch\u00ednh. \u0110\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t thay \u0111\u1ed5i k\u1ef9 thu\u1eadt \u0111\u01a1n thu\u1ea7n, m\u00e0 l\u00e0 m\u1ed9t b\u01b0\u1edbc \u0111i b\u1eaft bu\u1ed9c trong l\u1ed9 tr\u00ecnh n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u1ee7a Vi\u1ec7t Nam nh\u1eb1m thu h\u00fat d\u00f2ng v\u1ed1n \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i.<\/p>\n Theo \u0111\u00f3, B\u1ed9 T\u00e0i ch\u00ednh d\u1ef1 ki\u1ebfn s\u1ebd s\u1edbm b\u1eaft bu\u1ed9c c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft ph\u1ea3i l\u1eadp b\u00e1o c\u00e1o t\u00e0i ch\u00ednh theo chu\u1ea9n m\u1ef1c qu\u1ed1c t\u1ebf IFRS. Khi \u0111\u00f3, \u201cph\u00e9p m\u00e0u\u201d k\u1ebf to\u00e1n s\u1ebd ch\u1ea5m d\u1ee9t. C\u00e1c kho\u1ea3n t\u00e0i tr\u1ee3 t\u1eeb \u00f4ng V\u01b0\u1ee3ng s\u1ebd kh\u00f4ng c\u00f2n \u0111\u01b0\u1ee3c ghi nh\u1eadn l\u00e0 \u201cthu nh\u1eadp kh\u00e1c\u201d \u0111\u1ec3 b\u00f9 l\u1ed7 n\u1eefa. To\u00e0n b\u1ed9 g\u00e1nh n\u1eb7ng thua l\u1ed7 c\u1ee7a VinFast s\u1ebd hi\u1ec7n nguy\u00ean h\u00ecnh tr\u00ean b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh h\u1ee3p nh\u1ea5t c\u1ee7a Vingroup.<\/p>\n Nh\u01b0ng quan tr\u1ecdng h\u01a1n, vi\u1ec7c n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u0169ng \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c Vi\u1ec7t Nam ph\u1ea3i m\u1edf ra c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p h\u01a1n, trong \u0111\u00f3 c\u00f3 c\u01a1 ch\u1ebf b\u00e1n kh\u1ed1ng (short-selling). L\u00fac n\u00e0y, m\u1ed9t trong nh\u1eefng \u201cph\u00e1o \u0111\u00e0i\u201d b\u1ea3o v\u1ec7 Vingroup s\u1ebd s\u1ee5p \u0111\u1ed5. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd c\u00f3 trong tay v\u0169 kh\u00ed \u0111\u1ec3 \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o s\u1ef1 s\u1ee5t gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu, t\u1ea1o ra m\u1ed9t s\u00e2n ch\u01a1i gi\u1ed1ng v\u1edbi nh\u1eefng g\u00ec Enron \u0111\u00e3 \u0111\u1ed1i m\u1eb7t h\u01a1n r\u1ea5t nhi\u1ec1u.<\/p>\n M\u1ed9t khi gi\u00e1 c\u1ed5 phi\u1ebfu VIC s\u1ee5t gi\u1ea3m, n\u00f3 s\u1ebd k\u00edch ho\u1ea1t m\u1ed9t hi\u1ec7u \u1ee9ng domino: gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c c\u00f4ng ty con m\u00e0 \u00f4ng V\u01b0\u1ee3ng \u0111\u00e3 d\u00f9ng c\u1ed5 phi\u1ebfu n\u00e0y \u0111\u1ec3 g\u00f3p v\u1ed1n (nh\u01b0 GSM) s\u1ebd lao d\u1ed1c. Quan tr\u1ecdng h\u01a1n, n\u00f3 s\u1ebd l\u00e0m b\u1ed1c h\u01a1i gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o cho c\u00e1c kho\u1ea3n vay kh\u1ed5ng l\u1ed3 m\u00e0 c\u1ea3 h\u1ec7 sinh th\u00e1i \u0111ang g\u00e1nh ch\u1ecbu, k\u00edch ho\u1ea1t c\u00e1c \u0111i\u1ec1u kho\u1ea3n y\u00eau c\u1ea7u b\u1ed5 sung t\u00e0i s\u1ea3n. N\u1ebfu Vingroup kh\u00f4ng th\u1ec3 \u0111\u00e1p \u1ee9ng, m\u1ed9t cu\u1ed9c kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n v\u00e0 v\u1ee1 n\u1ee3 d\u00e2y chuy\u1ec1n, gi\u1ed1ng nh\u01b0 nh\u1eefng g\u00ec \u0111\u00e3 x\u1ea3y ra v\u1edbi Enron, l\u00e0 m\u1ed9t r\u1ee7i ro ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 x\u1ea3y ra. \u0110\u00f3 c\u0169ng l\u00e0 th\u1eddi \u0111i\u1ec3m ch\u1ea5m d\u1ee9t cho \u201cth\u1ebf c\u1edd t\u00e0n\u201d c\u1ee7a Vingroup.<\/p>\n The post Vingroup v\u00e0 \u2018b\u00f3ng ma Enron\u2019<\/a> appeared first on Saigon Nh\u1ecf<\/a>.<\/p>\n \u00a0<\/p>","protected":false},"excerpt":{"rendered":" Trong t\u00e2m tr\u00ed c\u1ee7a nhi\u1ec1u ng\u01b0\u1eddi, Vingroup kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t t\u1eadp \u0111o\u00e0n kinh t\u1ebf t\u01b0 nh\u00e2n l\u1edbn nh\u1ea5t Vi\u1ec7t Nam m\u00e0 c\u00f2n l\u00e0 bi\u1ec3u t\u01b0\u1ee3ng c\u1ee7a kh\u00e1t v\u1ecdng qu\u1ed1c gia. Th\u1ebf nh\u01b0ng, \u0111\u1eb1ng sau b\u1ee9c tranh t\u0103ng tr\u01b0\u1edfng \u0111\u1ea7y tham v\u1ecdng l\u00e0 m\u1ed9t m\u1ea1ng l\u01b0\u1edbi c\u00e1c giao d\u1ecbch t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p, n\u01a1i h\u00e0ng …<\/p>","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[239],"tags":[],"class_list":["post-59817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vietnam"],"_links":{"self":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts\/59817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/comments?post=59817"}],"version-history":[{"count":0,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts\/59817\/revisions"}],"wp:attachment":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/media?parent=59817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/categories?post=59817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/tags?post=59817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}