TRNG I HC KINH TTHNH PHH CH MINH

KHOA NGN HNG

279 Nguyn Tri Phng, phng 05, Qun 10, TP. HCh Minh.
Telephone: +84.8.8551776, +84.8.8530561 Fascimile: +84.8.8551777
Email: bankingfaculty@ueh.edu.vn - Website:
http://www.fob.ueh.edu.vn/

Bai giang chuyen e

NGAN HANG THNG MAI

Ngi trnh bay: PGS. TS. Trn Hoang Ngan
ngankdtt@yahoo.com, ngannh@ueh.edu.vn,

MON HOC

NGHIEP VU NGAN HANG

THNG MAI

Mon hoc NVNH giup hoc vien tm hieu chuyen sau cac
nghiep vu cua ngan ha ng: huy ong von, dch vu cua
ngan hang, tn dung, bao lanh, thanh toan... va cac
nghiep vu ngan hang tren th trng tai chnh. T o giup
hoc vien gan hoa t o ng cua doanh nghiep vi nhng dch
vu cu a ngan hang mot ca ch thuan li va nhanh chong.
Noi dung mon hoc bao gom 4 chng:

Chng mot: Tong quan ve ngan hang thng mai

Chng hai: Nghiep vu huy ong von va cac dch vu tai

chnh cua ngan hang thng mai.

Chng ba: Hoat ong tn dung cua NHTM

Chng bon: Nghiep vu ngan hang thng mai tren th

trng hoi oai va th trng chng khoan.

Tai lieu tham khao

Luat Ngan hang Nha Nc va Luat sa oi, bo
sung mot so ie u cua Luat NHNN (co gia tr hieu
lc t ngay 01/08/2003)
Luat cac To chc tn dung va Luat sa oi, bo
sung mot so ieu cua Luat cac TCTD (co gia tr
hieu lc t ngay 01/10/2004)
Tien te ngan hang
Thanh toan quoc te (PGS-TS Tran Hoang Ngan)
Website: www.sbv.gov.vn va Website cac NHTM
VCB,ACB,EAB,VBARD,VIDB,VICB.SCB,...

CHNG 1
TONG QUAN VE NGAN HANG
THNG MAI

I. KHAI NIEM VE NGAN HANG THNG

MAI (NHTM)

NHTM la to chc tai chnh tien gi va cho vay tien.

NHTM la ni trc tiep giao dch vi cong chung e nhan
ky thac, cho vay va cung ng nhng dch vu tai chnh.
Theo tinh than Luat cac To chc tn dung (cong bo ngay
26/12/1997) va Luat sa oi, bo sung mot so ieu cua
Luat cac To chc tn dung (co hieu lc thi hanh ngay
01/10/2004): Ngan hang la loai hnh to chc tn dung
thc hien hoat ong kinh doanh tien te va dch vu ngan
hang vi noi dung thng xuyen la nhan tien gi, s
dung so tie n nay e cap tn dung, cung ng dch vu
thanh toan, va cac hoat ong kinh doanh khac co lien
quan.
Tai My, bat ky mot to ch c nao cung cap tai khoan tien
gi cho phep khach hang rut tien theo yeu cau va cho
vay oi vi cac to chc kinh doanh hay cho vay thng
mai se c xem la mot ngan hang.

Nh vay, chung ta co the a ra khai niem chung nhat

ve NHTM: Ngan hang la mot doanh nghiep ac biet kinh
doanh ve tien te vi hoat ong thng xuyen la huy ong
von, cho vay, chiet khau, bao lanh, cung cap cac dch vu
tai chnh va cac hoat ong khac co lien quan. NHTM la
to chc tai chnh trung gian cung cap danh muc cac dch
vu tai chnh a dang nhat. (Financial department storesa full service Financial institution) vi tong tai san cua 1
ngan hang len en 1000 ty USD (Citigroup - 1264 ty
USD vi tren 4000 chi nhanh tai 100 quoc gia, quan ly
200 trieu tai khoan khach hang, moi ngay thu li nhuan
49 trieu USD, Credit Agricole Groupe, HSBC, Bank of
America Corp, ..VCB khoa ng tren 6 ty USD).

II. CAC CHC NANG CUA NGAN HANG

THNG MAI:
1. Chc nang trung gian tai chnh:
(Banks as Financial intermediaries)
2. Chc nang trung gian thanh toan :
3. Chc nang tao ra tie n but te theo cap so nhan
:
1
n

U
S
% D tr bb

Sn : tong so tien but te c tao ra

n: so NH tham gia qua trnh tao tien
U1 : Tien gi ban au

Tren thc te:

U1
Sn
% D tr bb L
Ke t ngay 01/07/2004 ty le d tr bat buoc
cho cac NHTM o th la 5% tren tien gi
khong k han hoac co k han di 12 tha ng
(c tnh lai suat 1,2%/nam theo quyet nh
923 ngay 20/07/2004 cua NHNN Viet Nam).

4. Chc nang cung cap dch vu tai chnh

III. HE THONG NGAN HANG THNG MAI

VIET NAM:

a. Ngan

hang
Thng
(NHTM Quoc Doanh)

b.
c.
d.
e.

Mai

Nha

nc

Ngan hang Thng Ma i Co Phan (NHTMCP)

Ngan hang lien doanh
Chi nhanh ngan hang nc ngoa i (NHNNg)
Ngan hang 100% von nc ngoai (cha co)

NHTM QD
VCB- Vietcombank-Bank for Foreign Trade of
Vietnam
VBARD-Agribank- Bank for Agriculture and Rural
development
ICBV- Incombank- Industrial and commercial
Bank of Vietnam
BIDV- Bank for Investment and development of
Vietnam
NH PHAT TRIEN NHA ONG BANG SONG CU
LONG

IV. C CA U TO CHC BO MAY NHTM:

Hoi ong quan tr (HQT)

HQT la bo may quyen lc cao nhat cua NHTM.

Moi hoat ong cua NH eu at di quyen quan
tr cua HQT
oi vi NHTM Nha nc: toan bo thanh vien cua
HQT do Chnh phu quyet nh bo nhiem hoac
chnh phu u y nhiem cho Thong oc NHNN quyet
nh bo nhiem, mien nhiem sau khi co thoa thuan
vi Ban To chc Can bo Chnh phu. Nhiem ky
cua HQT la 5 nam, thanh vien HQT t 5-7
ngi.
oi vi NHTM Co phan : HQT do ai dien co
ong bau ra, thanh vien 3-11 ngi, nhiem ky 2-5
nam.

Ban ieu hanh:

ieu hanh hoat ong cua NH at di quyen
cua Tong giam oc hoac gia m oc.

oi vi NHTMQD: Tong giam oc va cac pho

TG do Chnh phu hoac Thong oc bo nhiem

oi vi NHTM khac: Tong giam oc, cac pho

TG do HQT bo nhiem va c Thong oc
chuan y.(xem s o to chc trang 56)

CHNG 2
NGHIEP VU HUY ONG VON VA DCH
VU NGAN HANG

I. NGHIEP VU HUY ONG VON:

Nguon von cua NHTM
Von chu s hu Von co phan
Von i vay
Von huy ong
Von tiep nhan
Von khac

1. Cac hnh thc huy ong von:

Tien gi thanh toan (tien gi khong ky han)
demand deposits- Checking account
Tien gi tiet kiem (savings deposit,pass-book
savings) tai My, Chau Au khach hang co the s
du ng the ATM nhng neu so d <1000USD th
phai tra ph 15-30USD
TK vang lai- Current account, khong hng lai,
s du ng cheque, the, ANZ neu <1000 USD th
phai tra ph 15USD, HSBC <2000 USD ph la
30USD/thang)
Chng ch tien gi co ky han - CDs
Certificates of deposit
TK TG ky han- Fixed deposit account

Tien gi vao tai khoan NOW (Negotiable Order of

withdrawal-TK lenh rut tien co the thng lng,
c phat hanh cheque va hng lai, dung cho ca
nhan)
Tien gi hen rut 7 ngay Call deposits hoac sau 7
ngay - Deposits at notice)
Tien gi vao tai khoan ATS (Automatic Transfer
Services), hoac la co dch vu Sweeping chuyen
tien t ong gia 2 tai khoan: savings account and
current account
Tai khoan tien gi tiet kiem thong bao (statement
savings deposits)
Tien gi vao tai khoan MMDA (Money Market
Deposit Account- tra lai theo LS tren TTTT, cheque
3 lan/thang)

Hang hoa tren th trng tai chnh

Tren th trng von
Trai phieu
Co phieu
Chng khoan cam co bat ong san
Tren th trng tien te
Tn phieu kho bac
Chng ch tien gi
Thng phieu
Thuan nhan cua ngan hang
Cong cu tai chnh phai sinh
Hp ong ky han
Hp ong giao sau
Hp ong hoan oi
Hp ong quyen chon

 Tien

gi cua ngan hang khac gi vao

ngan hang mnh (Deposits due to banks)
TK vostro va cua ngan hang mnh gi
NH ban (deposits due from banks) TK
nostro.
TK tien hu tr ca nhan- IRA Individual
Retirement Account) gi vao ay c
mien thue (US 1981)

2. Nguyen tac quan ly tien gi cua khach

hang:
am bao thanh toan nhanh chong
Thc hien theo lenh cua khach hang
am bao b mat
Thong bao kp thi cho khach hang.

3. Bien phap gia tang von huy ong:

S dung chnh sach lai suat huy ong hp ly:
LSH = %LP + LS thc
Thu tuc huy ong n gian nhng an toan
Thai o phuc vu an can,chu ao
Thiet lap mang li chi nhanh thch hp
a dang hoa cac hnh thc huy ong
M rong cac dch vu ngan hang phuc vu khach
hang
Thanh toan nhanh
C s vat chat kinh te hien ai
Bao hiem tien gi, tuyen truyen, on nh tien te
va he thong ngan hang, luat phap

II. DCH VU NGAN HANG

Dch

vu tie n mat
Dch
vu thanh toan chuyen khoan:
UNC,Cheque,the.
Dch vu chuyen tien, T/T, Bankdraft
Dch vu khau tr t ong, uy nhiem chi nh ky
(Standing order)
Dch vu cho thue ket ngan buoi toi
Dch vu cho thue ket sat
Dch vu ngan hang tai nha (Home banking),
mobile banking,internet banking (Telephone
banking), Dch vu thanh toan ien t
(e.banking)

 Dch

vu kieu hoi
Dch vu thanh ly tai san theo di chuc cua khach
hang
Dch vu uy thac
Dch vu t van
Dch vu bao hiem
Dch vu bat o ng san
Dch vu thiet lap va tham nh d an
Dch vu ngan hang tren TTCK
Dch vu moi gii tien te(Theo quyet nh 351 ngay
07/04/2004 cua NHNN Viet Nam)
Dch vu mua ban ngoai te
Dch vu thanh toan quoc te

Dch vu e-banking

+ Phone banking- Mobile banking: khach hang goi ien en

mot so c cho trc (ACB 9290999) hoac nhan tin qua
mobile en so 997 va cac so chc nang e nghe thong tin can
tm.
+ Home banking: khach hang dung may tnh ca nhan, dung
modem ket noi vi ngan hang vao website cua ngan hang va
c hng cac dch vu: chuyen khoan, thanh toan hoa n,
chuyen tien, xem so d tren tai khoan va cac dch vu khac
+ Internet banking: vi ma so truy cap va mat khau, KH co the
yen tam ve tnh an toan va bao mat cua dch vu: thong tin ve
san pham dch vu cua ngan hang, xem thong tin ve tai khoan
ca nhan .
+ Mobile banking: Kh gi tin nhan t tel di ong en so xxx
(ACB la 997) va se c cung cap dch vu tien ch: xem thong
tin ty gia, gia chng khoan, so d tai khoan, xem thong tin giao
dch va thanh toan qua mobile banking tien nc, ien, ien
thoai, mua hang sieu th..

CHNG III
HOAT ONG TN DUNG CUA NGAN
HANG THNG MAI

A.

MOT SO VAN E C BAN VE TN

DUNG NGAN HANG:
I. nh ngha tn dung:
Tn dung la s chuyen nhng tam thi
quyen s hu mot lng gia tr (tien te hay hien
vat) cua ngi s hu sang cho ng i khac s
du ng va se hoa n tra ngi s hu no sau mot
thi gian nhat nh vi mot lng gia tr ln hn.
Tn du ng la mot quan he vay mn tai san (tien
te hoac hang hoa) c da tren nguyen tac co
hoan tra ca von lan li sau mot thi gian nhat
nh.
T

Mot giao dch gia 2 ben, trong o

mot ben (trai chu, ngi cho vay)
cung ng tien, hang hoa, dch vu hoac
chng khoan da vao li ha thanh
toan lai trong tng lai cua ben kia
(ngi thu trai, ngi i vay)

 Quan

he gia NN vi DN, cong chung (TDNN)

Quan he gia ca c DN v i nhau (TDTM) di
hnh thc mua ban chu
Quan he TD gia TCTD (NHTM) NHTM (Tn
du ng lien ngan hang)
Quan he tn dung NHNN vi NHTM
Quan he NHTM vi DN, ca nhan-TDNHTM
cap tn dung la viec to chc tn dung thoa
thuan e khach hang s du ng mot khoan tie n
vi nguyen tac co hoan tra bang cac nghiep vu
cho vay, chiet khau, cho thue tai chnh, bao
lanh ngan hang va cac nghiep vu khac (ieu 20
Luat Cac To chc TD VN)

Credit may be defined as: A transaction

between two parties in which one (the
creditor or lender) supplies money,
goods, services or securities in return for
a promise of future payment by the order
(the debtor or borrower). In the case of a
commmercial bank, credit means lending
or advances made by it.

II. PHAN LOAI TN DUNG NGAN HANG THNG

MAI
1. Can c vao thi han cho vay (ngan han, trung han,
2.
3.
4.
5.

dai han)
Can c vao muc ch s dung von (sxkd, nong
nghiep, XNK, tieu dung, du lch, hoc tap,..)
Can c vao mc o tn nhiem cua khach hang (co
bao am tien vay, khong co B tien vay)
Can c vao oi tng tra n (TD trc tiep, TD gian
tiep)
Can c ky thuat nghiep vu cho vay-thu n (cho vay
thong thng-advances loan, cho vay luan chuyenrevolving, thau chi-overdraft, chiet khau thng
phieu-discount, cho vay hp von-syndicated, bao
lanh-guarantee, cho thue tai chnh-financial lease,
bao thanh toan-factoring, tai tr theo d an-Project
finance)

III. CAC NGUYEN TAC TN DUNG:

1. Von vay phai c hoan tra ca von goc va

lai theo ung ky han a cam ket.

2. Von vay phai c s dung ung muc
ch a thoa thuan trong hp ong tn
dung.
V du khach hang xin vay 2 t, TSTC 10 ty
khong neu muc ch vay, NH cho vay? Tai
sao? Thc te giai quyet the nao? Ly luan
nha trng? CB TD khong nen co nhng
quan he tai chnh vi khach hang v rat
nguy hiem, kho oi n.

IV. LAI SUAT TN DUNG:

1. Khai niem:
LSTD la gia ca tien vay, la gia ca cua
quyen s dung von va c o lng bang
t le % gia li tc tn dung tren von tn
dung ma ngi i vay phai tra cho ngi
cho vay trong mot khoang thi gian nhat
nh.

2. Cac loa i lai suat tn dung

a. Can c vao ky thuat tnh toan:
Lai suat n
Lai suat kep

b. Can c vao hoat ong kinh doanh:

Lai suat cho vay (ngan han, trung va dai han)
Lai suat chiet khau, lai sua t tai chie t khau
Lai suat lien ngan hang (libor, sibor..)

c. Can c vao loai tien:

Lai suat ong noi te

Lai suat ong ngoai te

3. Nguyen tac xay dng lai suat:

Tren c s cung cau TD
c ieu chnh theo t le lam phat
LSH = T le LP + Lai suat thc
LSCV = LS huy o ng + CP + Thue + LN
LSCV > LS huy o ng > T le lam phat
c ieu chnh tuy theo mc o rui ro cua
kha ch hang vay von.
Rui Ro cang cao LSTD cang ln
Chnh sach tai chnh tien te, chnh sach kinh te
cua Chnh Phu.

4. Cac yeu to anh hng en lai suat tn dung

Lai suat huy ong
Chi ph nghiep vu ngan hang
Li tc d kien chia cho co ong
Rui ro tn dung
Quan he gia NH va khach ha ng
S canh tranh cua NHTM khac
LSTD b chi phoi bi th trng tien te, s can
thiep cua NH trung ng
Ky han vay

5. Vai tro cu a lai suat tn dung:

La cong cu e kch thch tiet kiem
La cong cu e tien ieu hanh kinh te v mo, la
cong cu ieu hanh chnh sach tie n te, la cong
cu kiem che lam phat
La cong cu e thuc ay cac n v SXKD co
hieu qua hn, s dung von than trong hn
La phng tien e cac Nh canh tranh lan nhau
la phng tien giup NHTM tao ra LN cho chnh
mnh

V. AM BAO TN DUNG:
am bao tn dung la phng tien tao cho
ngi chu NH co them nguon von khac
e thu hoi n neu nh muc ch xin vay
cua khach hang b pha san

Ca c loai am bao tn dung (BTD)

1. am bao oi vat
KN: a m bao oi vat la BTD trong o chu n
c tha hng mo t so quyen han nhat nh
oi vi tai san ngi i vay nham lam can c
thu hoi n trong trng hp ngi i vay khong
tra hoac khong co kha nang tra n.
am bao oi vat c thc hien di hnh thc
the chap tai san va cam co ta i san.(Luat Dan
s ieu khoan 329-361)

 ieu kien tai san c coi la BTD:

(ong san la nhng tai san khong phai la BDS).

Tai san phai thuoc quyen s hu hp phap cua khach
hang vay von
Tai san phai c phap luat cho phep chuyen nhng
hp phap
Tai san phai co th trng tieu thu.
ay la ieu kien can thiet e ngan hang co the ban
hoac phat mai tai san khi khach hang khong tra n
c.
Khi xem xet ieu kien nay phai lu y nhng yeu to:
Tren th trng hien tai co tai san o?
Tai san o co the ban c de dang hay khong?
Chi ph ban hang cho tai san nh the nao?
Chu y phan nh gia? (cha hoc) v du Minh Phung,
Tamexco, Nha Tan Viet, c s Nem cha Go Vap.

2. am bao oi nhan
Khai niem: am bao oi nhan la s cam
ket cua mot hoac nhieu ngi ve viec tra
n ngan hang thay cho khach hang vay
von khi ngi nay khong tra n c.
Trong am bao oi nhan co 3 chu the
tham gia

B. RUI RO TN DUNG VA PHAN TCH TN

DUNG:

I. RUI RO TN DUNG:
Hoat ong kinh doanh cua ngan hang la hoat ong
tiem an nhieu rui ro nhat. Hoat ong kinh doanh cua
NH co nhng rui ro sau:
Rui ro thanh khoan
Rui ro lai suat
Rui ro hoi oai
Rui ro tn dung
Rui ro tn dung la loai rui ro quan trong nhat v no lien
quan en 3 loai rui ro con lai

Rui ro thanh khoan: y muon noi en kha

nang chi tra cua khach hang (neu bc 4

trc bc 3)
Khach hang

Tien gi

Cho vay

(1)

(2)

Ngan hang

Khach hang

Thu n
(4) Tra n

(3)

Rui ro lai suat: Rui ro lai suat xay ra khi co s

khong an khp gia LS huy ong va LS cho vay

(vay)
Khach hang 1

a.VN, 3 thang
NH X
0.75%/thang

a.VN, 6 thang
Khach hang 2
1,1%/thang

Rui ro hoi oai:

Ty gia hoi oai la yeu to luon bien

ong. Viec NH gi cac chng t co gia,
tien mat ngoai te se b rui ro khi ty gia
hoi oai thay oi theo chieu hng
chenh lech ty gia cam ket (ty gia kinh
doanh) vi ty gia th trng gay bat li
cho NH.

1. Khai niem rui ro tn dung (RRTD)

Rui ro tn dung la s xuat hien cac
bien co khong bnh thng do chu quan
hoac khach quan lam cho ngi i vay
khong tra c n vay va lai vay cho NH
theo ung nhng ieu kien ghi tren hp
ong tn dung.

2. Thiet hai do rui ro tn dung gay ra:

Thiet hai oi vi Ngan hang
Khi RRTD xuat hien th n qua han
gia tang N kho oi gia tang, li
nhuan cua NH giam. Va en mc nao o
NH se lo va i en pha san.
Thiet hai oi vi nen kinh te:
Khi mot ngan hang b pha san th no
se keo theo s pha san cua cac ngan
hang khac. No dan en s khung hoang
tien te, tai chnh Khung hoang kinh te.

3. Nguyen nhan phat sinh RRTD:

a. Nguyen nhan phat sinh t khach hang
vay von:
oi vi khach ha ng la ca nhan
oi vi khach ha ng la doanh nghie p

b. Nguyen nhan t pha Ngan Hang:

Can bo TD yeu nghiep vu, ao c, chu
quan oi vi khach hang cu.
NH gia tang DSCV qua ln, m rong th
trng thieu kiem soat va quan ly hoat
ong tn dung, thieu thong tin ve khach
hang.
Cho vay u ai oi vi cac thanh vien
HQT cua Ngan hang Thng Mai Co
Phan.

c. Nguyen nhan khach quan va nguyen

nhan khac:
Tnh hnh kinh te, chnh tr the gii va khu
vc
Tnh hnh kinh te, chnh tr, xa hoi trong
nc (khung hoang thien tai, CSKT)
Lam giam tnh hnh san xuat kinh doanh
cua cac DN.
He thong phap ly thieu ong bo.

4. Bien phap han che rui ro tn dung:

Tang cng thu thap thong tin khach hang
Thc hien bao hiem TD
Thc hien bien phap ong tai tr
Yeu cau viec bao am TD
Han che TD
T choi khong cho vay neu thay thiet hai
ln

 Kiem

tra trc, trong va sau khi cho vay

Sang loc khach hang, phan loai khach hang
To ch c giam sat, theo doi hoat ong cua khach
hang
Kiem soat viec cho vay noi bo (cho nhan vien vay,
tha nh vien HQT, thanh vien BG)
To chc cac lp huan luyen boi dng nghiep vu
mot cach thng xuyen cho CB-CNV nhat la
CBTD.
To ch c cac cuoc hoi thao e trao oi kinh nghiem
phong chong rui ro
Thc hien tot cac quy che phap ly, van ban phap
ly trong Ngan hang

II. PHA
N TCH TNNg
DU
NG:
Ba o ca o TC
i i vay
Y t ng KD

n xin vay

a m ba o TD

Phan tch TD

Thu nhap
k.ha ng
Nha n da ng

Uy tn kh
Moi tr ng KD
trong va ngoai
nc

Quye t nh TD

Chnh sa ch TD

Cho vay
Cho vay co ie u
kien

Cho vay khong

ie u kie n

Khong cho vay

(ly do)

1. Muc tieu phan tch TD:

Muc tieu cua phan tch TD la xac nh
kha nang va y muon cua ngi xin vay
trong viec hoan tra n vay, phu hp vi
cac ieu khoan cua hp ong tn dung

2. Cac yeu to xem xet khi phan tch TD:

Hien nay mot so NH khi phan tch TD,
xem xet cac yeu to sau:
Nguyen tac 5.C
Nguyen tac 5.P
Nguyen tac Papers, Campari

a. Theo nguyen tac 5C:

Capacity (Kha nang hoan tra n vay)
Charater (Uy tn kha ch hang)
Capital (Vo n t co)
Collateral (am bao tn du ng)
Conditions (Cac ieu kie n chung)

B. NGUYEN TAC 5 P
PERSON
PURPOSE
PAYMENT SOURCE
PROSPECT
PROPERTIES

C. NGUYEN TAC PAPERS

PERSON
AMOUNT
PURPOSE
EQUITY
REPAYMENT
SECURITY

CAMPARI
CHARACTER
ABILITY
MARGIN
PURPOSE
AMOUNT
REPAYMENT
INSURANCE

3. Cac nguon thong tin e phan tch tn dung:

e xem xet 5 yeu to tren phan tch TD ngan
hang phai da vao nhng thong tin sau:
Phong va n ngi xin vay
So sa ch lu tr cua Ngan hang
Cac nguon thong tin ben ngoai
ie u tra ni hoa t ong kinh doanh cua khach
hang
Phan tch bao cao tai chnh (xem lai mon hoc
QTTC,TCDN, PTHKD)

V du: thong tin tren bao cao tai

chnh cua cong ty co phan ABC
Tai san co nh:
10.000 trieu ong
Tien mat va TGNH:
100 trieu ong
Cac khoan phai thu
3.900 trieu ong
Hang hoa ton kho
6.000 trieu ong
Tai san khac khong co
Von chu s hu
9.000 trieu ong
N ngan han
6.000 trieu ong
N dai han
5.000 trieu ong
Doanh thu trong nam
30.000 trieu ong
Chi ph hoat ong
26.000 trieu ong
Chi ph khau hao
1.000 trieu ong
Chi ph tra lai vay
900 trieu ong
Thue li tc 28%
Khach hang xin vay 3.000 trieu ong nhap nguyen vat lieu, NH cho
vay? Tai sao, hoac co yeu cau ieu kien khac ?

Cac ty so tai chnh quan trong

Summary of financial statement ratios

+ Ty so thanh toan hien thi (current ratio)

TSL/N NH (current assets/current liabilities)
+ Ty so thanh toan nhanh (quick or acid test ratio)
TSL-Hang ton kho / n ngan han
(Current assets-inventories/Current liabilities)
+ Vong quay hang ton kho (Inventory turnover ratio)
Doanh thu/ ha ng ton kho (Sales/Inventories)
+ Vong quay tai san (Total assets turnover ratio)
Doanh thu/ tong tai san (Sales/Total assets)
+ Ty so n (Debt ratio)
Tong n/ tong tai san (Total debt/Total assets)
+ ROS-ROA-ROE

Cac ty suat ve li nhuan (Profitability Ratios)

Ty suat li nhuan tren doanh thu (Return on Sales)

ROS=Li nhuan rong/Tong doanh thu

ROS=Net Income/Sales
Ty suat tren tong tai san (Return on Total Assets)
ROA=Li nhuan rong/Tong tai san
ROA=Net Income/Total Assets
Ty suat li nhuan tren von chu s hu (Return on
Equity)
ROE=Li nhua n rong/Von chu s hu
ROE=Net Income/Equity

C. PHNG THC CHO VAY

Can c ky thuat nghiep vu cho vay-thu
n (cho vay thong thng-advances
loan, cho vay luan chuyen-revolving,
thau chi-overdraft, chiet khau thng
phieu-discount, cho vay hp vonsyndicated, bao lanh-guarantee, cho
thue tai chnh-financial lease, bao
thanh toan-factoring, tai tr theo d
an-Project finance)

C. PHNG THC CHO VAY

Can c vao ky thuat cho vay va thu n, co cac
hnh thc tn dung nh sau:
1. Cho vay theo mon (cho vay thong thng)
2. Phng thc cho vay luan chuye n (Tn dung
han mc)
3. Tn dung thau chi:
Khai niem: Thau chi la s dan xep nh vao o
KH c NH cho phep chi tien vt qua so d
thc co tren TKTG trong mo t gii han thoa thuan
(ghi tren Hp ong tn du ng)

5. Tn dung lien ke t (TD ong tai tr, TD hp

von):
a. Khai niem:
TD hp von la phng thc cho vay ma theo o
mot nhom NHTM cung cung cap Tn dung o i
vi mo t d an vay hoa c phng an vay vo n
khach hang ke m theo cac ieu kien, ieu khoan
nhat nh.
b. Cac loai TD hp von:
TD hp von trc tie p
TD hp von gian tiep

4. Chiet khau thng phieu va giay t co gia

khac:
a. Chiet khau thng phieu:
Ng i tra tie n

Ha ng ho a dch vu

(3) o i tie n

(4) Thanh toa n

(TP)

Ngan hang
Thng Ma i

Ng i thu h ng

Xin CK
(1)

(2) So tie n
chuyen ng i xin
CK

Chiet khau chng t co gia

Theo Quyet nh 906/2002 NHNN ngay
26/08/2002
St=Gt/ 1+Ls.Tc/365.100
St so tien NH thanh toan cho khach hang
khi chiet khau
Gt gia tr chng t khi en han
Tc thi han con lai

b. Chiet khau ch ng t co gia khac:

Ngoai thng phieu, NH thc hien CK
cac chng t co gia khac: trai phieu, tn
phieu kho bac nha nc, ky phieu, the tiet
kiem, bo chng t trong XNK...

6. Tn dung bang ch ky:

Khai niem: tn dung bang ch ky la hnh
thc TD ma NH khong phai chi tien cho khach
hang ch cho KH vay ch ky cua mnh ong
thi NH phai chu trach nhiem ve ch ky o.
Co cac hnh thc TD bang ch ky:
Tn dung chap nhan
Khai nie m: Tn dung chap nhan la TD ma
NH chap nhan tra tien cho thng phieu do
chnh khach hang t lap cho mnh vi ieu kien
khach hang se hoan tra tien vay khi thng
phieu en han thanh toan

 Tn dung chng t:
Tn dung chng t va la phng th c
cho vay va la phng thc thanh toan.
ay la phng thc thanh toan s
dung trong thanh toan quoc te.

 Hoat ong bao lanh cua NH: (BLNH)

BLNH la mot hp ong gia hai ben,
mot ben la ngi bao lanh thng la ngan
hang va mot ben la ngi thu hng bao
lanh. Trong o ngi bao lanh cam ket se
boi hoan mot khoan tien cho ngi thu
hng BL, trong trng hp ngi c
BL vi pham nhng ngha vu cua ho c
quy nh trong bao lanh.

 Qui

trnh bao lanh

Ngi c bao
lanh

n xin bao
lanh
(1)

HMB, HDT
(2)

Ngi bao lanh

(NH)

Ngi thu hng

bao lanh

Th bao
lanh

 Cac

loai Bao Lanh:

Bao lanh n vay:
Khach hang
(Ngi c bao lanh)

H tn dung
(2)

(1) n Bao
lanh

Ngan hang B

Th Bao
lanh
Ngan hang A
Ngi Bao lanh

 Bao

lanh thanh toan (Payment guarantee)

(3) Hang hoa Dch vu
(1) Hp ong mua ban

Mua
Ngi c
BL

n xin

Ban

(2)
Th bao lanh
Ngan
hang

Ngi bao lanh

(1) Hp ong xay dng

CTXD

Chu CT

Ngan
hang

Ba o lanh thc hie n hp ong

(performance guarantee)
NK
(4)
M L/C

Hp ong mua ban

(1)
(3)
Th B/L

(2)

XK

n xin
bao lanh

Ngan
hang
ng ra bao lanh se thc
hien hp ong

Chu cong trnh

Xay dng
(cung cap thiet b)

Tham gia au thau

(1)

Ngi d thau

n xin bao lanh

(2)

Th bao lanh
(3)
Ngan hang

Th bao lanh e am
bao ngi d thau se
ky H neu trung thau
(Tender guarantee)

 Bao lanh bao hanh (Maintenance guarantee)

Bao lanh nha n hang (Letter of indemnity for

delivery without original bill of lading)

XK

Khong co bill of lading

Th bao
lanh

NH

NK

 Bao lanh hoan thanh toan

(Repayment guarantee)
Hang hoa Dch vu
H mua ban H dch vu
Ngi ng trc tien
Ngi xin ng trc
(Ngi nhan BL)
ng trc tien
(Ngi c BL)
(Mua)
(Ban)
Th bao lanh

n bao lanh
Ngan hang
(Ngi bao lanh)

 Bao lanh hai quan (Custom guarantee)

Tam nhap
Chu hang
(Ngi BL)

Tai xuat

ai dien C quan hai

quan
(Ngi nhan BL)

Th bao lanh
Ngan Hang

7. Tn dung the ngan hang:

ay la hnh thc tn dung ma Ngan hang cap
tn dung cho khach hang qua the ngan hang.
Ngan hang se cap cho khach hang the tn dung
vi nhng han mc tn dung a thoa thuan va
trong thi han c phep s dung, khach hang
dung the mua hang hoa, dch vu t c s tiep
nhan the hoa c dung the rut tien mat ta i may
ATM hoac tai ngan hang ai ly trong pham vi
han mc tn dung cho phep. Cuoi thang, NH gi
giay bao n yeu cau khach hang thanh toan tren
so d thc te ma khach ha ng s dung.

8. Bao thanh toan (Factoring):

Kha i niem: Bao thanh toan la hnh thc ta i tr
cho nhng hoat ong mua ban nhng khoan
thanh toan cha en han t cac hoat ong SXKD,
cung ng hang hoa va dch vu. Hay noi mot cach
kha c, hoat ong Bao thanh toan la hoat ong mua
ban n.
Theo t ien kinh te: Factoring la mot s dan xep
ta i chnh, qua o mot cong ty tai chnh chuyen
nghiep (cong ty mua n-Factor) mua la i cac
khoan n cua mo t doanh nghiep vi so tien t hn
gia tr cua khoan n o.
Noi n gian factoring la viec ca c to chc tai
chnh mua lai cac khoan oi n cua cac chu n.

Doanh nghiep
(Ngi ban n-ngi
ban hang)
(4)
thanh
toan T

(1) H
Factoring

Hang hoa dch vu (2)

Hang hoa dch vu (2)

(3)
Hoa n

Hang hoa dch vu (2)

Ngan hang
(ngi mua
n)

Ngi mac
n 1

Tra Tien cho ngan hang (theo

hoa n)
(5) Tra Tien cho ngan hang

Ngi mac
n 2

Ngi mac n n
(ngi mua hang)

IEU KIEN TRONG HP ONG

FACTORING
Hang hoa, san pha m c bao thanh toan? Phai la
nhng san pham co chat lng tot
oi tng khach hang
Ph factoring > lai suat ngan hang (bao gom rui ro va
ph oi n)
Ty le ng trc cho khach hang (80-90%) so con lai
NH tam gi e e phong cho hang hoa b tra lai va
khach hang c hng lai
Vao nhng nam 90 phat trien factoring xua t khau

9. Hoa t ong cho thue cua NH

a.Khai niem cho thue tai san (Lease financing):
Hp o ng thue Tai san la mot s dan xep ma
nh o mot ben chap nhan tra mot khoan tie n
thue theo thoa thuan va c s dung TS thuoc
s hu cua ben kia trong mo t thi gian nhat nh.
Hp o ng cho thue tai san bao gom:
Hp ong cho thue hoat ong (operating
Lease)-thue dch vu (Service Lease)- thue truye n
thong (Traditional Lease)
Hp ong cho thue tai chnh (Financial Lease)thue von (Capital Lease)-Thue thuan (Net Lease)

b. Khai niem ve thue tai chnh:

Thue tai chnh la hp ong tn dung trung va
dai han tren c s hp ong cho thue tai san gia
mot ben la to chc tn dung (la ben cho thue tai
chnh) vi mot ben la khach hang thue. Ben thue
s dung tai san thue va thanh toan tien thue trong
suot thi han thue a c hai ben thoa thuan
trong hp ong. Khi ket thuc thi han thue, khach
hang c quyen mua lai hoac tiep tuc thue TS o
theo cac ieu kien a thoa thuan trong h p ong
thue. Trong thi han thue cac ben khong c n
phng huy bo hp ong.

Tieu chuan cho thue tai chnh

Theo Uy ban tieu chuan quoc te th mot giao dch
cho thue, neu thoa man mot trong bon tieu chuan
sau ay c goi la cho thue tai chnh:
Quyen s hu TS c chuyen giao khi het thi han
hp ong (hp ong thue mua - TD thue mua)
Trong hp ong co quy nh quye n chon mua
Thi han hp ong bang phan ln thi han cua tai
san.
Hien gia cac khoan tien thue gia tr cua tai san

Theo Hoi ong tieu chuan ke toan tai chnh tai My:
Qui nh 4 tieu chua n cua cho thue tai chnh
Quyen s hu TS thue c chuyen giao cho
ngi i thue khi cham dt hp ong.
Hp ong thue cho phep ngi i thue c
quyen la chon mua TS thue vi gia thap hn
mot thi iem nao o hay en khi cham d t thi
han thue.
Thi han thue = 75% hay cao hn so vi i song
hoat ong c tnh cua TS thue.
Hien gia cac khoan thanh toan tien thue toi thieu
la 90% hay gan bang so vi gia tr TS thue.

Theo Luat cho thue tai Nhat:

Mot hp ong thue c goi la thue TC
neu thoa man mot trong hai tieu chuan
sau:
Thi han thue c xac nh ro va tat ca
so tien thue phai ln hn hoac gan bang
90% gia tr TS va nhng chi ph nh tien
lai, thue va tien bao hiem.
Trong suot thi han thue khong c huy
bo hp ong.

TheoViet Nam:
Theo Ngh nh 64/CP (9/10/1995) va Ngh nh 16/
2001/CP ngay 02/05/2001 ve viec ban hanh qui che ve to
ch c va hoat ong cua Cong ty cho thue tai chnh Viet
Nam. Trong o qui nh mot giao dch c goi la thue
tai chnh neu thoa mot trong bon ieu kien sau:
Khi ket thuc hp ong thue, ben thue c chuyen
quyen s hu tai san thue hay c tiep tuc thue theo
s thoa thuan cua hai ben.
Noi dung hp ong thue co qui nh khi ket thuc thi
han thue ben thue c quyen chon l a mua theo gia
danh ngha < gia tr thc te cua TS thue tai thi iem
mua lai.
Thi han cho thue mot loai TS t nhat phai bang 60%
thi han can thiet e khau hao TS thue.
Tong so tien thue mot loai TS quy nh tai hp ong
thue t nhat phai tng ng vi gia cua TS o tren th
trng vao thi iem ky ket H.

c. S kha c nhau gia cho thue TC vi thue thong

thng (thue dch vu):
Thue tai chnh

Thi gian thue dai (2/3 thi gian s

dung cua TS)
Von goc c thu hoi tng ng gia tr
tai san thue
Khong c phep huy ngang
Trach nhiem sa cha, bao hiem, thue
Ngi i thue chu
Hp ong co thoa thuan ban
Ngi i thue chu nhng rui ro ke ca
khong do ho gay ra
NH to chc viec tai tr
Cung ng TS thue cho thue do ngi
cho thue at hang giao nhan va s
dung

Thue Dch Vu

Thi gian cho thue ngan so vi thi

gian s dung
Mc von thu hoi nho so vi gia tr tai
san
c phep
Ngi cho thue chu
Khong ban TS (khong ghi tren H)
Ngi cho thue chu moi rui ro ngoai
tr nhng rui ro do ngi i thue gay ra
Ngi cho thue cung cap TS cho ngi
i thue

(1) H thue TS

(9) Giao quyen s hu TS

(8) Tra tien bao tr va PTTT

(7) Bao tr va p.tung thay the
(3) giao tai san

(5) Quyen SH phap ly v TS

(4) Tra tien mua TS

(2) H mua TS thue

Nha cung cap

Ngi thue
(Doanh nghiep)
(6) Tra tien thue TS

Ngi cho thue

(Ngan hang)

10.Tai tr d an
(Project finance)
Tai tr d an la cung cap von cho cac d an
au t mi, bang cach thiet ke mot cau truc
tai chnh da tren dong tien va tai san cua
d an. Nguon tien chu yeu tra n la t
doanh thu cua d an va c am bao bi
tnh hieu qua cua d an, ch khong phu
thuoc vao chu d an.
Ex: khach san Metropole nam 1994 vi
tong von au t 35 trieu USD, Morning star
cement 309 trieu US (Vay 186.6 trieu
USD)

CHNG IV:

KINH DOANH NGOAI TE

I.TY GIA HOI OAI ( Foreign Exchange Rate -FX)

1. Khai niem:

Ty gia hoi oai la gia ca cua mot n v tien te

nc nay c the hien bang so lng n v tien te
nc khac.
V du: Ngay 14/02/2006, tren th trng hoi oai
quoc te ta co thong tin:
1USD = 118.20 JPY ( Japanese Yen)
1GBP = 1.7390 USD ( United States dollars)
1USD= 1.3092 CHF ( Confederation Helvetique
Franc), 1 AUD = 0.7385 USD
GBP (Great Britain Pound)

2. Phng phap bieu th ty gia (Yet gia quotation):

1 ong tie n yet gia = x ong tien nh gia
Phng phap bieu th th nhat (Direct quotationPrice quotation-trc tiep)
1 ngoa i te = x no i te
Phng phap yet gia nay c ap du ng nhie u quoc
gia: Nhat, Tha i Lan, Han Quoc, Viet Nam

Phng phap bieu th th hai (Indirect

quotation-Volume quotation-gian tiep)
1 noi te = y ngoai te
Phng phap yet gia nay ap dung mot so nc:
Anh, My, Uc, EU
Lu y: cach yet gia theo tap quan quoc te
khi giao dch hoi oai qua mang ien t,
www.forexdirectory.net

3. Mot so quy c trong giao dch hoi oai

quoc te:
Ky hieu tien te: XXX
ong Viet Nam (VND ), o la My (USD),
Bang Anh ( GBP ), Yen Nhat ( JPY ), Bat
Thai Lan (THB)
Tham khao Web site:
www.exchangerate.com
www.yahoo.com/finance
www.saxobank.com
www.forexdirectory.net

Cach viet ty gia :

1 A = x B hoac A/B = x
Ty gia 1USD = 105 JPY ta co the viet USD/JPY
= 105 hoac la 105 JPY/USD.
A/B = 1/B/A
1EUR=1.2070 USD
USD/EUR = 1/EUR/USD= 0.8285

Phng phap oc ty gia (Ngon ng trong giao

dch hoi oai quoc te)
V nhng ly do nhanh chong, chnh xac va tiet kiem,
cac ty gia khong bao gi c oc ay u tren th
trng, ma ngi ta thng oc nhng con so co
y ngha.
Cac con so ang sau dau phay c oc theo nhom
hai so. Hai so thap phan au tien c goi la
so (figure), hai so ke tiep goi la iem
(point). Trong v du o th so la 40, iem la 60.
Nh vay, ta thay ty gia mua va ty gia ban co khoang
chenh lech ( tieng Anh goi la: Spread), thong
thng vao khoang 5 en 20 iem.

Ty gia

BID

ASK

USD/CHF = 1.2670
--1.2680
MUA USD
BAN USD
BAN CHF
MUA CHF
Lu y:
- so nho la gia mua ong tien yet gia (USD) va la
gia ban ong tien nh gia (CHF).
- so ln la gia ban ong tien yet gia (USD) va la gia
mua ong tien nh gia (CHF).

III. CAC NGHIEP VU HOI OAI

1. Nghiep vu Spot con goi la nghiep vu giao
ngay: (Spot Operations)
Nghie p vu Spot la hoat ong mua ba n ngoai te ma theo
o viec chuyen giao ngoai te c thc hien ngay, theo
ty gia a c thoa thuan.

2. Nghiep vu Acbt (Arbitrage Operations)

Acbt la mo t loai nghiep vu hoi oai nham s dung mc
chenh lech ty gia gia cac th trng hoi oai e thu li
nhuan. Tc la mua ni re nhat va ba n ni mac nhat.

3. Nghiep vu mua ban ngoai te co ky han

(Forward Operations)
Mot giao dch ngoai te co ky han la mot giao
dch ma trong o moi d kien c nh ra vao
thi iem hien tai nhng viec thc hien se dien
ra trong tng lai.
Ty gia co ky han se c xac nh tren c s ty
gia giao ngay, thi han giao dch va lai suat cua
hai ong tien o. Cu the no c tnh toan bang
cong thc sau ay: (cong thc 1)

TK = TS x

1+KLB
1+KLA

Trong o: A la ong tien yet gia, B la ong tien nh

gia.
TK la ty gia co ky han cua ong tien A so vi ong tien
B.
K la thi gian, thi han thoa thuan (ngay, thang, nam).
LA la lai suat cua ong tien A (ngay, thang, nam).
LB la lai suat cua ong tien B (ngay, thang, nam).
TS la ty gia giao ngay (A/B).

FORWARD RATE = SPOT RATE + SWAP COST

TK = TS + TS x K x (LB - LA)
Khi LB > LA TK > TS, phan doi ra c goi la iem
gia tang (Report, Premium).
Khi LB < LA TK < TS chenh lech c goi la iem
khau tr (Deport, Discount).
LB = LA TK = TS

4. Nghiep vu Swap (cam co, hoan oi)

La nghiep vu hoi oai kep, gom hai nghiep vu Spot va
Forward. Hai nghiep vu nay c tien hanh cung mot luc,
vi cung mot lng ngoai te nhng theo hai hng ngc
nhau.
Lu y: trong giao dch swap gia 2 ngan hang, neu trong
nghiep vu spot a dung ty gia nao th khi tnh ty gia fw, th Ts
trong cong thc Tk, phai du ng lai ty gia a tnh trong nghiep
vu spot.

5. Nghiep vu Call Option (Quyen chon

mua)
a. Ngi mua quyen chon mua (Buyer Call
Option) (Long Call)
Ngi mua call option phai tra cho ngi ban
call mot khoang chi ph va do o ngi mua co
c quyen mua, nhng khong bat buoc phai
mua mot lng ngoai te (hang hoa, chng
khoan) nhat nh, theo mot ty gia a nh
trc vao mot ngay xac nh trong tng lai
hoac trc ngay o.

b. Ngi ban quye n chon mua (Seller Call option)

(Short call)
Ngi ban call option nhan c tien t ngi mua call
nen phai co trach nhiem ban mot so ngoai te nhat
nh (hang hoa chng khoan), theo mot gia a nh
trc ta i mot ngay xac nh trong tng lai hoac
trc ngay o khi ngi mua muon thc hien quyen
mua cua no.
American style- c thc hie n bat ky th i iem nao
trong khoang thi gian cua hp ong
European style- ch c thc hien quyen chon vao
ngay ao ha n cua hp ong.

6. Nghiep vu Put option (Quyen chon ban)

a. Ngi mua quyen chon ban (Buyer put option) (Long
put)
Ngi mua put option phai tra cho ngi ban put mot khoang
chi ph va do o ngi mua co c quyen ban, nhng
khong bat buoc phai ban mot lng ngoai te (hang hoa,
chng khoan) nhat nh, theo mot ty gia a nh trc
vao mot ngay xac nh trong tng lai hoac trc ngay
o.
American style- c thc hien bat ky thi iem nao trong
khoang thi gian cua hp ong
European style- ch c thc hien quyen chon vao ngay ao
han cua hp ong.

b. Ngi ban quyen chon ban (Seller put option)

(Short put)
Ngi ban put option nhan c tien t ngi mua
put nen phai co trach nhiem mua mot so ngoai
te (hang hoa, chng khoan) nhat nh, theo mot
gia a nh trc tai mot ngay xac nh trong
tng lai hoac trc ngay o khi ngi mua
muon thc hien quyen ban cua no.
Gia option (premium) phu thuoc vao nhieu nhan to:
ty gia giao ngay (Spot rate), ty gia thoa thuan
tren hp ong (Strike), thi han thoa thuan
(maturity), ty gia ky han (Forward rate), lai suat
cua cac ong tien giao dch, phng sai.
Premium the price of an option

Ngi mua call option

Li

15800
Ty gia
(VND/USD)

15750

Ngi ban call option

Lo

Call Breakeven = Strike (exercise price) + Premium

15800

= 15750

+ 50

Li

Ngi mua Put Option

15760

Lo

15800

Ty gia
(VND/USD)

Ngi ban
Put Option

Put Breakeven = Strike(exercise price) - Premium

15760

= 15800

- 40

IV. TH TRNG GIAO SAU (FUTURES

MARKET)
Th trng giao sau la ni giao dch mua ban cac hp
ong giao sau ve hang hoa, tien te va cac cong cu
tai chnh. Hp ong giao sau (Futures contract) la
mot s thoa thuan ban hoac mua mot tai san (tien,
hang hoac chng khoan) nha t nh tai mot thi
iem xac nh trong tng lai va hp ong nay
c thc hien tai s giao dch.
www.liffe.com, The London international financial futures
and options exchange.
www.cme.com- Chicago mercantile exchange

Th trng giao sau co mot so ac iem sau ay:

c thc hien tai quay giao dch mua ban cua th
trng, thong qua moi gi i (Broker). Ngi mua va
ngi ban khong can biet nhau.
Phan ln cac hp ong giao sau thng c ket
thuc trc thi ha n, trong khi hp ong co ky han
(Forward) th a so cac hp ong eu c thanh
toan bang vie c giao ha ng chnh thc.
Hp ong giao sau ch co bon ngay co gia tr trong
nam (4 value date per year): Ngay th t tua n th
ba, thang ba, thang sau, thang chn va tha ng mi
hai. The third Wednesday of March, June,
September, december.
Ben tng ng (counterpart) khong phai la Ngan
ha ng ma la quay giao dch.
Nhng nha au t phai ky quy cho quay giao dch th
trng (margin) 5% tr gia hp ong.

Cac khoan l i lo (loss or profit) c ghi nha n va thu

nhap hang ngay vi clearing house (Phong thanh
toan bu tr).
Th trng giao sau quy nh kch c cho mot n v
h p ong (fixed amount per contract). 100.000 AUD,
100.000 CAD, 125.000 CHF, 62500 GBP, 1250.000
JPY (USD la ong tien nh gia)
Hp ong

Kch c

C tch

(Contract)

(Size)

(Tick size)

GBP/USD

62.500 GBP 0,0001

CHF/USD

125.000
CHF

0,0001

Gia tr cua
mot tch
(Value of 1
tick)
6,25 USD
12,50 USD

V du: Neu khach hang co khoan giao dch la

250.000 GBP (tc la 4 hp ong) va neu ty gia
giao ong t 1,5960 len 1,5970 th khoan chenh
lech bang USD se la:
250.000 x 0,0010 USD/GBP = 250 USD.
hoac la: 62500 x 4 x 0,001 = 250 USD.
Hoac = 4 x10 x 6,25 = 250 USD.