. A A 9 . . A7 TH VIN IN T TRC TUYEN MC LC LI M U.......................................................................1 CHNG 1. GII THIU CHUNG V TN DNG TH D PHNG..............................5 1. Lch s hnh thnh v pht trin tn dng th d phng....................5 2. nh ngha tn dng th d phng..........................................7 3. Quy trnh nghip v giao dch tn dng th d phng......................10 3.1. C s giao dch......................................................10 3.2. Cc bn tham gia giao dch tn dng th d phng.....................12 3.3. Quy trnh tin hnh giao dch tn dng th d phng..................16 4.Bn cht ca tn dng th d phng (Nature of standby)...................16 4.1. Tnh cht c lp (independence).....................................16 4.2. Tnh cht khng hu ngang (irrevocable)..............................17 4.3. Tnh cht chng t v rng buc khi pht hnh (documentary and binding)..................................................................18 4.4. Tnh cht d phng (standby).........................................18 5. Vai tr v tc dng ca tn dng th d phng........................19 5.1. Vai tr ca tn dng th d phng....................................19 5.2. Tc dng ca tn dng th d phng...................................21 6. Cc loi th tn dng d phng...........................................22 6.1. Phn loi theo -i tng bo m.....................................22 6.2. Phn loi theo tnh cht s kin lm pht sinh thanh ton............27 7. Phn bit tn dng th d phng vi th tn dng truyn th-ng v cc loi hnh bo lnh khc.....................................................28 7.1. Phn bit tn dng th d phng vi tn dng th truyn th-ng........28 7.2. Phn bit tn dng th d phng vi cc loi hnh bo lnh khc... 34 7.2.1. Phn bit tn dng th d phng vi bo lnh c lp..............34 7.2.2. Phn bit tn dng th d phng vi bo lnh c iu kin ( Conditional Guarantee )..................................................36 1 > A A ? A7 TH VIN IN T TRC TUYEN CHNG 2. NHNG RI RO THNG DAN ti tranh CHP TRONG GIAO DCH TN DNG D PHNG - c s PHP L gii QUYET CC TRANH CHP.......................................................................3 8 1. Nhng ri ro thng dn ti tranh chp php l trong giao dch tn dng th d phng................................................................38 1.1. Ri ro vi ngi xin m tn dng th d phng......................38 1.1.1. Ri ro bt kh khng...............................................39 1.1.2. Ri ro ngi xin m b ngi hng li lm dng, c hnh vi gian ln v la gt.......................................................40 1.2. Ri ro -i vi ngn hng pht hnh tn dng th d phng...........44 1.2.1 Ri ro bt kh khng...............................................44 1.2.2. Ri ro c tnh cht nghip v......................................47 1.3. -i vi ngi hng li............................................49 1.3.1. Ri ro khng c thanh ton s- tin th tn dng (nonpayment)..................................................................49 1.3.2. Ri ro b la gt..................................................54 2. C s php l gii quyt tranh chp pht sinh t giao dch tn dng th d phng................................................................56 2.1. Ngun php l qu-c t iu chnh giao dch tn dng th d phng 56 2.1.1. iu c qu-c t v giao dch d phng.............................56 2.1.2. Tp qun qu-c t v tn dng th d phng..........................57 2.2. Ngun php l qu-c gia iu chnh giao dch tn dng th d phng 60 2.2.1. C s php l ca giao dch tn dng th d phng ti M...........61 2.2.2. C s php l ca giao dch tn dng th d phng ti cc nc khc trn th gii........................................................64 CHNG 3. S CN THIT CA VIC PH BIN NGHIP v GIAO DCH TN DNG TH D PHNG TI TH TR

..............66 2 > A A ?. . A7 TH VIN IN T TRC TUYEN 1. Thc trng hot ng bo lnh ti th trng Vit nam trong nhng nm gn y.........................................................................66 1.1. C s hnh thnh v pht trin giao dch bo lnh nc ta.............66 1.2. Khi qut thc trng bo lnh Vit Nam..................................67 2. S cn thit ca bo lnh bng tn dng th d phng ti cc ngn hng thng mi Vit Nam.............................................................70 2.1. iu kin thun li t bn ngoi........................................71 2.1.1. s dng tn dng th d phng tr thnh mt tro lu ph bin trn th trng th gii trong mi lnh vc v mi cng on ca qu trnh kinh doanh... ..........................71 2.1.2. S tin trin mnh m trong quan h kinh t -i ngoi ca Vit Nam vi cc nc khc trn th gii c bit l quan h thng mi Vit M................... .......................76 2.2. Nhng tin thun li t bn trong....................................78 2.2.1. Nhu cu -i vi sn phm tn dng th d phng trn th trng Vit Nam ang dn c s bin i theo hng tch cc.........................78 2.2.2. Kh nng cung cp sn phm tn dng th d phng ca cc ngn hng thng mi Vit Nam................................................79 2.3. Nhng li ch m tn dng th d phng c th mang li cho th trng Vit Nam..............................................................80 2.3.1. Gp phn tch cc a dng ho v hon thin th trng bo lnh ni ring v th trng ti chnh tin t ni chung......................... 80 2.3.2 Gp phn nng cao hiu qu kinh doanh ca doanh nghip, thc y s pht trin ca cc m-i quan h kinh t thng mi c bit trong quan h kinh t -i n ................81 2.4. Nhng im thun li khi s dng tn dng th d phng ti th trng Vit Nam..............................................................81 2.4.1. Li th ca ngi i sau..............................................82 2.4.2 S ph hp vi c th nn kinh t nc ta............................82 3 > A A ? A7 TH VIN IN T TRC TUYN 2.4.3. S y ca ngun php l qu-c t iu chnhgiao dch TDDP .......................................................................84 3. Nhng xut nhm nhanh chng ph cp giao dch tn dng th d phng ti th trng Vit Nam.............................................84 3.1. Nhng kh khn thch thc khi s dng tn dng th d phng ti Vit Nam............................................................... 84 2. Nhng xut nhm nhanh chng ph cp loi hnh giao dch tn dng th d phng ti th trng bo lnh Vit Nam.............................87 KT LUN......................................................................95 TI LIU THAM KHO............................................................97 4 . A A 9 . . A7 TH VIN IN T TRC TUYN LI M U 1. Tnh cp thit ca ti Trong nhng nm gn y cng vi qu trnh hi nhp ca nn kinh t vi th gii bn ngoi th rng bo lnh nc ta c s si ng nht nh vi s xut hin a dng ca nhiu loi h gia trn th gii. Khi nn kinh t ang trn pht trin, nhu cu -i vi cc giao dch tro dng c s h tng v k thut tng ln mnh m ko theo s tng ln ca nhu cu bo lnh t ca hnh thc bo lnh bng tn dng th d phng ti M v cc qu-c gia khc trn th gii hnh qu-c t ny du nhp v c trin vng ph bin th trng nc ta. Do c tnh dung ho tn dng thng mi v bo lnh c lp, tn dng th d phng ph hp vi nhng c trng c cho cc giao dch trong nhiu lnh vc, a dng ho v hon thin th trng bo lnh ni ri ung, gp sc vo s pht trin chung ca khu vc ngn hng theo kp trnh cng ngh ngn h

rin chung ca nn kinh t. Chnh v vy vic tm hiu v h th-ng ho bn cht, nghip v, phng trn th gii nhm nhanh chng ph cp ho thng tin, lm thay i dn nhn thc v hp lnh hin i kiu M cn ht sc mi m! v cha c ngi Vit lu tm ny tr thnh mt Mt s- vn v tn dng th d phng trong thanh ton qu-c t' 1 . A A 9 . . A7 TH VIN IN T TRC TUYN 2. Mc tiu nghin cu ca ti H th-ng ho l lun v tn dng th d phng v nghip v tn dng th d phng theo Khi qut nhng ri ro tim n trong giao dch tn dng th d phng v c s php l iao dch. Nu ln s cn thit ca giao dch tn dng th d phng v a ra mt s- kin ngh ti th trng Vit Nam 3. -i tng v phm vi nghin cu C nhiu loi hnh bo lnh v th tn dng ni chung trong thanh ton qu-c t nhng ti n d phng vi phm vi nghin cu bao gm: Khi nim, c trng ca sn phm, nghip v giao dch Nhng ri ro c tnh c th c th lm pht sinh tranh chp lin quan n giao dch v v c s php l hnh thnh giao dch v gii quyt tranh chp pht sinh S cn thit ca vic s dng tn dng th d phng v nhng xut nhanh chng p 4. Phng php nghin cu ca ti Phng php duy vt bin chng v duy vt lch s theo quan im ca ch ngha Mc L Phng php tng hp- phn tch Phng php -i chiu- so snh Phng php m t v khi qut ha -i tng nghin cu. Cc phng php trn c s dng kt hp cht ch trn c s cc quan im kinh doanh thng mi v php l ca ng v Nh nc ta. 5. Kt qu nghin cu ca ti 2 . A A 9 . . A7 TH VIN IN T TRC TUYN Cung cp thng tin mt cch c h th-ng v khi nim, bn cht, nghip v giao dch, tranh chp gia cc bn, c s gii quyt nhng tranh chp v nu bt tm quan trng ca h Vit Nam cng vi vic a ra mt s- xut thc hin. Tc ng v lm thay i nhn thc ca cc doanh nghip, ca cng ng ngn hng c#ng ca tn dng th d phng, v xu th s dng n trong th trng ti chnh tin t th gii, trn th trng bo lnh nc ta. H th-ng thng tin l lun v thc tin giao dch tn dng d phng trong ti s c inh t v bt c ai c m-i quan tm su sc ti cc lnh vc ti chnh tin t qu-c t. 6. im mi ca ti Tn dng th d phng l mt sn phm ti chnh tuy rt u vit v nc ta. V th cc ti liu tham kho v tn dng th d phng bng ting Vit khng nhiu. n trng ca ti ny "Kho lun t-t nghip K35- Tn dng th d phng v kh nng p dng t " l mt cng trnh nghin cu ht sc phong ph v b ch v tn dng th d phng song cha trong loi hnh giao dch ny v qu thin v m t nghip v tn dng th d phng. V vy H th-ng ho nhng khi nim c bn v tn dng th d phng da trn quy nh ca lu H th-ng ho cc ri ro i km vi giao dch tn dng th d phng v c s php l sinh t giao dch. 3 . A A 9 . . A7 TH VIN IN T TRC TUYN Nu bt s cn thit ca giao dch tn dng th d phng -i vi th trng Vit Nam rn th trng bo lnh nc ta. 7. Kt cu ca ti Ngoi phn m u v kt thc ti c kt cu theo 3 chng: Chng 1. Tm hiu chung v tn dng th d phng Chng 2. Mt s- vn php l c lin qua Chng 3. S cn thit ca vic ph bin giao dch tn dng th d phng ti th trng Vit Ngi vit ti ny xin trn trng cm n thy L Th Bnh ngi trc tip hng dn thc h it tnh ca cc cn b trong Ban thnh vin v o to ca Phng thng mi Vit Nam. ti ny c thc hin trong iu kin thi gian chi ph, ngun ti liu v trnh cn h st, knh mong c s gp ca cc thy c, cc bn. 4

> A A ? A7 TH VIN IN T TRC TUYN CHNG 1. GII THIU CHUNG V TN DNG TH D PHNG 1. Lch s hnh thnh v pht trin tn dng th d phng Th tn dng l mt loi hnh sn phm ti chnh c lch s hnh thnh v pht trin lu di. c hnh thnh di hnh thc ca cc bo lnh th thng mi. Nm 1200 tn dng th c t nh. Vo khong th k 18, tn dng th c ghi vo Lut dn s Anh (Common Law). Tn dng th d phng l sn phm mi ch xut hin cch y khng lu, l kt qu sng to d hng thng mi M. T khi ra i cho ti nay n c s pht trin v v th ng k trong Tn dng th d phng ra i t nc M do o Lut ngn hng ni a (National Bank Act 1864 hng khng cho php cc ngn hng thng mi M ng ra cam kt tr n cho khch hng. Trong ngy cng tr nn a dng v phc tp lm cho tnh ri ro -i vi cc giao dch ngy cng t c#ng tng theo nn cc ngn hng M buc phi tm cch thc no cung cp dch v bo l ti chnh ca cc ngn hng cho khch hng nhng di hnh thc chp nhn h-i phiu c xut hn c s ng h rng ri ca khch hng, cc ngn hng v cc to tiu bang M v tnh ti Thng 5 nm 1977, Lut din gii M c ban hnh cho php cc ngn hng thng mi M c b hnh tn dng th. Theo ngn hng ch c trch nhim thanh ton khi nhn c h-i phiu ho Payment) yu cu 5 . A A 9 . . A7 TH VIN IN T TRC TUYN thanh ton theo ng qui nh ca tn dng th d phng m khng phi chu trch nhim v s khng hay v nhng vn pht sinh t hp ng g-c. y l qui nh nm trong khon a iu Sau khi iu khon din gii uc ban hnh, ti cc ngn hng thng mi M hnh thnh nn gi hng li mt khi n c xut trnh cng vi mt vn bn tuyn b- c s vi phm hp mt loi hnh giao dch bo lnh m khng c tn gi l bo lnh ra i vi tn gi tn d it). 18 nm sau, khi c quan kim sot tin t Hoa K (Comptroller of Currency) pht hnh ton b sa i cu-i cng ca iu khon din gii cho php cc ngn hng ni a pht hnh tn dng g th d phng v bo lnh c lp u tr thnh nhng cng c ti chnh c cng nhn trn lnh c lp thay th cho tn dng th d phng. Hai cng c bo lnh ny lm hnh thnh mt knh bo lnh c lp theo kiu chu u (Bank Guarantee) do cc t chc ti chnh phi ng lnh bng tn dng th d phng do cc ngn hng thng mi cung cp. Tuy nhin do tnh u v thanh ton ti M v c#ng do thi quen s dng nn ngi M vn a chung loi sn phm ti hi Qui tc tn dng th d phng qu-c t ISP 98 v Cng c Lin Hp Qu-c v bo lnh c lp chn mui v tm quan trng ca tn dng th d phng cng c khng nh trn phm vi vt Ngay sau khi ISP 98 - b quy tc qu-c t chuyn bit iu chnh tn dng th d phng ra i tn dng th d phng pht trin khng ngng khng ch trn nhng th trng ln nh M, 6 . A A 9 . . A7 TH VIN IN T TRC TUYN Nht Bn m cn lan rng sang chu u, Khu vc Trung ng, chu v Chu M La Tinh, c bi chu nh hng ln ca phong cch kinh doanh M. Trong nhng nm gn y tn dng th d phng lun thu ht c s quan tm rng ri ca cc tin t qu-c t v c nhiu kin nh gi n s tr thnh mt phng tin thanh ton ca th ai tr v nh hng ln ca nn kinh t M -i vi th gii cn li vn khng h thay i tro hm tin tin hin i kiu M ny pht trin ti mc cao nht s l khng nh. 2. nh ngha tn dng th d phng Tuy mi ra i khng lu nhng tn dng th d phng tr thnh mt xu hng ph bin trong rong nhng nm gn y. Chnh v th c th d dng tm hiu nh ngha tn dng th d phng t hay tp qun thng mi qu-c t hin hnh, trong danh mc sn phm dch v v cc ti li th gii. Theo iu 5-103, Chng 5 B lut thng mi M UCC, th tn dng thng mi (trong c tn dng l cam kt chc chn tho mn...ca mt ngn hng pht hnh vi ngi hng li theo y bng tin ca c nhn hay t chc , thanh ton hoc chuyn giao ti vt khi nhn c b ch Bn qui tc v thc hnh th-ng nht tn dng chng t ca phng thng mi qu-c t ICC n bn th d phng mt cch gin tip qua nh ngha chung v th tn dng l "bt c tho thun n hnh s tr tin cho hoc tr theo lnh ca bn th ba hoc chp nhn v tr tin h-i phiu d 7 > A A ? A7

TH VIN IN T TRC TUYN Qua nhng nh ngha trn c th thy mi tn dng th d phng phi l mt vn bn hi t dng, ngi th hng. Trong giao dch, ngn hng pht hnh ch hnh ng vi vai tr lm tr hng ch gii hn trong vic kim tra chng t c ngi hng xut trnh v thanh ton nu iu khon v iu kin ca th tn dng. R rng nh vy nhng nh ngha trn vn ch l k thng mi ni chung theo ng mc ch iu chnh ca cc vn bn m cha nu bt c th Nm 1988, U ban Lin Hp Qu-c v Lut thng mi qu-c t (UNCITRAL) trn c s xem xt ng vn bn qui nh chung cho tt c cc loi hnh bo lnh (gm c tn dng th d phng) v n Hp Qu-c v bo lnh v tn dng th d phng UNCITRAL quy nh: "mt cam kt l mt trch n bo lnh c lp hoc l tn dng th d phng ca mt ngn hng hoc t chc hoc mt ngi ngi nhn bo lnh (ngi hng li) mt s- tin nht nh hoc c th xc nh c khi chng t ca cam kt hoc cho bit hoc t c th suy on phi thc hin thanh ton v vi Theo nh ngha ny th tn dng th d phng l mt cam kt khng hu ngang v c lp ca n ca tn dng th d phng ngi hng li xut trnh chng t ph hp vi yu cu ca tn d cn lu y chnh l c trng ca chng t thanh ton phi th hin r s vi phm ca n vic thanh ton tn dng th d phng c#ng c thc hin tr phi c hnh vi khng thc 8 . A A 9 . . A7 TH VIN IN T TRC TUYN hin ngha v theo hp ng c s ca ngi xin m v ngi hng li p ng c cc yu c Tn dng th d phng l loi hnh dch v ngn hng ngy cng c a chung trn th gii t li khng phi l nhng ngun php l chuyn bit iu chnh cho giao dch loi ny v th IC g th d phng qu-c t (ISP 98). iu 1.06- ISP 98 nu r nh ngha tn dng th d phng "l lp, bng vn bn, v c tnh cht bt buc mt khi c pht hnh v khng nht thit phi t h cam kt vi ngi hng li s thanh ton chng t xut trnh trn b mt ph hp vi cc ... ngi pht hnh phi thanh ton chng t xut trnh bng vic chuyn tin theo phng th nhn h-i phiu ca ngi hng li..., hoc chp nhn tr tin sau hoc chit khu (A standb ependent, documentary and binding undertaking when issued and need not ot state ...), (an issuer undertake to the beneficiary to honour a presentation that appe ars on its face to comply with the terms and conditions of the standby). Trong nh ngha trn c th thy ISP 98 nu bt c xu th m rng v ph cp ca tn d ng khun kh ca tn dng th truyn th-ng. Nhng thut ng quan trng c s thay i. C tandby letter of credit", "issuer" thay th cho "issuing bank" v " confirmer " c thay ho "confirming bank". iu ny cho php m rng phm vi s dng tn dng th d phng v quy t cc ngn hng thng mi sang tt c cc loi hnh t chc ti chnh tn dng c uy t thnh v pht trin ca tn dng th d phng. Nh vy qua nhng nh ngha nu trn c th hnh dung mt tn dng th d phng v mt hn 9 > A A ? A7 TH VIN IN T TRC TUYN dng th d phng chng ta cn xem xt ti quy trnh nghip v tin hnh giao dch. 3. Quy trnh nghip v giao dch tn dng th d phng 3.1. C s giao dch C#ng nh trong giao dch th tn dng thng mi tn dng th d phng c hnh thnh trn c a. Giao dch c s (underlying contract) y c th l tho thun v quyn li v ngha v gia ngi mua v ngi bn (hiu theo ngh rong u t, xy dng, lin doanh lin kt, bo him, chng khon...Ni dung ca giao dch c bi v mc ch ca tn dng th d phng l nhm m bo thc hin mt ngha v no tron i ti chnh) v tn dng th d phng c pht hnh da trn c s c s tn ti ca giao d g ho v cung cp dch v, hp ng vay n vin tr, hp ng bo him, hp ng thu mua , h ..v i khi ch l mt ngha v ti chnh nh np thu ph...Trong giao dch c s, hai bn g nga ri ro -i tc khng thc hin hp ng bng mt tn dng th d phng quy nh trong conditions) hay trong iu khon bo lnh (Guarantee) thng nm mt sau ca hp ng g-c. c tnh cht thay th cho mt khon tin c th c thanh ton cho ngi b vi phm trong h b. Hp ng u thc (mandatory contract) L hp ng do ngi yu cu m th tn dng v ngn hng pht hnh tho thun v k kt v t an h gia ngi xin m (applicant, accountee hay drawee) vi ngn hng pht hnh (issuing ba theo c ch hot ng ca tng ngn 10 . A A 9 . . A7

TH VIN IN T TRC TUYN hng, ngi xin m- sau ny s l ngi c bo lnh lp ra mt yu cu m tn dng th d p hnh sn c hay bng mt hp ng tho thun hay bng mt cng vn ngh ngn hng pht hn gn hng pht hnh hng. Thng thng hp ng ny phi c y nhng ni dung ch yu ca tn dng th d phng v g pht hnh khon tin m ngn hng pht hnh thanh ton cho ngi hng cng vi nhng ch hanh ton . V trong khi tho thun hp ng ny hai bn phi quy nh r ngn hng pht hnh ch thanh t hin ngha v ca hp ng g-c. c. Tn dung th d phng (standby letter of credit) L cam kt gia ngi pht hnh v ngi hng v ngha v thanh ton tn dng th d phng n th tn dng. Nh nu trong khi nim xt trn b mt tn dng th d phng khng khc g so vi th tn tng t nh th tn dng truyn th-ng nh tn ngi hng, ngi xin m, ngn hng pht hnh kt ca ngi xut trnh, gi tr th tn dng, v cc iu khon iu kin khc. Tt nhin trong yu cu -i vi chng t xut trnh thanh ton ca mt tn dng th d ph t c trng cho tnh cht d phng ca giao dch. Khi cc bn khng c yu cu g khc nh tu chnh hay hu b tn dng th d phng th hnh t hnh ngha l hai bn phi thc hin quyn v ngha v tho thun trong hp ng u nhim ngha v tr tin nu ngi hng xut trnh chng t ng theo yu cu ca th tn dng cn tin m ngn 11 > A A ? A7 TH VIN IN T TRC TUYN hng pht hnh thanh ton cho ngi hng v nhng chi ph khc. V quyn li, ngn hng p v dch v va cung cp cho ngi xin m, qua ngun tin cho ngi ny vay khi h khng k q khi ngi xin m k qu 100% th ngn hng vn c th thu li t nh mt khon tin gi t nh gi cao trong quan h lm n. Ngi xin m cn c th c ti tr v v-n khi khng ph Ba hp ng c nhc trn y c m-i quan h cn phi c cc bn tham gia giao dch lu . h d phng ngha l c s hnh thnh giao dch tn dng th d phng l hp ng g-c v hp th d phng c tnh cht c lp vi nhng hp ng c s hnh thnh ra n v lm nn c t o dch. 3.2. Cc bn tham gia giao dch tn dung th d yhng. Trong mt giao dch tn dng th d phng hi t cc bn chnh nh ngi xin m, ngn hng ngn hng xc nhn. Ngi xin m (opener, accountee, applicant hay drawee) L ngi c nhu cu c bo m cho mt ngha v no phi thc hin trong giao dch ca n y tr tin hng trong hp ng thng mi, ngha v thc hin cng trnh khi trng thu xy d in thu mua my mc thit b, ngha v np thu ph... -i tc ca mnh tin tng kh nng h c uy tn bo m cho vic thc hin nhng ngha v cho -i tc hng li. -i vi mt s m cn c th l ngn hng hay ngi hng li ca mt tn dng th d phng g-c. Theo quy nh ca ISP 98 ngi xin m th tn dng d phng c th l: 12 . A A 9 . . A7 TH VIN IN T TRC TUYN Mt ngi ng tn mnh yu cu m tn dng th d phng bo lnh cho mt ngha v pht hnh th tn dng. Mt ngi pht hnh t hnh ng vi chi ph ca chnh mnh. Mt ngn hng c ngn hng khc pht hnh th tn dng hay xc nhn tn dng th d Nh vy ngi xin m th tn dng l mt khi nim rt rng di quy nh ca ISP 98 nhm p ong th trng ti chnh hin i. Ngi pht hnh (issuer) L ngi a ra cam kt thanh ton cho ngi hng nu ngi hng xut trnh chng t ng y sau: "ngn hng pht hnh cam kt chc chn mt khi cc chng t quy nh c xut trnh cho ht hnh v nhng iu khon v iu kin ca tn dng th c thc hin ng: Nu th tn dng quy nh tr tin ngay th ngn hng tr tin ngay. Nu th tn dng quy nh tr tin sau ngn hng phi tr vo cc ngy o hn c x Nu th tn dng quy nh chp nhn: a. Bi ngn hng pht hnh th ngn hng pht hnh chp nhn cc h-i phiu do ngi hn phi tr vo ngy o hn.

b. Bi ngn hng tr tin khc th ngn hng pht hnh chp nhn tr tin khi n hn ph cho ngn hng pht hnh trong trng hp ngn hng tr tin quy nh trong th tn dng khn o h, hoc thanh ton cc h-i phiu c chp nhn nhng khng c tr tin bi ngn hng Nu th tn dng quy nh cht khu th thanh ton min truy i ngi k pht v (ho ngi hng li k pht v /hoc cc chng t xut trnh theo th tn dng ...". 13 > A A ? A7 TH VIN IN T TRC TUYN Nh vy theo UCP ch c cc ngn hng thng mi gi vai tr l ngi pht hnh th tn dng. qu-c t iu chnh tn dng th d phng nh ISP 98 v cng c UNCITRAL th phm vi pht hn gn hng thng mi sang bt k t chc ti chnh tn dng no c uy tn v tim lc. Do ...c#ng u c th vo cuc trn th trng bo lnh bng tn dng th d phng. Nhng cn l d phng khng ng ngha vi vi vic thay i quyn v ngha v truyn th-ng ca ngi pht "Ngi pht hnh khng c trch nhim vi: Vic thc hin hay vi phm bt c giao dch c s no. S chnh xc hay tnh chn thc hay hiu lc ca bt k chng t no xut trnh theo Hnh ng hay b qua hnh ng ca ngi khc thm ch ngi c ngi pht hnh Vic tun th theo lut php hay tp qun khc c chn trong tn dng th d phng h d phng." C th nhn ra y gii hn trch nhim ca ngi pht hnh ch l trung gian c lp trong Ngi hng li (benetciarv, drawer) "... l mt ngi ch danh c quyn i thanh ton theo tn dng th d phng... ", ( iu Nh vy ngi hng li c#ng l mt bn trong giao dch tn dng th d phng, l ngi c ngi pht hnh khi xut trnh chng t ng yu cu ca th tn dng trong trng hp ngi gi mua, ngi cho vay, nh u t. ... trong cc hp ng thng mi, tn dng, xy dng. T tp ca giao dch vi s tham gia ca ngy cng nhiu bn nn ISP 98 phn 14 > A A ? A7 TH VIN IN T TRC TUYN nh xu th ny bng vic quy nh ngi hng cn c th l ngi c ngi hng ban u ch gm c ngi m ngi hng li ch danh chuyn nhng thc s quyn i thanh ton cho ng o dch chng t nn vic xc nh ngi hng li rt quan trng. Tn v a ch ngi hng g tn dng th d phng m bo quyn li cho ngi hng. Ngi thng bo (adviser) Theo iu 2.05 ISP 98 ngi thng bo l ngi do ngn hng pht hnh ch nh thng bo v i tn dng th d phng cho ngi hng hay ngn hng ca ngi hng. Nh vy ngn hng t n-i lin lc gia ngi pht hnh th tn dng v ngi hng li. Ni chung trong giao dch h tn dng ti ngay ngi hng m m khng cn s dng ti mt ngn hng thng bo nhng tr hng ch nh mt ngn hng i l nc ngi hng thng bo vic pht hnh v sa i h tn dng v khng b rng buc vo ngha v thanh ton tn dng th d phng. Ngi xc nhn (confirmer) L ngi da vo ch th ca ngi pht hnh thc hin xc nhn th tn dng. ISP 98 quy nh "ngi pht hnh bao gm mt ngi xc nhn" (iu 1.11). Nh vy cam kt xc pht hnh tn dng th d phng c lp cng thm vo vic pht hnh tn dng th d phng c mt ngi khc xc nhn khi c yu cu ca ngi xin m trong khi ng k m L/C v chi ph x 15 > A A ? A7 TH VIN IN T TRC TUYN 3.3. Quy trinh tin hnh giao dich tn dung th d phng Bc 1: Ngi xin m v ngi hng thit lp giao dch c s Bc 2: Ngi xin m lp ch th pht hnh tn dng th d phng bng cch in vo mu n v gi cho ngi pht hnh. Bc 3: Ngi pht hnh nu ng pht hnh s gi thng bo ti ngi hng (c th qua ng Khi ngi xin m khng thc hin ngha v hp ng c s Bc 4: Ngi hng lp tuyn b- vi g t khc theo yu cu ca th tn dng ti ngn hng c ch nh thanh ton hay chit khu Bc 5: Ngi c ch nh nhn chng t nu ng thi l ngi thanh ton s kim tra b ch h hp vi yu cu ca th tn dng Bc 6: Ngi c ch nh gi chng t ti ngi pht hnh yu cu thanh ton hay hon tr Bc 7: Ngi pht hnh kim tra chng t v hon tr cho ngi ch nh nu chng t ph hp Bc 8: Ngi pht hnh ghi n ti khon ca ngi xin m hay gi thng bo i tin ti ng

4.Bn cht ca tn dng th d phng (Nature of standby) Qua cc nh ngha khc nhau v quy trnh nghip v ca giao dch c th rt ra bn cht ca d phng, c lp, khng hu ngang, c tnh cht chng t v rng buc khi c pht hnh. 4.1. Tnh cht -c lap (independence) Tnh cht ht sc quan trng ny c nguyn do lin quan ti s ra i ca tn dng th d ph g l mt loi hnh bo lnh theo yu cu hay cn gi l bo lnh c lp "kiu M". Hn na n dng th truyn th-ng 16 > A A ? A7 TH VIN IN T TRC TUYN nn tn dng th d phng khng ph thuc vo s tn ti hay hiu lc ca bt k giao dch ghp ng u nhim (application- mandate contract) hay tu thuc vo bt k iu khon hay i g cam kt d phng hay bt c hnh vi hoc s kin khng chc chn trong tng lai. Cc ngha li khng b nh hng bi cc quyn v ngha v ca ngi pht hnh v ngi xin pht hnh. t hoc mt hnh vi hay s kin khc trong phm vi hot ng ca ngi pht hnh th tn dng th d phng l mt cam kt c lp nn kh nng thc thi ngha v ca ngi pht hnh khng Quyn hay kh nng ca ngi pht hnh trong vic i ngi xin pht hnh hon tr ti Quyn ca ngi hng li c ngi xin pht hnh thanh ton, hay Nng lc thc hin ca ngi pht hnh hoc bt k s vi phm tho thun hon tr ti Hn na ti iu 3.10 ISP 98 cn quy nh r: "ngi pht hnh khng c ngha v phi thng b eo yu cu ca tn dng th d phng". y l quy nh gip m bo nguyn tc c lp ca ca rong quyn t quyt thanh ton cho b chng t m ngi hng li xut trnh m khng gp cn 4.2. Tnh cht kh-ng hu ngang (irrevocable) iu ny c khng nh r trong c UCP 500, ISP98 v Cng c Lin Hp Qu-c v bo lnh c Cc vn bn ny u nu r cm t "irrevocable undertaking". S khng nh chc chn ny lo th tn dng ca ngi pht hnh mt khi cha c s ng ca ngi hng, ngi u nhim. T hng c th hu ngang nhng iu y ngi hng vo th bt li nn 17 . A A 9 . . A7 TH VIN IN T TRC TUYN trong thc t giao dch hu nh khng xut hin tn dng th d phng c th hu ngang. V th ang l mt c trng cho bn cht ca mt tn dng th d phng. 4.3. Tnh cht chng t v rng buc khi pht hnh (documentary and binding) Trong giao dch tn dng th d phng vic thanh ton ca ngi pht hnh ch ph thuc vo s cu ca tn dng th. C#ng gi-ng vi cc loi tn dng th thng mi khc ngn hng pht hn ca chng t c xut trnh trong thi hn hiu lc ca th tn dng. V bn thn tn dng t thc hnh th-ng nht tn dng chng t UCP cho nn n mun tha vn l mt hnh thc thanh to Do tn dng th d phng l mt cam kt rng buc khi c pht hnh nn n "c gi tr r c u quyn pht hnh hoc ngi pht hnh nhn c ph hoc ngi hng li nhn c uc ny c#ng chnh l s th hin tnh c lp ca mt cam k d phng nu ti 4.2. 4.4. Tnh cht d phng (standby) y l nt c trng cho giao dch tn dng th d phng trong m-i tng quan so snh vi cc ha v tn dng th d phng nu trn, vic thanh ton s- tin th tn dng ch c th non-performance hay cn gi l default) ca ngi xin m. iu c ngha l nu ngi xin m th d phng coi nh ht hiu lc v khng c hot ng thanh ton no c. y ngha v tha yu (secondary) ch khng phi l ngha v chnh yu m ngn hng pht hnh chc chn phi l bng th tn dng truyn th-ng. Vy nn tn dng th d 18 . A A 9 . . A7 TH VIN IN T TRC TUYN phng ch pht hnh trn c s tr tnh, d phng cho mt kh nng s c hnh vi khng thc h hnh v b p cho ngi hng v vic khng thc hin ngha v ca ngi xin m ng nh 5. Vai tr v tc dng ca tn dng th d phng. 5.1. Vai tr ca tn dung th d phng a. Vai tr m bo v n -c thc hin ngha vu hp ng Bo m l vai tr chnh ca c bo v vic pht hnh bo lnh qua tn dng th d phng t pha ngn hng pht hnh hay ngn ngi hng li c th yn tm v vic thc hin ngha v trong hp ng c s ca pha -i t t hp ng c s ca bn xin m cam kt d phng ngi ny s c m bo thanh ton t ph Trn thc t, trong cc giao dch thng mi dch v a dng phc tp v trn phm vi rng v cc bn tham gia giao dch u phi chu nhng ri ro nht nh. Ngi bn lun c th khng

h v giao, ngi mua th khng nhn c hng ho ng yu cu hay khng nhn c hng, c v ngi cho vay c th b qut n trong hp ng vay n, ngi mua bo him khng chu ng b -i tc ph v hp ng... Tm li nhng thit hi tn tht c th xy ra l khng nh kh hnh v th nhu cu c s bo m ca mt bn th ba c uy tn v tim lc ti chnh cho c trn ca cc bn trong giao dch ngy cng cao d c th hn ch nhng ri ro nh vy. Xt v nguyn tc, trong mi giao dch thng mi bn no vi phm bn y phi chu trch nhi rc tip. V li ch kinh t 19 > A A ? A7 TH VIN IN T TRC TUYN ca chnh mnh cc bn s c trch nhim thc hin t-t cc ngha v cam kt trnh phi trong c cam kt d phng s t-i thiu ho ri ro cho ngi hng li nh c s bo m m pha ngi xin m. Theo th-ng k ca cc ngn hng M ch c 1% s- giao dch d phng c th dng tn dng th d phng hu ht cc bn u hon thnh ngha v ca h. Nh th s bo m m kt d phng v cam kt d phng ch cn mang tnh cht "d phng" ng nh bn thn tn g -i vi ngi xin m th tn dng d phng, cam kt d phng buc h phi la chn hoc thc ao hiu qu kinh doanh c#ng l nng cao uy tn, kh nng cnh tranh ca mnh trong mi trng cng kh khn nh hin nay cch l chn duy nht ca ngi xin m l thc hin t-t ngha v h d phng c#ng gy nn p lc ca vic tr tin khi c s vi phm ca ngi xin m nn bn in php n -c ngi xin m thc hin ngha v theo hp ng. V th tn dng th d ph iu qu v s -c thc ny khin cho tnh m bo ca tn dng th d phng -i vi ngi h b. Vai tr ti tr Khi ngn hng chp nhn m tn dng th d phng cho ngi xin m th vic ng ngha vi v ti chnh tn dng m cn cung cp mt cng c ti tr v v-n v uy tn cho khch hng c Tht vy, thng thng ngn hng khng i hi khch hng phi k qu 100% gi tr th tn d , quan h sn c vi ngn hng hoc da trn phn tch nh gi v tnh kh thi ca hp ng khng. 20 . A A 9 . . A7 TH VIN IN T TRC TUYN -i vi cc khch hng m ni iu ny thc s c ngha quan trng trong nhng hp ng c . Ngoi ra c c tn dng th d phng kh nng cnh tranh ca ngi xin m trn th trng c g hp ng. Khi nghin cu cc loi tn dng th d phng c th vai tr ny cng c th hin r, c b ti chnh nh tn dng th d phng khon tin ng trc (advance payment standby), tn dng y d phng cc loi thu ph phi np (insurance standby or the likes) hay loi tn dng th ton trc tip (direct-pay standby). Nh tnh cht ny tn dng th d phng tr thnh cng c ti tr rt hp dn m ngn hng c 5.2. Tc dung ca tn dung th d phng. a. -i vi ngi pht hnh th tn dung Ngi pht hnh khng nhng c th thu c ph m tn dng th d phng ca ngi xin m m th tn dng tin hnh trong qu trnh thanh ton nh bu ph in ph thng bo m LC, ch dng sang cc ngn hng i l hoc cc ngn hng khc. Trong trng hp ngn hng pht hnh h vic hon tr (reimbursement) ca ngi xin m l ngay lp tc v v iu kin (on demand) b. -i vi ngi xin m Tn dng th d phng va l cng c m bo v uy tn cn l cng c ti tr v-n m ngn hn g giao dch so vi cc -i th khc ang cnh tranh cng h trong giao dch vi ngi hng. c. -i vi ngi hng li 21 > A A ? A7 TH VIN IN T TRC TUYN Li ch cho ngi hng li l ln nht bi v khng nhng h nhn c s bo m cao v vi trng hp l ngi b vi phm do ngi xin m khng thc hin hp ng mt khi tun th ng th tc -i vi ngi hng li ht sc thun li v cc chng t yu cu khng phi do bn g thng ch l tuyn b- vi phm) v xut trnh trong thi hn hiu lc ca th tn dng l 6. Cc loi th tn dng d phng 6.1. Phn loai theo -i tng bo m Do tnh cht linh hot ca tn dng th d phng nn giao dch ny c s dng rng ri tron cc hp ng thng mi dch v, thu mua, mi gii, bo him, gia cng ch bin, lin doanh

quan v cc hp ng tn dng. Tn dng th d phng cn c pht hnh nhm bo lnh cho ho hon vay n trong nc c#ng nh ngoi nc, cc khon tn dng xut nhp khu v trong vic o phn quyt ca to n. Trn thc t, tn dng th d phng cn c s dng kt hp cng c cho cc bn trong qu trnh s dng vic phn loi chi tit cc loi tn dng th d phng th g Quy tc thc hnh tn dng th d phng qu-c t ISP 98. Tn dng d phng m bo thc hin (performance standby) L loi tn dng th d phng c pht hnh nhm m bo ngha v thc hin hp ng ca ng tr cc khon thit hi pht sinh do vi phm hp ng ca ngi xin m th tn dng d phng 22 . A A 9 . . A7 TH VIN IN T TRC TUYN Loi tn dng th d phng ny gip cho ngi mua trong hp ng c s gim thiu ri ro ng hay giao hng thiu khng p ng c yu cu cht lng. N c th c s dng rng ri t Tn dung th d phng m bo u thu hay d thu (Bid / Tender Standby) L cam kt ngn hng pht hnh s tr tin cho ngi hng li th tn dng nu ngi xin m na. Loi tn dng th ny mang li li ch cho c hai bn tham gia k kt hp ng c s. -i vi l mt s m bo cho kh nng thc hin hp ng khi ngi ny trng thu. Nh th ngi n hu khc trong qu trnh chn lc h s d thu v c hi trng thu cao hn. Trong khi ng hn c s bo m thc hin hp ng, mt mt c th la chn c nh thu c kh nng lm h hon tr tin theo tn dng th d phng. Trong loi th tn dng ny, s- tin v thi hn hiu lc thng do nh u t t ra. Thng ko di cho n khi ngi d thu trng thu v k kt c hp ng thng mi. Khi ngi d Tn dung th d phng ti chnh (Financial Standby) L loi tn dng th d phng bo m cho ngha v tr tin ca ngi xin m theo ngi h rnh bt k chng t no chng minh ngha v tr li khon tin vay. Tn dng th d phng ti chnh l loi hnh mang c trng r nt vai tr ti tr ca ngn h hng 23 . A A 9 . . A7 TH VIN IN T TRC TUYN ti chnh c gi tr ln ti 100% gi tr hp ng c s khin cho n tr thnh s bo m g y l loi hnh tn dng tn dng th d phng c c im bo lnh hp ng vay n hoc m Tn dung th d phng thanh ton trc (Advance Payment Standby) L loi tn dng th d phng nhm m bo cho nhng khon tin ng trc m ngi hng li Trn thc t khng ch trong cc hp ng mua bn cc ti sn c gi tr ln nh mua bn lp trong nhiu thng v ph bin, nhm nng cao tnh cnh tranh ca chnh mnh cc bn thng ua nhng khon tin t cc hay tr trc t 5% n 20% gi tr hp ng . V th s c mt c nhng khon ng trc m ngi hng cp cho ngi xin m th tn dng trnh cho ngi Tn dung th d phng tr tin trc tip (Direct-pay Standby) L loi tn dng th d phng m bo cho cc khon thanh ton ti hn theo hp ng g-c n hm hp ng hay khng "support payment when due of an underlying payment obligation typic ally in connection with a financial standby without regard to a default". Theo qui nh ca loi th tn dng ny ngi hng li c quyn yu cu ngn hng pht hn khng cn gi mnh lnh i tin ti ngi xin m tn dng th d phng. Do d khng c h ngi hng li vn c m bo thanh ton v tn dng th d phng lc 1 Theo th-ng k ca DCW July August 2000 th SLC ti chnh gp hn 4,5 ln SLC m bo thc h cc loi tn dng th d phng khc. 24 . A A 9 . . A7 TH VIN IN T TRC TUYN ny l mt giao dch chc chn c thc hin ch khng ch c tnh cht d phng nh tn gi y ta li thy tn dng th d phng khng khc g mt th tn dng truyn th-ng v ngn h hi xut trnh chng t ph hp vi yu cu ca th tn dng trong thi hn hiu lc cu th t . Tn dng th d phng thanh ton trc tip thng s dng nh mt cng c bo lnh cc hp th-ng l mt phng thc thanh ton trong cc hp ng thng mi hng ho thng thng. Tn dng th d phng hp ng bo him v th d phng cc loi thu ph khc phi n ) L loi tn dng th d phng m ngn hng pht hnh cam kt tr tin ph bo him, ph ti b in m khng np nhng khon ph ny ng hn.

Trn thc t -i vi cc hp ng thng mi qu-c t khi m gi tr bo him ln ti 110% gi g ho th tn dng th d phng gip ngi xin m tm hon phi tr mt s- tin ph bo him ng khc. Ngoi ra trong cc thng v lm n ca mnh ngi xin m cn phi thc hin cc ngha v ti NK. C c s bo m t tn dng th d phng loi ny ngi xin m c th nhanh chng nhn hnh ca mnh. C th ly v d nc ta hin nay theo quy nh ca lut thu gi tr gia t khu ngay khi nhn hng ti cng m khng i cho n khi bn ht hng nhp khu nh trong t na vai tr ti tr ca tn dng th d phng loi ny li c th hin rt r do cng ty nh lc bn ht hng nhp khu. 25 . A A 9 . . A7 TH VIN IN T TRC TUYN Tn dung th d phng thng mai (Commercial Standby) L loi tn dng th d phng m bo cho trch nhim ca ngi xin m th tn dng phi than trng hp khng thanh ton bng cc phng thc thanh ton khc. Do th tn dng ch mang tnh cht d phng, ngi bn vn trc tip i tin ngi mua. Ch bn mi xut trnh chng t i tin ngn hng m th tn dng d phng thng mi. y c in ngn hng pht hnh ngi bn c th i tin ngi mua trc tip. iu chng t vn c Tn dung th d phng -i ng (Counter Standby) Loi tn dng th d phng ny nhm vo mc ch bo lnh vic pht hnh mt th tn dng ri i nh trong th trong th tn dng d phng -i ng. Loi tn dng th d phng ny c c ch hot ng nh sau: Ngi u nhim (ngi xin m) lp chi th yu cu ngn hng ca mnh ( ngn hng ch mt th tn dng d phng cho -i tc. Ngn hng -i tc (ngn hng pht hnh) pht hnh mt tn dng th d phng cho ngi Ngn hng ch th c#ng m mt th tn dng cho ngn hng -i tc hng li Khi nhn c mnh lnh i tin ngn hng pht hnh thanh ton cho ngi hng v th ng nh cam kt ca tn dng th d phng -i ng. Do ngi tr tin vn l ngi ra ch cp dch v v cng c ti tr cho khch hng 26 . A A 9 . . A7 TH VIN IN T TRC TUYN 6.2. Phn loai theo tnh cht s kin lm pht sinh thanh ton Nu nh phn loi chi tit theo -i tng c m bo cc loi th th tn dng d phng s hp c th p dng tn dng th d phng. Tuy nhin cch thc phn loi ny khng nu ln mon iu kin ca tn dng th d phng. Cch thc phn loi theo -i tng c c m bo do pht hnh tn dng th d phng c#ng l cung cp mt khon tn dng cho khch hng thng q hnh mnh. Chnh v th khi xt ti mc ri ro ca v-n ngn hng c cch thc phn chia c ch yu. y l cch phn loi m Cc d tr Lin bang M lu -i vi ngi s dng tn dn idelines.". Nhm tn dng th d phng ti chnh Bao gm nhng cam kt khng hu ngang do ngn hng pht hnh nhm m bo cc ngha v ti ch ons) m ngi xin m phi thc hin theo tho thun ti hp ng c s. N c coi nh mt hnh thc thay th cho mt khon th tn dng trc tip m ngn hng cung ti 100% gi tr thanh ton trong cc ngha v m ngi xin m phi thc hin. Cn lu l tn dng th d phng ti chnh thng ch c thanh ton khi ngi xin m mt Yu t- xc nh tn dng th d phng c thuc nhm ny hay khng l tnh cht ca ngha v ton theo th tn dng. iu c ngha l khi c s kin ngi xin m khng thc hin nhn dch v, khng np thu ph hay khng tr bi thng... th ngi hng li c ngn hng ph hng bo m tin vay, tn dng th d phng hp ng bo him, tn dng th d phng thu ph 27 . A A 9 . . A7 TH VIN IN T TRC TUYN np, tn dng th d phng thanh ton tr trc v tn dng th d phng thanh ton trc tip -i vi loi tn dng th d phng ny tnh ri ro vi ngun v-n ca ngn hng cao hn v gi ln n 100% quy m ngha v lm pht sinh thanh ton theo th tn dng. Nhm tn dung th d phng m bo thc hin. Bao gm nhng tn dng th d phng c ngn hng pht hnh nhm m bo vic thc hin ngh igations) trong hp ng c s ca ngi xin m. Trong giao dch thuc nhm ny nhng s kin pht sinh nh ngi xin m khng giao hng ho h

min l loi ngha v gi l "non-financial obligations" s dn ti yu cu i thanh ton c hanh ton theo tn dng th d phng m bo thc hin ch c tnh cht th cp (secondary ob tr th tn dng ch l mt t l ca gi tr hp ng c s (thng l 10-50% gi tr hp v-n ca mnh l thp hn so vi nhm trc. C ch hot ng ca cc li tn dng th d phng thuc nhm ny c#ng tng t nh nhm tr khng l da vo tnh cht ca s kin lm pht sinh thanh ton theo th tn dng c phi l h nhng loi tn dng th d phng m bo d thu hay u thu theo cn c phn loi trn c 7. Phn bit tn dung th d phng vi th tn dung truyn th-ng v cc loi hnh bo l 7.1. Phn bit tn dung th d phng vi tn dung th truyn th-ng a. S gi-ng nhau Cc ngn hng chu u thng c thi quen lit k tn dng th d phng nh mt trong nhng l y L/C iu 28 . A A 9 . . A7 TH VIN IN T TRC TUYN khon ) m khng coi n nh mt cng c bo lnh c lp thc ra c#ng rt c c s. Thc ch uyn th-ng c nhng im tng ng v mc ch s dng, v tnh cht giao dch, ngha v ca ca ngi pht hnh. V mc ch s dung C th thy chng u l phng tin ti tr v cung cp dch v ngn hng chp nhn pht hnh th tn dng cho ngi xin m L/C, thng thng da vo uy tn anh ton (nu c s vi phm hp ng) cao hn nhiu so vi nhng cch thc bo m khc. Trong hp ng xy dng nu ngi ch u t nhn mt tn dng th d phng bo m d thu h giao cng trnh cho ch thu v ng trc tin nhn cng, nguyn vt liu xy dng. Hoc khi gn hng c uy tn m bo thanh ton cc khon thu, ph, l ph bng mt loi tn dng th khu c th c hi quan cho php ly hng trc khi np thu ph nhp khu. Hn th na, n di hoc ngn hng xt thy d n c tnh kh thi cao vic k qu m L/C thng khng ln ngn hng b vo nh mt khon tn dng trc tip vi li sut u i m ngn hng cung cp n m khi cha v-n. Nh vy th tn dng thng mi v th tn dng d phng cng ng thi l phng tin ti tr ng cp dch v. y, ngn hng va thu c ph m L/C li va c th thu li nu cung cp k qu 100% gi tr L/C. Cn trong trng hp khch hng k qu 100%, li ch ngn hng thu tin gi. 29 . A A 9 . . A7 TH VIN IN T TRC TUYN Tuy nhin do pht sinh t nhu cu thng mi dch v, to lp s bo m cho mt giao dch c g giao dch th tn dng thng mi hay tn dng th d phng c#ng phi chu nhng ri ro ti V tnh cht Tnh cht c lp y c th coi l mt trong nhng c trng c bn ca phng thc thanh ton bng tn dng c o dch cc ngn hng pht hnh u hnh ng theo ch th v nhn danh ngi u nhim tin c lp th hin trong m-i quan h khng ph thuc vo bt c giao dch no khc k c vi h dch. Nguyn tc ca vic thc hin giao dch th tn dng thng mi v d phng l ngha v s ph hp ca b chng t m ngi hng li xut trnh ch khng ph thuc vo bt k m-i h gia ngi xin m v ngn hng pht hnh. iu 3 UCP 500 khng nh "V bn cht chng t l nhng giao dch ring bit vi cc hp n c th lm c s ca th tn dng v cc ngn hng khng b lin quan n hoc b rng buc v tin, chp nhn v tr tin cc h-i phiu ... khng b rng buc bi cc khiu ni hoc s b quan h ca h vi ngn hng pht hnh hoc vi ngi hng". ISP 98 v Cng c Lin hp Qu-c v bo lnh c lp v th d phng c#ng dnh hn iu 1.07 ngha v ca ngi pht hnh -i vi ngi hng li khng b nh hng bi cc quyn li v tho thun, thc tin hay lut no p dng..." " ...theo Cng c mt cam kt c lp khi kh 30 . A A 9 . . A7 TH VIN IN T TRC TUYN giao dch g-c no hoc bt c cam kt no khc hoc tu thuc vo bt k iu khon hay iu bt k hnh vi s kin no khng chc chn trong tng lai, tr vic xut trnh chng t hay hot ng ca ngi bo lnh / pht hnh th tn dng" Tnh cht khng hu ngang. Cc ngun php l qu-c t ph bin iu chnh giao dch th tn dng thng thng v tn dng hu ngang ca giao dch tn dng chng t ni chung v tn dng th d phng ni ring mt k

dng. iu 6 UCP 500 ch r tnh cht khng hu ngang ca th tn dng (bao gm c tn dng t ong th tn dng l c th hu ngang. Qui nh ny gi-ng nh qui nh ti iu 7 Cng c Lin Hp Qu-c v bo lnh c lp v tn g nu qui nh r l nh vy nhng trn thc t l iu khng c li cho ngi hng li n Thm na iu 8 ca Cng c li yu cu vic sa i cam kt phi c s ng ca ngi h ang qua quy nh "...l mt cam kt khng hu ngang..." cho nn tnh cht khng hy ngang vn hai loi th tn dng. Tnh cht chng t Ngay bn thn tn gi "Documentary Credit" ca n c#ng thy cc giao dch vn mun thu ma UCP 500 nu r "... trong cc nghip v th tn dng chng t tt c cc bn hu quan ch gi hng cn c vo hng ho dch v v / hoc cc giao dch khc m cc chng t c th lin qua 31 . A A 9 . . A7 TH VIN IN T TRC TUYN Cho d v mt bn cht c nhiu im tng ng song do c th mc ch v k thut tin hn g th d phng vo cng nhm vi cc loi th tn dng thng mi khc. V muc ch s dung Trc ht cn nhc n s khc bit v mc ch s dng ca hai loi hnh giao dch ny v n cc giao dch. Trong khi th tn dng thng mi s dng trong cc hp ng thng mi vi v thng dng th tn dng th d phng thng c s dng lm cng c bo lnh. Ngi xin m c hng ho do trch nhim chp nhn v thanh ton ca ngi pht hnh th tn dng l iao dch ny chc chn s c thc hin nu ngi hng tun th ng nhng yu cu ca th in thanh ton c#ng gi-ng nh nhng phng thc thanh ton khc nh nh thu, chuyn tin hay tt yu khi thc hin hp ng. Trong khi tn dng th d phng ch c cp trong nhn r terms and conditons) v v th n ch ng vai tr d phng -i vi cc vi phm c th xy g thanh ton trc tip direct-pay standby) c ngha l nu khng c s vi phm ca ngi xin in ca ngi pht hnh. V tnh cht giao dch Giao dch tn dng th d phng c phm vi rng hn rt nhiu so vi giao dch th tn dng t hot a dng cao hn n khng n thun ch s dng trong cc hp ng thng mi hng ho nh rng ri trong cc lnh vc ti chnh tn dng, xy dng, thu v, hi quan...Mt khc khng kt hp cng nhng phng thc thanh ton bng sc, phiu u nhim hay nh thu khin cho 32 . A A 9 . . A7 TH VIN IN T TRC TUYN tn dng th d phng tr thnh cng c thanh ton c th trng ni a M ht sc a chu rong cc giao dch ni a l iu khng phi s la chn t-i u v tnh phc tp ca nghip V nghip v giao dch. C nhiu s khc bit trong quy trnh tin hnh cc giao dch tuy nhin s khc bit c bn chng t ca ngi hng li. Vi hai loi hnh giao dch ngi hng lp b chng t xut trnh yu cu thanh ton k d phng chng t yu cu thng ch l s tuyn b- hay chng minh th hin s vi phm hp c gi tr thng mi th chng t yu cu trong giao dch th tn dng thng thng phi c hin s chuyn giao hng ho trn c s hp ng mua bn nh h-i phiu i tin, ho n, vn Nu trong giao dch tn dng th d phng ngi hng ch tin hnh lp b chng t theo yu hc hin ngha v tho thun vi ngi hng trong hp ng c s th trong giao dch th au khi tin hnh giao hng c ngha l ngi xin m thc hin ngha v ca mnh trong hp Th tn dng thng thng t bn thn n th hin s ti tr ca ngn hng cho ngi xin m g nu c thc hin th nguy c ngn hng khng thu hi li c tin t ngi xin m l cao V c s php l ca giao dch Nu nh c qui nh r th tn dng thng thng chu s iu chnh ca Qui tc th-ng nht v rong khi tn dng th d phng c rt nhiu ngun php l dn chiu. Ngoi UCP 500 c th u-c t ISP 98 hay Cng 33 . A A 9 . . A7 TH VIN IN T TRC TUYN c Lin Hp Qu-c v bo lnh c lp v tn dng th d phng UNCITRAL 1995. iu ny mt l hng trong thanh ton qu-c t. 7.2. Phn bit tn dung th d phng vi cc loai hnh bo lnh khc. 7.2.1. Phn bit tn dung th d phng vi bo lnh c lp.

Bo lnh c lp (independent guarantee) l dng bo lnh c tnh cht c lp vi cc giao d v iu kin ( unconditional guarantee)/ bo lnh theo yu cu (demand guarantee) theo ng hnh bo lnh theo yu cu s lp tc tr tin ngay cho ngi hng khi ngi ny xut trnh nd of payment) v cng vn i tin u tin (First written statement of default) m cha cn minh ngi c bo lnh vi phm hp ng. y l loi hnh bo lnh ph bin nht v s thu hp ng dch v nh in, nc, vin thng v cc hip nh vay n vin tr. Nh chng ta bit tn dng th d phng chnh l sn phm sng to ca ngi M nhm trnh dng bo lnh c lp trong cc dch v cung cp cho khch hng. Chnh v th d khng c ci tn "bo lnh" nhng tn dng th d phng vn mang nhiu c i phm vi s dng v tnh cht. Tht vy, khi xem xt mi loi hnh bo lnh c lp u c th nhn thy c mt loi hnh t thng mi v hp ng xy dng c th s dng th d phng m bo thc hin (performance gu bid guarantee). Tng ng vi hai loi hnh bo lnh c lp ny c th yu cu cc ngn hng M bo lnh bn formance standby) hay th d phng bo m d thu (bid/tender standby). C#ng tng t nh v chnh c th s dng 34 > A A ? A7 TH VIN IN T TRC TUYN bo lnh tr n tin vay (repayment guarantee) hoc d phng thuc nhm d phng ti chnh (f y). Trong cc lnh vc khc nh np thu ph nhp khu, bo him hay hi quan c#ng khng c g chng nh l nhng cng c ti tr (ch yu l v-n) cho khch hng. V vy phm vi v mc nhau. Tuy nhin s khc nhau ca hai loi hnh bo lnh nm trong thi quen s dng, hnh thc, tn cnh php l qu-c t. V thi quen s dung Ti M cho d n nm 1996 cc ngn hng c php bo lnh c lp cho khch hng nhng d dng th d phng hnh thnh nn tp qun ph bin l cc ngn hng M dng tn dng th d ng cc giao dch ni a ln giao dch xuyn qu-c gia. Trong khi ti th trng chu u c ... vn s dng ph bin bo lnh c lp cng vi loi hnh bo lnh truyn th-ng l bo ch v ngoi nc. V hnh thc S d vn c xp vo dng cc loi th tn dng c bit v bn thn mt cam kt d phng v h tn dng truyn th-ng. Do khng n thun l mt cng c bo lnh, cam kt d c tnh c h ton (direct-pay standby l mt v d in hnh). V c s php l qu-c t ca giao dch Mt im khc bit ht sc quan trng na l v c s php l qu-c t ca hai loi giao dch chiu ti UCP 500, ISP 98 hay Cng c Lin hp Qu-c UNCITRAL th bo lnh c lp c ngun p th-ng nht bo lnh theo yu cu (URDG- 1992- ICC). 35 . A A 9 . . A7 TH VIN IN T TRC TUYN 7.2.2. Phn bit tn dng th d phng vi bo lnh c iu kin ( Conditional Guarantee ) Bo lnh c iu kin y c cp gm c bo lnh hp ng ( Contract guaranteee), th bo chng (Bond) v th bi hon (Letter of indemnity). Trc ht chng c cng c im l dch v ti tr v l cng c bo m ca ngn hng -i v rung gian gia cc bn v ng ra thanh ton nu c s vi phm hp ng. Chnh v th chng c hp nh nhau trong cc hp ng thng mi hng ho, dch v... Tuy nhin gia hai loi hnh ny c nhng im khc bit cn bn v bn cht v trong nghip V tnh cht giao dch im khc bit ln nht l tnh c lp ca cam kt d phng v s ph thuc hp ng ca bo hng c lp hon ton vi hng ho, dch v, vi bt c m-i quan h gia ngi hng v ng vi bt c mt giao dch no k c hp ng c s. Ngn hng ch ng vai tr trung gian tron ca ngn hng pht hnh ch ph thuc vo vic xut trnh chng t theo yu cu ca th tn d y khng. Trong khi vi bo lnh c iu kin, ngi hng li ch c thanh ton nu chng minh iu c ngha l ngn hng bo lnh ch tr tin khi ngi hng c chng c v vi phm ng gy ra qua vic xut trnh phn quyt ca to n hay quyt nh ca trng ti v vi ph him khi i bi thng.

V vai tr ca ngn hng pht hnh 36 > A A ? A7 TH VIN IN T TRC TUYN Trong hai loi hnh giao dch, ngn hng vo v th khng gi-ng nhau. Trong giao dch d ph ai tr lm trung gian trong hot ng ca hai pha. Vai tr ca ngn hng pht hnh ch gii s ph hp ca b mt chng t c xut trnh vi yu cu ca th tn dng v tin hnh tha thit hi. Quyn c thanh ton ca ngi hng khng b nh hng bi bt k khiu ni hay hp l. Ngc li trong giao dch bo lnh hp ng ngn hng bo lnh c ngha v h tr cho phng din khc nhm m bo kt n-i ngha v ca hp ng v ngha v bo m. V th trong hnh b n trong cc v kin tng gia cc bn. V chng t Chng t c#ng l im khc bit ht sc quan trng trong hai loi hnh giao dch. Chng t y g thng bao gm yu cu thanh ton (Demand of payment) v tuyn b- vi phm (Statement of def o chnh ngi hng lp nn mang tnh ch quan v tng -i c li cho ngi hng, d b ng g t yu cu trong giao dch bo lnh c iu kin thng l cc chng t phi c tnh khch te of default) lm xc thc vi phm v mc tn tht do vi phm gy ra. Chng t c th ngn hng thng bo th bo lnh lp hay c#ng c th l phn quyt ca to n, trng ti c V c s php l qu-c t ca giao dch Hai loi hnh giao dch chu s iu chnh ca cc ngun php l qu-c t khc nhau. Bo lnh Bo lnh hp ng ( URCG-1995-ICC) iu tit cn giao dch d phng c nhiu ngun php l qu 98, Cng c Lin Hp Qu-c UNCITRAL. iu ny c#ng chnh l mt minh chng cho s vt tri rong thanh ton qu-c t ngy nay. 37 . A A 9 . . A7 TH VIN IN T TRC TUYN CHNG 2. NHNG RI RO THNG DAN ti tranh CHAP TRONG giao DCH TN DNG D PHNG - c s PH CHP 1. Nhng ri ro thng dn ti tranh chp php l trong giao dch tn dung th d phng S d tn dng th d phng tr thnh sn phm ti chnh c a chung nh vy c nhiu nguy o, linh hot, thun tin trong vic s dng n trong mi phm vi lnh vc v cng on ca c uy nhin c#ng nh mi hot ng kinh t x hi khc, d giao dch tn dng th d phng c t ro khng nh -i vi cc bn tham gia giao dch. Khng him nhng v vic tranh chp php l o dch tn dng th d phng trong nhng nm qua khin cho cc bn chu nhng tn tht khng im st uy tn lm n trn th trng. c th trnh nhng hu qu bt li v s dng gi cc bn trong giao dch cn nhn thc r nhng ri ro ny. 1.1. Ri ro vi ngi xin m tn dung th d phng C#ng nh trong tt c cc loi hnh giao dch s dng th tn dng ni chung, trong giao dch n m lun vo v th gp nhiu ri ro nht. L ngi yu cu ngn hng pht hnh th tn d mnh trong hp ng c s, ngi xin m c ngha v thc hin tt c cc cam kt trong c ha dch d phng l hp ng g-c v hp ng u thc. Trong hp ng u nhim, ngi xin m c thanh ton cho ngi hng li cng cc chi ph pht sinh trong qu trnh thc hin giao dc gi xin m phi thc hin nhng cam kt hnh thnh vi 38 . A A 9 . . A7 TH VIN IN T TRC TUYN ngi hng li. V c qu nhiu rng buc v ngha v v trch nhim nh vy nn trong giao th bt li nht. 1.1.1. Ri ro bt kh khng Do tnh cht ngy cng phc tp ca hot ng kinh doanh hin na no c#ng c th c thc hin mt cch hon thin v sun s!. C nhng bin c- bt thng khng th d on trc xy ra khin cho cc bn tham gia giao d trong cam kt. l ri ro bt kh khng. Bt kh khng thng c quy nh trong hp ng c s ti iu khon bt kh khng (Force o hin tng c coi l bt kh khng hay qui nh cc tiu ch xc nh mt hin tng kh iu ti vn bn s- 421 ca ICC v bt kh khng. Trong cc hp ng mua bn hng ho dch v nh l iu khon khng th thiu nhm min trch cho bn gp bt kh khng. Do nu trong hng li ca tn dng th d phng s khng c yu cu ngi xin m bi thng khi ngi x kh khng. Vn t ra y l khi ngi xin m khng thc hin ngha v ca hp ng c th d phng do ngi xin m yu cu mt ngn hng pht hnh cho h hng th liu ngi xin

d phng hay khng? Nu da trn tnh cht c lp ca tn dng th d phng vi giao dch c s th r rng ng hnh. Tuy nhin nu nh vy th vic pht hnh tn dng th d phng li mu thun hon ton ny c th gy nn nhng bt ng v dn ti tranh chp gia cc bn. V th cn xem xt cc 39 > A A ? A7 TH VIN IN T TRC TUYN C ISP 98 v Cng c LHQ v bo lnh c lp v tn dng th d phng u khng c iu kho hng pht hnh thanh ton cho ngi hng khi ngi xin m khng thc hin ngha v hp cc bn trong giao dch tn dng th d phng nn chng cn c quy nh c th v vn ny inh sau ny. 1.1.2. Ri ro ngi xin m b ngi hng li lam dung, c hnh vi gian ln v la gt. Do c th ca giao dch tn dng th d phng l n ch c tin hnh khi ngi xin m khn hi ngi xin m hon thnh ngha v trong hp ng c s th tn dng th d phng s t ng gi xin m thc hin xong ngha v ca hp ng nhng vn b ngn hng pht hnh i tin ngi xin m) cho s- tin m ngn hng thanh ton cho ngi hng li khi ngi ny xut gha vi vic ngi xin m b ngi hng li lm dng v c hnh vi la o trong vic so Ri ro ngi xin m b ngi hng li lm dng v c hnh vi gian ln la o ny xut pht dch tn dng th d phng -i vi ngi hng li v chng t yu cu xut trnh yu cu hng lp xc nh rng ngi xin m c hnh vi vi phm hp ng m cha cn c chng t g pht hnh khng h b nh hng bi s kt buc ca ngi xin m (iu 3.10 ISP 98). Do vy th d phng to iu kin thun li cho ngi hng lm dng, c hnh vi gian ln v la o trong khi vn nhn c quyn li do ngi xin m thc hin hp ng g-c dn ti ri ro cho n ti tranh chp 40 . A A 9 . . A7 TH VIN IN T TRC TUYN kin tng gy t-n km thi gian chi ph, l k hoch v cc c hi v thm ch lm mt uy tn h lm n vi ngi hng li xt v lu di. * Lm dung (Abuse) S lm dng ca ngi hng li l hnh ng da vo nhng s h v thiu cht ch ca hp in m vn thc hin t-t ngha v ca mnh hoc c vi phm ca ngi xin m song vi phm khng vin vo l do nhng yu cu v quy cch phm cht ca sn phm cng trnh cha c ngi xin lp, xut trnh chng t v yu cu thanh ton trong khi trn thc t ngi xin m vn ho ca ngi hng li ch c th thnh cng trong cc giao dch d phng vi -i tc l ngi x on yu dn n s thiu cht ch trong cc quy nh v cht lng hng ho trong hp ng g-c iao dch tn dng th d phng dnh cho mnh v xut trnh chng t vo bt c thi gian no g l c tr tin mt cch rt n gin. i khi tuy ngi hng li khng c lm dng ngay t u nhng xut pht t nhng s h mt cht mu thun no vi ngi xin m l ngi hng li ngay lp tc lp v xut trnh c a ra phn x ti trng ti hay to n c th ngi xin m khng phi chu tn tht v km thi gian v chi ph, quan h hai bn b st m! v gim st uy tn trong khi ngi xin m cho ngn hng pht hnh cng nhng bu ph in ph nghip v thng bo. V vy mc d lm dng tuy khng ph bin trong giao dch tn dng th d phng song nu ng ogic ca 41 . A A 9 . . A7 TH VIN IN T TRC TUYN cc tho thun vi ngi hng th s to c hi cho ngi hng li tn dng i thanh to * Gian ln (Fraud) y l hnh vi ph bin v l mt vn nn khng ch trong giao dch d phng m cn trong ph t ni chung -i vi ngi xin m. Gn y lin tc trn cc tp ch ni ting v c uy tn ry Credit Insight, LC Monitor, ... v cc t chc qu-c t lin tc t tnh trng cnh bo "To be on the alert" -i vi t dch th tn dng ni chung v tn dng th d phng ni ring. Nu nh trong giao dch th tn dng thng thng chng t yu cu trong khi xut trnh lp nh vn n, giy chng nhn cht lng, xut x, v sinh an ton,...nn yu t- gian ln thc t trong cc chng t (d l do li v tnh hay c- ca ngi lp ra cc chng t h trong giao dch tn dng th d phng chng t xut trnh n gin v mang tnh cht ch gi ny c- lm chng t gi mo (forge documents) hay tro i chng t (alter documents)

on. V d ngi hng li c th giao hng thiu hay sai quy cch phm cht, thm ch khng hon chnh hay chng t gi yu cu thanh ton. Tuy nhin hnh thc gian ln ni trn li qu phc tp v t-n km -i nn t ph bin trong g gian ln lp chng t i ngn hng pht hnh th tn dng thanh ton trong khi ngi xin m hin gn xong cc ngha v ca hp ng. C th ly v d nh trong hp ng mua bn ngi mu b- vi phm ca ngi bn (ngi xin m) v vic hng ho khng t yu cu hay v l do no k 42 . A A 9 . . A7 TH VIN IN T TRC TUYN i thanh ton v nh ch hp ng c s bao gm c ngha v tr tin ca mnh trong hp n Mt gian ln ph bin khc gy hu qu cho ngi xin m l gian ln ca ngi hng li trong phm song vi phm khng ln v khng c bn nhng do quy nh trong tn dng th d phng kh phng khng c iu chnh gim dn theo tng thi k ca hp ng c s nn ngi hng li r tn dng th d phng. * La gt (Deceit) Ngi xin m trong giao dch tn dng th d phng c th b la o khi -i tc lp cng ty cho h v ngha v thc hin hp ng ca ngi xin m thng qua mt tn dng th d phng c ng giao dch ngi hng li lp chng t gi i bi thng v b tr-n. Lc ny thit hi cho ngi xin m l rt ln va phi hon tr tin v cc chi ph m ngn h dch tn dng th d phng va phi gii quyt hu qu pht sinh t hp ng c s dang d v vi la o ngy cng tinh vi v kh nhn bit. Ngi xin m c th yu cu ngn hng pht h thc hin v -i tc c mt tn dng th m bo thanh ton t mt ngn hng khc rt c uy h mt khon tn dng no gia ngn hng uy tn vi -i tc. Tm li tt c nhng ri ro v ti chnh v phi ti chnh ca ngi xin m trong giao dch th do ngi hng c hnh vi gian ln hay la o u xut pht t s thiu cht ch ca cc h rnh nghip v giao dch v thiu kinh nghim trong lm n, nh gi sai -i tc ca ngi 43 . A A 9 . . A7 TH VIN IN T TRC TUYN xin m c#ng to iu kin cho ngi hng li d dng lm dng, gian ln v la gt thu l m. 1.2. Ri ro -i vi ngn hng pht hnh tn dung th d phng Tham gia vo giao dch th tn dng chng t ng ngha vi vic ngn hng cung cp dch v khch hng cho nn ngn hng pht hnh tn dng th d phng d gp phi tt c cc dng ri v ri ro c tnh cht nghip v giao dch. Nhng ri ro ny c th y ngn hng vo nhng c y gim uy tn. 1.2.1 Ri ro bt kh khng Khng ch ring vi ngi xin m, ngn hng pht hnh c#ng c th gp loi ri ro ph bin tr cnh ca mi trng bn ngoi c nhiu bin ng lin tc nh s thay i chnh sch qun l vi nn kinh t ni chung, nhng bin ng t nhin nh thin tai ch ho v nhng bin ng hng khin cho ngi pht hnh phi lu tm n vn bt kh khng trong qu trnh kinh do Trong giao dch tn dng th d phng, nu ngi pht hnh gp phi s kin bt kh khng th c c min trch vi vic thc hin ngha v cam kt trong tn dng th d phng hay kh American Bell International, Inc. v Manufacturer Hanover t nhng nm 1979- 1980 xem xt ny. Nm 1978 Bell k hp ng cung cp thit b v dch v vin thng cho Iran. Pha Iran tr trc mt khon tin ng k v yu cu Bell c m bo cho khon tin thanh to mt ngn hng c uy tn pht hnh. Bell yu cu Manufacturer Hanover Bank m mt 44 . A A 9 . . A7 TH VIN IN T TRC TUYN tn dng th d phng tr gi 38,8 triu USD1 v tn dng th d phng c thng bo qua Ban on khi nhn c "Tested telex" do ch ngn hng Iranshahr k v thng bo rng b qu-c phn th tn dng v Bank Iransshahr chp nhn v thanh ton. Khi cch mng Iran bng n chnh ph mi nh ch vic thanh ton hp ng ny. Bell vi m ngha v. Chnh ph Iran gi yu cu i tin th tn dng ti cc ngn hng khon tin c Nh vy Manufacturer Hanover phi gnh tn tht khng nh trong v ny ch v s kin bt kh chnh ph Iran th vic i hon tr t Bell l kh kh thi v Bell ang ri vo tnh trng h pha Iran s khi kin v ti sn 30.2 triu USD ti chi nhnh Iran ca MH b qu-c hu ho hin php l MH cn mt i uy tn trong cng ng ngn hng qu-c t.

Theo nh quy nh ca UCP 500, trch nhim ca cc ngn hng pht hnh trong trng hp xy r : "cc ngn hng khng chu trch nhim v nhng hu qu pht sinh do vic gin on nghip v ni dy, chin tranh hay bt c nguyn nhn no khc nm ngoi s kim sot ca ngn hng ho xng. Tr khi c quy nh khc, vo lc bt u kinh doanh tr li ngn hng s khng than hp nhn h-i phiu hay chit khu theo cc th tn dng ht hiu lc trong thi gian hot Nh vy theo quy nh ca UCP, cc ngn hng nu phi ngng hot ng do mt trong nhng nguy trn u c min trch khng phi thanh ton b chng t theo tn dng th m ngy xut tr 1 International Law for Bussiness- Mc.GrawHill, 1998 45 > A A ? A7 TH VIN IN T TRC TUYN ht hiu lc ca th tn dng vo ng ngy ngn hng ngng hot ng, bt k chng t c lm vic tr li. Tuy vy nu chng t c xut trnh ti ngn hng c ch nh trc khi b chng t th ngn hng pht hnh s khng c min trch. Chng t vn c coi l xut t khu sau khi ngn hng pht hnh hot ng tr li. Tr li vi v vic nu trn nu UCP c p dng iu chnh giao dch ny th Manufa li 30,2 triu USD ca tn dng th d phng khng th i t ngn hng pht hnh do thi hn ng khong thi gian cch mng hi gio Iran bng n. Tuy nhin trn thc t to bc b lp v to cho l s kin bin php ca chnh ph Iran lm ngng tr hot ng ca ngn hng kh rnh nghip v v kinh nghim trn thng trng ca cc ngn hng c uy tn nh M.Hanover gay t u khi giao dch cng Iran trong thi k bin ng chnh tr x hi cu-i nm 79 u 8 h M.Hanover phi tr khon 30,2 triu USD ny v uy tn ca n trong cng ng ngn hng Trong ISP 98 tuy khng c quy nh c th v min trch ca ngn hng pht hnh khi c bt kh v 12b li c quy nh nh sau: "Quyn yu cu thanh ton ca ngi hng s ht khi thi h .. nu vic chm dt thi hiu ph thuc, theo cam kt, vo s xut hin mt hnh vi hay s k ca ngi pht hnh cam kt...". V vy d khng nhc n bt kh khng ISP vn khng nh s ht thi hiu ca tn dng th d phng trng vo mt s kin vt khi tm kim sot ca ng 46 > A A ? A7 TH VIN IN T TRC TUYN Tm li cn phi th hin r trong cam kt tn dng th d phng th no l bt kh khng hay kh khng hay khng v nu r cc gii php m bn gp s kin bt kh khng thc hin t h vic c th gia hn thm cho ngha v thanh ton...nhm trnh nhng tranh chp sau ny gi cc cam kt khng c thc hin do gp s kin bt kh khng. 1.2.2. Ri ro c tnh cht nghip vu Nhng ri ro c tnh cht nghip v -i vi ngn hng pht hnh trong giao dch lin quan ti o dch t lc pht hnh th tn dng n lc phi thc hin ngha v thanh ton theo th tn Trong khu pht hnh tn dng th d phng ngn hng pht hnh gp phi ri ro khi khng nh h hng. V vic nh gi ny ch yu da vo m-i quan h gia khch hng v ngn hng v da hi ngi xin m c nh du dim thc trng ti chnh ca mnh th ngn hng kh c th vic ngi xin m thc hin hp ng c s nu khng c s c- vn v cung cp thng tin th c uy tn. Nh du dim c kh nng ti chnh (ni chung y c#ng l mt hnh thc gian ln ngn hng cung cp bo m cho h bng tn dng th d phng d dng dnh c nhng hp hng v ph sn hay khng kh nng chi tr ht nhng chi ph m ngn hng pht hnh ph eo tn dng th d phng cho ngi hng li. Gn y trong v tp on nng lng ln nht t chnh danh ting nh Deutsche c#ng phi hng chu ri ro v khng 47 > A A ? A7 TH VIN IN T TRC TUYN c Enron hon tr khon tin 19,9 triu USD1 gi tr ca mt tn dng th d phng m ngn MC Adam. Tn dng th d phng c pht hnh theo yu cu ca Enron cho hai chi nhnh ca n er m bo cho vic thc hin ngha v ca hai chi nhnh trong mt d n nng lng vng . Khi Enron ph sn th ngn hng pht hnh West Deutsche Landes Bank tr tin cho ngi h hnh khng thc hin ngha v hp ng v d nhin l ngn hng pht hnh khng th i En ny kh c th c thc hin v ti sn ca Enron cn b cc ch n khc nm gi, tiu biu merica cn ang nm gi 123 triu USD ti khon ca Enron v 11 L/C khc trong c c tn d l ny phi hon tr cho ngn hng BOA v cc khon n ng khc ca Enron tr gi hng t US ). iu ny cho thy nguy c khng c hon tr ca cc ngn hng pht hnh khi khng nh g bit l vi nhng tn dng th d phng c gi tr ln v khng yu cu ngi xin m k qu v

Cn trong khu thanh ton s- tin theo tn dng th d phng th ngn hng pht hnh gp phi hng t do ngi hng li xut trnh dn n lm dng v hnh vi la gt ca ngi hn h d khng b ri ro ngi xin m t ch-i hon tr th vn sa vo nhng cuc chin php l kh Ngoi ra trong thi i bng n cng ngh mi nh ngy nay c nhng ri ro cng ngh ht sc ghip v ngn hng do trc trc h th-ng my tnh do b virus tn cng hay sai st trong giao ut trnh in t. V d nh do nh hng ca virus h th-ng thng tin v gi tr hin hnh c 1 LC connect 48 > A A ? A7 TH VIN IN T TRC TUYN b bp mo dn n kh nng ngn hng khng d tr tin chi tr v gy tranh chp vi n nguyn nhn gy ra sai st trn s- liu v s- tin th tn dng v ngy ht hn hiu lc ca hnh v ngi hng li c#ng nh ngi xin m. Mt minh chng na cho vic li dng cng ngh 994, chnh Bank of Tokyo ti Malaysia gp phi ri ro ny v ngi hng li li dng s . 1.3. -i vi ngi hng li Ngi hng li l ngi c bo m quyn li mt cch chc chn nht trong giao dch tn d hc v m bo thc hin ngha v hp ng ca ngi xin m v quyn li ca chnh anh ta nn g hp ng k kt vi -i tc. Thc t kt qu thc hin thanh ton ca cc giao dch tn dn thy iu ny. Hn na k c khi ngi xin m khng thc hin ngha v ca hp ng ngi h nh ton t pha ngn hng pht hnh th tn dng. Tuy nhin d c c s bo m cao n u v b la gt. 1.3.1. Ri ro khng c thanh ton s- tin th tn dung (non-payment). Theo tnh cht nguyn tc ca giao dch th tn dng chng t ni chung v tn dng th d ph chng t ph hp nghim ngt vi yu cu ca th tn dng v gi ti ngn hng pht hnh tron h mi c chp nhn thanh ton. V vy khi khng p ng c nhng yu cu , hin nhin li c trong hp ng c s ln cam kt tn dng th d phng. Mc d trong giao dch tn dng th d phng cc chng t yu cu xut trnh rt n gin 49 > A A ? A7 TH VIN IN T TRC TUYN v s sai bt ca chng t so vi cc iu khon v iu kin ca th tn dng. Tuy nhin ri vng nguyn tc da v ch da vo chng t thanh ton ca ngn hng pht hnh v do ng hiu lc ca th tn dng li ph bin. * Ri ro khng c thanh ton do ngi hng yu cu thanh ton khng da vo chng t Nguyn tc c bn v tuyt -i phi tun th ca giao dch th tn dng l da vo s ph hp in ca th tn dng ch khng da vo bt k hng ho, dch v hay bt k giao dch no khc th d phng c#ng khng c ngoi l. Tnh cht c lp c trng ca giao dch i hi ng yn tc c bn trong giao dch chng t ny c#ng c ngi hng li thu hiu cn k. T pha ngi hng li do thy mnh c v th trong giao dch tn dng th d phng v khng ance with the terms and conditions" m th tn dng yu cu khi xut trnh b chng t nn nh thanh ton khng da vo quy nh ca tn dng th d phng m da vo nh gi ca bn thn giao dch tn dng th d phng loi "Bid performance" m ngi hng li xut trnh chng n ong ghi rng ngi xin m vi phm hp ng v k hp ng thu ph (subcontractor) v rng l ngi hng li khng c thanh ton do vn ny khng c quy nh trong tn dn Hn na d chng t yu cu khi xut trnh thanh ton trong giao dch tn dng th d phn th c s sut trong khu lp chng t v khng hiu r bn cht ca chng t. 50 > A A ? A7 TH VIN IN T TRC TUYN Trong v kin gia Moris Bisker v Nations Bank, N. cho thy ngi hng li mc phi li ao dch yu cu t ra vi ngi hng li l phi c xut trnh mt h-i phiu g-c ca giao d of the promissory note executed May 22nd,1987"). Khi ngi xin m khng thc hin ngha v tr theo hp ng c s ngi hng li xut trnh chng t song khng phi l bn g-c ca h-i V vy ngi hng li lin h vi ngi xin m, ngi xin m k li trn t h-i phiu n khng phi l bn g-c, n ch l mt bn copy h-i phiu lp t 8 nm v trc khng ng given date" nh ca th tn dng. Tt nhin y l trng hp t c th gp khi dn chiu ti chng t c lp trn c s chng t g-c s c coi l chng t g-c nu n c k li hay dch c dn chiu n UCP hay UCC th vn ny cn c ht sc lu tm v theo iu 20.c U t hoc sao in sn hoc khng ghi ch l bn chnh "tr khi c quy nh khc trong th tn d

Do vy vic hiu r tnh cht ca giao dch l mt yu t- quan trng gip ngi hng li c#n rong khi tho thun cc iu khon v iu kin ca th tn dng v trong qu trnh thc hin nh chp pht sinh. * Ri ro khng c thanh ton do ngi hng xut trnh chng t mun hn thi hn hi lc ca th tn dng ni chung v d phng ni ring l ht sc quan trng v l mt trong n th c s sut trong cam kt bi v nu chng t c xut trnh ngoi thi hn hiu lc ca uyn t ch-i thanh ton. iu ny th bt c bn no trong giao dch c#ng nhn thc c song lin quan ti vn ny. 51 > A A ? A7 TH VIN IN T TRC TUYN Trc ht l vn thi hn hiu lc ca tn dng th d phng khng c xc nh hp l v thc hin ngha v ca ngi xin m trong hp ng c s, thi hn chun b chng t v chuy vy ngi hng li cn phi d tr c thi gian lp li b chng t nu c s cha ph hp kinh nghim giao dch ngi hng li s khng th thng lng mt thi hn hiu lc hp l hng t yu cu thanh ton v phi gnh ly ri ro khng c thanh ton v iu ny c#ng hng li mt tn dng th d phng . Mt trong nhng yu cu ca th tn dng nh sau : Mt giy chng nhn vi phm ghi r: Theo hp ng s- ... ngy... gia cng ty X vi c o hng... thng du ngy 2/2/94. Chng ti ch tin cng ty Y thanh ton 120 ngy k t ng khon m hp ng trn yu cu. Bn Y khng thanh ton ng hn. V vy bn Y khng th m hin gi n hn thanh ton theo tn dng th d phng ny.' Mt bn sao ca ho n thng mi ghi r l c giao. Mt bn sao BL ghi r ngy thng.' Ngi hng li giao hng theo yu cu ca hp ng v theo cc iu kin mua bn ca hp in o hn 120 ngy. Vo ngy th 121 sau khi giao hng v khng nhn c thanh ton t pha Y ngi hng li l gn hng pht hnh . Khi nhn c chng t, ngn hng I t ch-i thanh ton v b chng t bt hp l im sau: 0 chng t phi c xut trnh khng tr hn ngy th 121 sau ngy giao hng. Giao hng 52 . A A 9 . . A7 TH VIN IN T TRC TUYN thc hin xong t 2/2/94 v chng t mi khng xut trnh cho ti ngy 3/6/94.(Ngun: Nhng t thanh ton qu-c t, ICC) Nh vy trong giao dch trn do khng nm r bn cht ca tn dng th d phng nn ngi h a UCP 500 dn ti vic xut trnh vt khi thi hn hiu lc ca th tn dng. Khng phi ton b nhng qui nh ca UCP c th p dng cho tn dng th d phng v ngay t r "...Bn quy tc ny c th p dng cho tn dng th d phng trong chng mc no c th an nim tn dng th d phng gi-ng th tn dng thng thng tt c cc ni dung chnh ca y ngi hng li cn phi lu rng nu thi hn xut trnh mt tuyn b- vi phm l x ton th thi hn ca tn dng th d phng phi ko di ti sau t nht mt khong thi gian thun gia cc chng t. Nu thi gian tnh t ngy lp ho n x cng di ngi hng li c un dn n khng c thanh ton. Trong th tn dng thng mi truyn th-ng khi c s xut trnh mun chng t ngi hng li in m cn b chng t ly hng. Ngc li trong giao dch tn dng th d phng xut trnh m khng c li g m li phi hon tr tin cho ngn hng pht hnh. V vy ngi hng li Thm na ngi hng li c#ng cn lu ti nhng yu cu xut trnh nh vic km bn sao ch chng t v tn dng th d phng v-n c coi l mt phng tin thanh ton th cp nn tn g nhn vi phm m khng cn i km vi bt k bn no ca chng t thng mi. Vic tho thu lp chng t v d b ri vo cc tranh ci v vn " nhng bt hp 53 . A A 9 . . A7 TH VIN IN T TRC TUYN l b kt buc" bi l cc chng t thng mi ny s yu cu chnh ngi xin m hay mt bn hi gian v chi ph cho ngi hng li v c#ng c th chnh l l do tr hon hay thm ch Ngoi ra nhng yu t- bin ng ca t nhin x hi vt khi tm kim sot ca ngi hng l thanh ton vt ra khi thi hn hiu lc ca th tn dng dn n hu qu l ngi hng li Theo quy nh ti iu 42b, UCP 500 "chng t phi c xut trnh vo ngy ht hiu lc hay k c trong thc tin giao dch tn dng th d phng tiu chun ngi hng li c#ng phi xu ong tr s ngn hng c ch nh thanh ton trong gi lm vic ca ngn hng trc ngy ht

t qua dch v gi qua m hay mi hnh thc xut trnh khng chnh thc (khng c ngi nh ngoi tm kim sot ca mnh m ngi hng li c thng bo trc gi n ngn hng thanh to l c th gia hn thi hiu xut trnh chng t. Chnh v vy khng gi-ng nh ngi xin m ha s kin bt kh khng, trong qu trnh xut trnh chng t ngi hng li s chc chn khn 1.3.2. Ri ro b la gt Ngy nay trong qu trnh kinh doanh ngy cng mang tnh cnh tranh gay gt cc nhn t- la g nhiu v di th on ngy cng tinh vi nh s h tr ca cng ngh hin i. Ngi hng l hiu ni ting v cung cp cho ngi hng li nhng th tn dng gi qua ng truyn in hin mt s- cam kt cho vay hay giao hng ... Ngi hng li khi thc hin ngha v ca ton bi v th tn dng l gi mo v thit hi 54 . A A 9 . . A7 TH VIN IN T TRC TUYN tn tht lc th khng k ht c ch v khng th xc minh c s gi d-i ca s bo Tp ch DCI, Vol4, No3, Summer 1998 tng ln ting cnh bo hin tng ny qua v vic mt h ngi hng li ca mt tn dng th d phng gi mo. Cng ty gi lm ngi xin m ly tn Pty Ltd yu cu ngn hng chu u h tr cho h mt khon 20 triu USD trong mt thng v l Cng ty ny tuyn b- thuc s hu ca Ngi Kumaragu l mt doanh nhn lm n c ting ngi M gewel Investment Ltd Anh Qu-c v Freedomcoast Holdings Sdn Bhd ti Malaysia v s hu hng cc ng sn tr gi 50 triu USD ti London v Paris. Cng ty ny ang ngh khon vay 20 triu USD ca ngn hng ti Chu u ny vi s bo m Nht Bn pht hnh. Th tn dng ny li c mt ngn hng Newyork thng bo bng SWIFT t o ngn hng Nht Bn li khng cho cng ty ny vay trc tip nn ngn hng Chu u lin h ph-i hp cng Commercial Crime Bureau ca ICC thm tra v vic v cu-i cng pht hin ra t ic. S vic ny cho thy k nng kinh nghim -i vi ngi xin m cn phi bao qut c vic ca ngi pht hnh trong vic cung cp bo lnh bng tn dng th d phng cho h nhm trnh Tm li vi nhng c im u vit v tin dng nh tn dng th d phng n c th mang li khng nh. Tuy nhin tnh bo m ca tn dng th d phng s ch c pht huy t-i a cho c c ngn hng pht hnh khi trong qu trnh giao dch khng c bt c tr ngi no lm gin . V yu t55 > A A ? A7 TH VIN IN T TRC TUYN quan trng nht giao dch tn dng th d phng hm cha ri ro mc thp nht chnh l t 2. C s php l gii quyt tranh chp pht sinh t giao dch tn dng th d phng. 2.1. Ngun php l qu-c t iu chnh giao dch tn dung th d phng 2.1.1. iu c qu-c t' v giao dch d phng Trong cc iu c qu-c t c lin quan phi nhc ti Cng c LHQ v bo lnh c lp v tn v thng mi qu-c t UNCITRAL son tho. Cho n ngy 11/12/1997 c 4 qu-c gia thnh vin k kt ph chun cng c l Belarus. Elsava vo c hiu lc p dng i hi phi c nm qu-c gia k kt v theo d kin nm 2000 cng y do mt s- nc thnh vin vn cha th-ng nht kin nn cng c vn cha c p dng tr "Cng c LHQ v bo lnh c lp v tn dng th d phng khng phi l lut m ch l mt t g c LHQ v H-i phiu ... L cng c qu-c t cng c s l mt b phn cu thnh h th-ng ermann, thnh vin ban th k ca UNCITRAL). Cng c l s tng ho cc lut qu-c gia v giao dch bo lnh c lp v tn dng th d ph dng th d phng khi mt trong hai cng c ny c s dng theo tp qun. V th khi c hi iao dch d dng th-ng nht trong vic gii quyt tranh chp pht sinh, tit kim c thi g xy dng mt b quy tc th-ng nht cho hai loi cng c c iu chnh, Cng c cn m bo g ngy ca cc cng c ny trong cc giao dch thng mi c#ng nh cp tn dng cho cc t ch 56 . A A 9 . . A7 TH VIN IN T TRC TUYN ra bng vic a ra mt khun kh php l duy nht cho c bo lnh c lp v tn dng th d i cng c c s kt hp vi nhau nh vic pht hnh th tn dng h tr vic pht hnh mt iu Cng c), Cng c s h tr cho vic "hi ho" cc t chc cho vay bng cch cho php h kt hp c ha y tham gia vo mt hi c th phn chia ri ro gip h m rng s- d tn dng cho vay. Mt nt ni bt ca cng c ny l iu khon s- 21 v 22 v vic la chn lut p dng v q ng nhng quy nh iu chnh hot ng ca cc bn trong vic x l cc vn vt qu phm

P 98 hay URDG). 2.1.2. Tp qun qu-c t v tn dng th d phng * Quy tc v thc hnh th-ng nht th tn dng chng t ( UCP ). UCP c lch s pht trin lu i c ICC son tho v cho ban hnh n bn u tin vo nm nhn l mt b quy tc iu chnh vic thc hin tn dng chng t trn phm vi ton th gii ngn hng ring l! trn 160 nc trn th gii cng nhn v p dng bn sa i gn y n UCP iu chnh thc tin s dng tn dng chng t ni chung c bao gm c tn dng th d ph dng bn quy tc "Quy tc v thc hnh th-ng nht tn dng chng t, bn sa i 1993, s- xu g cho tt c cc tn dng chng t (k c tn dng th d phng trong chng mc m bn quy t vic p dng bn quy tc ny." Nh vy tn dng th d phng c chnh thc p dng theo UCP mt khi cc iu khon ca quy th tn dng. Khi cc bn trong giao dch tn dng th d phng cn lu 57 > A A ? A7 TH VIN IN T TRC TUYN n cc quy nh ca UCP nhm ti mc ch c bn l iu chnh thc hnh th-ng nht cc giao h cht chng t, trch nhim v cch thc thanh ton ca ngn hng pht hnh v ngn hng xc hng bo sa i th tn dng, tiu chun kim tra chng t...s khng ph hp vi nhng c Cho ti cu-i nm 1998 nhiu giao dch tn dng th d phng trn th gii vn c dn chiu chnh chung cho tt c cc loi hnh th tn dng truyn th-ng nn -i vi loi hnh th tn g c trng ca c bo lnh c lp v th tn dng truyn th-ng th-ng chc chn UCP khng th dch d phng. c bit do tn dng th d phng pht trin mnh m ra ngoi phm vi nc mi so vi th tn dng truyn th-ng nh l thi hn hiu lc ca th tn dng ko di, v am gia th tn dng ... khin cho giao dch tn dng th d phng cng cn c s iu chnh b do ISP 98 ra i. * Quy tc thc hnh tn dng th d phng qu-c t (The International Standby Practice R ISP 98 l bn qui tc c tnh chuyn bit u tin iu chnh tn dng th d phng trn phm ic ca ICC do c- vn k thut ca U ban ngn hng Garry Collyer ch o hp tc cng Vin t LP cng s h tr ca Hip hi ti chnh qu-c t IFSA. y l kt qu ca d n ko di trong ngn hng v cc t chc qu-c t sau nhiu cuc gp mt ti 11 qu-c gia trn 4 chu lc trn tng son tho mt iu lut dnh ring cho tn dng th d phng thc ra c t u nh g do khng c t chc no c nh son tho mt Quy tc nh vy v trong khi 58 > A A ? A7 TH VIN IN T TRC TUYN ICC t ch-i sa i UCP theo yu cu ca M nn Qu-c v vin Hoa K chnh thc yu cu IIB hi dch v ti chnh qu-c t IFSA quan tm n vn ny. Di s bo tr ti chnh v ph N.A, The Chase Mahattan Bank N.A, ABN AMRO, Baker & McKenzie v Trung tm lut qu-c gia mu dch t do lin M (National Law Center for Inter-American Free Trade), vic son tho b tc chuyn bit cho tn dng th d phng c tin hnh v ti u nm 98 d tho cu-i cng chnh thc ban hnh v c hiu lc thi hnh trn ton th gii t ngy 1/1/1999. ISP 98 ra i khng nhm a ra mt bn gii thiu v tn dng th d phng hay cc tc dng g th d phng hng ngy. ISP 98 c son tho ph hp vi Cng c LHQ v bo lnh c lp b qui tc ht sc c th v thc t. C#ng nh UCP, ISP 98 n gin ho tiu chun ho v thu gip cc bn giao dch tit kim thi gian chi ph m phn v son tho cc iu kin, ng thm phn trong vic din gii tp qun s dng v gii quyt tranh chp c lin quan ti gia Tuy nhin ISP 98 c#ng khc vi UCP 500 v vn phong c#ng nh cch tip cn v n ra i trn ngn hng, cc thng gia m cn t c mt cng ng c lin quan ti thc tin giao dch v nh cc kho bc, cc nh qun l tn dng, cc cng ty nh gi ti chnh, cc lut gia. Theo nhn nh ca nhiu chuyn gia hng u trong lnh vc ngn hng, so vi UCP 500 th ISP . Tht vy vi vn phong n gin r rng nhng ngi khng phi trong gii lut gia c#ng c th iao dch tn dng 59 . A A 9 . . A7 TH VIN IN T TRC TUYN th d phng khng t-n km chi ph v thi gian tm lut s, t-i thiu ho thi gian m p ISP 98 c th p dng cho cc bo lnh c lp khc. N cnh bo cho ngi xin m v nhng r tit ho nhng vn m ngi pht hnh c quyn t quyt. ISP iu chnh nhng vn n khut lin quan ti tn dng th d phng -i ng, a ra nhn

g tham gia. Mt c im ng lu trong cc iu khon ca ISP98 l kin ngh vic chp nhn xut trnh ISP a ra nh ngha quy tc khuyn khch p dng nhng chng t in t trong cc giao dch in ca thanh ton bng xut trnh chng t qua mng SWIFT trong gii ti chnh qu-c t. ngha ln nht ca ISP 98 l "...s ra i ca n nh du mt chng mi v s hp tc qulut trn th gii..." (Li m u ca ISP 98). Theo ng James Byrne tng bin tp t bo da y Credit World v l gim -c IIBLP, ngay sau khi ISP 98 ra i ch mt nm, 35- 60% giao dc d phng mi tun theo ISP nhng hiu qu s dng n trong thanh ton qu-c t nh th no 2.2. Ngun php l qu-c gia iu chnh giao dch tn dung th d phng Do tn dng th d phng l sn phm ti chnh c ng dng rng ri trong c cc giao dch php l qu-c t iu chnh n trn phm vi qu-c t th s ra i ngun lut v nhng quy n lnh th c#ng l iu tt yu. Tht vy do nhng ngun php l qu-c t hin c hiu lc ph chun ch ch yu l nhng tp q y nh c tnh cht k thut cho giao dch nh ISP98 v UCP 500. Cng c Lin Hp 60 > A A ? A7 TH VIN IN T TRC TUYN Qu-c UNCITRAL th ch mi c p dng hn ch cho cc nc k kt v ph chun n. Trong khi au li c nhng nhng c trng ring i hi phi c nhng quy nh c th ph hp c th ham gia giao dch v lm c s cho vic gii quyt nhng tranh chp pht sinh t giao dch m Do vy vic p dng nhng ngun php l qu-c t ny -i vi giao dch d phng trong phm vi cc ngun php l qu-c gia. Bn thn cc ngun php l qu-c gia ny c#ng phi c s iu chn dng ca n c chng minh cho nn nn s ra i ca n s khng phi l s mu thun vi u p dng ca nhng ngun php l qu-c t. V vy ti nhng th trng pht trin tn dng t ut hin tn dng th d phng lut php cc qu-c gia u dnh nhng m-i quan tm nht nh c 2.2.1. C s php l ca giao dch tn dng th d phng ti M. * iu khon din gii (Interpretion Clause) Th tn dng ra i t rt lu v thi k cn manh nha hnh thnh n c#ng c coi l m g o Lut Ngn hng ni a (National Bank Act 1864) cc ngn hng thng mi M khng c c cam kt tr n cho mt bn th ba. Tuy vy do nhu cu bo m ca cc giao dch cc ng mi truyn th-ng to ra mt cng c bo m cho khch hng c s dng rng ri thay cho phng ra i v tnh php l ca n c tha nhn k t nm 1977 trong iu khon din gii tr thnh b phn cu thnh ca lut thng mi M (UCC). Khon a iu 7.7016- iu khon din gii chnh thc tha nhn quyn ca ngn hng thng mi h 61 . A A 9 . . A7 TH VIN IN T TRC TUYN tn dng : "Ngha v tr tin ca ngn hng ch pht sinh khi cc chng t quy nh trong th g phi xem xt cc vn lin quan n thc t v php lut pht sinh gia ngi u nhim v Bng vic cng nhn tnh php l ca tn dng th d phng lut php M cho php cc ngn li c tn l tn dng th d phng phc v cho li ch cho khch hng v chnh ngn hng. nhng li ch thit thc cho phc v nn kinh t M. K t cc nh lm lut bt u xem x a. Theo ngh iu chnh iu 7.7076 ca C quan kim sot tin t Hoa K , ngy 5/2/1996, to gii c cng b- trong cho php cc ngn hng thng mi "c cam kt pht hnh tn dn gn hng, trong phm vi lut p dng v quy tc thc hnh c cng nhn trn c s php lut cng nghip v cc tiu chun ca th trng hin i, thay th thut ng "th tn dng" bng uyn ngn hng thng mi pht hnh pht hnh bo lnh c lp theo iu 5 ca B lut thng c Lin Hp Qu-c v bo lnh c lp v tn dng th d phng UNCITRAL. * B Luat Thng mai M (Uniform Commercial Code). B Lut thng mi M ra i nhm n gin ho hin i ho cc lut iu chnh cc giao dch mi c m rng giao dch da trn nhng tho thun tp qun thc hnh v nhm th-ng nht c thng mi M dnh hn mt chng- Article V.UCC- Letter of Credit iu chnh nhng vn ng v nhng quyn v ngha v ca cc bn pht sinh t th tn dng. Theo iu 5.102.9 " th mn...ca mt ngn hng pht hnh vi ngi hng li 62 > A A ? A7 TH VIN IN T TRC TUYN theo yu cu ca mt c nhn hay t chc ti chnh, bng tin ca c nhn hay t chc , tha

i nhn c b chng t xut trnh hp l". Nh vy, trong UCC khng c s phn bit th tn . V th ngn hng pht hnh c php pht hnh th tn dng thng mi hay tn dng th d thn sa i ca iu khon din gii. S sa i ny ca UCC c#ng nh ca iu khon din g ca lut php qu-c gia vi cc ngun php l qu-c t nhm p ng nhu cu thc tin ca giao Nh vy khi tin hnh cc giao dch bng phng thc tn dng chng t ni chung v giao dch t M hoc vi mt bn l ngi M th ngoi UCP 500 cc bn c th dng UCC iu chnh ri ti a s- cc bang ca M v khng c s mu thun nhiu vi UCP 500. Hn na nu c s m tr UCP trong cc quy nh v giao dch th tn dng. C#ng theo UCC, mi giao dch tn dng chng t k c tn dng th d phng u phi tun theo hng pht hnh tr tin cho ngi hng li khi nhn c b chng t theo thng l chun c tn dng c s tun th nghim ngt trn b mt ca chng t vi cc iu khon v iu kin UCC cn c quy nh kh r rng v nhng ri ro gian ln v la gt trong giao dch th tn d s kh cht ch ca b lut ny v vn ny khng c cp trong UCP hay ISP v cng Nm 1995 M c#ng tham gia k kt v ph chun Cng c LHQ v bo lnh c lp v tn dng th hun ca y cc qu-c gia thnh vin nn M c#ng ng thi kin ngh 63 . A A 9 . . A7 TH VIN IN T TRC TUYN ICC sa i UCP theo tinh thn iu khon din gii nhng b t ch-i.V th ISP 98 ra i l rong mt d n ln di s ti tr ca cc tp on ti chnh ln ca M. S ra i ca ISP 9 g th d phng. Ngi M c th s dng ISP 98 trong giao dch qu-c t nhm h tr cho UCC ha iu bang. 2.2.2. C s php l ca giao dch tn dng th d phng ti cc nc khc trn th gii Do s ra i v pht trin mnh m tng ng vi nhu cu -i vi cc loi hnh bo lnh, lut uan tm c th ti cc sn phm bo lnh a dng ca th trng trong c tn dng th d p Ti chu u, trong khi bo lnh ngn hng bng tn dng th d phng tr thnh thi quen ngi M th cc ngn hng lc a li khng t ra hng th vi loi hnh sn phm ti chnh i tn dng th d phng nh mt loi th tn dng c bit m khng th gi l loi bo lnh antee) v-n c truyn th-ng s dng lu i ti th trng ny. Do lut cc qu-c gia ny v ao dch bo lnh trong b lut dn s hay Lut Thng mi. Mi qu-c gia c qui nh ring v chnh tn dng song c cng mt c im chung l khng nh tnh c lp v v iu kin ca nconditional Guarantee. Tuy nhin, thc tin cho thy hu ht cc nc u khng c iu lut ring bit dnh cho bo c trng c bn ca bo lnh ni chung nhng khng pht trin ton b khi nim. Do s phon h mt s- nc s dng tn gi Surety Guarantee nhng ni dung ca chng khng phi l bo ch c vi iu khon "Effektivk 64 > A A ? A7 TH VIN IN T TRC TUYN Lauln" ch th hin iu khon thanh ton l c s vi phm ca ngi c bo lnh v khng c h Lut thng mi Cet , Lut thng mi ca Tip Khc c# v lut hp ng thng mi cng h v giao dch bo lnh v cc loi giao dch bo lnh ni a , a ra nhng mu biu ni dun bn php lut ny thng hng vo s loi tr nhng hnh vi la o gian ln c th pht si -i vi nhng hnh vi . Nhng quy nh ny l c s cho hot ng bo lnh trong phm vi n hng giao dch c phm vi xuyn qu-c gia thng c iu chnh bi nhng quy tc thng l qu CP, ISP 98 hay cng c LHQ UNCITRAL. Cn ti mt s- qu-c gia khc ti khu vc Chu c bit l Hng Kng, Hn Qu-c, Singapore, u-c v mt s- qu-c gia thuc khu vc Trung ng nh Cng ho hi gio Iran, Israel, Yemen, Ku qu trnh pht trin khng ngng ca nn kinh t khin nhu cu bo m ca ngn hng ngy c phng thc v phong cch kinh doanh kiu M trong thi i mi nn tn dng th d phng c#n doanh ti nhng th trng ny. Do Lut thng mi v lut hp ng ca nhng qu-c gia n g thc giao dch bo lnh trong c tn dng th d phng. S ra i ca ISP 98 khng ch nhn c s ng h tuyt -i t pha M v Nht Bn m n cn chung ny ISP 98 gp phn b sung thit thc cho nhng thiu st trong cc quy nh ca lut h giao dch tn dng th d phng . 65 > A A ? A7 TH VIN IN T TRC TUYN CHNG 3. S CN THIT CA VIC PH BIN NGHIP v GIAO DCH TN DNG TH D PHNG TI TH TR 1. Thc trng hot ng bo lnh ti th trng Vit nam trong nhng nm gn y.

1.1. C s hnh thnh v pht trin giao dch bo lnh nc ta. a. Nhu cu pht trin kinh t x hi. Trong qu trnh xy dng v pht trin nn kinh t th trng theo nh hng x hi ch ngh nhn v th nhn tr nn a dng v phong ph hn lc no ht. Tuy nhin vic m rng pht tr hi k ny c#ng gn lin vi nhng ri ro mi pht sinh v ngy cng phc tp. V vy nhu cu ca nn kinh t nc ta c bit khi nhng m-i quan h kinh t x hi chuyn sang nhng d rc. Theo nhu cu dch v bo lnh ngn hng c#ng xut hin v ngy cng m rng sang nhi b. C s php l cho giao dch bo lnh. C s php l cho vic hnh thnh v pht trin giao dch bo lnh nc ta l nhng quy nh ot ng ngn hng trong cc vn bn lut v di lut. Theo iu 306 B Lut dn s nm 1992, hot ng bo lnh l "vic ngi th ba gi l bn b bo lnh) s thc hin ngha v thay th cho bn c ngha v gi l ngi c bo lnh, nu g thc hin ng ngha v. Cc bn c#ng phi tho thun v vic ngi bo lnh ch thc hin in ngha v ca mnh". Cc quy nh khc v hnh thc, phm vi ph 66 . A A 9 . . A7 TH VIN IN T TRC TUYN bo lnh... c quy nh ti iu 366 n 376. Ti Lut thng mi, Lut cc t chc tn dn h bo lnh v khi nim, bn cht, nguyn tc chung,quyn v ngha v ca cc bn trong giao Bn cnh cc vn bn Lut nh, cc vn bn di lut do NHNN v B Ti Chnh ban hnh nh "Q quyt nh 217/ Q -NH1 (17/8/96), "Quy ch bo lnh ngn hng" theo Quyt nh 283/2000 - Q hp thc ho giao dch bo lnh vo i s-ng kinh t x hi, gp phn p ng nhu cu pht t 1.2. Khi qut thc trang bo lnh Vit Nam. a. Kt qu tch cc * Vai tr ca bo lnh c pht huy, p ng yu cu pht trin nn kinh t. Trong qu trnh hot ng ca ngn hng, bo lnh c s dng rng ri nh cng c ti tr ( doanh nghip Vit Nam hin nay cn thiu v-n v cha c tin cy v uy tn vi bn hng ghip tm kim c ngun v-n trong v ngoi nc u t v m rng sn xut, nng cao ch Hn th bo lnh cn c dng lm cng c n -c v m bo vic thc hin hp ng. Do nhu cu vi bo lnh ngy cng tng nn n tr thnh loi hnh dch v khng th thiu ngn hng c s cnh tranh si ng hin nay vi s gp mt ca hu ht cc tp on ti chn SCB, BNP, Deutsche, ANZ, Hongkong Bank... * Phm vi s dng bo lnh ngy cng m rng Hot ng bo lnh ti nc ta trong vi nm gn y c nhng thnh cng nht nh, doanh ua cc loi bo lnh d thu, bo lnh thc hin hp ng, bo 67 > A A ? A7 TH VIN IN T TRC TUYN lnh m L/C tr chm. Cht lng tng nghip v bo lnh ca cc ngn hng thng mi c#ng ng ngn hng mang li hiu qu lnh mnh cho cc giao dch kinh t gia cc bn tham gia m qua u ph bo lnh v cc dch v ngn hng km theo va hc tp rt kinh nghim nng cao uy t th trng qu-c t. b. Nhng mt cn tn ti Nu nh gi mt cch khch quan, hot ng bo lnh ca cc ngn hng nc ta vn cn nhiu * V th tc bo lnh Th tc bo lnh theo c ch qun l hin hnh cn cha thc s thun tin cho doanh nghip, o vic thc hin v theo cc quy nh yu cu ngi xin bo lnh phi c ti sn th chp, bo lnh, ti sn m bo phi c xc nhn ca cc c quan c lin quan. c nhng xc nhn i khi vic tin hnh th tc nhn bo lnh hon tt th l c hi kinh doanh. Vic l nh gi ti sn cn nhiu vng mc do thiu s ng b trong vic ph-i hp gia cc ng tin t v php lut. Cn -i vi doanh nghip ngoi khu vc qu-c doanh, do quy m nh v-n g d n ln cc ngn hng thng mi nc ta v-n c thi quen nh gi qu cao vn th ch bo lnh cho h. V th nhng d n ln thng c th b b l hoc cc ngn hng nc ngo * V yu cu -i vi qu bo lnh. Theo quy nh ca Ngn Hng Nh nc Vit Nam, cc ngn hng phi lp qu bo lnh v s- tin rch qu ny. Nh vy kh nng bo lnh ca ngn hng ph thuc vo quy m ca qu. M trn t ng 68 . A A 9 . . A7

TH VIN IN T TRC TUYN khi nhu cu kinh doanh ni chung v bo lnh ni ring rt ln nn cc ngn hng khng c kh bo lnh ln, dn ti hn ch trong vic m rng v a dng ho hot ng bo lnh ca ngn * V nhng quy nh ca php lut c lin quan n hot ng bo lnh. Nh trnh by trn, cho ti nay nc ta cha c lut ring bit cho hot ng bo lnh, cc quy nh trong B lut dn s, Lut thng mi, Lut cc t chc th trong nhng quy nh iu chnh cc vn php l c lin quan nh a v php l ca cc b th tc th chp ng k bo lnh, thm quyn k kt bo lnh... Do vy vi t cch l cc q v khin cho cc bn gp kh khn trong qu trnh tin hnh giao dch. Bn cnh s khng y , thiu c th chng cn thiu s nht qun v thng xuyn c s tha u-n bo lnh cho doanh nghip Vit Nam vay v-n nc ngoi thng s phi dn chiu Lut nc nh nghip Vit Nam. Hn na hiu lc ca cc c quan hnh php cn cha p ng c nhng yu cu gii quyt tra ao dch bo lnh hoc c nhng trng hp tranh chp pht sinh c c quan c thm quyn hin dn ti nhng ri ro cho pha cc ngn hng c#ng nh cc doanh nghip. * V pha doanh nghip. -i vi cc doanh nghip, do trnh kinh doanh v kh nng nm bt cc quy nh v bo lnh hn ch nn trong mt s- trng hp khi pht sinh nhu cu bo lnh vay v-n mi ti ngn hng cho ngn hng trong vic thm nh khch hng v nu khng thm nh k lng th ri ro cho k lng th khng m bo thi gian cho doanh nghip rt v-n. 69 . A A 9 . . A7 TH VIN IN T TRC TUYN * V pha ngn hng Ni chung trnh nghip v, tnh chuyn nghip ca cng chc ngn tc o to v qun l ca cc ngn hng cn nhiu yu km, thc chp hnh quy ch v quy cao, cng tc kim tra v kim sot trc v sau khi bo lnh cn b xem nh. Do hiu qu , nhiu khi cn gy nn nhng tn tht khng nh cho ngn hng v cc v bi thng tranh ch Tm li d c nhng thay i tch cc trn th trng bo lnh nc nh nhng nhng tn t hng tin tin v hin i ca th trng th gii l s a dng v phong ph cc chng hng ni ring. V vy trong xu th hi nhp ca ton b nn kinh t ni chung v th trng cc ngn hng thng mi nc ta l khng th tch mnh ra khi xu th . 2. S cn thit ca bo lnh bng tn dng th d phng ti cc ngn hng thng mi Vi Vi c tnh linh hot v d s dng, hin nay tn dng th d phng ang tr thnh mt sn p h ton qu-c t. Ti th trng Vit Nam, tn dng th d phng xut hin trong danh mc cung cp sn phm ngn hng ln trn th gii. Mt s- ngn hng thng mi Vit Nam nh Ngn hng Ngoi thng lm cng c bo m v ti tr cho mt s- hp ng vay n v vin tr vi nc ngoi. Nh vy tn dng th d phng vn cha c cc ngn hng thng mi nc ta lu tm v pht i v nhiu tnh u vit m cc ngn hng trn khp th gii ang lm. Trong khi c nhiu yu t- khch quan v ch quan ht sc thun li ang to tin cho s th gii cho 70 . A A 9 . . A7 TH VIN IN T TRC TUYN nn nhu cu ph bin hn na loi hnh bo lnh kiu M ny ti th trng nc ta l iu h 2.1. iu kin thun li t bn ngoi. 2.1.1. s dng tn dng th d phng tr thnh mt tro lu pho bin trn th trng th qu trnh kinh doanh. Tuy l loi sn phm ti chnh sinh sau ! mun hn so vi bo lnh ngn hng ti chu u nh trong mt thp k li y tht ngon mc. Ti th trng M rng ln v y tim nng s p g s dng linh hot v mang li nhng ngun li khng nh nn kh-i lng v gi tr ca giao Trong khi nm 1993 tng gi tr bo lnh bng tn dng th d phng cn hiu lc ti cc ngn 148 t USD th mt nm sau khi ISP 98 ra i con s- ny tng ln 99,8% t mc 232,297 t i tr tn dng th d phng cn c hiu lc ti cc ngn hng v qu tn dng Hoa K t thng mi v tng gn 100% so vi gi tr tn dng th d phng cn c hiu lc ti thi i gi tr tn dng th d phng cn c hiu lc mc 307,895 t USD, t mc tng 3,92% so Trong khi gi tr th tn dng thng mi cn hiu lc ti cc ngn hng thng mi v cc g nm v v t l tng quan vi tn dng th d phng. Trong khong thi gian t 1993 n gi dng M, tng gi tr th tn dng thng mi cao nht c#ng ch dng mc 30,915 t USD1 tc hng trong cng nm v k t nm

1 Tt c cc s- liu ta trang ny c trch dn t FIDC Statistics 7/2002 v tnh ton da 71 TH VIN IN T TRC TUYN gi tr th tn dng thng mi lin tc gim cho ti mc thp nht l 23,331 t USD nm 2001 Ngn hng thng mi l nhng t chc ti chnh ch yu pht hnh tn dng th d phng cho c khng l ln nht th gii pht hnh nhng tn dng th d phng vi gi tr hng chc tri h d phng (Net SLC) ti mt s- cc ngn hng ln n con s- hng chc t USD v tng nhanh ngn hng thng mi M, ng u v kh-i lng thun giao dch tn dng th d phng l cc trn th gii. V tr s- mt trong danh sch Top US. BANK SLC OUTSTANDINGS thuc v Bank of A NC vi con s- Net SLC ti 6/2002 l 41,573 t USD trong s- 45,531 t USD gi tr cc loi th C pht hnh, t t l 90,3%. Cu-i nm 2001 Bank of America phi nhng v tr s- mt ny cho JPMorgan Chase NY vi con 42,727 t v ti 6/2002 con s- ny l 40,903 t USD chim 94,35% tng gi tr LC m ngn h gan Chase xp v tr s- hai . ng sau JPMorgan Chase l Citibank NY vi con s- Net SLC l 30 SD vo cu-i qu hai nm nay, chim 77,07% tng gi tr cc LC c ngn hng ny pht hnh. N l cc ngn hng nh Watchovia NC ( Net SLC l 20,645 t USD 6/20020), Fleet RI( 11,272 t U , Bony NY(9t USD), US Bank OH (8,751 T USD), HSBC NY (5,022T), Wells Fargo CA (3,60 7t USD) ...v hng chc ngn hng thng mi khc vi SLC vi t USD. Nhng con s- ny thc in khng ngng ca tn dng th d phng trong cc sn phm dch v m ngn hng thng mi Mt im khc ng lu l trn th trng cung cp bo lnh bng tn dng th d phng cho hng nc ngoi vi gi tr tn dng th d phng cn hiu lc khng nh. 72 > A A ? A7 TH VIN IN T TRC TUYN Cho n 9/2001 con s- tng SLC ca cc chi nhnh ngn hng nc ngoi ti M l 138,128 t US i tr LC pht hnh cn hiu lc cng k (144,150 t USD). iu ny cho thy do lm n ti th g tr thnh mt thi quen nh thi quen n bnh Hamberger ca ngi M th cc ngn hng n m nh th. Ti thi im 9/2001 ng u danh sch nhng chi nhnh vi Net SLC ln nht c SD)1, SocGen (8,790 t USD), ABN Amro Chicago (8,243 t USD). Mt s- chi nhnh ngn hng Chu c mt trong danh sch ny nh Fuji B