{"id":26045,"date":"2025-02-06T15:04:31","date_gmt":"2025-02-06T08:04:31","guid":{"rendered":"http:\/\/infina.vn\/blog\/?p=26045"},"modified":"2025-02-06T15:04:31","modified_gmt":"2025-02-06T08:04:31","slug":"chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc","status":"publish","type":"post","link":"https:\/\/infina.vn\/blog\/chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc\/","title":{"rendered":"Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u1ea3nh h\u01b0\u1edfng t\u1ef7 gi\u00e1 VND th\u1ebf n\u00e0o"},"content":{"rendered":"\n\n<div class=\"kk-star-ratings kksr-auto kksr-align-right kksr-valign-top\"\n    data-payload='{&quot;align&quot;:&quot;right&quot;,&quot;id&quot;:&quot;26045&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;top&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;1&quot;,&quot;legendonly&quot;:&quot;&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;5&quot;,&quot;starsonly&quot;:&quot;&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;2&quot;,&quot;greet&quot;:&quot;\u0110\u00e1nh gi\u00e1 t\u1ea1i \u0111\u00e2y&quot;,&quot;legend&quot;:&quot;5\\\/5 - (1 vote)&quot;,&quot;size&quot;:&quot;24&quot;,&quot;title&quot;:&quot;Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u1ea3nh h\u01b0\u1edfng t\u1ef7 gi\u00e1 VND th\u1ebf n\u00e0o&quot;,&quot;width&quot;:&quot;129&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}'>\n            \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"5\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n    \n<div class=\"kksr-stars-active\" style=\"width: 129px;\">\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n                \n\n<div class=\"kksr-legend\" style=\"font-size: 19.2px;\">\n            5\/5 - (1 vote)    <\/div>\n    <\/div>\n<p><strong>Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 t\u00e1c \u0111\u1ed9ng m\u1ea1nh m\u1ebd \u0111\u1ebfn t\u1ef7 gi\u00e1 <\/strong><strong>VND<\/strong><strong>.<\/strong> Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc (NHNN) s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 nh\u01b0 l\u00e3i su\u1ea5t, can thi\u1ec7p ngo\u1ea1i h\u1ed1i, d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c v\u00e0 qu\u1ea3n l\u00fd bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1 \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1, ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t v\u00e0 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 nh\u1eefng \u0111i\u1ec3m ch\u00ednh:<\/p>\n<ul>\n<li><strong>L\u00e3i su\u1ea5t:<\/strong> T\u0103ng l\u00e3i su\u1ea5t gi\u00fap VND t\u0103ng gi\u00e1, gi\u1ea3m l\u1ea1m ph\u00e1t; gi\u1ea3m l\u00e3i su\u1ea5t h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng nh\u01b0ng c\u00f3 th\u1ec3 l\u00e0m VND m\u1ea5t gi\u00e1.<\/li>\n<li><strong>Can thi\u1ec7p ngo\u1ea1i h\u1ed1i:<\/strong> Mua ho\u1eb7c b\u00e1n ngo\u1ea1i t\u1ec7 \u0111\u1ec3 c\u00e2n b\u1eb1ng cung c\u1ea7u, b\u1ea3o v\u1ec7 d\u1ef1 tr\u1eef ngo\u1ea1i h\u1ed1i.<\/li>\n<li><strong>D\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c:<\/strong> \u0110i\u1ec1u ch\u1ec9nh l\u01b0\u1ee3ng ti\u1ec1n l\u01b0u th\u00f4ng, \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn gi\u00e1 tr\u1ecb VND.<\/li>\n<li><strong>Bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1:<\/strong> M\u1edf r\u1ed9ng bi\u00ean \u0111\u1ed9 gi\u00fap th\u1ecb tr\u01b0\u1eddng linh ho\u1ea1t h\u01a1n, thu h\u1eb9p bi\u00ean \u0111\u1ed9 gi\u1eef \u1ed5n \u0111\u1ecbnh cao h\u01a1n.<\/li>\n<\/ul>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung ch\u00ednh<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/infina.vn\/blog\/chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc\/#Tom_tat_nhanh\" title=\"T\u00f3m t\u1eaft nhanh:\">T\u00f3m t\u1eaft nhanh:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/infina.vn\/blog\/chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc\/#1_Dieu_chinh_lai_suat_chinh_sach\" title=\"1. \u0110i\u1ec1u ch\u1ec9nh l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch\">1. \u0110i\u1ec1u ch\u1ec9nh l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/infina.vn\/blog\/chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc\/#2_Can_thiep_truc_tiep_thi_truong\" title=\"2. Can thi\u1ec7p tr\u1ef1c ti\u1ebfp th\u1ecb tr\u01b0\u1eddng\">2. Can thi\u1ec7p tr\u1ef1c ti\u1ebfp th\u1ecb tr\u01b0\u1eddng<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/infina.vn\/blog\/chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc\/#3_Du_tru_bat_buoc_ngan_hang\" title=\"3. D\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c ng\u00e2n h\u00e0ng\">3. D\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c ng\u00e2n h\u00e0ng<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/infina.vn\/blog\/chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc\/#4_Quan_ly_bien_do_ty_gia\" title=\"4. Qu\u1ea3n l\u00fd bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1\">4. Qu\u1ea3n l\u00fd bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/infina.vn\/blog\/chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc\/#Tac_dong_va_danh_doi\" title=\"T\u00e1c \u0111\u1ed9ng v\u00e0 \u0111\u00e1nh \u0111\u1ed5i\">T\u00e1c \u0111\u1ed9ng v\u00e0 \u0111\u00e1nh \u0111\u1ed5i<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/infina.vn\/blog\/chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc\/#So_sanh_loi_ich_va_rui_ro_cua_cac_cong_cu_chinh_sach_tien_te\" title=\"So s\u00e1nh l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7:\">So s\u00e1nh l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/infina.vn\/blog\/chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc\/#Tong_ket_va_khuyen_nghi\" title=\"T\u1ed5ng k\u1ebft v\u00e0 khuy\u1ebfn ngh\u1ecb\">T\u1ed5ng k\u1ebft v\u00e0 khuy\u1ebfn ngh\u1ecb<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/infina.vn\/blog\/chinh-sach-tien-te-anh-huong-ty-gia-vnd-the-nao-tc\/#Khuyen_nghi_cho_cac_ben_lien_quan\" title=\"Khuy\u1ebfn ngh\u1ecb cho c\u00e1c b\u00ean li\u00ean quan:\">Khuy\u1ebfn ngh\u1ecb cho c\u00e1c b\u00ean li\u00ean quan:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Tom_tat_nhanh\"><\/span>T\u00f3m t\u1eaft nhanh:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\"><strong>C\u00f4ng c\u1ee5<\/strong><\/th>\n<th colspan=\"1\" rowspan=\"1\"><strong>L\u1ee3i \u00edch<\/strong><\/th>\n<th colspan=\"1\" rowspan=\"1\"><strong>R\u1ee7i ro<\/strong><\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>L\u00e3i su\u1ea5t<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">Ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t, thu h\u00fat v\u1ed1n ngo\u1ea1i<\/td>\n<td colspan=\"1\" rowspan=\"1\">L\u00e0m ch\u1eadm t\u0103ng tr\u01b0\u1edfng, \u1ea3nh h\u01b0\u1edfng doanh nghi\u1ec7p<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>Can thi\u1ec7p ngo\u1ea1i h\u1ed1i<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">\u1ed4n \u0111\u1ecbnh t\u1ef7 gi\u00e1 nhanh ch\u00f3ng<\/td>\n<td colspan=\"1\" rowspan=\"1\">Hao t\u1ed5n d\u1ef1 tr\u1eef ngo\u1ea1i h\u1ed1i<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>D\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">Qu\u1ea3n l\u00fd cung ti\u1ec1n, gi\u1ea3m r\u1ee7i ro h\u1ec7 th\u1ed1ng<\/td>\n<td colspan=\"1\" rowspan=\"1\">H\u1ea1n ch\u1ebf thanh kho\u1ea3n, gi\u1ea3m kh\u1ea3 n\u0103ng cho vay<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>Bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">Linh ho\u1ea1t \u0111i\u1ec1u ch\u1ec9nh theo th\u1ecb tr\u01b0\u1eddng<\/td>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng nguy c\u01a1 \u0111\u1ea7u c\u01a1, kh\u00f3 d\u1ef1 \u0111o\u00e1n th\u1ecb tr\u01b0\u1eddng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>NHNN c\u1ea7n ph\u1ed1i h\u1ee3p linh ho\u1ea1t c\u00e1c c\u00f4ng c\u1ee5 n\u00e0y \u0111\u1ec3 v\u1eeba \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1, v\u1eeba h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"1_Dieu_chinh_lai_suat_chinh_sach\"><\/span>1. \u0110i\u1ec1u ch\u1ec9nh l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0110i\u1ec1u ch\u1ec9nh l\u00e3i su\u1ea5t l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng c\u1ee5 quan tr\u1ecdng m\u00e0 Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc (NHNN) s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 tr\u1ecb VND. Vi\u1ec7c n\u00e0y \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn d\u00f2ng v\u1ed1n \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i v\u00e0 \u0111i\u1ec1u ki\u1ec7n ti\u1ec1n t\u1ec7 trong n\u01b0\u1edbc, t\u1eeb \u0111\u00f3 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn t\u1ef7 gi\u00e1.<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">\u0110i\u1ec1u ch\u1ec9nh l\u00e3i su\u1ea5t<\/th>\n<th colspan=\"1\" rowspan=\"1\">T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn t\u1ef7 gi\u00e1<\/th>\n<th colspan=\"1\" rowspan=\"1\">\u1ea2nh h\u01b0\u1edfng kinh t\u1ebf<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng l\u00e3i su\u1ea5t<\/td>\n<td colspan=\"1\" rowspan=\"1\">Thu h\u00fat v\u1ed1n ngo\u1ea1i, VND t\u0103ng gi\u00e1<\/td>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1ea3m \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1ea3m l\u00e3i su\u1ea5t<\/td>\n<td colspan=\"1\" rowspan=\"1\">V\u1ed1n ngo\u1ea1i r\u00fat \u0111i, VND gi\u1ea3m gi\u00e1<\/td>\n<td colspan=\"1\" rowspan=\"1\">Th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1eef nguy\u00ean<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u1ed4n \u0111\u1ecbnh t\u1ef7 gi\u00e1<\/td>\n<td colspan=\"1\" rowspan=\"1\">Duy tr\u00ec tr\u1ea1ng th\u00e1i hi\u1ec7n t\u1ea1i<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Hi\u1ec7u qu\u1ea3 c\u1ee7a ch\u00ednh s\u00e1ch n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n qua c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a NHNN. N\u0103m 2023, m\u1ee9c l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch \u0111\u01b0\u1ee3c \u0111\u01b0a v\u1ec1 5,5%, gi\u00fap ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t v\u00e0 gi\u1eef \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1. Tuy nhi\u00ean, vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh l\u00e3i su\u1ea5t kh\u00f4ng tr\u00e1nh kh\u1ecfi nh\u1eefng th\u00e1ch th\u1ee9c t\u1eeb c\u00e1c y\u1ebfu t\u1ed1 b\u00ean ngo\u00e0i v\u00e0 c\u1ea7n \u0111\u01b0\u1ee3c c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng \u0111\u1ec3 tr\u00e1nh t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c \u0111\u1ebfn n\u1ec1n kinh t\u1ebf.<\/p>\n<blockquote><p>&#8220;Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc s\u1ebd ti\u1ebfp t\u1ee5c s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ec3 ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t v\u00e0 \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1, \u0111\u1ea3m b\u1ea3o s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh v\u00e0 h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf&#8221;.<\/p><\/blockquote>\n<p>B\u00ean c\u1ea1nh l\u00e3i su\u1ea5t, NHNN c\u00f2n s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 kh\u00e1c nh\u01b0 can thi\u1ec7p ngo\u1ea1i h\u1ed1i \u0111\u1ec3 \u0111i\u1ec1u ti\u1ebft th\u1ecb tr\u01b0\u1eddng m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"2_Can_thiep_truc_tiep_thi_truong\"><\/span>2. Can thi\u1ec7p tr\u1ef1c ti\u1ebfp th\u1ecb tr\u01b0\u1eddng<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc (NHNN) th\u01b0\u1eddng s\u1eed d\u1ee5ng vi\u1ec7c mua b\u00e1n ngo\u1ea1i t\u1ec7 \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh t\u1ef7 gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i. \u0110\u00e2y l\u00e0 c\u00e1ch gi\u00fap c\u00e2n b\u1eb1ng cung c\u1ea7u v\u00e0 \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng.<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">H\u00ecnh th\u1ee9c can thi\u1ec7p<\/th>\n<th colspan=\"1\" rowspan=\"1\">T\u00e1c \u0111\u1ed9ng<\/th>\n<th colspan=\"1\" rowspan=\"1\">M\u1ee5c \u0111\u00edch<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Mua ngo\u1ea1i t\u1ec7<\/td>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng cung VND, gi\u1ea3m gi\u00e1 tr\u1ecb VND<\/td>\n<td colspan=\"1\" rowspan=\"1\">H\u1ed7 tr\u1ee3 xu\u1ea5t kh\u1ea9u<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">B\u00e1n ngo\u1ea1i t\u1ec7<\/td>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1ea3m cung VND, t\u0103ng gi\u00e1 tr\u1ecb VND<\/td>\n<td colspan=\"1\" rowspan=\"1\">Ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">\u0110i\u1ec1u ch\u1ec9nh bi\u00ean \u0111\u1ed9<\/td>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng kh\u1ea3 n\u0103ng \u0111i\u1ec1u ch\u1ec9nh t\u1ef7 gi\u00e1<\/td>\n<td colspan=\"1\" rowspan=\"1\">Ph\u1ea3n \u1ee9ng v\u1edbi \u00e1p l\u1ef1c th\u1ecb tr\u01b0\u1eddng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh l\u00e0 v\u00e0o th\u00e1ng 10\/2022, NHNN \u0111\u00e3 m\u1edf r\u1ed9ng bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1 t\u1eeb \u00b13% l\u00ean \u00b15%, gi\u00fap th\u1ecb tr\u01b0\u1eddng linh ho\u1ea1t h\u01a1n v\u00e0 b\u1ea3o v\u1ec7 d\u1ef1 tr\u1eef ngo\u1ea1i h\u1ed1i Ngo\u00e0i ra, NHNN c\u0169ng th\u1ef1c hi\u1ec7n c\u00e1c bi\u1ec7n ph\u00e1p gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed3ng USD, nh\u01b0 t\u0103ng t\u1ef7 l\u1ec7 d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c \u0111\u1ed1i v\u1edbi ngo\u1ea1i t\u1ec7 l\u00ean 10% v\u00e0 duy tr\u00ec tr\u1ea7n l\u00e3i su\u1ea5t USD \u1edf m\u1ee9c 2%.<\/p>\n<blockquote><p>&#8220;NHNN c\u1ea7n qu\u1ea3n l\u00fd ngo\u1ea1i h\u1ed1i ch\u1eb7t ch\u1ebd \u0111\u1ec3 gi\u1ea3m \u0111\u00f4 la h\u00f3a, \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1.&#8221; &#8211; Th\u1ed1ng \u0111\u1ed1c NHNN<\/p><\/blockquote>\n<p>Tuy nhi\u00ean, hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c bi\u1ec7n ph\u00e1p n\u00e0y ph\u1ee5 thu\u1ed9c v\u00e0o l\u01b0\u1ee3ng d\u1ef1 tr\u1eef ngo\u1ea1i h\u1ed1i v\u00e0 kh\u1ea3 n\u0103ng d\u1ef1 \u0111o\u00e1n th\u1ecb tr\u01b0\u1eddng. N\u1ebfu can thi\u1ec7p qu\u00e1 th\u01b0\u1eddng xuy\u00ean, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 k\u00edch th\u00edch \u0111\u1ea7u c\u01a1 v\u00e0 l\u00e0m t\u0103ng s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a t\u1ef7 gi\u00e1. V\u00ec v\u1eady, vi\u1ec7c ph\u1ed1i h\u1ee3p linh ho\u1ea1t gi\u1eefa c\u00e1c c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch v\u00e0 minh b\u1ea1ch trong \u0111i\u1ec1u h\u00e0nh l\u00e0 r\u1ea5t quan tr\u1ecdng. B\u00ean c\u1ea1nh can thi\u1ec7p tr\u1ef1c ti\u1ebfp, NHNN c\u00f2n s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 kh\u00e1c nh\u01b0 d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c \u0111\u1ec3 \u0111i\u1ec1u ti\u1ebft th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3.<\/p>\n<div class=\"infina-box\">\n<p style=\"color: black;\"><strong>Gi\u00fap ti\u1ec1n c\u1ee7a b\u1ea1n sinh l\u1eddi hi\u1ec7u qu\u1ea3!<\/strong><\/p>\n<p class=\"my-3\">T\u00e0i kho\u1ea3n sinh l\u1eddi <a href=\"https:\/\/infina.vn\" data-internallinksmanager029f6b8e52c=\"2\" title=\"Infina\" target=\"_blank\" rel=\"noopener\">Infina<\/a> l\u00e0 s\u1ef1 l\u1ef1a ch\u1ecdn l\u00fd t\u01b0\u1edfng cho t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi, nh\u1eefng ai mu\u1ed1n t\u1ed1i \u01b0u h\u00f3a t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n v\u00e0 sinh l\u1eddi tr\u00ean d\u00f2ng ti\u1ec1n c\u1ee7a m\u00ecnh:<\/p>\n<p class=\"my-3\">Sinh l\u1eddi tr\u00ean qu\u1ef9 d\u1ef1 ph\u00f2ng<\/p>\n<p class=\"my-3\">Sinh l\u1eddi tr\u00ean ti\u1ec1n l\u01b0\u01a1ng<\/p>\n<p class=\"my-3\">Sinh l\u1eddi tr\u00ean doanh thu c\u1eeda h\u00e0ng<\/p>\n<p class=\"my-3\">Sinh l\u1eddi tr\u00ean ti\u1ec1n ch\u1edd t\u00e1i \u0111\u1ea7u t\u01b0<\/p>\n<p class=\"my-3\">V\u1edbi m\u1ed9t t\u00e0i kho\u1ea3n duy nh\u1ea5t, b\u1ea1n c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh v\u00e0 sinh l\u1eddi m\u1ed7i ng\u00e0y t\u1eeb s\u1ed1 ti\u1ec1n nh\u00e0n r\u1ed7i m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 v\u00e0 an to\u00e0n.<\/p>\n<p>T\u00c0I KHO\u1ea2N SINH L\u1edcI: T\u01b0\u01a1ng t\u1ef1 g\u1eedi ti\u1ebft ki\u1ec7m ng\u00e2n h\u00e0ng nh\u01b0ng l\u1ee3i nhu\u1eadn \u01b0u \u0111\u00e3i v\u01b0\u1ee3t tr\u1ed9i<\/p>\n<p class=\"my-3\">Sinh l\u1eddi linh ho\u1ea1t v\u1edbi l\u1ee3i nhu\u1eadn 4.9%\/n\u0103m, cao h\u01a1n g\u1eedi ti\u1ebft ki\u1ec7m kh\u00f4ng k\u1ef3 h\u1ea1n th\u00f4ng th\u01b0\u1eddng ch\u1ec9 c\u00f3 0.1%-0.5%\/n\u0103m. N\u1ea1p v\u00e0 r\u00fat ti\u1ec1n nhanh ch\u00f3ng trong v\u00f2ng 30 gi\u00e2y, nh\u1eadn l\u00e3i h\u00e0ng ng\u00e0y v\u00e0 r\u00fat v\u1ed1n b\u1ea5t k\u1ef3 l\u00fac n\u00e0o m\u00e0 kh\u00f4ng b\u1ecb m\u1ea5t l\u1ee3i nhu\u1eadn.<\/p>\n<p class=\"my-3\">Sinh l\u1eddi c\u00f3 k\u1ef3 h\u1ea1n:<\/p>\n<p class=\"my-3\">\u0110\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn, Infina cung c\u1ea5p c\u00e1c g\u00f3i c\u00f3 k\u1ef3 h\u1ea1n t\u1eeb 1 &#8211; 12 th\u00e1ng v\u1edbi l\u1ee3i nhu\u1eadn h\u1ea5p d\u1eabn l\u00ean \u0111\u1ebfn 5.7%\/n\u0103m.<\/p>\n<p><a class=\"infina-button\" href=\"https:\/\/infina.vn\/\">Tr\u1ea3i nghi\u1ec7m sinh l\u1eddi mi\u1ec5n ph\u00ed<\/a><\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"3_Du_tru_bat_buoc_ngan_hang\"><\/span>3. D\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c ng\u00e2n h\u00e0ng<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>D\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 m\u00e0 NHNN s\u1eed d\u1ee5ng \u0111\u1ec3 ki\u1ec3m so\u00e1t thanh kho\u1ea3n v\u00e0 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn t\u1ef7 gi\u00e1. B\u1eb1ng c\u00e1ch \u0111i\u1ec1u ch\u1ec9nh t\u1ef7 l\u1ec7 d\u1ef1 tr\u1eef, NHNN c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t l\u01b0\u1ee3ng ti\u1ec1n trong l\u01b0u th\u00f4ng v\u00e0 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ee7a VND.<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Thay \u0111\u1ed5i t\u1ef7 l\u1ec7 d\u1ef1 tr\u1eef<\/th>\n<th colspan=\"1\" rowspan=\"1\">T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn thanh kho\u1ea3n<\/th>\n<th colspan=\"1\" rowspan=\"1\">\u1ea2nh h\u01b0\u1edfng \u0111\u1ebfn t\u1ef7 gi\u00e1<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng t\u1ef7 l\u1ec7<\/td>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1ea3m ti\u1ec1n cho vay, gi\u1ea3m thanh kho\u1ea3n<\/td>\n<td colspan=\"1\" rowspan=\"1\">VND c\u00f3 xu h\u01b0\u1edbng t\u0103ng gi\u00e1<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1ea3m t\u1ef7 l\u1ec7<\/td>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng ti\u1ec1n cho vay, t\u0103ng thanh kho\u1ea3n<\/td>\n<td colspan=\"1\" rowspan=\"1\">VND c\u00f3 xu h\u01b0\u1edbng gi\u1ea3m gi\u00e1<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">\u0110i\u1ec1u ch\u1ec9nh theo ngo\u1ea1i t\u1ec7<\/td>\n<td colspan=\"1\" rowspan=\"1\">T\u00e1c \u0111\u1ed9ng cung c\u1ea7u ngo\u1ea1i t\u1ec7<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u1ea2nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn t\u1ef7 gi\u00e1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Theo IMF, vi\u1ec7c thay \u0111\u1ed5i 1% t\u1ef7 l\u1ec7 d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c c\u00f3 th\u1ec3 l\u00e0m t\u1ef7 gi\u00e1 bi\u1ebfn \u0111\u1ed9ng t\u1eeb 0,2% \u0111\u1ebfn 0,5%. Tuy nhi\u00ean, hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00f4ng c\u1ee5 n\u00e0y ph\u1ee5 thu\u1ed9c v\u00e0o t\u00ecnh h\u00ecnh th\u1ecb tr\u01b0\u1eddng v\u00e0 s\u1ef1 ph\u1ed1i h\u1ee3p v\u1edbi c\u00e1c ch\u00ednh s\u00e1ch kh\u00e1c.<\/p>\n<blockquote><p>&#8220;S\u1eed d\u1ee5ng d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c c\u1ea7n ph\u00f9 h\u1ee3p v\u1edbi b\u1ed1i c\u1ea3nh kinh t\u1ebf v\u00e0 tr\u00e1nh g\u00e2y r\u1ee7i ro t\u00e0i ch\u00ednh&#8221;<\/p><\/blockquote>\n<p>M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh l\u00e0 Brazil v\u00e0o n\u0103m 2013, khi vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n linh ho\u1ea1t \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1. NHNN c\u0169ng th\u01b0\u1eddng xuy\u00ean thay \u0111\u1ed5i t\u1ef7 l\u1ec7 d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c theo t\u1eebng lo\u1ea1i ti\u1ec1n t\u1ec7 v\u00e0 k\u1ef3 h\u1ea1n ti\u1ec1n g\u1eedi, gi\u00fap ki\u1ec3m so\u00e1t l\u01b0\u1ee3ng ti\u1ec1n l\u01b0u th\u00f4ng v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro cho h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng.<\/p>\n<p>Ngo\u00e0i c\u00f4ng c\u1ee5 n\u00e0y, NHNN c\u00f2n s\u1eed d\u1ee5ng bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1 \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng m\u1ed9t c\u00e1ch linh ho\u1ea1t.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"4_Quan_ly_bien_do_ty_gia\"><\/span>4. Qu\u1ea3n l\u00fd bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Qu\u1ea3n l\u00fd bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1 \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc (NHNN) \u0111\u1ec3 duy tr\u00ec s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a \u0111\u1ed3ng VND v\u00e0 kinh t\u1ebf v\u0129 m\u00f4. NHNN \u0111\u01b0a ra t\u1ef7 gi\u00e1 tham chi\u1ebfu h\u00e0ng ng\u00e0y v\u00e0 cho ph\u00e9p VND dao \u0111\u1ed9ng trong kho\u1ea3ng \u00b15%.<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">\u0110i\u1ec1u ch\u1ec9nh bi\u00ean \u0111\u1ed9<\/th>\n<th colspan=\"1\" rowspan=\"1\">\u1ea2nh h\u01b0\u1edfng ch\u00ednh<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">M\u1edf r\u1ed9ng bi\u00ean \u0111\u1ed9<\/td>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng kh\u1ea3 n\u0103ng ph\u1ea3n \u1ee9ng v\u1edbi \u00e1p l\u1ef1c th\u1ecb tr\u01b0\u1eddng<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Thu h\u1eb9p bi\u00ean \u0111\u1ed9<\/td>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1eef \u1ed5n \u0111\u1ecbnh cao h\u01a1n, h\u1ea1n ch\u1ebf bi\u1ebfn \u0111\u1ed9ng<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1eef nguy\u00ean bi\u00ean \u0111\u1ed9<\/td>\n<td colspan=\"1\" rowspan=\"1\">Ph\u00f9 h\u1ee3p trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u1ed5n \u0111\u1ecbnh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Ngo\u00e0i vi\u1ec7c qu\u1ea3n l\u00fd bi\u00ean \u0111\u1ed9, NHNN c\u00f2n s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ti\u1ec1n t\u1ec7 kh\u00e1c \u0111\u1ec3 t\u0103ng hi\u1ec7u qu\u1ea3 \u0111i\u1ec1u h\u00e0nh. Theo \u0111\u00e1nh gi\u00e1 t\u1eeb IMF, c\u00e1ch ti\u1ebfp c\u1eadn linh ho\u1ea1t trong qu\u1ea3n l\u00fd t\u1ef7 gi\u00e1 c\u1ee7a NHNN \u0111\u00e3 g\u00f3p ph\u1ea7n gi\u1eef \u1ed5n \u0111\u1ecbnh kinh t\u1ebf Vi\u1ec7t Nam tr\u01b0\u1edbc nh\u1eefng bi\u1ebfn \u0111\u1ed9ng to\u00e0n c\u1ea7u.<\/p>\n<p>M\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng c\u1ee7a NHNN cho n\u0103m 2024 \u0111\u01b0\u1ee3c \u0111\u1eb7t \u1edf m\u1ee9c kho\u1ea3ng 15%, nh\u01b0ng c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh d\u1ef1a tr\u00ean t\u00ecnh h\u00ecnh kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 l\u1ea1m ph\u00e1t.<\/p>\n<p>Qu\u1ea3n l\u00fd bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1 kh\u00f4ng ch\u1ec9 gi\u00fap duy tr\u00ec s\u1ef1 \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng m\u00e0 c\u00f2n \u0111\u00f2i h\u1ecfi s\u1ef1 c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng, \u0111\u1eb7c bi\u1ec7t khi kinh t\u1ebf to\u00e0n c\u1ea7u c\u00f3 nhi\u1ec1u bi\u1ebfn \u0111\u1ed9ng kh\u00f3 l\u01b0\u1eddng.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tac_dong_va_danh_doi\"><\/span>T\u00e1c \u0111\u1ed9ng v\u00e0 \u0111\u00e1nh \u0111\u1ed5i<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Hi\u1ec3u r\u00f5 \u1ea3nh h\u01b0\u1edfng c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng \u0111\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c ch\u00ednh s\u00e1ch hi\u1ec7u qu\u1ea3.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"So_sanh_loi_ich_va_rui_ro_cua_cac_cong_cu_chinh_sach_tien_te\"><\/span>So s\u00e1nh l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">C\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch<\/th>\n<th colspan=\"1\" rowspan=\"1\">L\u1ee3i \u00edch<\/th>\n<th colspan=\"1\" rowspan=\"1\">R\u1ee7i ro<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>L\u00e3i su\u1ea5t \u0111i\u1ec1u h\u00e0nh<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211; Ki\u1ec3m so\u00e1t d\u00f2ng v\u1ed1n n\u01b0\u1edbc ngo\u00e0i<br \/>\n&#8211; T\u0103ng s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a VND<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211; L\u00e0m ch\u1eadm t\u0103ng tr\u01b0\u1edfng<br \/>\n&#8211; G\u00e2y \u00e1p l\u1ef1c l\u00ean l\u1ea1m ph\u00e1t<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>Can thi\u1ec7p tr\u1ef1c ti\u1ebfp<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211; \u1ed4n \u0111\u1ecbnh t\u1ef7 gi\u00e1 nhanh<br \/>\n&#8211; H\u1ea1n ch\u1ebf bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211; Hao t\u1ed5n d\u1ef1 tr\u1eef ngo\u1ea1i h\u1ed1i<br \/>\n&#8211; Hi\u1ec7u qu\u1ea3 ch\u1ec9 trong ng\u1eafn h\u1ea1n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>D\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211; Qu\u1ea3n l\u00fd cung ti\u1ec1n t\u1ed1t h\u01a1n<br \/>\n&#8211; G\u00f3p ph\u1ea7n \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211; H\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng cho vay<br \/>\n&#8211; G\u00e2y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn thanh kho\u1ea3n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>Bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211; \u0110i\u1ec1u ch\u1ec9nh linh ho\u1ea1t<br \/>\n&#8211; Gi\u1ea3m nguy c\u01a1 \u0111\u1ea7u c\u01a1<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211; H\u1ea1n ch\u1ebf t\u1ef1 do h\u00f3a th\u1ecb tr\u01b0\u1eddng<br \/>\n&#8211; D\u1ef1 \u0111o\u00e1n th\u1ecb tr\u01b0\u1eddng tr\u1edf n\u00ean kh\u00f3 kh\u0103n h\u01a1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Theo c\u00e1c chuy\u00ean gia nh\u01b0 Ti\u1ebfn s\u0129 L\u00ea Xu\u00e2n Ngh\u0129a, vi\u1ec7c k\u1ebft h\u1ee3p c\u00e1c c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch m\u1ed9t c\u00e1ch linh ho\u1ea1t l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng trong b\u1ed1i c\u1ea3nh kinh t\u1ebf to\u00e0n c\u1ea7u lu\u00f4n bi\u1ebfn \u0111\u1ed9ng.<\/p>\n<p>\u0110\u1ec3 \u0111\u1ea1t hi\u1ec7u qu\u1ea3 cao, Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc (NHNN) c\u1ea7n xem x\u00e9t c\u1ea9n th\u1eadn khi \u00e1p d\u1ee5ng t\u1eebng c\u00f4ng c\u1ee5, \u0111\u1ed3ng th\u1eddi ph\u1ed1i h\u1ee3p ch\u1eb7t ch\u1ebd v\u1edbi c\u00e1c ch\u00ednh s\u00e1ch kinh t\u1ebf v\u0129 m\u00f4 kh\u00e1c. Vi\u1ec7c c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng nh\u1eefng t\u00e1c \u0111\u1ed9ng v\u00e0 \u0111\u00e1nh \u0111\u1ed5i s\u1ebd gi\u00fap duy tr\u00ec s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u00e0 th\u00fac \u0111\u1ea9y s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a n\u1ec1n kinh t\u1ebf.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tong_ket_va_khuyen_nghi\"><\/span>T\u1ed5ng k\u1ebft v\u00e0 khuy\u1ebfn ngh\u1ecb<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>V\u1edbi c\u00e1c c\u00f4ng c\u1ee5 nh\u01b0 l\u00e3i su\u1ea5t, d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c v\u00e0 qu\u1ea3n l\u00fd bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1, NHNN c\u1ea7n ti\u1ebfp t\u1ee5c \u0111i\u1ec1u h\u00e0nh ch\u00ednh s\u00e1ch m\u1ed9t c\u00e1ch linh ho\u1ea1t. S\u1ef1 ph\u1ed1i h\u1ee3p hi\u1ec7u qu\u1ea3 gi\u1eefa c\u00e1c c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch \u0111\u00e3 g\u00f3p ph\u1ea7n gi\u1eef v\u1eefng \u1ed5n \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 v\u00e0 t\u1ef7 gi\u00e1 trong th\u1eddi gian qua.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Khuyen_nghi_cho_cac_ben_lien_quan\"><\/span>Khuy\u1ebfn ngh\u1ecb cho c\u00e1c b\u00ean li\u00ean quan:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>\u0110\u1ed1i v\u1edbi NHNN:<\/strong><\/p>\n<ul>\n<li>Ti\u1ebfp t\u1ee5c \u0111i\u1ec1u h\u00e0nh ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 linh ho\u1ea1t, k\u1ebft h\u1ee3p qu\u1ea3n l\u00fd bi\u00ean \u0111\u1ed9 t\u1ef7 gi\u00e1 v\u00e0 l\u00e3i su\u1ea5t ph\u00f9 h\u1ee3p \u0111\u1ec3 v\u1eeba h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf v\u1eeba \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng.<\/li>\n<li>\u0110\u1ea3m b\u1ea3o t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng an to\u00e0n, \u0111\u1ed3ng th\u1eddi gi\u1ea3m chi ph\u00ed t\u00edn d\u1ee5ng nh\u1eb1m h\u1ed7 tr\u1ee3 doanh nghi\u1ec7p v\u00e0 c\u00e1 nh\u00e2n.<\/li>\n<\/ul>\n<p><strong>\u0110\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng:<\/strong><\/p>\n<ul>\n<li>Theo d\u00f5i s\u00e1t sao di\u1ec5n bi\u1ebfn t\u1ef7 gi\u00e1, \u0111\u1ed3ng th\u1eddi qu\u1ea3n l\u00fd r\u1ee7i ro hi\u1ec7u qu\u1ea3 \u0111\u1ec3 th\u00edch nghi v\u1edbi c\u00e1c thay \u0111\u1ed5i trong ch\u00ednh s\u00e1ch.<\/li>\n<li>T\u0103ng c\u01b0\u1eddng c\u00e1c bi\u1ec7n ph\u00e1p qu\u1ea3n l\u00fd r\u1ee7i ro t\u1ef7 gi\u00e1 nh\u1eb1m b\u1ea3o v\u1ec7 l\u1ee3i nhu\u1eadn v\u00e0 duy tr\u00ec s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh.<\/li>\n<\/ul>\n<blockquote><p>&#8220;Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ea7n linh ho\u1ea1t, ph\u1ed1i h\u1ee3p ch\u1eb7t ch\u1ebd v\u1edbi ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a \u0111\u1ec3 ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t v\u00e0 h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf b\u1ec1n v\u1eefng.&#8221; &#8211; PH\u1ea0M THANH H\u00c0, Ph\u00f3 Th\u1ed1ng \u0111\u1ed1c NHNN<\/p><\/blockquote>\n<p>Duy tr\u00ec t\u1ef7 l\u1ec7 d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c \u1ed5n \u0111\u1ecbnh \u0111\u00e3 gi\u00fap c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng c\u1ea3i thi\u1ec7n kh\u1ea3 n\u0103ng thanh kho\u1ea3n. Nh\u1eefng khuy\u1ebfn ngh\u1ecb n\u00e0y kh\u00f4ng ch\u1ec9 h\u1ed7 tr\u1ee3 \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1 m\u00e0 c\u00f2n t\u1ea1o n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc cho s\u1ef1 ph\u00e1t tri\u1ec3n kinh t\u1ebf trong b\u1ed1i c\u1ea3nh to\u00e0n c\u1ea7u bi\u1ebfn \u0111\u1ed9ng.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ch&iacute;nh s&aacute;ch ti&#7873;n t&#7879; t&aacute;c &#273;&#7897;ng m&#7841;nh m&#7869; &#273;&#7871;n t&#7927; gi&aacute; VND. Ng&acirc;n h&agrave;ng Nh&agrave; n&#432;&#7899;c (NHNN) s&#7917; d&#7909;ng c&aacute;c c&ocirc;ng c&#7909; nh&#432; l&atilde;i su&#7845;t, can thi&#7879;p ngo&#7841;i h&#7889;i, d&#7921; tr&#7919; b&#7855;t bu&#7897;c v&agrave; qu&#7843;n l&yacute; bi&ecirc;n &#273;&#7897; t&#7927; gi&aacute; &#273;&#7875; &#7893;n &#273;&#7883;nh t&#7927; gi&aacute;, ki&#7875;m so&aacute;t l&#7841;m ph&aacute;t v&agrave; th&uacute;c &#273;&#7849;y t&#259;ng tr&#432;&#7903;ng kinh [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":26046,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-26045","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-kien-thuc-tai-chinh"},"_links":{"self":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/26045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/comments?post=26045"}],"version-history":[{"count":0,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/26045\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media\/26046"}],"wp:attachment":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media?parent=26045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/categories?post=26045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/tags?post=26045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}