TAI CAU TROC N^N KINH T^SAU KHONG HOANG COAHAN QU6C<br />
vA BAI HOC KINH NGHI£M CHO VI£T NAM<br />
Vu H u n g PhUdng*<br />
Tran Thi Thuy Linh**<br />
Nghien eiiu nay p h a n tich qua trinh tai<br />
ca'u triic ciia nen kinh te' Han Qud'c sau<br />
cudc khiing hoang tai chinh chau A nam<br />
1997. Chinh phu Han Qudc da tid'n hanh<br />
manh me chUdng trinh tai ca'u triic, chinh<br />
dieu do da mang lai cho Han Qud'c nhiing<br />
thanh cdng n h a n h chdng va diing day ngay<br />
sau khung hoang. Nhiing kinh nghiem tai<br />
ca'u tnic cua nen td' Han Qud'c co the la<br />
nhiing kinh nghiem quy bau cho Vidt Nam<br />
trong qua trinh cai td ndn kinh te'.<br />
1. N g u y e n n h a n d a n de'n s u y t h o a i<br />
c u a n e n k i n h t e H a n Quoc t r o n g<br />
khung hoang tai chinh chau A<br />
<br />
Qud'c tang n h a n h va sau dd la sU bCing nd<br />
cua nen kinh td', cac cdng ty Han Qudc thu<br />
ldi nhuan Idn do vay da thiic d i y cac cdng<br />
ty Han Qud'c d i u tU qua miic. NhUng ddn<br />
khi ddng Yen giam gia d i n den c i u ve<br />
h i n g x u l t k h i u cua Han Quoc chiing lai va<br />
cac doanh nghiep tdn kho mot lUdng hang<br />
Idn. Vide d i u tU qua miic, hang hoa khdng<br />
ban dUde d i n de'n nhieu cdng ty hi lo, nhieu<br />
nganh cdng nghiep da m i t kha nang canh<br />
t r a n h dieu nay d i n dd'n cae eong ty 16n bi<br />
pha san tii nhflng nam 1997.<br />
Thii hai; Su didu h a n h ydu kem ciia<br />
ehinh phu Han Qud'c trUdc khung hoang va<br />
vide khdng de y tdi nhieu nhom ldi ich khac<br />
nhau. Tii d i u n a m 1997, Tap doan thdp<br />
Hanbo sup do la mot t h a m hoa chUa tiing<br />
CO ct H a n Quoc. Cac nha d i u tu va cho vay<br />
nUdc ngoai b i t d i u canh bao ve uy tfn tin<br />
dung cua qudc gia nay. Tuy nhien, viec xii<br />
ly cac cdng ty pha san nay khdng hiiu hieu.<br />
<br />
Cuoc k h u n g hoang tai chinh chau A<br />
nam 1997 da d^y H a n Qud'c dd'n ben bcJ vUc<br />
cua sii pha san va c i n sii can thidp cua<br />
Quy tien te Qude te (IMF). Vide Han Qud'c<br />
bi rdi vao k h u n g hoang gay b i t ngd dd'i vdi<br />
khdng chi ngu6i H a n Quoc ma ca ddi vdi<br />
nhiing chuyen gia kinh te nUdc ngoai<br />
nhflng ngu6i hieu ro ve nen kinh td' Han<br />
Qudc. Bcti vi tCf giai doan 1990-1996, nen<br />
kinh td H a n Quoc tang trUdng n h a n h<br />
(khoang 7%/nam), ehi sd' lam phat tha'p<br />
khoang 4-6% va ngan sach chinh phu can<br />
bang. Mdt didm yd'u duy nha't do la t h i m<br />
h u t can c i n thUdng mai. Do viy, rat nhidu<br />
ldi giai thich cho sU k h u n g hoang cua ndn<br />
kinh te H a n Qude nhU:<br />
<br />
- Thfl ba: Han Quoc lam vao khung hoang<br />
kinh te mot p h i n do sU quan ly ye'u kem cua<br />
chinh phu trong nen kinh td md vk qua trinh<br />
tu do hoa khi tham gia vao To chtic Hdp tac<br />
va Phat trien Kinh td (OECD). Chinh phu da<br />
dUa ra nhieu chinh sach c6 tinh riii ro cao<br />
trong vide vay vd'n. Thi du vao nam 1996 g i n<br />
60% cac t i i san nd ben ngoii cua Han Qudc<br />
la cac khoan nd ngan han.<br />
<br />
- Thit n h i t : Do la vide ddng Ydn Idn gii<br />
v i o nam 1993 l i m cho xulft kh^u cua H a n<br />
<br />
Thit tU: Su giam gia ciia ddng Nhan<br />
dan td va sii hdi phuc cua eac nen kinh td'<br />
<br />
' Vfl Hung PhUdng, Tifih si, Khda Kinh l€ hoc, Tnr6ng Dai hpc Kinh t6 Qu6c dan.<br />
** Trin Thi TTiuy Linh, Thac si, Khoa Quan 1^, Tnicmg Dai hoc Thang Long.<br />
86146(3+4/20121<br />
<br />
OUAN LY KINH TE Q ]<br />
<br />
• ' J : i i ] | J KINH NtJHIEIH THOD TIJH<br />
<br />
Ddng Nam A. Didu n i y da lam giam bdt<br />
hieu qua cac n h i xua't k h i u H I n Qud'c va<br />
d i n den nhieu nganh cdng nghidp chu lUc<br />
ciia Han Qud'c danh ma't \(}i the canh t r a n h<br />
qud'c td' l i m giam siit ve gia h i n g hda x u l t<br />
k h i u cua Han Qud'c do d6 tiep tuc giy ra<br />
tham hut thUdng m^i.<br />
2. B i e n p h a p t a i c a u t r u e n e n k i n h<br />
te' H a n Q u o c<br />
Ngay sau khi khiing hoang xay ra, theo<br />
ydu c i u cua IMF chinh phu H I n Qud'c da<br />
thiic hien chUdng trinh cai each hd thd'ng<br />
vdi muc tidu khdi phuc lai uy tin qud'c td v l<br />
cai thien k h a nang canh t r a n h cua ndn<br />
kinh te trong dai han. IMF yeu c i u cai<br />
each hd thd'ng vi ho cho r i n g khung hoang<br />
tien te bat ngudn tfl sii ye'u kdm ve mat cS'u<br />
<br />
TAI CAU T R U C NgN KINH j g SAU K H O N G HOANG...<br />
<br />
triic trong md hinh kinh td liic ba'y gic) eua<br />
H I n Qud'c.<br />
Qua trinh eai each h§ thdng, chu ydu do<br />
chinh phii d i n d i t , dU0e chia l i m hai giai<br />
doan. Giai dogn mdt, b i t d i u tfl 1998 ddn<br />
gifla n&m 2000 tSp trung v i o giai quydt cac<br />
v i n dd c^p b i c h cua ndn kinh te lidn quan<br />
tdi cac td chiie t i i chinh va eac cong ty yeu<br />
kdm cung nhU c h u i n hi hoSc siia ddi h$<br />
thdng v l cac lu^t c6 lidn quan ma thong<br />
qua d6 qua trinh tai c i u true d i l n ra thuSn<br />
l(?i. Giai dogn hai, tfl gifla nam 2000 khi<br />
ndn kinh td da thoat ra khoi cudc khung<br />
hoang, tap trung v i o vi$c xay dUng mot h?<br />
thd'ng "nen kinh te thi trUcfng" - mot hd<br />
thdng e6 kha nang nang cao nang lUc canh<br />
t r a n h cua nen kinh td.<br />
<br />
B a n g 1: S o s a n h vide doi m d i h e thd^ng gifla c a c giai d o a n<br />
Giai doan 2<br />
. (tfl gifla nam 2000 tr6 di)<br />
Nang cao kha nang canh tranh cua nen<br />
Muc tieu<br />
kinh te<br />
Cac cong ty ddn le (cac cong ty va to Thi trUdng (he thong tai chinh, tokn bo<br />
Do'i tUdng<br />
chctc yeu k^m, he thong va each dieu khu vuc doanh nghiep, tu duy va nhSn<br />
thflc cua cac chu the kmh te)<br />
hanh cu)<br />
PhUdng phap<br />
Sii can thiep trUc tiep cua Chinh phu<br />
Dinh hudng thi trUtJng<br />
Noi dung<br />
Ddi mdi phin ciing (sfip xep cac Doi mdi phin mem (nang cao chflc nSng<br />
doanh nghiep va to chiic tai chinh ciia thi trUdng tai chinh, tang cUdng kha<br />
yeu k6m, dUa ra cac he thong Uu nSng canh tranh cua cac td chflc tai chinh<br />
viet hdn)<br />
va doanh nghiep)<br />
Nguon: Hau khung hoang kinh te Han Qudc: tong quan 1998-2002, NXB Samsung, 2003.<br />
Giai doan 1<br />
(tir 1998 d^n giula nSm 2000)<br />
Vudt qua khung hoang kinh te<br />
<br />
ChUdng trinh cai each xac dinh boh khu<br />
viic chinh cua nen kinh td Han Quoc c i n<br />
thay ddi: khu viic tai ehinh, khu viic doanh<br />
nghidp, khu viic n h i nUde va thi trudng lao<br />
dong. Muc tieu cua tai e l u tnic khu vUe t i i<br />
chinh la khdi phuc sii dn dinh cua he thdng<br />
tai chinh va cai. thidn tinh l l n h manh eiia<br />
cac td chiic tai chinh. Tai ca'u true khu vUc<br />
doanh nghidp n h i m muc tieii tang cUcing<br />
hidu qua quan tri va d i u tU. Muc tieu cua<br />
cai each khu viic n h i nUdc la thu gpn bo<br />
may nha nUde, tfl n h a n hoa cac cong ty n h i<br />
<br />
E 3 OUAN LY KINH Tl<br />
<br />
nude v l cai thi^n nang lUc quan tri cua<br />
nhflng cong ty n i y . Cai each thi trUcfng lao<br />
dong c6 muc tieu la tfing cfldng tinh linh<br />
ho^t ciia thi trUcing v l giam bdt cae vin de<br />
ve tha't nghiep t r e n didn rong do qua trinh<br />
tai cfi'u triie k h u viie t i i ehinh va doanh<br />
nghiep.<br />
2.1. T a i cfiu t r i i c k h u vufc t a i c h i n h<br />
a. Chdn chinh lai he thd'ng cd vd dita ra<br />
cdc hi thd'ng mdi<br />
Sau k h u n g hoang tidn td, Chfnh phu da<br />
<br />
So 46 (3+4/2012)<br />
<br />
KIHH NGHIEM THlTfc TIJM | ^ m<br />
<br />
TAI CAU TRUC N^N KINH T ^ SAU KHONG HOANG...<br />
<br />
dUa ra nhidu hd thdng mdi lam nen tang<br />
hoac cdng cu eho qua trinh tai e l u true khu<br />
viic tai chinh.<br />
Tha nhdt, Chinh phu tridn khai bien<br />
phap "Hanh ddng dieu chinh kip thdi" dUdc<br />
ap dung trfldc tien cho cac ngSn hang<br />
thfldng mai va ngan hang ban budn sau d6<br />
m6 rong sang cac cdng ty chflng khoan, cae<br />
quy tidt kidm tUdng ho va cac cdng ty tai<br />
chinh. Ndi dung ehinh cua bi^n phap nay<br />
la cac ngan hang thUdng mai ed ty Id dii<br />
vo'n (theo quy dinh cua N g i n h i n g thanh<br />
toan qudc td' - BIS) dUdi 2% phai nang cao<br />
nang lUc quan tri theo chi dinh eua Sd<br />
Giam sat Tai chinh nhU thoai vd'n co p h i n ,<br />
dflng boat dong, sap nhfip vdi cac to chflc<br />
tai ehinh lanh m a n h hdn hoac ydu c i u<br />
chuyen cac hdp ddng cua khach hang (nhU<br />
<br />
tidn gfli va cho vay) cho cac to chflc tai<br />
chinh lanh manh hdn.<br />
Tha hai, Chinh phu yeu e l u cae to chflc<br />
tai chinh vdi quy md t i i san n h i t dinh phai<br />
bd nhiem cac giam ddc ben ngoii, t h i n h<br />
lap liy ban kidm toan v l bd nhidm giam doc<br />
didu h i n h de giam sat td chflc c6 tuan theo<br />
luat phap hay khdng.<br />
6. Sdp xep lgi cdc td chac tdi chinh ye'u<br />
kem<br />
Qua trinh s i p xd'p lai cac to chflc tai<br />
chinh ydu k6m dUdc thiic hien theo hudng<br />
giam bdt so' lUdng cic td chflc tai ehinh<br />
thdng qua vide ngflng hoat ddng, sap nhap<br />
vdi eac td chflc hoac ngan hang khac, ban<br />
cho tfl ban nUdc ngoai hoac thanh lap cdng<br />
ty me - eon trong linh viic tai chinh.<br />
<br />
ScT do 1: C a c h thijfc t a i c a u t r u e k h u vflc t a i c h i n h<br />
Cac to chi5c tai<br />
chinh CO th^ tdn<br />
<br />
Cac t6 chiic tai<br />
chi'nh khdng th^<br />
tdn tai<br />
><br />
<br />
Ban lai, Qudc<br />
hihi hda<br />
<br />
Quy cdng ddng bom vdn<br />
mua lai cac khoan no xlu<br />
<br />
Thanh ly<br />
<br />
Bao hiem tien giii ciia<br />
khach hang<br />
<br />
P&A (mua lai<br />
va tidp nhan<br />
no)<br />
<br />
Vay ciia chi'nh phij mua lai<br />
cac khoan ng xlu<br />
<br />
Mua lai cac khoan no x&a<br />
<br />
Cac td chiic tai<br />
chinh hoat ddng tdt^<br />
<br />
Nguon: Hau khung hoang kinh te Han Qudc: tdng quan 1998-2002, NXB Samsung, 2003<br />
c. Cdi thiin sit lanh mgnh<br />
chac tdi chinh<br />
<br />
cua cdc to<br />
<br />
Tfl n a m 1998 tieu c h u i n p h a n loai nd<br />
da dfldc xidt c h a t 6 l i n vdi muc tieu xidt<br />
chat eac tieu c h u ^ n dd'i vdi cac n g a n h a n g<br />
thUdng mai. Mdt chi tieu khac p h a n a n h<br />
sU lanh m a n h cua eac n g a n h a n g la h e sd<br />
du vdn (dfldc quy dinh bdi BIS) cung t a n g<br />
Sd46(3->-4/2012)<br />
<br />
dang ke.<br />
2.2. Tai c a u t r u e k h u vUc d o a n h<br />
nghiep<br />
a: Nguyen tdc 5+3 dd'i vdi qud trinh tdi<br />
cdu true khu vitc doanh nghiip<br />
Nguyen t i c 5+3 dd'i vdi qua t r i n h t a i<br />
e l u true khu vUc doanh nghiep ham y bao<br />
QUAN LY KINH TE EH<br />
<br />
I j ^ l l l j i KINH HGHIEM THUC TIJH<br />
gdm nam bidn p h a p chinh v l ba bi$n<br />
phap bd sung. "Nam bidn phap cai each<br />
khu vUc doanh nghiep" tUdng flng vdi cae<br />
muc dich: i) cai thidn sU minh bach trong<br />
quan tri; ii) x6a bo sU bao lanh ddi vdi cac<br />
khoan no ehdo gifla eac chi n h a n h trong<br />
cung mdt tap d o i n ; iii) cai thi^n c i u true<br />
vd'n; iv) xac dinh linh vUc kinh doanh<br />
ehinh c i n tap trung; v) n i n g cao ti'nh<br />
chiu trach nhi^m ciia eac n h i quan tri va<br />
eac CO ddng chinh dd'i vdi cac cd ddng khac.<br />
Cdn "3 bien phap bo sung" bao gdm: i)<br />
h a n che' viec n i m gifl cd p h i n chdng ch6o<br />
va nhflng giao dich ndi bd khong cdng<br />
bang gifla cac chi n h a n h trong cflng m$t<br />
tap toan; ii) tach bidt eac hoat ddng trong<br />
llnh vflc tai chfnh ra khoi cac hoat ddng<br />
san x u l t va cung flng dich vu; iii) b a n chd'<br />
sd' cd phid'u thfla kd' lai cho con chau cua<br />
cac CO ddng chinh. Tj-en cd sd do, "Nguyen<br />
tac 5+3 tai d u true k h u viic doanh<br />
nghidp" dUdc h i n h t h a n h .<br />
b. Chi dinh cdc tap dodn Idn xem xet<br />
lgi cdu trUc vd'n<br />
Cae tap doan co khoan nd ngan h a n g<br />
Idn phai thUe hidn mot thoa t h u i n diia<br />
tren "Thoa t h u a n ve t a i ca'u true ca'u true<br />
vdn" vdi cac ngan h a n g ehu nd chinh<br />
trong thdi gian 3 t h i n g . Cac tap d o i n nay<br />
phai giam ty Id nd t r e n vdn cd p h i n<br />
xud'ng dudi 200% v l khdng dUdc thflc<br />
hien bao lanh cac khoan nd ehdo gifla cac<br />
ehi n h l n h . ,<br />
V. Hgn che viic ndm gia cd phdn trong<br />
cdc cdng ty khde vd bdo lanh cdc khodn<br />
nd cheo<br />
Nam 1998, khi ddi mat vdi cuoc k h u n g<br />
hoang tien td, chinh p h u da xda bd quy<br />
dinh e l m chi n h a n h cua 30 tap d o i n Idn<br />
nha't dfldc sd hflu ed p h i n trong cac cdng<br />
ty khac (quy dinh n i y chi c6 d Han Qud'c).<br />
Muc tieu cua Chinh p h u II cung d p cho<br />
cac cong ty trong nUde hi t i e ddng bdi<br />
<br />
E3 QUAN Lf KINH T I<br />
<br />
TAI CAU TRUC N^N KINH Tg SAU KHONGHOANG...<br />
<br />
k h u n g hoang mdt cong cu dd duy tri kha<br />
nSng kidm soat ciia m i n h trUdc sfl thdn<br />
tinh eua nflde ngoai.<br />
T h i n g 4 n a m 2002, quy dinh n i y dUdc<br />
siia ddi trong L u $ t T h u d n g mai Cdng<br />
bang. Chi n h a n h ciia t l t ca eac tap doin<br />
Idn (kd ca eac t$p d o i n cua n h a nUdc) vfii<br />
tdng t i i s a n tfl 5 nghin ty won trd len bj<br />
e l m d I u tfl vd'n ed p h i n v i o b i t k^ cong<br />
ty nao k h a c vdi ty Id vfldt qua 25% tdng<br />
t i i san. Trong khi dd, chi n h a n h cua cac<br />
tap d o i n c6 tdng tai s a n tfl 2 nghin ty<br />
won trd len khdng dfl^c nfim gifl cd phin<br />
ch6o ho^e bao lanh eac khoan n^ eh6o vdi<br />
cac chi n h a n h trong cflng tfip doan. Nhcl<br />
quy dinh n i y cac k h o a n n0 ch6o ciia cac<br />
tap d o i n Idn da giam d i n v l g i n nhU<br />
khdng con v i o n a m 2002.<br />
d. Logi bd cdc cdng ty yi'u kem vd hodn<br />
ddi kinh doanh giaa cdc tap dodn Idn Chuang trinh Big Deal<br />
Cac no Iflc t a i clfu true k h u vUc doanh<br />
nghidp do n h a nUdc chi dao sau khiing<br />
h o a n g tien te dUdc t h e hien b 3 khia<br />
canh: (1) xac d i n h cae cdng ty ydu kfim<br />
p h a i ngflng k i n h doanh, (2) tbUc hidn<br />
chfldng t r i n h t a i c i u t r u e - 'Workout' va<br />
(3) ddy m a n h vi$c h o a n ddi kinh doanh<br />
gifla eac t a p d o i n Idn - 'Chfldng trinh<br />
Big Deal'. Dd'i vdi vide xac dinh eac cdng<br />
ty yeu kdm, c6 55 cong ty thude 64 tSp<br />
doan Idn nhfi't dfl^c lUa chon vao t h i n g 6<br />
n a m 1998 s a u d6 dfl^c s i p xep lai bang<br />
each ddng ciia, ban, sap n h i p hoac thu ly<br />
tai tda.<br />
C h i n h p h u dUa r a ehUdng trinh tai<br />
d u t r u e - 'Workout' vao t h a n g 6/1998 va<br />
ydu e l u cac n g i n h a n g thUdng mai phai<br />
t u a n theo. Muc dich b a n d i u cua chfldng<br />
t r i n h la khdi p h u c lai eac cdng ty nd<br />
nhidu, thidu tidn mfit b i n g sU hd trd ciia<br />
cac n g i n h i n g cho vay. Kdt qua cua<br />
chfldng t r i n h dUdc t h e hidn t r o n g Bang 1-<br />
<br />
Sd 46 (3+4/2012)<br />
<br />
KIMH NBHriM THiB: Ti^w [ I I J 3<br />
<br />
T A I C A U TROC N £ N KINH T^SAU KHCING HOANG...<br />
<br />
Rang 1: Ket q u a chiftfng trinh tai cau triic - 'Worliout' (cuoi nam 2002)<br />
Cong ty t r o n g chUtfng t r i n h tai cau true<br />
<br />
Ket qua<br />
<br />
So c6ng ty dang ky<br />
trong chiidng trinh<br />
<br />
Loai<br />
bo<br />
<br />
Sap<br />
nhap<br />
<br />
Tach thanh 2 hojc<br />
nhieu cong ty<br />
<br />
T6'ng<br />
so'<br />
<br />
Hoftn<br />
thinh<br />
<br />
Diing<br />
lai<br />
<br />
Dang<br />
thtic hi&n<br />
<br />
104<br />
<br />
8<br />
<br />
17<br />
<br />
4<br />
<br />
83<br />
<br />
55<br />
<br />
16<br />
<br />
12<br />
<br />
Nguon: Uy ban Giam sdt TAi chfnh Han Qu6'c.<br />
Hoan ddi kinh doanh b quy md Idn ChUdng trinh Big Deal - dU(?c chfnh phu<br />
xuc tidn gifla 5 tSp d o i n hang d i u trong 9<br />
n g l n h cdng nghiep m l b dd vi^c d i u tU<br />
chdng ehdo d i n ddn va'n de kinh doanh<br />
vUdt qua nang lUc. ChUdng trinh nay d i n<br />
den sU cung cd hay s i p xdp lai e l u true cua<br />
<br />
cac nganh c6 lien quan. Tuy nhidn, trong<br />
m^t so' trudng hpp chfldng trinh n i y dUdc<br />
thflc hi$n dudi hinh thflc cdng ty A mua lgi<br />
cdng ty B hoac hinh thanh ndn cdng ty mdi<br />
C thdng qua sap nh§p A va B hdn la vide<br />
"hoan ddi linh vUc kinh doanh" nhU muc<br />
dich ban d i u dat ra.<br />
<br />
Bang 2: So sanh gifla ket qua va ke hoach ChUdng trinh Big deal<br />
Nganh<br />
Loc dau<br />
<br />
Ndi d u n g thoa t h u a n<br />
gifla Chinh phu va cac<br />
t a p doan (12/1998)<br />
Hyundai Oilbank tiep<br />
nhan linh vUc loc diu ciia<br />
Hanwha Energy<br />
<br />
Ban<br />
dan<br />
<br />
Huyndai Electronics tiep<br />
nhan LG Semicondutors<br />
<br />
Dong<br />
cd thuy<br />
<br />
Ban bo phan san xult<br />
dong CO cua tap doan<br />
Samsung cho Korea<br />
Heavy Industries<br />
<br />
Oto/<br />
dign tii<br />
Hoa<br />
diu<br />
<br />
Thanh lap cong ty tfl viec<br />
sap nhap Hyundai<br />
Petrochemical va<br />
Samsung General<br />
Chemical<br />
Hoan ddi kinh doanh<br />
gifla Samsung Motors va<br />
Daewoo Electronics<br />
<br />
Ket qua<br />
<br />
1<br />
<br />
- Hyundai Oilbank tiep nhan linh vUc loc diu cua Hanwha<br />
Energy 9/1999<br />
- Hanwha Energy doi thanh Incheon Refinery Co.<br />
- Incheon Refinery nop ho sd len toa an 9/2001 vi kho khan<br />
tai chinh<br />
- Huyndai Electronics tiep nhan LG Electronics 5/1999<br />
- LG Semicondutor doi ten thanh Hyundai Semicondutors<br />
7/1999<br />
- Hyundai Electronics Industry dUdc sap nhap tfl Hyundai<br />
Electronics va Hyundai Semiconductors 10/1999<br />
- Hyundai Electronics Industry dUdc doi ten thanh Hynix<br />
Semicondutors 3/2001 va trong qua trinh thoa thuan ban<br />
vao cuoi nam 2002<br />
- Hai cong ty dong y sap nhSp d^ tao th^nh Korea HSD<br />
Engines 12/1999<br />
- Daewoo Shipbuilding vk Marine Engineering<br />
- Samsung Motors dUdc ban cho Renault sau khi k§' hoach<br />
'hoan ddi' thit bai<br />
- Daewoo Electronics dUdc chia tach thanh 2 cong ty m6i<br />
- Cac cdng ty ciing khuyen khich thu hiit vdn dau tu nU6c<br />
ngoai<br />
- Thoa thuan khong dat dUdc vao 1/2001 vi khong thu hiit<br />
dUdc von tfl cac tap doan Nhat Ban<br />
- Hyundai Petrochemicals dang trong qua trinh dam phan<br />
de ban vao cuo'i nfim 2002<br />
- Samsung General Chemicals dUdc khuyl^n khich tai ciu<br />
true tren cd sci tu nguygn<br />
<br />
Nguon: Thong cao bao chi ciia Lien hiep cong nghiep Han Quoc.<br />
<br />
S i 46 (34.4/20121<br />
<br />
QUAN LV KINH n<br />
<br />
ES<br />
<br />
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