MỤC LỤC
CHƯƠNG I: CƠ SỞ LÝ LUẬN 1
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 !
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$- ./0
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8!(!9:/;
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?@=3AB
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B1D
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!<:E
=F!8
GH 8
=F6- .9F8
1IJK9F:GL1@?
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1I25>
 +>
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M22N#:<B
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8RP=3A!+S-"<3P

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G0T!!U!
7UV:!
G0TWX5/!
G#7!?
"3Y ?
Z3([K* B
8GV:!C
8\ <#C
8\32+25'/03:#,C
8\/0%#:<']^_<9FWJ,
1
883(:-3%7`:Ja
;1"*
;1"+[<[5/!+
;1"+I3!+8
;1"+049PW.!+;
;81"+!:/)=?
;;bH22X#26*.2<X:[P
S-">
;@c35/!>
;G0W /<:Xd0/!:>
;1F </Ic%Q
Chương II: Thực tiễn kích cầu đầu tư ở Việt Nam 41
1*Y!3#!5:!+CC>8
1((!+eS-"\G//:JQB?fCC>8
1((!5/\G//:JQB?fCC>
;
1*3J6- ./0;
1*3J+&29:/2;

1*3J=3A;;
1*Y!\G//:JCC>f/0;?
5:!++#<#\G;?
G"9!5/" #3+#<5/\
G/A!(!5:?C
G"9!5/" #3+#?C
G"9!\G/?
bH!K.5/\G/?B
bH!K/>B
Chương III. Giải pháp 90
b22X:0T!gQC
2!P2AQC
L0"!P2A<7gQ
=76h* <!+7H!
Q
b <!+7H!Q
iH22!#:<Q8
8b22!3:#gQ?
2
CHƯƠNG I: CƠ SỞ LÝ LUẬN
I. Đầu tư, các nhân tố ảnh hưởng
1. Khái niệm về đầu tư
6< O9F2%2V6*<:":J"<:
Hjk6J6%:53:W6/
2. Chi tiêu đầu tư
6< *9P04l!:+!5/"/
(<25 /!*!9:/j6<I6% 
2m3/<H22<:I3!+
X/:V70+P3(:-9n<(!+
6o04II S.5/"!+

3. Cầu đầu tư, chính sách kích cầu đầu tư
3.1. Khái niệm
6<9*P'!+:J,5/5j/0+<
I3P< P/09*3p< 6"<3P5/
p< <06<42K05/ S.:cF3:
W6/
2F"50+<:P2"I 2m<
H/<9PFG(!=H6cqp/!6%
S.A# *X+[< S. 2m%9*
X:3:W6/
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3.2. Các nhân tố tác động tới cầu đầu tư
3.2.1. Lợi nhuận (kì vọng, thực tế)
1k:k0k P5/6%&!r)G+
/6J:A"!:6%&6#(A/
*+6%&.2(A q!s(
t+!=H6%&:c/6u(A/ q!=
k0k :3j"A/"< /0"< 
P(AH/704%/"!:6%K3:W
6/)6<6%K34)5/'6%K!r),H/v
P6%4SP6%&5/9*H6<D .6%&
'ww,< :<"X"'ww,
x1D .6%&2K6%&%lI
3"WP
G+:lI:J"(g
Trong đó:
yz26<6%&%IKk:cXjJ
'A49*XT:J",
yCg6<JA49*XT<::J"
ywwg$<v .6%&5/<:I

G+X(75/A9*(g
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Trong đó:
yzg6%&X(7I5/A9*k:cXjJ
xL :<"X"6<K6- .<9*H4J%X:
:[!:5/9*Xj#!:A/
cXjJ
ww{3
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y'3
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|3
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,}G~\•'G~\
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,
Trong đó:
wwg :<"X"" 0'€,
3
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gD .+!..2WJHG~\
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•C C.
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gD .+!./:WJHG~\

‚C C.

G~\g[6-70A4J
3.2.2. Lãi suất tiền vay
$- .%4k:"ƒ/.6<5/9F
5/7//0%:c:p9PF9#
(K:c9#9JK< !/+J
A/03:A:/0"!:9=3/:< 
)6<6-1D623I5/ 6-3 )6<6-
.
„ƒ=6- .6<W 4:o9:/
2/3/70+P!+5/(Sk5/(<:
9/F<0/09/F!13:!!+P
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3A/0 6- .t% O9F6<"=F
H22+#6V<:/03/#"#
G+K6- .3:#…W6- .3P3A7+<
3:XO/P3A(9t q03/#
:<9d+3:#
13:2<9*(SP%6- .5/9*
Hhƒ/3.7/3)@&0/2X/6:J6- .g
$- .9/ƒ/6<6- .<A:J2X4K6-!=3n
#A:Js26-$- .*6<6- .<A:J2X4K
6-3n#A:Js26-
13:*++6- .2X4!=AJs26-!†
k:!H6- .%46<6- .*<A:Js26-Xj
A:J2X4K6-
13:2<9*6- .% O9F42
6<6- .*$- .*+6<"0+7/3)70+P
K"5/9:/2<5/"/($- .*+6<
2/05//09:&0!6- .*+I2
X5/ qI6%&XG+6%&X5/"W

P#!=5XnT2%!:25//0(9:/
2 q!=/0p/\(&0!6- .*+
6%I<%6JG&0H7/D6
P#6- .*+/0
3.2.3. Tốc độ phát triển của sản lượng quốc gia
06<vƒ= 3"+0+!
G 6% 2m/0/0[ 6%6<
+I/070=5/
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\9Fgb^~I/ q6<I&25/A99:H
l/!9n6Jl/I+!9nI([
oI+!I(I6<6- .!
LWp/!:<X"!+I3 qJ:6h
#
Z3(<0 qJ:3/K K6<" *IX/
3: 6% q6<< 6%+2FI6
1"I 6%<"I!=/.
<0%&23:6h0+/
3.2.4. Chu kì kinh doanh
8!r!9:/4k:ƒ/
K!r!9:/<2SkSs"
m&HH4v9Y3/K"‡oH46<3.!
6U *2FVH49Y3/ll:coH46<2343./
H\&0!r!9:/6<(E1k:ƒ/.!r!
9:/%46< *X+"5/:J"!+TJ3:
"A!r.P3:H/:JI3</:J
06046d/!=l
8!r!9:/k:7/45/<!+
 GA/H49Y9<&3/" X45/!r!
9:/cX6<pX4/cn3.!HH4

Pƒ/%"S!r!9:/13:73(
KpX+[3ˆ35/!+X/<
K< O/+<p7/ 3!/J!
/glA+S.#"X+ */W<p
6u6: %:6:J@F5/73(K<050+6<4
: *!5: 0 F25/!+
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G#<!+)7/+!!r!
9:/X/:VpX+"5/X:J"!+<
p0!03/!r!9:/\9Fk:7/4
5// k6A!rI)6<"A!rIcX
PU‰1A!ri0/0 0:6<A!r< *
PS9#4<H-J3#0<0Hƒ/6<
*/0[p//:JI)< F/WX6< *X+
[PH!=67/3*+2+p
2!<!+3jp/0[2<
3P5/6 S.6<0+6 *&"H!r5/
!+
\(3/"!!r!9:/6<3.!H!I10
@k66-+<Kk:&9J7/!
*+p.50+S03/3:73(3"
<‡2 S.<-/3/%"Pƒ/ /g
‰!r!9:/6<"6:J9/:"%&.03:
:J"!+[%25/p7/<[K=5
0+5/)9Y3/3:WP S.!9:/g"!rV
H73(3" S.S.<:!:A/
/3.:J"!+!+k:6</:J N
‡2</:J2FVW*<p/:J<0%2.
<:/:J3"5/!r+2k:U73(/0[6+2<0
AS09Y3/!=/P!rU"9<5/

!r!9:/AlWI#C:cCIUN!=4
/%<!rTW<p!r<0Hpc
W*#X"9/:"S.2Sv5/NŠ
406< *n&"5/X+!+:c
73(!+S./VX"3:73(9YX+5/
X.!r!r!9:/<:w.6:J:J"!/HS
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#234<"6d/13J*5/!r!
9:/2F"</0[k:pc450+5/!+
S-"<4+3P
\#!3N/H4&.03j"!r!
9:/V2/g2/K.e/:J3"'A/l4*
4+4*JU2/K/e/:J‡2'A/l4
*J+4*4,
3.2.5. Đầu tư nhà nước (đầu tư công)
13:[S-"X/:V5/<#<5/
9:/2
9*lV5/<#!=jF
6%<9F3%N2+P#:5/:<S-"
1=7/ 25H4234J6#/:
==W J!=2a<0j
=3A!0+![K9:/2
<:n<k:70:J5/25#!
+234k:#S-"5ƒ/
GV<#X/:VVl <#
V9F2345/<#<V
2345/9:/2<#
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3.2.6. Môi trường đầu tư .
1k:z:369M/!CC8=3A6<&2%2p0+c

nP/2W/P
‹
(:W"<"6*49:/
2H7J:J:6<<3" S.1&2
%2p0+cn<0X/:V<2 5/
25<0+!67/+70=P3A<+
P/6hL/<2<0"+X/!/J67/+<
g
e2W"']22:30:  ,5/
e@K"353:'k kw ! ,3:
 eGp3<:J3/'M/33k3 ::2k:,3:7
3(
~6:J=3A
M0+3:=3Ag
$&22
Œ1+
Œ$& p
Œ1*Y/
ŒW 226&
Œ•-
ŒM: p3
1<
Œ04
Œ1+2&<
Œ2
Œw53:
Œ9F


1*YWJ \I:

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Œ\/3t<5/
<6#
Œ\/3t<=0
6#
Œ\I:!9:/
ŒZ/46%&
Œ7/
Œ!22

ŒSO
Œ1=:
Œ1*Y6/:"
ŒZ/4#A#:<
ŒL75/)P/4<
 5 F  2H c Xj
5/25P/2W

W J<6/:"
Œ1+2  &  W    J  
#/ +XP30=<
9PFWX!
Œ1+2&26/:"
0+!
Œ_3P!+
ŒL&!:
Œ1P3A!I 6%
ŒiK .2 9d   <  
.6%" 
\P3

Œ:  +    X/0
!*<PlP3J
c4P/6
Œ!./</:0 O
9F.
~6:J=3A
@=3AK67/#0+"W J!ƒ&
2FF: *234!+VgL J/:
='A <!=X4a,=
66JI6%a
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@=3AX/:VgL9PF<9PF
226H67/+:J"'cX.67/+
+"SO<70+3/.2!+J,U9P
F<e<!+:<!4:a
G:<3//oH4H26:J=3A
/g
y@=3A3PS-"
y@=3A!+ƒ=
y@=3A226&e<
y@=3A*
y@=3A!9:/
y@=3A7+
y@=3A6/:"
3.2.7. Thuế thu nhập doanh nghiệp
 1+&29:/26<"6:J+3*<:6%
&5/9:/2„\G/$&+&29:/
2%Z"#"t/S-"5ƒ/\G/=
7/<0C•;•QQ><H6*<l<0C•C•QQQ/0:
$&+6%K

\/3t5/+&29:/23:!+P3Ag
1+&29:/26<=F7/3)4G<#*
KI22&2X:=XjS-"13:
!!+P3A#/.<2!+
H70*9:!9:/<X(j3W 226&9:/
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2#6*6%6/:"H/0/:I6*<J(
9:/2H qH+<HW"4&%&2/:U
%6J9:/2#I6*<6*6%6/:"XP
J+ q&%&2.2&!=H&2Ž4J
+%4HG<# O9F+&29:/26<
=F+&25/54H&2/:X:0
HH25/54!9:/<: G<#%
=Xj%26h
1+&29:/26<V7/3)5/ G<
#~J29F5/+&29:/23.3"V
H!9:/"4<[K!+H:J" 
S.!9:/<:9PFH2 6%&G!+P
3A#/<0<234<[PI3!+%
pp<0</:54:J" S.!9:/9P
F<0</6J6%&(!I0"V<
: G<#=7/+&29:/2<0
<9V9<:
1+&29:/26<=F7/3)4H22!0+
!Nm0 S.!9:/234k:#!+:J
+6%234:<95/G<#G<#-!0+
!#54!9:/<:p<6ƒ*<
pn<G<#H+6%2343:l
/:J.P
1+&29:/2t6<"3:p=F7/3)

5/G<#3:*KI+:J"!
+eS-"3:lA!r234!+.P1+&2
9:/26<6:J+H/3t7/3)3:226&
+5/\G/ :420"H75//3t5/+
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&29:/2N/2SkSsH9#!/J
!4p!SO6h5/#:<
3.2.8. Tỷ giá
13#+D[P-"*#!+6J
2g
1K.6<4(3J&2!m6J2!=6<:
6J23:#XP!+J+20&6
&2!mXPm06
1K/6<!=6<:<3:#Xj\G^XPI
!s2'l/9:<Xj•i^Il/9:D\G^••i^I,
 1KX/6<!D\G^••i^[P<[P qH
"[P6h6<6h6J2X<<•i^A
%)6<W3Nmu!6J2/:
i*X+"5/Dn#0+:JHHh
ƒ/cX35/H#0"*=
2:J: <#[P!+<S-
"@""7/3)!5/D6<H226<:G
<G<#\G//%"6%6#•i^3P3Al
9<9:/21lHH22/:
7+6<I KJ5/7/
1*3J"D+6- .<32+25
1D:JH67/cq+6- .<H9F
v6- .3:!+P3A!V".!
6%"K:<P3A6#t…2vI6-
.3:3A%2<06<I /:6- .

0""!V"6<#2vK
6- .<0 q /:6- .0""
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+!=vK6- .(p< S.!9:/ q
X:J:<6.0"O<:<:c/3
2+2546- ./:<0 q"S.+ 
S.e!9:/3:!H 2+2F/:6- .
0"O5/" #•'@/6/S/
1$/9:kS/,:.0 O6h<:<2%2<6-
.<D:J-6<:Dp%X"[P<
!=HX+"J
II. Kích cầu đầu tư
1. Kích cầu đầu tư khi nào?
Av%9n!!+6<:3(3/0 0
:/*9&0cX/0% O9F!!
+3W<:3JXd0/!:6<!< 3
.6*(6- .-7.2
L/0!5:e2FVePe 0:6<2/3:
!(5/"!+06<0+!7/<!="25
/0"[K<:H4/0[%i0:!+H46
7/+ * 0VA5/v !+5/:<X":J
"!+6<6%&i0:H4T6#
J'2,:c%6JI/'6J2,@" *
0:69<<33)%)6<!5:!+
!+H9.XT 0:!s:9<43(3J3V
W25#-29F !+ƒ=<
=4!j/!+I336J13:H!
6<X22p5/25
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Z0 =

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2. Các công cụ kích cầu
2.1. Nhóm chính sách tiền tệ
 6<=F76hu3%V5/25
/0<3W4J%pFcX!
+6J2903([PD:J%:<9F6/:"
/0I3!+ X/:V/0[6:J
6- ..PH43*+2/0+2=7/2FP
3A 70 PK9*3pXTX":c3/:[3P3A
:J=F5/ Vg.2D69*3p
XTX"2FP3AJK9F<6- .9F
10/=F50+5/25"J+!

6<=F6- .9F<IJK9F:
<WJ
2.1.1. Công cụ lãi suất tín dụng
<!9:/A/046- .2
!:/0%\(&0+5//0'6- .,6#WD .6%
&X(7(< qT70=<%6J
@7/p/D66- .<D66%&3H
4%)/ /g
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 $- .X+"lK

+
8
#lK6- .9*
%)6<!/!6- .6<
8
 qvH9*_H6-IK
<: */0[5/6- .< : #ww5/9*<< q
6*/)70+P<70=
i*ID66- .*+6<"3:p
+ *I7=\(&0H49n 
"+6- .3P3A4lH!
0%Sk6<=F+23:* 
X( */0[6- .!=3*+26<I/0X#
6%3:6=<vH46<!/0!(- 
S.GH6<"=F3.7W+<6- .%4
6<[4p53W <22F45/G<
13Wj+6- .3P3A9F3:
lA!r.P\7/p/6- .<K6- .
<.2(K</:<%6J<0H4

6<!VH4%<3%Xj*H/0/0
%M.6&9*%<3%Xj2WK<:K6-
.o6<"22W"5/9*H136-:!:
/04: S.6<23*+2GV*H
5/"9:/2H49n4:/0#"K6- .<:H
16-<9:/2XP.! O9FV*H4<3%:
9*35/(/0(9n4:/0%)6<2W
"@K6- .<.2(2W"5/9*<.2<H
9*/6J6%&<(&0K q/I
+K6- .<6<2J35/
\#=F6- .<3WH4+
:J"Xj2W22 /g
eG<H470P6- .WXlH#6-
.P3A5"v6- .4v[2W
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/:3:!+<WJH4v
K6- ..24!/0
eG<3W* 6- .+!.
6- ..2g1=7/H<3WH4"
+2<:6- .P3A@"6- .+!..2 q6<6%
/05/<IK6%K5/<:
!+I<n q6- .3P3AlH!

eG<3W*2FP3Ag4
t/2+!:XJ32+25H4"<:
KK9F6<<0o q+ *
/0[5/6- ."#
eG<3WK9*3pXTX"!Ho
+2+6- .3P3A',!0+!
2.1.2. Tăng hạn mức tín dụng cho các NHTM

LJK9F6<K9%/<GL1zX"GL1@
2.2<!.29F:!+#6:J/0=
A<!=SP!r J%:lH/0<v
!+k:JK9FHƒ/6<<:"A4<:H
+9%/05/!<6+K/:2s2!H
< q!=2/0:!<25IJK
9F q!59:/2/04234
13:!!+ 0::c!5:9:/2
c22!H!I3.6#Ho6<W"49:/2!‘
P(/IP2S09*WN%6/:"
H/0a
G&0#-6- .:c!:/09F6<
W":9:/2 < !…k3:!5:<
oH22N2!+I336J / 0:
[Type here]
2.2. Nhóm chính sách tài khóa
2.2.1. Tăng chi tiêu chính phủ
G<##V6#l+<!:/03:<:<
#!2<32+256<<<9n
6#3:!+!!+c2!H!I25H4I
 4"<:[!/X<
H/N29:/2H!IJ3/Kp3:
0:VA<:p9:/26<I!s7=
(:J"6J&@c!25oH4!
=7/=3(S09*W J:=
/6J6%6#:S-"o9:/2G:<3/p
!*!+!H!IA 9!H!I!*9
!= ’ <(25H !0+!u3%
S09*W &.+J:"6*:<
4Nm0!*I3234

2.2.2. Các chính sách thuế
1+6<"#6%&!()o6%
&*+5/9:/2^:H=Fp6<Y:c
+cX6<+&29:/2<!:l!
* S.=F<0!=vHhƒ/*3:!
!* S.<VAH22<!A
99n\+<!:l<# q!
<2!+X(‘WJ: *Xjp/!+<
#<!+G:<3/S#+!!+I
3&6Jt6<S#5/+#oJ:3/=
3A!9:/.29dWN#:<
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2.3. Nhóm chính sách giải pháp khác
06<p /.tXm04+<
<!H/< "&6%<7 !
3:<:<#
2.3.1. Biện pháp thu hút đầu tư nước ngoài
\#:<<0<H/3t7/3)3: *
234!+S-"5/.7/H<5/:J"
H34H4!7(6<!
!=4+(+IAN1GG qH22Nm0
:J"5/u7/4N%1GGNh"
22 /g
y~=3A226h"=3A22
6h::cqH96=<#:<
W6<"=3A226h3T3Vs:X.%26h
 y10H=3A<%+#X++(
o!sN<#:<\(&0SN+j
#7:W"j.2:+4
.29d<1GG

y“09<J:W J6<!70+4
1GGX"=!ƒ&Jv%203:"W
J%2
y~HW3(<:J:/:.6%V6*
2.3.2. Biện pháp nâng cao sử dụng vốn ngân sách nhà nước
\GiGG6<VHH2!4<::J"
07 O9FV<0<::J"t
X.&2<6-29d+J+7<<75/H
t6<.!I23/7<Xp5/!
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+\(&0pX224/:7 O9FGiGG6<
+3::/"g
y1*=76h<<GiGG"%2
6hH3)3)43<:9*!=
7<9<3
y1AS0!43/ 73( O9FGiGG4
!P2A2p /2J3%p[.GiGG
!=H
yHpW+mPSK"!
5/9* O9FGiGGjk6J7/<
"*+9*
2.3.3. Biện pháp phát triển thị trường tài chính tạo nhiều kênh huy động
vốn
1P3A<6<X"2&7/3)X&.2:<X"
:J"5/!+<H/1P3A<234H2
2Nm0Jq *234!+S-"5/"7/iK
S.5/S-"<0<I<7= S.<0<3"
<0<I3:!V"6*5/9:/
2/0/07/G<30!=2K%
cA/o 6%\(&0234P3A< q

J:3/!0"2K::J"
234!+
13:X/0234P3A<
2*"   /g
y~SP%"W+6- .6:J<P *+
5/P3A
y~H=F<2:2N/9J43"2J
/:9Po7=P3A<
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y“09*</9JH/[K<<=
0<4m0/73(604</:7
O9F
y~S09*%226&:<9X:[P
!+S-"
2.3.4. Ổn định môi trường đầu tư cả về kinh tế xã hội và chính trị
@):J" 03/:n6<46%&(+
=3A.29d26<"=3AH7/:
K"353:.2<06JPXg
 W+-5/P/X<%!2
34!+.JK":<4+<|22
6h!I[Pc3PeS-""O/!+ *
2345/P3Aa3H7/
"7/6J6d/(&04/:.6%<75/=
3A+27/SO6hVX"0+
3
@"=3A[P!+S-"<3P q
Nm0<X…423413:H/3/
 jI6t:<%25
7/ <<5/25HJ=
7/"5/H+2353:<3<:J3/

@=3A!=v47/.6%5/0+
<t247/ *76hGH!=v:9:/
2<::<S-"HX22=3A
2n%2#lWlA!r qN%<H q6<
"X22!p
=3Ak:#v0+g
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y@=3Aƒ=g[P=3A!+S-"
<3P ju3%<9:/2
4)0X…
y 226&gi*[P3Pop
X:c226h67/+70 p<< Hhƒ/7/
3)3.6#+hP<<5/<@K"
5/9:/2<:W6/!4"&03: 5/
<# q70+P9:/2H/0!=< q+2
F+<:
yGp70P-70-p/<
.2470+/5F<#9*
 -:9*[#=/9J
H/(K234H6#+9:/
2H234/0!=
3. Nguyên tắc, điều kiện kích cầu; nhân tố ảnh hưởng kích cầu đầu tư
hiệu quả; nguồn vốn cho kích cầu
3.1 Nguyên tắc cơ bản của kích cầu
Nguyên tắc 1 : Kích cầu phải kịp thời
2!P2A0!=2v6<!2%
25*"/H!S.0H 0:
<!P2AtHƒ/6<"!%25*(p
X22<0 qHK!/0K6<6<I/0
3:!+G+4*!+2FV(2FV #

"o q9Y3/c9n2FVH4!s:9<:F
5/!6<m0/2FV5/!+^:H
!vH4%*"Hhƒ/3:"!:
A/.P .7A/4* q
!=H9F(!H!+*H-H42FV<
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H!6NH6JH4H9FS.9:H!I6<H
!+9d+6J2<.ƒ=6#
W3(9*H"&!=
26<p=F!<06<X(![ F
(X22<06J!=H"(#[3:6N
2I[6.'43"*5/
0:9:/2 /=,
Nguyên tắc số 2 – Kích cầu phải đúng đối tượng
bH!H<=/0!= q2F"3.<:S
#<5/%"9j3:H!
4!%#<H/<9PF(H!
2%T#H% /::H!% O9F
/0'/0,<7/H6<I[3:!+Gp
X22!N%6<pX22T#
% q:<X"6%!9<:)@F
5/H!6<6<I(/!H/4*<06<.2
:pA'H46<"/(9:/2<
70,| q O9FpV<0<7/H/
<:!+1!2% O9F4!0+!
H%<0+<!:#:cJ+
H<0T
4!H7(H!2T<:p
% /::"V3/HK!9n<
/:.1k:" K3+#(K/:.6<

9<:X:4.2H!/3:S-" qHS
#9n&X!/GpAH&2/:(v
H"2…!::<•Y+':c!:3%.2,<)
&% q%3:!pAH&2l/<.2
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qH/:W3!::<+LK 
6<6h9:J /:!=2 <!H/'!,<:oH
9F/|@"   qH9F•7W
 !3:!!+b O=G0Y\I
_&%!:c3% .2CCVlH3%.25/
25<#/oH7k5/(=G0Y\I_ q
O9F"2 3%.2&%0%)6<S#
9n&X\9F+=_+QCV(S#
9n&X q6<QC€\9F9n/ 2m“5/=M
1(0=M qH&26<QCV<o=_=
M q9n!:BV'QC€&2,<: 2m”5/=
<73(<0+29Y(BV<0 qJ:3/>QV:
[5/!+13:9F5/N/CCV! q
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S."P/
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9<G<#H!0#<:<H/<9PF S."
P/13:9F5/N/3A%2=_9nCV4/
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1H6JK"‰N%Š'•k66e/3kk9,5/H!5/
252F"<:g',K"5/%&%

&2AHH!=7/"6/…/9Y3/3:
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vH3:ut5/"6/…/+#o\
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