Last year, investors traded 45 agricultural, energy, metal and industrial raw material products with a total value of 4,000 billion.
According to the report of the Vietnam Commodity Exchange (MXV), in 2023, the average trading value of goods on the floor reached 4,000 billion VND per day, including some days reaching a record of nearly 10,000 billion VND. The number of participating units is more than 30,000 accounts, an increase of 20% compared to 2022. Currently, the floor lists 45 products traded in connection with the world, divided into 4 groups: agricultural products, energy, metals and industrial materials.
The Commodity Exchange is the first organization of a national-level centralized commodity trading market in Vietnam. In the past 5 years, when the Ministry of Industry and Trade allowed it to connect transactions with the world, the market has undergone a period of strong development. Transactions take place 24 hours a day from Monday morning to Saturday morning every week. Since June 2023, MXV has been officially allowed to implement trading of commodity options contracts nationwide. After more than 6 months of implementation, options contracts have received great attention from domestic businesses and investors, reflected in the steady growth in trading volume every month.
Staff working at MXV. Photo: MXV
Sharing at the conference on buying and selling goods through the Exchange organized by the Business and Integration Magazine on the afternoon of January 12 in Ho Chi Minh City, Mr. Nguyen Quoc Thinh - Chairman of the Board of Directors of Gia Cat Loi Joint Stock Company, said that participating in the commodity exchange ensures investors and businesses profits regardless of market fluctuations. Commodity trading time is flexible, with high liquidity and fast. In particular, investors do not bear much risk of inventory when trading on the floor.
He cited that, for example, when trading coffee, businesses only need to place a buy order on the floor without having to bring the real goods to the warehouse for storage. When the market increases, businesses can place a sell order and make a profit without facing any risks regarding inventory and quality.
Sharing the same view, Mr. Luong Van Tu, former Chairman of the Vietnam Coffee and Cocoa Association, said that although the commodity exchange is still new, the increase in transactions over the years shows a positive sign. Because, previously, many exchanges were established but only operated at a low level and stopped operating after a few months or 2 years.
Mr. Tu said that he had previously helped businesses sell goods on the Singapore exchange and achieved many successes. However, he advised businesses to learn carefully and participate in training before entering the market. Because, according to him, this commodity exchange mostly trades futures contracts, so it is necessary to clearly understand the supply and demand trends of goods.
Economist - Dr. Dinh The Hien also said that Vietnam's Commodity Exchange is not really complete like other countries in the region. Therefore, the Department has not promoted its strengths in developing agriculture and creating benefits for farmers and agricultural production companies. MXV has not been regulated with its own economic sector and occupation codes, causing difficulties for foreign investors when participating in the market. Therefore, Mr. Hien said that there should be many steps to upgrade to be more suitable with the world's common market.
To expand its product range, MXV said it will soon list its carbon credit products for trading globally. According to the vision and orientation for developing the commodity trading market in Vietnam in the period 2023-2030, MXV will devote a lot of resources to building specialized commodity markets in which our country has strengths.
Recently, MXV signed a cooperation agreement with the Department of Industry and Trade of Ho Chi Minh City and the Department of Agriculture and Rural Development of Ho Chi Minh City to develop a project to establish a Pork Trading Floor in Ho Chi Minh City. The Pork Trading Floor will operate according to the principle of putting the interests of the people first, improving food hygiene and safety, and helping the market no longer be dominated by traders.
Hong Chau
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