Creating new development space for trading through the Commodity Exchange

DNVN - The current urgent need requires that the current legal regulations on buying and selling goods through the Commodity Exchange need to be amended and supplemented to be consistent with current legal regulations and market development.

After 18 years of implementation, the system of decrees on buying and selling goods through the Commodity Exchange has made an important contribution to building a trading environment and providing price insurance tools for businesses.

However, with the emergence of many new laws and Vietnam's accession to free trade agreements (FTAs), the current legal system needs to be adjusted to be consistent with new regulations. Moreover, the actual implementation of these decrees has also revealed many shortcomings that need to be overcome.

With the goal of perfecting the legal framework and creating a new development space for the field of buying and selling goods through the Commodity Exchange, in order to meet market demand and economic development, on the morning of September 27, in Hanoi, the Ministry of Industry and Trade held a Workshop on developing a Draft Decree to replace Decree No. 158/2006/ND-CP and Decree No. 51/2018/ND-CP on buying and selling goods through the Commodity Exchange.

Mr. Bui Nguyen Anh Tuan - Deputy Head of the Drafting Committee of the Decree replacing Decree No. 158/2006/ND-CP and Decree No. 51/2018/ND-CP on the purchase and sale of goods through the Commodity Exchange.

Mr. Bui Nguyen Anh Tuan - Deputy Head of the Drafting Committee, said that this Draft Decree focuses on resolving limitations in state management, while creating favorable conditions for businesses and individuals when participating in transactions at the Commodity Exchange.

“We need to build a new legal framework that not only ensures feasibility but also meets the rapid development of the market,” Mr. Tuan emphasized.

With the main goal of building a modern and unified legal system, the Draft Decree focuses on perfecting the conditions and procedures for market entry, updating regulations on the organization and operation of participating entities. Thereby helping businesses have sufficient capacity and financial potential to operate in this field.

The draft also reforms regulations on the activities of trading entities, amends regulations on the rights and obligations of related parties to suit the actual situation of Vietnam's economy, including reference to experiences from countries with developed commodity trading systems.

Regulations on management, inspection and supervision will also be added to ensure transparency and safety for the market, while preventing risks.

One of the important objectives of the Draft Decree is to create a new development space for the commodity trading market. Vietnam is increasingly integrating deeply into the world economy with major trade agreements, requiring the commodity trading system to be strong and flexible enough to meet the needs of businesses and investors.

Delegates at the workshop all agreed that the Draft Decree will play an important role in creating a legal foundation for the development of the commodity trading system, helping businesses effectively use price insurance tools, while enhancing competitiveness in the international market.

Acknowledging the comments at the workshop, Mr. Tuan said that the Ministry of Industry and Trade will continue to perfect the Draft Decree based on the comments, and report to the Government to ensure that the Draft, when issued, will best meet the needs of the market and businesses.

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Source: https://doanhnghiepvn.vn/kinh-te/chinh-sach/kien-tao-khong-gian-phat-trien-moi-cho-mua-ban-qua-so-giao-dich-hang-hoa/20240927104302893