VN, China aim to develop a commodity exchange to promote trade

March 08, 2024 - 13:26

Việt Nam and China emphasised the critical role of a strong legal framework for ensuring stable and sustainable development of the commodity market.

Delegates from Mercantile Exchange of Việt Nam and Dalian Commodity Exchange. — Photo baochinhphu.vn

HÀ NỘI — Việt Nam and China are discussing a cooperation strategy for the development of a comprehensive commodity exchange to promote trade between the two countries.

At a working session between Việt Nam's Ministry of Industry and Trade, Mercantile Exchange of Việt Nam (MXV), Vietnam Maritime Corporation (VIMC) and Dalian Commodity Exchange (DCE) on March 6-7, Ran Hua, DCE’s Chairman, said that the legal framework is the foundation for the commodity market to develop stably and sustainably.

With the rapid market developments, policies must be adjusted promptly, Ran said.

There is significant potential for DCE and MXV to enhance cooperation to promote trade between the two countries, Ran added.

At the two-day working session, DCE which was founded in 1993 and is among the three biggest commodity markets in China and top 10 in the world, shared experiences with the Vietnamese side on the development and management of a commodity exchange.

A representative from Việt Nam Ministry of Industry and Trade said that the ministry will develop a new decree to replace decrees 158/2006/NĐ-CP and 51/2018/NĐ-CP to improve the legal framework and promote commodity market development in Việt Nam.

Đặng Việt Hưng, MXV’s General Director, said MXV is working with relevant agencies to develop specialised commodity exchanges for products of Việt Nam’s advantages. Firstly, the exchange will be developed for rubber and pork in HCM City.

Also at the working session, DCE, MXV and VIMC discussed the plan for physical delivery services in Việt Nam. MXV and DCE both affirmed that physical delivery is an essential part in the operation model of any commodities exchange to ensure smooth operation.

As a part of the working session, DCE, MXV and VIMC visited Hải Phòng Port. With good geographical location and the capacity of receiving vessels of about 130,000 tonnes, Hải Phòng Port has advantages to develop logistics services and become an international logistics hub. — VNS

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