Vietnam First Commodities Exchange to Operate Early 2011
Trieu Phong commodities exchange (TPE) was launched in Vietnam’s southern economic hub of Ho Chi Minh City and is slated for operation early next year.
The exchange located Ward 8, District 5 will initially trade three kinds of goods comprising coffee, rubber and steel, Director Nguyen Duy Phong was cited by the state-run Vietnam News Agency as saying.
TPE will provide an additional financial tool for producers and traders to protect themselves against price fluctuation risks. Futures contracts, swaps, and forward trading will all be available.
Its trading system will be supplied by a British company which has provided comprehensive solutions to around 20 exchanges worldwide, Phong added.
The exchange has an initial registered capital of VND150 billion, which will be doubled in 2012 and raised to VND1 trillion in 2015.
Established by Trieu Phong International Gold JSC, SME Securities Corporation and others, TPE plans to list its shares in late 2014.
Currently, Vietnam has the Buon Ma Thuot Coffee Exchange Center (BCEC) in Dak Lak, and Sai Gon Thuong Tin Commodities Exchange (Sacom-STE), which is trading sugar and steel in Ho Chi Minh City. (VNS)
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