Experts seek solutions for sluggish commodity exchanges By Ngoc Hung – The Saigon Times Daily HCMC – A team of local and foreign experts and ministry officials are desperate to seek solutions for low transactions on commodity exchanges in a HCMC thinktank this week. Pham Dinh Thuong, from the Legal Affairs Department of the Ministry of Industry and Trade, said there are just 10% of real transactions on overseas exchanges while 90% is in the futures market. Futures even accounts for 98% of all transactions on the Chicago exchange center. However, commodity exchanges in Vietnam mainly trade real goods and the Government only agreed to futures transaction earlier this year. “Local exchanges such as Sacom-STE, BCEC and VNX have different advantages for development but the same weaknesses, including the lack of coordination among exchanges, farmers and enterprises in production, transport and evaluation sectors,” Thuong said. There are also many overlaps. For example, the central bank provides payment directions while the Ministry of Finance regulates fees, surcharges and taxes. Different uses of economic terms of the exchanges also cause challenges to customers and managing departments. Nguyen Tuan Ha, director of Buon Ma Thuot Coffee Center (BCEC) in Dak Lak Province, said…
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