Change to buy and sell through the Exchange is real goods

September 28, 2024 06:38

Mr. Bui Nguyen Anh Tuan - Deputy Director of Domestic Market Department, Ministry of Industry and Trade chaired the Workshop. (Photo: PV)

(PLVN) - Buying and selling goods through the Commodity Exchange (MXV) is like a... "game", there are no real goods traded, while coffee has been exported and traded on the commodity exchange in the UK, therefore, it is necessary to stipulate that goods on the Commodity Exchange must be real.

Many contents go beyond the provisions of the Law

On the morning of September 27, the Ministry of Industry and Trade held a workshop to collect opinions on the draft Decree to replace Decree No. 158/2006/ND-CP and Decree No. 51/2018/ND-CP on the purchase and sale of goods through commodity exchanges (referred to as the draft Decree).

Mr. Bui Nguyen Anh Tuan - Deputy Director of the Domestic Market Department and Deputy Head of the Drafting Committee said that the decrees on goods trading activities were implemented in detail from the Commercial Law 2005. However, in recent years, the National Assembly has issued many laws that have an impact on this field such as the Law on Foreign Trade Management 2017, the Law on Cyber ​​Security 2018, the Law on Competition 2018, the Law on Investment 2020, the Law on Enterprises 2020, the Law on Credit Institutions 2024...

Therefore, to be consistent with current legal regulations, it is necessary to amend and supplement the decrees regulating this activity. In addition, the implementation of legal documents on the purchase and sale of goods via MXV has also revealed many shortcomings, problems and overlaps that need to be resolved. Moreover, Vietnam has participated in, negotiated and signed many free trade agreements at both bilateral and multilateral levels, leading to the need to build intermediary systems for trading imported and exported goods with the international market.

Therefore, the urgent need arises that the current legal regulations on the purchase and sale of goods via MXV need to be amended and supplemented with regulations on the management of this activity to be consistent with the current relevant legal regulations and the development of the market in the current period.

At the Conference, many opinions said that the draft Decree exceeded the framework of the 2005 Commercial Law and contained many new concepts that were not yet regulated in the Law. Specifically, Associate Professor, Dr. Lawyer Dinh Dung Sy said that after studying the entire content of the draft, he realized that the scope of regulation of the Decree was very broad, including many new issues, beyond the scope of detailed regulations allowed by the Commercial Law and also beyond the concept of buying and selling goods through MXV of the Commercial Law. Among them were very important issues such as the futures exchange; the Commodity Trading Control Committee; futures trading companies...

Many provisions of the draft must be reviewed.

MVX representative commented that the draft Decree has some provisions restricting small and medium enterprises (SMEs) from participating in activities through MXV, which may violate the Law on Support for SMEs. Not to mention, currently, Vietnam has up to 98% of SMEs, the Commodity Exchange in Vietnam is also small and currently many agricultural products such as coffee, pepper, cashew nuts are produced and traded by small businesses, so it is necessary to reconsider the issue of restricting the subjects of transactions. Meanwhile, most MXVs in the world do not restrict the subjects of participation.

Dr. Tran Van Binh - an expert in researching commodity exchanges, also a business member of MXV, said that trading on the floor is extremely risky because the goods are virtual. "There are no real goods, even 1%, and no Vietnamese goods are currently listed on domestic exchanges. The current trading of goods is like a game, the accounts opened today are mostly for speculation by individuals; there are almost no businesses opening accounts to prevent risks," said Mr. Binh.

Dr. Binh analyzed that the nature of the Commodity Exchange must be real goods, so to develop the Commodity Exchange, it is necessary to develop business units... For example, coffee has been exported and traded on the commodity exchange in the UK, so right in Vietnam, it is impossible for this item not to be traded on the exchange. According to Mr. Binh, member companies trading on the exchange, when assessed, can open their own exchange, which will form a commodity trading market on the exchange. "There is a decree regulating the trading of goods on the exchange, there must be real goods, it cannot be left as a "game" in the current way", Dr. Binh commented.

In a private conversation with PLVN Newspaper reporters, Dr. Binh said that transactions on MXV are being conducted in the direction of investors ordering goods and making deposits. For example, placing orders for December to receive goods, but later, when the market price increases, investors will sell, but if investors wait to receive goods, there must be goods to deliver, but at MXV today, "waiting for goods also does not have goods". "This is an issue that needs to be radically changed so that the Exchange must go in the right direction. Because the nature of the Commodity Exchange is to ensure that there is no "good harvest, low price", "bad harvest, good price", especially with Vietnamese agricultural products" - Mr. Binh said.

Source: https://baophapluat.vn/thay-doi-de-mua-ban-qua-so-giao-dich-la-hang-hoa-that-post526875.html