Vietnam's first commodity exchange opens

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The Vietnam Commodity Exchange (VNX), the first of its kind in the country, became operational in Ho Chi Minh City Tuesday.

The exchange, which operates as a joint-stock company with a registered capital of VND150 billion (US$7.5 million), will initially trade coffee and rubber, general director Nguyen Duy Phuong said at the opening ceremony.

He said steel will be added to the portfolio in the second quarter of 2011.

Located at 52 Nguyen Cong Tru Street in District 1, the exchange offers trading in futures contracts, swaps as well as brokerage, goods evaluation, transactions, investment consulting, risk management, derivatives and financial support.

All the commodities will undergo quality assessment before being traded through brokers on the exchange to help buyers and sellers avoid risks, Phuong said.

He also said his company plans to open another trading center in Hanoi.

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