The Ministry of Industry and Trade on Wednesday held a conference to discuss setting up a legal framework for transactions by Vietnamese businesses through foreign commodity exchanges.— Photo danangportvn

HA NOI (Biz Hub)— The Ministry of Industry and Trade on Wednesday held a conference to discuss setting up a legal framework for transactions by Vietnamese businesses through foreign commodity exchanges.

According to Deputy Minister Ho Thi Kim Thoa, transactions through commodity exchanges have a long history in the world, helping prevent risks for trade companies, especially those importing and exporting agricultural products, fuels and metals.

The legal framework is necessary for enterprises to deeply integrate into the world market, avoid trade risks, raise competitiveness and penetrate new markets, Thoa said.

According to Tran Thanh Hai, Deputy Director of the Import-Export Department, currently the circular would be applied to Vietnamese businesses joining commodity transactions via foreign commodity exchanges.

Experts at the conference said that the transactions through foreign commodity exchanges must be tightened, then adjusted to ensure compatibility to the capacity and demand of enterprises.

Also, accountability of enterprises joining the exchanges must be detailed, while State management needs to be enhanced to prevent speculation and trade frauds which can damage the market or the enterprises' benefits. — VNS