Business

Pork trading floor to be launched in HCM City

A cooperation agreement on forming a pork trading floor in Ho Chi Minh City was signed on August 14 between the municipal Departments of Industry and Trade, and Agriculture and Rural Development, and the Mercantile Exchange of Vietnam (MXV).
Pork trading floor to be launched in HCM City ảnh 1Representatives of the municipal Departments of Industry and Trade, and Agriculture and Rural Development, and the Mercantile Exchange of Vietnam (MXV) sign a cooperation agreement on forming a pork trading floor in Ho Chi Minh City. (Photo: VNA) 

Hanoi (VNA) – Acooperation agreement on forming a pork trading floor in Ho Chi Minh City wassigned on August 14 between the municipal Departments of Industry and Trade, andAgriculture and Rural Development, and the Mercantile Exchange of Vietnam (MXV).

Under the agreement, the parties will study, develop and operate the porktrading floor in the city in the form of spot contracts and futures contracts.

The trading floor will be formedand developed based on the infrastructure of the MXV, including trading andpayment systems, a goods delivery centre, and the provision of marketinformation and transaction of all types of contracts in line withinternational standards.

Speaking at the signingceremony, Deputy Director of the HCM City Department of Industry and Trade NguyenNguyen Phuong said the trading floor will allow direct pork purchases, withoutintermediaries, from pig farmers as well as stop at-home hog slaughtering,thereby ensuring food hygiene and safety.

Deputy General Director of MXVNguyen Ngoc Quynh said that compared to the traditional business method, thepork trading floor will be different in the organisational model and operationas modern technology infrastructure will be applied in the transactions, addingthat MXV learned a lot of valuable lessons while working with major commodityexchanges, especially the Chicago Mercantile Exchange.

HCM City is currently thelargest pork consumption market in the country which spends 500 million USD on pork a year. However, traders account for85% of transactions and play a dominant role in determining prices in themarket. Farmers and consumers are always in a passive position.

The pork trading floor isexpected to help the city implement a modernlivestock plan, gradually reducing spontaneous breeding, and building industrial-scale cattle slaughterhouses./.

VNA
#cooperation agreement #port trading floor #Mercantile Exchange of Vietnam #pigs #safety #Vietnam Plus #Vietnam News Agency Ho Chi Minh City
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