On March 29, 2017, the Ministry of Industry and Trade officially issued Decision 1071/QD-BCT, deciding to add pepper to the list of goods that can be traded at the Vietnam Commodity Exchange (Vietnam Commodity Exchange). VNX), bringing the Vietnamese pepper industry to a more professional level in global trade.
Read more : >> Opening a pepper futures trading floor in Ho Chi Minh City
Currently, Vietnamese pepper accounts for about 60% of the total global trading volume, so the price of Vietnamese pepper always has a great influence on the world pepper price. The introduction of pepper products to be traded through VNX will help pepper products to be traded not only through the Vietnam Commodity Exchange but also through the connection with the world exchanges to help transparent information, reduce risks in the market. purchase and sale transactions, help insuring prices.
Since 2014, the issue of building VNET floors has also been discussed by the Government of Vietnam (represented by the Ministry of Agriculture and Rural Development) and the Government of India and built a mechanism for technical assistance cooperation for the two largest pepper producing countries. can coordinate to regulate the world pepper market.
According to the Department of Domestic Market/Ministry of Industry and Trade, adding pepper to the list of goods traded through the Department of Education and Training is very beneficial for Vietnam’s pepper industry, however, according to the Legal Department/Ministry of Industry and Trade, So far, the transaction of goods through the Department of Education and Training still has many shortcomings due to the provisions of Decree 158/2006/ND-CP, only by amending some of these regulations can create a sufficient legal corridor to The exchange operates effectively, so in the near future, the Ministry of Industry and Trade will continue to submit to the Government amendments and supplements to Decree 158 so that trading on the floor is convenient and feasible.
Thus, along with rubber and coffee products, pepper is the third agricultural product participating in the commodity exchange.
Pepper products that are allowed to be traded on VNX include unground Black and White Pepper, HS Code 090411 and ground and ground Black and White Pepper, HS Code 090412.
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