Vietnamese traders permitted to trade on Commodity Exchanges abroad
VNGOVNet – This is stipulated in Decree 158/2006/NĐ-CP issued by the Government on December 28, 2006. The Decree concretizes the Trade Law on Commodity Exchanges and Trade thereon.
The Commodity Exchange (CE) is defined as an entity of legal status operating as a limited liability or joint-stock company in line with the Law on Enterprise and this Decree.
The Minister of Trade shall issue, renew, revise and supplement CE licenses. He shall also ratify the CE Code of Practice and determines the detailed list of commodities traded on the CE only for a specific period of time.
Organizations and individuals who are not CE members can authorize their business members to trade on the CE. The authorization must be made under trust contracts in writing.
The Decree says that the Government shall have the unified management over CE trade and the Ministry of Trade (MoT) is accountable to the Government for this activity.
Vietnamese traders are entitled to trade on the CEs abroad in conformity with the roadmap, conditions and scope stipulated by the MoT for a particular period of time. In trading on the CE, they shall observe all Vietnamese regulations on import, export, and international payment and other stipulations concerned.
By Hoàng Nguyên Hồ
(Source: Decree 158/2006/NĐ-CP)
