The Buon Ma Thuot Coffee and Commodity Exchange Joint Stock Company (BCCE) with its initial charter capital of VND75.5 billion started operation on March 10 on the occasion of the on-going Buon Ma Thuot Coffee Festival.
|The opening ceremony of Buon Ma Thuot Coffee and Commodity Exchange (Photo: SGGP)|
Of which, the People’s Committee of Dak Lak Province holds 42 percent stake in BCCE, formerly known as Buon Ma Thuot Coffee Exchange Center.
BCCE will facilitate commodity trading based on spot and futures contracts. It connects to international commodity exchanges, including Chicago Mercantile Exchange. Besides Robusta coffee, the company will trade black pepper and rubber.
Tran Thanh Hai, general director of BCCE, said that with the establishment of BCCE, Vietnam will be able to set up an online trading market for local coffee farmers to sell their products directly to buyers so as to reduce intermediate cost and ensure transparence in trading based on spot and futures contracts.
On the same day, Nescafe Plan announced its plan to provide 4 million saplings for coffee farmers in the central highlands provinces this year, increasing total saplings supported by the project to nearly 11 million. The project also helps increase supply of new varieties of coffee with productivity up to 7 tons per hectare, nearly two-fold higher than its current average productivity.
Besides, the project has also provided farmers with technical assistance and high quality training, bringing the number of farmers who have received the sustainable developing program of coffee (4C) certificates had rose from 1,745 in 2011 to more than 13,800 in 2014.