The first rice exchange in Vietnam will open November 26 in the Mekong province of Hau Giang to intensify commerce and create favorable conditions for rice trading, the province has announced.
The rice exchange operates in the same way as commodity exchanges in developed countries. It will first handle immediate delivery contracts and will offer contracts for future settlement after attracting more firms.
Currently around 30 firms have so far registered to trade on the exchange.
Vietnam’s rice export topped 4.7 million metric tons in the first eight months of this year, 43 percent higher year on year, according to preliminary estimates by the General Statistics Office.
Vietnam aims to boost rice exports by as much as 49 percent to seven million tons this year.