Overview of the working session between the National Assembly’s Committees, the Ministry of Industry and Trade, and VCCI on the draft Law on Commodity Derivatives Trading, held on the morning of July 1

To establish a comprehensive legal framework and foster a safe, transparent, and internationally integrated business and investment environment, the Ministry of Industry and Trade has drafted the Law on Commodity Derivatives Trading and is seeking public comments to further refine the legislation. 

Accordingly, to support the appraisal and finalization of the draft Law before it is submitted to the National Assembly for consideration and adoption, the Vietnam Chamber of Commerce and Industry (VCCI) convened a working session on the morning of July 1 with committees of the National Assembly and the Ministry of Industry and Trade to gather objective, practice-based feedback, as well as the needs, challenges, and specific recommendations of the business community and industry associations directly affected by the proposed legislation.  

Mr. Dau Anh Tuan, Vice Secretary General and Director of the Legal Department of VCCI, delivers remarks at the working session

In his opening remarks, Mr. Dau Anh Tuan, Vice Secretary General and Director of the Legal Department of VCCI, noted that Vietnam’s commodity trading market has made encouraging initial progress in recent years, playing an important role in providing enterprises—particularly those in key agricultural export sectors and the energy industry—with effective tools for price risk management and trade optimization.

However, practical implementation has also highlighted the urgent need to further improve a comprehensive legal framework capable of fostering a safe, transparent, and internationally integrated business and investment environment. 

Ms. Doan Thi Thanh Mai, Vice Chairwoman of the National Assembly’s Economic and Financial Committee, speaks at the working session

According to Mr. Tuan, the commodity derivatives market will become an increasingly important sector in the years ahead. As Vietnam is an agricultural country with a wide range of agricultural commodities, while demand for energy and industrial raw materials continues to grow, developing this market is an existing and practical necessity.  

"The commodity derivatives market is an inevitable necessity and an essential financial infrastructure for business operations," Mr. Tuan stated.           

He also noted that the Law on Commodity Derivatives Trading could be regarded as a foundational law supporting the development of Vietnam’s agriculture, industry, and manufacturing sectors.

Business representatives and experts provide comments at the working session

According to Mr. Tuan, after many years of market operations under Decree No. 158/2020/ND-CP and Decree No. 51/2018/ND-CP, elevating the regulatory framework to the level of a law is both necessary and appropriate.

Referring to five key challenges and seven major policy areas concerning the draft Law on Commodity Derivatives Trading, Mr. Tuan expressed his hope that the working session would provide objective, practice-based feedback, together with the needs, challenges, and specific recommendations from enterprises and industry associations directly affected by the proposed legislation, thereby supporting the appraisal and refinement of the draft before it is submitted to the National Assembly for consideration and adoption.

"VCCI supports the development of a transparent, safe, and competitive market that places businesses' genuine risk management needs at its core. We hope experts and delegates will engage in in-depth discussions on these issues to help further improve the draft Law," Mr. Tuan said.

Representatives of the drafting agency receive comments and provide explanations and responses to feedback on the draft Law during the working session

Sharing the same view, Ms. Doan Thi Thanh Mai, Vice Chairwoman of the National Assembly’s Economic and Financial Committee, stated that the draft Law on Commodity Derivatives Trading is being drafted and finalized by the Ministry of Industry and Trade, while the National Assembly has assigned the Economic and Financial Committee to appraise the draft. She added that both the appraisal body and the drafting agency look forward to receiving input from VCCI, businesses, industry associations, and legal professionals.

"We sincerely hope to receive as many valuable comments as possible to further improve the draft Law on Commodity Derivatives Trading," Ms. Mai said.

Delegates pose for a commemorative photo following the working session

At the working session, representatives of the Vietnam Gold Traders Association (VGTA), the Vietnam Cotton and Spinning Association (VCOSA), the Vietnam Commodity Exchange (MXV), experts from Hung Bach Law Firm LLC, and other stakeholders provided comments and recommendations on the draft Law.

Representatives of the drafting agency also received the comments and offered explanations and responses to the feedback provided on the draft Law during the meeting.Bottom of Form