Pork trading floor to be launched in HCM city
(VOVWORLD) - A pork trading floor will be established in Ho Chi Minh city under an agreement signed on Monday between the municipal Departments of Industry and Trade, and Agriculture and Rural Development, and the Mercantile Exchange of Vietnam.
 Representatives of HCM city's Departments of Industry and Trade, and Agriculture and Rural Development, and the Mercantile Exchange of Vietnam sign a cooperation agreement on forming the pork trading floor, August 14, 2023. (Photo: VNA) |
The trading floor will operate in the form of spot contracts and futures contracts.
Deputy Director of the Department of Industry and Trade Nguyen Nguyen Phuong said the trading floor will allow direct pork purchases, without intermediaries, from pig farmers as well as stop at-home hog slaughtering, thereby ensuring food hygiene and safety.
HCM city is currently the largest pork consumption market in Vietnam, which spends 500 million USD on pork a year. However, traders account for 85% of transactions and play a dominant role in determining prices in the market.