HÀ NỘI — The Ministry of Industry and Trade held a policy consultation workshop in Hà Nội on the draft Law on Commodity Derivatives Trading, chaired by Deputy Minister Nguyễn Sinh Nhật Tân.

The event, on March 20, brought together representatives from National Assembly committees, ministries, businesses, associations and experts in finance and trade.

Officials said the ministry has completed key steps in developing the policy framework, including establishing a drafting committee, gathering feedback from stakeholders and preparing policy documents.

Currently, commodity trading through exchanges is mainly regulated by the 2005 Commercial Law and related sub-law documents, which do not fully cover the characteristics of derivatives trading.

Important aspects such as classification of derivative instruments, clearing mechanisms, risk management and investor protection remain insufficiently regulated.

Market developments have highlighted growing demand for hedging tools as global commodity prices fluctuate sharply. International gold prices have at times reached about US$5,600 per ounce, while domestic prices have exceeded VNĐ190 million per tael.

Silver prices have approached $108.6 per ounce globally and surpassed VNĐ111 million per kilogram in the domestic market. Fuel prices in early March 2026 also rose by more than 20–30 per cent, putting pressure on macro-economic management.

These developments underline the importance of derivatives instruments in managing price risks and the need for a modern and transparent trading market.

Speaking at the workshop, Deputy Minister Tân said the consultation was organised in accordance with the Law on Promulgation of Legal Documents. The Ministry of Industry and Trade has been assigned to draft the law, which is expected to be adopted in 2026.

In practice, commodity derivatives trading in Việt Nam has seen positive development, with more enterprises participating in the market, including the Vietnam Commodity Exchange (MXV). Previously, the country had three commodity exchanges, though only one remains in operation.

The draft law is built around six key policy groups, focusing on completing the legal framework, developing market infrastructure, expanding products and standardising trading rules, strengthening risk management and market supervision, defining the State management model and promoting international integration.

Under the proposal, derivatives exchanges and clearing centres would operate independently to enhance system safety and risk control. The draft law also aims to establish a centralised supervision mechanism, classify investors and strengthen information transparency and investor protection in line with international standards.

The law also proposes mechanisms to connect directly with international commodity exchanges through mutual recognition arrangements. This is expected to improve market liquidity, attract international capital and support the development of commodities where Việt Nam holds advantages.

Most agencies and organisations consulted have expressed strong support for the law, while recommending further clarification of its regulatory scope and stronger alignment with related legal frameworks.

Economist Võ Trí Thành, director of the Institute for Brand and Competitiveness Strategy, said developing a commodity derivatives market is closely linked to the real economy. Such markets help allocate resources, spread risks and improve competitiveness.

He noted that while the sector lies at the intersection of trade and finance, requiring an appropriate legal framework, development should proceed with a cautious but clear roadmap. — VNS