Significant upticks in international trade in 2022: MXV
International trade saw significant upticks with an average daily exchange of VND5 trillion daily, with some days at over VND10 trillion, and more than 4,000 new accounts created during 2022, according to the Mercantile Exchange of Vietnam (MXV).
In a recently released report, MXV said trade volume has increased by 36 per cent compared to 2021 with a total of over 22,000 active accounts on the platform. Monthly growth has also been reportedly stable with an upward trend.
"We have overseen deals being made 24/7 from Monday till Saturday with some of the world's largest trade platforms for the entire year, without any issues," said MXV's director-general Dang Viet Hung.
He said the smooth operation was the result of upgrading IT infrastructure with a number of new automatic functions which has been well-received by international and industry experts. Hung added the system has been geared toward greater trade volume in the future.
Since its foundation in 2010, the platform's focus has been on improving collaboration with international trade platforms to push key Viet Nam's commodities including agricultural products, energy, metals, and industrial input materials.
"Last year, we introduced new Mini and Micro transactions. Investors could place an order with as little as VND10 million, a significantly lower amount compared to before, which has allowed thousands of new investors, with limited financial capacity, to enter the playground," he said.
It has paid off, according to Hung, as WTI Micro oil transaction was among the country's busiest trade activities last year.
The platform has been working around the clock to expand its networks to cover all regions across the country with a growing number of partners and members. A series of new protocols and policies, implemented in 2022, have been enforced to ensure all partners and members received sufficient training to follow the country's laws and regulations, as well as international trade norms.
MXV said it organised 12 training classes during the last year and granted certificates to over 500 brokers and investors through a collaborative effort with international trade platforms as part of an effort to improve its human resource quality and efficiency.
The growing Viet Nam market has received attention from some of the world's largest trading platforms such as the Chicago Mercantile Exchange (CME) as many others regularly paid visits and conducted working sessions with MXV.
CME advised its Vietnamese partner to focus on the delivery of commodities, given the country's advantage in producing a number of key commodities and input materials and its growing influence in the global supply chain.
Hung urged the government to quickly implement additional policies to speed up the development of trade activities on the platform, stressing the importance of adapting and reacting to the global trade's new environment.
"It will provide the platform a solid foundation for future development and further support Vietnamese products," he said.
In 2023, the platform's top priority, he said, is to introduce additional new services for Vietnamese key commodities including coffee, cashew, and pepper. Access to new markets around the world should provide a marked improvement in farmers' confidence and productivity.
MXV has been working closely with its logistics partners and port authorities in an attempt to raise commodity delivery by 200-300 per cent this year compared to 2022.