Tóm tắt Luận án Phát triển giao dịch phái sinh hàng hóa phi tài chính tại Việt Nam

Forward commodity transation is the agreement to sell or buy that certain commodity at the certain time in the future at the fix price at the current time. This transaction is signed by the buyer and the seller directly in OTC market (Hull, 2009). Forward commodity transation is usually be used to cover the price risk changing. In detail, the seller will sign a forward commodity transation to sell the commodity in the future with the fix price if he worries that the commodity price will decrease while the buyer will sign a forward commodity transation to buy commodity in the future at the certain price if he scare the commodity price will increase. The most risky in this transaction is that it is not sure that the buyer or the buyer or both of them can do his duty at the due date. It means that the buyer maybe does not have commodity or commodity is not enough or not have good quality while the seller maybe does not have enough money to buy the commodity. Because the transaction is signed in OTC market so there is no any parties guanrantee for the buyer and the seller obligations. That is the risk of this transaction.

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ommodity derivatives transactions in Vietnam was formed 15 years ago with the intial purpose of supporting the centralized transactions between the sellers and the buyers as well as giving a tool to hedge the commodity price fluctuation. In addition, the images of Vietnamese agricultural products can be introduced to international markets through the exchange. Also, it is easier for Vietnamese companies to further their operation worldwide. However, despite of the appropriation of the regulations on goods, transaction operation and member with the international standards, the development of the first commodity exchange in Vietnam did not meet the expectation. Therefore, this exchange have to be closed. 12 Can Gio Aquatic Trading Center (Cangio ATC) Cangio ATC was established on May 2002 which operates as the model of a company. HCMC People's Committee assigned Cholimex to be the investor. Derivatives transantions are also appeared on the list of transactions offered by Cangio ATC. This transaction is also aimed at hedging price volatility for the aquaculture and ensuring the number of transactions to purchase. Goods has been defined in terms of quality, but the mechanisms for monitoring quality is not good, especially lacking of the activities supporting the development of quality merchandise. The commodity derivative transactions on exchanges revealed the limitations and must be shut down for a short time because of the failure of ensuring the quality of goods. Therefore, the customers do not trust the quality of derivatives products in comparison with original trading. Buon Me Thuoc Coffee Exchange Center (BCEC) BCEC was founded in 2006, firstly operated on December 2008 under the sponsorship of Agence Française de Développement (AFD). Although the exchange has been well prepared before pfficially operationg, it is obviously that coffee derivative transactions through the exchange still limited and underdeveloped. Coffee derivative products on exchanges are standardized under the provisions of derivatives, however, some provisions are inappropriate with the common regulations which leads the failure of the transaction such as the regulations on the amount of coffee traded, the location of warehousing systems, the failure of attracting investors, lacking of measures to support the transaction. Sacom Trading Exchange – STE Sacombank Group introduced Sacom Trading Exchange on December 2009 which belongs to Sacom Commodity Transactions Joint Stock Company. Being born after other the exchanges with relatively modern equipment and multiple supporting client systems from Sacombank but the commodity derivative transactions has not developedyet.The majority of trading has still be the spot transactions of goods listed. The main reason is that most people involved in transactions do not realize the advantages of the product and do not feel safe when trading at the exchange since they are worried about the quality of goods and the transaction legal adjustments. Vietnam Commodity Exchange VNX is the first exchange which is licensed to operate under commercial law. VNX has regulations about products, trading methods, management which is consistent with the commodity derivatives transactions worldwide. The idea of connecting the system deals with members through the system using modern technology. However, VNX still cannot developed business customerssystems. The main customer of the exchange currently is the individual customers, which is difficult to the exchange in the process of development the commodity derivatives transactions in Vietnam. INFO Commodity Exchange- INFO COMEX On 04.22.2013, the Ministry of Industry and Commerce formally approved and licensed the establishment of INFO Commodity Exchange (INFO COMEX) for the Ocean Group, chartered capital of 150 billion dong, the founding shareholders include Ocean Group and Ocean Bank. The license allows the group to trade in the centralized trading of goods with the cargo base: steel, coffee, rubber and other commodities as prescribed by law. INFO Commodity Exchanges are actively preparing to officially put into operation with the motto 13 that best suits local characteristics, while meeting international standards in the field of commodity trading focus. In general, the domestic exchanges in Vietnam has not well developed yet, the majority of the exchange only moderately active or only exist in a relatively short time. Products are traded through exchanges are not diversified and not attractive to many investors. On commodity exchanges include both spot transactions and commodity derivatives transactions. However, the transactions at the exchange face many obstacles due to many different reasons so commodity derivatives activities in Vietnam have not developed. Parallel to the commodity derivatives trading in commodity exchanges in Vietnam, enterprises, investors can participate in trading at the commodity exchanges internationally through the brokerage unit country. 2.2.3 The status of commodity derivatives transactions at international exchanges Since 2003, the central bank allowed some banks piloting some commodity derivatives products for a number of enterprises with narrow and strict conditions. The bank aims to mediate goods transactions of established businesses through Exchanges or engage commodity exchanges international commodity, especially for food items. In case of the banks have reciprocal conditions with foreign partners in order to prevent risks, they make it through a member of foreign commodity exchange. No bank in Vietnam open an account at foreign commodity exchange to transact. The Vietnam Commodity Exchanges transactions include commodities trading which incurring goods delivery, commodity price volatility hedging, speculating. 2.3.RESULTS OF THE SURVEY ON COMMODITY DERIVATIVES MARKET IN VIETNAM 2.3.1 The survey on the demand of the commodity derivatives products In order to obtain information from the demand side of coffee futures contracts, the author has designed a questionnaire consisting of 20 questions and carried out the survey to coffee growers in Lam Dong. Each question is designed with the easy answers such as know, do not know; yes, no. The survey was directly delivered to coffee growers and the author collected 250 replies. 2.3.2 The survey on the supply of the commodity derivatives products For more information from the suppliers, employees working for suppliers who involves in futures transactionsof coffee, the author has prepared a survey questionnaire of 34 questions divided into 6 parts including the level of understanding of commodity derivatives; the evaluation of derivatives products in Vietnam; the quality of agricultural goods; a review of achievements and limitations; a review of the causes of the problems andthe level they agree with the proposal of the author. Each question is simply designed with the answer yes, no and others. The survey was sent to the staff VNX, Sacom STE, BCEC, Techcombank, BIDV. A total of 500 questionnaires were sent out in different ways such as direct basis, email and friends network with 380 replies received. 2.3.3 Expert interviews about the commodity derivatives products To have an objective and full assessment, the author has conducted direct interviews with twenty experts on commodity derivatives transactions in Vietnam. The questionnaire has nine questions including comments on the development of Vietnam's financial market, the competitiveness of goods in Vietnam, comments on the operations of commodity exchanges in Vietnam regardingthe strengths, weakness, opportunities and challenges to develop commodity derivatives transactions in Vietnam. All the interviewed experts were very enthusiastic and 14 made many critical comments. The feedback is presented in the part entiled "An evaluation of the derivatives transactions in Vietnam by SWOT model". 2.4.AN EVALUATION OF THE COMMODITY DERIVATIVES TRANSACTIONS IN VIETNAM BY SWOT MODEL Table 2.11:An evaluation of the prospects of the commodity derivatives transactions in Vietnam by SWOT model h gëi:S S1: Diversified goods: 100% of expert opinion in the surveys agreed on the basis of diversity of goods is one of the remarkable strengths of Vietnam in the development of commodity derivatives transactions. However, they still concerns about the quality of goods in comparison with the commodity quality standards in the world. S2: Abundant human resources with the quality gradually improved: 100% of surveyed experts agreed on the abundant human resources in Vietnam as well as the quality of human resources is increasingly improved. This is a strength of the country in the process of developing commodity derivativesmarket. However,there is a concern on the inexperience of the human resources in Vietnam. S3: Innovation in business ideas: 80% of surveyed experts believe that innovation business ideas is one of the most important in the development of commodity derivatives transactions in Vietnam. The problem is to have the appropriate solutions to turn this potential strengths into practical effect in the development process, the need to acquire experience in existing premises, having policies keep in track with new development trend of commodity derivatives transactions. W W1: Relatively low understanding of derivatives transactions: 75% of surveyed experts said that one of the main weaknesses of the commodity derivatives transactions in Vietnam was the low knowledge of this transaction. W2: Incomplete Legal Framework: 100% of the surveyed experts agreed the incompletelegal framework is as one of the main weaknesses affecting the development of commodity derivatives transactions in Vietnam. W3: Limited Information about trading commodities: 75% of surveyed experts believed that the lack of information about trading goods is one of the main weaknesses affecting the development of derivatives transactions. W4: Limited ability to enter into transactions: 60% of the interviewed experts said that the ability to limited engagement of customers' transactions is one of the main drawbacks to development of commodity derivatives transactions in Vietnam. W5: Undiversified Derivatives Transactions: 50% of surveyed experts believed that undiversified commodities is one of the weaknesses in developing commodity derivatives transactions in Vietnam. O O1: Vietnam is a developing country: 100% of surveyed experts agree Vietnam's economy is growing is a great opportunity to develop new products, including commodity derivatives transactions. T T1: Unsynchronized development of Infrastructure: 100% of surveyed experts agreed that the undeveloped infrastructure is a major challenge for the development of commodity derivatives transactions in 15 O2: The needs of improving the markets: 90% of surveyed experts said that the needs of completing the derivatives market and hedging the fluctuations in commodity prices are the opportunity to develop commodity derivatives transactions in Vietnam. O3: Integration requirement: 80% of the surveyed experts said that the increased integration requirements is an opportunity to develop commodity derivatives transactions. O4: Acquiring market development and management experience: 80% of surveyed experts agreed to acquire experience from the successful market is a good opportunity to develop commodity derivatives transactions in Vietnam. O5: Modern technology acquisition: 75% of surveyed experts agreed that the technology acquisition from other countries is a basis for developing the commodity derivatives transactions. Technology can also lead the development of suitable products in the market. Vietnam. T2: The Fear of ChangingPsychology: 100% of surveyed experts said that the aversion to change is one of the main challenges in the development of commodity derivatives transactions in Vietnam. T3: Limited capacity and management mechanisms: 80% of surveyed experts believed that this is a major challenge for the agency to develop commodity derivatives transactions. T4: Sustainable development of financial and banking sector: 75% of surveyed experts believed that promoting thesustainable financial and banking sector banking is a great challenge to develop commodity derivatives transactions in Vietnam. T5: Simple construction of trading products: 60% of surveyed experts agreed that building the right product is a challenge to develop the commodity derivatives transactions in Vietnam. Source: The synthesis of the author 2.5. REASONS OF THE LIMITATIONS 2.5.1 Incompleted legal framework Although the commodity exchanges in Vietnam are first launched in 2002, but until 2005, all the activities of the new commodity exchanges are specified in the Commercial Law in 2005 with 11 articles. That's just begun to consider the legal basis of Commodity exchanges are a form of modern commodity trading. However, until the Decree 158/2006/ ND-CP dated 28/12/2006, the purchase and sale of goods through the new commodity trading management unified by the government. 2.5.2 The role of commercial banks have not been promoted The bank has not combined with commodity exchanges in order to build an appropriate derivatives market. The banks also cannot connect banking services with commodity derivatives transactions. The participants in the commodity exchanges are not officiently financed by banks. The role of the commercial banks have not clearly expressed in connecting domestic investors, who provide domestic commodity exchanges with foreign goods. The activities of providing information and advicing the prospects of commodity derivatives products are still limited. 2.5.3 Undiversified derivatives products The products traded on commodity exchanges in Vietnam are just focused on spot transactions while the derivatives trading products are very primitive and undiversified. The lack of 16 diversity presents in both the underlying asset and the derivatives instruments. In fact, there is just some merchandise was used as the underlying asset: rubber, coffee, cashew, steel. Many other major products in Vietnam have not been added to the list yet. Only futures and forwards contracts are applied with undiversified terms. This make the revenues of commodity derivatives products be limited, therefore, the markets cannot attracts many participants. This is one of the main causes for the underdevelopment of commodity derivatives transactions in Vietnam. 2.5.4 Limited management Many management bodies involved in commodity derivatives transactions: (i) non-financial goods under the management of the Ministry of Industry and Trade, derivatives transactions under the management of the Ministry of Finance and Payment Operations under the management of the State Bank. According to the analysis of the commodity derivatives transactions in Vietnam, the management role of the governing bodies are underperforming. Also it is very difficult to coordinatebetween different parties. This is a point that should be thoroughlyconsidered to ensure the best environment for development of the commodity derivatives transactions. 2.5.5Underdeveloped supporting services To develop the commodity derivatives transactions, the main services that should be considered are providing accurate information about goods, goods production forecasts, training knowledge of derivatives for each potential market participants including farmers, dealers, brokers, payment bank, transaction management department, market management, quality control department, department of corporate tax and individual tax. 2.5.6Underdevelopedinfrastructure One of the reasons that create limitations in commodity derivative transactions is the technology infrastructure remains underdeveloped, solving this problem will create a good foundation for the development of such transactions in the future. The main issues to consider when developing technological infrastructure including trading software, information customers management software, the software connecting the commodity exchanges abroad in case of online transactions direct exchanges of foreign goods or in case the connection between commodity exchanges in the country and commodity exchanges abroad. 2.5.7Incompletecommodity policy development base Policies aimed at developing underlying goods have not been well developed and completely implemented. To address the causes of the underdevelopment of commodity derivatives transactions, the following issues should be concerned: to promote the commodities exchanges to work well; to largen the number of underlying goods, to ensure the quality of goods,to maintain a high liquidity. The commodity markets should be active and the information about goods should be complete. CONCLUSION The status of the market showed that the commodity derivativse transactions in Vietnam has not developed and does not attracted many participantsyet. The authors analyzed two surveys, a survey of demand for products delivered from coffee growers in Lam Dong and a survey for the supply of commodities derivatives. From the results of the two surveys, the authors chose to analyze some key results to show findings from the survey. The author used the 3rd survey, expertsurvey to assess derivatives transactions in non-financial goods with SWOT model for the case of Vietnam to see the strengths, weaknesses, opportunities and challenges for the 17 development of this transaction. From all the above analysis, the author draws the achievements and limitations of commodity derivatives transactions in Vietnam, as well as to determine the cause of these problems. This will be the basis for the author proposes solutions to develop commodity derivatives transactions in chapter 3. CHAPTER 3 SOLUTIONS FOR THE DEVELOPMENT OF DERIVATIVE TRANSACTION OF NONFIANCIAL COMMODITY IN VIET NAM Introduction In chapter 3, solutions are proposed to develop derivative transactions of nonfinancial commodity in Viet Nam. The content of this chapter is analyzing each group of main solutions and auxiliary solutions. The solutions aim to create the perfection and development of the market. Subjects using these solutions are derivative transactions of nonfinancial goods, suppliers, banks and policy makers. 3.1. SOLUTIONS FOR THE DEVELOPMENT OF DERIVATIVE TRANSACTION OF NONFIANCIAL COMMODITY IN VIET NAM 3.1.1 Enhancing the role of the commercial banking system Commercial banking system plays an intermediary role in nonfinancial commodity derivative transactions between investors and commodity exchanges. Accordingly, the margin transactions, the daily payment, payment will be implemented through the commercial banking system. Banks can play a role as a broker between domestic, foreign investors and domestic, foreign commodity exchanges. In parallel, the commercial banking system can also invest for the investor before, during as well as after the transaction. Therefore, it can be said that the commercial banking system has an important role in the development of nonfinancial commodity derivative transaction in Viet Nam. To promote this role, it is necessary to equip a strong financial capacity for the commercial banking system. 3.1.2 Defining management mechanism and enhancing the role of transactions' administrators To enhance the management role in derivative commodity, it is essential to concern the management and authority of the management. Because the commodity derivative operations involve many agencies, the determination of managing agency is very important. In theory, there are many different kinds of assets in Vietnam that may allow for derivative transactions. With the population of about 90 million people and an economy that produces many goods, the choice is very wide. In fact, the assets of different facilities are managed by different managing agencies. Derivative commodity is under the management of the Ministry of Industry and Trade and has been adjusted by the Commercial Law 2005. The currency derivative transactions are governed by a separate document system of the central bank. Whereas, the field of securities is managed by the Ministry of Finance, is directly managed by the State Securities Committee. The selection of the original derivative products to operate should be standardized at the beginning and go from the low to the high level to suitable with management and monitoring capacity and the level of acceptable risk of the market. 3.1.3. Enhancing the capacity of investors in the market Investors engaging in the non-financial commodity derivative transactions market can be businesses or individuals. The more investors to participate in as a member of the exchange will be the basis for ensuring the operation of the exchange and will be vibrant with high turnover. Therefore, it is very important to enhance the capacity of investors who participate in 18 the market, especially the businesses. SWOT, O2 analysis showed that one of the opportunities for the development of nonfinancial commodity derivative transactions is the need of improving markets. To take advantage of this opportunity, one of the issues that needs to be solved is the capacity of businesses, the large investors who participate in the nonfinancial commodity derivatives market. 3.1.4. Designing the suitable commodity derivatives products W4 from the SWOT analysis, which shows the ability to engage the transaction, is still limited for many reasons. One of the main reasons is that the commodity derivatives products have not been designed in accordance with the selected segment. The main shortcoming of the Viet Nam commodity exchange is poor liquidity, namely the transaction participants and the transaction value are not much. There are many reasons, but one of the main reasons is that the potential demand has not or cannot come into contact with existing products, or the existing products cannot meet the requirements. Derivatives designs should be considered to ensure the interests of the parties involved: The supply party can have profits from the price differences, fees or deposits or proprietary trading; but the essentials are the price differences, fees or deposits. The demand party is willing to pay the supply party fees and deposits as a hedge against the risk of price fluctuations or as an opportunity of investment. A suitable product is the one that meets the basic needs and rights of the parties. 3.1.5 Researching the association with the financial services of the bank T5 from the SWOT analysis shows that the construction of simple and user-friendly derivatives products can be one of the main challenges in the development of derivatives transactions of nonfinancial commodities. There are many solutions to deal with this challenge, but one of them is to link the nonfinancial derivatives products with the existing products of the bank. Initial observation shows that the party that supplies commodity derivatives may have good products and can meet the demand for hedging the risk of price fluctuations from the demand party. However, the commodity derivatives products alone will restrict the success. The demand party needs an overall solution package from orienting farming, consulting new seeds, new farming techniques and from the demand for an advance of capital to plant, an advance of cash before the actual sales and ultimately, from ensuring the output with reasonable prices. To meet such demand, the commodity exchange should have policies that link to other units involved. 3.1.6. Diversifying the transaction form Transactions can happen directly between the buyer and the seller in a separated point; or transactions can happen directly between the buyer and the seller in an assembly point, this case needs many transaction points in order to be convenient for the transfer. The transaction points in this case also provide information that helps the buyer and the seller make transaction favorably. In the case of trading at an assembly point, the buyer and the seller do not directly deal with each other , they trade through the Exchange. Hence, this case needs many forms so that buyers and sellers can put their orders in the Exchange, for example, give instructions directly to the brokers, make transaction through network telephone, text messaging, or other means of communications. The commodity derivatives transactions should also consider the use of the traditional way that is receiving orders and conducting the direct auction. Although this way of trading is not very efficient, it carries the characteristics of the transaction. Warehousing system and quality verification should also diversify the designs and suit many forms of transaction. Real purchasing needs and speculative demands should be calculated 19 specifically in order to prepare the warehouse capacity and the appropriate quality examination. 3.1.7 Diversifying traded commodities From the SWOT analysis, W5 represents one of the current weaknesses of derivatives transactions of nonfinancial commodities, which is that the commodities in derivatives transactions have not diversified, whereas S1 shows that the basic commodities in Viet Nam are very plentiful. Therefore, the matter is to research in order to bring the basic commodities to the derivatives transactions so as to take advantage of the strengths of Viet Nam and solve the existing weaknesses. Commodity derivatives markets are many and varied, and increasingly innovative and complicated. Initially, the basic commodities of derivatives markets were in the form of material good, including agricultural products such as butter, eggs, flour, rice; the energy products including crude oil, electricity, rubber; the precious metals such as iron, steel, gold, silver; and then the financial products such as stocks, bonds, interest rates, currency. The most recent commodities are abstract products, for example, Volatility Index Options was selected as the basic commodities for an Option contract or Future contracts for the weather in some areas. 3.1.8 Defining clearly market segmentation The determination of the orientation is very important. In many countries, experience had failed because of trying to meet all the needs of every object. Therefore, it has no features and no better service for a specific object. Commodity derivative transactions are very complex transactions. It is not easy to understand the meaning and method of transaction simultaneously for those who do not belong to this specialization. While commodity prices always changes and commodity quality Vietnam have yet to ensure good international standards. Therefore, the primary purpose of commodity derivative transactions now is to insure risk of changes in commodity price and raise the quality standards of Vietnam’s goods before also developing so this is a necessary investment channel development later. Mentioned problem is a two- way problem because without speculative activities will make the market less active and will affect the liquidity of the floor. So the operation mechanism of commodity exchanges if there must resolve these difficulties after selecting a specific segment for his floor. 3.1.9 Transparency of information Information problem should consider the relevant solutions: Firstly, public information of commodity derivatives to any subjects who care. This information must reflect accurately and timely transaction situation. Secondly, provide information related to the transaction, instruct the transaction, rules and operating regulations involved. Thirdly, provide information relating to commodity base: world prices, trading volumes and forecast trend about change of production, the market demand. To act this problem well, we should note two things: First, the side of provision commodity derivative transactions has to provide relevant software to transmit the relevant information about the products, rules, regulations, guidelines dealing, training, exchange online at their official website as well as other media. It is necessary to band a team of researching and providing relevant information timely. This activity should be done regularly and should have good inheritance. Update the changes, changing trends about transaction ways of products and goods in the world. Second, establish a center to connect the supply-side transactions and investors. Intermediate side will update and support needed information about goods, the standards of trading goods on the world's exchanges, price volatility, production forecasts to investors. The main purpose of this solution is to help 20 investors, goods provider have enough necessary information for the transaction and the significance of the transaction in which they are or will carry out. 3.1.10 Improving commodity exchanges Tran Dac Sinh (2011) commented: "It is necessary to build a focused derivatives exchange, focused exchanges should ensure good financial capacity and efficient deposit management system." Commodity exchange have to show position, the bourse has very high degree of standardization of the number of transactions, the quality of goods, price, price fluctuation amplitude, time delivery time, margin, profit and loss account each day, ... so certain exchanges must also meet its standards. Standardization of exchanges should refer to the same floor conditional Vietnam but must ensure that: Scale floor, mechanism of action as appropriate; Equity must be large enough; Modern information technology in trade, information management, risk management, the ability to connect with foreign exchanges, the ability to enter into transactions of foreign investors; The infrastructure of the modern right floor, suitable storage system and ensures the area. This is a difficult problem because the commodity base unfocused. Should the construction of warehouses must be combined with policies of the cargo hub facility; Human resources executives, working in tandem to better and more experienced; There are rules and regulations consistent operation with international practices is the issue of collateral, daily profit and loss account, accounting, operational reporting, tax reporting, risk control ...; Is the transaction needs, with research departments, pricing, product orientation according to international practices. Agency managers can consider the possibility of merging, linking domestic flooring, avoid small transactions, carrying acne and not eligible for development activities. 3.1.11. Acquiring modern technology With current labor force with the inceptive level of development of commodity derivative transactions in recent years, it is still extremely difficult for using existing human resources to develop trading software; especially, it is hard to predict all the arising problems in practical transaction. Therefore, the most feasible solution in the current stage is technology acquisition of a trading platform which has similar features to which the Vietnam would like to build, and make amendments and supplements to suit with Vietnam. Of course this solution is also a temporary solution and still has many risks but with current conditions, the above measures are most feasible. Along with accepting technology from outside, it is helpful to set up an expert teams to analyze and learn from acquiring technology. This group will be responsible for technology development toward commodity exchanges that Vietnam wants to develop to avoid excessive reliance from foreign technology. In commodity derivative transactions, if the transactions are concentrated, all buy and sell orders are concentrated at exchanges and use call auction. The history of transactions is reflected in one software technology. Therefore, just a simply technical error could lead to confused states and negative reactions, loss of investors’ confidence. A good technology foundation will help the commodity derivatives develop well as expected 3.1.12. Acquisition experience lessons Each country has different commodity production background and, and has its own way to proceed. And this is a good opportunity for Vietnam commodity derivatives market could get experience and learn lessons from the establishing and operating markets. In the study of the failed cases when apply the derivative instruments, John Digenen (1995) shared of Metallgesellshaft failure case in 1994, a typical lesson about liquidity risk using futures 21 contracts. Baird (2009) also stated the Long Term Capital Management case in 1998: "What is special in this failure case lies in the assumptions in setting business strategy. The fact that markets are not perfect, and even though the probability of occurring risks is extremely low to calculate but not totally zero ". Or Arlette C. Wilson (2003) shared the bankruptcy of Enron Corporation in 2001, an important lesson is moral risk of operating company groups and audit firms, along with the shortcomings of accounting principles. An exchange prefers to have good liquidity, apply hedging risks, ensure a good technical system will be easier to succeed. Of course there are many levels for learning experience and so as to access the completed information requires Vietnam commodity exchanges have signed a comprehensive cooperation and unity. The cooperation might be not only in providing information that in exchanging human resources, personnel training, consulting products and linking the activities of various exchanges. 3.1.13 Training on commodity derivative transaction. Nowadays, derivative instruments have been graduallyintroduced into the official training programs in university and master in Finance & Banking major. This is a positive signal and good solution, it helps student and trainee to increase intelligence about derivative transaction in general and commodity derivatives in particular. For student, human resources is very important in the near future because it can improve knowledge and increase effect of knowledge about commodity derivative instrument through specialized competitions in the students. Through those contests, we can choose eminent students to become the hub for human resources of the exchange. At the universities, there is another solution to increase knowledge and attract student’s interest in this transaction is establish the club about commodity derivative transaction. 3.1.14 Preparation of human resources Human resources not only directly operate but also undertake role in consultant for clients and promote products. For having a good human resources, the trading floor should strengthen the recruitment, training and use wise policies to selectgood student at the prestigious universities.The recruitment not only in the domestic subjects but also in the foreign experts, students and people who worked abroad, are also good subjects. The problem is choosing the right people for the right job at reasonable cost. After selecting, there will have the plan for training and exercising. Building corporate culture and good compensation policy to retain the talents. It is necessary to prepare human resource for IT,product development department and commodity transactions research department.Building cooperating culture and good remuneration to keep the talents. It is necessary to prepare the human resources for IT, product development department and commodity transactions research department. Appearing later is an advantage, the experience of the market ahead is a treasure, there should be research strategies to take over those useful lessons. Can be said that human resources is the key for the success of developing commodity transactions in Vietnam. Fine quality human resources will create a good direction for developing and designing the suitable products and take those products into life, makes life become more valuable. Finding this human resources is not easy in Vietnam because most of them are lack of experience in commodity transactions. Therefore, we can find people who have good nature and good morals, then train them become experts. 3.2 Support solution group 3.2.1 Strategic orientation develop commodity derivative transactions 22 This is considered the most important macroscopic solution and require specific strategic orientation of commodity derivative transactions. Promotion of trade and cooperation with foreign countries in order to expand the market. Need to diversify trade promotion under a general plan at the national level and avoid fragmentary competition. The important role of government is linking foreign policy and economy of the country with the development of industry and Vietnam’s brand. Defining the purpose of commodity derivative activity and segmentation to have appropriate support policies. According to Decision No. 366 / QD-TT, March 11, 2014 by the Prime Minister on "approval of building projects and develop the derivatives market in Vietnam". The views and principles of decision will: 1. Build and develop the derivatives market in Vietnam is based on standards and international routines. It is suitable for actual conditions and the development orientations of economy and society of country. 2. Build derivatives market under the centralized model, operate under the management of the State. 3.2.2 Goods developing strategies It’s necessary to create appropriate strategies to develop commodity basis, to do this, there should be some synchronization solution such as: Stablize the amount of goods, carry out firm caring process, set as the priorities and promote the advantages of high quality goods, effectively deploy breeding programs, research and quickly transfer different types of breed with the high productivity, high quality. Practicing techniques to hibridize high productivity breeds, applying intensive process, rejecting less inefficient planting area to change other plants. Expanding agricultural support policies such as support for credit, agricultural extension programs, agricultural tax exemption, stimulus agriculture by lending to purchase agricultural machines with low interest rates. Improving the quality of goods basis requires much time and synchronization solutions, involving so many sides, so to finish this solutionperfectly, we need specific strategies. The most important thing is to choose the strategic commodity of Vietnam: a key commodity in food security, such as rice, type of merchandise promoting the favorable climate and soil such as coffee, rubber, fishery production, high-quality goods to construct the development roles such as electronics. Next is to identify resources to maintain and develop strategic commodity above. 3.2.3 Building a legal basis for commodity derivatives market The legal documents guiding and adjusting derivative transactions often lack and go back from the real situation. Thus, research to promulgate a text of adjustment and guidance of these transactions is an essential issue for the state authorities. Besides, the majority of the derivative transactions are carried out by representatives to the partners by telephone, internet ... The conversation between the parties will be recorded entirely and will be used as evidence for the negotiations in the transaction between the parties if there are some commercial disputes then. Therefore, the promulgation of legal papers is to recognize the value of electronic signatures, electronic documents, settingup level lock code which is registered and used for the components involved in e-commerce, recognize the value of evidence of electronic documents in the contracts ... to support the process of modernization of technology in the derivative transactions. 3.2.4 Policies to support the information of goods Need to considered relevant solutions as: Firstly, public information of commodity derivatives to any subjects who care. This information must reflect accurately and timely about transaction situation. Secondly, provide information related to the transaction, instruct the transaction, 23 rules and operating regulations involved. Thirdly, provide information relating to commodity: world prices, trading volumes and forecasts. To act this problem well, we should note two things: First, the side of provision commodity derivative transactions has to provide relevant software to transmit the relevant information about the products, rules, regulations, guidelines dealing, training, exchange online at their official website as well as other media. It’s necessary to band a team of researching and providing relevant information timely. This activity should be done regularly and should have good inheritance.Update the changes, changing trends about transaction ways of products and goods in the world. Second, establish a center to connect the supply-side transactions and investors. Intermediate side will update and support needed information about goods, the standards of trading goods on the world's exchanges, price volatility, production forecasts to investors. When we have good policies on planning and developing commodities, essential problem is to provide transparent information of goods related objects. The main purpose of this solution is to help investors, goods provider have enough necessary information for the transaction and the significance of the transaction in which they are or will carry out. 3.2.5 Improving quality infrastructure Commodity derivative transaction through the exchange is modern transactions because it use advances in information technology and connect with the world's exchanges. However, the fields of information technology in Vienam is still weak and Internet is not good. It is necessary to invest and build modern network system.The network need to be covered whole country with high speed and stable transmission. Network security needs to be built and well protected. This solution is not only requires a high expense to perform but also to have a vision of general development of transactions in future. During explosion in information technology today, the most exchanges in the economy will tend transaction online. However, we will fall into passive situation and depend on information technology without adequate and careful preparation. To solve the problem of moving commodities exchanges, we should have a storage system near input. 3.2.6. Perfecting the payment mechanism The government should authorize the State Bank to research and construct one new reasonable payment mechanism whenever we deal with foreign commodity exchange. This help to avoid some situations which have improper purposes; however, this also make sure to have the quick, and flexible payment, so as to restrict bad effects to business. Due to payment relating intimately to the State Bank and Ministry of Finance, the scale of one circular recommended by Ministry of industry & Trade could not handle the cardinal issues. Therefore, only the legal framework approved by the government has enough power for the commodity exchange become more popular with the individual and business. Payments will relate to Ministry of Finance, State Bank, and Ministry of Industry & Trade, so regulations relating to legal basic should be approved by the government. Daily mechanize of payment, business account management, or brokerages need to be conducted by a big bank having a good reputation, and information transparency. Payment through other foreign commodity exchange also need to establish a clear mechanize to help the parties make deals easier. 3.2.7. Perfecting the accounting system for derivative transactions The lack of accounting standards for recording, evaluating financial instruments in general and derivative financial instruments in particular would affect to determination of financial results; and risk financial management of businesses. With current accounting method, derivative 24 transactions will be accounted according to historical cost concept, it means to have loss provision when the market has disadvantage fluctuations. And we just need to calculate the differences between price contract performance and the book value to account to other account receivable, and account payable at the final contract settlement. So accounting seems to just focus on the real interest /loss, while the expected ones are not cared. Organizations deal with derivative contracts should account the transactions followed the amended value which matches with the market price and period account the differences into the income account. Other organizations use derivative contracts as a risk preventing instrument need account it into separated account, and make sure to have the consistency the calculate income and the risks. It means the differences are only accounted to the income after clearing the real losses for the risks. Therefore, accounting system requires the derivative transactions should be built suitably with its features, and reflected the derivative transactions’ features objectively. Conclusion for chapter 3 To develop nonfinancial derivative transactions we need to entire these solutions, including: orienting development strategy for derivative transactions, advancing commodity basic, completing legal basic, assisting information for commodity basic, raising quality of infrastructure, establishing suitable management mechanism, completing payment mechanism, accounting system, raising comprehension about commodity derivative, designing suitable derivative products, promoting information technology, learning experience lessons from different countries, well – preparing for labor force, linking with banking products, having a large variety of transaction form, transaction commodity, determining potential customers, market segment, information transparency, completing commodity exchange, raising capacity of banks and businesses. If we develop these solutions, we will make a foundation for derivative transactions and bring a bright picture for derivative commodity transaction in Vietnam. CONCLUSION Nonfinancial commodity derivative transactions in Vietnam has been in the first step of constructing, and entered in transaction, but it faces some negative reactions at once from the participants, and furthermore commodity exchange also reveal some weak points. We can list some disadvantages here like: inadequate legal basic prevent development; gathering, offering, approaching information about commodity still have some limits, limitation about derivative transactions knowledge; IT infrastructure is still weak; having some limitations for taking part in transaction, or people still favor deal in traditional ways, there is not a large variety of commodities, management mechanism is still not good enough. We need long term strategies and visions to make nonfinancial derivative transaction more develop. There are some recommends for commodity derivative development including: completing legal basic, completing payment mechanism,having a large variety of transaction forms, improving IT infrastructure; raising role of management; completing payment mechanism, accounting system; information transparency; completing policy for commodity basic, and commodity exchange. This thesis reaches some positive sites: generalizing overview about derivative commodity, analyzing some situations for getting experience, surveying opinions from relating parties, determining reasons why transactions do not develop as expected, and suggesting suitable solutions. The main limitation of this thesis is data sources, research database is mainly gathered from experts’ opinions and results from former surveys. Official statistic figures from 25 commodity exchange are limited. It is quite hard to approach experience lessons from foreign commodity transaction exchange, organizing the market, operation and management mechanism at the exchange are still narrow. The next research will go in depth about basic commodity at the exchange and its changeable tendency. Then we could build commodity development strategy in Vietnam, together with pushing the connection with abroad commodity exchange. ARTICLES RELATING TO THE THESIS 4. Nguyễn Phƣớc Kinh Kha (2014), Commodity derivatives transactions in BM&F, Brazil and experiences to Vietnam, Banking Technology Magazine, number 58, 3/2014, page 58-62 5. Nguyễn Phƣớc Kinh Kha (2014), Evaluation the conditons to develop commodity deriavtives transactions in Vietnam, Financial and Moneytary Market Magazine, number 11, 6/2014, page 30-33 6. Nguyễn Phƣớc Kinh Kha (2014), Development the commodity derivatives transactions, Economic Magazine, number 18, 9/2014, page 21-23

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