Ho Chi Minh City to form pork trading floor

The signing ceremony of cooperation agreement on forming a pork trading floor in Ho Chi Minh City among the Mercantile Exchange of Vietnam (MXV), the City Department of Industry and Trade and Department of Agriculture and Rural Development was held successfully on August 14.

The largest pork consumption market in the country

Ho Chi Minh City is currently the largest pork consumption market in the country. Every day, the citizens consume about 9,000 pigs in weekdays and about 10,000 pigs in two weekends.

Ho Chi Minh City's pork market has a scale of nearly 20,000 billion VND per year. However, traders account for 85% of transactions and play a dominant role in pricing in the market. Farmers and consumers are always in a passive position.

At the signing ceremony.
At the signing ceremony.

In addition, the market still faces many limitations such as the asynchronous quality, specifications and standards of the products. The slaughtering has been still conducted manually, not ensuring epidemiological hygiene, food hygiene and safety.

At the signing ceremony, Deputy Director of Ho Chi Minh City Department of Industry and Trade Nguyen Nguyen Phuong said the trading floor, with modern technology and operation, is expected to help both breeders and consumers are not subject to price manipulation as well as protect their interests and improve food safety and hygiene. The scale of the city's livestock industry will be gradually deepened, he added.

Modern model in the world applied

Under the cooperation agreement, the agencies will study, develop and operate the pork trading floor in Ho Chi Minh City in the form of spot trading contract and futures contract for pork.

The trading floor will be formed and developed based on the infrastructure of the MXV, including, but not limited to, trading system; payment system; clearing centre; freight forwarding centre; and the provision of market information and transaction of all types of contracts according to international standards.

Deputy General Director of the MXV Nguyen Ngoc Quynh said compared to the traditional business method, the pork trading floor will be different in the organisational model, operation and modern technology infrastructure applied into the transactions. These are lessons learned from the largest pork markets around the world.

An overview of the signing ceremony.
An overview of the signing ceremony.

The plan will be carried out in three stages: bilateral bid trading, centralised spot trading and centralised forward trading. In all stages, it is essential to have an independent unit for traceability, control of quantity and quality, and effective logistics and storage systems.

The major commodity exchanges around the world have been expressing their aspiration to support the MXV and the relevant departments to form and operate the pork trading floor effectively and gradually modernise the livestock industry chain in the city in particular and in Vietnam in general, noted Quynh.

Putting the citizens’ interests first

Since 2018, the Ho Chi Minh City People's Committee has planned and approved a policy to allow the Department of Industry and Trade to assume and coordinate with relevant departments and agencies to study the development of the pork trading floor.

Chairman of the Board of Members of Ho Chi Minh City State Financial Investment Company (HIFC) affirmed the formation of the pork trading floor will put the interests of the citizens first. Participants should quickly study and develop a plan to put the floor come into operation soon.

Basically, the livestock industry in Ho Chi Minh City has been developing towards the trend of full automatic slaughtering and meat preservation by refrigerated vehicles.

The pork trading floor is expected to effectively contribute to helping the city implement a modern livestock plan, gradually reduce spontaneous breeding, and build cattle and poultry slaughtering facilities on an industrial scale. More importantly, this is an important basis for the formation of a pig farming industry for neighbouring provinces towards sustainable industry.

Source: NDO

See also

HCM City

HCM City's real estate market witnesses recovery

The real estate market in Ho Chi Minh City has witnessed positive changes over the past nine months.
Vietnam looks for ways to spark domestic consumer demand

Vietnam looks for ways to spark domestic consumer demand

From now until the end of the year, many trade promotion and consumer demand stimulation programmes will be launched to boost the domestic market.
Removing bottlenecks for domestic petroleum market

Removing bottlenecks for domestic petroleum market

Two petrochemical refineries, 38 key trading enterprises, over 320 distributors and representatives of private petroleum companies of more than 17,000 petroleum outlets are expected to join the exchange floor.
City Sale to bring together 500 domestic and global brands with big discounts

City Sale to bring together 500 domestic and global brands with big discounts

Building on the success of last year’s programme HCM City is set to organise a major promotional event for high-profile domestic and international brands from August 30 to September 8 at three locations.
Used car market sees robust recovery: report

Used car market sees robust recovery: report

The domestic used car market has shown a robust recovery in the first half of 2024, marking a significant turnaround from the slump experienced in 2023, according to industry insiders.
Vietnam’s e-commerce market size to hit US$30 billion this year

Vietnam’s e-commerce market size to hit US$30 billion this year

E-commerce sales in Vietnam are likely to surpass the US$30 billion mark by the end of 2024 thanks to local growing consumer trends that help drive up online sales via e-platforms, said delegates at a meeting in Ho Chi Minh City on July 29.

See more news

Domestic enterprises make imprints on real estate M&A market

Domestic enterprises make imprints on real estate M&A market

The domestic real estate market has bottomed out and is gradually making a U-turn, promising a brighter outlook this year with mergers and acquisitions (M&A) bouncing back.
E-commerce industry on road to meeting US$35 billion revenue target in 2025

E-commerce industry on road to meeting US$35 billion revenue target in 2025

The market size of Vietnamese e-commerce hit US$20.5 billion last year, marking an increase of about US$4 billion compared to 2022, and the industry is likely to achieve the US$35 billion revenue target ahead in 2025.
Real estate market picking up

Real estate market picking up

The real estate sector has been bustling with a series of positive signs, as some resort projects are reactivated, industrial ones implemented, and new housing supply entering the market.
Flying could become cheap again as authorities vow to reduce taxes

Flying could become cheap again as authorities vow to reduce taxes

HCM CITY — Aviation authorities have pledged to resolve the challenges faced by airlines, including reducing taxes and fees, following the recent public outcry caused by the surge in domestic airfares.
Real estate market in the South picking up

Real estate market in the South picking up

HCM CITY — The real estate market in provinces and cities in the southern region of Việt Nam in the first months of 2024 grew, with land, low-cost housing and apartments seeing higher demand.
Cooperatives seek to expand sales to e-commerce

Cooperatives seek to expand sales to e-commerce

HCM CITY — In line with emerging trends in modern shopping, numerous co-operatives have proactively adopted digital transformation strategies.
Real estate market has positive performances in Q1: VARS

Real estate market has positive performances in Q1: VARS

The real estate market has witnessed positive performances, with a slew of projects, including billion-dollar projects, being announced and called for investment in the first quarter of 2024.
PM demands strengthened gold market management

PM demands strengthened gold market management

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to keep a close watch on international and domestic gold prices, and put in place measures and tools in a timely and effective way to regulate the gold market in line with regulations.
Domestic coffee prices at record high

Domestic coffee prices at record high

New records have continuously been set in the prices of coffee in Central Highlands localities recently, now standing at over 90,000 VND (3.65 USD) per kilo.
Difficulties in sales of OCOP products

Difficulties in sales of OCOP products

(VEN) - With more than 10 thousand One Commune One Product (OCOP) products, the promotion of Vietnamese local specialties on e-commerce platforms is an effective solution to resolve the output problem for the products.
View more
Latest Most Read
Vietnam’s automotive supporting industry: A bright future ahead, riding the wave of growth

Vietnam’s automotive supporting industry: A bright future ahead, riding the wave of growth

(VEN) - In recent years, the demand for transportation vehicles in Vietnam has surged rapidly, making the market highly promising, as assessed by experts.
Can Tho eyes stronger cooperation with US partners

Can Tho eyes stronger cooperation with US partners

The Mekong Delta city of Can Tho wishes to strengthen cooperation with enterprises and localities of the US in areas of economics, education, healthcare, and sustainable environmental development, Secretary of the municipal Party Committee Nguyen Van Hieu told US Ambassador to Vietnam Marc Knapper in a meeting with the diplomat on November 21.
Thai packaging giant takes 30-year lease for largest ready-built factory in Tay Ninh

Thai packaging giant takes 30-year lease for largest ready-built factory in Tay Ninh

Thantawan Industry Public Company Limited, a leading plastic bag and straw manufacturer with more than 40 years of experience in Thailand, officially took out a landmark 30-year lease for a ready-built factory at Phuoc Dong Industrial Park, the southern province of Tay Ninh.
Bulgarian President’s visit to deepen ties with Việt Nam: Ambassador

Bulgarian President’s visit to deepen ties with Việt Nam: Ambassador

Vietnamese Ambassador to Bulgaria Đỗ Hoàng Long said the visit underscores Việt Nam's high regard for Bulgaria as a traditional, trusted and important partner in the Balkans region.
Association boosts insurance sector’s sustainable development

Association boosts insurance sector’s sustainable development

(VEN) - The Insurance Association of Vietnam has effectively played its role as a bridge between its member insurance companies and relevant state authorities while protecting the legitimate rights and interests of its members. Vietnam Economic News’ Kim Xuyen spoke with Nguyen Xuan Viet, Chairman of the Insurance Association of Vietnam about this.
strengthening vietnam cambodia friendship and cooperation

Strengthening Vietnam-Cambodia friendship and cooperation

Chairman of the National Assembly Tran Thanh Man leads a high-ranking delegation to make an official visit to Cambodia, and attend some international events hosted by the neighboring country on November 21 to 24.
vietnam malaysia strategic partnership

Vietnam - Malaysia Strategic Partnership

Since the establishment of diplomatic relations, the relationship between Vietnam and Malaysia has been continuously strengthened and developed positively across all areas, especially since it was upgraded to a Strategic Partnership in August 2015.
vietnam dominican republic strengthening cooperation

Vietnam, Dominican Republic strengthening cooperation

At the invitation of Dominican President Luis Rodolfo Abinader Corona and his spouse, Prime Minister Pham Minh Chinh and his spouse, accompanied by a high-level Vietnamese delegation, pay an official visit to the Dominican Republic from November 19 to 21, 2024. This visit holds significant importance as it marks the first official trip by a Vietnamese leader to the Dominican Republic, taking place ahead of the 20th anniversary of diplomatic ties between the two nations (July 7, 2005 – July 7, 2025).
vietnam brazil strategic partnership

Vietnam - Brazil strategic partnership

During his trip to Brazil from November 16-19 for the G20 Summit and bilateral engagements, Prime Minister Pham Minh Chinh held talks with Brazilian President Luiz Inácio Lula da Silva. The two leaders agreed to elevate the Vietnam-Brazil bilateral relations to a Strategic Partnership and issue a joint statement on the upgrade of the ties.
nhon hanoi station elevated urban railway comes into operation

Nhon - Hanoi Station elevated urban railway comes into operation

The elevated section of the pilot Nhon - Hanoi Station urban railway project has officially entered commercial operation, three months after its debut. This marks a pioneering step toward green transformation, laying the foundation for the capital's public and sustainable transportation development.
New decree on using telecommunications accounts for payment proposed

New decree on using telecommunications accounts for payment proposed

Currently, the use of a telecommunications account to pay for small-value goods and services in the country, called Mobile-Money service, is being implemented in a pilot programme.
Parliament approves amendments to pharmacy law

Parliament approves amendments to pharmacy law

On drug price management, the NA Standing Committee reviewed and concurred with the Government’s proposal to implement measures for publishing projected wholesale prices for prescription drugs.
VAT tax reduction should continue until mid-2025: Ministry

VAT tax reduction should continue until mid-2025: Ministry

Hanoi - The Ministry of Finance (MoF) has proposed Vietnam's value-added-tax (VAT) reduction should continue until at least June 2025, saying the tax cut has provided both the business community and the economy with much-needed support.
NA deputies scrutinise investment policy for North-South high-speed railway project

NA deputies scrutinise investment policy for North-South high-speed railway project

The preliminary total investment for the project is estimated at VNĐ1.7 quadrillion (around US$67.34 billion). To ensure its progress and success, 19 special policies have been proposed.
Vietnam’s automotive supporting industry: A bright future ahead, riding the wave of growth

Vietnam’s automotive supporting industry: A bright future ahead, riding the wave of growth

(VEN) - In recent years, the demand for transportation vehicles in Vietnam has surged rapidly, making the market highly promising, as assessed by experts.
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Tra fish sector aiming for production, processing greening for sustainable development

Tra fish sector aiming for production, processing greening for sustainable development

HCM City - Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.
Solutions discussed to ensure coal supply for electricity generation in 2025

Solutions discussed to ensure coal supply for electricity generation in 2025

Việt Nam Electricity (EVN), Việt Nam National Coal and Mineral Industries Holding Corporation Limited (TKV), and Đông Bắc Corporation have proposed solutions to secure sufficient coal for power generation as thermoelectricity is expected to rise significantly to meet 2025's socio-economic power demand.
Thai packaging giant takes 30-year lease for largest ready-built factory in Tay Ninh

Thai packaging giant takes 30-year lease for largest ready-built factory in Tay Ninh

Thantawan Industry Public Company Limited, a leading plastic bag and straw manufacturer with more than 40 years of experience in Thailand, officially took out a landmark 30-year lease for a ready-built factory at Phuoc Dong Industrial Park, the southern province of Tay Ninh.
Workshop seeks ways to attract Japan’s green investment to Vietnam

Workshop seeks ways to attract Japan’s green investment to Vietnam

A workshop was held in Tokyo on November 18 to introduce to Japanese businesses investment trends in Vietnam and its pioneering industrial parks with carbon neutral initiatives.
Government approves investment policy to build Cam Lien Industrial Park in Quang Binh

Government approves investment policy to build Cam Lien Industrial Park in Quang Binh

On November 16, the leader of the Quang Binh Provincial Economic Zone Management Board said that the Government had just approved the investment policy for Cam Lien Industrial Park.
Disbursement of public investment must be accelerated: Deputy PM

Disbursement of public investment must be accelerated: Deputy PM

Deputy Prime Minister Ho Duc Phoc has called on ministries, agencies, and localities to accelerate the disbursement of public investment from now until the year-end and further tighten investment management.
HDBank wins three awards at Vietnam Listed Company Awards 2024

HDBank wins three awards at Vietnam Listed Company Awards 2024

The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank - HoSE: HDB) has received three prestigious awards at the Vietnam Listed Company Awards 2024, highlighting its leadership in the banking sector, as well as its dedication to transparency and governance.
VIB, Flywire partner to streamline cross-border payments for students from Vietnam

VIB, Flywire partner to streamline cross-border payments for students from Vietnam

Vietnam International Bank (VIB) has announced a partnership with Flywire, a global payments enablement and software company based in Boston, to enable Vietnamese payers to digitally pay international education-related fees in their local currency to higher education institutions all over the world.
Vietcombank issues 2 trillion VND worth of green bonds for first time

Vietcombank issues 2 trillion VND worth of green bonds for first time

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has successfully issued 2 trillion VND worth of green bonds, the first of its kind, to support eco-friendly projects.
UK stands ready to help Vietnam build international financial hub

UK stands ready to help Vietnam build international financial hub

The UK’s support for Vietnam in establishing an international financial hub is a significant development that reflects the growing economic ties between the two nations.
Significant progress in fisheries

Significant progress in fisheries' environmental protection but challenges remain

All provinces and cities across the country had issued plans and directives to implement specific activities of the project in line with local conditions.
Hà Nội prepares for temperature drop as cold front approaches

Hà Nội prepares for temperature drop as cold front approaches

According to the NCHMF, the cold front will result in temperatures dropping sharply across the northern region.
Hundreds of damaged irrigation reservoirs need repairing

Hundreds of damaged irrigation reservoirs need repairing

Việt Nam's system of dams and reservoirs is facing numerous challenges. Unusual rainfall patterns, flash floods due to climate change and the degradation of many structures pose significant safety risks.
Greening e-commerce crucial for sustainable development

Greening e-commerce crucial for sustainable development

(VEN) - While e-commerce has emerged as a leading sector of the digital economy, driving economic growth and leading the digital transformation of businesses, it has also resulted in significant waste with adverse environmental impacts.
Việt Nam and Korean NIPA strengthen tech cooperation

Việt Nam and Korean NIPA strengthen tech cooperation

The Minister of Information and Communications, Nguyễn Mạnh Hùng, commended NIPA for its contributions in assisting Việt Nam in establishing a legal framework for the draft digital industry law.
Cyberattack risks surge with AI advancements

Cyberattack risks surge with AI advancements

Cyberattacks are becoming more sophisticated and complex, especially with the assistance of artifical intelligence (AI), said Deputy Minister of Information and Communications Bùi Hoàng Phương.
People, community at heart of digital transformation: Deputy PM

People, community at heart of digital transformation: Deputy PM

He called on countries and organisations to bolster close cooperation to build an Internet community of safety, responsibility and development while laying stress on Việt Nam's significant progress in the digital transformation programme.
AI is core technology of 4th Industrial Revolution: Minister

AI is core technology of 4th Industrial Revolution: Minister

Minister of Information and Communications Nguyen Manh Hung on November 19 emphasised that artificial intelligence (AI) is the core technology of the 4th Industrial Revolution, as important as the steam engine of the first Industrial Revolution, the power generator of the 2nd Industrial Revolution and the personal computer of the 3rd Industrial Revolution.
Association boosts insurance sector’s sustainable development

Association boosts insurance sector’s sustainable development

(VEN) - The Insurance Association of Vietnam has effectively played its role as a bridge between its member insurance companies and relevant state authorities while protecting the legitimate rights and interests of its members. Vietnam Economic News’ Kim Xuyen spoke with Nguyen Xuan Viet, Chairman of the Insurance Association of Vietnam about this.
Vietnam, Venezuela step up educational cooperation

Vietnam, Venezuela step up educational cooperation

Mexico City - An educational cooperation agreement for the 2024-2029 period was signed by Vietnam’s University of Technology and Management (UTM) and Andrés Bello Catholic University (UCAB) of Venezuela on November 21 as part of activities celebrating the 35th anniversary of diplomatic relations between the two countries (December 18, 1989-2024).
A series of scientific seminars on influenza prevention

A series of scientific seminars on influenza prevention

In Ho Chi Minh City, Sanofi Southeast Asia and India successfully organized and leveraged a series of scientific seminars on influenza, attracting over 400 healthcare professionals from both the region and around the globe.
Insurance Association of Vietnam: 25-year journey of growth

Insurance Association of Vietnam: 25-year journey of growth

(VEN) - The Insurance Association of Vietnam (IAV) was established under Decision 51/1999/QD/BTCCBCP dated July 9, 1999 of the Government’s Commission for Organization and Personnel (now the Ministry of Home Affairs). Over the past 25 years of development, the association has affirmed its vital role in the Vietnamese insurance market.
Doubling insurance product’s payout significantly benefits customers

Doubling insurance product’s payout significantly benefits customers

(VEN) - The Agriculture Bank Insurance Joint Stock Corporation (ABIC) has officially doubled the maximum payout for its Bao An insurance product to VND1 billion. This is a major breakthrough, enhancing financial protection for customers amid an increasingly volatile economy and rising demand for financial security.
PJICO: 30 years of development

PJICO: 30 years of development

(VEN) - Throughout the past 30 years of establishment and development, Petrolimex Insurance Corporation (PJICO) has solidified its position in the non-life insurance sector and overcame numerous challenges.
VN takes part in food and beverage fair in Chicago

VN takes part in food and beverage fair in Chicago

The event is organised by the Private Label Manufacturers' Association (PLMA).
Hòa Bình honey awaits reactions from UK

Hòa Bình honey awaits reactions from UK

Farmers, producers, and the agricultural authorities in Hòa Bình Province are waiting for feedback on their locally produced honey, which was exported for the first time to the UK last month.
tcty-dau-khi-vn-pv-power-2022
Vibrant cultural rendezvous in Hanoi

Vibrant cultural rendezvous in Hanoi

(VEN) - The 2024 International Food Festival will take place from December 7-8 in Hanoi, aiming to promote cultural and culinary exchange among nations.
Cultural activities celebrate Việt Nam Heritage Day

Cultural activities celebrate Việt Nam Heritage Day

One hundred paintings from traditional folk painting villages in Việt Nam will go on display at the central city’s Fine Arts Museum in celebration of Heritage Day from November 22-30.
Bac Ninh Province: Dong Ho folk painting needs urgent safeguarding

Bac Ninh Province: Dong Ho folk painting needs urgent safeguarding

(VEN) - Dong Ho folk painting village, located in Dong Khe Hamlet, Song Ho Commune, Thuan Thanh Town, Bac Ninh Province, boasts an over-400-year history. Its origin is tied to the Vietnamese tradition of hanging paintings during the Lunar New Year (Tet), the Mid-Autumn Festival, and ancestor worship.
Vietnamese designers tell stories of culture at Fashion Week

Vietnamese designers tell stories of culture at Fashion Week

Vietnamese fashion designers took audiences in Hà Nội on a journey to explore the country’s culture and heritage through their new collections presented at the Aquafina Việt Nam International Fashion Week (AVIFW) Fall/Winter 2024.
Golden time for community-based tourism development

Golden time for community-based tourism development

(VEN) - Community-based tourism is a model in which local communities provide tourists with products and services and share the benefits generated by tourism.
Christmas Festival to entertain visitors to Đà Nẵng

Christmas Festival to entertain visitors to Đà Nẵng

A public space in celebration of Christmas Day and New Year – Danang X’mas-New Year – will be opened at the pedestrian area and stages on the Hàn River banks near the Rồng (Dragon) Bridge from December 19 to January 2, offering entertainment and festive activities for all residents and visitors.
How trekking the mountains lifted me up and above ... the clouds: conquering Lùng Cúng

How trekking the mountains lifted me up and above ... the clouds: conquering Lùng Cúng

Not only is trekking to the top of a mountain an active physical workout and you get a clean intake of oxygen, it is about the joy of overcoming yourself.
Blooming buckwheat flowers on Ha Giang roads

Blooming buckwheat flowers on Ha Giang roads

(VEN) - When buckwheat flowers on the hills and in the valleys of the Dong Van karst plateau bloom, it is also the peak tourist season in the Northernmost province of Ha Giang.
Mobile Version