The floor will operate as an auction floor which allows coffee trading between domestic and international coffee businesses.
Its facilities will be upgraded to be able to perform e-transactions for export contracts between Vietnamese businesses and foreign partners.
The floor will also provide information on the latest coffee prices at major soft commodity exchanges, such as the London International Financial Futures and Options Exchange (FIFFE) or the New York Board of Trade (NYBOT
Vietnam Technological & Commercial Joint-Stock Bank (Techcombank) will oversee transactions between floor traders, while Vietnam Superintendence and Inspection Company of Coffee and Agricultural Products for Export and Import (CafeControl) will take responsibility for inspecting the coffee quality during trading.
Construction on the center started in October 2005 with total investment of VND20 billion.
Vietnam may rake in US$2.2 billion from exporting one million tons of coffee in 2008, up 7.2 per cent in terms of value despite a fall of 18.6 per cent in terms of volume against last year, according to the Ministry of Agriculture and Rural Development. (chinhphu.net, Vietnam Economic Times)
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