Posted on 15 Oct 2015
Sacombank Group announced on Thursday to open Sai Gon Thuong Tin Commodity Exchange (Sacom-STE) next month with the key commodities for transaction being construction and industrial steel products.
According to Sacom-STE, the exchange will provide package services for sellers and buyers of steel products. The exchange will also support capital, update information about steel prices both globally and domestically and provide a transport system and a storage system for its clients.
Sacom-STE, located at 25 Ly Thuong Kiet Street in HCMC’s Tan Binh District, will receive exchanges of industrial and construction steel products with each unit a minimum of five tons. It will start operation in the middle of December.
Nguyen The Vinh, chairman of Sacom-STE, told local reporters at an introduction ceremony on Thursday that the commodity exchange was in the process of test runs while Sacom-STE was waiting for an appraisal and operation certificate from the Ministry of Industry and Trade.
“Sacom-STE expects to be granted an operation certificate by year-end from the industry and trade ministry so it can start receiving official exchanges on December 15,” said Vinh.
Vinh also said Sacom-STE planned to expand the exchange to include sugar by the third quarter of next year, and rubber and plastic products in early 2011.
On the occasion, Sacom-STE revealed some of its strategic partners including SGS Vietnam Company, FPT Software Solutions Company, IBM Company, HPT Company and L-H Transport Company. These partners will provide technical support and goods transport services.
Pham Chi Cuong, chairman of the Vietnam Steel Association (VSA), said while the distribution system of domestic steel producers remained undeveloped, leading to an imbalance in supply and demand and unstable steel prices for years, the operation of Sacom-STE’s steel exchange would enhance the trading of steel products and help stabilize prices.
According to VSA, the country has some 2,000 distributing agents for both imported and domestic steel products.
