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Vietnam coffee joins London LIFFE

• Vietnam

Coffee joins London LIFFE

In a first for a Vietnamese company, Dac Lac Investment and Import – Export Corporation ( Inexim Daklak ) has started trading coffee on the floor of the London International Financial Futures and Option Exchange ( LIFFEE ), according to the Vietnam Coffee Association ( Vicofa ).

The first transaction transpired after Inexim signed an agreement with the Vietnam Technical and Comercial Bank ( Techcombank ) and “ This will help the company fix prices, prevent the risks of price fluctuation and avoid shortages of good ”, according to Van Thanh Huy, Inexim director and concurrent president of Vicofa. “ This is the first step in establishing a coffee transaction center in

Vietnam

” he said.

However, the lack of a concise legal document in Vietnam addressing this sort of transaction, particularly in regard to taxation of profits, has some businesses worried.

“ Vicofa will work with London LIFFEE experts and Techcombank to help some giants with transactions on the LIFFEE floor as pilot cases for future large- scale operations ” Huy said.

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