However, thanks to the advantage of two-way transactions (buy and sell), the transaction value at the Mercantile Exchange of Vietnam (MXV) is still at VND3.8 trillion per day.
According to MXV, Gia Cat Loi Commodity Trading JSC held the largest commodity brokerage market share in Vietnam in Q1, accounting for 24.2 percent of total transaction value of the entire market.
However, there are many candidates for the No1 position, because the gap between Gia Cat Loi and other positions is very small.
Thanh Pho Ho Chi Minh Commodity Trading (HCT) is now in the second position with 24 percent of market share. It was the member with the highest number of newly opened accounts in the first three months of the year, raising the number of transaction accounts on MXV to more than 24,000.
Obtaining a high transaction growth rate of 150 percent in March, Saigon Futures is a threat to the two leading positions with 17.7 percent of market share. Meanwhile, Finvest and MXL were placed in the next positions with 7.2 percent and 4.4 percent of market share, respectively.
Nguyen Ngoc Quynh, deputy general director of MXV, commented that the members with large brokerage market shares are all companies with a large scale, experience and professional operations.
In the time to come, when the quality of members increases, the leading position will be the target of 5-10 companies, not just 3-5 companies as seen currently.
With impressive growth rates, VMEX, VQB and SACT are closely following the top 5 companies and could enter the top 5 in the next quarters.
Of the 42 products now traded at MXV, WTI Micro crude oil is still leading, but with a lower proportion compared with previous quarters, 17.4 percent of total transaction volume in Vietnam. The second position belongs to WTI crude oil standard contract, 10.3 percent.
Meanwhile, commodities belonging to farm produce group (soybeans and soybean cakes) are at the next position, with 8.8 percent and 8.1 percent, respectively. These are competitive products of Vietnam, as the country remains the second largest importer of soybeans.
Among newly marketed products, Micro is attracting cash flow from investors in metals. Micro was put into transactions in July 2022, and now accounts for 8 percent of total transaction volume, ranking fifth among the most transacted commodities at MXV.
In Q1, MXV recognized the membership status of one more member – Amber Commodity. At present, MXV has 37 market members, with offices and branches throughout cities and provinces.
MXV plans to assess the credit rating of its members periodically every year.
Hanh Nguyen