In the context of international economic integration and the rapid development of commodity markets, commodity exchanges are increasingly affirming their position and role. Vietnamese law has established a general legal framework governing the organisation and operation of commodity exchanges. However, alongside changes in market practice, the existing legal framework has revealed several limitations, particularly regarding the legal organisational model, governance structure, clearing and settlement mechanisms, and risk management. This article analyses the current legal provisions governing the organisation and operation of commodity exchanges in Vietnam, thereby identifying several shortcomings, such as the prevailing approach that treats commodity exchanges primarily as ordinary business enterprises, the absence of a modern market governance mechanism, and the incomplete establishment of a central clearing counterparty model. On that basis, the article proposes several recommendations for improving the legal framework, including increasing the conditions for establishing commodity exchanges and enhancing their operational capacity to meet the requirements of organising and operating a highly professionalised commodity market.
