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LI M U
Trong nn kinh t Vit Nam, c ph lun gi vai tr l mt trong nhng ngnh
hng xut khu ch lc ca nc ta v c chn l mt trong nhng mt hng
trng im cn pht huy trong giai on 2010-2015.
Tuy nhin gn y, vic pht trin ca ngnh c ph kh bp bnh. Tnh cht gi c
ph ca nc ta l ph thuc vo gi c ca th trng th gii, ch mt v rt gi
cng khin ngi trng c ph v cc nh kinh doanh c ph chu ri ro ln.
Chnh v th, bo h gi c cho nh sn xut cng nh xut khu nng sn, cc
nc thng s dng thnh cng mt th trng giao dch hp ng tng lai hng
ha nng sn, trong c c ph cc ch th tham gia giao dch nhm san s ri
ro v gi c hng ha cho i tc khc trn th trng v th trng quc t. Cc
hp ng ny thc hin thng qua cc trung tm giao dch hng ha tp trung ln
l LIFFE v NYBOT. V vy cng ty Trung Nguyn p dng hnh thc phng
v ny cho mt hng c ph ca chnh mnh phng ri ro bin ng gi c
trong tng lai trn th gii.
S bin ng bt thng v kh d on ca gi c mt hng c ph xut khu
tr thnh vn bc thit vtf1q nh hng ti tnh hnh kinh doanh ca Trung
Nguyn, do cng ty Trung Nguyn cn s dng hp ng tng lai lm cng c
bo him trong kinh doanh, m bo cho s pht trin bn vng lu di v quan
trng nht l phng nga ri ro v gi c ph trong tng lai, quyt nh s
sng cn ca cng ty.

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I. Tng quan Cng ty c ph Trung Nguyn
1. V th ca Trung Nguyn trong nc v quc t
Ra i vo gia nm 1996- Trung Nguyn l mt nhn hiu c ph non tr ca Vit Nam, nhng
nhanh chng to dng c uy tn v tr thnh thng hiu c ph quen thuc nht i vi
ngi tiu dng trong v ngoi nc. Ch trong vng 10 nm, t mt hng c ph nh b nm
gia th ph c ph Bun M Thut, Trung Nguyn tri dy thnh mt tp on hung mnh
vi 6 cng ty thnh vin: Cng ty c phn Trung Nguyn, cng ty c phn c ph ha tan Trung
Nguyn, cng ty TNHH c ph Trung Nguyn, cng ty c thnh thng mi v dch v G7 v
cng ty lin doanh VietNam Global Gateway (VGG) vi cc ngnh ngh chnh bao gm: sn
xut, ch bin, kinh doanh tr, c ph; nhng quyn thng hiu v dch v phn phi, bn l
hin i. Trong tng lai, tp on Trung Nguyn s pht trin vi 10 cng ty thnh vin, kinh
doanh nhiu ngnh ngh a dng.
i tin phong trong vic p dng m hnh kinh doanh nhng quyn Vit Nam, hin nay,
Trung Nguyn c 1 mng li gn 1000 qun c ph nhng quyn trn c nc v 8 qun
nc ngoi nh: M, Nht, Singapore, Thi Lan, Trung Quc, Campuchia, Ba Lan, Ukraina. Sn
phm c ph Trung Nguyn v c ph ha tan G7 c xut khu n 43 quc gia trn th
gii vi cc th trng trng im nh M, Trung Quc. Bn cnh , Trung Nguyn cng
xy dng c mt h thng hn 1000 ca hng tin li v trung tm phn phi G7Mart trn
ton quc.
Vi mt sc vn mnh m, Trung Nguyn ang dn chim lnh th trng trong nc. V trong
mt tng lai khng xa, vi trit l c ph ca mnh, ng L Nguyn V mun a Trung
Nguyn ra tm th gii, khng nh v th ca c ph Vit Nam trn trng quc t. V hm nay,
chng ta s cng tm hiu v chin lc marketing ca Trung Nguyn a thng hiu, sn
phm ca mnh ra th gii.

2. Cch qun tr ngun nguyn liu hin ti Trung Nguyn
a) Tm quan trng v hng i ca Trung Nguyn trong qun tr nguyn liu
Trong bi cnh cnh tranh gay gt trn th trng, thc hin cc mc tiu v th phn cng
nh cc mc tiu ca doanh nghip, qun tr ngun nguyn liu ng vai tr rt quan trng. N
gip cc nh qun tr doanh nghip qun l hot ng ca cng ty cng nh nh lin kt gia cc
i tc cng nh ngi cung ng nguyn liu qua dng chy ca vt cht, thng tin cng nh ti
chnh.
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Qun tr ngun nhin liu l tp hp cc phng thc v thit k, lp k hoch v trin khai mt
cch c hiu qu qu trnh tch hp gia cc nh cung cp, nh my sn xut cng nh h thng
kho bi m bo mc ch gim thiu c chi ph m vn tha mn c khch hng cng
nh gia tng gi tr cho ton b cc thnh vin tham gia v h thng.
Vi Trung Nguyn, c ph ht l nguyn liu chnh kin quyt. Trung Nguyn chn lc t 4
vng nguyn liu ngon nht: Ht c ph Bun M Thut, ht Arabica ca Jamaica, c ph t qu
hng nguyn gc ca c ph Ethiopha, Brazil. Vi li th nm ngay trn th ph c ph Vit
Nam, Trung Nguyn c nhiu li th trong thu mua nguyn liu. Cng ty c 2 hnh thc thu
mua, l thu mua qua cc doanh nghip t nhn, thng li v thu mua trc tip t nng dn. Vi
hnh thc th nht, khi m hin nay cc doanh nghip t nhn hay i l thu mua gp nhiu kh
khn, rt nhiu i l v n, nh hng trc tip n ngun cung khng p ng c v s
lng ln cht lng nn Trung Nguyn hn ch s dng nh cung cp ny. Thay vo cng ty
tm mt hng mi cho ngun nguyn liu u vo, l t mnh u t v qun l trc tip
cc nng tri c ph ca ngi nng dn, bin cc nng tri c ph tr thnh mt b phn trong
doanh nghip, t gip cng ty ch ng trong ngun nguyn liu chin lc, gp phn tng
cng mi quan h gia doanh nghip vi nng dn trng c ph. Trung Nguyn cho hay ht c
ph hng ny s dng c mua t cc h nng dn trng c ph nh c chng ch thc hnh
canh tc bn vng v cng ty mua gi u i t nhng h ny.
b) Qu trnh qun tr nguyn liu
Nh cung ng l Trung Nguyn: Do mi trng c ph trong nc pht trin, Trung Nguyn
c li th khng nhp khu ht c ph t cc quc gia khc, gim c p lc v cung ng cng
nh vn chuyn. Tuy nhin s lng nh cung cp s quyt nh n p lc cnh tranh m phn
ca doanh nghip. Hin nay, Trung nguyn c mt h thng sn xut hot ng v cng hiu
qu, khi m cc nguyn liu dng cho hot ng sn xut c ph ha tan cng nh cc loi c
ph khc, u l bt ngun tr nng tri c ph do chnh Trung Nguyn u t v qun l. Do
Trung Nguyn gim c p lc cnh tranh ngun cung hin nay.
o to nh cung cp ng thi to mi quan h tt vi cc nh cung cp: Trung Nguyn
m cc lp o to, tp hun v k thut cho nng dn.Lp tp hun thu ht c ng o
ngi dn tham gia.Cng ty c ph Trung Nguyn (Cng ty Trung Nguyn) va t chc t tp
hun ln th 3 trong chng trnh m rng 1.000ha c ph bn vng (UTZ Certified) cho 550 h
nng dn ti x Ea Tul (huyn C MGar k Lk). Chng trnh tp hun ln ny gp phn
tng din tch ngun nguyn liu c ph bn vng ca Trung Nguyn ln 2.500ha vi 1.500 h
nng dn tham gia.y l mt trong nhng hot ng chin lc ca Cng ty Trung Nguyn
nhm nng cao cht lng ngun nguyn liu to nn nhng sn phm c ph c bit. p
dng tiu chun UTZ cho cc vng nguyn liu. Qua , Cng ty Trung Nguyn m bo vic
truy nguyn ngun gc sn phm, gp phn bo v mi trng, tun th cc qui nh v thng
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mi v cng c lao ng quc t, p ng cc tiu chun kht khe ca th trng, c bit l th
trng th gii.
H tr k thut u vo:Kt hp chng trnh pht trin vng nguyn liu c ph bn vng
UTZ Certified, Cty Trung Nguyn t vn h tr cc h nng dn ng dng k thut ti nc
nh git hin i ca Israel cng cng ngh phn bn Yara gip tit kim chi ph, hiu qu cao
v bo v mi trng. T thng 02 nm 2010, n v ny u t kinh ph 100% cho cc h
trng c ph ti bun Ko Tam, x Eatu, Bun Ma Thut, tnh k Lk. H thng ny phn phi
nc trc tip n tng cy c ph v kt hp bn phn qua h thng ti bng cc van iu
khin t ng, lc nhiu tng gip tit kim c 60% lng nc. Chng trnh em li hiu
qu cao trong nm va qua v nhn c s ng h ca cc h nng dn trng c ph.
II. Phn tch tnh hnh bin ng gi nguyn liu c ph v nh
hng n li nhun ca Trung Nguyn
Ngnh c ph Vit Nam ni ring v th gii ni chung c chung c im l sn lng c ph
c sn xut ra c tnh chu k v ph thuc nhiu vo iu kin thi tit. Theo nghin cu, c
ph c c tnh thng thng l sau mt v ma th cy c ph s cho sn lng v sau s gim
st, trong khi kh hu Vit Nam s gp bt li nn sn lng thu hoch c ph Vit Nam
s khng c t ph.
Chi ph ngun cung nguyn liu chim phn ln doanh thu thun nn s bin ng v gi nguyn
liu s c tc ng ln n li nhun ca cng ty.
Nhu cu tiu th c ph rt ln. Hng nm, lng tiu th trn th gii c tnh vo khong 94.5
triu bao c ph nhn (khong 5.6 triu tn). C th chia cc nc tiu dng c ph thnh bn
nhm chnh theo khu vc a l nh sau:
Nhm cc nc Ty Bc u v Nam u.
Nhm cc nc Bc M: Trong th trng M l ln nht vi nhu cu hng nm khong
4 kg/ngi/nm:
Nhm cc nc Chu - Thi Bnh Dng: Trong hai th trng tiu biu l Hn Quc
v Nht Bn.
Nhm cc nc ng u v Nga: y l nhng th trng mi ni rt tim nng vi sn
phm c ph.
Trn thc t, lng xut khu c ph hng nm ca cc nc chnh l cung trn th trng c ph
th gii. Lng cung ny ph thuc rt nhiu yu t trong sn lng ch l mt. Ngoi sn
lng, lng cung c ph trn th trng th gii hng nm cn ph thuc vo tnh hnh kinh t
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ca cc nc, chnh sch ca hip hi cc nc sn xut c ph (ACPC) v t chc c ph quc
t (ICO) cng nh bin ng nhu cu gi c, d tr v yu t u c.
III. Giao dch bun bn c ph bng hp ng tng lai
1. Tnh hnh sn xut v tiu th c ph
1.1 Th gii
Tnh hnh sn xut
Theo s liu ca t chc c ph quc t (ICO) hin nay c khong 20 n 30 nc sn xut c
ph tp chung ch yu vo cc khu vc l:
Bc v Trung M.
Nam M.
Chu Phi.
Chu - Thi Bnh Dng.
Phn b sn lng c ph th gii theo cc khu vc ny c th c tm tt nh sau: Chu M
sn xut ra 60 - 70 % sn lng c ph th gii, tc l khong gn 4 triu tn c ph nhn. Chu
Phi sn xut ra 20 - 22% khong hn 1 triu tn. Chu hng nm sn xut khong 70 ngn tn
c ph chim 12% sn lng ton th gii, sn lng c ph hng nm bin ng tht thng
nhng theo chiu hng ngy cng tng. Thp k 70 sn lng trung bnh t 4,5 triu tn trn
mt nm; thp k 80 tng nn 5,5 triu tn trong mt nm ; Sang thp k 90 con s l 6 triu
tn mt nm cho ti nay con s ny ln ti 6,2 triu tn 1 nm.
Tnh hnh tiu th
Nhu cu tiu th c ph rt ln. Hng nm, lng tiu th trn th gii c tnh vo khong
94,5 triu bao c ph nhn (khong 5,6 triu tn). C th chia cc nc tiu dng c ph thnh
bn nhm chnh theo khu vc a l nh sau :
Nhm cc nc Ty Bc u v Nam u .
Nhm cc nc Bc M: Trong th trng M l ln nht vi nhu cu hng nm khong 4
kg/ngi/nm:
Nhm cc nc Chu - Thi Bnh Dng: Trong hai th trng tiu biu l Hn Quc v
Nht Bn .
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Nhm cc nc ng u v Nga: y l nhng th trng mi ni rt tim nng vi sn phm
c ph.

1.2 Trong nc
Tnh hnh sn xut:
Hin nay ngnh c ph Vit Nam mi ch c 5 DN ch bin c ph ha tan vi cng sut khong
35.000 40.000 tn tng ng 100.000 tn c ph nhn (chim khong 5% sn lng c ph
nhn hng nm).
Ti cc im, bn l sn phm c ph hin nay c rt nhiu loi ca cc hng khc nhau nh:
Trung NguynNestl, Vinacaf Bin Ha, Maccoffee, Highlands Coffee, M Trang theo
Trung Nguyn c ti 34 sn phm; Nesl c 7 sn phm; Vinacaf Bin Ha c 22 sn phm.
Tuy nhin th phn ch yu l ca 3 ng ln: Trung Nguyn, Nestl, Vinacaf Bin Ha.
Trong Trung Nguyn chim 80% th phn c ph rang xay, theo Euromonitor nm 2012 th
phn c ph ha tan Nestl l 33%, Vinacaf l 32.5%, Trung Nguyn l 18.2%, cc nhn khc
l 16%.
Mc tng trng doanh thu v t sut li nhun hot ng ca cc cng ty ch bin c ph rang
xay v ha tan kh cao. Nm 2012, Vinacaf Bin Ha t doanh thu l 105.2 triu la tng
33% so vi 2011, t xut li nhun hot ng l 14.4% (nm 2011 c doanh thu l 78,93 triu
la, t sut li nhun hot ng l 13%).
Tnh hnh tiu th c ph trong nc
Th trng bn l c ph Vit Nam t 127,33 triu USD trong nm 2008 v tng ln khong
287,34 triu USD nm 2012. Mintel d on s tng n 573,75 triu USD vo nm 2016.
Th trng c ph Vit Nam c chia thnh 2 phn khc r rng. C ph rang xay (c ph
phin) chim khong 2/3 lng c ph c tiu th; cn li l c ph ha tan. Theo nghin cu
ca Hc vin Marketing ng dng I.A.M v thi quen s dng c ph, 65% ngi tiu dng c
s dng c ph Vit Nam ung c ph 7 ln/tun, nghing v nam gii (59%). Ring c ph ha
tan c 21% ngi tiu dng s dng c ph ha tan t 3 n 4 ln trong tun, nghing v nhm
ngi tiu dng l n (52%).
Sc tiu th c ph Vit Nam cn kh thp Vit Nam s dng chng 5% c ph th ch
bin, trong khi t l ny ca Brazil l 50%. Vit Nam c 5 nhn hiu c ph ha tan, Brazil
c 20 nhn hiu. V c ph rang xay, th Vit Nam c 20 nhn hiu, trong khi s lng ca
Brazil l 3.000 nhn hiu.
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1.3 Trin vng th trng c ph th gii nhng nm ti
T chc C ph Quc t (ICO) ngy 9.12 d bo sn lng c ph th gii nin v 2013/14 c
th s gim 2 triu bao (1 bao = 60kg) so vi mc 145,2 triu bao ca nin v trc, v sn
lng c ph ca Brazil, Vit Nam, Indonesia v cc nc Trung M u gim.
Cn theo Hip hi C ph - Ca cao Vit Nam, thc t cho thy thi tit thay i tht
thng, khng theo chu k sinh trng ca cy c ph. Thm vo , cc tnh Ty Nguyn hin
cn rt nhiu din tch c ph gi ci ht chu k kinh doanh nn nng sut ch t di 2 tn/ha
v mt s din tch khc ang trong k ti canh.
n nay, c nc vo ma thu hoch, t trn 40% din tch, chc chn sn lng gim 15%
so vi v trc.
Vi d bo ny, mt s chuyn gia nhn nh kh nng cung vt cu kh c th xy ra, trong
di hn gi c ph s i ln, trong ngn hn gi cng s tng nhng bin tng khng ln.
IV. Quy trnh hp ng tng lai ca Cng ty c phn C ph
Trung Nguyn ti ngn hng TechcomBank
Sn phm giao dch l c ph G7. T nm 2008, cng ty bt u tham gia giao dch hp ng
tng lai mua bn c ph trn th trng LIFFE v Nybot thng qua ngn hng mi gii
Techcombank.
Di y l quy trnh thc hin giao dch hp ng tng lai ca Cng ty Trung Nguyn ti
Ngn hng Techcombank:
Hng ngy i din cng ty s ln mng giao dch t lc 15h30 n 24h. Cn c cc thng tin
trn mng, bng gi trc tuyn, cng ty s d on hng ha mnh ang bun bn sp ti bin
ng ra sao t lnh mua, bn v s lng v gi c cho hp ng tng lai.
Lnh ny c chuyn v trung tm ca Techcombank ngay trong ngy, sau khi c kim tra
li 1 cch chc chn, chuyn vin giao dch s cho khp lnh vi bn sn giao dch. Ngay khi
lnh c khp, thng tin s c nhp trc tip n sn giao dch bn nc ngoi v trung tm
ca Techcombank. Nh vy, giao dch thc hin xong, mi n v hp ng tng ng vi
c ph l 10 tn.
Quy trnh giao dch:
Bc 1: Chun b giao dch:
- Cng ty Trung Nguyn p ng cc th tc c cung cp ti khon giao dch
nh l mt cng ty hot ng trong lnh vc xut khu, m ti khon ti Techcombank,
v c s hiu bit tt v nghip v giao dch v c nng lc ti chnh vng mnh.
- Cng ty Trung Nguyn np tin vo ti khon chun b giao dch.
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- Cng ty hon thnh y cc ngha v ti chnh trc khi giao dch.
Bc 2: t lnh giao dch:
- Lnh c th t trc hoc trong phin giao dch
- Khch hng ch c giao dch trong phm vi s tin k qu
- Khch hng phi hon thnh y cc ngha v ti chnh trc khi giao dch
Trong c hai hnh thc khp lnh l Khp lnh in t v u thu trc tuyn. Khi t
lnh phi ch ti yu t ca cu lnh cho hp thc ha vi sn giao dch.
Quy trnh nhn v t lnh ca Techcombank:
- Khch hng yu cu lnh ti chuyn vin Techcombank, sau lnh c chuyn ti sn
giao dch.
- Sn giao dch xc nhn lnh, chuyn thng tin ti cho chuyn vin Techcombank sau
chuyn vin xc nhn lnh khp trn sn giao dch vi khch hng.
Bc 3: nh gi giao dch:
- Cui ngy, sn giao dch s a ra mc gi nh gi nh gi tt c cc trng thi m
ca ca khch hng tham gia.
- Cc bo co nh gi s c gi ti khch hng vo cui ngy hoc u phin giao
dch hm sau.
- Sn giao dch s thc hin vic nh gi trng thi m ca tt c cc i tng tham gia.
- Cc khon Li/L tm tnh s c hch ton trc tip vo ti khon k qu ca tng
khch hng.
Bc 4: Ti khon k qu:
- Techcombank thc hin vic qun l ngha v v quyn li ca khch hng thng qua ti
khon k qu
- Khch hng phi ng k qu b sung trong trng hp Margin Call
Bc 5: Bo co giao dch
Techcombank hng ngy phi gi 03 bn bo co n cho khch hng.
- Xc nhn giao dch: th hin cc lnh khch hng thc hin c trong phin giao
dch.
- nh gi giao dch: nh gi cc khon l thc v li l tm tnh ca khch hng.
- Ti khon k qu: bo co tnh trng ti khon k qu


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V. Mua bn c ph Trung Nguyn bng hp ng tng lai
1. Th no l giao dch c ph trn th trng tng lai
T nm 1997 n nay, c 2 phng thc bn hng ra nc ngoi ang c nhiu doanh nghip
s dng ng thi. l bn theo phng thc Outright (gi c nh, thi gian giao hng c
nh) v bn theo phng thc Price To Be Fixed (bn tr li, cht gi sau).
Bn hng giao ngay (Outright) trong truyn thng giao thng c ph th gii l ngi mua v
ngi bn cht gi ngay ti thi im k hp ng mua bn m khng cn bit gi c ph ti
thi im giao hng din bin ra sao.
Phng thc Price To Be Fixed (bn tr li, cht gi sau) c th hiu l hnh thc m cc
doanh nghip xut khu khi hon tt vic k kt hp ng vi khch hng nc ngoi s nh
ra mc mua c ph ht ca ngi nng dn trong nc sau khi tnh ton tr i cc khon
chi ph v mt mc li nhun nht nh. Vi hnh thc ny, doanh nghip cut khu c ph lun
m bo c c mt mc li nhun nht nh do khon chnh lch gia gi giao ko vi bn
khc hng nc ngoi v gi mua v ph t pha ngi nng dn.
Gi s mua c ph vo gi 15,000 VND/kg, khi xut khu gi gim xung 14,000 VND/kg, b l
1,000 VND/kg. Cng trong thi im , cng ty mua vo v bn ra trn th trng k hn
mt lng c ph tng ng vi gi bn ra 17,000 VND/kg, li 2,000 VND/kg. Nh cn i
c gia mua bn trn th trng trong nc v th trng k hn, cng ty vn bo m c li
v tnh ton gi mua v ph ca ngi nng dn mc hp l. Nh khon li trn th trng k
hn, nh xut khu c ph sn sng mua c ph ca nng dn vi gi cao hn gi th trng.
Thc t, c thi im gi mua vo trn th trng trong nc l 16,400 VND/kg. Cng ty Inexim
c Lc mua c ph ca nng dn gi 17,000 VND/kg khi tnh ton bn ra th trng k hn
c gi trn 20,000 VND/kg.
phng thc giao dch ny, cc hp ng c bn mua v bn k trn mng hoc qua in
thoi trn c s lng tin. Thng tin v gi c ph th gii va c gi v, cc quyt nh mua
bn bt u c a ra. Mt sn giao dch in t c thit lp ngi bn v ngi mua
tha thun gi c v k hp ng. C ph s c chuyn giao mt thi im no m hai
bn thng nht trong tng lai. Vo thi im , gi c ph c cao hay thp hn gi tha
thun th hp ng vn gi nguyn gi tr. V th bn mua v bn bn c th tnh ton c l li
ngay khi va ra quyt nh. Mua bn nh vy, c ph l o nhng li nhun li thc. Thng
thng, phin giao dch s c kt thc vo na m. Sau mi ngy lm vic nh vy, cc
bng, biu gi c ph cng c xy dng cc nh sn xut c ph c th d on gi
trong tng lai.
u im ln nht ca giao dch ny l c th mua c ph trong tng lai theo mc gi hin ti
- mc gi m cc doanh nghip bit chc l hp l, nh th hn ch c nhng ri ro m khng
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mt phng thc kinh doanh truyn thng no t c.Ngoi bo him ri ro v gi, hnh thc
ny cn c cc cng ty tham gia nh mt knh u t (mua bn cc hp ng tng lai nhm
kim li t chnh lch gi) hoc s dng hp ng tng lai nh cng c xc nh gi ca th
trng hng tht. T gi bn c ph tng lai trn sn LIFFE hay NYBOT c th tnh ton gi
thu mua c ph trn th trng ni a sao cho c li.
Bn cnh nhng li ch ca doanh nghip, ngi nng dn cng c hng li kh nhiu.
Trc y, nu gi xut khu ln cao th doanh nghip mua b ph ca nng dn gi cao. Cn
gi xut khu gim thp xung th p gi ngi trng c ph. Vi hp ng tng lai, doanh
nghip sn sng mua c ph ca nng dn vi gi cao hn gi th trng trong nc khi tnh
ton bn ra th trng k hn c li.
2. Giao dch c ph Trung Nguyn trn th trng LIFFE v NYBOT
LIFFE (London International Financial Future and Options Exchange) l mt sn giao dch ln
nht th gii dnh cho c ph Robusta, Lun n chuyn giao dch cc hp ng tng
lai v quyn chn. Cc hp ng mua bn trn th trng Lun n c mc nh vi khi
lng 5 tn/l, ngun gc xut x ca c ph rt a dng nhng tp trung ch yu mt s nc
ng Nam , Nam M v Chu Phi, trong Vit Nam hin ang l nc xut khu c ph
vi Robusta hng u th gii.
Khi lng giao dch trung bnh ca c ph trn sn LIFFE khong 12-13 nghn lot/ngy (60,000
tn). Lng hp ng m giao dch t mc 140-180 nghn lot (khong 700,000 tn) c ph.
D tr trung bnh ca LIFFE vo khong 40,000 lot (200,000 tn) c ph
Quy chun hp ng tng lai trn sn LIFFE:

11

Sn giao dch hng ha New York - NEW YORK BOARD OF TRADE (NYBOT) -L mt sn
giao dch hng ha New York chuyn giao dch cc hp ng tng lai v quyn chn v
ng, bng, c ph, ca cao, cam, li sut, tin t v cc ch s.NYBOT hin l mt cng ty
con s hu hon ton bi Sn giao dch lin lc a(IntercontinentalExchange - ICE).
Khi lng giao dch trung bnh ca c ph trn sn NYBOT khong 18,000 lot/ngy (289,000
tn) v trung bnh c khong 80,000 lot (1,360,000 tn) dng m cho giao dch c ph. D tr
trung bnh ca LIFFE vo khong 4,100,000 lot (69,700,000 tn) c ph.
C 2 loi hp ng tng lai c giao dch: Coffee C futures v Coffee Mini C futures.
Hp ng Coffee C futures l hp ng chun, hp ng Coffee Mini C futures c khi
lng bng 1/3 Coffee C futures. Hp ng Coffee Mini C futures c thit k cc nh
sn xut, bn l v nh u t c quy m nh d dng tham gia th trng. Hp ng Coffee
Mini C futures ch khc Coffee C futures v khi lng v cc iu khon lin quan n
thanh ton.
Quy chun hp ng Coffee C future:
Contract Symbol KC
Contract Size 37,500 pounds
Price Quotation Cents and hundredths of a cent up to two decimal places
Contract Listings March, May, July, September, December
Minimum Price
Movement
5/100 cent/lb., equivalent to $18.75 per contract.
Settlement Physical delivery
12

Grade/Standards/Q
uality
A Notice of Certification is issued based on testing the grade of the beans
and by cup testing for flavor. The Exchange uses certain coffees to
establish the "basis". Coffees judged better are at a premium; those
judged inferior are at a discount.
Daily Price Limit None
Deliverable Growths
Mexico, Salvador, Guatemala, Costa Rica, Nicaragua, Kenya, New
Guinea, Panama, Tanzania, Uganda, Honduras, and Peru all at par,
Colombia at 200 point premium, Burundi, Venezuela and India at 100
point discount, Rwanda at 300 point discount, and Dominican Republic
and Ecuador at 400 point discount. Effective with the March 2013
delivery, the discount for Rwanda will become 100 points, and Brazil
will be deliverable at a discount of 900 points.
Delivery Points
Exchange licensed warehouses in the Port of New York District (at par),
the Port of New Orleans, the Port of Houston, the Port of
Bremen/Hamburg, the Port of Antwerp, the Port of Miami and the Port
of Barcelona** (at a discount of 1.25 cents/lb).
First Notice Day Seven business days prior to first business day of delivery month.
Last Trading Day One business day prior to last notice day
Last Notice Day Seven business days prior to the last business day of the delivery month
Position Limits
Position Limit and Position Accountability information for all IFUS
products can be found
13

athttps://www.theice.com/publicdocs/futures_us_reports/all/Futures_US_
Position_Limits.pdf.
MIC Code IFUS
Clearing Venue ICUS
TRADING HOURS

Trading Pre-Open
NEW YORK
3:30 AM-2:00 PM
03:30-14:00
8:00 PM
20:00
LONDON
8:30 AM-7:00 PM
08:30-19:00
1:00 AM
01:00
SINGAPORE
4:30 PM-3:00 AM
16:30-03:00
9:00 AM
09:00

S ra i ca hp ng c ph Mini C a ti s truy nhp ti mt th trng rng ln hn v
s giao dch linh hot dnh cho thng nhn u c v c nhng small hedgers trong mt
th trng m tng c bin ng ng k v cung cp cc mc thanh khon su trong lch s.
Mi hp ng tng lai c ph Mini C c gi 12500 cho c ph Arabica chng nhn giao
dch, iu ny lm cho n ch c kch c bng 1/3 hp ng bnh thng ( 37500). Vi t gi
60cent/ pound, hp ng Mini c tng gi l 7500 khi so snh vi hp ng bnh thng C c
gi 22500. Hp ng Mini C c p dng gi cents/ pound 2 s thp phn v n v ti thiu
ca bin ng gi c (gi tr nh du) l .05 cents/ pounds (6.25).
Hp ng c xc nh bi 1 trong 5 thng giao hng: Thng 2, 4 6, 8 v 11. Mi thng hp
ng Mini C th c lin quan/ tng ng vi mc ch gii quyt cui cng, nh l: Feb Mini/
Mar C (Thng 2 Mini/ Thng ba C) ngha l thng 2 bt u th thng 3 kt thc.
14

Trong khi hp ng c ph bnh thng C c nhng quy nh phn phi tiu chun v mt vt
l, th hp ng Mini C li l Tin c quyt ton i vi Khi lng trung bnh ca tt c
cc hp ng giao dch (tng ng vi thng hp ng c ph C) trong vng 2 gi cui phin
giao dch ca ngy cui cng ca hp ng Mini (khng bao gm cc giao dch khc).
Bi v Mini C l tin c quyt ton (v d bao nhiu tin cho 1 khi lng c ph), nn n
s khng th thay th bng hp ng C bnh thng (hp ng Mini khng c dng b p
cho hp ng C khi chng ta xc nh v tr th trng tng th).
VI. ng dng hp ng tng lai trong kinh doanh c ph
Giao dch hp ng tng lai trong giao dch mua bn c ph c cng ty s dng nh cng c
phng nga ri ro khi gi bin ng, c th hin c th qua cc trng hp sau:
Trng hp 1: Mua Futures
Trng hp ny c cng ty s dng khi c hp ng xut bn hng nhng vn cha c
hp ng thu mua hng t cc nh sn xut trong nc. Khi gi bin ng theo chiu hng
tng bt li cho cng ty, cng ty s quyt nh mua lng hng ha tng ng trn th trng
tng lai m cng ty tnh ton l s hp l.
Gi s thng 6/2013, cng ty k hp ng xut khu 500 tn c ph vi gi 1436 USD/tn giao
hng thc vo thng 10/2013 nhng do d on gi c ph bin ng theo chiu hng tng, gy
bt li cho cng ty nn quyt nh mua 50 lot trn th trng tng lai vi cng mc gi
trn.Vo thi im giao hng, gi tng 1486 USD/tn. Khi , trn th trng hng tht cng ty
l 50 USD/tn nhng trn th trng tng lai, cng ty li 50 USD b p cho khon l
trn.
Trng hp 2: Bn Futures
Trng hp ny c ng dng khi cng ty thu mua c mt lng hng t trong nc
nhng vn cha c hp ng xut khu hng, khi gi gim gy bt li cho cng ty th cng ty s
bn lng hng ny trn th trng tng lai bo ton li nhun kinh doanh.
Khi mua c ph vi gi 32,000 VND/kg, khi xut khu gi ch cn 30,400 VND/kg, b l 1,600
VND/kg. Th nhng vo thi im ny, cng ty bn ra trn th trng tng li mt lng
tng ng vi gi bn 33,600 VND/kg, li 1,600 VND/kg. Nh cn i gia mua bn trn th
trng trong nc v th trng tng lai, cng ty m bo c li.
Thng thng gi trn th trng hng tht v th trng tng lai bin ng cng chiu vi
chnh lch n nh. Khi tham gia v hp tng lai, cc nh xut nhp khu c b l thng qua
2 th trng, khi trn th trng hng tht c li s b p khon l trn th trng tng lai v
15

ngc li, chnh iu ny lm li cho cc ng nh xut nhp khu trong vic c nh c gi
vi i tc m khng s bin ng trn th trng.
16

KT LUN

C ph l mt trong nhng mt hng xut khu ch lc ca Vit Nam l mt hng
nng sn xut khu ng th 2 v kim ngch sau go. Ngnh c ph gp phn
chuyn dch c cu cy trng trong ngnh nng nghip nc ta. Nu nh trc kia
Vit Nam l mt t nc c bit n vi sn phm l la go th ngy nay Vit
Nam cn c bit n vi mt mt hng na chnh l c ph. iu ny khng
ch gip cho ngi dn a dng c c cu cy trng trong ngnh nng nghip
m cn a dng ho c cc mt hng trong vic xut khu nng sn ca Vit
Nam. Do , s dng hp ng tng lai trn sn giao dch Liffe v Nybot l yu
cu cp thit mang tnh thc tin rt cao. Nghin cu v xy dng phng n s
dng hp ng tng lai hp l chnh l mt cng c phng nga ri ro gi c,
phng nga ri ro chi ph u vo v gip cng ty n nh li nhun v k hoch
kinh doanh sn xut, gn hot ng kinh doanh st hn vi th trng quc t.

17

DANH MC THAM KHO
Summary of Robusta Coffee futures contract Specifications
https://globalderivatives.nyx.com/sites/globalderivatives.nyx.com/files/coffee_futu
res_130730.pdf
Quy chun hp ng COFFEE C FUTURES
https://www.theice.com/productguide/ProductSpec.shtml?specId=15
Quy chun hp ng COFFEE Mini C FUTURES
http://timeleveragecapital.com/articles/coffee_guide.pdf
Tm hiu giao dch hng ha phi sinh ti Techcombank
https://commodity.techcombank.com.vn/

18

MC LC
LI M U ............................................................................................................ 1
I. Tng quan Cng ty c ph Trung Nguyn .......................................................... 2
1. V th ca Trung Nguyn trong nc v quc t ........................................... 2
2. Cch qun tr ngun nguyn liu hin ti Trung Nguyn ........................... 2
II. Phn tch tnh hnh bin ng gi nguyn liu c ph v nh hng n li
nhun ca Trung Nguyn ........................................................................................... 4
III. Giao dch bun bn c ph bng hp ng tng lai .......................................... 5
1. Tnh hnh sn xut v tiu th c ph ............................................................ 5
1.1 Th gii .................................................................................................. 5
1.2 Trong nc ............................................................................................. 6
1.3 Trin vng th trng c ph th gii nhng nm ti .............................. 7
IV. Quy trnh hp ng tng lai ca Cng ty c phn C ph Trung Nguyn ti
ngn hng TechcomBank ........................................................................................... 7
V. Mua bn c ph Trung Nguyn bng hp ng tng lai ................................... 9
1. Th no l giao dch c ph trn th trng tng lai .................................... 9
2. Giao dch c ph Trung Nguyn trn th trng LIFFE v NYBOT ........... 10
VI. ng dng hp ng tng lai trong kinh doanh c ph ....................................14
KT LUN ..............................................................................................................16
DANH MC THAM KHO ...................................................................................17

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