Unveiling shares of firms seeking to launch crypto asset exchanges

During the morning session, all three securities stocks — VIX, VPX and TCX — posted strong gains. As of 10:30 a.m., VIX rose 5.56% to VND 17,100 per share; VPX gained 3.23% to VND 32,000; and TCX jumped 6.71%, nearing its daily limit at VND 54,100, at one point touching the ceiling price of VND 54,200. Meanwhile, PSI hit its ceiling price at around VND 8,100, still below par value. LPB, a banking stock, also climbed 4.17% to trade around VND 17,100.

Most of these stocks recorded trading volumes in the millions of shares, with VIX seeing tens of millions — a level commonly observed in recent sessions.

The strong gains had been anticipated by the market since the previous evening, following unconfirmed reports circulating about a shortlist of five companies deemed eligible to establish crypto asset exchanges. PSI was also drawn into the rally due to its connection with a legal entity that has submitted an application for a crypto exchange license and is reportedly linked to the major conglomerate Sun Group.

Earlier, the Ministry of Finance said that seven companies had submitted applications for licenses to operate crypto asset exchanges, with firms indicating readiness to participate.

According to Techcom Crypto Exchange JSC (TCEX), part of the TCBS (TCX) ecosystem, the company has spent around six months preparing its technological infrastructure, finalizing operational processes, and is ready to enter the market once licensed.

Vietnam Prosperity Crypto Asset Exchange JSC (CAEX), under VPBank (VPB) with VPX as a shareholder, has completed final steps to raise its charter capital to VND 10 trillion to meet pilot program requirements. The company has also worked with partners to deploy technology systems, cybersecurity, risk management, and liquidity connectivity in line with high standards.

VIX Crypto Asset Exchange JSC (VIXEX), another contender expected to compete for a pilot license, is set to receive additional capital through a planned issuance by VIX Securities.

Meanwhile, Loc Phat Vietnam Crypto Asset Exchange JSC (LPEX), backed by LPBank, is also rumored to be on the shortlist.

PetroVietnam Securities (PSI) has also emerged as a shareholder in Vietnam Digital Assets JSC — reportedly among the five firms with valid applications.

Vietnam Digital Assets JSC has a registered initial charter capital of VND 1 trillion. Sun Group is the largest shareholder, contributing VND 640 billion (64%), followed by Innovation Technology Solutions Co., Ltd. (ITS) with 35%, while PSI holds 1%.

This initial capital falls short of the minimum VND 10 trillion requirement under Resolution No. 5/2025 on the pilot implementation of a crypto asset market in Vietnam. However, the involvement of Sun Group — a major player in real estate, tourism services, and finance — has significantly intensified competition in the race to provide crypto trading services.

According to preliminary market information, only two entities currently meet the VND 10 trillion capital requirement: VPEX and Vimexchange — a crypto trading and digital asset firm backed by Vimedimex Group (holding 50%), alongside affiliated entities such as Vimedimex 2, Hoa Binh Investment and Development, Bien Tien Sa, and Bao Tin Manh Hai.

Meanwhile, other notable players such as SSI Digital (SSID), part of the SSI ecosystem with charter capital of VND 1 trillion, and HD Crypto Asset Exchange (HDEX), under Sovico Group with capital of VND 300 billion and participation from HD Securities and Galaxy Group affiliates, have yet to show clear moves toward meeting the VND 10 trillion threshold. These firms may instead target non-exchange services or stage a late acceleration in completing licensing requirements.

In practice, the Ministry of Finance noted that, in addition to the seven initial applications received, it continues to accept further submissions from companies seeking licenses to organize crypto asset trading markets.