Vietnamese brokerage stocks rise, boosted by accelerated cryptocurrency exchange activity

Glonghui January 12｜After Vietnamese Prime Minister Pham Minh Chinh called for an acceleration of the regulatory process for cryptocurrency exchanges, Vietnamese brokerage stocks responded by rising. SSI Securities in Vietnam noted in a report that local Vietnamese media reported Pham Minh Chinh had asked the Ministry of Finance to speed up the development of a regulatory framework for cryptocurrency exchanges by mid-January, which has boosted market sentiment for brokerages involved in the cryptocurrency exchange licensing business. The institution stated: "Although this timeline appears ambitious, this major news has reinforced market expectations that the licensing process is advancing, giving a slight positive boost to related concept stocks." SSI Securities, VNDirect Securities, and HCM City Securities all hit their daily limit; VIX Securities rose by 6.8%, FPT Securities increased by 6.4%, and VPBank Securities rose by 3.1%. Vietnam's benchmark VN Index rose as much as 1.1%.