Want to be in the loop?
subscribe to
our notification
Business News
MAJOR BANKS CONTINUE CUTTING DEPOSIT INTEREST RATES
Interest rates at four major banks of Việt Nam were adjusted sharply, down by 0.4 per cent per year from the previous listings, bringing the rate to 1.8 per cent per year at the lowest.
Vietcombank last week cut its rate by 0.2 per cent per year for terms under 12 months, pulling interest rates for 1-2 month, 3-month and 6-9-month deposits down to 1.7 per cent, 2 per cent and 3 per cent per year, respectively. The highest interest rate at the bank is 4.7 per cent per year when customers deposit for 12 months or more.
Vietcombank currently applies the lowest deposit interest rates among the four largest State-owned banks, including Vietcombank, the Vietnam Bank for Agriculture and Rural Development (Agribank), the Bank for Investment and Development of Vietnam (BIDV), and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank).
Agribank follows with the latest deposit interest rates at the bank down by 0.2 per cent - 0.4 per cent per annum for terms under 12 months. Its interest rate for a 3-6-month term experienced the most significant decrease, falling to 2.1 per cent from 2.5 per cent. For terms from 6 to under 12 months, the interest rate was down to 3.2 per cent from 3.5 per cent per year.
BIDV and VietinBank have also simultaneously cut deposit interest rates by 0.3 per cent per annum for terms under 12 months.
They apply the same interest rate for 1-2 month deposits at 1.9 per cent per year. Customers depositing for a term of 3-6 months and 6-12 months at the two banks will receive an interest rate of 2.2 per cent and 3.2 per cent per year, respectively.
All Agribank, BIDV, and VietinBank still maintain the previous deposit interest rates at 5 per cent per year when customers deposit for 12 months or more, and 5.3 per cent per year for terms of 24 months or more.
On Wednesday, the Saigon - Hanoi Commercial Joint Stock Bank (SHB) and the Vietnam International Commercial Joint Stock Bank (VIB) also announced a reduction of their deposit interest rates by 0.1 per cent or 0.2 per cent per year compared to the previous week.
Since the beginning of January, many commercial banks have cut their deposit interest rates, including Techcombank, KienLongBank, PVCombank and SCB.
Source: VNS
Related News
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.
![Card image cap](/uploads/news/Eco4.jpg)
GDP GROWTH REACHES 6.42 PC IN FIRST HALF
Vietnam's economy grew by 6.42 pc in the first six months of 2024, slightly lower than the figure of 6.58 pc in the same time of 2022 within the 2020-2024 period.
![Card image cap](/uploads/news/FDI.jpg)
FDI INFLOW INTO VIETNAM REACHES NEARLY 15.2 BILLION USD
Vietnam attracted nearly 15.2 billion USD in foreign direct investment (FDI) in the first six months of this year, a year-on-year increase of 13.1 per cent, according to the General Statistics Office.
![Card image cap](/uploads/news/Eco3%20%281%29.jpg)
CAPITAL FLOWS STRONGLY INTO INDUSTRIAL REAL ESTATE
Industrial real estate has had easier access to bank credit since July, when the State Bank of Vietnam (SBV) reduced the credit risk coefficient for industrial real estate from 200 per cent to 160 per cent, encouraging commercial banks to lend to more projects in the segment.
![Card image cap](/uploads/news/Eco8.jpg)
SPECIAL POLICIES PROPOSED TO DEVELOP THE SEMICONDUCTOR INDUSTRY
The draft law has proposed a number of outstanding policies to promote the development of the digital technology industry, develop the brand of Việt Nam's digital technology industry and develop domestic and foreign markets, as well as investing, purchasing and selecting suppliers of digital technology products and services using State budget capital.