Deposit rates at Vietcombank lowest among banking system
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continued slashing deposit interest rates on January 12, with the lowest standing at 1.7% per year.
Hanoi (VNA) – The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)continued slashing deposit interest rates on January 12, with the lowest standingat 1.7% per year.
Cutting interestrates by 0.1 - 0.2% per year, Vietcombank reduced the rate for one- andtwo-month deposits to 1.7% per year from 1.9% per year.
Likewise,the rate for three-month deposits was brought down to 2% per year and for six-and nine-month ones to 3% per year.
The highestinterest rate, applied to 12-month and longer terms, at this bank was also cutfrom 4.8% per year to 4.7% per year.
The deposit interest ratesat Vietcombank are currently the lowest among the Big 4, the four biggest State-ownedcommercial banks, as well as the banking system.
Earlier, the Vietnam Bankfor Agriculture and Rural Development (Agribank), another in the Big 4, alsolowered the rate for one- and two-month deposits from 2.2% per year to 2% peryear.
Interest rates for all depositterms remain unchanged at the other two, the Joint Stock Commercial Bank for Investmentand Development of Vietnam (BIDV) and the Vietnam Joint Stock Commercial Bank forIndustry and Trade (Vietinbank), on January 12.
VNDIRECT Securities JSC forecast interest ratesfor 12-month deposits will be kept at low levels, about 5% per year from theend of 2023 until the end of 2024. Given this, it expected lending interestrates will also continue the downward trend as a result of falling capital costsrecently.
Economic expert Assoc. Prof. Dr. Dinh Trong Thinh perceivedthat deposit rates are unlikely to go down further this year, but there remainsroom for lending rates to reduce more. When production and business activitiesget better and capital demand increases, bank interest rates may bounce backaccordingly./.
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A transaction office of Vietcombank (Photo: VNA) 
