The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) became the first large commercial bank with state capital to raise deposit rates earlier this morning.
Customers at a VietinBank branch office in Hoan Kiem district, Hanoi. (Photo: VNA)
Hanoi (VNS/VNA) – The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) became the first large commercial bank with state capital to raise deposit rates earlier this morning.
Starting on June 3, VietinBank adjusted its deposit rates, increasing them by 0.2 percent point per annum for terms ranging from one to 11 months. The bank posted the adjusted rates as follows: 2% per annum for 1-2 month terms, 2.3% per annum for 3-5 month terms, and 3.3% per annum for 6-11 month terms.
Other terms’ rates remained unchanged, according to the bank. Rates for 12-18 month terms stay at 4.7% per annum and for 24-36 month terms at 5% per annum.
The latest raise was on April 16, when VietinBank and the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) raised the deposit rates by 0.2 percentage point per annum for 1-11 month terms and 24-36 month terms. VietinBank's deposit rates for 24-36 month terms were listed at 5% per annum.
VietinBank, the Vietnam Bank for Agriculture and Rural Development (Agribank), BIDV and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) are four of the country’s largest commercial banks with state capital.
Meanwhile, in the private sector, Tien Phong Commercial Joint Stock Bank (TPBank) adjusted its deposit rates, raising one-month terms by 0.23 percentage point per annum and for other terms by 0.1 percentage point per annum.
The bank posted deposit rates as follows: 1-month terms at 3.2% per annum, 3-month terms at 3.4% per annum, 6-month terms at 4.3% per annum, 12-month terms at 5% per annum, 18-month terms at 5.4% per annum, and the highest rate for 24-36 month terms at 5.7% per annum.
♈ The Vietnam International Commercial Joint Stock Bank (VIB) also raised its deposit interest rates earlier this morning. The bank posted deposit rates as follows: 1-2 month terms at 2.8% per annum, 3-5 month terms at 3.1% per annum, 15-18 month terms at 4.9% per annum, and 24-36 month terms at 5.1% per annum./.
The State Bank of Vietnam (SBV) this year removed the credit growth quota for foreign banks, but the policy remains for Vietnamese banks, due to concerns about rising bad debts, the security of the banking system and macroeconomic instability.
Many banks have adjusted up savings interest rates by 0.2-0.3 percentage point per year since early this months to lure depositors in the context that the savings amount at the banking system has declined for the first time after 25 consecutive month increase.
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
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