Vietnam Commercial Banks Keep Raising Deposit Rates
Commercial banks in Vietnam continue to increase deposit interest rates, the Labor newspaper quoted the State Bank of Vietnam (SBV), the country’s central bank.
The SBV said that the monetary situation was stable last week as interest rates offered by a number of commercial banks for one-year term deposits or of longer terms only increased by 0.2-0.5 percentage point and now stand at 8.5-9%.
The banks have started to launch promotional programs for depositors with a view to attracting more money sources in VND.
Last week, loan interest rates were also steady with short-term lending rates fixed by state- run commercial banks ranging from 8.5%-10% per year and 10%-15% on medium and long-term loans.
Loan interest rates from commercial joint stock banks stood at 10%-10.5% and U.S. dollar-based loan interest rates somewhere between from 6%-7%.
Analysts cautioned that that race will put pressure banks to re-adjust their interest rates, which affects both businesses and the national economy.
In early May, SBV announced to keep VND base interest rate unchanged at 7% for the month.
Experts have predicted that the increase in interest rates will go on in the foreseeable future. (Labor)
Vietnamese
