Dong Deposit Interest Rates Up Slightly
Domestic commercial banks and credit institutions raised their dong deposit interest rates by 0.2 per cent-0.4 per cent in the week ending June 12, the Vietnam News Agency reported, citing statistics from the State Bank of Vietnam (SBV).
The highest deposit interest rate is 9.99 per cent per annum, offered by the An Binh Commercial Joint Stock Bank (ABBank) for a one-year term, the paper said.
Deposit interest rates on U.S. dollars, however, were lowered to 0.5 per cent-1.5 per cent to limit speculation in foreign currencies and to make it easier for businesses to access loans in U.S. dollars to import commodities.
SBV statistics also showed that interest rates for the Vietnamese dong loans remained stable.
State-owned commercial banks offered to lend at 8.5 per cent-10 per cent per annum for short term and 10 per cent-10.5 per cent for medium and long terms. Meanwhile, the rates were 10 per cent-10.5 per cent at commercial joint stock banks.
On the inter-bank market, the interest rates on VND increased slightly from 0.03 per cent to 1.92 per cent per year. (Vietnam & World Economy)
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