Techcombank Raises Interest Rates for VND and USD Deposits

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has considerably raised its interest rates for Vietnamese dong and US dollar savings deposits. The interest rate for VND will be increased by 0.12 per cent and 0.24 per cent a year. The one-month term and two-month term interest rates are be respectively increased from 7.2 per cent a year to 7.44 per cent and from 7.68 per cent a year to 7.92 per cent. The three-month, six-month and 12-month term interest rates are also raised to 8.58 per cent, 8.76 per cent and 9.36 per cent, respectively. The interest rates for USD savings deposits are increased from 4.10 per cent a year to 4.15 per cent for two-month maturity and from 4.6 per cent a year to 4.8 per cent for six-month maturity.

 

In the first nine months of this year, Techcombank’s total revenues reached roughly VND960 billion (US$60 million) and obtained a profit of above VND227 billion (US$14.19 million). The total deposits hiked to over VND13,428 billion (US$840 million) while the aggregate outstanding credit was VND4,790 billion (US$300 million). At present, the total assets value of Techcombank is above VND15,196 billion (US$950 million). The bank now has 69 branches in 12 provinces and cities and is planning to open more populous localities like Hanoi, Ho Chi Minh City and Can Tho City from now until the year’s end.