Banks lower interest rates following SBV’s policy rate cut
By March 17 noon, most of the commercial banks in Vietnam had lowered their interest rates on savings accounts with terms of less than 6 months after the State Bank of Vietnam (SBV) announced its policy rate cut a day earlier.
Vietcombank cuts its deposit interest rate to 4.7 percent from 4.8 percent a year for the three-month term. (Photo: VNA)
Hanoi (VNA) – By March 17 noon, most of thecommercial banks in Vietnam had lowered their interest rates on savingsaccounts with terms of less than 6 months after the State Bank of Vietnam (SBV)announced its policy rate cut a day earlier.
Vietcombank cut its deposit interest rate to 4.7 percentfrom 4.8 percent a year for the three-month term while those for 1 – 2 month termsand terms of 12 months and longer were kept unchanged at 4.3 percent and6.8 percent, respectively.
Vietinbank reduced it for terms ofthree months to less than six months by 0.05 percent to 4.75 percent a year while those for 1 – 3 month terms stayed at 4.3 percent a year.
The rates at Viet Capital Bank dropped to4.7 percent from 4.85 – 4.9 percent for terms of one month to less than six months.The bank’s highest rate is now 8.5 percent a year for 13 monthterm.
Sacombank also announced a new rate table,down to 4.3 – 4.7 percent from 4.9 – 5 percent, depending on the maturitiesranging from one month to less than six months.
ABC lowered its rate for the three-month term to 4.75 percent,two-month term to 4.55 percent and one-month term to 4.5 percent. Its highestrate of 7.45 percent is applicable to 36-month term deposits.
VIB also cut it by 0.4 percent to 4.6percent a year for terms of one month to less than six months.
The SBV announced to reduce the ceiling interest rate to 4.75percent from 5 percent a year for deposits with terms of one month to less thansix months and to 0.5 percent from 0.8 percent for less-than-one-month terms,effective from March 17.
The central bank also cut its policy rates in an attempt tosupport the economy which has been hurt by the COVID-19 outbreak. Accordingly, thebenchmark refinance rate was lowered to 5 percent from 6 percent and thediscount rate to 3.4 percent from 4 percent.
At the same time, the overnight lending rate in theinter-bank market declined to 6 percent from 7 percent and theopen-market-operation (OMO) rate, to 3.5 percent from 4 percent./.
The banking sector will ensure adequate capital to keep the economy going, according to an official from the State Bank of Vietnam (SBV), amid the novel coronavirus disease (COVID-19) which is taking heavy toll on the economy.
The State Bank of Vietnam (SBV) will cut its policy rates starting from March 17 in an attempt to support the economy which has been hurt by the COVID-19 outbreak.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Vietcombank cuts its deposit interest rate to 4.7 percent from 4.8 percent a year for the three-month term. (Photo: VNA) 
