Hanoi (VNA) - The latest deposit interest rates atthe four major banks have simultaneously decreased to the lowest level in one year.
At the Joint Stock Commercial Bank forInvestment and Development of Vietnam (BIDV), the Joint Stock Commercial Bankfor Foreign Trade of Vietnam (Vietcombank), the Joint Stock Commercial Bank forIndustry and Trade of Vietnam (VietinBank), and the Vietnam Bank for Agricultureand Rural Development (Agribank), called Big 4, the rates for one- and two-monthterms have dropped from 3.4% per annum to 3.3% per annum.
The highest interest rate at these four banks remains at6.3% per annum for deposits with a term of 12 months.
Following this adjustment, the short-term interest rates forone to three-month terms at Big 4 have returned to the samelevel as a year ago, while the rates for long-term deposits are about 1%higher.
Transactions at Vietcombank (Source: VNA)
Previously, many banks that used to offer high depositinterest rates, such as Saigon Commercial Bank (SCB), Bac A Bank, BAOVIET Bank, VietBank, and Orient Commercial Joint Stock Bank (OCB), constantly adjusted down their deposit interest rates.
Currently, no bank is offering an interest rate of 8% perannum, with the common rate for 12-month term at commercial banks rangingfrom 7% to 7.5%. According to the forecast of VNDirect Securities,the average rate for the term may drop to 6.5-6.8% per annum by the end of 2023and go even lower in 2024.
The trend of decreasing interest rates has been continuouslyobserved since the end of the first quarter.
According to the State Bank of Vietnam's data, by the end of May 2023, people's deposits reached more than 6.34 quadrillion VND (268 billion USD), up 8.21% compared to the end of last year.
Dozens of commercial banks have simultaneously decided to reduce deposit interest rates from May 25, after the State Bank's decision to cut policy interest rates.
The State Bank of Vietnam (SBV) has sent a document to credit institutions and branches of foreign banks and SBV in provinces and centrally-run cities regarding the reduction of interest rates.
Banks have to lower lending interest rates to stimulate demand for new loans as credit growth falters and deposit interest rates have also dropped sharply.
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Transactions at Vietinbank (Source: VNA) 
Transactions at Vietcombank (Source: VNA) 
