Major banks continue to reduce deposit interest rates
Deposit interest rates at four major banks of Vietnam have been adjusted sharply, down by 0.2-0.4% per year from the previous listings, bringing the rate to 2.2% per year at the lowest.
Hanoi (VNA) – Deposit interest rates atfour major banks of Vietnam have been adjusted sharply, down by 0.2-0.4% per year fromthe previous listings, bringing the rate to 2.2% per year at the lowest.
Specifically, the Bank for Investment and Development ofVietnam (BIDV), the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank)and the Vietnam Bank for Agriculture and Rural Development (Agribank) onDecember 13 lowered their interest rates for 12-month savings to 5% per yearfrom 5.3% per year.
Notably, annual deposit interest rates for terms from one to less than three monthsdecreased sharply from 3% to 2.6%. The respective interest rates for three-monthterm and 6-9-month term are cut to 3% and 4%.
The highest deposit interest rate at the three banks is currently 5.3% per year,which is only applicable to deposits from 24 months upward.
Meanwhile, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)has also cut deposit interest rates by 0.2%, pushing the deposit interest ratefor 1-2-month terms to a record low of 2.2%. The bank’s 3-month term interestrate now stands at 2.5% per year, while the rate for 6-9 month-term deposits, is 3.5%per year. That for deposits 12 months and more is kept unchanged at 4.8% peryear.
Since the beginning of December, many banks such as MB, PVCombank, HDBank,Techcombank, MSB and VPBank have continuously cut their interest rates, withthe current interest rates being as low as the four major banks.
VNDirect Securities estimated that the average 12-month termdeposit interest rate may return to 5-5.2% per year year by the end of 2023 andmaintain at this low level in 2024./.
Going against the usual rule of gradual increases in the last months of a year, deposit interest rates in most banks are anchored at low levels, and even some continue to decrease.
Experts forecast interest rates will drop about half a percentage point from now to the year’s end to stimulate production and business activities and fuel economic recovery.
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Illustrative image (Source: VNA) 
