Transactions are carried out at Vietcombank. The bank has slashed short-term deposit interest rates. — Photo vnexpress.net

HA NOI (Biz Hub) — Vietcombank on Tuesday slashed the annual interest rates for short-term deposits.

According to the news website ndh.vn, the rates were cut from 5.1 per cent to 4.9 per cent for one month, from 5.7 per cent to 5.6 per cent for three months and from 6 per cent to 5.9 per cent for six months.

Viet Capital Securities Company reported that the adjustments will help the bank reduce lending interest rates to boost credit growth in the forthcoming months.

Vietcombank's lending grew 3.16 per cent in the first five months of this year, twice as much as the level recorded in the first quarter. But the growth was still much lower than the annual target of 13 per cent.

Other major banks have been maintaining deposit rates at quite low levels. For example, BIDV set the one-month rate at 5.25 per cent and the three-month rate at 5.57 per cent.

The rates at Asia Commercial Bank and Eximbank are around 0.2–0.4 percentage point higher than those levels. — VNS