The new rates are 4.8 per cent for a one-month term, 5 to 5.7 per cent for terms of two to nine months, and 6.8 per cent for terms of 24 to 60 months. — Photo dantri.com.vn

HA NOI (Biz Hub) — The head office of Vietcombank slashed the annual interest rates for dong deposits by 0.2 percentage point for almost all terms on Monday, reported VnEconomy online.

The new rates are 4.8 per cent for a one-month term, 5 to 5.7 per cent for terms of two to nine months, and 6.8 per cent for terms of 24 to 60 months.

The highest level of 7 per cent no longer appears on the bank's deposit rate listing board.

This is the second time that Vietcombank has proactively lowered dong deposit rates this year, and it currently lists the lowest rates in the domestic banking system.

The adjustments will reportedly help the bank cut operational costs and have better conditions to maintain low lending interest rates, after it achieved significant deposit growth in the first half of this year at 14.2 per cent.

The changes in interest rates provide reference for Vietcombank branches to set new rates based on their own conditions.

Gold dips

The Saigon Jewellery Company's gold prices on Monday morning fell by VND10,000, or US$0.48, per tael, from last week's close following changes in the world prices.

The SJC gold was traded at VND36.39 million to VND36.51 million, or $1,732 to $1,738, per tael on the HCM City market.

It changed hands at rates between VND36.45 million and VND36.49 million, or $1,735 and $1,737, per tael at institutions including DOJI Ha Noi, Techcombank, Vietinbank Gold and Sacombank.

The price of the Bao Tin Minh Chau Company's Thang Long Dragon gold remained unchanged at VND33.72 million, or $1,605, per tael.

On the global gold trading floor, the price of gold was about $1,278 per ounce on Monday, a fall of $2 per ounce from last week's close.

The world price of gold is currently about VND3.82 million, or $182, per tael lower as compared to SJC gold rates.

Industry insiders anticipated that gold prices would continue to decline this week as US and European economic data are backing the US dollar's appreciation, which may put significant pressure on gold prices.

On Monday, major domestic banks listed the buying and selling rates of the US dollar at VND,21,230, and VND21,150 to VND21,175, respectively. These banks included Vietcombank, BIDV, Vietinbank and Eximbank. — VNS