From the beginning of March, 17 commercial banks have adjusted their deposit rates so far, four of which cut rates more than twice, including BaoViet Bank, GPBank, BVBank and PGBank.
Banks have been steadily cutting deposit interest rates, which have reached around 8 per cent, a move aimed at reducing lending rates to support businesses.
Ratings agency Moody’s Investors Service has announced its ratings report on Vietnam International Bank, also known as VIB, and other local banks in Viet Nam.
Moody’s Investors Service has upgraded the long-term local-currency bank deposit ratings and local- and foreign-currency issuer ratings of three banks in Viet Nam from B2 to B1.
Deposit interest rates are set to rise as growth rate of deposits has
been lower than that of credit, according to a report from the National
Financial Supervisory Commission (NFSC).
Last week the State Bank of Viet Nam decided to lower the the interest
rate cap on bank deposits of up to six months by 1 percentage point to 6
per cent in an effort to boost credit growth and pump prime...