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.
Many commercial banks have increased interest rates for Vietnamese dong deposits over the past few days after the State Bank of Viet Nam raised its policy rate by 100 basis points last Thursday.
Many banks have increased their interest rates to attract more depositors after getting a credit growth quota expansion from the State Bank of Viet Nam (SBV).
The fluctuations in deposit rates at the beginning of this month were an anomaly and things have returned to normal now, says Deputy Prime Minister Vuong Dinh Hue.
Interest rates in the second half of this year will remain stable as
inflation has been predicted at 3-3.5 per cent this year, said deputy
governor of the State Bank of Viet Nam.
Some commercial banks have cut deposit interest rates by 0.2-0.5
percentage points in the past 10 days to reduce input capital costs and
further lower borrowing costs.
Remittance to the country through HCM City-based banks in the first
seven months of the year rose to US$2.2 billion, or 19 per cent over the
same period last year, according to statistics from the State Bank of
Viet Nam''s HCM City branch.
Vietcombank today cut its monthly deposit interest rate for the dong to 6 per cent, 1.5 percentage points lower than the ceiling rate stipulated by the State Bank of Viet Nam.