Four state-owned banks cut deposit rates
HCMC – Vietnam’s big four state-owned commercial banks today, March 15, lowered their 12-month-term deposit interest rate by 20 basis points to 7.2%, just a day after the central bank decided to lower key interest rates. The four banks are the Vietnam Joint Stock Commercial Bank for Industry and
Vietnam’s central bank cuts interest rates
HCMC – The State Bank of Vietnam (SBV) made two separate decisions today to lower interest rates by 0.5 to one percentage point, with effect from tomorrow, March 15. Under the SBV’s Decision 313/QD-NHNN, the rediscount rate will be down from 4.5% to 3.5% per year. For overnight loans in interbank
Interbank interest rates rise
HCMC – Vietnam’s interbank interest rates have edged up further due to the central bank’s net cash withdrawals from the banking system. The interbank rates for all tenors have risen, with the overnight rate increasing by 1.4 percentage points to 6%, according to a recent market report by SSI
What causes interest rates to slide?
Banks’ unexpected deposit rate cuts before and immediately after the Lunar New Year are explainable Unexpected, yet understandable The deposit rate bracket at Techcombank, effective from January 30, has undergone a drastic change, with a drop of 0.5 percentage point to 8.5% per annum for terms of
SBV says it does not restrict real estate loans
HCMC – Vietnam’s central bank has said it has no policy to restrict commercial banks from lending to the real estate sector. Deputy Governor of the State Bank of Vietnam Dao Minh Tu said at a meeting yesterday between the SBV and real estate firms that just some segments of the housing market had
The credit growth puzzle
The fact that banks have refrained from lending does not result from their concerns over the credit growth cap since it has already been revised up without any abrupt surge in new loans. There are other factors influencing how banks lend. The 2022 target As of December 21, credit growth in the
Challenges for banks ahead
Many banks might have recorded positive profit growth in 2022. But challenges are awaiting them this year given negative factors such as high interest rates and bad debt. Rising interest rates On January 5, 2023, VietinBank said it was looking to obtain VND19.45 trillion in pre-tax profit in 2022,
Taking issue with interest rates
With banks joining an interest rate hiking race that may lead to economic uncertainties, it is high time to take measures to stabilize this vital macroeconomic issue. A non-beneficial race After the State Bank of Vietnam (SBV) lowered its policy rates twice in September and October, while the
High lending rates dampen housing market
HCMC – Increasing interest rates are forcing homebuyers to make difficult decisions, including selling their homes to pay off their mortgages. Interest rates on consumer loans have increased by two to four percentage points against early this year to 12-13%, bringing many borrowers to their knees.
Banks offer high rates to attract demand savings
HCMC – With the ratio of current account, savings account (CASA) having dropped sharply in the last nine months, many banks have raised interest rates for demand savings and deposits to attract more cash since the State Bank of Vietnam (SBV) recently hiked key interest rates. The CASA ratio is
Vietnam’s central bank announces 2nd interest rate hike in just one month
HCMC – The State Bank of Vietnam (SBV), the central bank of the nation, announced last night (October 24), that key interest rates would be hiked by one percentage point, with effect from today (October 25). This is the second interest rate increase in just one month. The interest rate cap for
View More