Twenty-nine banks have reduced interest rates.

According to the State Bank of Vietnam, since the meeting with the Governor on April 9th, the trend of decreasing deposit interest rates has spread throughout the system, with as many as 29 commercial banks adjusting their rates downwards, many significantly, and some even reducing rates multiple times in a short period.

Among them, four state-owned commercial banks (Vietcombank, Agribank , VietinBank, and BIDV) have made notable adjustments. Specifically, Vietcombank reduced the interest rate for 24-month terms by 0.5% per year, bringing the highest rate to around 6% per year. Agribank also lowered rates by 0.5% per year for terms of 24 months or more, to around 6% per year. VietinBank reduced rates by 0.5% per year for 24-36 month terms at the counter. Meanwhile, BIDV was the bank with the sharpest reduction in the group, lowering rates by 0.8-0.9% per year across many terms from 6-36 months, bringing rates to around 5.8-6% per year.

Commercial banks have agreed to lower interest rates.

Among joint-stock commercial banks, the adjustments began on April 10th when VPBank uniformly reduced interest rates by 0.3-0.5% per year for terms from 6-36 months, with the 6-9 month term seeing a sharp drop of 0.5% per year to 6.1% per year. At the same time, SeABank also lowered interest rates by 0.2-0.3% per year for terms from 6-36 months.

Following the same trend, BVBank reduced interest rates by 0.5% per year for long-term maturities from 15-36 months, while Techcombank also drastically cut rates by 0.5% per year for maturities of 6-36 months. Sacombank adjusted rates down by 0.5% per year for maturities of 12-18 months, and Eximbank reduced rates for the first time in a long time by 0.5% per year for maturities of 18-36 months. Notably, LPBank was among the group with the sharpest reductions, lowering rates by 0.4-1% per year for maturities of 6-36 months, and by as much as 1% per year for very long-term maturities of 36-60 months.

Not only were interest rates significantly reduced, but some banks also made multiple consecutive adjustments. For example, SeABank, after its initial reduction immediately following the meeting, further lowered rates by 0.2%/year for 6-36 month terms just a few days later. MSB also made a second reduction of up to 0.5%/year for the 36-month term. These are rare cases demonstrating the very rapid pace of deposit interest rate adjustments during this period.

In recent days, the downward trend has continued as OCB further reduced interest rates by 0.2-0.5% per year for 6-36 month terms, while PVcomBank sharply reduced rates by 0.5% per year for the same terms. Bac A Bank and MSB also adjusted their rates downwards by 0.1-0.2% per year.

The increasing number of banks proactively adjusting interest rates downward with rapid frequency and significant reductions demonstrates a high level of consensus within the system in implementing the operational direction, thereby contributing to lowering lending interest rates, supporting businesses, and promoting economic growth.

Source: https://thoibaonganhang.vn/da-co-29-ngan-hang-giam-lai-suat-180645.html