Today, no bank adjusted its interest rates down. It is likely that interest rates will form a new level. This was predicted by experts after the State Bank continuously auctioned treasury bills to withdraw money.
On September 28, only VPBank reduced its deposit interest rate. This is also the first time in September that this bank has reduced its interest rate.
Currently, no bank maintains deposit interest rates at 7%/year.
PVCombank, LPBank and VietBank maintain the highest deposit interest rate in the market at 6.8%/year, applied to online deposits with a term of 18 months.
For 12-month online deposits, there are currently only a few banks maintaining interest rates above 6%/year (from 6 - 6.6%/year) including CBBank, PVCombank, NCB, LPBank, Dong A Bank, HDBank, Viet A Bank, BaoViet Bank, VietBank, Bac A Bank, OceanBank, SCB, and SHB .
The highest online bank interest rate for 6-9 month terms is currently only 6.4%/year at PVCombank and CBBank.
The most common bank interest rate today is between 5.5 - 5.8%/year for deposits with terms of 6 months or more.
ABBank even maintains deposit interest rates lower than the group of state-owned commercial banks (Agribank, Vietcombank, VietinBank and BIDV). Currently, the interest rate for 12-36 month term deposits is only 4-4.7%/year.
In addition to ABBank, some joint stock commercial banks such as MSB, TPBank, GPBank, Techcombank, SeABank, etc. are also applying mobilization interest rates at the same level or with insignificant difference compared to interest rates at the group of 4 state-owned commercial banks.
| HIGHEST BANK DEPOSITS INTEREST RATES ON SEPTEMBER 29 (%/year) | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| PVCOMBANK | 4.25 | 4.25 | 6.4 | 6.4 | 6.5 | 6.8 |
| NCB | 4.75 | 4.75 | 6.3 | 6.35 | 6.4 | 6.4 |
| CBBANK | 4.2 | 4.3 | 6.3 | 6.4 | 6.6 | 6.7 |
| LPBANK | 4.35 | 4.35 | 6.3 | 6.3 | 6.4 | 6.8 |
| DONG A BANK | 4.5 | 4.5 | 6.2 | 6.3 | 6.55 | 6.75 |
| BAC A BANK | 4.75 | 4.75 | 6.2 | 6.25 | 6.3 | 6.4 |
| HDBANK | 4.45 | 4.45 | 6.1 | 6.1 | 6.3 | 6.5 |
| VIET A BANK | 4.6 | 4.6 | 6.1 | 6.2 | 6.5 | 6.6 |
| BAOVIETBANK | 4.4 | 4.75 | 6.1 | 6.3 | 6.5 | 6.5 |
| VIETBANK | 4.75 | 4.75 | 6 | 6.1 | 6.3 | 6.8 |
| OCEANBANK | 4.6 | 4.6 | 5.8 | 5.9 | 6.1 | 6.5 |
| SCB | 4.75 | 4.75 | 5.75 | 5.85 | 6.05 | 6.05 |
| BVBANK | 4.4 | 4.7 | 5.75 | 5.9 | 6.05 | 6.15 |
| SHB | 4 | 4.3 | 5.7 | 5.8 | 6.1 | 6.4 |
| SAIGONBANK | 3.6 | 4 | 5.7 | 5.7 | 5.9 | 5.9 |
| PG BANK | 4 | 4 | 5.6 | 5.6 | 5.7 | 6.4 |
| NAMA BANK | 4.65 | 4.65 | 5.6 | 5.9 | 6.3 | 6.7 |
| VIB | 4.75 | 4.75 | 5.6 | 5.6 | 6.2 | |
| SACOMBANK | 3.7 | 3.9 | 5.5 | 5.8 | 6.2 | 6.4 |
| KIENLONGBANK | 4.75 | 4.75 | 5.4 | 5.6 | 5.7 | 6.4 |
| OCB | 4.1 | 4.25 | 5.3 | 5.4 | 5.5 | 5.9 |
| ACB | 3.6 | 3.8 | 5.3 | 5.3 | 5.5 | |
| VPBANK | 4.1 | 4.15 | 5.2 | 5.2 | 5.5 | 5.1 |
| MB | 3.6 | 3.8 | 5.2 | 5.3 | 5.6 | 6.3 |
| EXIMBANK | 4 | 4 | 5.2 | 5.5 | 5.6 | 5.8 |
| SEABANK | 4.5 | 4.5 | 5.2 | 5.35 | 5.5 | 5.5 |
| TECHCOMBANK | 3.65 | 3.85 | 5.15 | 5.2 | 5.45 | 5.45 |
| GPBANK | 4.25 | 4.25 | 5.15 | 5.25 | 5.35 | 5.45 |
| MSB | 3.8 | 3.8 | 5 | 5.4 | 5.5 | 5.5 |
| TPBANK | 3.8 | 4 | 5 | 5 | 5.55 | 6 |
| ABBANK | 3.7 | 3.9 | 4.9 | 4.9 | 4.7 | 4.4 |
| AGRIBANK | 3.4 | 3.85 | 4.7 | 4.7 | 5.5 | 5.5 |
| VIETINBANK | 3.4 | 3.85 | 4.7 | 4.7 | 5.5 | 5.5 |
| BIDV | 3.2 | 3.7 | 4.6 | 4.6 | 5.5 | 5.5 |
| VIETCOMBANK | 3 | 3.5 | 4.5 | 4.5 | 5.5 | 5.5 |
Assessing the SBV's move to issue treasury bills to adjust short-term liquidity in the system, SSI Research said that this is a common activity from central banks around the world, and does not mean that the SBV will reverse monetary policy. In fact, the implementation of this bill issuance can be considered positive, instead of the SBV choosing to sell foreign currency from foreign exchange reserves. Through this operation, the SBV can assess the abundance of liquidity in the system, and adjust the interest rate in market 2 to balance the exchange rate pressure and minimize the impact on the interest rate level in market 1. Currently, based on data from July, August and the first half of September, which have not shown a clear recovery, GDP growth in the third quarter of 2023 is estimated to be lower than the Government's forecast of around 6.8% - 7.4%. Credit growth was only 5.56% year-on-year as of mid-September (target: 14%-15% yoy) and from recent messages from the Government and the SBV, tightening monetary policy will not happen soon. |
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