Specifically, from March 21 to March 31, 2024, Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) will deploy a capital source of VND 10,000 billion with an interest rate of only 3%/year to meet the loan needs of individual and corporate customers in the last period of the first quarter of 2024.
This interest rate applies to loans with a term of 3 months, disbursed until the end of March 2024, and is for customers borrowing capital to serve short-term production and business needs. The loan application process and processing time will also be prioritized for quick and timely processing.
Saigon-Hanoi Commercial Joint Stock Bank ( SHB ) has reduced its lending interest rate to only 5.79%/year for medium and long-term loans for individual customers. SHB also added VND5,000 billion to its customer loan package to VND23,000 billion to help people supplement capital for stockpiling goods, production, business to serve the market as well as prepare money for shopping, payment, spending...
State-owned commercial banks in the “Big 4” group (Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV), Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank) and Vietnam Bank for Agriculture and Rural Development ( Agribank )) have reduced deposit interest rates by 0.1 - 0.2% for all terms.
Currently, the interest rate for 1-2 month terms at these banks is only 1.7%/year and the interest rate for terms over 12 months is below 5%, fluctuating at 4.7% - 4.8%/year.
Thus, currently, private commercial banks no longer have interest rates of 6%/year; at "Big 4" commercial banks, there are no longer interest rates of 5%/year or higher. The deposit interest rate level compared to the same period in 2023 has decreased by 50% and is expected to remain low at least until mid-year.
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