Lending interest rates have fallen to 3% per year.

Deposit interest rates have decreased by 50% compared to the same period in 2023. (Illustrative image)

Specifically, from March 21st to March 31st, 2024, Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) will deploy a capital fund of VND 10,000 billion with an interest rate of only 3% per year to meet the borrowing needs of individual and corporate customers in the end of the first quarter of 2024.

This interest rate applies to loans with a term of 3 months disbursed by the end of March 2024 and is intended for customers borrowing capital for short-term production and business needs. The loan application process and processing time will also be prioritized for quick and timely handling.

Saigon-Hanoi Commercial Joint Stock Bank (SHB ) has reduced lending interest rates to just 5.79% per year for medium and long-term loans for individual customers. SHB has also added 5,000 billion VND to its loan package for customers, bringing the total to 23,000 billion VND, to help people supplement capital for inventory, production, and business to serve the market, as well as prepare money for shopping, payments, and expenses.

State-owned commercial banks belonging to 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 further reduced deposit interest rates by 0.1 - 0.2% across all maturities.

Currently, interest rates for 1-2 month terms at these banks are only 1.7%/year, and for terms over 12 months, they are below 5%, fluctuating between 4.7% and 4.8%/year.

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Thus, private commercial banks no longer offer deposit interest rates of 6% per year; and the "Big 4" commercial banks no longer offer interest rates of 5% per year or higher. The average deposit interest rate has decreased by 50% compared to the same period in 2023 and is expected to remain low at least until mid-year.

Source: https://baodienbienphu.com.vn/tin-tuc/kinh-te/214039/lai-suat-cho-vay-ve-3nam