Bac A Commercial Joint Stock Bank (BacA Bank) has just posted a new interest rate schedule with a 0.3 percentage point reduction in interest rates for deposits with terms from 6-12 months and a 0.25 percentage point reduction for deposits with terms from 15-36 months.
Accordingly, the interest rate for 6-8 month term is currently paid by BacA Bank at 6.2%/year; 9-11 month term is 6.25%/year; 12 month term is 6.3%/year and 15-36 month term is 6.4%/year.
However, BacA Bank said that this new interest rate schedule will officially take effect from tomorrow, September 13.
Meanwhile, PG Bank announced a reduction in deposit interest rates from today for terms from 1-13 months.
Specifically, the interest rate for 1-3 month term deposits decreased from a maximum of 4.75% to 4.45%/year.
PG Bank reduced interest rates for 6-9 month terms by 0.3 percentage points to 6%/year. A similar reduction was also applied to 12-13 month term deposits when interest rates for these terms were 6.1%/year.
Meanwhile, the interest rate for 18-month deposits remains at 6.6%/year, and the interest rate for 24-36-month deposits remains at the old rate of 6.7%/year.
Saigon Bank for Industry and Trade (Saigonbank) also reduced deposit interest rates from today with a decrease of 0.3 percentage points for deposit terms from 6-36 months.
According to Saigonbank's latest online interest rate schedule, the interest rate for 6-11 month terms is only 5.7%/year; the 12 month term is reduced to 5.9%/year.
The 13-month term is the only term that Saigonbank maintains an interest rate above 6% when the current interest rate is 6.3%/year. The remaining terms from 18-36 months are also only 5.9%/year from 6.2%/year yesterday.
Eximbank also reduced deposit interest rates this morning. However, the adjustment only applied to 2-month, 3-month and 6-month deposits.
Specifically, Eximbank reduced the 2-3 month term deposit interest rate by 0.25 percentage points to 4%/year. The 6-month term deposit interest rate for online deposits decreased by 0.2 percentage points to 5.2%/year.
With this interest rate adjustment, Eximbank became the first bank to reduce deposit interest rates twice since the beginning of September. Previously, this bank reduced interest rates for all terms on September 5.
With the recent announcement of Eximbank, BacA Bank, PG Bank and Saigonbank reducing deposit interest rates, 13 banks have reduced deposit interest rates since the beginning of September. Banks that have previously reduced deposit interest rates include: MB, OCB, Sacombank, SHB , GPBank, Techcombank, ACB, Nam A Bank, KienLongBank.
Among them, many banks have lowered their deposit interest rates to below 6%/year. Only 2 banks maintain interest rates of 7%/year for some long terms, which are HDB with a 13-month term and CBBank with a term of 12 months or more.
| HIGHEST DEPOSITS INTEREST RATE TABLE ON SEPTEMBER 12 (%/year) | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| NCB | 4.75 | 4.75 | 6.8 | 6.85 | 6.9 | 6.8 |
| PVCOMBANK | 4.25 | 4.25 | 6.7 | 6.7 | 6.8 | 6.9 |
| CBBANK | 4.2 | 4.3 | 6.6 | 6.7 | 6.9 | 7 |
| VIETBANK | 4.75 | 4.75 | 6.6 | 6.7 | 6.7 | 6.6 |
| HDBANK | 4.75 | 4.75 | 6.6 | 6.7 | 6.8 | 6.8 |
| VIETA BANK | 4.6 | 4.6 | 6.5 | 6.6 | 6.7 | 6.7 |
| DONG A BANK | 4.5 | 4.5 | 6.35 | 6.45 | 6.7 | 6.9 |
| SCB | 4.75 | 4.75 | 6.3 | 6.3 | 6.4 | 6.3 |
| BAOVIETBANK | 4.4 | 4.75 | 6.3 | 6.5 | 6.8 | 6.7 |
| LPBANK | 4.35 | 4.35 | 6.3 | 6.3 | 6.4 | 6.8 |
| BVBANK | 4.4 | 4.7 | 6.25 | 6.35 | 6.55 | 6.55 |
| BACA BANK | 4.75 | 4.75 | 6.2 | 6.25 | 6.3 | 6.4 |
| OCB | 4.6 | 4.75 | 6.1 | 6.2 | 6.3 | 6.7 |
| SHB | 4.5 | 4.75 | 6.1 | 6.2 | 6.4 | 6.4 |
| OCEANBANK | 4.75 | 4.75 | 6.1 | 6.2 | 6.4 | 6.8 |
| PG BANK | 4.45 | 4.45 | 6 | 6 | 6.1 | 6.6 |
| NAMA BANK | 4.65 | 4.65 | 6 | 6.4 | 6.5 | 6.9 |
| ABBANK | 4.5 | 4.5 | 6 | 5.7 | 5.7 | 5.4 |
| SAIGONBANK | 3.6 | 4 | 5.7 | 5.7 | 5.9 | 5.9 |
| MSB | 4.5 | 4.5 | 5.7 | 5.7 | 5.8 | 5.8 |
| GPBANK | 4.75 | 4.75 | 5.65 | 5.75 | 5.85 | 5.95 |
| VIB | 4.75 | 4.75 | 5.6 | 5.6 | 6.2 | |
| SACOMBANK | 3.7 | 3.9 | 5.5 | 5.8 | 6.2 | 6.4 |
| VPBANK | 4.4 | 4.45 | 5.5 | 5.5 | 5.8 | 5.1 |
| TECHCOMBANK | 3.7 | 3.85 | 5.45 | 5.5 | 5.55 | 5.55 |
| MB | 3.7 | 4 | 5.4 | 5.5 | 5.9 | 6.3 |
| ACB | 4.2 | 4.25 | 5.4 | 5.4 | 5.6 | |
| KIENLONGBANK | 4.75 | 4.75 | 5.4 | 5.6 | 5.7 | 6.4 |
| TPBANK | 4.35 | 4.55 | 5.4 | 5.4 | 5.8 | 6.2 |
| SEABANK | 4.75 | 4.75 | 5.4 | 5.55 | 5.7 | 5.8 |
| EXIMBANK | 4 | 4 | 5.2 | 5.5 | 5.6 | 5.8 |
| BIDV | 3.3 | 4.1 | 4.9 | 4.9 | 5.8 | 5.8 |
| AGRIBANK | 3.6 | 4.1 | 4.9 | 4.9 | 5.8 | 5.5 |
| VIETCOMBANK | 3 | 3.8 | 4.7 | 4.7 | 5.8 | 5.8 |
| VIETINBANK | 3.2 | 4 | 4.7 | 4.7 | 5.8 | 5.8 |
Last week, liquidity in the banking system remained stable and there were no new activities on the open market channel. The State Bank regularly bid a total of 12 trillion on the 7-day term channel but no winning bid volume was recorded.
The State Bank of Vietnam announced that credit growth as of August 29 only reached 5.33% compared to the end of 2022 (equivalent to 9.87% compared to the same period). Thus, credit recorded an improved growth rate compared to the previous month (an increase of nearly 92 trillion VND), but was still much lower than the same period, due to the demand side, businesses could not absorb capital while the liquidity of the credit institution system was abundant and there was still a lot of room for credit growth (the whole system still had about 9% to increase credit in 2023, equivalent to about 1 million billion VND).
In the foreign exchange market, contrary to the regional trend, the VND/USD exchange rate cooled down. The interbank exchange rate ended last week at 24,061 VND/USD, down 20 VND compared to the previous week.
Vietcombank's listed exchange rate, on the contrary, increased by 40 points in the last trading session of the week, reaching 24,270 VND/USD, while the free exchange rate was stable around 24,180 - 24,200 VND/USD.
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