HCMC – Vietnamese banks made mixed adjustments to deposit rates in the first week following the Lunar New Year holiday, with some raising rates to raise capital and others lowering rates to cut costs.
Eximbank increased rates on short-term deposits from one to 12 months, with the nine-month rate rising by 0.9 percentage point to 5.4%.The six-month and 12-month rates slightly increased to 5.4% and 5.6%, respectively.
However, long-term deposits (15-36 months) were reduced by 0.2 percentage point, with 15-month deposits now carrying an annual interest rate of 6.2% and 18-month deposits 6.5%. 24-36 month deposits 6.6%.
BVBank raised rates by 0.6 percentage point for first-time online savings accounts, applicable to all tenures with a minimum deposit of VND10 million. The highest rate now stands at 6.45% for 24-36 month deposits, while 12-month and 18-month tenures get 6.05% and 6.25%, respectively.
Bac A Bank lowered short-term deposit rates by 0.15 percentage point and long-term rates by 0.1 point. Deposits below VND1 billion now earn 3.6% for one and two months, 3.9% for three months, and 5.05% for six to eight months. The 12-month rate remains unchanged at 5.6%.
Agribank cut short-term deposit rates by 0.2 percentage point for one and two months, bringing them down to 2.2%. Rates for three to five-month deposits dropped by 0.5 percentage point to 2.5%. Deposits of 6-11 months fell to 3.5%, while 12-18 month deposits remained at 4.7%.
According to the State Bank of Vietnam, deposit rates rose by 0.71 percentage point in 2024, while lending rates declined by 0.59 percentage point. Commercial banks reported an average drop of nearly 1% in lending rates. Analysts suggest that interest rates may rise again in 2025.
