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The Saigon Times

Saigon Times Group is a leading Vietnamese media organization with prestigious business and consumer publications. After three decades of development, we have built a good reputation through our publications on economy, business and markets for Vietnamese and foreign readers.

Basic

Free

  • Free access to daily domestic news, podcasts and videos

Premium

$5 $1 /month
(VND 23,900)
Monthly Annual

  • Unlimited access to domestic news, podcasts, videos and magazine articles on current social / economic / trade / investment issues, commodity / financial/securities markets, M&A activity, FDI, local and foreign business communities and more.

AUTOMATIC RENEWAL REMINDER

  • Your payment method will then be automatically charged ₫ 899.000 every 365 days thereafter.
  • Your subscription will continue until you cancel.
  • You can cancel by using My account. Under My account, select "Unsubscribe" and then follow the instructions to cancel.
  • You can notify us of your intent to cancel at any time during your billing period. Cancellations take effect at the end of your current billing period.
28.9 C
Ho Chi Minh City
Wednesday, May 7, 2025

Private banks lower deposit rates

The Saigon Times

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HCMC – Private banks have lowered interest rates for deposits with tenors of six months and beyond while state-run banks have kept their rates unchanged.

CBBank currently offers the highest OTC deposit rates. For deposits of less than VND1 billion with terms of six, nine, and 12 months, the bank offers respective rates of 6.8%, 6.9% and 7.1%. NCB closely follows, setting its rates at 6.8%, 6.9%, and 7% for the same tenors.

Online deposit rates have also risen. Banks like VietABank, BaoVietBank, CBBank, NCB, NamABank, PVComBank, HDBank and BacABank are now providing online savings accounts with interest rates starting from 7%. Among them, VietABank has the highest rate at 7.3%.

In January, deposit rates at these banks were as high as 9% per year.

These reductions are in response to the State Bank of Vietnam’s (SBV) policy interest rate cuts aimed at fueling economic growth.

The SBV has also issued directives mandating banks to decrease interest rates for both new and existing loans by a minimum of 1.5 to 2.0 percentage points to support retail and corporate customers.

In line with this guidance, Agribank has introduced a favorable credit program for small and medium-sized enterprises. The bank will reduce annual lending rates by up to 0.7 percentage point compared to prevailing lending rates.

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