For a fifth time this year, state-owned Vietcombank, BIDV, VietinBank, and Agribank cut rates and they currently stand at a maximum of 5.8% for 12-month deposits made online.

Deposits made at the counter are paid 3% for one month, 3.8% for three months and 4.7% for six to nine months.

Private banks have cut their rates twice this month, ACB reducing its highest rate from 6.7% to 5.5% and Eximbank from 7.4% to 5.8%.

Banks are scrambling to reduce deposit interest rates since they now have excessive liquidity.

According to the central bank, credit growth this year has been only 4.56% while the year’s target is 14-15%. It even saw negative growth in July as the economy struggled and businesses faced financial difficulties.

The State Bank of Vietnam has urged banks to reduce lending interest rates on both existing and new loans by at least 1.5-2 percentage points, citing the Government's direction.

Lower loan interest rates could revive property market: experts

If bank lending interest rates drop to below 10% and remain steady, money will return to the frozen real estate market, experts reckon.

Almost all banks cut 6-month deposit interest rate to below 8%/year

Almost all banks in Vietnam have cut interest rates for deposits for terms from six months and above to below 8% per year.

Public interest should be put first in hospital system overhaul : Deputy PM

Public interest, especially patients’ benefits, should be given due attention when rearranging the system of hospitals under the management of the Health Ministry, Deputy Prime Minister Tran Hong Ha said.

Banks to lower loan interest rates by 50 basis points

Banks are set to cut loan interest rates on Monday on the directions of the central bank, which is seeking to speed up economic recovery.

Preferential lending interest rate for social housing buyers set at 4.8% per year

The preferential lending interest rate for social housing purchase and lease purchase, new construction and house repair will be 4.8% per year from May 10, 2023 to December 31, 2024.

Source: VnExpress