According to the State Bank of Vietnam, the four state-owned lenders, BIDV, Vietinbank, Vietcombank, and Agribank, cut their rates by 0.2 percentage points with effect from March 6.

Stacks of money at a bank.

Earlier private banks reduced their rates by half a percentage point.

As of March 6 the highest rate of 9.5% was offered by SCB and Kienlongbank.

According to the central bank, the lower deposit interest rates will help banks cut lending interest rates.

The interest rate spread, or the difference between loan and deposit interest rates, is usually 3-4 percentage points.

In December Prime Minister Pham Minh Chinh had said banks should cut costs to be able to reduce loan interest rates to foster growth.

Vietnam central bank raises cap on 2022 credit growth

Vietnam's central bank said on Monday it had raised its 14% cap on the local banking system's credit growth for this year by 1.5-2.0 percentage points.

Mobilized capital of Bac Giang commercial banks sharply increases

(BGO) – The total deposit mobilization of commercial banks in Bac Giang province has hit over 82 trillion VND (3.4 billion USD) for 11 months of this year, surging over 6.9 trillion VND against the figure at the end of last year.

Gunman robs $28,000 from northern Vietnam bank

A man was arrested Tuesday after robbing VND700 million (US$28,100) from a Vietinbank branch in northern Vietnam at gunpoint the previous afternoon.

Many commercial banks increases deposit interest rate

(BGO) – Implementing the direction from State Bank of Vietnam about adjusting the deposit interest rates, since October 28, many commercial banks in Bac Giang province have increased the deposit interest rate of organizations and individuals.

Nguyen Thi Oanh crowns champion at VP Bank Hanoi Marathon 2022

(BGO) – A ceremony was held on October 16 at Dong Kinh Nghia Thuc Square and Hoan Kiem pedestrian street of Hanoi to award and close VP Bank Hanoi Marathon 2022. National track and field athletes like Nguyen Thi Oanh from Bac Giang province and Trinh Quoc Luong won first prizes at various distances.

Source: VnExpress