State Bank lowers interest rates on USD deposits
The State Bank of Vietnam (SBV) has lowered the interest rates for USD deposits from organisations and individuals (excluding credit institutions and foreign bank branches).
Illustrative Image (Source:VNA)Accordingly, the annual interest rate for USD deposits from organisations has been reduced to zero from the current 0.25 percent while the interest rate for deposits from individuals dropped to 0.25 percent from the current 0.75 percent.
The information was stated in Decision 1938/QD-NHNN, which comes into effect on September 28.
According to the bank, the decision aims to prevent foreign currency speculation, helping to effectively implement monetary policies and banking operations for the rest of the year.
The new decision replaces the SBV’s Decision 2172/QD-NHNN dated October 28, 2014 on the maximum interest rate applicable to USD deposits from entities and individuals at credit institutions and foreign branches.-VNA
You should also see
Vietnam becomes biggest rice supplier for Singapore
Vietnam has for the first time surpassed India and Thailand to become the largest rice exporter to Singapore by shipping 36.15 million SGD (26.55 million USD) worth of rice in the first three months of this year, an increase of 80.46% over the same period in 2023, winning 32.03% of the market share, according to the Vietnam Trade Office in Singapore.
See more
Business
Cooling equipment market heats up
Many electronics supermarkets in Hanoi have launched summer promotion programmes, reducing prices for cooling equipment such as air conditioners and fans, as the weather in the north of Vietnam has just begun to be hot and sunny.
Business
Lam Dong strives to develop tea industry towards sustainable development
The Central Highlands province of Lam Dong aims to develop its tea industry to 2030 towards sustainable development by improving efficiency and fostering links between tea production, processing, and consumption. The province is also striving to replace aging tea plantations with high-quality tea varieties to enhance productivity.
Business
Vietnam treasures multifaceted cooperation with Côte d'Ivoire: Deputy FM
Vietnam always attaches importance to and wishes to bolster multifaceted cooperation with Côte d'Ivoire – its traditional friendship partner in Africa, Deputy Minister of Foreign Affairs Nguyen Minh Hang has said.
Videos
Foreign investment driven towards new breakthrough phase
Vietnam has so far drawn nearly 500 billion USD in registered FDI capital after nearly four decades of opening up its economy, with investment quality improvement considered a key task for a new breakthrough phase ahead.
Business
Quang Ninh attracts additional 115 million USD from Japan investors
The Quang Ninh Economic Zone Authority (QEZA) presented investment certificates to two Japanese projects worth 115 million USD in total at a conference held at Song Khoai Industrial Park (IP) on April 19.
