Credit packages with advantageous interest rates have been introduced to help businesses expand operations and enhance innovation and competitiveness, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu has said.
On February 25, the SBV held a meeting with credit institutions to address strategies for stabilising deposit interest rates. As a result, banks such as Eximbank, BVBank, KienlongBank, the Maritime Bank of Vietnam (MSB) and VietBank have announced new deposit interest rate schedules, with the highest reduction reaching up to 0.7% per year.
Experts have predicted increased volatility in Vietnam’s foreign exchange market from now to the end of 2024, especially when the US presidential election unfolds.
The State Bank of Vietnam (SBV) has issued a circular on interest rates applied to US dollar (USD) deposits of organisations and individuals at credit institutions and foreign bank branches.
An economist of the Asian Development Bank (ADB) has emphasised the need to strengthen the resilience of the Vietnamese economy against natural disasters given the devastating consequences of Typhoon Yagi, the strongest to hit Vietnam in decades, and its aftermath.
Expanding investments to drive economic growth is a priority in achieving the target of 15% set for this year, said Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
Interest rates for VND-denominated for long term deposits at commercial banks have reached 7.4% per year, according to the State Bank of Vietnam (SBV).
Many banks have issued large amounts of bonds to raise thousands of billions of VND, pushing interest rates to around 8% per year, much higher than that of normal savings.
Divestment and mergers and acquisitions (M&As) are serving as crucial lifesavers for numerous businesses amidst an extended period of blocked capital flow.
The State Bank of Vietnam (SBV) is proposing the government options to remove difficulties that have arisen during the implementation of the 120 trillion VND (over 4.75 billion USD) credit package for social housing, its Deputy Governor Dao Minh Tu has said.
Thailand's cabinet on July 16 approved a 100 billion-THB (2.8 billion USD) soft loan scheme to help small- and medium-sized enterprises access loans more easily.
The State Bank of Vietnam (SBV) has shortened terms and kept the interest rate of its bills unchanged to increase the attractiveness of the bill channel, which will help raise the interbank interest rates and reduce pressure on the USD/VND exchange rate.
Vietnam is poised for strong growth in the second half of 2024, driven by a rebound in the global electronics cycle and continued positive foreign direct investment (FDI), according to economists of HSBC Vietnam.
Despite low interest rates, bank deposits have reached a new historic peak of 16 quadrillion VND (628.5 billion USD) as of the end of March, according to the latest data from the central bank.
The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) became the first large commercial bank with state capital to raise deposit rates earlier this morning.
Many banks have adjusted up savings interest rates by 0.2-0.3 percentage point per year since early this months to lure depositors in the context that the savings amount at the banking system has declined for the first time after 25 consecutive month increase.
