Vietnam Bank News

Vietnam Bank Directory

Trade BTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL BTCUSD | View BTCUSD News & Updates

Buy Sell BTCUSD, Bitcoin and Cryptocurrencies

Banking News & Financial Services News
Get the latest banking news headlines from Find in-depth Vietnam coverage from banking, investing, financial, stock market, and more abou Vietnam banking system, bank for industry and trade, Vietnam banking sector.

Banks raise deposit interest rates   2009-03-24 - VietNamNet/Viet Nam News

Many local banks have further increased their deposit interest rates to meet the increasing demand for capital, according to the State Bank of Viet Nam.

Many local banks have further increased their deposit interest rates to meet the increasing demand for capital.

The central bank says interest rates for dong deposits at local commercial banks have increased recently by between 0.2 and 0.3 per cent.

At State-run commercial banks in particular, interest rates on dong deposits with terms of three, six and 12 months now are 6.91,7.25 and 7.58 per cent per year, respectively.

Meanwhile, the corresponding, dong deposit rates at joint stock commercial banks are 7.45, 7.79 and 7.8 percent per annum.

The Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) offers the highest annual interest rate of 8.7 per cent for a 36 month deposit. The Hanoi Housing Development Commercial Joint Stock Bank (Habubank) offers 8.4 per cent for similar term deposits.

The Viet A Commercial Joint Stock Bank has already raised its deposit rates by between 0.2 and 0.5 per cent.

Independent market watchdogs say that many local banks have had to raise their deposits rates since demand for dong loans from individuals and enterprises have increased, while many old deposits with high-interest rates have matured.

They also say that local commercial banks' profits from their credit activities show signs of increasing.

In the first two months of the year, Sacombank made a total VND222.8 billion (US$12.8 million) in profits, 50 per cent of which was from credit activities. A similar contribution to its profits has been reported by the Eastern Asia Commercial Bank. Profits earned by the Asia Commercial Joint Stock Bank was estimated at VND400 and 450 billion ($25.7 million) in the first two months, with a considerable amount raised through its credit services.

In related news, rates on dollar deposits this week slightly decreased over the last week, with the cuts of between 0.1 and 0.2 per cent. Last week, the rates on short-term loans at state-run commercial banks were between 8.5 and 10 per cent per year, and between 10 and 10.5 per cent for long and medium-term loans.

Other Banking News

Money flowing to stock market   2009-03-24

42% of businesses complain about bank loan access difficulties: survey   2009-03-23

DongA Bank to set up financial services affiliate   2009-03-23

Banks mobilise to grab dollar bonds   2009-03-22

Bank Directory

Bank issue to fund upgrade and expansion   2009-03-20

Banks to thrive by focusing on fundamentals   2009-03-19

Banks looking for strategic partners to serve capital increase plans   2009-03-19

Banks can't skirt forex band with derivatives: SBV   2009-03-19

Consumers don’t bite on bank loan bait   2009-03-18

Banks need green loan guidelines   2009-03-18

State Bank says subsidised loans totalled $8.3bil last week   2009-03-17

Experts warned of harms from gold export   2009-03-16

AIG’s losses in US won’t affect VN   2009-03-14

Banks draw capital to meet surging demand   2009-03-12