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Joint stock banks narrow rate gaps   2008-08-06 - VNA

Several joint stock banks have slashed VND deposit interest rate, narrowing the gap with State-owned banks, the central bank said in a report.

Asia Commercial Bank cut deposit rates by 1.72 percentage points for one-week deposits and by 1.5 percentage points for two-week deposits.

Saigon Commercial Bank and Oriental Commercial Bank reduced interest rates by 0.4 percentage points for some deposits.

According to the State Bank of Vietnam report, the annual interest rates for VND deposits have fallen by 0.1-1.75 percentage points from their peak of 19 percent last month.

The rates stand at 17.17.3 percent per year at State-owned banks, and 18.13-18.25 percent at joint stock banks.

Some banks have also cut US dollar interest rates by 0.05-1.0 percentage point per year.

ACB reduced it by 0.2 percentage points for three-month deposits.

Vietnam Export Import Bank, or Eximbank, reduced it by 0.15-0.45 percentage points per year to 6.2-6.3 percent for one- to five-month terms.
The interest rate gap - between deposit and loan rates - has also been shrinking after several banks cut rates respectively by 0.5-1 percentage points per year and 0.5-2.0 percentage points per year for VND and USD loans.

The Bank for Investment and Development of Vietnam cut its lending rates in VND and USD-VND by 0.2-0.6 percentage points and 2 percentage points per year.

Other such as the Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Bank for Industry and Trade (Vietinbank), Vietnam Bank for Agriculture and Rural Development (Agribank) and Eximbank have also reduced their lending rates.

The dollar-dong exchange rate saw slight fluctuation last week and it currently stands at 16,494 VND.

The open market rate is currently at 16,750-16,770 VND per dollar.

The central bank said the currency market is now stable.

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