Several banks have reduced annual deposit interest rates in Vietnamese dong to 7 percent and lower.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) cut the rate by 0.2 percent for all terms on August 25. The rates slide to 4.8-5 percent per year for one and two month terms.
The new rates are 5.5-5.7 percent for three to nine month terms and 6.5 percent for one year term. The highest rate is 6.8 percent applied for terms of 24-60 months.
Asia Commercial Bank (ACB) has also cut the rate to 6.9 percent a year for 13 month term. Terms of three, six and 12 months see the rates fall to 5.2, 5.9 and 6.3-6.6 percent respectively.
Bank for Investment and Development of Vietnam (BIDV) reduces the deposit rate to 4.5 percent per year for one month term, down 1.2 percent over early this year.
Two to five month terms see the rates down to 5-5.75 percent per year. Nine to eleven month terms’ rate is 6.5 percent. One year term interest rate drops to 6.8-6.9 percent.
For terms of 12 to 36 months, the bank cuts the rates by one percent to 7 percent per year now.