Vietnam Export Import Commercial Joint Stock Bank (Eximbank) has just reduced the interest rate for 6-month and 12-month terms by 0.1%/year. Accordingly, the online interest rate for 6-month terms has decreased to 4.9%/year, and for 12 months to 5.5%/year.

Eximbank keeps the interest rates for the remaining terms unchanged. The 1-2 and 3-month terms are 3.6%-3.7% and 3.9%/year, respectively. The 9-month term is 5.3%/year, the 15-month term is 5.6%/year. The 18-36-month term has an interest rate of 5.7%/year, the highest rate at Eximbank.

Since the beginning of December, three banks have reduced deposit interest rates: HDBank, Techcombank, and Eximbank.

Last week, state-owned commercial banks and some joint-stock commercial banks continued to further reduce deposit interest rates, with a reduction of 10-30 basis points. Interest rates at state-owned commercial banks (Agribank, Vietcombank, VietinBank, BIDV) dropped to the lowest in history, only from 4.3% - 4.8%/year for a 12-month term.

Currently, only a few banks maintain interest rates above 6% for deposits with terms of over 12 months. Of which, the highest deposit interest rate is currently 6.5% belonging to HDBank with a term of 18 months, for regular customers.

For super VIP customers, HDBank applies interest rates of up to 8%/year for 12-month term deposits, and 8.4% for 13-month term deposits. To enjoy such high interest rates, customers must deposit at least 300 billion VND or more.

In addition, some banks apply “special interest rates”. At Dong A Bank, the interest rate for 13-36 month term deposits is currently 5.6-5.8%/year. However, the interest rate will be applied up to 7.5%/year for these terms if the deposit amount is 200 billion VND or more.

At ACB, the listed 13-month deposit interest rate is 4.6%/year, but the "special interest rate" for customers depositing 200 billion VND or more is 5.6%/year.

MSB is mobilizing 12 and 13 month term deposits with an interest rate of 5.1%/year, however, customers will enjoy an interest rate of up to 9%/year when depositing from 500 billion VND.

The highest interest rate on the market today at PVCombank, for 12 and 13 month terms, is up to 10.5%/year. The condition to enjoy this interest rate is that customers deposit from 2,000 billion VND or more. If only depositing 1,999 billion VND, the interest rate received is only 5.4% and 5.6% for these two terms, respectively.

HIGHEST DEPOSITS INTEREST RATE TABLE ON DECEMBER 5 (%/year)
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
PVCOMBANK 3.65 3.65 5.6 5.6 5.7 6
HDBANK 3.65 3.64 5.5 5.3 5.7 6.5
OCEANBANK 4.3 4.5 5.5 5.6 5.8 5.8
VIETBANK 3.8 4 5.4 5.5 5.8 6.2
KIENLONGBANK 4.55 4.75 5.4 5.6 5.7 6.2
VIET A BANK 4.4 4.4 5.4 5.4 5.7 6.1
NCB 4.25 4.25 5.35 5.45 5.7 6
BAOVIETBANK 4.2 4.55 5.3 5.4 5.6 6
GPBANK 4.05 4.05 5.25 5.35 5.45 5.55
SHB 3.5 3.8 5.2 5.4 5.6 6.1
BAC A BANK 3.8 4 5.2 5.3 5.5 5.85
LPBANK 3.8 4 5.1 5.2 5.6 6
OCB 3.8 4 5.1 5.2 5.4 6.1
CBBANK 4.2 4.3 5.1 5.2 5.4 5.5
VIB 3.8 4 5.1 5.2 5.6
BVBANK 3.8 3.9 5.05 5.2 5.5 5.55
MSB 3.8 3.8 5 5.4 5.5 6.2
VPBANK 3.7 3.8 5 5 5.3 5.1
SCB 3.75 3.95 4.95 5.05 5.45 5.45
EXIMBANK 3.6 3.9 4.9 5.3 5.5 5.7
NAMA BANK 3.6 4.2 4.9 5.2 5.7 6.1
SAIGONBANK 3.3 3.5 4.9 5.1 5.4 5.6
PGBANK 3.4 3.6 4.9 5.3 5.4 6.2
DONG A BANK 3.9 3.9 4.9 5.1 5.4 5.6
ABBANK 3.7 4 4.9 4.9 4.7 4.4
MB 3.3 3.6 4.8 4.9 5.2 5.7
TPBANK 3.6 3.8 4.8 5.35 5.7
SACOMBANK 3.6 3.8 4.7 4.95 5 5.1
TECHCOMBANK 3.45 3.75 4.65 4.7 4.85 4.85
SEABANK 3.8 4 4.6 4.75 5.1 5.1
ACB 3.3 3.5 4.6 4.65 4.7
AGRIBANK 3.2 3.6 4.5 4.5 5.3 5.3
BIDV 3.2 3.5 4.5 4.5 5.3 5.3
VIETINBANK 3.2 3.6 4.5 4.5 5.3 5.3
VIETCOMBANK 2.4 2.7 3.7 3.7 4.8 4.8

The State Bank of Vietnam continues not to organize treasury bill auctions for the third consecutive week. With VND58.2 trillion of treasury bills maturing, the total volume of treasury bills circulating on the market has decreased to VND15 trillion and all will mature this week.

Regarding interbank interest rates, overnight interest rates remained low at 0.15%. Notably, liquidity in market 2 was vibrant with an average overnight trading volume of about VND240 trillion/day. This shows that liquidity distribution in the market is uneven among commercial banks.

This is also reflected in credit growth. Specifically, by November 23, 2023, credit growth of the entire system reached 8.4%, lower than the target set at the beginning of the year and credit growth of the credit institution system was uneven.

Therefore, last week, the State Bank announced an additional growth rate for credit institutions if their outstanding credit balance to date reaches 80% of the announced credit target. According to SSI Research, the four commercial banks that will benefit the most from the above move are MSB, Techcombank, OCB and VPBank.