A bank in the big 4 group, the Bank for Agriculture and Rural Development (Agribank), unexpectedly increased its deposit interest rates on the first day of August. This is the first time in 4 and a half months that this bank has adjusted its deposit interest rates, and also the first time in more than a year that Agribank has increased its interest rates.

According to the online interest rate schedule just announced by Agribank, the interest rate for 1-2 month terms has been adjusted to increase by 0.2%/year, to 1.8%/year.

Interest rates for 3-5 month deposits increased by 0.3% per year to 2.2% per year. Meanwhile, interest rates for 6-9 month deposits increased by 0.2% per year to 3.2% per year.

Agribank kept the interest rate for deposits with terms from 12-18 months unchanged at 4.7%/year, however, the bank interest rate for terms of 24 months or more increased by 0.1%/year to 4.8%/year.

Thus, 3 out of 4 banks in the big4 group have increased deposit interest rates since April 2024.

As for Agribank, although it has just increased its interest rate, its deposit interest rate is still lower than the interest rates listed by VietinBank and BIDV for most terms. Currently, these three banks still maintain an interest rate of 4.7%/year for 12-18 month term deposits.

BIG4 BANK DEPOSITS INTEREST RATES ON AUGUST 1, 2024
TERM VIETINBANK BIDV AGRIBANK VIETCOMBANK
1 MONTH 2 2 1.8 1.6
3 MONTHS 2.3 2.3 2.2 1.9
6 MONTHS 3.3 3.3 3.2 2.9
9 MONTHS 3.3 3.3 3.2 2.9
12 MONTHS 4.7 4.7 4.7 4.6
18 MONTHS 4.7 4.7 4.7 4.6
24 MONTHS 5 4.9 4.8 4.7
36 MONTHS 5 4.9 4.8 4.7

Also this morning, HDBank increased its interest rates for short-term deposits. Specifically, online deposit interest rates for 1-5 month terms were listed at 3.55%/year after increasing by 0.3%/year.

HDBank increased the interest rate for 6-month deposits by 0.2% per year, to 5.1% per year. This is the first time in many months that the interest rate for this term has exceeded 4.9% per year.

HDBank keeps the interest rates for the remaining terms unchanged. The 7-11 month term still has an interest rate of only 4.7%/year; the 12-month term has an interest rate of 5.5%/year; the 13-month term has an interest rate of 5.7%/year; the 15-month term has an interest rate of 6%/year; the 18-month term has an interest rate of 6.1%/year and the 24-36 month term has an interest rate of 5.5%/year.

Notably, HDBank still maintains the special interest rate at 7.7%/year (12-month term) and 8.1%/year (13-month term). The condition to enjoy this interest rate is that customers deposit at least 500 billion VND.

Apart from HDBank and Agribank, savings interest rates at other banks remain unchanged.

HIGHEST DEPOSITS INTEREST RATES AT BANKS ON AUGUST 1, 2024
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
ABBANK 3.2 4 5 5.5 6 5.7
ACB 3 3.4 4.15 4.2 4.8
BAC A BANK 3.7 3.9 5.15 5.25 5.75 5.85
BAOVIETBANK 3.3 4 5.2 5.4 5.8 6
BVBANK 3.7 3.8 5.1 5.5 5.8 6
CBBANK 3.4 3.6 5.15 5.1 5.3 5.55
DONG A BANK 2.8 3 4 4.2 4.5 4.7
EXIMBANK 3.5 4.3 5.2 4.5 5 5.1
GPBANK 3 3.52 4.85 5.2 5.75 5.85
HDBANK 3.55 3.55 5.1 4.7 5.5 6.1
KIENLONGBANK 3.7 3.7 5.2 5.3 5.6 5.7
LPBANK 3.4 3.5 4.7 4.8 5.1 5.6
MB 3.3 3.7 4.4 4.4 5.1 5
MSB 3.7 3.7 4.6 4.6 5.4 5.4
NAM A BANK 3.1 3.8 4.6 5.1 5.4 5.7
NCB 3.7 4 5.35 5.55 5.7 6.1
OCB 3.7 3.9 4.9 5 5.2 5.4
OCEANBANK 3.4 3.8 4.8 4.9 5.5 6.1
PGBANK 3.2 3.7 5 5 5.5 5.8
PVCOMBANK 3.35 3.55 4.5 4.7 5.1 5.8
SACOMBANK 3 3.3 4.1 4.3 4.9 5.1
SAIGONBANK 3 3.3 4.5 4.6 5.5 5.7
SCB 1.6 1.9 2.9 2.9 3.7 3.9
SEABANK 3.2 3.7 4.4 4.54 5.25 6
SHB 3.5 3.6 4.7 4.8 5.2 5.5
TECHCOMBANK 2.85 3.25 4.25 4.25 4.95 4.95
TPBANK 3.3 3.6 4.5 5.2 5.4
VIB 3.1 3.4 4.4 4.4 4.9 5.2
VIET A BANK 3.4 3.7 4.8 4.8 5.4 5.7
VIETBANK 3.6 3.8 4.9 5 5.4 5.9
VPBANK 3.1 3.6 4.8 4.8 5.3 5.3

According to statistics from the State Bank of Vietnam during the week of July 22-26, this agency injected a net VND42,191 billion in the open market. Through outright sales, the State Bank of Vietnam absorbed VND16,200 billion (14-day term, 4.5% interest rate), while VND33,650 billion issued previously had matured. At the same time, the State Bank of Vietnam purchased nearly VND59,045 billion (7-day term, 4.5% interest rate), while VND34,304 billion issued previously had matured.

During the week, overnight, 1-week, and 2-week interbank interest rates increased by 0.38%; 0.39%; 0.27% to 4.86%; 4.96%; and 4.95%, respectively. In general, short-term interbank interest rates are still fluctuating around the 5% threshold set in April. The domestic interest rate level has reduced the gap with US interest rates, helping to reduce pressure on the VND/USD exchange rate.

The most notable news was last night (Vietnam time), the Federal Reserve (Fed) kept interest rates unchanged and emphasized progress in the process of reducing inflation... At the press conference afterwards, Fed Chairman Jerome Powell said if the data continues to provide confidence that inflation is slowing, the Fed may be ready to act.

The Fed's decision to leave interest rates unchanged at this meeting was not beyond the market's previous forecasts. US stocks reacted very positively after the Fed's meeting.