Interest rates at commercial banks remained unchanged today. This is the second consecutive day the market has not recorded any bank adjusting interest rates.

In September, the market recorded 12 banks increasing deposit interest rates. This is the month with the fewest banks increasing bank interest rates in the past 5 months.

According to statistics, the highest announced interest rate is currently 6.15%/year, applied to deposit terms from 18-60 months at NCB Bank.

According to the report of the State Bank of Vietnam from September 23 to September 27, the State Bank of Vietnam increased net injection in the open market with VND 67,359.15 billion. Specifically, through the term purchase transaction, the State Bank of Vietnam injected VND 67,359.15 billion for a 7-day term, with an interest rate of 4%, while VND 1,512 billion issued previously had matured.

Notably, overnight, 1-week and 2-week interbank interest rates increased by 0.66%, 0.62% and 0.56% per year to 4.22%, 4.32% and 4.38% per year, respectively.

Not stopping there, according to the State Bank of Vietnam's report on September 30, the overnight interbank interest rate increased by 0.22% to 4.44%/year; the 1-week interbank interest rate increased by 0.08% to 4.4%/year. However, the 2-week interbank interest rate decreased by 0.12% to 4.26%/year.

Credit growth has also returned to positive levels, reaching 7.38% as of September 17 compared to the beginning of the year. According to BVSC, this result has partly pushed short-term interbank interest rates back above the 4% threshold.

In the foreign exchange market, the central rate decreased by 30 VND/USD from 24,148 VND/USD to 24,118 VND/USD at the end of last week, and continued to decrease to 24,081 VND in yesterday's session, October 1, 2024.

Meanwhile, the exchange rate at commercial banks increased by 4 VND/USD last week, from 24,602 VND/USD to 24,606 VND/USD. By October 1, the buying rate at commercial banks continued to decrease to 23,400 VND/USD.

The most notable move by major central banks recently was the People's Bank of China (PBOC) cutting a series of interest rates last week. Specifically, the PBOC lowered the 7-day reverse repo rate by 20 basis points from 1.7% to 1.5%; lowered banks' deposit rates by 20-25 basis points at certain terms; and lowered the 1-year medium-term lending rate (MLF) by 30 basis points from 2.3% to 2%.

The PBOC also asked commercial banks to lower interest rates on existing home mortgage loans by October 31.

China's monetary policy easing, along with its fiscal packages, is expected to ease the real estate sector's difficulties and stimulate economic growth in the country of one billion people.

HIGHEST DEPOSITS INTEREST RATES AT BANKS ON OCTOBER 2, 2024
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
AGRIBANK 2 2.5 3.3 3.3 4.7 4.7
BIDV 2 2.3 3.3 3.3 4.7 4.7
VIETINBANK 2 2.3 3.3 3.3 4.7 4.7
VIETCOMBANK 1.6 1.9 2.9 2.9 4.6 4.6
ABBANK 3.2 3.7 5 5.2 5.6 5.7
ACB 3.1 3.5 4.2 4.3 4.9
BAC A BANK 3.65 3.95 5.15 5.25 5.7 5.85
BAOVIETBANK 3.3 4 5.2 5.4 5.8 6
BVBANK 3.8 4 5.2 5.5 5.8 6
CBBANK 3.8 4 5.55 5.5 5.7 5.85
DONG A BANK 3.9 4.1 5.55 5.7 5.8 6.1
EXIMBANK 3.8 4.3 5.2 4.5 5.2 5.1
GPBANK 3.2 3.72 5.05 5.4 5.75 5.85
HDBANK 3.85 3.95 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 3.8 4.1 5 5.2 5.6 5.7
NCB 3.8 4.1 5.45 5.65 5.8 6.15
OCB 3.9 4.1 5.1 5.1 5.2 5.4
OCEANBANK 4.1 4.4 5.4 5.5 5.8 6.1
PGBANK 3.4 3.8 5 5 5.5 5.8
PVCOMBANK 3.3 3.6 4.5 4.7 5.1 5.8
SACOMBANK 3.3 3.6 4.9 4.9 5.4 5.6
SAIGONBANK 3.3 3.6 4.8 4.9 5.8 6
SCB 1.6 1.9 2.9 2.9 3.7 3.9
SEABANK 2.95 3.45 3.75 3.95 4.5 5.45
SHB 3.5 3.8 5 5.1 5.5 5.8
TECHCOMBANK 3.25 3.45 4.55 4.55 4.95 4.95
TPBANK 3.5 3.8 4.7 5.2 5.4
VIB 3.2 3.6 4.6 4.6 5.1
VIET A BANK 3.4 3.7 4.8 4.8 5.4 5.7
VIETBANK 3.8 4 5.2 5 5.6 5.9
VPBANK 3.6 3.8 5 5 5.5 5.5

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