Lowest interest rate 2.6%/year
According to the online interest rate table just announced by Vietcombank, terms from 1 to 11 months decreased by 0.2 percentage points, terms from 12 to 24 months decreased by 0.1 percentage points.
Interest rates on 1-2 month deposits have dropped to a record low of only 2.6% per year. The 3-5 month term has also dropped below 3%, to only 2.9% per year. This is the lowest deposit interest rate currently, far exceeding the ceiling rate set by the State Bank for 1-5 month term deposits of 4.75% per year.
For term deposits from 6-11 months, Vietcombank further reduced by 0.2 percentage points, to only 3.9%/year. This is an interest rate even lower than the term of 1-5 months at many joint stock commercial banks.
The highest deposit interest rate at Vietcombank is for 12-24 month terms, but it is only 5%/year.
Meanwhile, interest rates at the group of "big" banks such as Agribank, VietinBank and BIDV have not shown any signs of change.
At other banks, the 6%/year interest rate has also gradually disappeared. Notably, today there is no bank that pays deposit interest at 6%/year for a term of 6-9 months.
PVCombank, the only bank that maintains the 6-9 month term at over 6%, has suddenly reduced the interest rate for all terms. Specifically, the 1-5 month term has been reduced by 0.3 percentage points to 3.65%/year. The 6-9 month term has also been reduced by 0.5 percentage points to 5.6%/year. PVCombank is the last bank to reduce the interest rate for these terms to below 6%/year.
Interest rates for the remaining terms were also adjusted down by 0.5 percentage points compared to before. The 12-month term has also officially lost the 6% mark to fall back to 5.6%/year. Interest rates for deposit terms from 18-36 months also dropped sharply from 6.5% to 6%/year.
VietBank officially reduced interest rates by 0.2 percentage points for terms of 15-36 months. Deposit interest rates for these terms have all dropped to 6.2%/year. Interest rates for terms under 15 months remain unchanged and are all below 6% after the adjustment on November 7.
VietBank has become the first bank to lower deposit interest rates for the second time since early November.
Since the beginning of November, 16 banks have reduced their deposit interest rates, including Sacombank, NCB, VIB, BaoVietBank, Nam A Bank, VPBank, VietBank, SHB, Techcombank, Bac A Bank, KienLongBank, ACB, Dong A Bank, PG Bank, PVCombank, Vietcombank. Of which, VietBank has reduced its interest rates twice this November.
State Bank temporarily suspends issuance of credit notes
On November 9, the State Bank of Vietnam (SBV) temporarily suspended the issuance of new treasury bills for the first time since late September.
The State Bank of Vietnam has started withdrawing money through the treasury bill channel since the end of September, with the scale as of November 8 being over 360,000 billion VND.
Since the beginning of November, the scale of issuing treasury bills per session has decreased to below 10,000 billion VND.
Previously, the State Bank also withdrew money through the treasury bill channel with a total scale of nearly 400,000 billion VND in February 2023.
The SBV's continuous bidding for treasury bills will help the agency re-control interbank interest rates at a stable level (not allowing them to decrease deeply), thereby affecting the VND/USD interest rate gap, indirectly affecting the exchange rate.
In an analysis report sent to investors earlier this week, SSI Research said that the pressure to issue treasury bills will be higher as this week will record an additional VND65,000 billion of treasury bills maturing, while the interest rate gap between VND and USD remains high.
The increase in VND interest rates on the interbank market will help narrow the gap with USD interest rates, reducing pressure on the exchange rate.
However, overnight interest rates cooled down at the beginning of this week, reaching 1%, down 30 basis points from the previous week. In the trading session on November 8, overnight interest rates fell to 0.83%. The spread between overnight VND/USD interest rates remains around 400 basis points.
Since the beginning of November, deposit interest rates have continued to decrease, but the downward trend has shown signs of slowing down. Specifically, the deposit interest rate for 11-month terms averaged 4.99%, down 14 basis points compared to October and down 200 basis points compared to the same period last year.
For the 12-month term, the average deposit interest rate reached 5.44%, down 18 basis points compared to October, and down 214 basis points compared to the same period last year.
According to BVSC, slow credit growth has put less pressure on commercial banks to mobilize capital. According to the State Bank of Vietnam, as of October 27, credit growth in the entire system reached 7.1% compared to the beginning of the year, while the plan was 14%.
However, with interest rates falling, credit growth may accelerate in the coming period. According to the results of the survey on business trends of credit institutions in the fourth quarter of 2023 conducted by the State Bank of Vietnam, outstanding credit is expected to increase by 4.4% in the third quarter of 2023 and increase by 12.5% in 2023.
| HIGHEST DEPOSITS INTEREST RATE TABLE ON NOVEMBER 10, 2023 (%/year) | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| OCEANBANK | 4.6 | 4.6 | 5.8 | 5.9 | 6.1 | 6.5 |
| CBBANK | 4.2 | 4.3 | 5.7 | 5.8 | 6 | 6.1 |
| HDBANK | 4.05 | 4.05 | 5.7 | 5.5 | 5.9 | 6.5 |
| PVCOMBANK | 3.65 | 3.65 | 5.6 | 5.6 | 5.7 | 6 |
| VIET A BANK | 4.5 | 4.5 | 5.6 | 5.6 | 6 | 6.3 |
| BVBANK | 4.4 | 4.7 | 5.55 | 5.65 | 5.75 | 5.75 |
| BAOVIETBANK | 4.4 | 4.75 | 5.5 | 5.6 | 5.9 | 6.2 |
| NCB | 4.45 | 4.45 | 5.5 | 5.65 | 5.8 | 6 |
| GPBANK | 4.25 | 4.25 | 5.45 | 5.55 | 5.65 | 5.75 |
| BAC A BANK | 4.35 | 4.35 | 5.4 | 5.5 | 5.6 | 5.95 |
| KIENLONGBANK | 4.55 | 4.75 | 5.4 | 5.5 | 5.5 | 6 |
| VIETBANK | 3.9 | 4.1 | 5.4 | 5.5 | 5.8 | 6.2 |
| SCB | 4.5 | 4.5 | 5.35 | 5.45 | 5.65 | 5.65 |
| OCB | 4.1 | 4.25 | 5.3 | 5.4 | 5.5 | 5.9 |
| DONG A BANK | 4.2 | 4.2 | 5.2 | 5.3 | 5.55 | 5.7 |
| SHB | 3.5 | 3.8 | 5.2 | 5.4 | 5.6 | 6.1 |
| SAIGONBANK | 3.4 | 3.6 | 5.2 | 5.4 | 5.6 | 5.6 |
| EXIMBANK | 3.5 | 4 | 5.2 | 5.5 | 5.6 | 5.8 |
| VIB | 3.8 | 4 | 5.1 | 5.2 | 5.6 | |
| LPBANK | 3.8 | 4 | 5.1 | 5.2 | 5.6 | 6 |
| MB | 3.5 | 3.8 | 5.1 | 5.2 | 5.4 | 6.1 |
| SACOMBANK | 3.6 | 3.8 | 5 | 5.3 | 5.6 | 5.75 |
| VPBANK | 3.7 | 3.8 | 5 | 5 | 5.3 | 5.1 |
| TPBANK | 3.8 | 4 | 5 | 5 | 5.55 | 6 |
| MSB | 3.8 | 3.8 | 5 | 5.4 | 5.5 | 6.2 |
| PG BANK | 3.4 | 3.6 | 4.9 | 5.3 | 5.4 | 6.2 |
| NAMA BANK | 3.6 | 4.2 | 4.9 | 5.2 | 5.7 | 6.1 |
| ABBANK | 3.9 | 4 | 4.9 | 4.9 | 4.7 | 4.4 |
| SEABANK | 4 | 4 | 4.8 | 4.95 | 5.1 | 5.1 |
| TECHCOMBANK | 3.55 | 3.75 | 4.75 | 4.8 | 5.25 | 5.25 |
| AGRIBANK | 3.4 | 3.85 | 4.7 | 4.7 | 5.5 | 5.5 |
| VIETINBANK | 3.4 | 3.75 | 4.6 | 4.6 | 5.3 | 5.3 |
| ACB | 3.3 | 3.4 | 4.6 | 4.65 | 4.7 | |
| BIDV | 3.2 | 3.5 | 4.4 | 4.4 | 5.3 | 5.3 |
| VIETCOMBANK | 2.6 | 2.9 | 3.9 | 3.9 | 5 | 5 |
Source
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