Vietnamese banks increase savings interest rates to attract depositors

0 Comment(s)Print E-mail Xinhua, May 14, 2024
Adjust font size:

HANOI, May 14 (Xinhua) -- Many Vietnamese banks have adjusted up savings interest rates by 0.2-0.3 percentage point per year since early this month to lure depositors, Vietnam News Agency reported Tuesday.

The deposit interest rate hike is not beyond the forecast of experts, especially in the context that the savings amount at the banking system have declined for the first time after 25 consecutive month increase, said the report.

Nguyen Duc Do, deputy director of the Academy of Finance's Institute of Financial Economics, said the increase in deposit interest rates may come from the recovery of credit demand.

The State Bank of Vietnam allocated all credit quota for commercial banks right from the beginning of the year, instead of only a part as previous years, so banks must raise more deposits to readily meet the capital needs of business, production and consumption, he said.

Experts forecast that deposit interest rates in the coming time will hardly increase sharply because the government and the central bank's orientation is to stabilize interest rates and even strive to reduce the rates to support the economic growth. Enditem

Follow on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from