AsemconnectVietnam - Since the beginning of August of 2024, many banks have continued to increase deposit interest rates for some terms to prepare credit sources for the year-end business season.

Agribank has slightly increased deposit interest rates after many months of keeping them unchanged or decreasing. Accordingly, for terms of 1-2 months, 3-5 months and over 24 months, Agribank has adjusted to increase by 0.1%/year, respectively to 1.7%/year, 2%/year and 4.8%/year. Other terms remain unchanged.
Also from the beginning of August 2024, Sacombank has adjusted to increase interest rates for some short terms, bringing the highest interest rate to 5.2%/year when customers deposit for terms of 36 months or more.
Eximbank also increased deposit interest rates from August 1, 2024, but only adjusted the 12-month deposit term by 0.4%/year to 5.4%/year (interest paid at the end of the term) and 5.2%/year for customers receiving interest monthly.
Saigonbank also simultaneously increased deposit interest rates for all terms by 0.3%/year, with the highest interest rate up to 6.1%/year for the 36-month term.
TPBank has also just adjusted its deposit interest rates up, with an increase of 0.2%/year for terms from 1-6 months, the highest interest rate at this bank is 5.7%/year for terms of 36 months...
Previously, the statistics figures from MB Securities Company (MBS) showed that in July of 2024, 16 banks, including 4 large-scale commercial banks, MB, VPBbank, Sacombank and BIDV, adjusted their deposit interest rates with an increase of 0.1-0.7%.
The increase in deposit interest rates since April of 2024 has helped many banks mobilize large amounts of deposits. Synthesis from the financial reports of the first 6 months of 2024 of 29 commercial banks showed that total customer deposits reached nearly 12.2 million billion VND, an increase of about 4% compared to the end of 2023.
At the meeting with the leaders of the State Bank and leaders of a number of ministries and branches on monetary policy management on August 5, 2024, the Prime Minister said that deposits in banks currently reached about 15 million billion VND, this amount has been put into the economy through credit granting.
However, the Prime Minister noted that it is necessary to continue to promote credit, direct capital flows into production and business sectors, and continue to use this resource more and more effectively.
In 2024, the Prime Minister requested credit growth management of about 15%.
In which, the group of 4 state-owned commercial banks still led the whole system with a total deposit balance of more than 6.4 million billion VND. Agribank led the list with VND1.83 trillion, but only increased by 0.9% compared to the end of last year. BIDV increased by 6%, VietinBank increased by 4% while Vietcombank decreased by 1.5% compared to the end of last year.
In the private banking group, many banks recorded double-digit deposit growth such as LPBank, MSB, OCB, NCB; or had a mobilization growth rate of over 6% such as Sacombank, ACB, Techcombank, VPBank, SHB.
Experts commented that the factor driving the increase in mobilization interest rates is mainly due to credit growing faster than the speed of capital mobilization.
According to the State Bank of Vietnam (SBV), credit growth across the system recovered from the end of March and gradually increased over the months, higher than the increase in the same period in 2023. As of the end of July 2024, outstanding credit was nearly VND 14.33 trillion, up 14.99% over the same period in 2023 and up 5.66% over the end of 2023.
According to the financial reports of the first 6 months of 2024, many banks such as LPBank, HDBank, ACB, MB, VPBank, Techcombank, etc. had credit growth of 12-15% compared to the end of 2023, only ABBank recorded credit growth at a negative rate of more than 7% compared to the end of the previous year.
MBS's analysis report forecasts that input interest rates will continue to increase in the second half of 2024 as credit demand will continue to increase more strongly from mid-2024 when production and investment accelerate more strongly in the last months of the year. 12-month term deposit interest rates of large commercial banks may increase by 0.5 percentage points, returning to 5.2-5.5%/year by the end of 2024. The good news is that lending interest rates are not on an upward trend. The SBV's report said that interest rates for new and old loans continued to decrease, by the end of June of 2024, the average lending interest rate was at 8.3%/year, down by 0.96% compared to the end of 2023.
CK
Source: VITIC/ haiquanonline.com.vn