Long-term deposit interest rates reach 7.4%
Wednesday, August 28,2024![](/weblocalfiles/cuc/thang8nam2024/anh_tmp_370218.jpg)
AsemconnectVietnam - Interest rates for VND-denominated for long term deposits at commercial banks have reached 7.4% per year, according to the State Bank of Vietnam (SBV).
Under a recent report on deposit and lending interest rates of commercial banks, the SBV said the average deposit interest rates have increased to 6.9-7.4% a year for terms of more than 24 months.
Meanwhile, the rates for terms from 12 months to 24 months and from 6 months to 12 months are 5.5-6.2% and 4.4-4.8% per year, respectively.
For short-term deposits, the rate is 2.4-3.4% per year for terms from one month to less than six months and 0.2% for less than one month.
As for lending interest rates, the average lending interest rate of domestic commercial banks for both new and existing loans is in the range of 6.9-9.3% per year, of which the rate for short-term loans is 4.1-5.0% per year and 6.3-7.4% per year for medium and long term.
The average short-term lending interest rate for priority sectors is about 3.6% per year, lower than the 4% short-term lending interest rate cap prescribed by the SBV.
In the interbank market, the overnight interest rate is at 4.5% per year, while the rates for terms of one-week, two-week, and one-month are 4.57%, 4.52% and 4.79% per year, respectively.
Since the beginning of the second half of this year, many banks have increased deposit interest rates significantly.
Experts forecast deposit interest rates will increase further in the context of increasing inflationary pressure from the third quarter of this year.
The expected recovery in credit demand thanks to positive prospects for the manufacturing industry and export activities will also lead to banks' need to raise capital, which will cause deposit interest rates to continually increase at the end of the year.
Vietcombank Securities Company (VCBS) forecasts that deposit interest rates in the third quarter of 2024 will continue to increase by about 0.3-0.5 percentage points. The rising pressure may continue in the fourth quarter, pushing the rate up by 0.5-1 percentage point for the whole year.
Banking expert Nguyen Tri Hieu said economic growth is stronger and individuals and enterprises are borrowing more from banks. This will push up the credit demand so banks are tending to increase interest rates to attract deposits to meet customers' capital needs.
Source: Vietnamplus.vn
Vietnam's economy projected to grow 6.1% this year: WB
Vietnam's economy poised to gain from regional growth in 2025
Vietnam’s IIP growth target of 7-8% in 2024 seems optimistic
Imports of raw materials for animal feed production in July and 7 months of 2024
Vietnam's rice export prices now highest worldwide
E-commerce helps Vietnam leap forward in global race
Việt Nam auto market sees a rise in imported cars
Vietnam-China economic, trade ties to open up brighter future: Chinese daily
Vietnam garment and textile market update mid-August 2024
DAILY: Vietnamese pepper prices rose by 1000-2000 VND on August 23, 2024
DAILY: Vietnamese coffee prices remained unchanged on August, 23 2024
Forecast of trade exchange between Vietnam and leading trading partners
New products hoped to drive HCM City’s night economy
Cement market continues to face difficulties
![](/weblocalfiles/giang/thang12nam2023/21122023164428thanhphoshaiduongl.jpg)
Plan of Hai Duong province for a period of 2021 - 2030, ...
Organize space reasonably and harmoniously, focusing on connecting Hai Duong in common development space, actively contributing to the ...Plan of Hau Giang province in a period of 2021 - 2030, ...
Sustainable forestry development program in a period of ...
![](/weblocalfiles/huong/thang8nam2024/158202491028cats.jpg)
Hanoi lotus-scented tea making craft listed among national ...
The Ministry of Culture, Sports, and Tourism has issued a decision recognising the traditional craft of making lotus-scented tea in Quang ...Vietnam festival helps tighten friendship with Japan
Vietnam to play friendly matches with Thailand and Russia ...