Saturday, October 20, 2018 3:24:01 AM - Markets open
VN-INDEX 958.36 -5.11/-0.53%
HNX-INDEX 108.10 +0.18/+0.17%
UPCOM-INDEX 52.47 -0.23/-0.44%
Vietcombank raises rates after a year
Vietnam News - 9/17/2018 3:22:51 PM
 (0 ratings. You must sign in to rate.)
HÀ NỘI – State-owned Vietcombank raised interest rates for long-term đồng deposits last week after more than a year of rates remaining unchanged.
Accordingly, the bank inched up the rate for long-term deposits (from 12 months upward) by 0.1 percentage points to 6.6 per cent per year.
Despite the hike, Vietcombank’s rates are still the lowest in the banking system. The bank’s rates are some 0.1-0.2 percentage points lower than those of three other State-owned banks – BIDV, VietinBank and Agribank - and 0.5-1.5 percentage points lower than those of private banks.   
Earlier, most banks hiked deposit interest rates, of which the rise at BIDV, VietinBank and Agribank was 0.2 percentage points, while it was up to 0.5-1.4 percentage points at private banks.
According to analysts, banks have been forced to raise rates to meet a central bank regulation on the use of deposits to lending that takes effect next year. Under the State Bank of Việt Nam’s Circular 06, only 40 per cent of short-term deposits can be used for medium- and long-term loans from January 1 next year, down from 45 per cent now.
Besides, banks also need more capital as credit demand usually peaks at the year-end, the analysts said. – VNS
Read original article here
Newer News
17/10 Lending interest rates on the rise at VN banks
16/10 Hanoi aims to collect 55.6 million USD daily for budget
15/10 Reference exchange rate down on week’s beginning
15/10 Bank system’s credit growth target unlikely to be reached
12/10 Reference exchange rate goes up on October 12
11/10 Credit institutions expect improved business performance in 2018
10/10 Reference exchange rate down 2 VND on October 10
08/10 Tightened monetary policy forecast for Q4 2018
05/10 Reference exchange rate unchanged on October 5
01/10 Reference exchange rate down on October 1
Older News
06/09 Banks seek ways to ensure long-term financial services for the poor
30/08 Experts forecast lending rates to remain stable
27/08 Nearly $4.5 billion worth of G-bonds raised so far this year
27/08 Reference exchange rate down on first day of week
27/08 Life insurance sector pumps over 215 trillion VND in economy in H1
27/08 Gov’t aims to boost public service payment through banks
24/08 Government mulls tightening foreign bank laws
23/08 G-bonds become important capital mobilisation tool: official
20/08 Reference exchange rate keeps downward trend from previous week
17/08 Reference exchange rate goes down
Newsletter Signup
Top Stories
VN Index to rise amid volatility, weak liquidity
VN stocks continue rallying
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Market Update
Last updated at 3:11:41 PM
VN-INDEX 958.36 -5.11/-0.53%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.