Vietnam banks rush to slash deposit rates

March 18, 2023

Many banks in Vietnam started cutting deposit interest rates from Thursday, just one day after the State Bank of Vietnam, or the central bank, lowered operating interest. Four state-owned commercial banks, including VietinBank, Vietcombank, BIDV, and Agribank, are offering the lowest deposit rates in the local market. In addition, credit institutions are banned from affecting the stability of the monetary market and offering high deposit interest rates exceeding the designated cap. In February, commercial banks lowered savings rates to make it easier to slash lending rates to support businesses and back production and business recovery. Many banks in Vietnam started cutting deposit interest rates from Thursday, just one day after the State Bank of Vietnam, or the central bank, lowered operating interest.

The source of this news is from Tuoi Tre News