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Tag Archive for ‘Interest rate’

Vietnam’s Money Market: Stable But Worrisome

Unlike the same period of the previous year, this year, money market is quite stable. Commercial banks are merely showing signs of dong interest rate race. Meanwhile, in some banks, signals of interest declining are becoming clearer. Long term deposit rate (more than 12 month term) of many banks got reduced by 0.5-1 October Less […]

Lenders in Vietnam ready to make home loans

Despite the current high lending rates at local banks, homebuyers have still had many opportunities to obtain home loans at affordable rates. After a long time of saving money, Quoc, a resident in HCMC’s Binh Thanh District, has decided to buy an apartment in Thu Duc District with a total value of over VND1 billion. […]

Some Vietnam Banks Asks Borrowers to Deposit Margins for Loans

Some commercial banks have requested borrowers to deposit 5% of total loan value into the latter’s ATM card accounts with a ban on withdrawal, the local newswire VnEconomy.vn reported, citing sources close to the matter. Vietnam Bank for Social Policies (VBSP) and Vietnam Bank for Agriculture and Rural Development (Agribank) were named among those lenders. In details, loan seekers need to deposit back VND500,000 to obtain a loan worth VND10-30 million, a source said, adding that borrowers will never earn interest, but are asked to pay interest rate for margin deposits. The two banks have declined the blame, the…

Vietnam Bank Dividend Season Bleak

Banking sector has always paid relatively high dividend, but this year, the dividend ratio may fall strongly due to low profit, and even maybe shareholders of commercial banks will not get dividend. Profit is used to tackle bad debts. In previous year, by this time, many commercial banks had announced to advance dividend for the […]

Vietnam’s growth to slow down, so as inflation: HSBC

As the local economy is expected to growth at a modest rate of 5.3 percent in 2013, the annual inflation will be at around 7-8 percent, according to the latest report from Hong Kong and Shanghai Banking Corp (HSBC). Vietnam’s gross domestic product (GDP) has decreased significantly over the past few years, said HSBC’s November macroeconomic report. The country’s economic growth target would be 5.5 percent and inflation at 7-8 percent in 2013, according to the recent economic plan for 2013 submitted by the government to the National Assembly. However, potentials are still there, as the latest survey on the business…

Vietnam Banks Suddenly Slash Deposit Interest Rates

A number of Vietnamese banks have made recent and sudden cuts to deposit interest rates. A survey of Hanoi’s banking sector has shown that banks have reduced deposit interest rates by 0.3% – 0.8%. Techcombank’s highest current deposit interest rate is just 12% per year, instead of 12.5% previously. Eximbank has applied the highest rates, of 12% per year for 12-month and 13-month terms, a change from the old rates of 12.3 – 12.8%. Long-term deposit interest rates drop sharply Vietcombank applies the deposit interest rate for terms of over 12 months at 10% per year. Agribank’s annual rate is 12%…

Vietnam NA wants gold market stability

HANOI – Shortcomings in management and stabilization of the gold market should be remedied next year so that local and global gold prices can match and legitimate interests of citizens can be protected, says a resolution passed by the National Assembly (NA). The NA on Thursday gave the nod to the resolution on a socio-economic […]

Vietnam Banks Lure Longer-Term Gold Deposits

HCMC – Local banks are taking advantage of the central bank’s loosening move rescheduling the ban of gold mobilization until June 30 to attract longer-term gold deposits by raising gold interest rates. Asia Commercial Bank (ACB) lowered gold deposit rates to 0.5% annually a few days ago but the bank suddenly pulled up the rates […]

World Bank backs loans to improve energy in Vietnam

HA NOI (VNS)- The Word Bank yesterday signed an agreement with Electricity of Viet Nam to provide credit of US$449 million to the Electricity Distribution Efficiency Project in the country. The project, which aims to improve electricity distribution networks across Viet Nam in an environmentally-friendly way, will upgrade infrastructure and install new transmission lines. Under the project, smart grid technologies will be introduced to the Electricity Regulatory Authority of Viet Nam and five electricity corporations in the northern, central and southern regions, including in Ha Noi and HCM City. The Vietnamese groups…

Vietnam Commercial Banks Cut Interest Rates

Commercial banks cut interest rates HA NOI (VNS)— Many commercial banks have reduced interest rates on deposits which were raised to about 13 per cent three months ago. Among major banks, only the Asia Commercial Bank and Sacombank have still maintained their rates at 13 per cent for 13-month deposits and 12.5 per cent for 12-month deposits. Techcombank made 12 per cent their highest rate while Eximbank applied a new rate of 12 per cent for both 12-month and 13-month deposits, a reduction on their previous rate of 12.3-12.8 per cent. Several banks are offering even lower rates, with Vietcombank dropping the amount to 10 per cent…