Vietnam Eximbank Adjusts Down Dong Interest Rates to Maximum 12% p.a.

Vietnam Export Import Commercial Joint Stock Bank (EIB) announced to cut dong deposit interest rates to maximum 12% per annum, from 12.5-12.8% p.a. earlier, the local newswire reported.

The 12% p.a. rates is now applied for some long terms only, the lender said.

In mid-Sept this year, the market witnessed large banks like ACB, Eximbank and Sacombank offer the highest dong deposit rates of the whole banking industry. ACB and Sacombank applied dong deposit rates of 13% and 12.8% p.a., respectively.

Previously, these lenders usually applied lower interest rates than other smaller banks.

It’s reasonable to trim down deposit rates amid ample liquidity, sluggish credit growth and more favorable term structure, according to an unnamed banker.

Eximbank is estimated to have available capital of around VND15 trillion.

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