As directed by the State Bank, many bank branches in Hai Duong province have lowered deposit and lending rates since March 17.
Banks have simultaneously lowered deposit and lending rates
At Hai Duong branch of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the deposit rate for one and two month terms is 4.3%/ year, lower than the ceiling rate.
The deposit rate for three, four, and five month terms dropped from 4.8% to 4.7%/ year.
Deposit rates for long terms are also relatively low. An interest rate of 5.3%/ year is applied for six to below nine month and nine to below 12 month terms.
Thanh Dong branch of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) listed the deposit rate for three, four, and five month terms at 4.75%/ year, similar to the deposit rate for the same terms at Hai Duong branch of the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank).
The banks also simultaneously reduced lending rates to a maximum of 5.5%/ year for enterprises in priority trades, namely supporting and hi-tech industries, agricultural and rural development, and export, and small- and medium-sized businesses.