Two banks, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), and Vietnam Bank for Agiculture and Rural Development (Agribank), made sudden further cuts to their deposit interest rates. Vietcombank’s deposit interest rate for terms between two and nine months still fluctuate between 6.5% and 7% per year. Meawhile, the maximum non-term rate is 1.2% yearly. In May, Vietcomabnk also cut its one-month term deposit interest rate to 6% per year, starting a trend that other banks followed. The rate reductions by these two banks may signal a trend for others to come. From June 28, the cap on deposits with terms of between one and six months was cut to 7% per year, while the cap was removed for terms of more than six months. Though the State Bank of Vietnam (SBV) has lowered interest rates, banks have still found it difficult to loan because so few enterprises qualified. Many banks have tried to further lower interest rates, which was cause worry among banking experts. Nguyen Duc Vinh, General Director of VPBank, cited the bank’s survey, saying that only one or two out of any ten enterprises that apply for bank loans meet all requirements.