Many banks have reduced the interest rate for short-term deposits while raising the rate for long-term deposits to restructure capital sources. BIDV has applied the new rates from May 22, lowering its annual interest rate for three-month and six-month deposits by 0.2 percentage points. Accordingly, the rates for these months are listed at 4.6 per cent and 5.1 per cent per year, respectively. The bank, however, has maintained a high interest rate of 6.9 per cent per year for 12-month and 24-month deposits. LienVietPostBank has also lowered the rate for short-term deposits, listing one-month, three-month and sixth-month rates at only 4.4 per cent, 5 per cent and 5.8 per cent per year, respectively. Vietinbank has followed suit, quoting the interest rate for under-three-month deposits at 4.1 per cent. The bank’s rate for four-month and five-month deposits is 4.6 per cent, while it is 5.1 per cent for six-month deposits. It has kept the interest rate at 5.5 per cent for six-month to … [Read more...] about Banks cut interest rate for short-term deposits
Interest rates
Interest rate caps not needed: experts
Transactions being carried out at a VPBank branch. (Photo: VNA) Hanoi (VNS/VNA) - The State Bank of Vietnam should consider developing a roadmap to remove regulations on credit growth limits and interest rate caps as it isn’t suitable due to the country’s achievements in stabilising the nation’s economy, according to experts. The General Statistics Office (GSO) reported that the country’s GDP growth reached 7.38 percent in the first quarter of 2018, the best first-quarter performance in the last ten years, backed by growth in manufacturing and agriculture, as well as momentum from high GDP growth rates of 7.46 percent and 7.65 percent in third and fourth quarters of 2017. Meanwhile, January-March average annual inflation was also controlled at 2.82 percent, GSO reported. Based upon this positive growth, Nguyen Xuan Thanh, Director of the Fulbright Economics Teaching Programme, suggested that it is time to remove the regulations and replace them by indirect … [Read more...] about Interest rate caps not needed: experts
Interest rates for property loans pick up
Interest rates for property loans pick up Interest rates for property loans have inched up as property prices in many places have unusually rocketed. PHOTO: THANH HOA HCMC – Interest rates for property loans have inched up as property prices in many places have unusually rocketed. Eximbank earlier this month started applying a new rate for property loans, which was up by one percentage point to 11% per year. Nguoi Lao Dong newspaper quoted an employee at Eximbank’s Thu Duc branch as saying that the bank has two lending packages at 11% per year. If loans are fully repaid before maturity, borrowers would pay a fine equivalent to 1% of the repayment. Eximbank is currently not providing any preferential credit package for the property sector or individuals seeking loans to buy houses. This rate is applicable all property loans, including loans used to build, repair and buy homes. Borrowing demand of buyers of houses and land in districts 2, 9 and Thu Duc are on … [Read more...] about Interest rates for property loans pick up
Interest rate for social housing loans to be 4.8 per cent per annum
For instance, those who want to ask for a loan to buy social housing or repair their houses will be eligible for interest rate at 4.8 percent per annum. Interest rate for overdue debt will be 130 percent of lending interest rate. The minimum repayment term is 15 years after the first loan is disbursed. If customers want to borrow a loan with a shorter term, they can negotiate with lending bank. By LAM NGUYEN – Translated by UYEN PHUONG Tags: Interest rate social housing loans Vietnam Bank for Social Policies … [Read more...] about Interest rate for social housing loans to be 4.8 per cent per annum
SBV takes measures to reduce lending interest rates
(VEN) - The State Bank of Vietnam (SBV) has taken various measures in order to lower lending interest rates. The Southeast Asia Joint Stock Commercial Bank (SeABank) is providing preferential loans for enterprises worth VND1.5 trillion. Accordingly, SeABank charges annual lending rates of 7.5 percent for three-month loans and 8.0 percent for six-month short-term loans in Vietnamese dong. The bank also gives out short-term US dollar loans at an annual interest rate of 3.0 percent for six months. The program aims to provide enterprises with short-term loans to supplement working capital for trade and production activities. PGBank is offering lending interest rates for individual customers of 9.49 percent a year for short-term loans; and 7.49 percent a year in the first six months, 8.99 percent a year in the first 12 months, and 9.49 percent a year in the first 24 months for medium- and long-term loans. TPBank is giving interest rates of 7.2 percent a year in the first six months for … [Read more...] about SBV takes measures to reduce lending interest rates