Friday , May 24 2024

Vietcombank pushes deposit interest rates to record low

State-owned lender Vietcombank, Vietnam’s biggest lender by market cap, has cut its interest rate for one-month deposits to a record low of 2.4%.

Its three-month rate is 2.7%.

Its highest rate, for 12 to 24 month deposits, has come down to 4.8%, from 7-8% in January.

This is the third time in the last two months that the bank has slashed its rates.

Vietcombank now has the most deposits of any bank the country: one quadrillion.

Its credit growth in the first nine months was a low 2.7%.

The three other state-owned lenders, Agribank, BIDV and VietinBank, have kept their rates unchanged since the last adjustment in early November.

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