A member of staff at a bank change the numbers showing interest rates. Many commercial bank raised deposit interest rates in recent months. (Photo vietnamfinance.vn Hanoi (VNS/VNA) - Many commercial banks raised deposit interest rates in recent months, triggering worries about the increasing pressure on the lending rates. But some insist this was only a short-term measure. From the beginning of December, rates for deposits of less than six month terms were mostly increased to the ceiling of 5.5 percent and 5.7-7.6 percent for deposits of six to 12 month terms. For long-term deposits, rates were raised from 6.5-8 percent per year popular in the first months of this year to currently 8.5-8.7 percent. National Citizen Bank, Viet Capital Bank, Bac A Bank, VPBank, PVComBank, VietA Bank, Sai Gon Commercial Bank and Orient Commercial Bank were among those offering 7 percent interest rate for deposits of six-month term. At VPBank, depositors would be provided rates of up to 7.7 … [Read more...] about Banks raise deposit rates in short-term
Huntington bank refinance mortgage rates
Banks raise deposit rates but only short-term
A member of staff at a bank staff changing numbers showing interest rates. Many commercial bank raised deposit interest rates in recent months. - Photo vietnamfinance.vnViet Nam News National Citizen Bank, Viet Capital Bank, Bắc Á Bank, VPBank, PVComBank, VietA Bank, Sài Gòn Commercial Bank and Orient Commercial Bank were among those offering 7 per cent interest rate for deposits of six-month term. At VPBank, depositors would be provided rates of up to 7.7 per cent per year for deposits from six to 12 month terms. For deposits of 12-24 month terms, Viet Capital Bank offered a rate of 8.6 per cent per year and 8.4-8.5 per cent at TP Bank, VIB and PVComBank but with a requirement about the deposit sum. Besides raising deposit rates, banks also provided promotions to attract depositors. This raised a question whether the trend of increasing deposit interest rates would continue and weigh on lending rates. According to Trương Huy Mai, a financial … [Read more...] about Banks raise deposit rates but only short-term
Banks up deposit rates, businesses worry
Depending on the deposit term, several banks have increased interest rates by 0.1 - 0.2 percentage points. The interest rate offered by VPBank to individual customers early November was up 0.1 percentage point over October's deposit rates. Specifically, interest rates for individual customers with term deposits of 1-36 months ranged from 5.1 percent to 7.3 percent per annum. At OCB, from November 10, interest rates have also been raised by 0.1-0.2 percentage points per annum for some fixed term deposits. The bank's highest deposit rate is 7.7 percent for a 36-month term. Interbank rates are also seeing an upward trend, with the average interest rate for all durations has increased by 0.126-0.24 percentage points. Senior bank officials say that the increase in deposit interest rates in November and December is merely a seasonal move by banks to attract idle funds in anticipation of increased borrowing by businesses in the new year. Some banks have increased interest rates to … [Read more...] about Banks up deposit rates, businesses worry
VAMC, banks auction mortgaged assets to recover bad debts
VAMC, banks auction mortgaged assets to recover bad debtsThe Saigon Times Daily VAMC and multiple banks have auctioned mortgaged assets to settle bad debts - PHOTO: THANH HOA HCMC - Vietnam Asset Management Company (VAMC) and multiple banks have put up the mortgaged assets for auction to speed up the settlement of bad debts, according to Nguoi Lao Dong newspaper. VAMC announced its business plan earlier this year, which stated the company would buy a maximum of VND32 trillion (US$1.4 billion) worth of nonperforming loans using its special bonds and would use cash to purchase VND3.5 trillion worth of bad debts. VAMC targeted settling some VND34.5 trillion worth of bad debts this year. VAMC recently seized entitlement certificates over 13 land plots and land-attached properties, including a plot of land and assets on Nam Ky Khoi Nghia Street in HCMC’s District 3. Green City Construction Investment JSC had used the assets as collateral for loans taken from Vietnam Bank for … [Read more...] about VAMC, banks auction mortgaged assets to recover bad debts
Banks cut deposit rates thanks to good liquidity
Viet Nam News HÀ NỘI – Many banks have recently reduced deposit interest rates by 0.2-0.4 percentage points against earlier this year due to good capital mobilisation amidst the credit slowdown. VPBank has applied new rates since March 30, lowering its annual interest rates for under-six-month and 12-36 month deposits by 0.2 percentage points. The bank’s rates for 6-7 month and 8-11 month deposits were also reduced by 0.3 and 0.4 percentage points, respectively. VIB also cut the deposit rates twice in March. Accordingly, the rate for 1-3 month deposits was reduced by 0.3-0.5 percentage points to 5-5.1 per cent, while rates for deposits with terms of more than 6 months were also slashed by 0.2-0.4 percentage points. Military Bank also adjusted interest rates downwards for short-term deposits by 0.1-0.2 percentage points against February. The same move was also seen at State-owned banks. BIDV, for example, reduced its rate for 1-2 month deposits by 0.2 … [Read more...] about Banks cut deposit rates thanks to good liquidity