Interest rates have remained fairly stable since the middle of August and the business community is also increasingly able to access loans, according to the State Bank of Vietnam (SBV).
The current interest rates quoted are 1-2 percent annually for no-term deposits and 2 percent annually for those of less than a month. That for those from one to fewer than 12 months is 8.8-9 percent annually and for deposits of 12 months or over, it ranges from 10-12 percent annually.
The rate for USD is steady at 2 percent annually for individual deposits and 0.51 percent for commercial interests.
Along with the stable interest rates, that for loans has also remained constant, with some banks applying preferential lending options to different clients.
The Vietnam Bank for Agriculture and Rural Development has also reduced its three-month interest rate on loans, from 11.5 percent down to 11 percent annually, to enable food companies to purchase food for temporary storage.
The Vietnam International Bank (VIB) has also introduced loans for individuals with an interest rate of 9.9 percent for customers buying, building or repairing their house and 11.5 percent for business for the first three months of the loan.
For the fourth month in a row, the banks have adjusted their interest rates on loans in line with market forces. The VIB has reduced its lending interest rate to a maximum of 14.99 percent on more than 20,000 loans that have satisfied the bank’s conditions.
The interest rate on loans for agriculture, exports and small- and medium-size enterprises is currently 10-13 percent annually, while other sectors have to pay 12-15 percent.
The lending rate for USD has generally remained the same across the major banks at 5-7 percent annually for short-term loans and from 6-8 percent for medium- and long-term loans.
According to the figures released by credit institutions, the total turnover of transactions in VND in the inter-bank market reaches approximately 110.5 trillion, equivalent to 22 trillion VND every day. Sales in USD converted into VND have reached 56.8 trillion.