In their latest interest rate announcement, Agribank has increased interest rates for 1-2 month deposits to 1.7% p.a. and 3-5 month deposits to 2% p.a., a 0.1% increase from before. This is the first time in many months that this state-owned commercial bank has raised interest rates.
Agribank is the latest state-owned commercial bank to increase deposit interest rates.
Another bank that has also adjusted its interest rates at the beginning of August is Sacombank. Specifically, for short-term deposits, the interest rate for 1-month deposits has increased by 0.5 percentage points to 2.8% per annum, and for 3-month deposits, it has gone up by 0.4 percentage points to 3.2% per annum… For long-term deposits of 12 months and above, the bank has increased the interest rate by 0.2 percentage points to 4.9% per annum. The highest interest rate currently offered by Sacombank is 5.2% for deposits with a term of 36 months.
According to a report by Military Bank Securities Company (MBS) in July, a total of 16 banks, including four large-scale commercial banks – MB, VPBbank, Sacombank, and BIDV – adjusted their deposit interest rates, with increases ranging from 0.1% to 0.7%.
At present, some banks are offering interest rates above 6% per annum for deposits with terms of 12 months and longer. Experts attribute this upward trend in savings deposit rates to the rapid growth of credit, which is outpacing that of capital mobilization by threefold.
According to the State Bank of Vietnam’s data as of the end of June, the credit growth of the system reached about 6%, a significant increase compared to the first two months of the year when credit growth was negative.
Some banks have stated that the slight increase in deposit interest rates is aimed at preparing capital sources to meet the typically high demand for credit growth in the latter part of the year.
