Several local banks on October 21 cut deposit interest rates by as much as 1.8 percentage points, bringing the average rate to about 16 percent a year.
This followed a prime-rate cut by the State Bank of Vietnam on October 20.
The An Binh Bank (ABBbank) cut 1-1.5 percentage points of all its deposit terms as of October 21. Meanwhile, Technological and Commercial Bank of Vietnam (Techcombank) cut its rates by 0.5 percentage points and Hanoi-based Vietcombank moved its rates down 1 percentage point.
Several joint-stock banks are also reportedly preparing for a rate cut.
Lower deposit rates will create conditions for bankers to further reduce lending rates, thus, it will make it easier for enterprises to get bank loans and help boost the earnings of local companies.
VOVNews/VNS
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