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Vietcombank pushes deposit interest rates to record low

By Quynh Trang   November 30, 2023 | 08:38 pm PT
Vietcombank pushes deposit interest rates to record low
A customer makes an Apple Pay purchase with a Vietcombank card. Photo courtesy of Vietcombank
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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