HCMC – Several commercial banks, including BVBank, Eximbank, MSB, and KienLongBank, have lowered deposit interest rates in response to the directives by the Prime Minister and the State Bank of Vietnam (SBV).

BVBank has reduced its 12-month deposit rate from 6.05% to 5.8% per year. The rate for 15-month deposits has dropped from 6.25% to 5.9% per year, while the 18-month rate has fallen from 6.35% to 6% per year. For 24-month deposits, the rate is now 6.05%, down from 6.45% per year. Eximbank’s highest deposit rate is now 5.8% per year, applicable to a 24-month term with interest paid at maturity. The bank now offers 5.6% per year for 15-month deposits and 5.7% for 18-month deposits. Interest rates for long-term deposits of 36 and 60 months have been reduced to 5.1% and 5.2% per year, respectively. Previously, the bank had listed rates of up to 6.5% for deposits of 15 to 34 months. MSB’s highest savings rate is now 5.6% per year for terms of 12 months or longer, with interest paid at maturity. KienLongBank offers 5.7% per year for deposits of 12 months or more. Vietcombank has also adjusted its rates, now applying a long-term deposit interest rate of 4.7% per year for a 36-month term, down 0.1 percentage point. This rate also applies to deposit terms ranging from 24 to 60 months. Prime Minister Pham Minh Chinh earlier signed Official Dispatch No. 19/CD-TTg instructing the central bank to look into those banks increasing deposit rates and take actions, including credit growth restrictions or license revocation, if need be. The central bank must report its findings by February 28.