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Interest for US dollar deposits rises
Several commercial banks have raised their yearly interest rate for US dollar deposits 0.2 percentage points to about 4.5-5.2.
The rises have sparked worries about a trend to higher interest rates.
Viet Nam Eximbank has increased its three-month term deposit to 4.35 and 12-month-term deposits to 4.45 per cent and Asia Commercial Bank (ACB) moved to match the decision late last week.
Well-known dollar-trader Vietcombank is offering 4.5 per cent for a 12-month-term deposit and the yearly interest offered at the Viet Nam - Russia Bank, PG Bank and An Binh Bank ranges from 4.5-5.2 per cent.
"We raised the interest to ensure our customers stayed with us as the interest rates at other banks went up," explained an ACB senior official. "We don't want to be involved in an interest-rate race."
Bao Viet Bank general director Phan Dao Vu said: "Enterprises can afford to borrow the US dollar at 6-7 per cent plus the exchange rate risk when compared with the interest paid for dong loans. Thus, the dollar deposit interest rate can stand at about 4-5 per cent."
"It depends on the deposit structure of each bank."
The total deposit of foreign currencies State Bank of Viet Nam, HCM City, was down 4 per cent last month against July to about US$8.56 billion. Total outstanding dollar loans were up 1 per cent to $8.99 billion.
To be updated.
vietnamnews
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