State-Owned Banks Agree Not to Hike Dong Deposit Rate to Over 10.5%
State-owned banks have agreed not to raise their dong deposit interest rates to over 10.5% per annum after the State Bank of Vietnam revised the base rate up one %age point to 8% effective Dec 1.
The move aims to create a common ground for the market and avoid a possible interest rate war as new base rate could allow banks to offer deposit and lending rates to 12% at most.
The agreement came in a meeting among the SBV Governor Nguyen Van Giau, leaders of these banks and representatives of Vietnam Banking Association in Hanoi Nov 25, the central bank said on its website yesterday.
Giau also reminded all commercial banks to apply measures to control credit growth and credit and ordered them to tightly control outstanding loans for stock and real estate to ensure liquidity of the whole banking system. (SBV)
Vietnamese
