As having abundant liquidity, many large banks like Commercial Joint Stock Bank for Investment and Development of Vietnam (BIDV) and Commercial Joint Stock Bank for Industry and Trade of Vietnam (VietinBank), etc. have reduced short-term deposit rates by about 0.2 percent.
The latest interest rate list of BIDV shows that from May 22nd, the bank reduced deposit rates on three-month and six-month terms by 0.2 percent per annum, respectively reaching 4.6 percent per annum and 5.1 percent per annum. Meanwhile, the 12-month and 24-month rates are kept unchanged at 6.9 percent per annum.
At VietinBank, the rates remain only 4.1 percent per annum on terms from one to less than three months, 4.6 percent per annum on terms of four to five months, and 5.1 percent per annum on term of six months. Terms from six to 11 months are offered at 5.5 percent per annum. The bank list medium and long-term deposit rates at 6.8 percent per annum on 12-month term and 7 percent per annum on terms of 36 months and more.
Meanwhile, Export Import Commercial Joint Stock Bank (Eximbank) is offering interest rate of 4.6 percent per annum on one-month term, 4.8 percent per annum on two-month term, and 5 percent per annum on three-month term. On long-terms, the bank raised interest rates significantly, maintaining a large difference with short terms. The 12-month deposit rate at Eximbank is currently 6.8 percent per annum and 24-month and 36-month rates are maintained at 8 percent per annum, etc.
Lien Viet Post Commercial Joint Stock Bank (LienVietPostBank) reduced the rate to 4.4 percent per annum on one-month term, 5 percent per annum on three-month term, and 5.8 percent per annum on six-month term.
Market survey showed that the liquidity of the entire system is more abundant compared to the previous weeks. Thus, banks have all adjusted deposit rates to restructure the mobilisation term, encouraging customers to deposit on longer terms.
Report of Bao Viet Securities Company (BVSC) pointed out that the week from May 14th to 18th, via bill channel, SBV issued 8.4 trillion dong of 28-day bills, while the amount of bills matured via this channel reached 200 billion dong. Thus, SBV net withdrew 8.2 trillion dong via bill channel. This development shows that the liquidity of the system is more excessive than the previous weeks.
On the interbank market, the average interbank rates in the last week tended to decline on terms of overnight, one-week and two-weeks at an amplitude of 0.18 percent-0.19 percent. Specifically, the average overnight rate dropped by 0.18 percent to 1.26 percent per annum; average one-week rate dropped by 0.19 percent to 1.31 percent per annum, and average two-week rate dropped by 0.19 percent to 1.47 percent per annum.
