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Commercial banks agreed to reduce lending rates to support businesses and people to overcome difficulties. This interest rate cut will focus on businesses that are heavily impacted by the Covid-19 pandemic.
On July 12, the Banking Association held a meeting with credit institutions (CIs) as members to discuss and agree on the method and time to reduce lending interest rates for existing loans in the past 5 years occurred until 2021 year-end.
At the meeting, banks agreed that the interest rate reduction will be directed to those affected by the Covid-19 epidemic. Depending on the affected subjects, banks will have appropriate interest rate reductions. The deadline for reducing interest rates will be in early July until the end of 2021.
In other hand, the level of savings interest rates in July has not changed much. Some banks adjusted deposit interest rates, but only at a slight increase or decrease. The adjustment of savings interest rates to increase and decrease alternately in banks is a normal situation, depending on the capital mobilization needs of each bank in each period.
Recently, there has been a proposal to bring the savings interest rate to 0%, but the deposit rates at many banks have not only decreased but also tended to increase. The trend of increasing deposit interest rates has existed since the end of the second quarter of 2021 and will continue in the coming time. According to SSI Securities Company, deposit interest rates may increase from the beginning of the third quarter of 2021 with an increase of about 0.5 percentage points while lending rates will remain stable in the second half of this year.
Documentary Editorial Board, DBRC「 Researching on Accounting, Taxes, Legal, Finances in Vietnam」, Dong Du International Accounting & Legal Consulting Group Vietnam, A member of OneSMP Singapore, Southeast Asia Business Consulting Network (www.japanvietnam.com.vn)
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