Savings interest rates have set a new record low of only 1.9% per year for a 1-2-month term.
Deposit interest rates at four major banks of Vietnam have been adjusted sharply, down by 0.2-0.4% per year from the previous listings, bringing the rate to 2.2% per year at the lowest.
The race of interest rate hikes among commercial banks is showing signs of cooling down as many banks have adjusted down the rate by several percentage points per year after the Lunar New Year (Tet) holiday and have set stricter conditions for customers to enjoy the high rates.
Many banks have increased their interest rates to attract more depositors after getting a credit growth quota expansion from the State Bank of Vietnam (SBV).
Deposit interest rates at commercial banks will continue to decrease and remain at low levels in the coming months, analysts forecast.