The highest rates of 8% are offered by GPBank (for 12 months) and Saigonbank (13 months). The rest have dropped their rates to below 8%.

Ten of them are offering less than 7%, including the four large state-owned banks, which are paying 6.3%.

An employee counts Vietnamese banknotes at a bank in Hanoi.

The remaining 20-odd banks have rates of above 7%.

For deposits of six to nine months, state-owned banks offer less than 6% while private lenders pay 6.5-7.9%.

The rate for deposits of less than six months is capped at 4.75% by the State Bank of Vietnam.

More than 30 banks simultaneously lowered deposit interest rates after the central bank reduced policy rates on June 16.

It was the second time in less than a month and the third time this year that the central bank lowered the interest rate ceiling for deposits of less than six months.

Asia Commercial Bank chairman goes viral for singing in the rain

Tran Hung Huy, chairman of Asia Commercial Bank (ACB), gained attention for performing “Always Remember Us This Way” and “Co Don Tren Sofa” (Alone On the Sofa) in a recent event.

Almost all banks cut 6-month deposit interest rate to below 8%/year

Almost all banks in Vietnam have cut interest rates for deposits for terms from six months and above to below 8% per year.

Certain banks allowing loans above limit

Some banks have allowed loans as much as six times higher than the set limit, according to a report by the State Audit of Vietnam.

Banks to lower loan interest rates by 50 basis points

Banks are set to cut loan interest rates on Monday on the directions of the central bank, which is seeking to speed up economic recovery.

Ha Long Bay, Hoi An among top travel destinations depicted on banknotes

Hong Kong newspaper South China Morning Post has named Vietnam's Ha Long Bay and Hoi An town among the world's best tourist destinations appearing on banknotes.

Source: VnExpress