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29 October 2009

Vietnam: Inter-bank transactions up on rate increase

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The average transaction interest rate in Vietnam’s inter-banking market increased over the past week. Specifically, the average overnight Vietnam dong interest rate was 7.25 percent per annum, an increase of 0.4 percent from the previous week, reported

Together with the Vietnam dong deposit interest rate, the US dollar deposit interest rate was also increased. In particular, the Saigon – Hanoi Commercial Joint – stock Bank (SHB) has raised the US dollar savings interest rate by 0.6 percent for the 13-month term. Other terms increased as well from 0.1 percent to 0.55 percent, raising savings interest rates to 3.7 percent per annum.

SBV’s (State Bank of Vietnam) Governor Nguyen Van Giau said that SBV will keep the basic interest rate and compulsory reserve rate from now to the end of through early 2010.

Currently, the Vietnam dong basic interest rate is 7 percent per annum and the compulsory reserve rate is kept at 3 percent for non-term deposits and 1 percent for term deposits.

Governor Giau also forecast that the credit growth would be not high in the remaining months of 2009, currently just 1 percent a month. The growth is at a safe rate, this number includes lending growth in the stock and real estate markets. 


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