Bank for Investment and Development of Vietnam (BIDV) announced on March 16th from all branches across the banking system can increase deposit rates depending on the situation of capital supply and demand, but interest rates must not exceed 11.5% / year.

The bank also said interest rates for short-term loan max is 14% per year, private loan interest rates for agriculture and rural development, export loans, small and medium enterprises up to 13% / year. Interest rates for long-term loans of BIDV will be up to 14.5% per year.

One other big banks are on the same day Vietcombank has also increased deposit rates up, range from 11 to 11.5% per year.

At Sacombank, the VND deposit rates for the period from 1 to 36 months adjusted increase from 0.25 to 1.14 percentage points, equivalent to 10.56% rate per year to 11, 58% per year, depending on maturity.

According to Sacombank, the goal of the first interest rate adjustment is to create space for new deposit rates more reasonable level, towards the search for funds is reasonable price to support and medium enterprises small business development. Cùng với mục tiêu trên, along with the above objectives, Sacombank also has plans to make loans with interest rates up to 15% per year. Particularly long-term interest rates for agricultural credit is 13.8% per year, for export credit is 14% and applied to customer records and a good standard, low risk.

Other banks such as Eximbank and SCB has also increased the maximum interest rate of 11.5% per year, Vietnam Asia has its own maximum rates published marginally over other banks is 11.8% per annum for the period 12 months.

Mr. Truong Van Phuoc, General Director of Eximbank, said that this rate increase is essentially transparent to raise interest rates before the banks through bonuses or promotional gifts.