Developments of interest rates applied by credit institutions
April 2024
1. Mobilization interest rates:
- The interest rates in VND: the average mobilization interest rates in VND were at 0.2% p.a. for demand and below 1-month terms; 1.9% – 2.8% p.a. for 1-month to below 6-month terms; 4.8% – 5.2% p.a. for 6-month to below 12-month terms; 6.0% – 6.9% p.a. for 12-month to 24-month terms; and 6.9% - 7.4% for 24-month plus terms.
- The interest rates in USD: the mobilization interest rate in USD was 0% p.a. for both individuals’ and institutions’ deposits.
2. Lending interest rates:
- The average lending interest rates in VND: the average lending interest rates were between 7.3% – 9.5% p.a. for new loans and existing loan outstandings. The average lending interest rate for short-term loans was 3.6% p.a. for the priority sectors and areas, lower than the ceiling interest rate as stipulated by the SBV (4%).
- The lending interest rates in USD: the average lending interest rates for new loans and existing loan outstandings were between 4.2% – 5.1% p.a. for short-term loans, 6.3% - 7.2% p.a. for medium and long term loans.
Translated by Le Hang.