Developments of interest rates applied by credit institutions
July 2024
1. Deposit interest rates:
- The interest rates of deposits in VND: the average deposit interest rates in VND were at 0.2% p.a. for demand and below 1-month terms; 2.4-3.4% p.a. for 1-month to below 6-month terms; 4.4-4.8% p.a. for 6-month to below 12-month terms; 5.5-6.2% p.a. for 12-month to 24-month terms; and 6.9-7.4% p.a. for 24-month plus terms.
- The interest rates of deposits in USD: the deposit interest rates in USD was 0% p.a. for both individuals’ and organisations’ deposits.
2. Lending interest rates:
- The lending interest rates in VND: the average lending interest rates were between 6.9-9.3% p.a. for new loans and existing loan outstandings. The average lending interest rate in VND for short-term loans was 3.6% p.a. for the priority sectors and areas, which is lower than the maximum interest rate for short-term loans as regulated by the State Bank of Vietnam (4% p.a.).
- The lending interest rates in USD: the average lending interest rates for new loans and existing loan outstandings were between 4.1-5.0% p.a. for short-term loans, 6.3-7.4% p.a. for medium and long term loans.
Translated by HP