Developments of interest rates applied by credit institutions
October 2022
1. Mobilization interest rates:
- The interest rates in VND: the mobilization interest rates in VND ranged between 0.2 – 0.3% p.a. for demand and below 1-month terms; 4.3 – 4.8% p.a. for 1-month to below 6-month terms; 5.4 – 6.5% p.a. for 6-month to below 12-month terms; 5.6 – 6.8% p.a. for 12-month to 24-month terms; and 6.2 – 6.7% p.a. 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 lending interest rates in VND: the average lending interest rates were between 8.4 – 9.9% p.a. for new loans and existing loan outstandings. The average lending interest rate for short-term loans was 4.6% p.a. for the priority sectors and areas, lower than the interest rate cap for short-term loans as set by the State Bank of Vietnam (5.5% p.a.).
- The lending interest rates in USD: the average lending interest rates for new loans and existing loan outstandings were between 3.2 – 4.5% p.a. for short-term loans, 5.2% - 5.7% p.a. for medium and long term loans.
Translated by LK.