Anticipating the trend of lowering deposit interest rate ceiling?
(Baonghean.vn) -If every year, this is the "hot" time of the currency market because banks compete to attract capital with sky-high mobilization interest rates and consequently, sky-high lending interest rates. However, in the last days of the year, some banks continue to slightly adjust down long-term mobilization interest rates.
On the morning of December 11, at some banks in Vinh city, the mobilization interest rates were relatively stable for terms of 12 months or less, but decreased by about 0.5%/year for terms over 12 months. Specifically: the common interest rate for non-term deposits is 1-2%/year; terms under 1 month 2%/year; from 1 month to under 12 months 9%/year, from 12 months or more is 10-12%/year. Banks are also not interested in attracting long-term mobilized capital because interest rates are forecast to continue to decrease. According to the assessment, current interest rates are consistent with inflation, macroeconomic and monetary market developments. Accordingly, the common lending interest rates for the fields of agriculture, rural areas, exports, small and medium enterprises, and supporting industries are at 10-13%/year; lending to other production and business sectors at 12-15%/year.
However, to maintain the growth target, banks also launched incentives to attract customers to mobilize capital, but because of the difficult output, interest rates did not increase as in previous years, but only implemented some light promotional programs such as lucky draws with small values, or deposits with gifts such as stainless steel cups and spoons (VIB Vinh bank)..., without the massive promotional programs as in previous years. The receptionist of VIB Vinh bank said that with a deposit of 5 million, customers will receive a set of 6 stainless steel spoons, over 100 million, the gift is a set of cups... This promotion level is quite "modest" compared to the time when banks competed to attract capital last year.
The interest rate list posted on the morning of December 10 by VP Bank showed that the highest interest rate was only 12.5%/year for a term of 12 months. For terms from 1 to 9 months, the interest rate is stable at 9%/year. At some other large banks such as Vietcombank, the VND mobilization interest rate for corporate customers is currently only 10% for a term of 12 months and 10.5%/year for long terms of 24 - 36 - 48 - 60 months. And the same goes for individual customers.
At Agribank, Mr. Phan Quoc Vuong - Director of Agribank Nghe An branch said that basically the interest rate has not changed. Currently, we maintain good mobilization and lending. This is the time when people take care of spring crops, lending is favorable. He also said that as soon as there is a directive, we will strictly implement it. Currently, the 1-month mobilization term is 8%, 2 months is 8.5%, 3, 6, 9 months is 9% and 12, 18, 24 months is 12%/year...
The director of Hung Phat Trading Joint Stock Company (Vinh City) said that at the end of 2011, his business had to borrow at an interest rate of up to 20%/year, but currently the lending interest rate offered by commercial banks only fluctuates at 13% - 14%/year, and in some places it is even lower. As for credit officers
Some banks continue to slightly adjust long-term deposit interest rates.
The current reduction in interest rates by banks is considered to be in anticipation of the upcoming trend of lowering the ceiling on deposit interest rates. Previously, at the regular meeting in November 2012, the Government requested that in December, the State Bank should consider applying a ceiling on lending interest rates and reducing lending interest rates to help businesses access credit capital for production and business, but not to let inflation increase again.
Regarding this issue, Mr. Nguyen Xuan Thuy - Director of 22/12 Brick Joint Stock Company said that the key point for businesses now is to solve inventory, before considering borrowing capital for production and business. For businesses to access new loans, lowering interest rates is not enough, but also supporting solutions to solve inventory for businesses.
Thu Huyen
