Day: March 23, 2024

Hanoi: Nearly 20 commercial banks in Vietnam have adjusted deposit rates since the beginning of this month, with most lowering rates.

One of the Big4, the Bank for Investment and Development of Vietnam (BIDV), earlier this week reduced online deposit rates by 0.2 percentage points for terms of 1-11 months and 24-36 months, and by 0.1 percentage points for 12-18 month term.

The Vietnam Bank for Agriculture and Rural Development (Agribank) cut deposit rates by 0.1 percentage points and only maintained a 3% per year rate for 6-9 month terms from March 15.

Agribank has the lowest 1-5 month term rate among the Big4, at 1.6% per year.

Among the Big4, deposit rates at Vietinbank are slightly higher, at 1.6-5% per year.

Earlier this week, Saigonbank suddenly increased rates for long-term deposits, while reducing short-term rates. Accordingly, rates for 1-12 month deposits were cut by 0.1-0.2 percentage points while 18-36 month term rates increased by 0.2-0.4 percentage points to around 5.4-5.8% per year.

From t
he beginning of March, 17 commercial banks have adjusted their deposit rates so far, four of which cut rates more than twice, including BaoViet Bank, GPBank, BVBank and PGBank. Rates for online deposits are currently around 1.6-6.2% per year.

Sacombank offers the highest rate for 36-month term at 6.2%.

The highest rate for 1-2-month term belongs to CBBank at 3.6%, followed by MSB and NCB at 3.5%, Dong A Bank at 3.3%, and VietBank, Viet A Bank and OceanBank at 3.1%.

For 6-month term, ABBank offers the highest rate at 4.7%.

Only eight banks offer rates higher than 5% for 12-month deposits.

According to statistics of the State Bank of Vietnam, deposits at banks were estimated to total 13.5 quadrillion VND (302 billion USD) as of the end of 2023, the highest figure ever recorded.

A report by broker VNDirect forecast that the central bank might cut operating rates by another 0.5 percentage points in the second quarter of 2024, bringing the refinancing rate to 4% and discount rate to 2.5%.

Accordingly, the a
verage 12-month deposit rate is expected to remain low at around 4.5-5% per year in 2024.

The Government also asked for efforts to lower lending rates to support socio-economic recovery./.

Source: Vietnam News Agency

Geneva: A working delegation from the northern province of Thai Binh, in collaboration with the Switzerland-Vietnam Business Gateway (SVBG) and the Swiss-Asian Chamber of Commerce (SACC), held a seminar in Zurich city on March 22 to showcase local investment potential and attract Swiss businesses to the locality.

Speaking at the event, Chairman of the provincial People’s Committee Nguyen Khac Than said Thai Binh boasts advantages in land bank for industrial development, with 10 industrial zones and 49 industrial clusters covering nearly 3,000ha ready to welcome investors.

Thai Binh always welcomes investors from around the world, especially those from Switzerland, to explore and invest there, he said, hoping that the Vietnamese Embassy in Switzerland and business support organisations such as Swiss Global Enterprise, SwissMEM, Swiss Textiles, SACC and SVBG will facilitate connections between the province and Swiss companies and investors.

Thai Binh commits to all possible support for foreign firms, especia
lly those from Switzerland, to boost cooperation and investment, he added.

In the Q and A session, the Vietnamese delegates discussed Thai Binh’s specific areas open to Swiss investment, including finance, banking, insurance, manufacturing, pharmaceuticals, food processing, renewable energy and tourism services./.

Source: Vietnam News Agency

Hanoi: Prime Minister Pham Minh Chinh has asked the Mekong Delta province of Vinh Long to fully tap its potential and advantages to become a modern and ecological province, with a development level higher than the national average.

Speaking at a conference announcing the province’s master plan for 2021-2030 with a vision to 2050, PM Chinh highlighted Vinh Long’s strategic location between Ho Chi Minh and Can Tho cities, saying that it is convenient for both road and waterway transportation. As the country’s leading food producer, the province holds vast potential for developing rice, industrial crop and fruit cultivation, catering to both domestic and export markets. Tourism development was also mentioned as a promising avenue.

He suggested that Vinh Long should develop hi-tech agriculture; historical, cultural and ecological tourism; and industries in service of agriculture and rural areas.

Focus should be given to emerging sectors such as green transition and digital transformation, circular and knowledg
e-based economies, with innovation as a key driving force, he said, underscoring the importance of public-private partnerships, administrative reform and greater solidarity for local development.

Aligning with Vietnam’s national focus on green growth as a core of economic restructuring, PM Chinh stressed the need for Vinh Long to further invest in transportation and urban infrastructure, education and training to develop a skilled workforce; enhance the capacity of climate change adaptation, natural resource management and environment protection.

He believed that investment projects will bring significant benefits if conducted in the spirit of “harmonising interests, sharing risks’, contributing to the overall local economic development.

The leader took the occasion to ask ministries and agencies to work closely with Vinh Long to improve its business environment and help firms save costs.

The event also witnessed the provincial authorities granting in-principle approvals, investment certificates, and memo
randa of understanding for 13 projects with a total capital topping 19.6 trillion VND (816 million USD).

Under the approved master plan, Vinh Long aims to become a hi-tech agricultural and ecological hub in the Mekong Delta by 2030. The plan envisions a province boasting a modern infrastructure system in sync with the region./.

Source: Vietnam News Agency