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| Vietnam's deposits soar, interest rates fall till August 17 |
| 03/Sep/2010 Intellasia | Thoi Bao Tai Chinh |
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| 3 Sep, 2010 - 1:31:36 PM |
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By mid-August, deposit interest rates in dong at commercial banks have fallen 0.3 percent, while loan interest rates was down by 0.4 percent against June 30, 2010, the Vietnam Financial Times quoted the State Bank of Vietnam's Governor Nguyen Van Giau as saying in his report yesterday September 2.
Although interest rates were down from last June, total mobilised deposits in dong continued increasing, by 1.13 percent in July after a rise of 5.97 percent in June.
The volume and speed of capital mobilisation by organisations was larger than loan disbursement as most credit institutions all have ensured the liquidity and ability to expand lending.
According to Giau, currently the pace of deposit rate reduction has slowed down as loan interest rates cannot be reduced quickly, but credit institutions are actively raise capital with financial support from the central bank to meet credit demand of the economy.
The SBV Governor said that short-term interest rates would drop significantly, while medium and long term lending rate will require more time due to partly the mobilised funds that are usually growing slowly and making up a very low proportion of the total mobilised capital.
The SBV is continuing to allow credit institutions use 30 percent of short-term moblised capital to offer medium and long term loans.
The central bank said, that by August 17, total mobilised capital of the dong rose 17.44 percent, while total outstanding loans increased 14.15 percent.
The SBV Governor said that Vietnam would be able to control inflation at around 8 percent, GDP growth of about 6.5 percent this year and thereby the credit will grow by 25 percent as the proposed goals.
According to statistics from the State Bank, deposit rates now average at 11 to 11.2 percent per annum for a term of three months - 12 months, and 10.5 to 11.2 percent for terms of more than 12 months.
The lending interest rate of agricultural sector, rural and exports is from 12 percent to 15.5 percent per year (short terms from 12 percent to 14.5 percent, medium and long terms from 13 percent to 15.5 percent per year).
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