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Asia Commercial Bank began offering up to 13 per cent for a one-year term deposit last week, an increase of one percentage point over their previous top rate. Eximbank also raised its rate for a 13-month deposit from 12 per cent to 12.8 per cent. For deposits of less than one year, the bank is offering 12.3 per cent.
Other banks have continued to maintain long-term deposit rates at 11-12 per cent, but they have begun to offer a number of promotional programs to offer additional value to depositors.
HD Bank general director Nguyen Huu Dang said that competition among banks to attract deposits was normally late in the year, when credit needs of business and withdrawals by individual all rose ahead of the Tet (Lunar New Year) holiday. Banks needed to boost liquidity to avoid risk, he said.
Despite attempting to attract new deposits, banks continued to lend cautiously. Figures from the Ministry of Planning and Investment showed that, while deposits have grown by 11.23 per cent this year through August 20, credit grew by only 1.4 per cent.
Statistics from 69 credit institutions which account for 90 per cent of the market also showed that lending interest rates decreased during the second half of August. The proportion of outstanding loans bearing interest rates in excess of 15 per cent fell by 1.9 per cent to 22.7 per cent during the period.
The director of one bank who asked not to be named attributed the large gap between deposit growth and credit growth to the reason that some banks were using capital to buy Government bonds and T-bills or for liquidity reserves.
