Agribank Leads the Pack in Rate Hikes

Agribank has made the most significant move by increasing its rates by 0.5 to 1 percentage point for terms below 12 months. This adjustment positions it as offering the highest interest among the four state-owned banks, now paying 2.4-3.7% for terms under 12 months and 4.8% for longer terms.

Private Lenders Follow Suit

Several private lenders have also raised their rates by 0.1 to 0.5 percentage points, including MB, VPBank, TPBank, VIB, MSB, Eximbank, SeABank, Kienlongbank, CBBank, and LPBank. Notably, GPBank and WooriBank are offering at least 6% for terms of 12 months or longer.

Impact of Slower Deposit Growth

The average deposit interest rate has risen by 0.5 percentage points since the second quarter of this year, according to Vietcombank Securities. This trend is driven by slower deposit growth compared to credit growth, with credit growth reaching 12.5% as of December 7, up from 9% in the same period last year.