Agribank has significantly increased its online interest rates across all maturities, ranging from 0,2% to 0,7%.

Specifically, interest rates for one-month to under six-month maturities increased by 0,2% to a range of 3,2-3,7%. Rates for six months or longer saw a sharp 0,7% increase. Notably, deposit rates for twelve-month terms reached 6%.

This marks Agribank's highest interest rate since late 2023. With this latest adjustment, Agribank's rates are significantly higher than the other three state-owned banks. Currently, deposit rates at the three other state-owned banks, Vietcombank, BIDV, and Vietinbank, remain at 5,2-5,3% per year.

Typically, state-owned banks tend to adjust and list similar interest rates, with a difference of 0,1-0,3 percentage points. Therefore, it is possible that the remaining state-owned banks will also soon adjust their interest rate schedules. Previously, since late last year, all 4 state-owned banks had simultaneously increased deposit rates after holding them steady for a year.

People conducting transactions at a bank branch in Ho Chi Minh City. *Photo: Quynh Tran*

According to analysts, the current pace of capital mobilization is slower than lending, creating widespread pressure to increase deposit rates, which will in turn affect lending rates. Recently, "banking giant" Vietcombank also significantly increased lending rates for homebuyers, especially for new loans.

Meanwhile, at a recent investor conference, Mr. Luu Trung Thai, Chairman of Military Bank (MB), assessed that lending interest rates would be maintained at reasonable levels for prioritized sectors.

"Sectors with high risk levels cannot be offered low interest rates; however, overall, the economy's interest rate level needs to be kept reasonable to balance capital mobilization with stimulating investment and consumption," he stated.

Quynh Trang