Twelve Viet banks pledge not to violate deposit interest rate cap

Twelve Vietnamese commercial banks which account for 85 percent market share have reached an agreement not to exceed the deposit interest rate ceiling of 14 percent per year, according to Vietnam Daily News.

This information was released at the meeting of the State Bank of Vietnamwith 12 large banks on October 4th aimed at exchanging banking market developments and devising measures to operate the local monetary market in the near future.

All participants committed to not exceed the deposit interest rate ceiling, to keep loan interest rates for manufacturing sector at around 17-19 percent/year or maybe down to 17 percent/year.

The banks also pledged to keep loan interest rates for manufacturing sector at around 17-19 percent per year.