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TRADE FINANCE | Cesar Tordesillas, Vietnam
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Vietnam banks race to raise gold saving interest rates

Gold saving interest rates at many Vietnam banks have increased sharply from 0.1% – 0.5%/year to 1% -1.5%/year. There are some banks that have raised the interest rate of gold savings up to 2.6% per year.

 

This transpired as banks have to reduce the dong deposit interest rates to 6% per year for non-term and less than one month term and 14% for more than one month term in compliance with the central bank’s rule, the

In VietA Bank, the gold saving interest rates for the three-month term rose to 1.5% / year. Meanwhile, Nam A Bank has also raised the mobilised interest rates in gold for the terms of 1, 2 and 3 months from 0.8% / year to 1.2% / year, and it allows customers to draw gold ahead of time but customers have to pay 0.055% premium.

Asia Commercial Bank (ACB) applied the interest rate in gold at 1.3% / year for the nine month period, plus interest and bonus of 0.1% -0.2% for customers who deposit from 10 to 80 taels of gold. Vietnam Export-Import JS Bank (Eximbank) has increased the gold interest rates for three and six-month terms to 1.3% / year.

Many people said that this is a proactive move by banks that have strength in gold trading prior to information the State Bank of Vietnam may allow banks to sell mobilised gold in order to stabilize the gold market in times of hot fever.

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