Specifically, ABBank cut its deposit interest rates by 0.5 percent per year across multiple tenors to optimize funding costs and pave the way for lower lending rates on the afternoon of April 9. According to ABBank, the proactive reduction reflects its serious commitment to promptly implementing the regulator’s policy direction, while enabling the bank to streamline funding costs and move toward lowering lending rates.
SeABank also reduced deposit rates by 0.5 percent per year for new deposits with tenors of over six months on the morning of April 10. The bank stated that this rate cut is part of its commitment to supporting economic recovery and promoting sustainable growth, while balancing business development with customer support. In addition, SeABank will continue to roll out synchronized measures to optimize operating costs and improve efficiency, thereby creating conditions to further reduce lending rates.
Similarly, VPBank lowered deposit rates by 0.3–0.5 percent per year for tenors ranging from six to 36 months. Rates for six- to nine-month terms were reduced to 6.1 percent per year; 10- to 24-month terms to 6.3 percent; and 36-month deposits to 5.6 percent.
Experts noted that reductions in medium- and long-term deposit rates would help banks gradually optimize input funding costs, thereby paving the way for further cuts in lending rates in the coming period. This is seen as a key factor in supporting individuals and businesses in restoring production and business activities, while stimulating credit demand for both business operations and consumption.
