Deposit and lending interest rates to remain stable through September
Most of credit institutions expect that deposit and lending interest rates will remain stable or decline slightly in the third quarter of 2015.
According to a survey of the Monetary Forecasting and Statistics Department (State Bank of Vietnam), Vietnamese credit institutions and foreign bank branches in Vietnam were stable in the second quarter of this year and ancipate to see a bright business outlook in 2015.
About 51-61% of credit institutions forecast interest rates will decrease by the end of 2015 compared to a year earlier. Deposit rates are hoped to be steady while lending rate will decrease by 0.13% yearly in the third quarter of 2015. Lending rates are expected to decrease 0.44% annually while deposit rates will fall by 0.2% yearly, the survey showed.
According to the report, the statistics department said the banking system expects this year’s average deposit growth rate to be 15.8% higher than the 14.9% anticipated in the previous survey.
Up to 89-93% of the respondents project that term deposits from six months to one year will pick up this year. Deposits of over a year are also hoped to increase by 92% of those surveyed, the department said.
Up to 99% of the institutions predict an average credit growth rate of 6.8% in the third quarter of 2015 and 18.2% for the whole year, faster than the 14.2% rate in 2014 and the annual target of 13-15% set by the State bank.
About 51-61% of credit institutions forecast interest rates will decrease by the end of 2015 compared to a year earlier. Deposit rates are hoped to be steady while lending rate will decrease by 0.13% yearly in the third quarter of 2015. Lending rates are expected to decrease 0.44% annually while deposit rates will fall by 0.2% yearly, the survey showed.
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Up to 89-93% of the respondents project that term deposits from six months to one year will pick up this year. Deposits of over a year are also hoped to increase by 92% of those surveyed, the department said.
Up to 99% of the institutions predict an average credit growth rate of 6.8% in the third quarter of 2015 and 18.2% for the whole year, faster than the 14.2% rate in 2014 and the annual target of 13-15% set by the State bank.
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