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  Banking Finance

Local commercial banks are eager to hike their dollar interest rates

The US Federal Reserve (Fed) on September 22 hiked its interest rates by another quarter percentage point to 1.75 percent for the second time since June of the year.

Following the move, a number of Vietnamese local commercial banks have confirmed they will raise their interest rates for dollar funds.

Accordingly, Vietcombank raised on Tuesday its dollar interest rate by 30 -45 basis points as it previously forecast the Fed would make another upward adjustment. Currently, Vietcombank’s rates for US$ saving with term of 3/6/9/12/24/36 months were 1.65/1.8/2/2.4/3/3.1 percent pa respectively. Hanoi based Vietnam International Commercial Bank on Monday raised its rates by 5-30 basis points. HCM City based Eastern Asia Commercial Bank is discussing on hiking their dollar rate. BIDV Ho Chi Minh City branch intended to increase its rate by 30-45 basis point, the same as Vietcombank levels.

Vietnam economic review - (28/09/2004)

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