HANOI, March 28 (Xinhua) -- Vietnam's deposit interest rates are expected to remain low until the middle of 2024, with a slight increase anticipated due to higher credit demand, Vietnam News reported Thursday, citing analysts.
The current rate for a 12-month deposit stays below 5 percent per year, down 0.5 percentages points from the previous month, according to the report.
Shorter term deposits, such as nine months, see rates ranging from 3 to 4 percent per year, while rates of six-month term deposits fluctuate between 2 and 4.7 percent per year.
Experts forecast that 12-month deposit interest rates of large commercial banks may increase by 25-50 basis points in 2024, returning to between 5 and 5.5 percent per year.
They said lower rates would allow businesses and individuals to access capital at more reasonable costs, aiding in the recovery of production, business activity, and consumption. ■
