Pursuant to the government office's Official Letter No 8260/VPCP-KTTH, prime minister approved State Bank of Vietnam to adjust down key rates from December 5, 2008. Particularly, the basic rate will be lowered from 11% pa to 10% pa, the interest rate of capital re-supply and overnight lending in the interbank electronic payment will be cut down from the current 12% pa to 11% pa and the discount rate will be from 10% to 9% pa. Notably, the compulsory reserve deposit rate of the dong will be reduced from 10% to 9% pa.
Sacombank Jewelry Company Limited (Sacombank-SBJ), a VND200-billion (US$12 million) subsidiary of Sacombank, launched its gold trading exchange in Ho Chi Minh City on Friday. The gold and gem trading company, a unit of Vietnam’s second-largest listed lender, also launched the SBJ mini gold bar. Sacombank clients will be able to trade gold future within a daily trading band of 1 percent at the HCMC-based gold exchange, which will trade between 8 a.m. and 4:30 p.m. on weekdays.
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) will launch the Thanksgiving event at all transaction points nationwide from 01 to 31 December 2008. The Thanksgiving event is Sacombank’s mark of appreciation to the customers. The Bank shall send thanksgiving gifts to all customers. The total value of event exceeds VND 2 billion. Depositors will receive a lucky draw coupon for every VND 30 million or USD 2,000 of deposits for at least 1 month tenure to win the valuable prizes
Based on practical conditions on current infrastructure and service quality, the State Bank of Vietnam (SBV)'s governor on November 27 issued Dispatch No 10447/NHNN-TT disallowing Vietnam Card Association (VCA) to charge for ATM use from January 1, 2009.