Deposit and lending interest rates are still not down. Dong lending interest rates remain high, hence, businesses prefer US dollar loans to dong loans. While people tend to switch from US dollar deposits to dong deposits because of the large difference in interest rates between US dollar and dong deposits, together with the weakening forex rate
Sacombank finally received the official license from the State Bank of Laos to establish Sacombank Branch in Vietian, Laos. The Branch is proceeding to make its debut at the year-end. Laos is a potential market due to its important geographic position to penetrate into other Asian markets such as Thailand, Myanmar, Cambodia and China. Laos stock market is set to begin at end-2010. The State Bank Laos commits to create the best conditions for Sacombank and other foreign commercial banks to expand their operations in Laos
Sacombank and Bao Viet Securities Company jointly launch the Bank & Stock Synergy Product to provide prompt, accurate and safe transaction service. Maintaining only one payment account, including conducting stock transactions, investors can now receive interest and other added-value services such as: funds transfer, remittance, deposit and withdrawals, check balance through SMS, SMA, Internet and etc.
Reduced interest rates, more flexible lending policies and easier loan terms are helping local companies, especially small and medium-sized enterprises (SMEs), to stabilise their operations. Sai Gon Thuong Tin Joint Stock Commercial Bank (Sacombank) has announced an offer for exporters to set the lending rate of Vietnamese dong at 8.5 per cent per year – equal to the lending rate of the US dollar. In return, these borrowers have to commit to selling US dollars to Sacombank after export.