From October 21, right after the State Bank of Vietnam (SBV)'s decision of reducing the basic interest rate, commercial joint stock banks such as SCB, OceanBank, SeABank, ABBank, Techcombank, VPBank, Trust Bank and ACB started to reduce dong deposit rate strongly. An Binh Commercial Joint Stock Bank (ABBank) on October 21 officially reduced deposit rate by 1-1.5% for all terms. The bank now applies a dong deposit rate of 16.5% per year for three-month term, six months at 16.75%, nine months 16.4% and 12 months at 16.3% per year.
China, 22 October 2008: Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) is the only Vietnamese Bank chosen to attend the fifth China - Asean Trade Fair (CAEXPO) at Nanning City, Guangxi, China from 22 October to 25 October, 2008. This year, there are more than 3,300 international standard booths exhibited at the Fair. The exhibition consists of four pavilions, namely Pavilion of Commodity Trade, Pavilion of Investment Cooperation, Pavilion of Agricultural Applicable Technology and Pavilion of Cities of Charm
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