Up to March 13, the total outstanding loans under the government's lending rate subsidisation programme reached 144.312 trillion dong, reported the State Bank of Vietnam (SBV). Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) on March 12 also made a strong impression by increasing the deposit rate up to 8.7% pa for 36-month term. Other terms were also adjusted up to 8.004% pa for 12-month term and terms of from 12 months and longer will enjoy the deposit rate at around 8% pa.
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) has recently said that from March 12 it will officially increase the dong deposit rate with the highest level of 8.7% a year for 36-month term. In addition, 12-month term deposit will enjoy the interest rate of 8% a year, three months at 7.32% and 6, 9 and 12 months at 7.44%, 7.524% and 8.004% a year respectively. At Viet A Commercial Joint Stock Bank (VietABank), the deposit rate is also adjusted up by 0.2-0.5% a year whereby the deposit rate is 5% a year for one week term, two weeks at 5.5%, three weeks 6% and one-month at 7.2% a year.
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) promotes the special “Golden term - Golden opportunity” program nationwide from 12 March 2009 to 09 June 2009. The program applies for individual customers who have savings with durations of 6, 9 and 12 months onwards, and withdraw the interest only upon on maturity. Total value of the program is more than VND 2 billion. Accordingly, the customers will achieve bonus interest ranging from 0.06% per annum to 0.36% per annum on top of current interest. With each term of the following: VND 50 million savings (6 months) or VND 30 million savings (9 months), or VND 10 million savings (from 12 months) will receive a lucky draw number
Kim Eng Vietnam Securities has rated Saigon Thuong Tin Commercial Joint Stock Bank (STB), or Sacombank, one of its top picks for a buy. Sacombank announced a net profit of VND255 billion (US$14.6 million) for the fourth quarter of last year, a 45.6 percent increase from the previous quarter. The HCMC-based bank, partly owned by ANZ and the only lender listed on the Ho Chi Minh Stock Exchange, made a fat profit from gold and foreign currency trading in 2008. Forex and the yellow metal contributed a tidy VND252 billion to the bottom line, up 159 percent on the previous year.