VietComBank Interest Rate 16% / year

rambo4 wrote:

[large]Hi guys,

Juz wanna check it is safe to open a saving account with the local banks in hcmc?

The banks is giving 16% per yr ( interest rate ).

Have anyone here open an account yet???[/large]

Yup, I have an account with Vietcombank too.
However, I think this interest rate is only for timed deposits, not savings accounts, am I right?

If you're interested in receiving terrible, disorganized, unfriendly, service then definitely choose Vietcom Bank. If you prefer to be treated like a human being, then try HSBC or ANZ.

Hey bro, the interest rates are incredibly high only because the inflation rate is incredibly high as well.

If you ask about "safe", this bank can be seen as safer than other private bankers. Vietnamese government will back up it as its practice for other state-own companies.

Thus, you can get back your money even if with 16% rate

lucas 247 wrote:

If you ask about "safe", this bank can be seen as safer than other private bankers. Vietnamese government will back up it as its practice for other state-own companies.

Thus, you can get back your money even if with 16% rate

thanks for the reply. but i intend to put 200k usd which is 4billion vnd.

can u advise?

That amount of money will raise huge red flags. Do you have a good explanation where it came from? Is that cash or a wire transaction? Be prepared for the authorities to track your financial transactions, for real. I speak from experience. Sounds like you could use some good financial advice from an expert. Be very careful... Don't make a move until you know all the consequences.

Hi Rambo,

I have heard rates as high as 20% for 2 billion VNDs.  Keep in mind that the branch manager has a couple of percents at his/her disposal. 

But, I would never bring that big of a chunk here, not in this era and most definitely not in this banking arena.  The documentation is crazy, and the risk is enormous.  The rewards?  Pity.

If you have to bring it here, or already did, then the foreign banks are the way to go.  You will get better services and more expert advices with them.  Other than that, don't expect miracles because they too have to comply to Vietnamese banking laws and regulations. 

I do my bankings with Eximbank and Sacombank, because I have friends there.  But, I have heard many good things about HSBC and ANZ.  Regardless of what you choose, stay away from the state-owned banks, unless you have a Vietnamese passport and deal with mostly VNDs.

Good luck,
Howie

I'm in some what of a similar situation. I'm going to contact HSBC since I bank there and they offer 14%. The interest would go to family here in Vietnam to help support them living here. I figure its easier to just receive interest and help people like my father instead of just directly giving him money directly every month.

Hi,

As far as i know, deposit interest rate in Vietnam is capped at 14 % by SBV regulations. Some days ago, there is an explicit message from the head of SBV that they will crack down on any breaches. I hence doubt whether any bank in Vietnam can offer you that rate now.

Concerning your safety question, yes, it is safe to place your  money at any bank in Vietnam since there are no reports of banks falling in Vietnam since. Vietcombank is kinda too big to fail. Also, 200k usd is far from big enough to draw attentions from authorities.

Nam

Upon further consideration, I made up my mind last week. To help support my decision and research I just came across this news article. You can read for yourself.

http://www.bbc.co.uk/vietnamese/vietnam … lide.shtml

"Nobody believed in currency and interest rates are not high enough to make up for the people waiting on the status of the depreciation of money."
The banks are paying interest on savings deposits in dong is 14%. This level may seem high, but inflation in Vietnam to the threshold of 23% in August, the highest level in 33 months.

There are better investments out there that I consider less risky at the moment. Now, for me to decide which one if not all just for being diverse in my investments.

Hi,

I have been to ANZ bank last week to open Bank account they told me with time deposit the interest per year is up of 31% I can't believe!

Francesca G wrote:

Hi,

I have been to ANZ bank last week to open Bank account they told me with time deposit the interest per year is up of 31% I can't believe!

That is PLUS 31% MINUS ANNUAL INFLATION =

31%???  For real?  God...  You guys better listen to Jaitch, whose arithmetic is excellent. 

How will Vietnamese businesses operate, let alone compete, in such a condition?

as you know that, when you save money in bank you receive the nominal interest rate, that means real interest rate equal nominal interest rate minus the inflation rate. in Vietnam the deposit rate ceiling is 12% for VND and 2%( percent) for USD. if you want to invest, for me i don't think invest in banking is the best. ^^

hi I have moved to Vietnam one month ago .I have been to various banks and been told by all that I cant open a bank account .maybe if someone living in vung tau can help me as I have only tried in ba ria

its 4% pa now

No problem opening an account,try HDBank.

hd bank is vietnam bank?

Yes,its a privately run bank, they are a bit more flexible than the commie banks.