Fitch Ratings has revised the outlook on the long-term issuer default ratings (IDRs) of two State-owned banks and a wholly foreign-owned bank in Việt Nam to Stable from Positive, and the outlooks for two joint stock commercial banks to Negative from Stable.
Many banks have cut their deposit interest rates significantly this month due to a credit growth slowdown in the wake of the pandemic.
A number of commercial banks have lowered their interest rates on savings accounts by 0.1-0.4 percentage points in order to offer loans at a lower interest rate to businesses and individuals affected by the Covid-19 outbreak.
Commercial banks have recently raised their interest rates for six-month deposits to a record high of more than 8 per cent per year.
The State Bank of Việt Nam (SBV) on Friday announced it would cut several key interest rates by 0.25 percentage points, starting from September 16, to support economic growth.
Many commercial banks are racing to mobilise capital, luring customers with deposit interest rates of up to more than 9 per cent or 10 per cent per year.