To encourage customers to deposit money online amid the COVID-19 pandemic, many banks have raised interest rates for online savings by up 1.4 per cent higher than over-the-counter deposits.
Vietnamese shares retreated on Thursday as foreign investors maintained net-selling amid concerns over the coronavirus-hit global economy.
Companies’ annual general meetings are likely to be delayed this year with many saying they have not yet set a date, banks have taken advantage of the situation to expand their online services to mitigate its effect on their business.
Several companies have put annual shareholders’ meeting on hold on worries about the spread of coronavirus pandemic.
Việt Nam’s benchmark VN-Index plummeted 6.28 per cent on Monday, its worst daily loss in the last 19 years, as investors were alarmed with widespread slumps on the global markets.
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.
Seventeen out of 45 commercial banks slashed the fees for interbank transfers of small sums worth less than VNĐ500,000 (US$22) following the move of the National Payment Corporation of Việt Nam (NAPAS) to cut switching fees with an aim to promote cashless payments.