Agribank announced a 0.5 percentage point cut for deposits of 24 months and longer from April 13, enabling corresponding reductions in lending rates linked to these benchmarks.
Vietcombank also reduced rates by 0.5 percentage points for 24 month deposits, bringing its highest rate to 6 per cent.
Eximbank cut long term deposit rates by 0.5 percentage points, while LPBank lowered rates by between 0.4 and 1 percentage point across terms ranging from 6 to 60 months.
Other lenders, including SHB, TPBank, VPBank, KienlongBank, ABBank and SeABank, also reduced rates by 0.1 to 0.5 percentage points.
At a meeting on April 9 with the central bank governor, 46 commercial banks agreed to cut both deposit and lending rates to support the economy amid ongoing financing difficulties.
Nguyen Van Loc of Phenikaa University said rate cuts should focus on concessional refinancing or credit guarantees for priority sectors such as manufacturing, exports, small and medium sized enterprises and key infrastructure.
He added that policymakers face the challenge of balancing macroeconomic stability with growth support as policy space becomes more constrained.
