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Macro Update - The interest rates may decline after Tet but dong liquidity remains a concern

Short-term interest rates increased but longer-term interest rate has declined. The interbank interest rates rose with the O/N rates traded within 15.5 -17% pa. On the primary market, banks still compete to raise deposit rates higher. We noted some weak banks raise one-month tenor rates to 21% pa applicable with VIP clients. At the same time, 1-3 month tenor interbank interest rates have declined; common interest rates are trading between 15-16.5% pa from previous week’s 17-19% range. We have s