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VCSC Daily - Negative loan growth and low CPI spur deposit rate cut rumour

Deposit rate cut rumours inject life into market. The market has been talking about a rumoured 50-basis point cut to the deposit rate from 8% to 7.5% for a couple days already but today’s announcement of negative year-to-date credit growth and low CPI prints for March have given both a basis and some headroom for the State Bank of Vietnam to make the cut. Early in the morning, Vietcombank lowered its deposit rates for 1-3 term deposits to 7.5%, which added credence to the rumour.