Many banks have adjusted up savings interest rates by 0.2-0.3 percentage point per year since early this months to lure depositors in the context that the savings amount at the banking system has declined for the first time after 25 consecutive month increase.

According to economist Can Van Luc, the Fed's move had been forecast by regulators and investors, so it will not affect Vietnam’s economy significantly.

The State Bank of Vietnam remains steadfast in implementing a flexible and effective monetary policy to curb inflation, stabilize the currency, and ensure macroeconomic stability.

The State Bank of Vietnam (SBV) unexpectedly resumed the issue of central bank bills worth 8 trillion VND (350.9 million USD) this week, a move aimed at increasing the nation’s foreign exchange reserves.