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Vietnam banks offer promotions as gold market tenses for God of Wealth Day

Saturday, February 04, 2017, 11:53 GMT+7

Banks in Vietnam return after the Lunar New Year festival with promotions to attract deposits while the local gold market builds up speed in anticipation of the God of Wealth Day.

At Saigon-Hanoi Bank (SHB), customers who add from VND20 million (US$893) to their savings accounts on the days immediately after the Lunar New Year (Tet) fest, which lasted a week from January 28, are given codes to participate in lucky draws to win valuable prizes.

Other banks hand out ‘lucky money’ to the first customers after the week-long Tet holiday, while Vietnam Export Import Bank (Eximbank) returns VND100,000 ($4.5) for every VND100 million ($4,464) deposited in those savings accounts with terms of between 15 and 36 months.

Those who open a new savings account at Southeast Asia Bank (SeABank) are given a gift voucher for shopping at the BigC supermarket chain, the value of which depends on the amount of money deposited.

Many local banks had raised their deposit interest rates by 0.1-0.2 percentage points prior to Tet, with the highest interest at Eximbank and DongA Bank currently at 7.5 percent for long-term deposits.

Meanwhile, local gold dealers have also returned to business on Thursday as global prices are rising in the wake of the weakening of the U.S. dollar since U.S. President Donald Trump took office last month.

Gold supplied by Ho Chi Minh City-based Saigon Jewelry Company (SJC) are selling at VND37.55 million ($1,676) per tael (37.5 grams) and being bought at VND37.1 million ($1,656) per tael, according to local gold dealers.

Experts predict Vietnam’s gold market to be building up speed in the coming week as locals wait for the God of Wealth Day to buy their first gold in the new lunar year in the hope of a prosperous year.

As per Vietnamese tradition and custom, the tenth day of the lunar year, which will fall on February 6 this year, is the day when the God of Wealth returns to heaven, creating the belief that buying gold then will bring good luck and prosperity throughout the year.

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