Vietnamese banks are increasingly offering higher deposit rates, a trend reflecting tighter liquidity and shifting economic conditions. Several institutions have adjusted their rates in recent weeks, with some offering promotional rates to attract customers, while others are responding to broader market pressures.
KienLongBank, for example, has revised its deposit interest rates, significantly increasing rates for short-term deposits while slightly decreasing those for longer terms. According to a rate sheet released on , interest rates for 1- to 5-month terms have risen by 0.5 percentage points to 4.4% per annum. Rates for 6- to 12-month terms increased by 0.3 percentage points, with the highest rate of 6% per annum offered for 12-month deposits. Rates for 13- to 15-month terms now stand at 5.55% per annum. Conversely, longer-term deposits of 17 to 36 months saw a slight decrease of 0.1 percentage points to 5.35% per annum. While online rates were adjusted, the bank maintained its counter rates unchanged, with a maximum rate of 5.5% per annum for 12-month deposits.
Other banks are responding with promotional offers. HDBank, for instance, is offering an additional 0.2 percentage points on online deposits of VND 50 million or more for terms of 1 to 2 months, starting and running through . A further 0.3 percentage point bonus is available for deposits of the same amount with terms of 3 to 5 months. Customers opting for 6, 12, or 13-month online savings can receive an additional interest rate of up to 1% per annum, potentially reaching a peak savings rate of 7% per annum with a minimum deposit of VND 50 million.
VPBank’s Cake digital platform is also offering incentives, providing new depositors with an additional interest rate of up to 0.9 percentage points, potentially resulting in a maximum interest rate of 8.2% per annum. The conditions for this bonus include a minimum deposit of VND 10 million, a deposit term of at least 6 months, and no early withdrawals. Currently, Cake offers a maximum rate of 7.3% per annum for 6-month deposits, with rates of 4.75% for 1-5 month terms and 7.1% for 7-36 month terms.
The variation in interest rates across different terms is notable. As of , one-month deposits show significant discrepancies between bank groups. State-owned banks offer rates ranging from 2.1% to 3.2% per annum, with Vietcombank at the lower end with 2.1%. Several private banks, however, offer rates between 4.5% and 4.75%, representing a difference of over 2 percentage points compared to the “Big Four” state-owned lenders.
For 3-month deposits, private banks maintain rates of 4.5% to 4.75%, while state-owned banks offer 3.4% to 3.7%. Saigon Commercial Bank (SCB) offers the lowest rate at 1.9%. Competition intensifies for 6-month terms, with many banks offering rates exceeding 6.5%. PGBank leads with 7.1%, followed by MBV (6.5%), Vikki Bank (6.5%), Bac A Bank (6.8%), and Techcombank (6.85%). The “Big Four” banks offer rates between 3.5% and 5.7%.
Similar trends continue for 9-month deposits, with PGBank again offering the highest rate at 7.1%, and many other banks offering rates above 6.3% to 6.8%. State-owned banks remain at 3.5% to 5.7%. For 12-month deposits, MBV and PGBank offer the highest rates at 7.2%, with several other banks exceeding 6.8%. The “Big Four” banks offer rates between 5.2% and 6%. Rates for 18-month deposits remain relatively stable, ranging from 6% to 7.2%, with MBV again leading at 7.2% and state-owned enterprises maintaining rates of 5.2% to 6%.
Data compiled by Dan Tri newspaper indicates that 21 banks have altered their deposit rates since the beginning of the year. VPBank, MSB, ABBank, Bac A Bank, LPBank, VCBNeo, BaoViet Bank, MBV, Sacombank, VIB, Saigonbank, ACB, BVBank, TPBank, KienlongBank, Agribank, and MB have increased rates, while ACB, PGBank, and ABBank have decreased them.
These rate adjustments come as Vietnam’s economy navigates a period of tighter liquidity. Recent reports indicate that credit growth has outpaced deposit mobilization, creating a gap of approximately VND 1.6 quadrillion by the end of . This imbalance, coupled with seasonal funding demand and competition from alternative investment channels, is driving up deposit rates. While the pace of increases may slow after the Lunar New Year, analysts anticipate that the higher rate environment is likely to persist throughout .
The rising interest rates are reshaping capital flows and impacting various sectors of the Vietnamese economy. As noted in a report from , the shift marks the end of a period of ultra-low interest rates, creating both winners and losers among listed companies. The increased cost of borrowing is prompting businesses and consumers to reassess investment decisions, potentially slowing down economic activity in certain areas, particularly in the real estate market, where potential homebuyers are delaying purchases due to higher monthly repayments.
