Although many banks have cut their listed deposit rates, a survey on October 22 at several Hanoi branches found staff offering customers substantially higher rates, in some cases above 9% a year. At BIDV, the publicly posted 6-month rate was 3% a year, yet staff suggested 8% a year for deposits of 100 million to 3 billion VND. Another bank offered 9.19% a year for a 6-month term on deposits of 2 to 3 billion VND, against a listed rate of 5.2%, a gap of 3.99 percentage points. Under State Bank of Vietnam Official Letter No. 9736/NHNN-CSTT dated October 21, 2026, banks must cut effective deposit and lending rates across all sales channels, with the average rate on new deposits of 6 months or more falling by at least 0.5 percentage points in late 2026.
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Original headline: Lãi suất huy động ngân hàng: Niêm yết một đằng, chào tại quầy một nẻo
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Related tickers and likely impact
ACB
• NeutralAsia Commercial Bank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 123,634 bn VND |
| P/E | 7.9 |
| P/B | 1.24 |
| Close on 10/23/2026 | 21.30 |
| Change that session | +3.90% |
BID
• NeutralBIDV
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 266,404 bn VND |
| P/E | 8.3 |
| P/B | 1.40 |
| Close on 10/23/2026 | 34.25 |
| Change that session | +1.33% |
CTG
• NeutralVietinBank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 240,387 bn VND |
| P/E | 6.0 |
| P/B | 1.23 |
| Close on 10/23/2026 | 30.95 |
| Change that session | +1.31% |
HDB
• NeutralHDBank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 146,730 bn VND |
| P/E | 7.7 |
| P/B | 1.71 |
| Close on 10/23/2026 | 22.55 |
| Change that session | +0.89% |
MBB
• NeutralMBBank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 199,361 bn VND |
| P/E | 6.6 |
| P/B | 1.27 |
| Close on 10/23/2026 | 19.80 |
| Change that session | -0.50% |
STB
• NeutralSaigon Treasure Bank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 129,137 bn VND |
| P/E | 41.9 |
| P/B | 2.06 |
| Close on 10/23/2026 | 68.50 |
| Change that session | +6.86% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Momentum of savings rate increases likely ended
According to newly released State Bank of Vietnam (SBV) data, average deposit rates at commercial banks rose a further 0.1 percentage points in September, extending the upward run to 11 consecutive months, though the pace has slowed from 0.3 points a month in late last year and early this year. The article says the rise is likely to end this month after many banks cut their minimum deposit rates by 0.5 percentage points on SBV instructions. Under dispatch No. 9736/NHNN-CSTT dated 21 October 2026, the SBV requires commercial banks to cut average deposit rates on new transactions with tenors of 6 months or longer by at least 0.5% per year in the final months of 2026, compared with rates reported between 11 October and 20 October 2026. Many analysts expect rates to hold flat until year-end and decline gradually from 2027, while the SBV warns that banks failing to comply could face tougher measures, including reviewing or lowering credit growth targets.
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- State Bank of Vietnam urges banks to cut savings rates across all channels
On Oct. 21, the State Bank of Vietnam told commercial banks to make real deposit rate cuts across all sales channels, following the Governor's instruction at a meeting on Oct. 19. Banks must cut average deposit rates for new transactions with terms of 6 months or longer by at least 0.5 percentage points per year in the final months of 2026, compared with their average rates from Oct. 11 to 20. The regulator said it will monitor the figures and may take strict action against non-compliant banks, including lowering or assigning lower credit growth targets. About 20 banks have updated their deposit rate tables, mostly cutting 0.5 points for terms from 6 months at both counters and online. Meanwhile, rates on staff-linked promotional programs at branches have not yet shown signs of easing.
- Amid the wave of rate cuts, how are banks attracting deposits?
At the State Bank of Vietnam's request, Governor Pham Duc An met 46 commercial banks on Oct. 19 and asked them to cut deposit rates by at least 0.5% per year for terms of 6 months or longer. As of the afternoon of Oct. 20, 16 banks had announced cuts, mostly for terms of 6 months and above, typically 0.5% per year and up to 0.7%. Rates for deposits under 6 months changed little due to the 4.75% per year ceiling. Still, banks were competing hard for deposits, and one employee offered 9.6% per year for a 6-month term before the cut took effect. Listed 12-month rates at most banks have fallen below 7% per year, though how much loan rates fall depends on funding costs and other factors.
- Bank with the largest customer deposits cuts savings interest rates
Agribank, the bank with the largest customer deposit base in the system, has just cut counter deposit rates for terms of 6 months or longer, bringing the highest rate down to 5.5% a year, a reduction of 0.5 percentage points. Specifically, the 6–11 month term fell from 4% to 3.5% a year, the 12–18 month term from 5.9% to 5.4% a year, and the 24-month term from 6% to 5.5% a year. Terms under 6 months, such as 1–2 months (2.6% a year) and 3–5 months (2.9% a year), were kept unchanged. The move follows the State Bank of Vietnam's request that credit institutions cut listed deposit rates for terms of 6 months or more by at least 0.5 percentage points and support lower lending rates. According to the Q2 2026 report, Agribank's customer deposits reached nearly VND 2.268 quadrillion, up 5% from the end of last year. Many other banks have also cut deposit rates, commonly by 0.5 percentage points and some by up to 0.7 percentage points.
- Bank Staff Push Last-Minute Deposits Ahead of Interest Rate Cuts
Following a State Bank of Vietnam directive to lower deposit rates, staff at many banks are pushing customers to deposit funds at the last minute before rates fall. The central bank requires banks to cut deposit rates by at least 0.5 percentage point for terms of 6 months and longer, or face tighter credit growth targets. The highest listed rate for 6-12-month terms hit 8% in August, up 2.5 percentage points year on year, while a VnExpress survey found 6-month rates at 8.5-9.2% a year. Since the directive, 15 banks have announced new deposit rate schedules, mostly cutting by 0.5 percentage point to below 7% a year for terms of 6 months and above. Some analysts say rates are near their peak and could ease from early 2027, though a quick reversal is unlikely as credit demand tends to rise toward year-end.
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