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.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Nhân viên ngân hàng 'săn' khách gửi tiền trước khi hạ lãi suất
Read the original on VnExpress ↗
Keywords
interest ratessavings accountsbanksState Bank of Vietnamcredit
Open a keyword to see other news on the same topic.
Related tickers and likely impact
VNINDEX
▲ Likely positiveRelevance: medium
| Market | Vietnam stocks |
|---|---|
| Close on 10/19/2026 | 1,689.84 |
| Change that session | -0.94% |
ACB
▲ Likely positiveAsia Commercial Bank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 119,571 bn VND |
| P/E | 7.6 |
| P/B | 1.20 |
| Close on 10/19/2026 | 20.25 |
| Change that session | -1.70% |
BID
▲ Likely positiveBIDV
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 264,071 bn VND |
| P/E | 8.2 |
| P/B | 1.39 |
| Close on 10/19/2026 | 33.65 |
| Change that session | -0.88% |
CTG
▲ Likely positiveVietinBank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 237,669 bn VND |
| P/E | 5.9 |
| P/B | 1.22 |
| Close on 10/19/2026 | 30.50 |
| Change that session | -0.33% |
HDB
▲ Likely positiveHDBank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 148,356 bn VND |
| P/E | 7.8 |
| P/B | 1.73 |
| Close on 10/19/2026 | 22.75 |
| Change that session | -0.22% |
MBB
▲ Likely positiveMBBank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 199,865 bn VND |
| P/E | 6.6 |
| P/B | 1.27 |
| Close on 10/19/2026 | 19.70 |
| Change that session | -0.76% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- State Bank of Vietnam Requires Banks to Cut Savings Rates by at Least 0.5%
The State Bank of Vietnam has instructed banks to cut savings deposit rates by at least 0.5% for terms of 6 months or longer, and lower lending rates for production, business and priority sectors by 1.5–2 percentage points, or face tighter credit growth quotas. In a document dated October 18, the regulator said listed top savings rates had climbed to 7.6–7.8% a year since late April, while preferential rates at many banks reach 8.5–9.5% a year. Non-compliant banks could see their remaining credit limits for the year reviewed, receive lower targets next year, or face higher safety ratios. Banks are also told to prioritize lending to production and innovation, tightly control high-risk credit, report asset quality honestly without hiding bad debt, and balance deposit mobilization with capital use.
- Governor: 'Rate cuts must target the right recipients, prioritising production and business'
Governor Phạm Đức Ấn asked banks to cut lending rates selectively, prioritising production and business loans and considering existing debt, not just new loans. Average lending rates rose 0.2 percentage points to 10.7% in August, about 3 points higher than a year earlier, while legacy floating-rate personal loans reached 12-14%. Banks must cut deposit rates by at least 0.5% for terms of 6 months and above, and on 19/10 BVBank, LPBank and Vietbank published new rates below 7% a year. BIDV offers loans from 6% a year, Vietcombank pledged to cut lending rates by at least 2 percentage points by year-end, and Sacombank launched a 40,000 billion VND package. The State Bank will closely monitor rates and stands ready to support banks' liquidity, as rate hikes by the Fed, ECB and BOJ in September pressure emerging economies.
- Savings Interest Rates Cut Across the Board
15 private banks, including ACB, TPBank, Sacombank and SeABank, cut listed deposit rates for terms of 6 months and longer by 0.5–0.7 percentage points on October 19, following a State Bank of Vietnam directive issued October 18. Deposits under 6 months remain capped at 4.75% a year, with most banks unchanged and only a few such as LPBank, ACB and SeABank trimming slightly. Most banks now list 12-month rates below 7% a year (excluding VIP and very large deposits), and about 15 are below 6%. The central bank also asked banks to cut lending rates by 1.5–2 percentage points for production, business and priority sectors, warning that non-compliant banks could face reviews of remaining credit quotas, lower quotas next year or higher safety ratios.
- Banks begin sharp cuts to deposit rates across many terms on the afternoon of October 19
The State Bank of Vietnam (SBV) asked credit institutions to cut deposit rates by at least 0.5% a year for terms of 6 months or longer, and lending rates by 1.5-2% a year for production, business and priority sectors, while avoiding competitive rate hikes. LPBank cut deposit rates across all terms from 1 to 36 months, with its online 12-month rate now at 6.7% a year and 48-60 month rates at 5.2%. VietBank lowered online rates by 0.5 percentage points for terms of 6 to 36 months, bringing its 6-8 month rate to 5.4% a year. The central bank warned that banks failing to cut rates may face a review of their remaining credit quotas this year, lower targets next year, or higher safety ratios.
- Heated meeting on interest rate cuts: what do bank leaders say?
At a meeting with the State Bank on the morning of Oct. 19, several banks committed to cutting costs and sharing profits to lower lending rates by at least 1.5–2%. Vietcombank plans credit packages with deeper rate cuts for priority sectors, BIDV will roll out a package of about 100,000 billion dong with terms up to six months and accept about 500 billion dong in lost income, and Sacombank has a preferential program of 40,000 billion dong. Bank leaders said the biggest challenge is keeping deposit rates attractive enough, so room to cut lending rates depends on the supply and demand for capital. Hiệp hội Ngân hàng's Đào Minh Tú said sustainable rate cuts require coordinated fiscal and monetary policy and the development of capital channels outside banks, such as corporate bonds and the stock market.
- Nam A Bank CEO: Call to lower interest rate levels is an important SBV message on market discipline
On October 19, Nam A Bank cut its interest rates in line with directives from the Government and the State Bank of Vietnam: listed deposit rates for terms of 6 months and longer fall by 0.5% per year, and lending rates drop by 1.5–2% per year. The bank will prioritize credit for agriculture, rural areas, exports, SMEs, supporting industries and high-tech enterprises. CEO Trần Khải Hoàn said the call to lower rate levels is an important message on market discipline and stressed that sustainable growth must rest on asset quality, risk management and liquidity safety. He added that Nam A Bank does not use interest rates to attract customers, relying instead on its corporate culture.
Related markets
Latest news
- In 6 days, technology groups and investment funds from the US, South Korea and Canada will come to Ho Chi Minh City for a special event
The Open Innovation Day 2026 (OID 2026), themed “Building Next-Generation Industrial Cities”, will take place on 26 October 2026 in Ho Chi Minh City, organised by the Open Innovation Centre (SoiHub). About 50 investment promotion delegations from the US and South Korea are expected, along with 15 discussion and networking sessions. The programme focuses on four areas, including AI infrastructure and data centres, the workforce in the AI era, and green energy infrastructure, with more than 20 speakers. Previous editions attracted over 3,000 participants and connected more than 200 organisations.
- 3 European AI Factory Automation Stocks Retail Investors Should Watch Now
Nvidia's commitment of nearly €10b to Europe is cited as a reason industrial automation suppliers could benefit. The article profiles three stocks: Instalco, a Swedish installer of electrical, HVAC and control systems with about SEK 10.0b in revenue and a market value near SEK 11.4b, which rolled out Instalco AI in June 2026 to speed up tenders and project administration; Jenoptik, a €2.1b photonics and smart mobility company whose semiconductor order intake improved quarter-on-quarter; and Kontron, an industrial IoT supplier with about €702 million in IoT Software + Solutions revenue, a market value near €1.2b, a 14.4x P/E and a 5.4% profit margin. The piece notes that each company still faces open questions on margins or the semiconductor cycle.
- China Q3 Growth Picks Up to 4.5% as AI-Driven Exports Surge
China's economy grew 4.5% in the third quarter, rebounding from a three-year low and sitting at the lower edge of the government's 4.5–5% annual target. AI-related demand lifted exports, with high-tech goods sales up 14.3% and battery and industrial robot production up more than 29%. The trade surplus is on track to exceed last year's record $1.2 trillion. However, property investment fell by over 20% in the first nine months. Oxford Economics' Sheana Yue said weak investment and subdued domestic spending still weigh on growth, while Moody's Analytics' Dave Chia noted that the impact of support measures introduced in September has yet to be fully realised.
- Dow Jones Top Markets Headlines at 11 PM ET: Asian Stocks Fall, Bucking U.S. Tech Rebound | Stock ...
Asian stocks continued to fall on Tuesday amid ongoing concerns over AI investment and elevated oil prices. The roundup highlights a slide in CoreWeave shares, mixed signals from the riskiest junk bonds, and rising Treasury yields that have raised anxiety over the government's financing plans. A Bank of Canada survey recorded a notable rise in inflation expectations, which could set the stage for a rate increase next week. The NAHB/Wells Fargo builder sentiment index fell to 29 in October, its lowest reading since June 2012, while Canadian inflation rose on higher gas prices. France's widening borrowing premium over Germany is also testing investor confidence.
- Indonesian exchange seeks to calm market after record 2-day rout
Indonesian stocks suffered their steepest two-day sell-off on record after MSCI said on Friday (Oct 16) it was considering moving Indonesia from “emerging market” to “standalone” status. The benchmark index fell 11.6% on Friday and 3.6% on Monday, hitting a six-year low, while the rupiah weakened to 18,030 per US dollar and the 10-year yield rose to 7.4%. The exchange said it remained committed to capital market reforms, excluded stocks with highly concentrated ownership from the Jakarta Composite Index, and cut the daily down limit to 7% from 15%. Goldman Sachs estimated a full MSCI removal could trigger US$5.6 billion in passive outflows, and foreign investors have net sold US$4.98 billion of Indonesian stocks so far this year.
- Sophon sets Nov. 25 withdrawal deadline ahead of mainnet shutdown
Sophon has set a November 25 deadline for users to withdraw their assets before it shuts down its mainnet, with key infrastructure and related websites going offline that day. Assets left on the Sophon Chain could become permanently inaccessible, so users are asked to withdraw SOPH, ETH, USDC and other assets and claim any outstanding staking or Guardian rewards. In June, developers said maintaining a standalone blockchain no longer justified its benefits and shifted focus to consumer finance and AI applications on Base. The shutdown follows Abstract’s announcement that it will close on December 15 after Igloo lost tens of millions of dollars supporting the network.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.