On the morning of 20 October, VietinBank, Vietcombank and about 15 private banks simultaneously cut deposit rates by 0.5–0.7 percentage points per year for terms of 6 months and longer, following a State Bank of Vietnam directive to lower deposit rate levels and create room for lending rate cuts. At VietinBank, the 6-to-under-12-month rate fell from 3.5% to 3% per year, the 12-to-under-24-month rate from 5.9% to 5.4%, and the 24-month-and-longer rate from 6% to 5.5%. Vietcombank cut its 6- and 9-month rates to 3% per year and its 36-, 48- and 60-month rates to 4.8%. Most banks kept rates for terms under 6 months unchanged, as these are subject to a 4.75% per year ceiling. The SBV also asked banks to cut lending rates by 1.5–2% per year for production, business and other priority sectors.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Sáng 20/10, lãi suất tiết kiệm đồng loạt giảm tại Vietcombank, VietinBank và hàng chục ngân hàng tư nhân
Keywords
interest ratessavings accountsState Bank of VietnamVCBCTG
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Related tickers and likely impact
CTG
▲ Likely positiveVietinBank
Relevance: medium
| 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% |
VCB
▲ Likely positiveVietcombank
Relevance: medium
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 475,438 bn VND |
| P/E | 11.4 |
| P/B | 1.94 |
| Close on 10/19/2026 | 56.20 |
| Change that session | -1.23% |
VNINDEX
▲ Likely positiveRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/19/2026 | 1,689.84 |
| Change that session | -0.94% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Another big bank, VietinBank, cuts lending rates by up to 2% per year
VietinBank announced on October 19 measures to cut lending rates by up to 2% per year to lower capital costs for businesses and households and support production through the end of 2026, prioritizing agriculture, affordable housing and infrastructure. It also runs a VND 50,000 billion credit program through 2028, with rates at least 1% per year below average. Agribank cuts rates by up to 2% per year and keeps a VND 70,000 billion program, Vietcombank pledged cuts of at least 2% by year-end, and BIDV offers loans from 6% per year. The moves follow a State Bank of Vietnam directive on October 18 requiring deposit rate cuts of at least 0.5% per year for terms of 6 months or more, and lending cuts of 1.5–2% per year for production and business.
- From October 20: Vietcombank Sharply Cuts Lending Rates, with Some Customer Groups Getting Up to 3% Off
From October 20, 2026, Vietcombank will cut its listed deposit rates by 0.5% per year for terms of 6 months or longer, in line with the State Bank of Vietnam's direction and creating room to lower lending rates for the economy. From October 19 to December 31, 2026, the bank is running a credit programme to support production, business and priority sectors, under which participating customers get lending rate cuts of 1.5% to 2% per year. For some sectors, short-term lending rates are reduced by up to 3% per year from Vietcombank's current levels. The bank says it will keep offering comprehensive financial solutions at competitive costs, with a focus on digital transformation, green transformation and ESG.
- 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.
- 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.
- Agribank cuts savings rates for several terms, top counter rate falls to 5.5% per year
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- 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.
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