About 26 banks have announced cuts to their listed deposit rates since 18/10, yet a Tien Phong survey on 26/10 found that customers with large deposits were still offered rates well above the listed levels, which are commonly 5-6%/year. One state-owned bank advised 8%/year for a 6-month term while its counter table showed 3%/year, and another bank's app displayed 9.0%/year for 6 months against a listed 5.7%/year. On 21/10/2026, the State Bank of Vietnam asked banks to make genuine cuts to deposit and lending rates, with the average rate on new deposits of 6 months or longer to fall by at least 0.5%/year in the final months of the year. Rong Viet Securities (VDSC) expects deposit rates to fall quickly in the short term but finds deep cuts hard in 2027, since the gap between deposits and credit remains large, although it has narrowed from about 2.8 million billion VND to about 2.35 million billion VND.
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Original headline: Giảm lãi suất huy động chỉ là 'bánh vẽ'?
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interest ratesbankssavings accountsState Bank of Vietnamcredit
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Related tickers and likely impact
VNINDEX
• NeutralRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/26/2026 | 1,763.55 |
| Change that session | -0.60% |
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.
- Savings Interest Rates Have Risen for 11 Consecutive Months
The average deposit interest rate has risen continuously since October 2025, reaching 8.1% for 6-12 month terms versus 5.5% a year earlier, before climbing more slowly under State Bank of Vietnam guidance. The average lending rate in September was 10.9%, nearly 2 percentage points higher than at the end of last year, while short-term rates for priority sectors remain capped at 4%. Many banks have announced deposit rate cuts of at least 0.5 percentage points, and the streak of increases is likely to end this month, with some analysts expecting rates to stay flat until year-end. The State Bank of Vietnam also asked banks to cut lending rates by 1.5-2 percentage points a year for production, business and priority sectors, and warned that non-compliant institutions could face reviews of their remaining credit quotas.
- 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.
- State Bank Says Deposits Hit Record VND 11.4 Quadrillion, Rising Steadily Since Start of Year
Total deposits at credit institutions reached about VND 17.77 quadrillion at the end of August 2026, up over VND 310,000 billion (1.78%) from end-July and 7.6% year-to-date. Household deposits hit a record of about VND 11.43 quadrillion, accounting for roughly 87.5% of the year's total increase, and have not declined in any month this year. Corporate deposits stood at about VND 6.34 quadrillion, up 1.54% in the month but still below the late-June peak. Credit outstanding reached about VND 20.75 quadrillion as of 30 September 2026, up 11.59% from end-2025, so lending continues to outpace deposit growth. The State Bank said the average deposit rate on new transactions was 6.38%/year as of 20 September, and it asked banks to cut deposit rates for new terms of 6 months or longer, as well as listed and lending rates.
- 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.
- What savings interest rates look like after the State Bank's directive
A VnExpress survey shows that as of October 26, most banks' published savings rates are no higher than 7% a year after many cut their listed rates, but actual preferential rates remain commonly at 8-9% a year. Actual rates are typically 1-3% higher than listed rates, thanks to app-based vouchers and referral programs: Vietcombank lists 3-5.4% for 6-12 month terms, but customers depositing from 3 million VND via its app may get up to 6.8%, while NCB lists 6.3% online but pays 9% via its app. Saigonbank publicly lists the market's highest rate at 7.9% a year for 13 months, while MB offers 8.2% via its app for deposits from 10 million VND, down from nearly 9.5% two weeks earlier. The State Bank has repeatedly urged banks to cut rates, and on October 18 directed them to lower deposit rates for terms of 6 months and up by at least 0.5%, or face tighter credit growth targets. VDSC expects deposit rates to move sideways or at least not rise again for the rest of this year, but does not expect them to fall much further next year, as medium- and long-term capital demand remains strong and deposit growth still lags credit growth.
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