Market Pulse 14/10: Red Covers the Market

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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.

  CafeF·19/10, 08:45▲ VNINDEX▲ ACB▲ BID▲ CTGinterest ratesState Bank of Vietnamsavings accounts
• Governor: 'Interest rates on existing loans should also be considered for cuts'

  Governor Phạm Đức Ấn has asked banks to prioritize rate cuts for production and business loans, applied selectively rather than across the board, and to consider applying them to existing loans. The average lending rate rose 0.2 percentage points to 10.7% in August, about 3 points higher than a year earlier, while legacy floating-rate loans for individuals reached 12-14%, and some car loans 16-17%. Banks were told to cut operating costs, share profits and reduce funding costs, including lowering deposit rates for terms of six months or more by at least 0.5%. Several banks, including BIDV, Vietcombank, Agribank and Sacombank, have announced preferential loan packages with rate reductions of up to 2 percentage points.

  VnExpress·19/10, 08:09▲ VNINDEX▼ ACB▼ BID▼ CTGinterest ratesState Bank of Vietnamcredit
• Agribank, Vietcombank, BIDV, MB, ACB, Sacombank, LPBank, VietBank, Nam A Bank Simultaneously Cut Lending Rates

  Following directives from the Government and the State Bank of Vietnam, several banks have simultaneously cut lending rates by 1.5–2 percentage points per year for priority loans and sectors. Agribank reduced rates by up to 2% per year from 19/10, setting aside about VND 2,000 billion, while BIDV launched a preferential program on 15/10 for short-term VND loans starting from 6% per year. Vietcombank has committed to cutting rates by at least 2% by year-end, while MB is cutting 1.5% per year for five priority sectors and may apply up to 2% in some cases. Sacombank will allocate VND 40,000 billion to corporate customers with a 2% rate cut, and ACB is cutting rates by 1.5–2% per year for businesses.

  CafeF·19/10, 06:53• ACB• BID• LPB• MBBinterest ratesbankscredit
• Agribank, Vietcombank, BIDV, ACB, Sacombank, LPBank, VietBank simultaneously cut lending rates

  Following directives from the Government and the State Bank of Vietnam, Agribank, Vietcombank, BIDV, ACB, LPBank and VietBank have simultaneously launched lending rate cut programmes, typically by 1.5-2 percentage points for priority sectors. Agribank will cut lending rates by up to 2% a year from October 19, with about VND 2,000 billion allocated, and continues a VND 70,000 billion preferential credit package. BIDV's preferential programme, starting October 15, 2026, offers loans from 6% a year on short-term VND lending across its system. Vietcombank has committed to cutting rates by at least 2% by year-end, while Sacombank will allocate VND 40,000 billion in preferential capital with a 2% reduction. VietBank is rolling out a VND 3,000 billion package with cuts of at least 1.5% a year until June 30, 2027.

  CafeF·19/10, 06:53• ACB• BID• LPB• STBinterest ratesbankscredit
• Outstanding credit as of October 14 tops 20.7 million billion dong; banks agree to cut lending rates after meeting with the State Bank on the morning of October 19

  As of October 14, 2026, outstanding credit to the economy reached 20,721,583 billion dong, up 11.44% from the end of last year and 16.73% year-on-year. On the morning of October 19, State Bank of Vietnam (SBV) Governor Phạm Đức Ấn met with chairs and CEOs of commercial banks, and the banks agreed to cut interest rates. Specifically, listed deposit rates for terms of 6 months or more will fall by at least 0.5%/year, while lending rates will drop by 1.5–2%/year, focusing on production, business and priority sectors. The backdrop includes Middle East conflict driving up oil prices, several major central banks raising rates and a stronger US dollar, all of which pressure Vietnam's monetary policy. The SBV also asks banks to channel credit into production and business while tightly controlling lending to risky sectors, including real estate.

  CafeF·19/10, 05:08▲ VNINDEX▲ ACB▲ BID▲ CTGinterest ratescreditbanks
• 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.

  VnExpress·18/10, 10:33▲ VNINDEX▲ ACB▲ BID▲ CTGState Bank of Vietnaminterest ratessavings accounts

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  Yahoo Finance·19/10, 13:38▼ GOOGLGOOGLsemiconductorsartificial intelligence
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  Yahoo Finance·19/10, 13:38▲ GOOGLMSFTGOOGLcloud computing