Momentum of savings rate increases likely ended

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• 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.

  VnExpress·23/10, 05:54▼ VNINDEX▼ ACB▼ BID▼ CTGinterest ratessavings accountsbanks
• 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.

  VnExpress·20/10, 03:44▲ VNINDEX▲ ACB▲ BID▲ CTGinterest ratessavings accountsbanks
• 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.

  CafeF·16/10, 08:45▲ ACB▲ BID▲ CTG▲ EIBbankscreditinterest 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.

  VnExpress·18/10, 10:33▲ VNINDEX▲ ACB▲ BID▲ CTGState Bank of Vietnaminterest ratessavings accounts
• Bank deposit rates: Listed one way, offered another at the counter

  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.

  CafeF·26/10, 05:29interest ratesbanksState Bank of Vietnam
• 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.

  VnExpress·21/10, 09:11▲ VNINDEXState Bank of Vietnaminterest ratessavings accounts

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