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.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Lãi suất tiết kiệm đã tăng 11 tháng liên tiếp
Read the original on VnExpress ↗
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interest ratessavings accountsbanksState Bank of Vietnamcredit
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Related tickers and likely impact
VNINDEX
▼ Likely negativeRelevance: medium
| Market | Vietnam stocks |
|---|---|
| Close on 10/22/2026 | 1,760.63 |
| Change that session | +1.26% |
ACB
▼ Likely negativeAsia Commercial Bank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 118,991 bn VND |
| P/E | 7.6 |
| P/B | 1.20 |
| Close on 10/22/2026 | 20.50 |
| Change that session | +0.49% |
BID
▼ Likely negativeBIDV
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 262,904 bn VND |
| P/E | 8.2 |
| P/B | 1.39 |
| Close on 10/22/2026 | 33.80 |
| Change that session | -0.88% |
CTG
▼ Likely negativeVietinBank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 237,280 bn VND |
| P/E | 5.9 |
| P/B | 1.21 |
| Close on 10/22/2026 | 30.55 |
| Change that session | +0.16% |
HDB
▼ Likely negativeHDBank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 145,428 bn VND |
| P/E | 7.6 |
| P/B | 1.69 |
| Close on 10/22/2026 | 22.35 |
| Change that session | +1.13% |
MBB
▼ Likely negativeMBBank
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 200,368 bn VND |
| P/E | 6.7 |
| P/B | 1.27 |
| Close on 10/22/2026 | 19.90 |
| Change that session | -0.50% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- 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.
- 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.
- Amid the wave of rate cuts, how are banks attracting deposits?
At the State Bank of Vietnam's request, Governor Pham Duc An met 46 commercial banks on Oct. 19 and asked them to cut deposit rates by at least 0.5% per year for terms of 6 months or longer. As of the afternoon of Oct. 20, 16 banks had announced cuts, mostly for terms of 6 months and above, typically 0.5% per year and up to 0.7%. Rates for deposits under 6 months changed little due to the 4.75% per year ceiling. Still, banks were competing hard for deposits, and one employee offered 9.6% per year for a 6-month term before the cut took effect. Listed 12-month rates at most banks have fallen below 7% per year, though how much loan rates fall depends on funding costs and other factors.
- Bank with the largest customer deposits cuts savings interest rates
Agribank, the bank with the largest customer deposit base in the system, has just cut counter deposit rates for terms of 6 months or longer, bringing the highest rate down to 5.5% a year, a reduction of 0.5 percentage points. Specifically, the 6–11 month term fell from 4% to 3.5% a year, the 12–18 month term from 5.9% to 5.4% a year, and the 24-month term from 6% to 5.5% a year. Terms under 6 months, such as 1–2 months (2.6% a year) and 3–5 months (2.9% a year), were kept unchanged. The move follows the State Bank of Vietnam's request that credit institutions cut listed deposit rates for terms of 6 months or more by at least 0.5 percentage points and support lower lending rates. According to the Q2 2026 report, Agribank's customer deposits reached nearly VND 2.268 quadrillion, up 5% from the end of last year. Many other banks have also cut deposit rates, commonly by 0.5 percentage points and some by up to 0.7 percentage points.
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