See the full story in the original article.
Original headline: Hợp tác chiến lược với SMBC thúc đẩy khả năng sinh lời của VPBank
Related tickers and likely impact
VPB
▲ Likely positiveVPBank
Relevance: medium
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Banks |
| Market cap | 240,000 bn VND |
| P/E | 8.0 |
| P/B | 1.28 |
| Close on 10/15/2026 | 24.45 |
| Change that session | +0.41% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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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.
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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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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.
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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.
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