Deputy Governor Pham Thanh Ha: SBV Strongly Implementing Measures to Reduce Interest Rate Levels

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• Governor Discusses Interest Rates, Real Estate Credit and Capital for Businesses

  State Bank of Vietnam Governor Phạm Đức Ấn said real estate credit grew 9.84%, below overall credit growth of about 12.27%. Deposit rates rose 1.42% while lending rates rose 0.99%, narrowing the gap between them. Short-term deposits make up about 80% of total deposits, but because people frequently roll them over, this funding is relatively stable. Small and medium-sized enterprises still struggle to access bank loans due to small capital, weak resilience and opaque financial information, so the Governor stressed that firms should not keep two different balance sheets for tax and borrowing. The SBV will encourage banks to support firms, including debt restructuring under current regulations.

  CafeF·31/10, 07:32▲ VNINDEXState Bank of Vietnaminterest ratescredit
• Governor: People deposit a lot of money because they trust the banking system

  Governor Phạm Đức Ấn explained that credit still carries most of the economy's capital needs because Vietnamese people keep depositing savings, reflecting trust in the banking system, and he expects this balance to shift as capital markets become more attractive. Although short-term deposits make up 80% of total deposits, people roll them over continuously, so deposits function as stable, long-term funding. As of end-August, household deposits reached over 11.43 million billion VND, up nearly 1.1 million billion VND (10.6%) since the start of the year; over the latest five months, net deposit inflows averaged 175,000 billion VND a month, nearly 2.4 times the average of the five months before. After nine months, credit grew 12.27%, deposit rates rose 1.42% while lending rates rose only 0.99%, and real estate lending grew 9.84%. He also urged SMEs to operate more transparently and not keep two balance sheets, so banks can assess their financial health when lending.

  VnExpress·31/10, 05:30▲ ACB▲ BID▲ CTG▲ EIBbanksinterest ratescredit
• Is the deposit rate cut just a 'pie in the sky'?

  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.

  CafeF·27/10, 00:23• VNINDEXinterest ratesbankssavings accounts
• Wave of interest rate cuts is gaining momentum

  Many banks continue to cut deposit rates and launch preferential lending packages worth tens of thousands of billions of dong, in response to the State Bank of Vietnam's directive to lower interest rate levels. VPBank cut deposit rates by a further 0.4 percentage points for 6–13 month terms, and online deposits under VND 10 billion for 6–11 months now earn 6.6% per year. Sacombank launched a VND 20,000 billion package for individual customers, cutting lending rates by 1.5–2 percentage points, after a VND 40,000 billion corporate program. MSB, VIB and VPBank also have packages of VND 10,000–15,000 billion, with lending rate reductions of 1.5–2 percentage points depending on conditions. Under Official Dispatch No. 9736/NHNN-CSTT dated 21/10/2026, banks must cut average deposit rates for new transactions of 6 months or more by at least 0.5% per year, and non-compliant banks could face penalties, including reduced credit growth targets.

  CafeF·27/10, 00:15▲ VNINDEX▼ DXY▲ XAU/USD▲ BTC/USDTinterest ratesbankscredit
• 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.

  CafeF·26/10, 04:59▲ ACB▲ BID▲ CTG▲ EIBinterest ratessavings accountsState Bank of Vietnam
• Wave of Interest Rate Cuts Gathers Pace, Some Banks Cut Several Times

  Many banks are continuing to cut deposit and lending rates after urgent directives from the Government and the State Bank of Vietnam, and the trend is expected to last through 2026. VPBank will cut lending rates by 1.5% from 26 October for individuals in 6 priority sectors and for SMEs borrowing working capital, and it lowered some online deposit rates by 0.5% from 20 October, with a 10,000 billion VND quota. SACOMBANK has launched a 20,000 billion VND package with 1.5-2% annual rate cuts for individuals, after earlier cutting deposit rates by 0.5% per year for terms of 6 months or more and offering a 40,000 billion VND package with 2% annual cuts for businesses. Vietbank has launched a 3,000 billion VND package with rates at least 1.5% per year lower, valid until 30 June 2027 or until the quota is used up. A plastics company in Ho Chi Minh City said a 2.5 billion VND loan now carries a rate 1.5% per year lower, and an economist said lower rates help businesses free up cash flow.

  CafeF·25/10, 07:35▲ VNINDEXinterest ratesbanksState Bank of Vietnam

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