Vietnamese banks are accelerating efforts to attract deposits, driving interest rates to new levels. The competition is particularly fierce for medium- and long-term savings products, with rates climbing to the 6-7% range and, in some cases, exceeding that benchmark. This surge in interest rates reflects a broader trend as banks seek to bolster capital reserves amid growing demand for credit and significant public investment projects.
Rates have now reached as high as 7% annually, a significant increase for savers. The push is being led by joint-stock commercial banks, with several institutions offering particularly attractive rates for online deposits. LPBank, for example, recently increased its online deposit rates by 0.6 to 0.9 percentage points, now offering 4.7% for 1-2 month terms, 4.75% for 3-5 month terms, 6.8% for 6-11 month terms, 7% for 12-13 month terms, 7.1% for 15-18 month terms and 7.2% for 24-60 month terms – among the highest available in the market for long-term deposits.
Competitive Rates Drive Market Activity
PGBank is also at the forefront of the rate increases, offering 7.1% for 6-9 month deposits, 7.2% for 12-13 month deposits, and 6.8% for 18-36 month deposits. Notably, PGBank’s 7.2% rate for 12-month deposits is currently the highest offered by any financial institution in Vietnam. MBV (Vietnam Modern Bank) is focusing on attracting medium- and long-term capital with rates of 6.5% for 6-11 month terms, and 7.2% for 12-36 month terms. BVBank is offering 6.6% for 12-month deposits, 6.9% for 15-month deposits, 7% for 18-month deposits, and 7.1% for 24-month deposits, coupled with a lucky draw offering prizes ranging from 1 million to 100 million VND.
Bac A Bank is also offering competitive rates, with 6.5% for 6-11 month terms, 6.55% for 12-month terms, 6.6% for 13-15 month terms, and 6.7% for 18-36 month terms, with rates reaching 7-7.1% for longer maturities. Orient Commercial Bank (OCB) offers rates of 6.2% for 6-9 month deposits, 6.5% for 12-15 month deposits, 6.7% for 18-month deposits, 6.8% for 21-month deposits, 6.9% for 24-month deposits, and 7.1% for 36-month deposits, increasing to 7.3% for 36-month deposits with a principal of 500 million VND or more.
High-Value Deposits Unlock Premium Rates
VietinBank’s Cake product offers 7.3% for 6-month terms and 7.1% for 7-36 month terms, with potential to reach 8.1% annually depending on the deposit amount. A growing trend sees “exceptionally high” rates tied to specific conditions. MSB, for example, is offering a 9% annual rate on 13-month deposits to new customers or those renewing deposits with a balance of 500 billion VND or more. PVcomBank is offering 9% on 12-13 month deposits opened at branches with a minimum balance of 2 trillion VND. Similarly, Vietcombank offers 8.4% for deposits of 999 billion VND or more with terms of 13 months or longer, while HDBank offers 8.1% for 13-month deposits and 7.7% for 12-month deposits with a principal of 500 billion VND.
These higher rates, however, are generally reserved for large-deposit customers and are contingent on specific terms regarding deposit duration and interest payment methods.
Diverging Strategies Among Banks
While many banks are increasing rates, ACB (Asia Commercial Bank) has taken a different approach, significantly reducing online deposit rates through its ACB One app. Current rates are 4.3% for 1-month deposits, 4.4% for 2-month deposits, 5.2% for 6-8 month deposits, 5.3% for 9-11 month deposits, and 5.7% for 12-month deposits. A 6.3% rate is offered for 13-month deposits with a minimum deposit of 200 billion VND. Sacombank also lowered rates in February, highlighting a divergence in capital balancing strategies among banks.
State-owned banks, in contrast, have maintained relatively stable rates. Agribank offers rates of 2.4% for 1-2 month deposits, 2.7% for 3-5 month deposits, 3.8% for 6-11 month deposits, 5.2% for 12-18 month deposits, and 5.3% for 24-month deposits. Vietcombank offers 3.5% for 6-9 month deposits, 5.2% for 12-month deposits, and 5.3% for 24-month or longer deposits. BIDV and VietinBank follow similar rate structures.
Despite not raising rates, the “Big Four” banks are employing various promotional programs to retain customers and attract deposits. VietinBank, for example, is offering a VinFast VF5 car and favorable savings account terms to customers depositing 1 million VND or more, while Agribank is gifting over 5,500 prizes to customers depositing funds between now and March 31, 2026.
Looking Ahead: Continued Rate Pressure
According to analysis from Vietnam Bank Securities Company (VCBS), deposit rates could increase by 60-100 basis points in 2026. This upward pressure is driven by the risk of sluggish deposit mobilization despite strong credit growth demand, prompting banks to proactively raise rates, particularly for medium- and long-term deposits. Strong public investment spending in infrastructure, transportation, and energy is also contributing to increased capital demand in the economy, further exacerbating the pressure on interest rates.
The Vietnamese banking sector is navigating a complex landscape of competing demands and economic forces. The coming months will likely observe continued volatility in deposit rates as banks adjust their strategies to attract capital and support economic growth. Further updates on interest rate trends will be available through official announcements from the State Bank of Vietnam and major commercial banks.
Disclaimer: This article provides general information about financial trends and should not be considered financial advice. Consult with a qualified financial advisor before making any investment decisions.
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