Many banks sharply reduce interest rates from the end of February
From February 25, 2025 to March 18, 2025, 23 commercial banks have adjusted interest rates down, including Vietnam Bank, Ha Noi, Vietnam Thuong Tin, Saigon Cong Thuong, International, Bao Viet, Kien Long, Bac A, Viet A, Thinh Vuong and Development (PGbank), Xu Dong Khau, Loc Phat, Nam A, Saigon Hanoi (SHB), Quoc Dan (NCB), VCBNeo, BIDV, Techcombank, Vikki Digital Technology, Modern Vietnam (MBV), Phuong Dong (OCB), Cong Thuong and An Binh. The discount ranges from 0.1-1%/year depending on each term and each bank.
On February 25, 2025, the Bank of Vietnam (BVbank) reduced interest rates by 0.1-0.4%/year for deposits at the counter for terms from 6 to 60 months; online deposits decreased by 0.1% for terms of 6-8 months, 0.25% for terms of 9-12 months, 0.35% for terms of 15-18 months and 0.4% for terms of 24 months. On the same day, the Maritime Bank (MSB) adjusted the counter interest rate down by 0.2% for 13-36 month terms; online deposits decreased by 0.2% for 1-5 month and 12-36 month terms.
On February 26, 2025, Vietnam Thuong Tin (Vietbank) reduced interest rates by 0.2% for 1-4 and 12-month terms; reduced 0.3% for 5-9 month terms at the counter. Online deposits decreased by 0.1-0.4% for 4-5 month terms, 0.2% for 1-3 month terms and 0.4% for 2-month terms. On February 27, 2025, Saigon Cong Thuong reduced interest rates by 0.2% for 12-36 month deposits applied to counter deposits, online deposits and personal payment accounts.
From February 28 to March 6, 2025, VIB will reduce the counter interest rate by 0.1% for 6-11 month terms for customers with a balance of less than VND 300 million and reduce the 1-36 month term by 0.1% for customers with a balance of VND 300 million or more. Online deposits fell 0.1-0.2% for similar terms. On February 28, 2025, Bao Viet Bank reduced the 12-13 month term by 0.1%, the 15-month term by 0.2% and the 18-36 month term by 0.3%.
The trend of interest rate cuts spreads throughout the system
Kien Long Bank (KienlongBank) has adjusted interest rates down three times in the period of March 26, 2025: Online deposits decreased by 0.4-1% for 1-60 month terms, at the counter decreased by 0.2-0.3% for 13-60 month terms. On March 1, 2025, Bac A reduced 1-11 month terms by 0.1% and 12-36 month terms by 0.2%. Viet A Bank also reduced the 12-36 month term by 0.1% on March 3, 2025.
On March 3, 2025, Loc Phat (LPBank) reduced the counter interest rate by 0.1% for all terms from 1-60 months for Diamond, Gold, Ruby savings and membership products; online deposits decreased by 0.1% for the 18-60 month term. From March 3 12.2025, PGbank reduced interest rates twice: first on March 3 to reduce 0.2% for 24-36 month terms, second on March 12 to reduce 0.1% for 9, 12, and 13-month terms.
On March 5, 2025, National Citizen (NCB) reduced the 1-60 month term interest rate by 0.1% for both online and at the counter. SHB reduced 0.1% for 6-11, 13, 15 month terms; 0.2% for 12, 18 month terms; 0.3% for 24, 36 month terms. Nam A Bank also sharply reduced interest rates, with a reduction of 0.1-0.4% depending on the term and deposit form.
On March 6, 2025, VCBNeo reduced interest rates for terms of 6 months or more by 0.15% for all savings products at the counter and online. Eximbank has adjusted interest rates up to 6 times from February 25 to March 14, 2025, with a reduction of 0.1-0.8% applied to many different savings programs.
On March 10, 2025, BIDV reduced 0.1% of terms under 6 months. On the same day, Techcombank reduced 0.1-0.2%/year for many products: Regular savings, dividends, flexible principal withdrawals, applied to different customer segments.
On March 12, 2025, Vietnam Current Current (MBV) reduced interest rates by 0.2% for 1-3 month and 18-36 month terms. On March 12, 2025, Vikki Digital Technology adjusted down 0.1-0.5% for a term of 1-15 months.
On March 14, 2025, Phuong Dong (OCB) reduced 0.05-0.25% of online deposits for 1-11 month terms for customers with a balance of VND 100 million or more. VietinBank reduced 0.1% of 1- under 6-month terms. On March 15, 2025, An Binh Bank reduced interest rates by 0.1% for 2-60 month terms.
Since the beginning of March 2025, 18 domestic commercial banks have reduced interest rates, including Kien Long, Bac A, Viet A, PGbank, Loc Phat, Quoc Dan, Saigon Hanoi, Nam A, VIB, VCBNeo, Xuat Nhap Khau, BIDV, Techcombank, Vikki, MBV, OCB, Vietinbank and An Binh. This move reflects the general trend of the market, in the context of banks making efforts to reduce capital costs, support the economy and stimulate credit demand.
