According to Lao Dong, on January 9, many banks continued to increase deposit interest rates, with KienlongBank and VietBank making strong adjustments in short and long terms.
KienlongBank increased the average interest rate by 0.2 - 0.4 percentage points for all terms, listing the highest interest rate at 6.1%/year for a 36-month term.
VietBank increased the average interest rate by 0.2 percentage points at some terms, the highest being 5.9%/year.
In particular, the market recorded Eximbank listing an "unimaginably" high deposit interest rate of up to 6.6 - 6.8%/year for a 36-month term. This is an unexpectedly high interest rate when there is no deposit requirement. Previously, to enjoy an interest rate of 6.5%/year, customers often had to meet the minimum deposit requirement of billions of VND.
Interest rates will continue to rise
Vietcombank Securities Company (VCBS) forecasts that deposit interest rates will increase slightly by 0.2 - 0.3 percentage points for medium and long-term terms by the end of 2024 and remain stable in 2025. Lending interest rates are expected to increase by 0.5 - 0.7% due to increased credit demand as the economy recovers, especially when businesses begin to expand production and business after a long period of being affected by the pandemic.
VCBS also believes that the State Bank will continue to pursue a flexible monetary policy to support the economy but not let inflation get out of control. Factors such as fiscal policy, fluctuations in raw material prices, and the speed of recovery of the global economy will strongly affect interest rates throughout 2025.
VNDIRECT Securities Company forecasts that the average 12-month deposit interest rate will increase by about 0.3 percentage points, reaching 5.2 - 5.3%/year by the end of 2025, still significantly lower than before the COVID-19 pandemic.
However, this interest rate is considered reasonable in the context that banks must maintain a competitive interest rate but not exceed the payment capacity of businesses and people. VNDIRECT believes that although interest rates will increase slightly, the difference between banks will create flexibility for customers to choose suitable savings products.
The government will also have support policies to minimize the negative impact of interest rate hikes on the manufacturing and export sectors.
What is the highest interest rate?
1 month term:
Eximbank is currently leading with the highest interest rate, reaching 4.5%/year (weekend). Second place is MBV, KienLongBank with 4.3%/year. Bac A Bank and OCB are in third place, applying an interest rate of 4.0%/year.
3 month term:
Eximbank continues to lead with the highest interest rate of 4.75%/year (weekend). MBV ranks second with 4.6%/year. Bac A Bank and NCB rank third, with interest rates of 4.2%/year and 4.3%/year, respectively.
6 month term:
CBBank stands out with the highest interest rate, reaching 5.85%/year, followed by KienLongBank with an interest rate of 5.8%/year. Bac A Bank ranks third with 5.55%/year. MBV and NCB follow, both applying an interest rate of 5.5%/year.
9 month term:
CBBank continues to lead with an interest rate of 5.85%/year. MBV ranks second with 5.6%/year. Bac A Bank ranks third, with an interest rate of 5.45%/year.
12 month term:
MBV and Gpbank are in the lead with an interest rate of 6%/year. Bac A Bank is in second place with 5.8%/year. CBBank is in third place, also with 6.0%/year.
18 month term:
Eximbank leads the long-term with an interest rate of 6.6%/year. Bac A Bank follows with an interest rate of 6.2%/year. MBV, Oceanbank, and KienLongBank are ranked third, with an interest rate of 6.1%/year.
