Wave of increasing deposit interest rates
According to data recorded by Lao Dong, at the end of February and the beginning of March 2025, a series of banks reduced deposit interest rates immediately after the State Bank of Vietnam (SBV) requested commercial banks to thoroughly grasp the Prime Minister's instructions and issue documents directing deposit interest rates to be stable and lending interest rates to be reduced. Some banks even reduce interest rates by up to 0.7%/year.
From the major adjustment milestone of March 10, 2025 to November 7, 2025, the deposit interest rate table on the market shows a multidimensional picture. While the Big 4 banking group (Agribank, BIDV, VietinBank, Vietcombank) played a stable role, a "rac race" to increase interest rates took place in short and medium terms in the joint stock commercial banking sector.
Recorded in the past 8 months, a wave of interest rate increases has spread to terms under 12 months:
For the 1 and 3 month terms, many banks have increased sharply to attract short-term deposits. For example, after 8 months, Techcombank increased a total of 0.9%/year for the 3-month term (from 3.55% to 4.45%). Bac A Bank also increased by 0.75% for this term. Similarly, Sacombank increased by 0.7% for the 1-month term and SHB increased by 0.6%.
The upward trend is even more evident in the 6 and 9 month terms. The most dramatic case is Techcombank, which increased by 1.9%/year for the 6-month term, from 3.55% (March 2025) to 5.45% (November 2025). Bac A Bank also increased sharply by 0.85% for the 6-month term and 0.8% for the 9-month term.
For the 12-month term, the upward trend continued to be somewhat lighter, with Techcombank (up 0.8%) and Bac A Bank (up 0.4%) after 8 months being typical examples.
Meanwhile, for the long term of 18 months, the market is quite "calm". Most banks (such as ACB, HDBank, MSB, IVB, VPBank...) keep interest rates unchanged compared to March. The fluctuations are only individuals, such as Bac A Bank and Vikki Bank increasing slightly, while GPBank or OCB decreasing.
Pressure from many factors
Talking to Lao Dong, Dr. Chau Dinh Linh - Lecturer at Ho Chi Minh City Banking University - said that the reversal of deposit interest rates is due to many factors of pressure, both internal and external.
According to Dr. Linh, local liquidity stress is one of the reasons why some banks have adjusted their deposit interest rates up.
" studio studies show that interbank interest rates have at times exceeded 6%, forcing the State Bank of Vietnam (SBV) to intervene through the open market (OMO) to regulate, bringing interest rates to 3-4%" - Dr. Linh shared.
According to Dr. Linh, there are some other factors that put pressure on the end of the year capital demand pressure for credit growth, pressure from the profit target itself.
Experts say that cash flow is being shared by investment channels such as gold, real estate and stocks. If banks do not increase deposit interest rates, they will not be able to attract capital.
Another factor that creates pressure is the issue of stress on the USD/VND exchange rate. USD prices in the free market sometimes reach VND27,000 - 28,000, creating more pressure on interest rates.
On the sidelines of the 11th Economic Insights Forum 2025, Mr. Pham Duy Anh - General Director of Military Commercial Joint Stock Bank (MB) - shared with reporters that in the past 3 months, exchange rate pressure has increased very high.
"To stabilize the exchange rate in the remaining months of 2025, I think banks need to adjust capital mobilization interest rates a little higher than the expected interest rates. Only by raising deposit interest rates a little will the exchange rate stabilize.
However, in my opinion, that interest rate is still low compared to the previous level, so it does not have a big impact on the economy. The banks have recently saved operating costs and increased digital transformation to both stabilize lending interest rates and stabilize the income of banks in the coming time" - Mr. Anh said.
At MB alone, Mr. Anh said that the bank's credit growth by the end of September 2025 was about 19%. MB expects credit growth for the whole year of 2025 to reach 25-35%, depending on the market's ability to absorb capital in the last 3 months of the year.
Orientation of monetary policy management in the coming time
The State Bank of Vietnam (SBV) said that in the coming time, the global economic outlook is forecast to continue to face many difficulties, challenges and increasing risks, requiring policy management to closely follow the situation to proactively, flexibly and effectively implement. Accordingly, based on the socio-economic development orientation of the Party, National Assembly and Government, the SBV will focus on the following key groups of solutions:
First, flexibly and synchronously operating monetary policy tools and solutions with reasonable timing and dosage, harmoniously between exchange rates and interest rates, creating favorable conditions for production and business, thereby promoting growth, while maintaining macroeconomic stability and controlling inflation.
Second, continue to operate exchange rates flexibly, closely follow market developments, and be ready to intervene in the market when necessary to stabilize the foreign exchange market.
Third, direct credit institutions to continue to make efforts to reduce operating costs, promote digital transformation, thereby striving to reduce lending interest rates, contributing to supporting businesses and people to access capital more easily.
Fourth, credit management is in line with macroeconomic developments and capital absorption capacity to promptly supply capital to the economy.
Fifth, closely coordinate with ministries and branches to promptly remove difficulties in implementing credit policies, creating favorable conditions for businesses and people to access bank credit capital. During the operation process, the SBV will closely monitor domestic and international economic developments, thereby promptly operating flexible monetary policy, in accordance with practical requirements. Thuan Hien
