Many classes of interest rates in the deposit market
According to the Statistics Office, Ministry of Finance, as of June 26, capital mobilization of credit institutions increased by 5.02% compared to the end of 2025, while credit to the economy increased by 7.41%. The rate of credit growth is 2.39 percentage points higher than mobilization. This development appears in the context that the State Bank of Vietnam (SBV) is still oriented to stabilize the general level of interest rates.
However, a reporter's survey on the official website of banks shows that the deposit market continues to differentiate.
At OCB, the interest rate schedule applied from July 1st recorded online deposits with terms of 6 and 9 months at 6.5%/year. The 12-month term has an interest rate of 6.8%/year, the 24-month term is 6.9%/year and the 36-month term is 7.1%/year.
BAOVIET Bank applies a rate of 6.6%/year for online deposits with terms from 6-11 months and 6.7%/year for terms of 12-36 months. Meanwhile, the deposit interest rate at this bank's counter for a term of 6 months is 5.5%/year and a term of 12 months is 5.8%/year. The difference between the two channels shows that the bank continues to prioritize attracting cash flow through digital platforms.
In addition to the listed interest rate, additional programs form another layer of interest rates in the market.
In July, Cake by VPBank announced two additional programs up to 1.8%/year, including incentives for first-time depositors and programs applicable to deposits from 5 million VND. All incentives are valid until July 31 and come with specific conditions.
The public interest rate level may not fully reflect the interest rate that some customers may enjoy. The actual interest rate also depends on the deposit channel, customer group, participation time, amount and term.
Mobilizing additional capital through bonds
Along with deposits, many banks continue to issue bonds to supplement longer-term capital.
According to data on the corporate bond website of the Hanoi Stock Exchange, on June 30, three banks with codes STB, LPB and NAB issued a total of 7,900 billion VND of bonds.
In which, the bank with code STB issued VND 4,500 billion of 6-year term bonds, interest rate 9.2%/year. LPBank issued VND 3,000 billion, 3-year term, interest rate 8.6%/year. Nam A Bank mobilized VND 400 billion through a 7-year term bond lot, interest rate 9%/year.
At the beginning of July, HDBank issued three consecutive bond lots, with a total value of 1,700 billion VND. The lots have a term of 6-7 years, the issuance interest rate is from 8.5-9%/year. Specifically, the bank issued 200 billion VND on July 7, 500 billion VND on July 9 and 1,000 billion VND on July 10. At the same time, Vietcombank issued a bond lot worth 100 billion VND, with a term of 10 years, interest rate of 7.9%/year.
These issuances add medium and long-term capital in addition to customer deposits. Depending on the plan of each issuance, bank bonds can be used to increase operating capital scale, improve the term structure of capital sources or supplement level 2 capital.
Unlike residential deposits, most of the above-mentioned bond lots have a term of 3-10 years and are offered for sale to professional investors. This is a source of capital with higher costs than listed deposits, but the capital usage time is also longer.
Capital balance in the monetary market
With short-term demand, credit institutions also borrow from each other in the interbank market. Sharing with reporters, Mr. Vu Binh Minh - CFA, Director of Capital and Currency Business, Capital Market and Securities Services Division, HSBC Vietnam - said: "Although operating interest rates are kept unchanged, deposit interest rates and interbank interest rates are still up, maintaining at a high level in the first half of the year.
This development reflects the state of the rapidly growing economy, in which credit demand at times increases faster than mobilization. The banking system also needs to maintain the VND - USD interest rate difference at a reasonable level to contribute to stabilizing exchange rate expectations.
Mr. Minh said that the State Bank has managed flexibly through open market tools and foreign currency swap operations, thereby supporting system liquidity and stabilizing the monetary market when pressure increases.
In the third quarter, if the gap between credit growth and mobilization continues to widen, liquidity may face additional pressure. In the context of high growth leading to high capital demand but inflation and exchange rates also under pressure from the external environment, the general level of interest rates will continue to reflect the "balance" between supporting growth and macroeconomic stability.
Mr. Minh expects that in the fourth quarter of 2026, the upgrading of the stock market will contribute to creating a more sustainable foreign currency supply in the medium term, which may be one of the factors to help reduce pressure on the exchange rate and create more room for policy management.
