Which bank increased interest rates?
According to the latest update on 6.2.2025, many banks have adjusted interest rates, especially in long terms.
In January 2025 alone, 10 banks increased deposit interest rates, including Agribank, Bac A Bank, NCB, MBV, Eximbank (increased 2 times), KienlongBank (increased 2 times), VietBank, ABBank, BaoViet Bank, and BVBank.
After the Lunar New Year, the "big guy" Techcombank also adjusted to increase interest rates.
Currently, some banks listed the highest interest rates on the market include:
Eximbank: Leading with interest rate of 6.8%/year for 36-month term, 18-month term also reaches 6.7%/year.
BVBank: 12-month term interest rate is 6.05%/year, 18-month term is 6.35%/year, 36-month term is 6.45%/year.
KienLongBank: Interest rate 12 months 6.1%/year, 36 months 6.3%/year.
GPBank: 12-month term 6.05%/year, 36-month term 6.15%/year.
DongaBank, MBV, Bac A Bank: Interest rates for 18 and 36 month terms are all at 6.1%/year.
In the Big 4 group (Vietcombank, Agribank, Vietinbank, BIDV), deposit interest rates remain significantly lower than those of private banks.
Why did a series of banks raise interest rates at the beginning of the year?
Dr. Nguyen Tri Hieu commented that at the beginning of the year, banks need large capital sources to serve the credit plan for the whole year. The State Bank of Vietnam (SBV) loosening credit limits to promote lending also forces banks to increase mobilization to balance liquidity.
According to a report by MB Securities Company (MBS), production activities are recovering, along with increased public investment disbursement, creating pressure on input interest rates. Banks need abundant capital to meet credit demand, especially in priority areas.
Regarding this issue, Dr. Chau Dinh Linh analyzed that small and medium-sized banks often have to compete by raising deposit interest rates to attract deposits from residents and businesses. Meanwhile, large banks are under less pressure due to their stable capital sources. This explains why the deposit interest rates of small banks are always higher than those of the Big 4.
Currently, the fluctuations of the USD and the management policies of the US Federal Reserve (FED) also affect the domestic interest rate level. If the FED does not cut interest rates in a hurry, the pressure to maintain high interest rates in Vietnam will continue.
Interest Rate Forecast 2025
According to MSB's analysis team, the possibility of cutting policy interest rates in 2025 is low. Credit growth trends, liquidity pressure and the need to control exchange rates may keep deposit interest rates high. This means that borrowing costs are unlikely to decrease quickly, forcing businesses and borrowers to carefully consider this year's financial plans.
In general, the interest rate hike in early 2025 not only reflects banks' capital mobilization strategy but also signals liquidity pressure and monetary policy expectations in the coming time.
