Big4 banking group joins the race to raise deposits
According to the record, instead of adjusting the deposit interest rate table - which is already low, the Big4 group chose to launch promotional programs and large value gifts to retain and attract customers.
According to the latest record, Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has just announced the program "Exploding incentives - Hunting for gifts as desired" lasting until October 31. Individual customers who deposit savings at the counter (from 200 million VND) can immediately receive cash or gifts worth up to 800,000 VND, depending on the amount and term. For the online channel, this bank added an interest rate of 0.3-1%/year compared to the listed rate. In particular, customers depositing from 200 million VND, for a term of 6 months or more, VietinBank will also give them a beautiful account number worth 5 million VND and double the Loyalty points.
Not far behind, Vietcombank also implemented a program (from September 25 to October 31.) focusing on large customer groups. For each counter deposit of VND 1 billion, customers are awarded VCB Loyalty points corresponding to 0.1% of the deposit. At the same time, for deposits (at the counter or online) from only 30 million VND, for a term of 6 or 12 months, customers will be given a lucky draw code with a special prize worth 1 billion VND.
Meanwhile, the other two "big guys", BIDV and Agribank, were quite quiet at the end of the year. BIDV's most recent interest rate adjustment was on July 12, while Agribank's was on November 15, 2024.
Private banking groups also compete with interest rates and major incentives
On the other hand, the private commercial joint stock bank sector competes more directly and fiercely. The most prominent is the race to issue deposit certificates with outstanding interest rates.
Nam A Commercial Joint Stock Bank (Nam A Bank) is in focus when issuing a second VND 1,000 billion deposit certificate (from October 20, 2025). The highest interest rate is up to 6.7%/year for a 18-month term with interest paid at the end of the term.
In addition, a series of other banks also used the strategy of "adding" interest rates. Techcombank adds up to 1%/year for customers depositing "Phat Loc Online". A bank from Korea, Woori Bank, adds up to 1.5%/year to customers depositing from 5 billion VND. GPBank adds 0.8%/year, SeABank maintains a policy of adding 0.5%/year when depositing online...
Another group focuses on high-value lucky prizes. Vikki Digital Bank Limited (Vikki Bank) not only gives an additional 0.2%/year to female customers, but also deploys lucky draws of 1 tael of gold or 10 taels of SJC gold for savings accounts from 20 million VND. VietBank also gave lucky draw codes with a special prize of VND 500 million for deposits from VND 25 million.
Decoding the "thirst" for capital at the end of the year
According to the latest official statistics of the SBV (updated developments in September 2025), the average mobilization interest rate for terms from 12 to 24 months is 4.9-6.1%/year, and for terms over 24 months is 6.7-7.5%/year.
The excitement of the capital mobilization market at the end of the year raises a big question: Why are banks so "thirsty for capital", while the SBV keeps calling for a reduction in lending interest rates?
The answer lies in the gap between credit growth and capital mobilization. The latest analysis report of Yuanta Securities Vietnam shows that as of the end of September 2025, credit in the whole system has increased by 13.4% compared to the end of 2024, while capital mobilization has only increased by about 9.7%. The SBV estimates that credit growth for the whole year could reach 20%, the highest level in many years.
Meanwhile, data from the SBV (September 2025) also shows that the average lending interest rate for new and old loans with outstanding loans is still anchored at 6.5-8.9%/year (not including priority areas).
This difference, according to Yuanta, is putting pressure on the system's liquidity, causing some banks to adjust interest rates slightly and forecast that deposit interest rates "may continue to increase by the end of the year" to ensure capital balance.
However, this is not the only view.Many experts believe that interest rates will be difficult to increase sharply due to international macro factors.
In its October strategy report, VNDirect Securities Company stated that the US Federal Reserve (Fed) cut interest rates by 0.25% in September and signaled that it could cut further in October and December, which will reduce pressure on the exchange rate.This creates more policy space for the SBV to maintain a low interest rate policy to support the economy.
Sharing the same view, the analysis department of MB Securities Company (MBS) also believes that deposit interest rates are still "stagnant" and forecast to remain around 4.7% - 4.8%/year.
This opposite context explains the actions of banks. They are solving a difficult problem: Both complying with the SBV's interest rate stabilization orientation and mobilizing enough capital to meet the accelerating credit demand.
Instead of increasing listed interest rates, banks are opting to increase "real interest rates" through incentive programs, gifts, and issuing deposit certificates. This move is considered by analysts to be a smart solution, both helping banks attract deposits and in line with the general orientation of stabilizing lending interest rates, supporting businesses and the economy in the final period of the year.
