Deposit interest rates drop sharply, highest at 7.1%/year
According to the latest statistics surveyed by the State Bank in March 2025, the average deposit interest rate of domestic commercial banks (NHTMs) is at 0.10.2%/year for non-term deposits or terms under 1 month.
Terms from 1 to less than 6 months have interest rates ranging from 3.14%/year.
From 6 to under 12 months, the interest rate is around 4.55.4%/year.
Longer terms recorded higher levels, from 4.86%/year for terms over 12 to 24 months, and from 6.97.1%/year for terms over 24 months.
A survey by Lao Dong Newspaper in early May 2025 shows that the savings interest rate level in the market is anchored at the bottom.
The 12-month term - which is a popular reference term - currently fluctuates around 5.15.6%/year at most joint stock commercial banks (TMCPs).
The 6%/year rate for this term is currently very rare, only a few banks such as DongA Bank (now renamed Vikki Bank) are still listed.
Compared to the same period in 2023 - when many banks applied interest rates above 89%/year, the current savings interest rate level has decreased sharply.
Big4 Bank maintains record low
The group of banks in the Big4 block (Vietcombank, VietinBank, BIDV, Agribank) is currently listing the lowest deposit interest rate in the market.
Vietcombank is applying an interest rate of 2.9%/year for 6 and 9-month terms, 4.6%/year for 12-month terms and 4.7%/year for terms of 24 months or more. VietinBank and BIDV also apply similar rates, while Agribank has a slight advantage over short terms, but the 12-month term also only reaches 4.8%/year.
The fact that Big 4 banks maintain low interest rates reflects the advantage of liquidity and deposit market share - they attract a large amount of deposits thanks to their reputation and network, so there is no need to compete with high interest rates.
Private banking is more flexible but also decreases sharply
The joint stock commercial bank (TMCP) sector has a larger range, but is also showing a clear downward trend. After the meeting between the State Bank and the Bank on February 25, 2025, up to 28'29 banks adjusted their deposit interest rates down by 0.1'1%. Major banks such as VPBank, MB, ACB, Techcombank... have all lowered interest rates.
In early May 2025, 12-month interest rates at private banks are commonly around 5.15.6%/year. ACB listed 4.9%/year; Techcombank 4.7%/year (applicable to deposits under VND3 billion). Some smaller banks such as ABBank, SHB, MSB... have higher rates, from 5.35.7%/year.
At the 6-month term, the interest rate of the private sector fluctuates around 4.55.5%/year, much higher than the state-owned enterprise group (~3%).
Techcombank is the only bank to adjust interest rates on the first working day of May 2025. After cutting 0.1%/year at the end of April, the bank has increased to the same level, returning interest rates to the level before the holiday.
The interest rate for 1236 month term is currently at 4.75%/year for deposits under 1 billion VND.
With an amount of 13 billion VND, the interest rate increased by 0.050.1 percentage point, reaching a maximum of 4.85%/year.
The 15 month term was also adjusted up from 3.25%3.55% to a maximum of 3.75%/year depending on the deposit level.
According to records, many banks are currently listing special interest rates with conditions for depositing a minimum amount of hundreds to thousands of billions to enjoy high interest rates up to 8-9%/year.
Deposit interest rates are forecast to continue to be stable at a low level
According to the orientation of the Government and the State Bank, the goal throughout 2025 is to stabilize the deposit interest rate level at a low level to support credit growth. Policy management will be flexible, depending on inflation developments and international market situations.
In the context of domestic inflation still being well controlled and system liquidity being abundant, the possibility of interest rates increasing again is very low. On the contrary, if favorable factors such as the Fed cut interest rates earlier than expected, interest rates in Vietnam may continue to decrease.
In the past, the SBV has also flexibly net infused money through open markets when necessary to support the capital costs of the banking system. Currently, the liquidity of the entire banking system is quite abundant.
Therefore, it is forecasted that in the coming quarters (the second quarter - third quarter of 2025), the deposit interest rate level will remain at the current low, with small fluctuations depending on the periodic strategy of each bank.
