After the drastic direction of the State Bank of Vietnam (SBV) on reducing input interest rates, Lao Dong Newspaper reporters surveyed many commercial banks. The results showed that there was inconsistency between the listed interest rate and the "preferential" interest rate offered directly at the transaction counter.
Lost in the interest rate maze
On May 26, 2026, at Vietcombank - Trung Kinh Transaction Office (Hanoi), a transaction staff member said that customers need to provide a deposit amount for the bank to "submit" preferential interest rates. "From a term of 6-12 months, your side will submit a maximum of 8%/year, which is the highest, the ceiling according to the SBV's regulations" - the bank staff said.
According to advice from the transaction officer, customers who deposit savings will not be able to withdraw partly, but can only finalize at the end of the term. When completing the deposit procedures, the bank will issue a savings book right at the counter. Regarding the time of application of the above interest rate, the staff said that they could not determine the time of program end and recommended that customers deposit early to enjoy incentives.
On this bank's digital banking application, when customers deposit savings for a term, they also receive a different interest rate compared to the announcement on the bank's website. For a 6-month term, customers can receive the highest savings interest rate of 6.6%/year, and the 12-month term interest rate is 6.8%/year.
The inconsistency in savings interest rates at banks makes many customers confused. Vietcombank - one of the major brands that always leads the system - is also not outside the vortex of this interest rate "matrix".
Not only Vietcombank, at MB, transaction officers continuously introduce unexpectedly high interest rates, far different from the savings interest rates listed on the website.
Accordingly, a bank employee working at MB Tay Ho branch confidently introduced: "Today, the deposit interest rate for 100 million VND is 8%, 500 million VND is 8.1%, 1 billion VND plus 1% is 8.2%. Over 3 billion VND, the interest received is 8.45%. Deposit term from 6-12 months".
According to this employee, the program has not announced the end date of the program. However, this interest rate occurred "suddenly", and 10 trillion VND will be used to close the program.
Savings interest rates rise, all kinds of demands besiege customers
In the role of someone who needs to deposit savings of about 1 billion VND for a term of 6 months - 12 months, a reporter was present at ABBank - Tran Dang Ninh Transaction Office.
Reporters were introduced by the transaction counter staff: "Currently, we are implementing a preferential interest rate package for customers who deposit savings with the highest level of 8.5%/year for 6-month and 12-month terms. These two terms currently have equivalent interest rates and are applied to both online and counter deposits".
Customers can split into multiple savings books to flexibly withdraw parts when needed. However, the accompanying condition to enjoy a "separate interest rate package" is that customers need to open a physical ATM card by registering for an electronic card on a banking application.
Continuing the survey at VietBank, Thang Long Transaction Office, bank staff offered an interest rate of 8.5%/year for terms over 12 months and 8.7%/year for a term of 6 months for a deposit of 1 billion VND. Customers deposit money at the counter and receive savings books.
Notably, the 6-month term also has a higher interest rate than even longer terms. According to the consultant, the above preferential program with an interest rate of over 8% is implemented to encourage customers to deposit money from now until the end of May 31, but there is no specific program name, just called interest rate.
On the morning of May 26, at NCB - Trung Hoa Transaction Office (Hanoi), reporters received a "super preferential" offer with an interest rate of 8.8%/year for a 6-month term and about 9.2%/year for a 12-month term.
The transaction staff said: "The program can be separated but cannot be withdrawn in installments. You need to open a payment account with me, this is a product that pays interest at the beginning of the period, the interest will flow to the payment account. However, the interest will be kept until the end of the period before being withdrawn".
According to the consultant, the application time of this interest rate level is not fixed and can change at any time depending on the market situation. "It is possible that this afternoon the interest rate will decrease immediately or increase, currently all branches are applying this level".
Despite the direction of the State Bank
The underground wave of interest rate hikes is somewhat "in reverse" to the requirement to control and reduce the general level of interest rates from the SBV. Accordingly, the SBV maintains the operating interest rates to create conditions for credit institutions to access capital sources at low costs, thereby contributing to supporting the economy.
The efforts of the regulator are continuously shown through official documents and directives. After issuing Official Dispatch No. 2342/NHNN-CSTT dated March 30, 2026, requesting credit institutions to stabilize interest rates, on April 9, 2026, the SBV continued to meet with commercial banks to agree on implementing this policy of the Government.
Faced with new developments in the market, the regulator's control efforts were further tightened in May. On May 14, 2026, the SBV issued Official Dispatch No. 3972/NHNN-CSTT requesting regional SBVs to organize field inspections at commercial bank branches. Most recently, on May 21, Official Dispatch No. 4190/NHNN-CSTT continued to be issued to thoroughly grasp the strict implementation of regulations, and at the same time affirmed that it will strengthen inspection and strictly handle violations.
