Individual deposits at banks in Vietnam near $295bn by end-July

Compared to the end of 2024, deposits made by individual customers represent a 9.7-percent increase, equivalent to VND700 trillion ($26.6 billion).

On average, VND100 trillion ($3.8 billion) in new individual deposits has been added to the banking system each month since the beginning of this year.

Since July 2022, individual bank deposits have seen continuous month-over-month growth.

Deposits from economic organizations and businesses have also hit record levels, reaching VND7.978 quadrillion ($302.7 billion), inching up four percent compared to the end of 2024.

Alongside the surge in deposits, there has been a slight uptick in deposit interest rates.

As of mid-October, many private commercial banks have raised interest rates for terms of six months or less, with rates above six percent becoming common at Bac A Bank, HDBank, and Vikki Bank, depending on deposit amount and term length.

At Bac A Bank, an annual interest rate of six percent is applied to deposits of VND1 billion ($37,940) or more for terms ranging from 18 to 36 months.

Vikki Bank is offering a six-percent annual rate for online savings with terms from 6 to 11 months.

Notably, the actual interest rates paid by many banks exceed their listed rates by 1–1.5 percentage points.

For example, at VPBank, a six-month term deposit of VND300 million ($11,385) or more earns 6.15 percent annually, 1.15 percentage points higher than the posted rate.

Some banks are offering interest rates close to 10 percent annually for extremely large deposits ranging from VND50 billion ($1.9 million) to VND2 trillion ($75.9 million).

ABBank has posted a peak interest rate of 9.65 percent per year for three-month deposits of VND1.5 trillion ($56.9 million) or more.

PVComBank is offering rates as high as nine percent per year for deposits of up to VND2 trillion ($75.9 million) made over the counter, with 12- or 13-month terms.

In contrast, the four major state-owned banks have kept their interest rates steady over the past few months.

Their highest rates for 12- and 18-month terms remain between 4.6 percent and 4.8 percent per year. For six- and nine-month terms, rates range from 2.9 to 3.7 percent.

Vietcombank currently lists the lowest rates: 1.6 percent per year for one-month deposits, 1.9 percent for three months, 2.9 percent for six months, and 4.6 percent for 12 months.