Deposit rates climb to 8.5% in Vietnam

VPBank has recently introduced a preferential deposit rate program targeting high-value clients.

Under the scheme, eligible customers can earn up to 8.3 percent per year for a six-month term and 8.5 percent per year for 12-month savings.

However, these rates apply only to deposits starting from VND50 billion (US$1.9 million) and are subject to limited quotas.

These premium rates stand well above those offered to ordinary customers.

For standard individual deposits, six-month terms currently yield between 6.4 percent and 6.9 percent annually, depending on deposit size and channel, while 12-month rates range from 6.5 percent to 7 percent.

Across the market, similarly high savings rates are becoming more common.

MBBank recently launched a ‘Golden Days’ promotion running from March 18 to 21, offering up to 8.4 percent annually for deposits starting at VND500 million ($19,010).

Its standard savings rates have also risen to around 7.5 percent per year.

Other lenders are following suit.

Vikki Bank is offering online deposit rates of 8.3 percent, 8.4 percent, and 8.5 percent for tenors of six, 12, and 13 months respectively.

Cake Bank has quoted top rates ranging from 8 to 8.4 percent, while SHB offers up to 7.6 percent for online deposits of 12 months or more.

The fierce competition for deposits has prompted aggressive marketing tactics.

Bank staff are increasingly turning to social media groups and personal channels to attract savers, often advertising preferential rates and promotional gifts.

Rates expected to rise further

The upward trend is not limited to deposit rates.

Six-month deposit rates among Vietnam’s four major state-owned banks have risen sharply, pushing lending rates for house purchases to 14-15 percent annually.

The rate hike is predicted to continue through the first half of 2026, driven by exchange rate pressures and ongoing geopolitical tensions.

Data from the State Bank of Vietnam’s region 2 branch, which covers Ho Chi Minh City and Dong Nai Province, indicated that total deposits at credit institutions in the region had topped VND5.7 quadrillion ($218 billion) as of the end of February, down 0.26 percent from the end of 2025.

The decline was largely due to reduced corporate deposits.

In contrast, household deposits rose 2.63 percent from the end of 2025, accounting for 40 percent of the total mobilized capital.

While deposits edged down, total outstanding credit in the region increased 0.8 percent to VND5.853 quadrillion ($222.6 billion), underscoring a widening funding gap.

The decline in deposits has been attributed to the growing appeal of alternative investment channels such as gold, silver, and stocks.

Meanwhile, upward pressure on exchange rates has further dampened the attractiveness of traditional savings.

Regulatory changes are also playing a role.

Since January 1, term deposits from the State Treasury have been excluded from the loan-to-deposit ratio calculation under the central bank’s roadmap outlined in Circular 26/2022.

This has effectively tightened credit supply.

With the central bank maintaining strict control over credit growth quotas and allocating lending limits on a quarterly basis, both deposit and lending rates are expected to remain on an upward trajectory in the coming months.