Savings rates continue to rise in Vietnam, with 6-month rates reaching 9.2%

L.T.M., a resident of Tay Ho Ward in Hanoi, said she had recently closed a VND1 billion (US$38,320) savings account at VPBank.

The account had previously been automatically renewed at an annual rate of 6.4 percent for a six-month term.

When she redeposited the money, she was offered an online rate of 8.8 percent a year for six months, 2.4 percentage points higher than the previous rate.

When she made the new deposit, VPBank offered the same 8.8-percent rate for both six- and 12-month terms.

P.M.H., another Hanoi resident, said SHB was also offering higher rates for a VND1 billion deposit.

On August 28, the six-month rate stood at 9.2 percent a year, up 0.2 percentage point from two weeks earlier.

Some depositors said that with business conditions facing considerable difficulties, a savings rate of around nine percent a year is attractive.

Putting money in savings is a safe option at present.

Meanwhile, rates at state-owned banks remain significantly lower.

According to Agribank's website, the bank's highest over-the-counter deposit rate is six percent a year, applicable to terms of 24 to 36 months.

The rate is 2.6 percent a year for one-month deposits, 2.9 percent for three months, four percent for six to 11 months, and 5.9 percent for 12 months.

At Vietcombank, online deposits with six- and nine-month terms earn 3.5 percent a year.

Its highest rate at six percent a year applies to 24-month deposits.

Banks expand lending incentives

According to the State Bank of Vietnam, outstanding credit across the banking system had reached VND20.26 quadrillion ($776.4 billion) as of July 31, an increase of 8.98 percent from the end of 2025.

Notably, about 77.3 percent of total credit to the economy was allocated to production and business activities.

To help achieve the target of double-digit economic growth, the central bank has recently instructed commercial banks to proactively develop appropriate programs, products and credit packages to help businesses gain access to capital, including preferential interest rates and fee policies.

As of August 24, 12 commercial banks had registered, announced or publicized their participation in credit programs with a combined scale of around VND408 trillion ($15.6 billion).

The programs are intended to channel capital toward the economy's key growth drivers and the small- and medium-sized business sector.

Four state-owned commercial banks, including Agribank, BIDV, Vietcombank and VietinBank, formally registered programs totaling VND220 trillion ($8.4 billion).

Eight joint-stock commercial banks are participating with a combined VND188 trillion ($7.2 billion).

They are SHB, MSB, Sacombank, BVBank, Nam A Bank, NCB, Saigonbank and TPBank.

In contrast to the upward trend in deposit rates, banks are rolling out numerous preferential lending programs.

Depending on the lender, interest rates have been cut by 0.2 to 0.7 percentage point a year for small- and medium-sized enterprises.