Since early July, some commercial banks have moved to slightly lower their rates. (Photo: VNA)
Since early July, several banks have made minor cuts to deposit interest rates. Bac A Bank reduced its rates by 0.1 percentage point across all terms and deposit types. VIB trimmed its 36-month counter rate by 0.1 percentage point for deposits between VND 1 billion (approximately USD 38,248) and below VND 5 billion. Bao Viet also cut rates by between 0.15 and 0.2 percentage point per annum for six to 13-month terms.
Similar adjustments have been observed across other institutions. LPBank reduced online deposit rates by 0.2 percentage point for 18 to 60-month terms, while National Citizen Bank (NCB) lowered rates by 0.1 percentage point depending on the term, as part of a broader strategy to optimise capital costs and create room for further lending rate reductions.
Among the Big 4 state-owned banks, Agribank currently offers some of the most competitive online savings rates, ranging from 2.4 to 4.8 per cent per annum for 1 to 18-month terms. The 24-month rate is 4.9 per cent, on par with BIDV but slightly below VietinBank’s 5 per cent.
Vietcombank’s VND deposit rates range from 0.2 per cent for non-term deposits to 4.7 per cent for terms between 12 and 48 months, applicable to both individuals and businesses. Its promotional lending programmes include home loans from 3.99 per cent, valid until 31 March 2026, and salary-based loans ranging from 6.0 to 7.5 per cent.
Short-term business loans start at 4.6 per cent, with green SME loans as low as 4.2 per cent. Fixed lending rates for mortgages, car loans, and consumer credit range from 5.5 to 5.7 per cent. Long-term financing packages under the “An tam lai suat” (Peace of Mind Interest Rate) programme are priced between 6.2 and 9.5 per cent.
Vietnam’s average new lending rate has dropped to 6.23 per cent, down 0.7 percentage point from late 2024. This continued easing is expected to make credit more accessible, particularly for small- and medium-sized enterprises (SMEs).
Banking analysts say the dual strategy of maintaining stable deposit rates while gradually lowering lending rates reflects an effort to balance the interests of savers and borrowers. This approach supports capital mobilisation while helping businesses access affordable financing, reinforcing the economy’s recovery momentum.