According to the latest data released by the State Bank of Vietnam, household deposits at credit institutions reached more than VND 10.38 quadrillion (approximately USD 400 billion) by the end of January, up 0.45 per cent compared with the end of 2025 and the highest level on record.
In January 2025, household deposits stood at VND 7.188 quadrillion, meaning deposits from residents increased by nearly VND 3.2 quadrillion (approximately USD 123 billion) over the past year.
By contrast, deposits from businesses and economic organisations fell 1.62 per cent to just over VND 6 quadrillion (approximately USD 231 billion).
Overall money supply, excluding valuable papers, reached more than VND 19.5 quadrillion (approximately USD 750 billion) by the end of January, up 0.69 per cent compared with the end of last year.
Deposit interest rates began rising sharply from late last year and continued increasing in the opening months of 2026 as banks competed to attract savings.
Cash transaction at a bank (Photo: Manh Quan).
According to previous surveys, 15 banks raised deposit rates in January alone. Interest rates of 7 per cent per year for 12-month deposits became increasingly common, while many banks lifted rates by 1-3 percentage points compared with the end of the previous year.
Beyond publicly listed rates, several private banks recently offered promotional savings rates of up to 9 per cent per year for deposits worth only tens or hundreds of millions of dong.
Interest rates only began easing in early April following instructions from State Bank Governor Pham Duc An to lower rates in support of households and businesses.
The State Bank said global uncertainties, particularly geopolitical tensions in the Middle East pushing up oil prices, had added inflationary pressure. Strong demand for capital and aggressive deposit competition among some banks also contributed to higher interest rates during the first quarter.
Rates have since begun cooling. The number of banks offering bonus interest promotions has declined significantly compared with last month, while incentive rates have fallen by around 0.5 percentage points.
However, some lenders are still offering promotional rates of 7-8 per cent per year for savings terms of six to 12 months or longer, subject to minimum deposits ranging from tens to hundreds of millions of dong.