Vikki Bank became the latest lender to cut rates following a meeting with the State Bank of Vietnam on April 9, marking its first reduction since December 12, 2025.
In the latest move, Vikki Bank trimmed rates by 0.5 per cent per year for terms of six to 36 months. Online deposit rates for six to 11 months have fallen to 6 per cent per year, while 12 month deposits now offer 6.1 per cent and 13 month terms 6.2 per cent, the highest level currently listed. Longer tenors of 15 to 36 months have also dropped to 6.1 per cent.
Short term deposits of one to five months remain unchanged at 4.7 per cent per year.
The lender has made similar cuts for over the counter deposits, reducing rates by 0.5 per cent per year across six to 36 month terms.
Once the system’s highest rate setter, Vikki Bank had previously offered rates as high as 9.3 per cent per year for 12 month deposits and 9.2 per cent for six to 11 month terms before April 11.
Bank deposits (Photo: Manh Quan).
So far, 30 commercial banks have announced rate cuts, including VPBank, Techcombank, SeABank, Sacombank, ABBank, KienlongBank, BaoViet Bank, LPBank, Nam A Bank, NCB, SHB, TPBank, Viet A Bank, Agribank, VietinBank, MB Bank, Vietcombank, Eximbank, Bac A Bank, MSB, OCB, PGBank, PVcomBank, VietBank, BIDV and Saigonbank.
SeABank and Agribank have each cut rates twice during the current easing cycle.
Earlier this month, nine banks had moved in the opposite direction by raising deposit rates, including ACB, VIB and others.
Data updated on April 20 show deposit rates continue to diverge by tenor and lender group. Short term rates for one to three months remain broadly stable at 4.5 to 4.75 per cent per year among major state lenders such as Vietcombank, BIDV, VietinBank and Agribank, while some smaller or restructuring banks offer significantly lower levels.
For six to nine month terms, rates range from 5.5 to 6.9 per cent, with state owned banks offering around 5.8 to 6.6 per cent and some private lenders exceeding 7 per cent.
At 12 months, rates typically vary between 5.3 and 7.3 per cent, while longer tenors of 18 months range from 5.8 to 7.2 per cent, reflecting continued segmentation across the market.
According to Pham Thanh Ha, deputy governor of the State Bank of Vietnam, total outstanding credit reached more than VND 19.18 quadrillion (approximately USD 767 billion) by the end of March, up over 3 per cent from the end of last year.
The central bank is targeting credit growth of around 15 per cent this year, subject to adjustment depending on economic conditions to control inflation, support growth and ensure system stability.
Ha noted that demand for credit in production and consumption is rising, while deposit mobilisation faces competition from other investment channels such as real estate and equities, adding pressure on the banking system.
The State Bank said it will continue to manage monetary policy flexibly, monitor deposit and lending rates closely, and stand ready to support liquidity and maintain stability in the foreign exchange market.
