Financial reports from listed banks showed total customer deposits reached more than VND 12.88 quadrillion (approximately USD 495 billion) as of March 31, rising by only nearly VND 76 trillion (approximately USD 2.92 billion) from the end of 2025, equivalent to growth of just 0.6 per cent.
The weak increase contrasted sharply with system wide credit growth of 3.7 per cent during the same period.
The modest rise was driven mainly by a handful of banks with strong deposit growth, while 12 out of 27 listed banks recorded declines in customer deposits during the quarter.
Cash transaction at a bank (Photo: Manh Quan).
Among the biggest declines, BIDV saw deposits fall sharply both in scale and growth rate.
After reaching a record high of more than VND 2.22 quadrillion (approximately USD 85.4 billion) in customer deposits at the end of 2025, up 13.8 per cent year on year, the bank’s deposits fell to VND 2.14 quadrillion (approximately USD 82.3 billion) after the first three months of 2026.
The decline represented a loss of more than VND 82 trillion (approximately USD 3.15 billion), or nearly 3.7 per cent.
MB Bank also recorded a sharp decline, with deposits falling by around VND 15 trillion (approximately USD 577 million) to VND 905.9 trillion (approximately USD 34.8 billion).
Meanwhile, the bank’s outstanding loans continued rising to more than VND 1.12 quadrillion (approximately USD 43 billion), highlighting mounting pressure on funding balances.
Among mid-sized private banks, Techcombank saw deposits decline by VND 19.1 trillion (approximately USD 735 million), or 3 per cent, to VND 599.8 trillion (approximately USD 23 billion).
Sacombank recorded a drop of VND 17.5 trillion (approximately USD 673 million), while ACB posted a decline of VND 16 trillion (approximately USD 615 million).
Smaller banks also experienced widespread declines. SeABank lost VND 5.9 trillion (approximately USD 227 million) in deposits, while MSB, PGBank, Saigonbank and Nam A Bank all reported declines.
By contrast, several lenders maintained strong deposit growth.
HDBank recorded the largest increase in absolute terms, with customer deposits rising by VND 60.8 trillion (approximately USD 2.34 billion), or 10.8 per cent, to more than VND 621.5 trillion (approximately USD 23.9 billion).
VPBank followed with an increase of VND 54.7 trillion (approximately USD 2.1 billion), lifting total deposits to VND 682.7 trillion (approximately USD 26.2 billion).
VPBank also posted the strongest credit growth in the first quarter at 10.3 per cent.
Other banks reporting gains included VietinBank, SHB and VIB.
Liquidity pressure may ease in second quarter
In a recent banking sector report, SSI Securities highlighted growing divergence in deposit trends between state owned and private lenders.
Customer deposits at Vietnam’s “Big Four” banks, including Vietcombank, VietinBank, BIDV and Agribank, declined 0.7 per cent, while private commercial banks posted growth of 1.3 per cent.
According to analysts at SSI Research, the ability to mobilise capital has become a key factor differentiating credit growth performance across the sector.
The main concern stems from the system’s loan to deposit ratio. By the end of the first quarter of 2026, the ratio had exceeded 100 per cent, indicating total outstanding loans had surpassed customer deposits.
As a result, liquidity is becoming increasingly dependent on alternative funding sources including State Treasury deposits, open market operations and foreign capital inflows rather than core deposit growth.
Facing this pressure, many banks have accelerated fundraising through certificates of deposit and bond issuance.
BIDV led the market with an increase of VND 78 trillion (approximately USD 3 billion) in certificates of deposit and bond issuance, followed by ACB and MB Bank.
SSI Research also noted that weak deposit growth in the first quarter reflected a combination of structural and seasonal factors, including increased cash holdings ahead of policy changes, slower money circulation following strong property investment flows and the typical seasonal decline in corporate deposits early in the year.
Analysts said funding pressure could gradually ease in the second quarter as deposit interest rates remain relatively high, corporate deposits return with seasonal business cycles and new tax policies potentially encourage more money to flow back into the banking system.
They added that if foreign funding mobilisation improves and credit demand slows because lending rates remain elevated, liquidity conditions across the banking sector could gradually stabilise.
