Military Commercial Joint Stock Bank has raised deposit rates for the second time this month, focusing on longer tenors. Rates for 12-18 months increased to 6.55 per cent, while 24-48 months exceed 7 per cent, peaking at 7.5 per cent.
Similarly, Techcombank has lifted rates across tenors, with effective returns reaching 7.5 per cent when bonuses are included.
Some lenders are offering even higher promotional rates. A branch of GPBank in Hanoi is advertising rates of up to 8.4 per cent, while Cake by VPBank offers bonus rates of up to 0.9 percentage points for new customers. Since early March, at least seven banks have adjusted deposit rates upward.
Rates vary widely by term. Short-term deposits remain relatively low at around 3-4.75 per cent, while six- to nine-month tenors are the most competitive, with some exceeding 7 per cent. Longer tenors of 12-18 months generally range between 6-7 per cent.
Lending rates have also risen at several banks, in some cases by nearly two percentage points, although movements remain uneven. Some lenders recorded notable increases, while others made smaller adjustments or even reduced rates.
Among state-owned lenders, rates remain comparatively lower. Agribank has rates of up to 8.04 per cent, while BIDV and VietinBank hover around 6 per cent.
Analysts expect deposit rates to continue rising modestly in the near term, driven by stronger credit demand and liquidity pressures, though sharp increases are unlikely. Lending rates may follow with a lag and remain uneven across institutions, while global monetary policy moves by the Federal Reserve will shape the medium-term outlook.
