Banks accelerate deposit mobilization, interest rates rise to new levels

The common increase ranges from 0.01-0.3% per year depending on the term, but some banks have made significant increases, establishing a new, higher rate than at the beginning of the year. For medium and long-term maturities, interest rates in the 6-7% per year range are gradually becoming the common competitive threshold.

Interest rates have risen to around 7% per year.

In the interest rate "race" at the beginning of March, joint-stock commercial banks are demonstrating their leading role. Notably, Loc Phat Vietnam Commercial Joint Stock Bank ( LPBank ) has significantly adjusted its online deposit interest rates, increasing them by 0.6-0.9% per year compared to before. Specifically, the rates for 1-2 month terms are now 4.7% per year; 3-5 months 4.75% per year; 6-11 months 6.8% per year; 12-13 months 7% per year; 15-18 months 7.1% per year; and 24-60 months 7.2% per year. These are among the highest rates in the market for long-term deposits.

Prosperity and Development Commercial Bank (PG Bank) also leads in many terms with 7.1%/year for deposits from 6-9 months; 7.2%/year for 12-13 months; and 6.8%/year for 18-36 months. For the 12-month term, PGBank's rate of 7.2%/year is among the highest in the entire system.

Vietnam Modern Bank (MBV) applies an interest rate of 6.5%/year for terms of 6-11 months and 7.2%/year for 12-36 months, demonstrating a clear focus on mobilizing medium and long-term capital.

Viet Capital Commercial Bank (BVBank) is offering interest rates of 6.6%/year for 12 months; 6.9%/year for 15 months; 7%/year for 18 months; and 7.1%/year for 24 months, along with a lucky draw program with prizes ranging from 1 to 100 million VND.

Similarly, Bac A Commercial Joint Stock Bank ( Bac A Bank ) lists interest rates of 6.5%/year for 6-11 months; 6.55%/year for 12 months; 6.6%/year for 13-15 months; 6.7%/year for 18-36 months; and some longer terms reach 7-7.1%/year.

At Orient Commercial Bank (OCB ), interest rates range from 6.2%/year for deposits of 6-9 months; 6.5%/year for 12-15 months; 6.7%/year for 18 months; 6.8%/year for 21 months; 6.9%/year for 24 months and 7.1%/year for 36 months. If customers deposit from 500 million VND, the interest rate for 36 months is increased to 7.3%/year.

In the high-interest rate group without special conditions, Vikki Bank offers 6.5%/year for 6 months; and 6.6–6.7%/year for 12–13 months. Meanwhile, Cake by VPBank lists 7.3%/year for 6 months and 7.1%/year for 7–36 months; with additional incentives based on deposit size, the actual interest rate received can reach 8.1%/year.

It can be seen that the 7%/year rate is gradually becoming a common competitive benchmark among private banks, especially for terms of 12-24 months.

Besides the standard interest rates, the market continues to see "exceptionally high" interest rate packages accompanied by special conditions.

Vietnam Maritime Commercial Bank (MSB) announced an interest rate of 9% per annum for a 13-month term if customers open new or renew 12-13 month deposits and maintain a balance of VND 500 billion or more. Vietnam Public Commercial Bank (PVcomBank) also applies a 9% per annum rate for 12-13 month deposits made at the counter, with the condition of maintaining a minimum balance of VND 2,000 billion.

Additionally, Vikki Bank offers an interest rate of 8.4% per annum for terms of 13 months or more with a minimum deposit of VND 999 billion. Ho Chi Minh City Development Commercial Bank ( HDBank ) offers 8.1% per annum for 13 months and 7.7% per annum for 12 months if the balance reaches VND 500 billion.

Interest rates of 8-9% per year are therefore only applicable to customer groups with very large deposit amounts, subject to specific conditions regarding term and interest payment method.

The differentiation is becoming increasingly clear.

Amidst interest rate hikes by many banks, Asia Commercial Bank (ACB ) has significantly reduced its online deposit interest rates on the ACB One app by 0.2-0.95% per year. The rates are now 4.3% per year for 1-month deposits, 4.4% per year for 2-month deposits, 5.2% per year for 6-8 month deposits, 5.3% per year for 9-11 month deposits, and 5.7% per year for 12-month deposits. However, ACB maintains a rate of 6.3% per year for customers depositing a minimum of VND 200 billion for a 13-month term.

Previously, Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) also adjusted interest rates downward in February, showing an increasingly clear differentiation in capital balancing strategies among banks.

Amidst a series of fluctuations, state-owned banks continue to maintain relatively stable interest rates. At the Vietnam Agricultural and Rural Development Bank ( Agribank ), interest rates for terms of 1-2 months are 2.4%/year; 3-5 months 2.7%/year; 6-11 months 3.8%/year; 12-18 months 5.2%/year; and 24 months 5.3%/year.

Vietcombank (Vietnam Foreign Trade Commercial Bank) applies an interest rate of 3.5%/year for 6-9 months; 5.2%/year for 12 months; and 5.3%/year for 24 months or more. BIDV (Vietnam Investment and Development Bank) and VietinBank (Vietnam Joint Stock Commercial Bank for Industry and Trade) have similar interest rate schedules.

Although not raising interest rates, the "Big 4" banks are still implementing many promotional programs to retain customers and attract deposits. For example, VietinBank offers a chance to win a VinFast VF5 car and valuable savings accounts when customers deposit from 1 million VND, or Agribank is giving away over 5,500 gifts to customers who deposit money from now until the end of March 2026...

According to an assessment by Vietcombank Securities Company Limited (VCBS), deposit interest rates could increase by 60-100 basis points in 2026. This pressure stems from high credit growth demand while deposit mobilization risks falling short, forcing banks to proactively raise interest rates, especially for medium and long-term maturities. Coupled with strong public investment disbursement for infrastructure, transportation, and energy, the economy 's capital needs are projected to continue increasing, further putting pressure on interest rates.