Nearly 20 banks in Việt Nam have lowered deposit interest rates generally by 0.5 per cent points per year while 14 lenders have announced cuts to lending rates of mostly 1.5-2 percentage points with reductions reaching as much as 3...
The increase comes as deposit rates have risen steadily since late 2025, encouraging households to move idle funds into bank savings for capital preservation and higher returns amid subdued performance in the stock, property and gold markets.
Under the document, the SBV requested credit institutions, branches of foreign banks and regional SBV offices to implement measures to maintain stable market interest rates.
A notable driver was the continued surge in individual deposits, which hit a record high of nearly VNĐ7.5 quadrillion, up 5.73 per cent since the beginning of the year.
According to the SBV, Decision No. 2410/QĐ-NHNN and Decision No. 2410/QĐ-NHNN aim to ensure consistency on a legal basis with other issued circulars on deposit interest rates.
Vietcombank Securities Company (VCBS) forecasts that deposit interest rates in the third quarter of 2024 will continue to increase by about 0.3-0.5 percentage points.
Despite the remarkable surge in gold prices and the gradual increase in deposit interest rates, the stock market continues to stand out as an appealing investment channel.
Industry experts have predicted a potential increase in deposit interest rates by 0.5 to 1 percentage point in the second half of the year, placing the rate at over 6 per cent per year.
Deposit interest rates are expected to remain low until the middle of 2024, with a slight increase anticipated thereafter due to higher credit demand, analysts said.
Some private banks have recently started to inch up interest rates mainly for short terms of less than five months to 2.5-3.8 per cent per year to attract more depositors after the Lunar New Year.