Vietnam’s biggest lenders are keeping short-term deposit rates pinned at 4.75% a year for three months, a sign the State Bank is still leaning on banks to curb funding costs and preserve room for cheaper loans.
Vietnam banks hold 3-month deposit rates at 4.75%
The move matters because deposit pricing feeds directly into banks’ cost of capital, credit growth and net interest margins. When lenders pay up for deposits, borrowing costs tend to rise across the economy; when rates are held down, banks can more easily cut lending rates to households and companies.
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BIDV, Cake by VPBank, MBV, BAC A Bank, OCB, VCBNeo, PGBank, BVBank, Sacombank, SaigonBank, BAOVIET Bank, VietABank and NCB are among the banks applying the 4.75% rate for a three-month term, according to the rate updates. Some institutions have also moved sharply lower on longer deposits, including VCBNeo, which recently cut some rates to 0.8%, underscoring how quickly pricing has reversed after a period of competition for deposits.
The shift follows earlier moves by state-linked names including Agribank, Vietcombank, BIDV and VietinBank to lift some deposit rates as high as 6%, reflecting how banks had been competing for liquidity. The latest round of ceiling-style pricing suggests that pressure has shifted from attracting funds to supporting the broader policy goal of stabilizing rates and easing credit conditions.
For investors, the setup points to a mixed read-through for bank earnings. Lower deposit costs can support margins if loan yields hold up, but tighter rate caps can also limit banks’ ability to compete for funding in a still-crowded market.
BIDV shares, meanwhile, have shown little direction in recent sessions, closing at 9.87 on Aug. 17 after a brief run higher earlier in the week, with trading volume still thin. Bank stocks and savers will now watch whether other lenders follow suit and whether the central bank keeps pressing for lower lending rates into the next round of loan repricing.
| Entity | Gains | Losses |
|---|---|---|
| Banks with capped 3-month rates | ▲Lower funding costs | ▼Less deposit competition |
| Borrowers | ▲Cheaper loan rates | ▼— |
| Savers | ▲— | ▼Lower short-term yields |
| Bank shareholders | ▲Margin relief if lending holds | ▼Growth pressure if deposit gathering slows |
