Deposit interest rates have risen sharply, reaching a high of 8.3% per year.
The race for deposit interest rates has heated up again, led by private banks. Seasonal liquidity pressures and high credit growth are the main reasons.
Deposit interest rates are rising across the board.
Since the beginning of December 2025, many commercial banks have simultaneously adjusted deposit interest rates upwards. According to experts, this trend stems from three main pressures: a sharp increase in credit demand at the end of the year, a large gap between credit growth and deposit mobilization, and the continued pressure of exchange rates.
According to Vietcap Securities Joint Stock Company (Vietcap), as of November 27, 2025, credit growth across the entire banking sector had reached 16.56%, a high level in many years. This has brought many banks close to reaching their allocated credit limits. Liquidity pressure increased from the beginning of October 2025, as evidenced by the increase in overnight interbank interest rates from an average of about 4%/year to 6%–7%/year.
To support the system, the State Bank of Vietnam has flexibly used tools such as open market operations (OMO) and foreign exchange swaps (FX swaps). In early December 2025, the State Bank of Vietnam raised the OMO lending interest rate from 4%/year to 4.5%/year, a move seen as a signal for commercial banks to adjust deposit interest rates upwards.
The interest rate race is being led by the private sector.
The recent interest rate hikes have been largely driven by private banks, particularly smaller banks focused on retail customers.
| Bank | Outstanding interest rates | Terms and conditions apply |
|---|---|---|
| PVCombank | 8.3% per year | 15-36 month term, deposit savings online on Friday. |
| OCB | 7.1% per year | 36-month term, amount exceeding 500 million VND |
| LPBank | 6.1%/year | Online deposit with a term of 6-11 months |
| ABBank | 6.1%/year | Online deposit accounts with terms of 36, 48, and 60 months. |
| BaoViet Bank | 6.1%/year | Online deposit with terms of 13-36 months |
According to Vietcap's calculations, private banks have increased deposit interest rates by approximately 50–64 basis points depending on the term over the past three months.
State-owned banks join the fray.
On December 16, 2025, four major state-owned commercial banks, including Agribank, Vietcombank, Vietinbank, and BIDV, simultaneously increased savings interest rates at their counters across all maturities. The highest interest rate among these banks reached 5.3% per year for a 24-month term. For a 12-month term, all four banks listed the rate at 5.2% per year.
Despite adjustments, the 12-month deposit interest rate for this group remains 30–40 basis points lower than its Covid-19 low (2020–2021) and approximately 160 basis points lower than pre-pandemic levels, indicating that current interest rates are still supportive of the economy.
Prospects and impacts
Experts from Vietcap believe that the pressure to increase deposit interest rates remains under control. The State Bank of Vietnam is expected to maintain a loose monetary policy to support economic growth targets. Short-term liquidity constraints tend to ease from March after the Lunar New Year holiday.
In the short term, banks' net interest margin (NIM) may continue to face pressure in Q4 2025 and Q1 2026. However, NIM is projected to bottom out in 2025 and may stabilize or increase slightly in 2026. This improvement is supported by sustained strong credit demand and a recovery in retail lending.