Balancing capital sources and stabilizing interest rates.

Banks need to balance their capital sources, ensure liquidity and solvency, and avoid disrupting interest rates in the market.

According to observations by a reporter from Nguoi Lao Dong newspaper on April 2nd, some banks have stopped offering people higher interest rates than the listed rates for savings deposits, but the overall interest rate level remains quite high.

Interest rates remain high.

After raising the highest effective deposit interest rate to 7.9%/year, applicable only in March 2026, on April 2nd, Vietnam International Commercial Bank (VIB ) adjusted interest rates down by 0.3 - 0.4 percentage points. Accordingly, for deposits from VND 1 billion to VND 5 billion, the interest rate is down to 7.5%/year; for deposits over VND 5 billion, the interest rate is 7.6%/year.

At Vietnam Commercial Credit Bank (VietBank), short-term deposit interest rates from 1 to 5 months are capped at 4.75% per year as regulated by the State Bank of Vietnam. For longer terms, deposit interest rates are also higher, such as around 7.5% per year for a 6-month term and up to 7.8% per year for a 12-month term.

Mr. Nguyen Van Hoang (residing in Ho Chi Minh City) stated that on April 2nd, he contacted a commercial bank to inquire about savings interest rates, but the staff informed him that the rate was only 7% per year, significantly lower than a few days earlier. However, some commercial banks are currently implementing promotional programs, adding to the interest rate, with customers potentially receiving around 8.8%-9% per year.

In its latest deposit interest rate schedule, Cake by VPBank (Cake) applies an interest rate of 7.7%/year for terms of 6-9 months; increasing to 7.9%/year for terms of 10 months or more. Since the beginning of April, this bank has implemented several promotional programs offering additional interest rates. Specifically, customers depositing from 5 million VND, for terms of 6-13 months and not withdrawing early will receive an additional 1 percentage point. First-time depositors at Cake receive a bonus of up to 1.3 percentage points, applicable to terms of 6 months or more, with interest paid at the end of the term. Thus, the maximum interest rate at Cake can reach 9.2%/year.

Stable interest rates will support businesses and the economy. (In the photo: Customers transacting at Agribank . Photo: LAM GIANG)

Sacombank (Saigon Thuong Tin Bank) also continues to implement its long-term deposit mobilization program, offering interest rates of 8.2% per year for a 15-month term, 8.6% per year for a 24-month term, and 8.8% per year for a 36-month term. Sacombank stated that this program will run until June 30th or until the deposit mobilization target is reached; it is part of its strategic direction to strengthen its stable capital mobilization capacity, thereby creating a solid foundation for effective credit operations.

According to Sacombank, the bank promotes the mobilization of medium and long-term capital to effectively serve essential production, business, and consumption needs, thereby making a positive contribution to the overall development of the economy.

Capital must be managed well.

Since the beginning of the year, deposit interest rates have been continuously increasing sharply. In March 2026 alone, many banks adjusted their rates 4-5 times, bringing the interest rate for 6-month terms up to 9% per year.

Given the above situation, on March 30, the State Bank of Vietnam issued a document requiring commercial banks to comply with regulations on interest rates (listing deposit interest rates, maximum deposit interest rates, etc.); strengthen inspection, correction, and promptly and strictly handle violations related to interest rates.

Banks need to balance capital sources and uses, ensuring liquidity and solvency; avoid disrupting interest rates in the market; direct credit towards production and business sectors, priority sectors, and drivers of economic growth; and ensure the safety of credit institution operations.

Several days after the State Bank of Vietnam's directive, deposit interest rates still show no signs of cooling down. In its March money market update report, MBS Securities Company stated that surveys show deposit interest rates at many banks are significantly higher than those listed on their websites, with some even reaching 9% per year for terms of 6 months or more. This reflects increased pressure to raise capital, especially at the end of the quarter when credit institutions are boosting credit growth.

Among the 16 banks monitored by MBS, the majority increased deposit interest rates, mainly for terms of 6 months or more, with increases ranging from 0.1 to 1.4 percentage points. Notably, this trend has spread to large banks as well as the group including Vietcombank, BIDV, Agribank, and VietinBank. According to MBS statistics, by the end of March 2026, the highest interest rate for terms under 12 months reached 8.7%/year. The average interest rate for 12-month terms in the market has increased to approximately 8.07%/year.

The deputy general director of a commercial bank in Ho Chi Minh City said that because deposit growth is much lower than credit growth, banks are forced to raise deposit interest rates to attract idle funds.

According to the State Bank of Vietnam, as of March 23, outstanding credit in the entire system is estimated to have increased by approximately 2.02% compared to the end of the previous year. In Ho Chi Minh City and Dong Nai province alone, data from the State Bank of Vietnam's Regional Branch 2 shows that total capital mobilization by credit institutions in the area increased by only 0.46% as of March 31; while credit growth increased by as much as 1.5% compared to the end of last year.

Mr. Michael Kokalari, Director of Macroeconomic Analysis and Market Research at VinaCapital Group, analyzed that interest rates in Vietnam have already faced significant upward pressure since 2025 due to liquidity stress in the banking system – as credit growth has exceeded deposit growth by 5 percentage points.

The current oil price shock continues to push 12-month deposit interest rates at many commercial banks above 8% per annum. Furthermore, soaring oil prices will push Vietnam's balance of payments (BoP) into a deficit, putting downward pressure on the VND and narrowing the State Bank's room for monetary easing to support the economy.

According to Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Region 2 Branch, maintaining stable interest rates contributes to macroeconomic stability, curbing inflation, and supporting sustainable economic growth. Stable interest rates will create favorable conditions to support businesses in growing and developing their production and business activities.

To achieve this, banks themselves need to improve their capital management, use capital rationally and appropriately, ensure a balance between capital sources and capital utilization, and meet the requirements for effective credit growth; focusing capital on production and business sectors, and sectors that drive economic growth.

Debt restructuring, debt deferral.

To support businesses in overcoming difficulties, the Private Economic Development Research Board (Board IV) recommends that the Prime Minister promptly implement solutions to support credit, debt restructuring, interest rate reduction, and cash flow improvement. These solutions could include interest rate subsidies, debt restructuring, debt deferral, expanded access to short-term credit, and expedited tax refunds to create cash flow space for businesses to maintain operations.

Policies need to be implemented early, especially for sectors that are heavily impacted, such as manufacturing, export, agriculture, and small and medium-sized enterprises.

Source: https://nld.com.vn/can-doi-nguon-von-on-dinh-lai-suat-196260402214546346.htm