Rising deposit interest rates are attracting deposits from the public.

Customers transacting at Vietnam Technological and Commercial Joint Stock Bank - Binh Duong Branch

Interest rates rose slightly.

Following the February 25th meeting between the State Bank of Vietnam (SBV) and commercial banks regarding interest rates, 29 domestic commercial banks reduced deposit interest rates by 0.1-1.05% per year. However, the downward trend slowed in April 2025, with only 9 banks lowering rates. Notably, some banks increased savings interest rates for certain maturities, especially short-term maturities, such as the Agricultural and Rural Development Bank ( Agribank ), Military Commercial Joint Stock Bank (MB), Vietnam Export Import Commercial Joint Stock Bank (Eximbank); Orient Commercial Joint Stock Bank (OCB) and Bac A Bank increased interest rates for maturities from 1-36 months in April.

Recently, MB adjusted its deposit interest rates upwards by 0.2 percentage points per year for terms of 1-5 months, effective until the end of May 2025, with no minimum deposit amount required. Since the beginning of the year, MB has adjusted its deposit interest rates once, and once by once. In addition, banks are also promoting online savings channels, such as increasing interest rates compared to over-the-counter deposits, allowing overdrafts secured by savings passbooks to protect deposits, etc., in order to attract customers. Among digital banks, Vikki Digital Bank offers a 6% annual interest rate for 12-month deposits. Meanwhile, customers depositing online at Ho Chi Minh City Development Commercial Bank ( HDbank ) receive an interest rate of 6% per year for 15-month deposits and 6.1% per year for 18-month deposits.

With Bản Việt Commercial Joint Stock Bank (BVbank), interest rates are currently paid at 6.1%/year for a 60-month term and 6.0%/year for a 48-month term. However, this policy applies only to customers depositing money at the counter…

People still prefer depositing money in banks.

Currently, the aforementioned savings interest rates are considered attractive to depositors amidst a surge in idle funds and the continued risks associated with other investment channels. Mr. Nguyen Van Duc, from Phu My Ward, Thu Dau Mot City, shared: “I find savings deposits safer and offer more stable interest rates than other channels like stocks. Real estate is high-risk, and business investments haven't recovered yet, so I still choose to deposit my savings in a bank.”

According to the State Bank of Vietnam (SBV), the banking sector is preparing large capital resources to meet the 2025 credit plan. Therefore, banks need to focus on boosting lending and capital mobilization to achieve the set targets. Mr. Tran Ngoc Linh, Director of the Investment and Development Commercial Bank (BIDV) - Binh Duong Branch, believes that increasing deposit interest rates is necessary to ensure stable liquidity and attract capital in the context of the current high demand for loans. Increased deposit interest rates help banks maintain stable cash flow for lending activities and effectively compete with other investment channels such as stocks, real estate, and gold.

Therefore, according to Mr. Tran Ngoc Linh, each bank's strategy for adjusting deposit interest rates depends on its liquidity situation and credit growth potential. Banks with good credit growth potential will increase interest rates to attract deposits, while smaller banks or those with abundant liquidity may not need significant adjustments. This shows the flexibility in each bank's approach, in line with its business strategy and actual situation.

According to leaders of several banks, the continued strong increase in deposits into the banking system partly reflects the cautious sentiment of investors as the stock, real estate, and gold markets fluctuate and pose many risks. In addition, the volatile global economy, rising inflation, geopolitical instability, and the decline in many important export markets have led capital to seek safer investment channels. The monetary policy management of the State Bank of Vietnam and the stability of the financial system also contribute to strengthening depositors' confidence.

Governor Nguyen Thi Hong of the State Bank of Vietnam assessed that 2025 is projected to continue to be a challenging year as the global economy remains uncertain and faces potential risks. Global inflation is decreasing but not yet sustainable and poses a risk of upward pressure in the context of Vietnam's highly open economy… These are the challenges facing the banking sector in general and the monetary policy management of the State Bank of Vietnam in particular in 2025.

The State Bank of Vietnam (SBV) continues to manage monetary policy proactively, flexibly, promptly, and effectively, coordinating synchronously and harmoniously with fiscal policy and other policies. Accordingly, the SBV continues to manage interest rates in line with market developments, macroeconomic conditions, inflation, and monetary policy objectives; continues to direct commercial banks to reduce costs to enable them to lower interest rates for individuals and businesses; and promotes the application of technology and digital transformation to facilitate people's access to banking products and services.

According to Mr. Ta Thanh Long, Director of the State Bank of Vietnam Region 12 (Dong Nai, Binh Duong, Binh Phuoc, Tay Ninh, Ba Ria - Vung Tau), after the merger, the scale of outstanding loans and mobilized capital in Region 12 increased significantly. Specifically, total mobilized capital reached over 1 trillion VND by the end of March 2025, an average increase of 2.06% compared to the end of 2024; outstanding credit is estimated at over 1.1 trillion VND, an increase of 0.86% compared to the beginning of the year. Credit to priority sectors continues to grow steadily.

THANH HONG

Source: https://baobinhduong.vn/lai-suat-huy-dong-tang-hut-tien-gui-trong-dan-a346515.html