Savings interest rates have reversed course and started falling again.

VTV.vn - In the last week of May, many commercial banks adjusted deposit interest rates downwards after a period of localized increases in some maturities in order to strengthen their capital sources.

Most recently, Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) has adjusted its deposit interest rate schedule for the third time this month, following one increase and one decrease previously. According to the new schedule, Sacombank reduced rates by 0.1-0.3% per year for most deposit products, from traditional savings and online savings to specialized savings programs such as Phu Dong and Super Flexible Savings.

Similarly, Vietnam Modern Bank (MBV) also uniformly reduced deposit interest rates by 0.2% per year for terms from 6 to 36 months. Currently, MBV only lists a rate of 7% per year for online deposits with terms from 6 to 36 months.

Not only Sacombank and MBV, but many other banks also adjusted interest rates downwards in May, such as Loc Phat Commercial Bank (LPBank), Vietnam Prosperity Commercial Bank (VPBank), and Asia Commercial Bank (ACB ), with reductions ranging from 0.05-0.1% per year.

Notably, ACB was one of the banks with the most significant adjustments in medium and long-term interest rates. The 6-month term interest rate decreased from 7.1%/year to 4.9%/year, while the 12-month term rate dropped by as much as 1.6%/year, to 5.7%/year.

However, market developments are not entirely one-sided. Before resuming the downward trend, some banks such as Orient Commercial Bank (OCB ), Nam A Commercial Bank (Nam A Bank), and Sacombank had increased deposit interest rates for certain maturities to attract capital. This shows that banks still have to balance the demand for lower interest rates with the pressure to ensure liquidity in a context where credit growth is outpacing deposit growth.

Despite a downward trend in general interest rates, the market still offers exceptionally high rates for customers with large sums of money. Vietnam Public Commercial Bank (PVcomBank) continues to offer 10% per annum for deposits of VND 2,000 billion or more. Vietnam Maritime Commercial Bank (MSB) lists an interest rate of 9% per annum for deposits of VND 500 billion or more. Vikki Bank applies a rate of 7.9% per annum for deposits of VND 999 billion or more, while Ho Chi Minh City Commercial Bank (HDBank) offers rates of 7.2-7.6% per annum for customers depositing a minimum of VND 500 billion.

In addition, some time-based deposit programs maintain high interest rates to attract customers. The digital bank Cake by VPBank applies a basic interest rate of 7.2-7.4% per year for terms from 6-24 months and can reach up to 8.9% per year when combined with current promotions. Saigon Commercial and Industrial Bank (Saigonbank) currently lists an online interest rate of 7.9% per year for a 13-month term, among the highest in the market.

According to experts, pressure on interest rates has not completely disappeared. A report by MB Securities Joint Stock Company (MBS) shows that by the end of April 2026, outstanding credit in the entire system reached approximately VND 19.5 million billion, an increase of 18.26% compared to the same period last year. Meanwhile, the rate of capital mobilization was significantly lower due to the shift of funds to other investment channels.

The gap between credit and deposits has widened to approximately VND 1.4 trillion, equivalent to 7.22% of total outstanding loans. The loan-to-deposit ratio (LDR) of the group of 27 listed banks is estimated to have reached around 100% by the end of Q1/2026, 2.3 percentage points higher than at the end of 2025.

Analysts believe that rising capital costs will continue to impact banks' net interest margins (NIM) in the coming period. Meanwhile, high inflation and exchange rate pressure from the US Federal Reserve's (Fed) maintenance of high interest rates also limit the State Bank of Vietnam's room for further monetary policy easing.

In this context, analysts predict that deposit interest rates are likely to remain stable or decrease slightly in the coming period, following the State Bank of Vietnam's policy direction. However, liquidity pressure at some credit institutions and the need for capital to serve economic growth may still cause localized adjustments at individual banks or for specific maturities.

Source: https://vtv.vn/lai-suat-tiet-kiem-dao-chieu-giam-tro-lai-100260531195621648.htm