Banks simultaneously increase deposit interest rates to meet year-end capital needs

Many banks increase deposit interest rates

In the fourth quarter, liquidity in the entire system is often tighter, making the capital mobilization race among banks more exciting.

In recent days, many banks have simultaneously adjusted interest rates, especially in the joint stock banking sector such as GPBank, NCB, Bac A Bank , HDBank... In which, Bac A Bank has increased interest rates twice in October. Some banks have announced high interest rates such as: LPBank: 3-month term: 4.75%/year; 6-month and 12-month term: 6.1%/year (deposit at the counter), 6.2%/year (deposit online); 18-month term: 6.2%/year (deposit at the counter), 6.3%/year (deposit online); Bac A Bank: 3-month term: 4.75%/year; 18-36-month term: 6.3%/year (from 1 billion VND or more).

At the end of the year, banks focus on mobilizing capital, creating favorable conditions for lending to develop the economy. Photo: TH

Some other banks also apply high interest rates, but often come with conditions on minimum balances. For example, PVcomBank: 9%/year for a 12-13 month term, requiring a minimum balance of VND2,000 billion; HDBank : 8.1%/year for a 13 month term, requiring a minimum balance of VND500 billion; LPBank: 6.5%/year for customers receiving interest at the end of the term with deposits of VND300 billion or more.

Some banks have interest rates from 6%/year without requiring a minimum deposit amount such as: VPBank : 6%/year for 12-18 month and 24-36 month terms; HDBank: 6%/year for 15 month term and 6.1%/year for 18 month term.

In general, bank interest rates increase and vary depending on each bank and deposit term. Not only in the joint stock banking sector, the "Big 4" banks also simultaneously launched incentive programs and interest rate policies to attract deposit flows during the peak period at the end of the year.

Most recently, the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has launched a preferential program for customers who deposit savings. Accordingly, individual customers who deposit money at the counter have the opportunity to receive gifts in cash or in kind worth VND800,000; double the accumulated points for customers who deposit savings online from VND1 million, with a term of 6 months or more, equivalent to 20 points for each million VND deposited, double the normal rate.

This bank also added from 0.3 to 1%/year interest rate for customers making online savings deposits for 1-10 months, bringing VietinBank's online interest rate on par with the Bank for Investment and Development of Vietnam (BIDV), up to 2%/year for 1-2 months, 2.3%/year for 3-5 months, and 3.3%/year for 6-10 months.

Transactions at BIDV Nghe An — Transaction at BIDV Nghe An. Photo: TH

Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has also launched a big promotion program to attract deposits. Specifically, customers who deposit 1 billion VND or more at the counter will receive points equivalent to 0.1% of the deposit value. With savings of 30 million VND or more, with a term of 6 or 12 months, depositors can participate in the prize-winning program.

Mr. Nguyen Xuan Thong - Director of VIB International Bank in the North Central region said: Since the beginning of the year, the mobilization situation has been difficult, in the first 9 months of 2025, VIB Bank in the North Central region alone decreased by 5% compared to the same period. This year, the bank interest rate level is low, while rival channels such as gold, real estate, and securities have all increased, attracting capital. Therefore, to ensure capital for the year-end season, banks are forced to adjust interest rates up, limiting the situation of customers withdrawing capital to invest in other channels.

“Currently, banks are increasing interest rates to attract capital to meet year-end lending needs in line with the seasonal cycle. After increasing interest rates, our October mobilization increased by 6% compared to September,” said Mr. Thong.

Ensure year-end capital needs

According to experts, the fact that many banks simultaneously increased deposit interest rates in October reflects the increasing demand for medium and long-term capital, especially the credit disbursement cycle during the peak season at the end of the year and the recovery of purchasing power.

In the last months of the year, businesses focus on increasing production and business to achieve growth targets, so the demand for credit will also increase. Mr. Nguyen Thanh Binh - Director of Begen Co., Ltd. in Nghia Loc commune said, our business specializes in manufacturing fashion socks and sportswear for export to many markets around the world such as the US, Italy, Hong Kong, China... Currently, the equipment for sock weaving lines, shaping machines, production capacity of 4,000 pairs/day, creating jobs for more than 40 local workers. Currently, we have signed orders until 2030, but with the current factory scale, it is not enough to pay for orders to customers. Therefore, the need to continue to borrow capital from banks to expand the factory, invest in production lines to meet signed orders.

“Currently, the company is borrowing capital from Agribank Tay Nghe An Branch, with interest rates that ensure profitable production. We need to borrow more capital to meet year-end orders,” Mr. Binh shared.

At the end of the year, the demand for loans for production and business increased. In the photo: The export sock production line of Begen Company Limited in Nghia Loc commune. Photo: TH

Deposit interest rates show signs of increasing again as banks’ demand for capital mobilization increases to meet production and consumption needs in the last months of the year. If deposit interest rates remain around 6-6.3%/year, the source of capital mobilization will continue to increase in the last months of the year, especially when other investment channels are more difficult and are showing downward fluctuations.

By October 31, 2025, mobilized capital (excluding the NHPT) in the provinces managed by the State Bank of Vietnam's regional branch 8 (including Nghe An, Ha Tinh, Quang Tri provinces) is estimated at VND 575,143 billion, an increase of VND 80,777 billion compared to the beginning of the year, equal to 16.3%; compared to the same period, an increase of VND 95,656 billion, equal to 20%. Of which, Nghe An increased by 16% compared to the beginning of the year.

According to the State Bank Branch in Region 8, as of September 30, the total outstanding debt of credit institutions in the area (excluding the Development Bank) reached 636,638 billion VND, an increase of 61,668 billion VND compared to the beginning of the year, equal to 10.7%; of which, Ha Tinh increased by 12,640 billion VND, equal to 11.6%, Nghe An increased by 35,094 billion VND, equal to 11.04%, Quang Tri increased by 13,934, equal to 9.4%. Outstanding debt in Nghe An accounted for 55.4% of outstanding debt in Region 8.

As of October 31, the total outstanding debt of credit institutions in the area is estimated at VND645,539 billion, an increase of VND70,568 billion compared to the beginning of the year, equal to 12.3%; of which, Nghe An increased by 12.7% compared to the beginning of the year.

To ensure the stability of the monetary market, Ms. Nguyen Thi Thu Thu - Acting Director of the State Bank Branch, Region 8 said: The State Bank continues to require credit institutions to synchronously deploy solutions to stabilize and strive to reduce mobilization interest rates, contributing to stabilizing the monetary market and creating room for reducing lending interest rates. The State Bank Branch, Region 8 continues to direct credit institutions to increase safe, effective, and healthy credit, limit the increase and occurrence of bad debts, and ensure the safety of credit institutions' operations.

“
We direct credit to production sectors, priority sectors, sectors that are the driving force of economic growth according to the policies of the Government and the Prime Minister; increase lending for living and consumption; strictly control sectors with potential risks; issue documents to thoroughly instruct credit work to credit institutions in the area. Direct credit institutions to implement programs such as: Social housing, renovation of old apartments, support for young people under 35 years old to buy houses, credit for agriculture, forestry, fisheries, green growth...
Ms. Nguyen Thi Thu Thu - Acting Director of State Bank, Region 8 Branch

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