Many banks have raised short-term interest rates to the maximum limit.

Some banks continue to raise savings interest rates, pushing short-term rates up to the ceiling of 4.75%.

The customer conducts transactions at a private bank.

In early December, several banks continued to raise interest rates to attract depositors, extending the upward trend from over a month ago. Increasingly, banks are offering short-term deposit interest rates of 4.75% per year (the ceiling set by the State Bank of Vietnam) for terms under 6 months.

On December 9th, Orient Commercial Bank (OCB ) adjusted its savings interest rates, with adjustments ranging from 0.4% to 0.9% compared to the previous month, depending on the term. At this bank, deposits of 500 million VND or more for terms of 2-5 months will receive an interest rate of 4.75% per year. For the same amount, deposits for terms of 6 to 11 months will receive an interest rate of 5.9%, while 12-month deposits will receive an interest rate of 6.2% per year.

On December 5th, Saigon Thuong Tin Bank ( Sacombank ) also raised interest rates by 0.3% to 0.5% for various terms for customers depositing savings online. Accordingly, the interest rate for terms from 3 months to less than 6 months reached the maximum of 4.75%, and the interest rate applied to 12 months increased to 5.8%.

Starting this month, Viet Capital Bank (BVBank) is also applying an interest rate of 4.75% for deposits of 92 to 183 days, for online deposits of 100 million VND or more.

National Commercial Bank (NCB) implemented a new interest rate schedule from December 8th, increasing rates by 0.3% to 0.8% across various terms. Specifically, the interest rate for 5-month online deposits was raised to 4.75%, while the rate for 12-month deposits was increased to 6.2% per year.

Previously, from mid to late November, several other banks such asVIB , NamABank, MBV, and CIMB also applied a ceiling of 4.75% for some deposits with terms under 6 months.

In addition, many banks are launching promotional programs offering increased interest rates, cash bonuses, and gifts to attract customers to deposit savings at the end of the year.

The competition to attract depositors is heating up as the year-end lending season approaches, as well as in the face of rapidly increasing credit pressure this year.

The Director of Capital Markets and Financial Markets at Vietnam Prosperity Bank (VPBank) noted that the prolonged situation of "credit growing faster than deposits" is putting pressure on liquidity and interest rates at the end of the year.

Total credit to the economy by the end of November exceeded the target of a 16% increase compared to the end of 2024, reaching a multi-year high. Of this, nearly 70% of total credit flowed into the service sector, 24% into the industrial and construction sector, and 6% into the agriculture, forestry, and fisheries sector.

According to a report by VIS Rating, liquidity risk remains high for smaller banks due to their greater reliance on short-term market funding to support credit growth. The industry-wide loan-to-deposit ratio (LDR) reached a five-year high of 111%, driven by strong credit growth far exceeding deposit growth. Liquidity pressure is most evident in smaller banks and is likely to persist.

Amidst the upward trend in savings interest rates over the past few months, lending rates at banks are gradually increasing. Interest rates on new loans, recorded at several institutions, have risen by approximately 0.5-1% compared to the previous month. Many large banks have recently discontinued their low-interest loan programs for homebuyers. At some private banks, floating-rate lending rates are also starting to rise.

PV (compiled)

Source: https://baohaiphong.vn/nhieu-ngan-hang-nang-muc-lai-suat-ky-han-ngan-len-kich-tran-529245.html