A full-scale interest rate race is unlikely to recur thanks to the proactive regulation by the State Bank of Vietnam (SBV) and especially the “lifebuoy” named Circular 08/2026/TT-NHNN. Cooling down and differentiation Two months ago, savings and deposits flowed dynamically from one bank to another, following the pace of banks’ interest rate hikes. But for over a month now, specifically from April 10, 2026, to date, interest rates have stabilized following the instruction of the central bank and the commitment by credit institutions to unanimously lower rates. Nearly all banks have reduced annual deposit interest rates by 0.5–1 percentage point depending on the term. Nevertheless, the differentiation in deposit interest rate frameworks is becoming increasingly evident. First is the differentiation among banks. Looking at the listed interest rates as of the beginning of last week (May 18, 2026), a clear picture of two contrasting color blocks emerges. The “Big Four” group — Vietcombank, BIDV, VietinBank, and Agribank — list the highest interest rates for long terms at only around 6% per year, acting as an anchor and an important benchmark for the system. In contrast, among private joint-stock commercial banks, some list high rates from 6.5–7%, while others maintain low […]