HCMC – Deposits at 28 commercial banks in the first half of this year soared by 8% against the end of 2024 to nearly VND14.1 quadrillion.
Despite low interest rates, deposits and savings into the banking system have continued to grow strongly thanks to competition in products and services, especially in the current account and savings account (CASA) segment, the Vietnam News Agency reported.
BIDV continued to lead with VND2.07 quadrillion in deposits, up over VND121.6 trillion from the end of 2024, followed by Agribank with nearly VND2.04 quadrillion, an increase of more than VND124.6 trillion.
VietinBank and Vietcombank ranked next with VND1.72 quadrillion and VND1.59 quadrillion deposited respectively. Together, these banks raised more than VND7.4 quadrillion, representing a dominant share of the banking system’s total deposits.
Among joint-stock commercial banks, MB recorded more than VND783.29 trillion in deposits, up 10%, securing fifth place nationwide. Sacombank and VPBank each exceeded VND600 trillion, while ACB, SHB, Techcombank, and HDBank followed in the next group.
With interest rates leveling off, many banks have accelerated product innovation, particularly in the CASA segment, coupled with large-scale marketing campaigns. VPBank, Techcombank, and VIB, among others, have introduced automatic interest-generating features, hosted events, and sponsored cultural and entertainment programs.
According to the State Bank of Vietnam, by the end of May, household deposits reached VND 7.6 quadrillion, up 7.61% from the end of 2024, despite an average deposit interest rate of only around 4.18% per year.
Twelve-month rates ranged from 4.7% at the “Big Four” banks, 4.87% at large banks, to 5.5-6.1% at small and medium-sized lenders. The abundant capital has strengthened banks’ liquidity, creating room to lower lending rates and boost credit growth.
