HCMC – Ten commercial banks in Vietnam have lowered deposit interest rates at the counter, while seven banks have also reduced online deposit rates and launched promotional programs, the State Bank of Vietnam (SBV) announced on March 3.
Between February 25 and March 3, BVBank, MSB, VietBank, Saigonbank, VIB, BaovietBank, Kienlongbank, BacABank, VietABank, and PGBank adjusted their at-the-counter interest rates downward for regular customers.
BVBank reduced its 6- to 60-month deposit rates by 0.1-0.4 percentage point on February 25, while MSB cut 13- to 60-month rates by 0.2 percentage point. VietBank followed suit a day later, trimming rates by 0.2 percentage point for 1-4 month and 12-month terms and 0.3 percentage point for 5-9 month deposits.
On February 27, Saigonbank lowered 12- to 36-month rates by 0.2 percentage point for counter deposits, online deposits, and personal transaction deposits.
On February 28, VIB reduced its 6- to 11-month rates by 0.1 percentage point for deposits between VND10 million and VND300 million and made the same reduction for 1- to 36-month terms for customers with VND300 million or more.
BaovietBank followed with 0.1-percentage-point cuts for 12- and 13-month terms, 0.2 percentage point for 15-month terms, and 0.3 percentage point for 18- to 36-month deposits.
In early March 2025, Kienlongbank slashed 13- to 36-month rates by 0.2 percentage point and 60-month rates by 0.3 percentage point. BacABank trimmed 1- to 11-month rates by 0.1 percentage point and 12- to 36-month rates by 0.2 percentage point. On March 3, VietABank reduced interest rates by 0.1 percentage point for terms of 12-36 months, while PGBank cut rates by 0.2 percentage point for 24- and 36-month terms.
Seven commercial banks have lowered online deposit rates and reduced rates by 0.1-0.4 percentage point across various terms, along with certain promotional programs. These banks comprise Eximbank, BVBank, VietABank, Kienlongbank, Saigonbank, VIB, and VietABank.
The SBV recently held a meeting with bank leaders to stabilize deposit interest rates and lower lending rates. The central bank has urged financial institutions to cut operating costs, enhance digital banking solutions, and streamline administrative procedures to maintain liquidity and ensure a balanced financial environment.
