Despite facing no shortage of challenges, interest rates have remained stable since the start of the year. How will the trend evolve in the coming months, as the global economy experiences volatility but Vietnam continues to pursue strong growth targets? What factors will influence this key variable? Signals from the market After a downward adjustment in the final days of July 2025, the overnight interest rate on the interbank market rebounded to 5.36% on the first day of August. Compared to the 2–3% range in June, borrowing costs between banks have risen sharply and remained elevated through July, reflecting increasing liquidity pressures in the banking system. Following a quiet period, several banks—including major ones—raised deposit rates in July. For example, Techcombank lifted deposit rates for terms of 1–36 months by 0.1–0.2 percentage point; VPBank increased the same terms by 0.1 percentage point; and Sacombank sharply raised online deposit rates for 1–5 month terms by 0.3 percentage point. Digital banks such as VCBNEO and Cake by VPBank have also recently adjusted rates upward to attract deposits. With system-wide credit continuing its strong growth trajectory since the beginning of the year, banks’ higher funding needs have pushed deposit rates upward, especially as […]