As liquidity continues to tighten, banks are prioritizing capital mobilization to meet peak lending demand in the final months of the year. This is expected to be the key factor driving upward pressure on interest rates. Interest rates rise despite injections by the central bank The overnight lending rate between credit institutions on the interbank market reached 6% on the first day of last week (October 27, 2025), up 1.6 percentage points compared with late September. One-week and two-week rates also climbed above 6%, nearly 0.6 percentage point higher over the same period. In the past week alone, the overnight rate surged by nearly one percentage point. Since early October, interest rates in the interbank market have continued to trend up as system liquidity has tightened, even though the State Bank of Vietnam (SBV) has continuously injected net liquidity through open-market operations (OMO) since mid-October. Specifically, from October 15 through October 24, the central bank injected a net VND96,773 billion via OMO, including VND46,000 billion on October 22. In the retail market, banks have also increased deposit rates since the beginning of the month, focusing on short tenors of 1–3 months, with increases of 0.2–0.3 percentage point compared with late […]