Vietnam Savings Rates Climb to 9.2%

Vietnam Savings Rates Climb to 9.2% - vietnam savings rates — Vietnam Savings Rates Climb to 9.2%

Deposit rates in Vietnam are climbing, with some financial institutions now offering up to 9.2% annually for six-month terms. The sharp rise reflects a broader trend as commercial banks compete for liquidity amidst a challenging economic environment for local businesses. Savers are increasingly drawn to these higher returns, viewing them as a relatively safe harbor compared to volatile investment options.

Competitive offers on the rise

One Hanoi resident recently withdrew a VND1bn ($38,334) deposit from VPBank (VPB) after its six-month account had been renewed at 6.4% annually. When she deposited the funds again, the bank offered an online rate of 8.8% for six months, 2.4 percentage points higher, according to Tuoi Tre News. VPBank (VPB) offered the same 8.8% rate for both six- and 12-month online deposits.

Another Hanoi depositor said Saigon-Hanoi Commercial Joint Stock Bank (SHB) had also raised its rates. On August 28, the bank was offering 9.2% annually on six-month deposits, an increase of 0.2 percentage points over two weeks. With businesses facing difficult conditions, some savers view returns of around 9% as an attractive and relatively secure investment option.

State banks lag behind private lenders

Rates at major state-owned banks remain considerably lower than those offered by their private counterparts. Agribank’s highest over-the-counter rate is 6% annually for deposits of 24 to 36 months. Its rates range from 2.6% for one-month terms to 5.9% for 12-month deposits.

At Vietcombank, online savings for six and nine months pay 3.5% annually, while the bank’s top rate of 6% applies to 24-month deposits. While the government-owned institutions provide stability, the higher yields available through private banks are pulling a significant portion of the available cash away from the state sector. This divergence creates a distinct divide in the investment setting, forcing savers to weigh the safety of state-backed guarantees against the immediate yield offered by private lenders.

The central bank has urged lenders to introduce suitable credit products, preferential interest rates and fee policies to improve businesses’ access to capital. By August 24, 12 commercial banks had announced programmes worth a combined VND408 trillion, targeting key growth sectors and small and medium-sized enterprises. Four state-owned lenders, Agribank, BIDV, Vietcombank and VietinBank, accounted for VND220 trillion, while eight joint-stock banks pledged VND188 trillion.

State Bank of Vietnam data showed total outstanding credit reached VND20.26 quadrillion by July 31, up 8.98% from the end of 2025. Production and business activities accounted for 77.3% of total lending. While deposit rates are increasing, lending rates for small and medium-sized enterprises have been reduced by between 0.2 and 0.7 percentage points annually, depending on the lender.