According to information from the State Bank of Vietnam, as of March 3, 10 commercial banks have reduced their deposit interest rates at the counter and 7 commercial banks have reduced their online deposit interest rates. Previously, on February 25, the State Bank of Vietnam met with representatives of commercial banks to thoroughly grasp the Prime Minister's direction and issued a document directing the stabilization of deposit interest rates and reduction of lending interest rates.

10 commercial banks reduce deposit interest rates at the counter

According to information from the State Bank, there are 10 commercial banks that have adjusted down the listed interest rates for regular customers (at the counter): BVBank, MSB, VietBank, Saigonbank, VIB, BaoVietBank, Kienlongbank, Bac A Bank, Viet A Bank, and PGBank.

Specifically, on February 25, BVBank reduced interest rates by 0.1-0.4%/year for terms from 6 to 60 months; MSB's mobilization interest rates decreased by 0.2%/year for terms from 13 to 60 months.

On February 26, VietBank's deposit interest rates decreased by 0.2% per year for terms of 1-4 and 12 months; decreased by 0.3% for terms of 5-9 months.

On February 27, Saigonbank reduced 0.2%/year interest rates on 12-36 month term deposits for counter deposits and online deposits for individual customers.

On February 28 alone, VIB reduced interest rates by 0.1% for terms of 6-11 months for customers with deposit balances from 10 million VND to less than 300 million VND, and reduced interest rates by 0.1%/year for terms of 1-36 months for customers with balances from 300 million VND or more.

On the same day, BaoVietBank reduced interest rates by 0.1%/year for 12 and 13 month terms, by 0.2%/year for 15 month terms and by 0.3% for 18-36 month terms.

In March, on March 1, Kienlongbank reduced interest rates by 0.2%/year for terms from 13-36 months and by 0.3%/year for terms of 60 months.

Also on the first day of March, Bac A Bank reduced 0.1%/year savings interest rates for terms from 1-11 months and reduced 0.2% for terms from 12-36 months.

Today, March 3, Viet A Bank reduced interest rates by 0.1%/year for terms from 12-36 months; PGBank reduced interest rates by 0.2%/year for terms from 23-36 months.

SERIES OF BANKS REDUCE INTEREST RATES AT THE COUNTER FROM FEBRUARY 25 - MARCH 3, 2025
BANK DISCOUNT DAY TERM DISCOUNT LEVEL
BVBANK 25/2 6 - 60 months 0.1 - 0.4%
MSB 25/2 13 - 60 months 0.2%
VIETBANK 26/2 1 - 4 months; 12 months 0.2%
5 - 9 months 0.3%
SAIGONBANK 27/2 12 - 36 months 0.2%
VIB 28/2 6 - 11 months (under 200 million) 0.1%
1 - 36 months (from 300 million) 0.1%
BAOVIETBANK 28/2 12 - 13 months 0.1%
15 months 0.2%
18 - 36 months 0.3%
KIENLONGBANK 1/3 13 - 36 months 0.2%
60 months 0.3%
BAC A BANK 1/3 1 - 11 months 0.1%
12 - 36 months 0.2%
VIET A BANK 3/3 12 - 36 months 0.1%
PGBANK 3/3 24 - 36 months 0.2%

7 banks reduce online deposit interest rates

According to the State Bank's report, 7 commercial banks have adjusted down online deposit interest rates and interest rates for some programs, namely Kienlongbank, Eximbank, BVBank, VietBank, Saigonbank, VIB and Viet A Bank since the meeting with the State Bank.

Specifically, on February 25, Eximbank reduced deposit interest rates for a number of programs such as: The "Long-term deposit with peace of mind" program reduced interest rates by 0.3%/year for 15-month terms, and reduced interest rates by 0.4%/year for 18, 24, and 36-month terms;

Eximbank reduces 0.1%/year interest rate for 6 and 12 month terms for the "Prosperity Savings 50+" program;

Online deposit program on weekdays and online deposit program on weekends (Saturday and Sunday) reduces 0.1%/year for terms of 6, 9, 12 months, reduces 0.3%/year for terms of 15 months, reduces 0.4%/year for terms of 18, 24, 36 months.

On March 3, Eximbank continued to reduce interest rates by 0.1%/year for 6-9 month terms for online deposit programs.

On February 25, BVBank reduced interest rates by 0.1%/year for 6-8 month terms; reduced interest rates by 0.25%/year for 9-12 month terms; reduced interest rates by 0.35%/year for 15 and 18 month terms, and reduced interest rates by 0.4%/year for 24 month terms.

On February 26, VietBank reduced interest rates for 4-5 month terms by 0.1% per year, interest rates for 1-3 month terms by 0.2% per year, and interest rates for 2 month terms by 0.4% per year.

Also on February 26, Kienlongbank reduced interest rates by 0.2%/year for terms of 1-5 months; reduced interest rates by 0.4% for terms of 6-24 months, 0.6% for terms of 36 months and sharply reduced interest rates by 0.7%/year for terms of 60 months.

Not stopping there, on March 1, Kienlongbank continued to reduce 0.2%/year interest rates on deposits with terms from 13-60 months.

Also with online deposits, on February 27, Saigonbank reduced 0.2%/year interest rates for terms from 12-36 months.

On February 28, VIB reduced 0.1%/year deposit interest rates for terms from 1-36 months for customers with online deposit balances of 2 million VND or more.

Most recently, on March 3, VietA bank reduced 0.1%/year interest rates for terms from 12-36 months.

SERIES OF BANKS REDUCE ONLINE DEPOSITS INTEREST RATES FROM FEBRUARY 25 - MARCH 3, 2025
BANK DISCOUNT DAY TERM DISCOUNT LEVEL
EXIMBANK 25/2 6 - 12 months 0.1%
15 months 0.3%
18 - 36 months 0.4%
3/3 6 - 9 months 0.1%
BVBANK 25/2 6 - 8 months 0.1%
9 - 12 months 0.25%
15 - 18 months 0.35%
24 months 0.4%
VIETBANK 26/2 4 - 5 months 0.1%
1, 3 months 0.2%
2 months 0.4%
KIENLONGBANK 26/2 1 - 5 months 0.2%
6 - 24 months 0.4%
36 months 0.4%
60 months 0.7%
1/3 13 - 60 months 0.2%
SAIGONBANK 27/2 12 - 36 months 0.2%
VIB 28/2 12 - 36 months 0.1%
VIET A BANK 3/3 12 - 36 months 0.1%

Prime Minister Pham Minh Chinh has just signed Directive No. 05/CT-TTg dated March 1, 2025 on key tasks and solutions to promote economic growth and accelerate disbursement of public investment capital, ensuring the national growth target of 8% or more in 2025.

For the State Bank of Vietnam (SBV), the Prime Minister's Directive requires the management of monetary policy to be proactive, flexible, timely, effective, closely coordinated, and harmonious with a reasonable, focused expansionary fiscal policy and other macroeconomic policies; in which, focusing on more effectively implementing tasks and solutions on managing interest rates, exchange rates, credit growth, operating the open market, interbank market, refinancing, money supply, issuing credit notes, etc.

The State Bank is assigned to regularly monitor and closely supervise the developments in deposit and lending interest rates of commercial banks, and to implement more drastic and effective solutions within its authority to reduce lending interest rates, creating conditions for people and businesses to access loans at reasonable costs and low capital prices to restore and develop production and business, and promote economic growth.

Strengthen the effectiveness of inspection, examination, control and close supervision of the activities of credit institutions, especially the public announcement of mobilization interest rates, lending interest rates, and credit granting activities of credit institutions; promptly and strictly handle violations according to the provisions of law, especially credit institutions that compete unfairly and improperly on interest rates (both mobilization and lending interest rates); strictly prohibit and do not allow commercial banks to freely increase interest rates without direction, compete unfairly and unequally.