Implementing the Government's direction, on February 25, the State Bank of Vietnam (SBV) held an online meeting with the system of credit institutions (CIs) regarding interest rates and solutions to stabilize deposit interest rates.

At the meeting, leaders of participating commercial banks pledged to stabilize deposit interest rates and continue to cut operating costs to reduce lending rates.

From 16 banks maintaining deposit interest rates of 6%/year or higher, after the above meeting, this number quickly decreased to only 6 banks as of now.

Banks that have lowered deposit interest rates to below 6%/year include: Bac A Bank, Eximbank, HDBank, IVB, Kienlongbank, MSB, VCBNeo, Saigonbank, SHB, VietBank.

As of March 8, there are only 6 banks listing deposit interest rates from 6%/year including: BaoVietBank, BVBank, GPBank, HDBank, Viet A Bank and MBV. Of which, BaoVietBank and BVBank are the two banks that have reduced interest rates after February 25.

However, this interest rate is only applicable to online deposits.

Specifically, the online deposit interest rate at BaoVietBank for a term of 15-36 months is 6%/year.

Bank interest rates at BVBank are 6%/year for 18-month online deposits and 6.05%/year for 24-month deposits.

GPBank is listing an interest rate of 6.55%/year for 12-month online deposits and 6.15%/year for 13-36 month deposits.

HDBank listed online deposit interest rate at 6%/year for 15-month term, while the highest deposit interest rate at this bank is 6.1%/year for 18-month term.

At MBV (the new name of OceanBank), the highest deposit interest rate is currently 6.1%/year, applied to online deposits with terms of 18-36 months. However, following the direction of the Prime Minister and the State Bank of Vietnam on interest rates, MBV has stopped publicly posting the deposit interest rate schedule on its website since the beginning of March.

According to VietNamNet's research, some banks still offer actual deposit interest rates higher than the listed interest rates.

For example, PVCombank continues to display signs inviting deposits with interest rates of up to 6%/year in front of its transaction offices. Meanwhile, the highest mobilization interest rate according to the interest rate table announced by this bank is 5.8%/year (online) and 5.3%/year (at the counter).

PVCombank is also a bank that has not changed its deposit interest rate for many months since August 19, 2024. Currently, only Sacombank (August 1, 2024) has kept its interest rate schedule longer than PVCombank.

According to statistics, 18 commercial banks have adjusted interest rates down from February 25 to March 7, including: BVBank, MSB, VietBank, Saigonbank, VIB, BaoVietBank, Kienlongbank, Bac A Bank, Viet A Bank, PGBank, Eximbank, LPBank, Nam A Bank, SHB, NCB, VCBNeo, IVB and Hong Leong Vietnam, with a reduction of 0.1-0.9%/year depending on the term.

In the first week of March alone, 13 banks reduced their deposit interest rates. Of these, Eximbank was the first bank to reduce its interest rates twice since the beginning of the month.

Notably, from February 25 to March 7, Eximbank reduced interest rates 5 times, such as for counter deposits: The "Long-term deposit with peace of mind" program reduced interest rates by 0.6-0.8% for terms of 15-36 months; Savings deposits reduced by 0.1-0.2% for terms of 12-24 months for regular customers and reduced by 0.1-0.1% for terms of 6-12 months for customers over 50 years old;

For online deposits, Eximbank reduces 0.2-0.8%/year with terms from 6-36 months.

BANKS THAT HAVE REDUCED DEPOSIT INTEREST RATES FROM FEBRUARY 25 - MARCH 7, 2025
DAY BANK TERM REDUCTION (%/year)
25/2 BVBANK 6 - 60 months at the counter 0.1 - 0.4%
6 - 8 months online 0.1%
9 - 12 months online 0.25%
15 - 18 months online 0.35%
24 months online 0.4%
MSB 13 - 36 months at the counter 0.2%
1 - 5 months and 12 - 36 months online 0.2%
26/2 VIETBANK 1 - 4 and 12 months at the counter 0.2%
5 - 9 months at the counter 0.3%
4-5 months online 0.1 - 0.4%
1, 3 months online 0.3%
2 months 0.4%
27/2 SAIGONBANK 12 - 36 months at counter and online 0.2%
28/2 BAOVIETBANK 12 - 13 months at the counter 0.1%
15 months at the counter 0.2%
18 - 36 months at the counter 0.3%
1/3 BAC A BANK 1 - 11 months at the counter 0.1%
12 - 36 months at the counter 0.2%
3/3 VIET A BANK 12 - 36 months online and at the counter 0.1%
PGBANK 24 - 36 months 0.2%
LPBANK 1 - 60 months at the counter 0.1%
18 - 60 months online 0.1%
4/3 IVB 3 - 24 months online 0.05 - 0.25%
5/3 NCB 1 - 60 months online and at the counter 0.1%
SHB 6 - 11, 13, 15 months online and at the counter 0.1%
12, 18 months online and at the counter 0.2%
24, 36 months online and at the counter 0.3%
NAM A BANK 1, 3 - 5 months online 0.3%
2 months online 0.4%
6 - 36 months online 0.1%
1 month at the counter 0.1%
2 - 5 months at the counter 0.2%
6/3 VCBNeo 6 - 60 months online and at the counter 0.15%
HONG LEONG VN 9 months online 0.05%
12 - 13 months online 0.1%
25/2 - 7/3 EXIMBANK 15 - 36 months at the counter of the "Long-term deposit with peace of mind" program 0.6 - 0.8%
12 - 24 months at regular customer counter 0.1 - 0.2%
6 - 12 months at counter for customers over 50 years old 0.1%
6 - 36 months online 0.2 - 0.8%
26/2 - 1/3 KIENLONGBANK 1 - 60 months online 0.2 - 0.9%
13 - 60 months 0.2 - 0.3%
28/2 - 6/3 VIB 6 - 11 months at the counter for customers with balance under 300 million 0.1%
1 - 36 months at counter for customers with balance over 300 million 0.1%
iDepo deposit from 1 billion and up 0.1%
1 - 36 months online and iDepo deposit 0.1 - 0.2%