By the end of January 2023, the market recorded more than 30 banks reducing deposit interest rates. Interest rates of 6%/year or higher for 18-month term deposits gradually disappeared.

In early January 2024, 10 banks maintained interest rates of 6-6.5%/year for 18-month term deposits. By the end of the month, only SHB maintained an interest rate of 6%/year for this term. This is the clearest evidence that banks have aggressively lowered deposit interest rates.

According to VietNamNet statistics, in January, 32 banks reduced deposit interest rates including: BaoViet Bank, GPBank, Eximbank, SHB, Bac A Bank, KienLong Bank, LPBank, OCB, VIB, TPBank, ABBank, NCB, Viet A Bank, Vietcombank, PVCombank, SCB, HDBank, VietBank, Techcombank, Agribank, BIDV, VietinBank, VPBank, SeABank, MSB, Nam A Bank, MB, BVBank, Sacombank, OceanBank, PGBank, Saigonbank.

Of which, OCB, GPBank, SHB, VIB, Bac A Bank, VPBank, VietBank, TPBank, BaoViet Bank, PVCombank, Nam A Bank, VietinBank, BIDV, Agribank have reduced interest rates twice.

NCB, Eximbank, HDBank reduced interest rates up to 3 times, while Viet A Bank, SHB and KienLong Bank adjusted down 4 times.

Dong A Bank and CBBank are the rare banks that did not lower interest rates last month.

Surveying the 6-month deposit term, KienLong Bank's deposit interest rate decreased the most, up to 0.9%/year. Next were HDBank, Techcombank and MB, with a decrease of 0.7%/year for this term.

KienLong Bank also leads in interest rate reduction for the remaining terms, in which the 9-month term decreased by 1%/year, the 12-month term decreased by 0.9%/year, and even the 18-month term decreased by 1.1%/year.

SHB, PGBank, OCB, MSB, HDBank, PVCombank, Eximbank,... are also among the banks that have aggressively reduced deposit interest rates in the past month.

Not only large commercial banks, even small-scale banks have strongly reduced interest rates, even reducing them by more.

In the state-owned commercial banking sector, deposit interest rates at four banks, Agribank, Vietcombank, BIDV and VietinBank, all decreased in January. Except for Vietcombank, interest rates at the remaining three banks were adjusted twice.

CURRENT INTEREST RATES OF BANKS AND INTEREST RATE FLUCTUATION FROM 1/1 - 1/2/2024
BANK 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
1/2 Change 1/2 Change 1/2 Change 1/2 Change 1/2 Change
KIENLONGBANK 3.55 -0.4 4.5 -0.9 4.6 -1 4.6 -1.1 5.1 -1.1
SHB 3.3 -0.5 4.6 -0.6 4.8 -0.6 5 -0.6 5.2 -0.9
PGBANK 3.5 0 4.5 -0.4 4.7 -0.6 5.2 -0.6 5.4 -0.7
OCB 3.2 -0.8 4.6 -0.5 4.7 -0.5 4.9 -0.5 5.4 -0.7
MSB 3.5 0 3.9 -0.3 3.9 -0.3 4.3 -0.6 4.3 -0.6
HDBANK 3.15 -0.5 4.8 -0.7 4.6 -0.6 5 -0.7 5.9 -0.6
PVCOMBANK 2.85 -0.5 4.8 -0.5 4.8 -0.5 4.9 -0.5 5.2 -0.5
EXIMBANK 3.5 -0.3 4.4 -0.3 4.4 -0.7 4.9 -0.3 5.1 -0.5
BAOVIETBANK 3.85 -0.7 4.8 -0.5 4.8 -0.5 5.3 -0.3 5.5 -0.5
VIET A BANK 3.5 -0.8 4.8 -0.5 4.8 -0.4 5.2 -0.4 5.6 -0.4
VIETBANK 3.7 -0.3 4.9 -0.4 5 -0.4 5.3 -0.4 5.8 -0.3
NAMA BANK 3.4 -0.6 4.6 -0.3 4.9 -0.5 5.4 -0.3 5.8 -0.3
TPBANK 3 -0.4 4 -0.4 4.8 -0.2 5 -0.3
BAC A BANK 3.8 -0.2 4.9 -0.3 5 -0.3 5.2 -0.3 5.6 -0.25
GPBANK 3.42 -0.63 4.75 -0.5 4.9 -0.35 4.95 -0.5 5.05 -0.2
OCEANBANK 3.3 -0.6 4.4 -0.4 4.6 -0.4 5.1 -0.4 5.5 -0.2
AGRIBANK 2 -0.5 3.2 -0.4 3.2 -0.4 4.8 -0.2 4.8 -0.2
BIDV 2.3 -0.3 3.3 -0.3 3.3 -0.3 4.8 -0.2 4.8 -0.2
VIETINBANK 2.2 0 3.2 -0.3 3.2 -0.3 4.8 -0.2 4.8 -0.2
SEABANK 3.6 -0.2 4.15 -0.25 4.3 -0.25 4.75 -0.25 5 -0.1
SAIGONBANK 2.7 -0.3 3.9 -0.3 4.1 -0.3 5 -0.1 5.4 -0.1
SCB 2.05 -0.2 3.05 -0.2 3.05 -0.2 4.75 -0.1 4.75 -0.1
VIETCOMBANK 2 -0.2 3 -0.2 3 -0.2 4.7 -0.1 4.7 -0.1
BVBANK 3.75 -0.15 4.85 -0.2 5 -0.2 5.15 -0.35 5.55 0
NCB 4.1 -0.15 5.05 -0.3 5.15 -0.3 5.5 -0.2 6 0
TECHCOMBANK 3.15 -0.5 3.75 -0.7 3.8 -0.7 4.75 0 4.75 0
LPBANK 2.7 -1 4 -0.8 4, -0.8 5 -0.5 5.6 -0.1
DONG A BANK 3.9 0 4.9 0 5.1 0 5.4 0 5.6 0
CBBANK 4.3 0 5.1 0 5.2 0 5.4 0 5.5 0
ACB 3.2 0.3 3.9 0 4.2 0.1 4.8 0.1
VIB 3.4 -0.1 4.5 -0.2 4.5 -0.2 5.2 0.1
VPBANK 3.3 -0.1 4.4 -0.1 4.4 0.1 5.1 0 5.2 0.1
ABBANK 3.35 -0.15 5 -0.3 4.4 -0.6 4.4 0.1 4.4 0.4
SACOMBANK 2.8 -1 4.2 -0.3 4.5 -0.45 5 -0.2 5.6 0
MB 2.9 -0.3 3.9 -0.7 4.1 -0.8 4.8 -0.6 5.2 -0.2