Hanoi (VNA) – Several Vietnamese commercial banks have lowered deposit and lending rates and rolled out large preferential credit packages to support firms and boost economic growth.
Deposit rates slip, but funding pressure lingers
After rising for a period, deposit rates have unexpectedly fallen across multiple maturities. The moves come as the State Bank of Vietnam (SBV) called for stable interest rates, ample liquidity and efforts to reduce lending rates, lowering capital costs for the economy.
LPBank issued a new rate schedule on August 10, effective the next day, for individual deposits made at branches and through its app. Rates were reduced across all maturity groups.
The one-month rate was cut by 0.3 percentage points to 4.3% a year, while rates for two- to six-month terms fell by 0.1 point. Rates for seven- to 11-month deposits dropped by 0.2 points to 6.5%. Terms of 12-36 months were trimmed by 0.1 points, and deposits of more than 36 months took a steeper 0.5-point cut to 5.37%.
VPBank earlier introduced a new schedule effective on August 7. For online deposits of less than 1 billion VND (38,400 VND), the top rate was 6.2% a year for terms of 6-13 months. The rate for 15-to 24-month deposits stood at 6%, while the 36-month rate fell to 4.2%.
Still, some banks continue to offer deposit rates of 8- 9% a year, subject to conditions such as being a first-time depositor or holding a large balance.
On the outlook through year-end, MB General Director Pham Nhu Anh said overall interest rates are likely to hold steady. Rates have risen recently on strong capital demand and tighter liquidity, he said, but timely steps by the central bank have stabilised the rate environment.
Even so, banks' funding costs remain under pressure as low-rate deposits taken earlier mature and are rolled over at higher rates in the second half. That could squeeze profit margins across the banking sector.
Lenders move to cut borrowing costs
Among State-owned lenders, Agribank took the lead with a preferential credit package of as much as 70 trillion VND, running from August 2026 through the end of 2028. Small and medium-sized enterprises (SMEs), business households and individuals in priority sectors can borrow at rates 1-2 percentage points a year below the bank's average lending rates.
BIDV has also announced a 50 trillion VND package through the end of 2028, with rates at least 1 percentage point below its average for loans of the same maturity. Financially sound SMEs qualify, as do companies in priority sectors and growth drivers, including high technology, exports, digital economy, artificial intelligence, supporting industries, semiconductors, processing and manufacturing, and green projects.
VietinBank is similarly rolling out a 50 trillion VND package through the end of 2028, offering rates 1 percentage point below its regular rates for loans of the same maturity. For medium- and long-term loans, the preferential rate can last up to 12 months.
Joint-stock commercial banks have also moved quickly to roll out financial products tailored to different customer groups.
Nam A Bank has cut lending rates by 0.5-0.7 percentage points a year for individuals borrowing for production, trade and agriculture. Rates on home purchase and consumer loans for living expenses were lowered by 0.1- 0.3 points. For corporate customers, listed lending rates were reduced by as much as 0.5 points.
The lender is also launching preferential credit packages with a combined limit of 25 trillion VND, priced 1-1.8 percentage points below its listed rates. Of that, 15 trillion VND is earmarked for agriculture, forestry and fisheries, 4 trillion VND for infrastructure and digital technology, and 3.6 trillion VND for seafood and fruit exports. Another 1.4 trillion VND is set aside for companies expanding production in industrial parks and 1 trillion VND for SMEs. To help bring down lending rates, Nam A Bank also cut its maximum deposit rate by 0.3 percentage point.
BVBank has launched a 2.5 trillion dong preferential loan package for SMEs, with rates at least 1 percentage point below market levels, starting at 9.7% a year. The bank also streamlined its appraisal process and trimmed paperwork to speed up disbursement.
NCB, meanwhile, cut lending rates by 0.5 percentage point for both individual and corporate borrowers. Rates for individuals start at 8.49% a year and cover a range of purposes, including secured loans, production and trade, home purchases, and consumer loans.
For SMEs, short-term lending rates for the first three months start at 10% a year. Large enterprises within supply chains and business ecosystems are offered rates from 10.45%./.
