Vietnamese banks are raising deposit interest rates to gather more funds as credit demand surges toward the end of 2025. This move comes amid growing liquidity needs and economic pressures, with experts predicting stronger lending activity in the coming months.
Key Banks Leading the Rate Increases
Several major banks have adjusted their rates since early November to attract depositors. For example, VPBank increased rates by 0.3 percentage points from October levels, setting short-term savings at 4.2 percent per year for one to five months. Longer terms over 12 months now offer 5.3 to 5.6 percent, with online options adding an extra 0.1 to 0.2 percentage points, reaching up to 5.8 percent.
BVBank rolled out a special promotion called 10 Golden Days of Interest Rates, providing up to 6.8 percent for 12-month online deposits. They also introduced flexible certificates of deposit for six to 15 months, topping out at 6.3 percent for the longest term.
Other players like Bac A Bank, SHB, HDBank, NCB, and MB followed suit with their own hikes at the start of the month. These changes aim to build reserves for the busy year-end season when businesses and individuals often seek more loans.
Why Banks Are Raising Rates Now
The push for higher deposit rates ties directly to rising credit needs across the economy. By the end of October 2025, credit growth stood at about 13.4 percent compared to the previous year, showing robust demand for funds.
Analysts point to seasonal factors, such as increased imports and business expansions during the holiday period, which drive up borrowing. Liquidity in the banking system faces strain as banks prepare to meet this demand, with full-year credit growth forecasted to hit 18 to 20 percent.
Exchange rate fluctuations add another layer of complexity. The USD-VND rate has shown stability in official channels, but informal markets reflect higher demand, influenced by global gold price spikes and public hoarding tendencies.
| Bank | Term Length | New Deposit Rate (Percent per Year) |
|---|---|---|
| VPBank | 1-5 months | 4.2 |
| VPBank | 12+ months | 5.3-5.6 |
| BVBank | 12 months (online) | Up to 6.8 |
| BVBank | 15 months | 6.3 |
| Bac A Bank | Various | Increased by 0.2-0.4 points |
| SHB | 6-12 months | Up to 5.5 |
Impacts on Everyday Savers and Borrowers
Savers stand to benefit from these higher rates, which could mean better returns on their money amid ongoing economic recovery. For instance, someone depositing funds in a 12-month term might now earn significantly more interest than earlier in the year.
However, borrowers could face slight increases in lending costs as banks adjust to maintain their profit margins. Net interest margins have shrunk after prolonged rate cuts, prompting this balancing act.
This shift might encourage more people to save rather than spend, helping stabilize the economy. Yet, it also highlights broader challenges, like managing inflation and supporting key sectors such as manufacturing and exports.
Broader Economic Trends and Predictions
Vietnam’s economy continues to show strength, with GDP growth expected to reach around 6.5 percent in 2025, driven by exports and foreign investment. Recent events, including trade deals with major partners like the EU, have boosted confidence in the banking sector.
Forecasts suggest deposit rates will keep rising modestly, especially at joint-stock banks, to handle funding needs. Despite this, overall rates should stay low to align with government goals of promoting growth.
The State Bank of Vietnam has maintained a steady hand, intervening to keep exchange rates stable and curb speculative activities in currency markets.
- Credit growth: Projected to accelerate to 18-20 percent by year-end.
- Liquidity focus: Banks prioritizing stable funding sources.
- Policy support: Emphasis on aiding priority industries like agriculture and tech.
Central Bank’s Role in Guiding the Market
Earlier in 2025, the central bank directed lenders to hold deposit rates steady while cutting lending rates to spur economic activity. This policy helped keep borrowing affordable for businesses recovering from global disruptions.
Now, with year-end pressures mounting, banks are navigating these guidelines while addressing real-time demands. The approach balances risk control with support for production, ensuring the financial system remains resilient.
Experts believe this strategy will prevent sharp spikes in rates, fostering a stable environment for both savers and borrowers as 2025 wraps up.
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