Vietnam banks post mixed H1 profits as deposits rise above 9%

Thirteen Vietnamese banks released their first‑half 2026 results, showing a sharp split in performance. Saigonbank reported a 72% fall in pre‑tax profit to VND 48 billion, while Eximbank’s profit dropped 51% to VND 730 billion. LPBank’s profit slipped 3.1% year‑on‑year to VND 5.97 trillion but its Q2 figure rose 5%. KienlongBank posted a 15.8% increase to VND 655 billion, and Vietbank saw a 79.4% jump to VND 923 billion. ACB achieved 107% of its target despite a marginal 0.4% decline from the prior year.

At the same time, banks intensified competition for deposits. Official listed rates remained stable, yet many institutions added 1.5‑2.5 percentage points through incentives, pushing effective yields on 6‑12‑month term deposits above 9% per year. Notable offers included VikkiBank and HDBank, which advertised rates exceeding 9%, while VPBank, BIDV, TPBank and others posted effective rates between 8% and 8.8%. The divergence in earnings and the surge in deposit rates highlight a rapidly shifting banking landscape in Vietnam.