Vietnam banks raise savings rates as credit outpaces deposits

Vietnamese banks are seeing credit growth exceed the pace of deposit mobilisation, prompting a surge in competition for funds. Data from the State Bank of Vietnam shows total credit outstanding rose to over VND 19.97 trillion by late June, up 7.4% year‑on‑year, while deposits grew more slowly, increasing around 5%‑7% in the same period. Major lenders such as Techcombank, VPBank, LPBank and VIB reported credit expansion of 10%‑16% versus deposit growth of 7%‑8%.

To shore up liquidity, banks have launched attractive savings programmes, offering real yields of 8%‑10% per year for large‑value deposits. PVcomBank leads with a 10% rate for 12‑13‑month term deposits of VND 2 trillion or more, while others – Sacombank, MBV, TPBank, VikkiBank and KienlongBank – provide rates between 8.5% and 9.6% for deposits as low as VND 100 million. Deposit certificates and digital platforms are also being used to draw idle cash back into the banking system.