Vietnam’s Banking System Deposits Surpass 16.2 Quadrillion VND in 9 Months
According to the latest data released by the State Bank of Vietnam, as of September, total deposits from both individual and corporate customers across credit institutions reached nearly 16.18 quadrillion VND, marking a 3% increase compared to the last reported figure in July (15.73 quadrillion VND).
Notably, household deposits hit a new record high of over 7.83 quadrillion VND, reflecting a 10.86% growth since the beginning of the year. Corporate deposits also surged to more than 8.35 quadrillion VND, up 8.91% from the end of 2024.
Rising interest rates drive increased deposits into banks.
Additionally, the State Bank of Vietnam reported that the total means of payment as of September reached nearly 20 quadrillion VND, a 11.53% increase year-to-date.
Data from the State Bank of Vietnam reveals that in September, the average interest rates for VND deposits in domestic commercial banks were 0.1-0.2% per annum for non-term and under 1-month term deposits, and 3.4-4.1% per annum for deposits with terms from 1 month to under 6 months.
Rates were 4.6-5.5% per annum for deposits with terms from 6 months to 12 months, 4.9-6.1% per annum for terms from over 12 months to 24 months, and 6.7-7.5% per annum for terms exceeding 24 months.
Widespread Increase in Deposit Interest Rates Across Banks
The trend of raising deposit interest rates toward the year-end has spread from state-owned banks to private institutions. VietinBank recently increased online deposit rates for short-term periods, becoming the first among the Big4 banks to adjust rates in November.
According to the newly published rate schedule, VietinBank raised rates by 0.4% for terms under 3 months to 2.4% per annum, and by 0.5% for terms between 3 and 5 months to 2.8% per annum. Rates for terms between 6 and 11 months also increased by 0.6% to 3.9% per annum.
VPBank also announced new deposit rates effective from January 28, with a 0.25% per annum increase for 3-5 month terms, pushing the rate to the maximum allowed for under 6-month deposits at 4.75% per annum. Other terms remain unchanged.
This marks VPBank’s second rate hike in less than a week. Earlier, VPBank increased rates by 0.1% per annum for 1-5 month terms and by 0.3% per annum for 6-36 month terms.
Furthermore, since the beginning of November, 21 banks have raised their deposit rates.
In a recently published Macroeconomic and Financial Market Report, Techcombank’s economic and financial market analysis team cited data from the State Bank of Vietnam, indicating that credit growth as of October reached 15.1% year-to-date. According to Techcombank’s analysis, this is the highest growth rate in years, reflecting strong capital demand from businesses.
Speaking at a recent business results announcement, Mr. Vu Minh Truong, Director of Capital and Financial Markets at VPBank, noted that the rapid growth in credit compared to deposits has persisted, putting pressure on liquidity and interest rates in the coming period.
According to VPBank’s leadership, the system’s credit growth stands at approximately 13.5%, while deposit growth is at 9.6%. Similarly, compared to September last year, credit grew by nearly 19%, while deposits increased by about 16%, resulting in a 3% gap between the two figures.
“These indicators have been on the rise recently, leading to a relatively high loan-to-deposit ratio in the system, currently around 98% when considering only the primary market. These factors clearly indicate the current pressure on interest rate increases,” said Mr. Truong.
Why Banks Are Universally Raising Savings Interest Rates
Rising interest rates on deposits stem from various factors, notably the allure of competing investment avenues.
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VPBank Pushes Savings Interest Rates to the Maximum Limit
VPBank has raised its deposit interest rates for the second time in less than a week.
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