Vietnam’s Savings Rates Surge: What’s Driving the Increase and What Does It Mean for You?
Vietnamese banks are locked in a rate-hiking battle, with 21 institutions now offering increased deposit rates since early December. This trend, highlighted by recent moves from LPBank, ABBank, and BaoViet Bank, signals a significant shift in the country’s financial landscape. But what’s behind this surge, and how will it impact savers and borrowers?
LPBank Leads the Charge with Aggressive Rate Hikes
LPBank has emerged as a frontrunner in the rate increase, offering rates exceeding 6% annually on many term deposits. This aggressive strategy is a clear attempt to attract capital. Specifically, LPBank’s new online deposit rates are:
- 1-2 Months: Increased by 0.6% to 4.5% and 4.6% respectively.
- 3-5 Months: Increased by 0.55% to a maximum of 4.75%.
- 6-11 Months: Increased by 0.5% to 6.1%.
- 13-60 Months: Increased by 0.55% to a peak of 6.2% – LPBank’s highest offering.
This substantial increase demonstrates a willingness to compete fiercely for deposits. It’s a move we’ve seen mirrored, albeit to a lesser extent, across the banking sector.
ABBank and BaoViet Bank Follow Suit
While LPBank is leading the charge, other banks are also adjusting their rates. ABBank has focused on longer-term deposits, increasing rates by 0.8% for 36, 48, and 60-month terms, bringing online rates to 6.1% and branch rates to 6.0%. Interestingly, ABBank maintains some of the lowest short-term rates among private banks.
BaoViet Bank has taken a more moderate approach, increasing rates by 0.2% across 6 to 36-month terms. This results in online rates of 5.85% for 6 months, 6.0% for 12 months, and 6.1% for 13-36 months.
Current Deposit Rates Across Major Vietnamese Banks (December 16, 2025)
Here’s a snapshot of current online deposit rates as of December 16, 2025 (rates are approximate and subject to change):
| Bank | 1 Month | 3 Months | 6 Months | 9 Months | 12 Months | 18 Months |
|---|---|---|---|---|---|---|
| Agribank | 2.4 | 3 | 3.7 | 3.7 | 4.8 | 4.8 |
| MB | 2.6 | 2.9 | 4 | 4 | 4.7 | 4.8 |
| Vietcombank | 2.4 | 2.8 | 3.9 | 3.9 | 4.7 | 4.7 |
| ABBank | 3.1 | 3.8 | 5.3 | 5.4 | 5.6 | 5.4 |
| ACB | 3.6 | 4 | 4.7 | 4.8 | 4.8 | |
| BAC A BANK | 4.55 | 4.55 | 6.5 | 6.5 | 6.55 | 6.7 |
| BaoViet Bank | 4.5 | 4.65 | 5.85 | 5.7 | 6 | 6.1 |
| BVBANK | 4.4 | 4.7 | 5.5 | 5.7 | 5.8 | 5.95 |
| Export-Import Bank | 4.3 | 4.5 | 4.9 | 4.9 | 5.2 | 5.7 |
| GPBank | 3.9 | 4 | 5.55 | 5.65 | 5.85 | 5.85 |
| HDBANK | 4.2 | 4.3 | 5.5 | 5.3 | 5.8 | 6.1 |
| KienLongBank | 3.9 | 3.9 | 5.4 | 5.1 | 5.7 | 5.45 |
| LPBank | 4.5 | 4.75 | 6.1 | 6.1 | 6.2 | 6.2 |
| MSB | 3.9 | 3.9 | 5 | 5 | 5.6 | 5.6 |
| NamABank | 4.6 | 4.75 | 5.7 | 5.6 | 5.7 | 5.9 |
| NCB | 4.5 | 4.7 | 6.2 | 6.25 | 6.3 | 6.3 |
| OCB | 4.5 | 4.7 | 5.8 | 5.8 | 5.9 | 6.1 |
| PGBANK | 4.75 | 4.75 | 6.5 | 6.5 | 6.6 | 6.7 |
| PVCOMBANK | 4.75 | 4.75 | 5.8 | 5.8 | 6.1 | 6.8 |
| Saigonbank | 4.6 | 4.75 | 5.3 | 5.5 | 5.8 | 6 |
| Sai Gon Joint Stock Commercial Bank | 3.8 | 4 | 5 | 5.1 | 5.8 | 6 |
| SCB | 1.6 | 1.9 | 2.9 | 2.9 | 3.7 | 3.9 |
| SeABank | 2.95 | 3.45 | 3.95 | 4.15 | 4.7 | 5.45 |
| SHB | 4.2 | 4.65 | 5.6 | 5.6 | 5.8 | 6 |
| Techcombank | 4.35 | 4.65 | 5.85 | 5.85 | 5.95 | 5.95 |
| TPBank | 3.9 | 4.2 | 5.1 | 5.3 | 5.5 | 5.7 |
| VCBNEO | 4.75 | 4.75 | 6.2 | 5.45 | 6.2 | 6.2 |
| VietABank | 4 | 4.75 | 5.3 | 5.3 | 6.5 | 5.5 |
| VietinBank | 3.7 | 4 | 5.1 | 5.3 | 5.6 | 5.8 |
| VietNamBank | 4.1 | 4.4 | 5.4 | 5.4 | 5.8 | 5.9 |
| Vicky Bank | 4.7 | 4.7 | 6.5 | 6.5 | 6.6 | 6.7 |
| VPBank | 4.75 | 4.75 | 6 | 6 | 6 | 6 |
What’s Driving the Rate Increases?
Several factors are contributing to this upward pressure on deposit rates. Firstly, the State Bank of Vietnam (SBV) has been subtly signaling a shift towards prioritizing economic growth, which often necessitates increased liquidity in the banking system. Secondly, rising global interest rates, particularly in the US, are putting pressure on the Vietnamese Dong and encouraging banks to offer more competitive rates to attract and retain capital. Finally, increased demand for loans, fueled by a recovering economy, is driving banks to seek more deposits to fund lending activities.
What Does This Mean for Savers and Borrowers?
For savers, the rising rates are undoubtedly good news. Higher deposit rates mean a greater return on savings, particularly for longer-term deposits. However, it’s crucial to shop around and compare rates across different banks to maximize returns.
Borrowers, on the other hand, may face higher lending rates as banks pass on the increased cost of funds. This could impact loan affordability, particularly for mortgages and business loans.
Future Outlook: Will Rates Continue to Rise?
The consensus among analysts is that deposit rates are likely to continue rising, albeit at a slower pace. The SBV’s monetary policy will be a key factor. If the SBV continues to prioritize growth, we can expect further rate increases. However, concerns about inflation and currency stability could prompt the SBV to moderate its approach.
Did you know? Vietnam’s banking sector is dominated by state-owned commercial banks, but private banks are increasingly playing a significant role in driving competition and innovation.
FAQ
- Q: What is the current highest deposit rate in Vietnam?
A: As of December 16, 2025, LPBank offers the highest rate at 6.2% for 13-60 month terms. - Q: Will loan rates also increase?
A: Yes, it’s likely that lending rates will increase as banks adjust to the higher cost of funds. - Q: Is it a good time to lock in a long-term deposit?
A: It depends on your financial goals and risk tolerance. If you believe rates will continue to rise, you might consider shorter-term deposits.
Pro Tip: Don’t just focus on the headline rate. Consider factors like deposit insurance, bank stability, and accessibility when choosing a deposit account.
Stay informed about the evolving financial landscape in Vietnam. Explore our other articles on personal finance and investment strategies to make informed decisions about your money.
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