Bank executives forecast interest rates after actions by several banks

On April 12, multiple commercial banks announced further reductions in both deposit and lending rates. Agribank, Nam A Bank, and TPBank were among the lenders that adjusted rates following a banking-sector meeting chaired by Governor Pham Duc An, with the State Bank of Vietnam (SBV) signaling it would continue to hold base rates and not inject additional liquidity into the open market.

Bank-by-bank rate cuts

Agribank

Agribank announced a 0.5 percentage point reduction in deposit rates for individual customers with maturities of 24 months and longer, effective April 13, 2026. After the adjustment, Agribank’s highest deposit rate is 6% per year for 24 months, and 5.9% for 12–18 months. The bank also cut lending rates by 0.5 percentage point. A bank representative said the simultaneous reductions in deposit and lending rates are intended to reduce customers’ funding costs amid a need for economic momentum to recover and grow.

Nam A Bank

Nam A Bank reduced deposit rates by up to 0.5 percentage point for maturities from 6 months onward. For individual customers, lending-rate reductions can reach up to 3 percentage points from current levels. After the changes, Nam A Bank’s highest deposit rate is 6.3% per year for maturities of 12–36 months.

TPBank

TPBank’s CEO Nguyen Hung said the bank has proactively reduced deposit rates for maturities over 6 months by 0.5 to 1 percentage point. For shorter maturities, the deposit-rate ceiling remains at 4.75%, while TPBank will continue to reduce lending rates by an additional 0.2 percentage point. The bank said it will adjust lending rates in a timely manner to support customers and promote growth.

SBV stance and expectations

The SBV indicated it will continue to hold base rates and will not inject more liquidity into the open market. This has contributed to expectations of less rate volatility and more stable rates over time.

Market developments and analyst view

Preliminary statistics indicate that within a few days after the SBV meeting with commercial banks, a number of banks reduced both deposit and lending rates, including Agribank, Nam A Bank, SACOMBANK, LPBank, Vietcombank, BVBank, ABBank, VPBank, TPBank, and SeABank.

MAS analyst Nguyen Dương Công Nguyên of Mirae Asset Securities said the rate cuts across banks are aimed at stabilizing the overall rate environment rather than signaling further policy easing.

The analyst also noted that the SBV still maintains operating rates at a low level and manages liquidity according to the phase. While the recent rise in rates had been forecast, the magnitude and speed of the increases may slow. He added that higher rates cannot immediately address growth challenges stemming from imbalances between credit and deposits, so limiting the race to lower rates is considered reasonable.