Banks raise certificates of deposit rates above savings rates to attract deposits

Vietcombank has launched online certificates of deposit (CDs) for individual customers through its VCB Digibank platform, offering rates of up to 7.9% per year. The move highlights a wider trend among Vietnamese banks to raise CD yields above savings rates, as they compete for funding and manage liquidity needs.

CD rates rise above savings yields

Vietcombank’s online CDs are available with a minimum denomination of 100,000 đồng per certificate. The bank’s published rates are:

• 6-month CD: 7.5% per year
• 12-month CD: 7.9% per year

By comparison, Vietcombank’s savings rates for the same terms are lower:

• 6-month savings: 3.5% per year
• 12-month savings: 5.9% per year

On these figures, Vietcombank’s CD rates are roughly 2 to 4 percentage points higher than its savings rates.

Other banks are also offering CD yields above their savings rates. BVBank’s published CD rates include:

• 6-month CD: up to 7.6% per year
• 15-month CD: up to 7.8% per year

The minimum purchase amount is 10 million đồng. BVBank’s listed savings rates are:

• 6-month savings: 6.55% per year
• 15-month savings: 6.75% per year

Techcombank is also issuing CDs with higher yields. Its CDs offer up to 7.3% per year for a 3-month term, while the published savings rate for 3 months is 4.7% per year.

Why banks push higher CD rates

Banks raising CD rates above savings yields are aiming to increase funding activity. Compared with bonds, CDs are described as having a simpler issuance process, lower costs, and fewer regulatory constraints. Their transferability and ability to be used as collateral are also cited as making CDs attractive to both banks and retail investors.

Concerns over the impact on lending rates

Although the higher rate applies specifically to CDs, the gap between deposit and savings yields has led many businesses, small businesses, and individual customers to worry that lending rates could rise as well. One concern highlighted in the article is that if the top funding rate reaches 10% per year, lending rates could move to 14% per year or higher, increasing the burden on borrowers.

Some views suggest that the recent rise in funding rates via CDs indicates banks may be under pressure to lend over the medium to long term.

Policy response to stabilize rates

In response to rate pressures, the State Bank issued Official Document No. 2342 dated 30 March 2026, requesting credit institutions to implement coordinated measures to stabilize rates. The core policy focuses on:

• tightening market discipline
• strengthening internal inspections
• sanctioning violations of rate regulations
• requiring banks to balance funding to ensure liquidity

Expert view: rates may rise, but should be managed

In an interview with Tiền Phong outside a recent forum, Dr. Vo Tri Thanh, a member of the Prime Minister’s Advisory Council, said that lowering rates in the current environment is unlikely. He cited constraints including inflation pressure, exchange rates, and global economic developments, which limit how much monetary policy can be loosened.

Thanh argued that the priority is not to push rates down at all costs, but to manage monetary policy flexibly and proactively. He said rates may rise at times, but should be controlled to avoid a sharp shock to the economy. He added that reasonable adjustments can help maintain macroeconomic stability, control inflation, and support conditions for enterprises to sustain production and business.

“In the short term, bank lending remains the main channel of financing for businesses and the economy. However, heavy reliance on credit also carries risks. As rates trend higher, a firm's cost of capital rises, directly affecting profits and expansion. Besides flexible policy management, there is a need to develop other funding channels such as the bond market to reduce pressure on the banking system and build a more sustainable financial foundation for the economy in the medium to long term.”