Deposit rates ease across banks at the start of May after NHNN meeting

Deposit rates eased at the start of May after a meeting with the State Bank of Vietnam (NHNN), with most banks cutting term deposit rates for maturities of six months and longer by 0.1–0.3 percentage points.

NHNN meeting and banks’ commitment

At a meeting with NHNN Governor Pham Duc An and representatives from 46 commercial banks on 9 April 2026, NHNN said it would continue to keep policy rates unchanged to facilitate access to low-cost funds from NHNN to support the economy.

At the same meeting, banks broadly agreed to implement the government’s policy to reduce market interest rates to support businesses and people. Governor Pham Duc An said NHNN will continue to monitor deposit and loan rate movements in the near term and that lending rates will be published on banks’ websites.

NHNN also stated that it has monetary policy tools ready to support liquidity for banks. Following the meeting, banks pledged to reduce both deposit and lending rates.

Reductions across banks

Most banks lowered six-month-and-longer deposit rates by 0.1–0.3 percentage points, including VCB Neo, BVBank, MSB, LPBank, NCB, MB, Sacombank and Vietbank.

From 6 May, Bac A Bank reduced the six- to nine-month deposit rate by 0.2–0.35 percentage points. For deposits under 1 billion VND, the six- to nine-month rate is 6.85% per year, the 12-month rate is 6.9% per year, and deposits over 12 months are 6.75% per year.

From 9 May, VPBank lowered rates by 0.1–0.3 percentage points across all tenors. For deposits under 1 billion VND, the 1-month rate is 2.45% per year, 3 months 4.65%, 6–9 months 5.8%, 12 months 6.1%, and 24 months 6.3%.

From 9 May, Sacombank also implemented new rates, cutting deposit rates for six months and longer by 0.2–0.5 percentage points. For deposits under 500 million VND, the six- to nine-month rate is 6.3% per year, 12 months 6.1% per year, and over 12 months 6.8% per year.

State-owned banks’ adjustments

In the state sector, Agribank, Vietcombank, VietinBank and BIDV lowered rates for tenors over 12 months to 6% per year, while tenors up to 12 months remained unchanged. State-owned bank rates were: 1 month 2.1% per year, 3 months 2.4% per year, 6–9 months 3.5% per year, 12 months 5.9% per year, and over 12 months 6% per year.

Deposit rate ranges and highest offers (as of 11 May 2026)

As of 11 May 2026, savings deposit rates ranged as follows: for 1–3 months, 1.6% to 4.75% per year; for 6–9 months, 2.9% to 6.85% per year; and for 12 months, 3.7% to 7% per year.

For 12-month tenors, MBV has the highest rate at 7% per year, followed by Bac A Bank at 6.9% per year; OCB and Saigonbank at 6.7% per year.

For 6-month tenors, Bac A Bank is the highest at 6.85% per year, followed by VCB Neo and MBV at 6.5% per year.

For 3-month tenors, the highest rate among many banks is 4.75% per year, including VCB Neo, Sacombank, MBV, OCB, BVBank, PVcomBank, VIB, Saigonbank and NCB.