Many banks cut deposit rates starting April 10, 2026

Many banks cut deposit rates starting from April 10, following announcements made after a meeting held by the State Bank of Vietnam (NHNN) on April 9 to implement banking tasks.

NHNN meeting and policy direction

On April 9, NHNN held a meeting chaired by Governor Pham Duc An to align banking operations with government and Prime Minister directions.

NHNN said that in the first three months of the year it managed open-market operations flexibly, conducted daily purchases of government-issued instruments with appropriate volumes and diverse maturities to support liquidity, kept the exchange rate in line with market conditions, and aimed for around 15% credit growth. It also required credit institutions to tightly control capital flows into high-risk sectors, especially real estate, while prioritizing funds for production and business.

NHNN added that it continued to keep operating rates unchanged to facilitate access to low-cost capital for the economy. It noted that challenges have increased amid complex international developments, geopolitical tensions in the Middle East that have pushed oil prices higher, and global inflation pressures, alongside rising domestic funding demand to meet growth targets. NHNN also pointed to competition among some commercial banks for deposits, which had pushed up deposit and lending rates.

After the meeting, banks reached broad consensus to reduce policy rate levels to support businesses and the public, and pledged to cut both deposit and lending rates promptly.

What NHNN said it will do next

Going forward, NHNN stated it will continue to monitor rate movements in the market, require banks to transparently disclose lending rates, and be ready to provide liquidity support when needed. It will also enhance inspection and supervision and strictly handle violations related to mobilizing funds and extending credit to ensure compliance with rate management directives.

Deposit rate cuts announced on April 10

Following the April 9 meeting, several banks announced reductions in savings deposit rates on the morning of April 10.

VPBank

VPBank reduced deposit rates by 0.50 percentage points across all terms from April 10. The bank set the 1–3 month rate at 4.75% per year, 6–9 months at 5.9%, and 12 months at 6.1%.

SeABank

SeABank reduced savings deposit rates for terms of 6 months and longer by 0.5% per year for new deposits systemwide from April 10. The 6-month rate fell to 4.95% annually, 9 months to 5.15%, and 12 months to 5.3%.

VietABank

VietABank lowered savings deposit rates for terms of 6 months or longer from April 10. The 6–9 month rate was set at 5.8%, 12 months at 5.9%, and over 12 months at 6.1%.

ABBANK

ABBANK announced a 0.5% per year reduction in deposit rates across multiple terms. An ABBANK spokesperson said the cuts aim to optimize funding costs and create room to further reduce lending rates, helping customers access funds at reasonable costs.

Market context from bank meetings

In related updates from bank annual general meetings, ACB’s 2026 AGM on April 9 saw Chairman Tran Hung Huy say that interest rates remain the sector’s top concern. He noted that deposit rates rose in the period from December 2025 into Q1 2026 due to a gap between credit growth and deposits and macro risk expectations. This trend, he said, is expected to pressure lending rates, though ACB believes NHNN will use flexible measures to balance deposit and lending rates.

At VIB’s AGM 2026, Le Quang Trung, Director of the Foreign Currency Capital division, forecast that funding costs may continue to rise, with deposit costs under pressure in Q2–Q3 but expected to stabilize by Q4 2026.