Savings deposit rates fall across banks in May 2026 following central bank guidance

On the first day of May 2026, ordinary at-the-counter VND savings deposit rates at commercial banks reflected a broad wave of rate cuts following the State Bank of Vietnam’s guidance meeting. Adjustments typically ranged from 0.2 to 0.8 percentage points depending on the term, with many banks lowering rates for 6 months and longer.

Broad rate cuts across bank terms

A review of at-the-counter savings rates published on bank websites for surveyed terms of 6, 9, 12, and 24 months shows that many institutions adjusted rates within a 0.2–0.8 percentage-point range, depending on both term and bank.

State-owned banks: at-the-counter rates

• Vietcombank: 6- and 9-month at 3.5%/year; 12-month at 5.9%/year; 24-month and longer at 6.0%/year (highest among surveyed banks).
• BIDV: 6- and 9-month at 3.5%/year; 12-month at 5.9%/year; 24-month and longer at 6.0%/year.
• VietinBank: 6- and 9-month at 3.5%/year; 12-month at 5.9%/year; 24-month and longer at 6.0%/year.

State-owned banks: online rate reductions

• BIDV: online deposit rates fell by 0.8%/year from early April 2026.
• Vietcombank: reduced by 0.5%/year to 6.0%/year for the 24-month term.
• VietinBank: cut by 0.5%/year to 6.0%/year for 24–36 months.

Joint-stock banks also trimmed rates

Alongside state-owned banks, joint-stock banks lowered deposit rates collectively, with more than 30 banks trimming rates. The cooling trend was visible for 6-month terms and longer, with reductions generally between 0.2 and 0.8 percentage points.

Examples of online rate cuts

• GPBank: cut online savings rates by 0.3%/year across all terms from 1–36 months. As a result, online end-of-term yields were: 1–2 months at 3.6%/year; 3–5 months at 3.7%/year; 6–8 months at 5.25%/year; 9 months at 5.35%/year; and 12–36 months at 5.55%/year.
• VPBank: down 0.3–0.5%/year for 6–36 months; 6–9 months down 0.5% to 6.1%/year.
• SeABank: down 0.2–0.3%/year for 6–36 months.
• Techcombank: down 0.5%/year for 6–36 months.
• Sacombank: down 0.5%/year for 12–18 months.
• Eximbank: down 0.5%/year for 18–36 months.

Timing and policy rationale

In practice, the rate-cut trend began right after the State Bank of Vietnam’s guidance meeting on April 9. Banks then moved quickly to reduce funding costs, aiming to create room for further cuts in lending rates to support production and business activity and to broaden credit access for households and firms.

Special high-rate promotions remain available

To attract larger deposits from individuals and institutions with strong finances, some banks continue to offer special rates, though eligibility depends on strict minimum balances and deposit tenors.

• PVcomBank: 10%/year for a 12–13 month in-branch term with a minimum balance of VND 2 trillion, up from 9%/year for the same term and conditions.
• MSB: 9%/year for new customers or savings opened since 2018 with 12 or 13 months, and deposits of VND 500 billion or more for the 13-month term.
• HDBank: 7.6%/year for 13 months and 7.2%/year for 12 months, with a minimum balance of VND 500 billion; interest paid at maturity.
• Vikki Bank: 7.9%/year for 13-month deposits at maturity for balances of VND 999 billion or more; not combinable with other promotions.

Expert view from the State Bank of Vietnam

According to Mr. Pham Chi Quang, Director of the Monetary Policy Department at the SBV, lowering deposit rates helps banks optimize their cost of funds and widen room to cut lending rates. This, in turn, supports individuals and businesses and contributes to achieving macro growth targets as directed by the Party and Government.