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Banks are facing a liquidity shortage, according to MB Bank CEO Pham Nhu Anh, who said the banking system is “fundamentally short of money.” He noted that the newly appointed Governor of the State Bank of Vietnam recently convened 46 banks to discuss measures to reduce and cool lending, but added that “the market is basically short of liquidity,” leaving overall funding mobilization difficult for banks.
The State Bank of Vietnam said that around 30 domestic commercial banks have announced reductions in deposit rates since 10 April. Adjustments typically range from 0.1 to 0.5 percentage point. The list includes large banks such as Vietcombank, BIDV, and VietinBank, as well as joint-stock banks including Techcombank, VPBank, Sacombank, and SHB.
On the interbank market, VNĐ rates in the week of 13–17 April fell sharply across all tenors. The overnight rate dropped to 4% per year, down by as much as 2 percentage points, while rates for 1 week, 2 weeks, and 1 month also declined.
The sharp fall in interbank rates can indicate that short-term liquidity in the system has eased. However, it does not fully capture conditions in the household deposit market, where banks continue to compete actively to attract funds.
VCBS’s analysis highlighted that banks mobilize 100 dong and lend up to 112 dong. It said the State Bank of Vietnam’s policy direction remains focused on macro stability while supporting growth. In that context, deposit rate reductions are described as a necessary condition to help reduce lending rates and support enterprises and households.
Despite the recent adjustments, VCBS noted that pressure to mobilize deposits is unlikely to disappear soon. As a result, deposit rates are expected to stay broadly flat in the near term—unlikely to rise significantly, but also unlikely to fall sharply.
Credit flows continue to be directed toward manufacturing and business activities, exports, small and medium-sized enterprises (SMEs), and sectors tied to high-tech and green transformation. This suggests monetary policy is pursuing a dual objective: controlling risks while promoting new growth drivers.
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