Following the prime minister’s recent directive, the State Bank of Vietnam (SBV) held an online meeting with commercial banks to discuss deposit interest rates and strategies for stabilizing the financial market.

Banks pledge to lower lending rates

During the meeting, executives from major commercial banks reaffirmed their commitment to reducing operating costs and lowering lending rates to support businesses and individuals.

Le Ngoc Lam, CEO of BIDV, stated that while the bank had slightly increased deposit rates for terms exceeding 24 months, it remains dedicated to cutting lending rates to assist borrowers.

Pham Toan Vuong, CEO of Agribank, emphasized the institution’s efforts to ease financial burdens for customers. In February, Agribank reduced lending rates by 0.2-0.5% per year and introduced large-scale preferential credit programs.

Meanwhile, Vietcombank's deputy CEO Le Quang Vinh confirmed that since March 2023, the bank has only lowered its deposit interest rates, currently offering the lowest rates in the market. Despite facing pressure to attract deposits, Vietcombank continues to adhere to SBV’s monetary policies.

Similarly, Bac A Bank has already lowered its deposit rates twice in 2025, cutting rates by 0.3% per year for terms under 12 months and by 0.2% per year for terms over 12 months. Vice CEO Truong Vinh Loi stated that these reductions are aimed at creating room for lower lending rates.

At Techcombank, Vice CEO Pham Quang Thang reported recent interest rate adjustments, including a 0.2% reduction for one-month deposits and a 0.1% cut for three-month terms. While the bank increased its six-month deposit rate by 0.1%, its average deposit interest rate continues to decline.

Smaller banks explain deposit rate hikes

Despite the general trend of declining deposit rates, some smaller banks have raised interest rates.

A representative from KienlongBank explained that the increase was aimed at expanding its customer base and boosting CASA (current account savings account) deposits. Additionally, due to the bank’s strong deposit inflows from the Mekong Delta region before and after Tet, KienlongBank adjusted its rates as part of an annual strategy to ensure sustainable growth.

“We plan to gradually reduce lending rates while maintaining stable deposit interest rates to channel more loans into agriculture, rural development, and consumer lending,” a KienlongBank representative stated.

VietBank also defended its decision to raise online deposit interest rates, citing low engagement in digital savings products. However, the bank has since adjusted short-term deposit rates down by 0.1-0.2% while increasing longer-term deposit rates for terms of seven months or more to encourage long-term savings.

VietBank assured that it will continue stabilizing deposit interest rates and offering preferential lending packages to boost credit growth.

Regulatory oversight and future outlook

A survey by VietNamNet on February 26 revealed that multiple banks, including MSB, KienlongBank, BVBank, Eximbank, and VietBank, have collectively lowered deposit interest rates.

To align with the government’s goal of reducing lending rates, SBV will continue implementing monetary policy tools to ensure efficient capital flow from deposits to credit, prioritizing investment and business development.

Immediately following the February 25 meeting, SBV issued a directive requiring all financial institutions, including foreign bank branches, to maintain stable deposit rates and further lower lending rates.

Tuan Nguyen