Anticipated Stability in Interest Rates Preceding H2 Growth Surge
Vietnam's Deposit Rates Predicted to Remain Stable or Decrease in 2025
In the remaining months of 2025, Vietnam's deposit rates are expected to remain relatively stable or experience a slight decrease, according to various financial analysts and the State Bank of Vietnam (SBV).
Since early 2025, most commercial banks' deposit interest rates have remained stable or slightly declined. Several banks, such as Bac A Bank, VIB, Bao Viet, LPBank, and NCB, have reduced deposit rates by around 0.1 to 0.2 percentage points to balance capital costs and create room for lowering lending rates in the future. The SBV has reported this trend as part of broader liquidity management.
As of now, deposit rates offered by major banks like Agribank, BIDV, and VietinBank top around 4.7% to 5% for 12–24 month terms. Agribank offers 2.4% to 4.8% for 1–18 month deposits and slightly above 4.7% for 24 months.
The government targets a credit growth of 16% for 2025, with a policy directive for the SBV to keep interest rates low to support an 8% GDP growth target. This encourages liquidity support in the banking system, thereby maintaining deposit rates at stable or slightly subdued levels.
Analysts from the Military Bank Securities (MBS) forecast deposit rates to hover around 4.7% annually for 12-month deposits through 2025, consistent with observed banking sector trends and credit policy objectives.
The recently revised Law on Credit Institutions, scheduled to take effect from October 15, could affect interest rate dynamics by streamlining bad debt resolution processes, potentially reducing capital costs for banks. This regulatory change is expected to support prudent liquidity management and limited volatility in interest rates.
In summary, Vietnam’s deposit rates in 2025 are expected to stay stable or dip slightly, mainly reflecting prudent liquidity policies, moderate credit expansion, and supportive macroeconomic policies aimed at balancing growth and inflation control. However, exchange rate volatility, which tends to intensify in Q3 and early Q4, is the final pressure that could affect interest rates.
[1] State Bank of Vietnam, "Monetary Policy Report," (2025). [2] Pham Luu Hung, Director of the Analysis and Investment Advisory Centre, "Vietnam's Deposit Rate Outlook for 2025," (2025). [3] Government of Vietnam, "2025 Economic Development Plan," (2025). [4] Military Bank Securities, "Vietnam Deposit Rate Forecast 2025-2026," (2025). [5] Vietnam News Agency, "Revised Law on Credit Institutions to Boost Banking Sector," (2025).
Businesses and investors closely watch Vietnam's financial sector as the deposit rates, predicted to remain stable or decrease in 2025, could provide attractive return opportunities. In line with the government's credit growth target and low-interest-rate policy, banks like Agribank, BIDV, and VietinBank offer deposit rates around 4.7% to 5% for 12–24 month terms, while others like Bac A Bank, VIB, Bao Viet, LPBank, and NCB have moderately decreased their deposit rates. This trend in financing could possibly continue, as stated by financial analysts such as Pham Luu Hung and Military Bank Securities.
