Deposit interest rates at foreign banks lower than Vietnamese peers
Deposit interest rates at many foreign banks and branches in Vietnam are below 9.5%, the level that Vietnamese banks have adopted only recently after the State Bank of Vietnam's warning over lending rate hikes.

There are nine wholly foreign-owned banks and 52 foreign bank branches in Vietnam. Photo courtesy of ezcash.vn.
On December 22, the State Bank of Vietnam (SBV) said it would restrain credit institutions and branches of foreign banks with hiked interest rates, in a move to reduce capital costs for enterprises and meet credit demand in the economy.
Vietnamese commercial banks have reduced their deposit interest rates en masse below 9.5% per year after the central bank's warning. But many foreign banks and branches had adopted rates below 9.5% previously.
HSBC Vietnam’s interest rates are 0.1% for terms between seven and 21 days; 0.5% for one-month and two-month terms; 1.25% for terms between three and five months; 1.75% for terms between six and 12 months; and 2.75% for terms of 18, 24, and 36 months.
The figures of Citibank Vietnam are 0.3% for two-month terms, 0.7% for six-month terms, 0.9% for nine-month terms, and 1% for 12-month terms, except for a promotion of 5% for three-month terms, starting December 19. Citigold customers are offered an additional 0.5 percentage points.
South Korean-backed Shinhan Bank Vietnam offers rates at 3.9-6.8%, starting October 31. For two-month terms, the figures are between 3.9% and 4.9% for online or offline deposits.
Similarly, the rates are between 4.4% and 5.5% for three-month terms, 5.4% and 6% for six-month terms, 6% and 6.8% for 12-month terms, 5.4% and 6.4% for 18-month terms, 5.4% and 6.2% for 24-month terms, and 5.3% and 6% for terms betwen 36 and 60 months.
Standard Chartered Bank Vietnam’s figures are between 1.45% and 4%, starting December 27. Online deposits of 12 months are subject to a 4% interest rate. Terms between one and two months see deposit rates of 1.45% and 1.67%, respectively.
Interest rates of 2.3%, 3%, and 3.15% are offered for three, six, and nine-month terms. Terms of 17, 18, 24, 30, and 36 months have rates of 3.55%, 3.6%, 3.65%, 3.67%, and 3.7%, respectively.
The figures at Singaporan-invested United Overseas Bank Vietnam are in the range of 5.5% and 7.9% from December 1. Terms of six, nine, 12, 13, and 18 months have the interest rates of 7.5-7.9%. One, two, three, and four-month terms are subject to interest rates of 5.5-5.8%.
Malaysia-backed Hong Leong Bank Vietnam applies the rate of 6% for terms between one and three months and 8.9% for terms between nine and 13 months. Notably, for Priority Banking customers, the rate is 9.6% for terms between nine and 13 months.
Public Bank Vietnam, also a Malaysian creditor, set the rates between 5.8% and 8.3% for terms between one and 60 months for basic customers. Nevertheless, it is offering a year-end special deal of a higher interest rate at 9.5% for six-month terms for the last 10 days of the year.
South Korean-invested Woori Bank Vietnam offers deposit rates between 4% and 5.6% for different terms. Besides, the lender provides a promotion for new Vietnamese customers born in or after 1980, featuring a basic rate of 5-7% and additional interest rates of up to four percentage points for various cases, or up to 11% in total.
The majority of Vietnamese banks are offering deposit interest rates in the range of 8.9-9.5%. On December 15, Vietnam Banks Association (VNBA) and its members had greed to set the deposit interest rate at 9.5% max to stabilize banking system interest rates and liquidity.
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