Vietnam deposit interest rates remain low, only 1 ppt higher than inflation: expert
Current deposit rates offered by Vietnamese banks, despite several hikes, are still low, just 1 percentage point higher than inflation - a gap similar to that in developed countries.

Although deposit interest rates have risen, the market has not seen a rate hike race to attract capital like in the previous year. Photo by The Investor/Trong Hieu.
At four state-controlled commercial banks, namely Vietcombank, VietinBank, BIDV and Agribank, rates for long-term deposits (12 months or more) remain below 5% per year.
Specifically, VietinBank, Agribank, and BIDV offer a deposit rate of 4.7% per year for a 12-month term, while Vietcombank's figure is slightly lower at 4.6%.
Meanwhile, joint stock commercial banks are maintaining deposit rates for 12-month terms at 5% to 6% per year. Some banks even offer rates at 8-9% for large customers with a deposit of VND500 billion ($19.7 million) or more.
According to economist Dinh The Hien, although deposit rates have risen, the market has not seen a rate hike race to attract capital like in the previous year.
"Deposits are not an investment channel to expect high profits with low risks. Deposit rates in developed countries are very low, only slightly higher than inflation. In Vietnam, the savings rate for 12-month deposits at four state-controlled commercial banks is below 5% per year which is a reasonable rate, about 1% higher than inflation," he said.
Experts predict that deposit interest rates will trend upwards slightly but not increase dramatically. They may stabilize or even decrease gradually in early next year, especially after the Lunar New Year.
Nguyen Hoang Nam, head of the finance-banking faculty at Dai Nam University, argued that the circulation of the Vietnamese dong is still lower compared to many other currencies in economies with similar conditions. Therefore, in the last weeks of 2024, there is no expectation of a rate hike race.
Meanwhile, some banks slightly reduced their deposit rates in early December. LPBank cut its 1-2 month deposit rates to 3.6% and 3.7% per year, a decrease of 0.1-0.2 percentage points respectively, and lowered rates for 6-11 month terms to 5.1% per year, down by 0.1 percentage point.
ABBank recently adjusted its savings rates, cutting the 24-month term rate from 6.3% to 5.7% per year, and reducing rates for 15-18 month terms from 6.2% to 5.7% per year. The 12-month term rate remains unchanged at 5.8% per year.
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