Currently, the State Bank of Vietnam applies a 4.75% cap on deposits with terms under six months. Many banks have also applied this cap for short-term deposits.

However, actual mobilization interest rates in the market are currently significantly higher than listed rates, achieved through interest rate incentives when customers use staff referral codes.

For instance, a joint-stock bank headquartered in Hanoi is offering deposit certificates with annual interest rates of 6.7-7.1% for one to three-month terms. Customers can register online via the application by entering a staff referral code. The minimum deposit is 200,000 dong, in multiples of 100,000 dong.

"The key difference with these deposit certificates compared to regular savings is that they do not automatically renew upon maturity, but principal can still be withdrawn incrementally or settled before maturity", a bank employee stated.

Transactions at a private bank. *Photo*

For terms of six months or longer, the market has seen a surge in interest rate increases, with many institutions ready to offer rates approaching 9% for deposits as low as a few hundred million dong.

Most recently, Southeast Asia Commercial Joint Stock Bank (SeABank) launched an interest rate incentive of up to 9% annually for deposits from 800 million dong with a 12-month term. For amounts from 100 million to under 800 million dong, the interest rate is about 8.9% annually.

At Vikki Bank, staff offer annual interest rates of 9-9.2% for 6-12 month terms, applicable for deposits from 200 million dong. Customers can transact online by simply entering a referral customer code.

At Tien Phong Commercial Joint Stock Bank (TPBank), deposits from 100 million dong are offered an 8.5% annual interest rate for a six-month term, and 8.6% annually for a 12-month term. For amounts under 100 million dong, the interest rate is about 7.8% annually.

Nam A Commercial Joint Stock Bank (Nam A Bank) applies interest rates up to 8.7% annually, while also implementing a 'lucky money' (li xi) program offering up to 2 million dong for depositors. Meanwhile, National Citizen Bank (NCB) lists an 8.8% annual interest rate for a six-month term, with 12-13 month terms at 8.85% annually.

These developments occur as interbank interest rates remain high, reaching 12% annually on 30/3/2026. Concurrently, according to experts, exchange rates face pressure as the US dollar strengthens, forcing regulators to weigh exchange rate stability against growth support. This partially limits room for monetary easing, meaning lower interest rates.

On 30/3/2026, the State Bank of Vietnam reminded banks to focus on implementing solutions to stabilize interest rate levels, comply with regulations on deposit interest rate listing and interest rate caps. Additionally, banks must strengthen internal inspections and strictly address any interest rate related violations.

Quynh Trang