Bank interest rates increase: Market situation and new trends
- 197
- Business
- 18:53 15/08/2024
DNHN - On August 13, 2024, significant changes were recorded in bank interest rates. 12 banks have increased their deposit rates since the beginning of August. Notably, many banks have raised their 12-month term interest rates above 5% per year.

In recent days, the banking market has witnessed a strong surge in deposit interest rates. Particularly, since the beginning of August 2024, 12 banks have adjusted their rates upwards, reflecting a major shift in financial policy. Meanwhile, only one bank has lowered its interest rates during this period. This indicates that banks are trying to attract capital and improve liquidity amid an unstable economy.
The increase in deposit interest rates is primarily concentrated in long-term deposits, with the interest rate for 12-month terms now exceeding 5% per year. ABBank currently leads with the highest rate of 6% per year, applied only to this term. Other banks, such as BaoViet Bank, BVBank, and Saigonbank, have also adjusted their rates to 5.8% per year for 12-month terms. This trend shows that banks are competing to attract long-term capital, while interest rates for short-term deposits and state-owned banks remain lower.
The rise in interest rates is a sign of a financial market undergoing adjustments, reflecting changes in monetary policy and capital requirements. Specifically, state-owned banks like Agribank, VietinBank, Vietcombank, and BIDV still maintain lower rates compared to other commercial banks, indicating a clear differentiation in interest rate policies between these groups.
The current situation suggests that the banking market is going through a significant transition. Banks are adjusting their deposit rates to meet capital demands and compete in a rapidly changing economic environment. This trend is expected to continue in the coming months as banks further adjust their policies to optimize capital and maintain financial stability.
ABBank currently tops the interest rate chart with a rate of 6% per year for 12-month deposits, the highest rate available. Other banks, such as BaoViet Bank, BVBank, and Saigonbank, also offer a rate of 5.8% per year for the same term. Bac A Bank and GPBank list their rates at 5.75% per year, while KienLong Bank and VietBank offer 5.6% per year.
Interest rates of 5% or higher have now become the standard for 12-month terms, with very few banks maintaining rates below 5%. Techcombank currently offers the lowest rate at 4.95% per year for deposits under 1 billion VND. ACB provides a rate of 4.8% per year, while Agribank, BIDV, and VietinBank uniformly list their rates at 4.7% per year. Vietcombank and SCB have rates of 4.6% per year and 3.7% per year, respectively.
Since the beginning of August, 12 banks have raised their deposit rates, with Sacombank making two adjustments. Conversely, SeABank is the only bank to have lowered its rates during this period.
According to the financial report for Q2 2024, commercial banks have mobilized a total of 12.309 trillion VND in the first half of the year. Among these, the four largest state-owned banks—Agribank, VietinBank, Vietcombank, and BIDV—dominate in capital mobilization, with total deposits reaching 6.36 trillion VND, accounting for 52% of the total outstanding loans of all 30 banks. Notably, despite leading in capital mobilization, this group of state-owned banks currently offers the lowest deposit interest rates in the market.
Nguyen An
Related news
#banking system

Restructuring the banking sector through mandatory transfers
The State Bank of Vietnam (SBV) has decided on the mandatory transfer of Vietnam Construction Bank (CB) and Ocean Commercial Bank (OceanBank) to Vietcombank and Military Bank (MB), respectively.

The banking sector is the highest brand value growth area in 2024
A total of six major banks have made it into the Top 10 strongest brands in Vietnam, including Vietcombank, BIDV, VietinBank, Techcombank, Agribank, and VPBank.

The State Bank of Vietnam studies the roadmap to remove credit room
The State Bank of Vietnam (SBV) is considering a roadmap to remove the credit room mechanism as directed by the National Assembly and the Government.

Significant drop in fraud cases following nearly three months of biometric authentication implementation
According to statistics from banks, the implementation of biometric authentication regulations has effectively deterred high-tech criminals from using personal accounts for money transfers.

BIDV received 02 prestigious international awards for corporate products and services
Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV) has just been awarded the titles of "Best API Application & Open Banking Bank in Vietnam" and "Best Trade Finance Bank in Vietnam" for 2024 by The Asian Banker.

Bank interest rates on 31st October: Major players compete fiercely
Bank interest rates have been highly volatile, with one bank making its second rate adjustment in the month as of October 31, 2024, underscoring the competitive landscape.
Đọc thêm Business
Dong Thap Business Club in Ho Chi Minh City launches support fund to accompany enterprises
More than 150 Dong Thap entrepreneurs in Ho Chi Minh City gathered at Van Hien University to foster business connections, expand cooperation, share practical experiences, and stay updated on current business trends.
Khai Hung corporation signs Strategic Cooperation Agreement with Japanese partners
Signing a cooperation agreement with reputable Japanese partners is a strategic move, demonstrating Khai Hung Corp’s proactive approach in capturing market trends, accessing advanced technology, and leveraging international expertise.
Women entrepreneurs in the Era of National Advancement
The economic forum "Women Entrepreneurs in the Era of National Advancement" aims to honor the role of female leaders, promote collaboration, and connect the business community.
Rice export prices expected to rebound soon due to limited supply
The Vietnam Food Association (VFA) has forecasted that rice exports in 2025 will reach 7.5 million tons. The rice market is currently at its lowest point, but it is anticipated that importers will soon ramp up purchases, driving prices upward.
GDP growth target for 2025: Aiming for a breakthrough pace
According to the proposal, Vietnam's national GDP growth target for 2025 must reach at least 8%, laying a solid foundation for achieving double-digit growth rates.
Economic expert Võ Trí Thành assessed: President Donald Trump’s new trade policy will impact Vietnam
According to Dr. Võ Trí Thành, Director of the Institute for Brand and Competitive Strategy Research, Donald Trump’s new trade policy will have significant effects on Vietnam’s economy. He also provides strategic recommendations for businesses.
Vietnam's market advantage: Investment opportunities in a new context
Balancing interests, striving for a 7.5% GDP growth, enhancing international cooperation, promoting technological innovation, and developing appropriate foreign policies are the "keys" for the nation and businesses to overcome challenges.
Việt Nam sets import tariff quotas for salt and poultry eggs in 2025
The Ministry of Industry and Trade has announced import tariff quotas for salt and poultry eggs for 2025, aiming to meet domestic production and consumption needs.
Brandnew e-commerce law to address policy gaps
The proposed law seeks to address gaps in existing regulations and keep pace with technological advancements and evolving business models.
Bến Tre sets ambitious economic goals in 2025
The southern province of Bến Tre eyes ambitious goals to develop its industrial sectors, increase investment, and improve the business environment.