The latest forecasts regarding bank deposit interest rates in Vietnam suggest that these rates are likely to stay elevated for the remainder of the year. As the gap between credit growth and capital mobilization narrows, banks are experiencing improved liquidity, which may eventually lead to a sustainable reduction in interest rates.

Data from MBS Securities indicates that 13 out of 16 banks surveyed raised their deposit rates in July, with increases ranging from 0.1% to 0.8% for terms between six and 24 months. Notably, several banks are now offering interest rates exceeding 9% for deposits with terms longer than six months. This rise in deposit rates marks a significant increase compared to the beginning of the year.

Experts from MBS attribute the rise in deposit interest rates to the ongoing disparity between credit growth and capital mobilization. As of August 3, total credit growth across the banking system had increased by 8.8% compared to the end of 2025, while capital mobilization only rose by 6.2%. Currently, the average deposit interest rate for a 12-month term at commercial banks stands at 8.6%, an increase of 2.8% from the start of the year.

Furthermore, a report from Thien Viet Securities highlights that while interbank market interest rates cooled significantly in July due to liquidity support from the State Treasury's deposits, residential deposit rates remain high. There are expectations that interest rates will stabilize in the latter half of the year as the State Bank of Vietnam continues to implement measures to support liquidity and achieve a targeted economic growth rate of 10%.

However, experts caution that the pressure to mobilize capital and raise interest rates persists, as credit growth continues to outpace capital mobilization. This situation has compelled some commercial banks to issue bonds with interest rates no lower than 8% per annum, approximately 2% higher than at the end of 2025.

Financial expert Truong Dak Nguyen predicts limited room for significant interest rate reductions by the end of the year. The State Bank will prioritize stabilizing the exchange rate, controlling inflation, and ensuring the safety of the banking system over aggressively pursuing lower interest rates. He suggests that interest rates are likely to remain high for most of the year, with any potential decreases contingent upon improved liquidity and reduced international pressures.

Nguyen Minh Tuan, CEO and co-founder of the Vietnam Financial Advisors Community (VWA), also forecasts that interest rates will remain stable at current levels, with a focus on preventing sharp increases. He emphasizes that the ability to lower interest rates is heavily dependent on the input costs of the economy, particularly energy prices, including imported oil. If oil prices stabilize or decrease, inflationary pressures may be better controlled, providing more room for interest rate reductions. Conversely, a rise in global commodity prices could lead to increased inflation expectations, complicating efforts to lower interest rates.

In the lending sector, interest rates have drawn attention as several banks announce new financial packages to support businesses and individuals. Starting August 12, Nam A Bank is offering various financial solutions to help customers access favorable loans for production and business expansion. Personal borrowers will see interest rate reductions ranging from 0.5% to 0.7% for business and agricultural needs, while home loans and consumer loans will benefit from reductions of 0.1% to 0.3%.

Other banks, such as the National Citizen Bank (NCB), have also implemented a 0.5% reduction in lending rates across all loan packages for individuals and businesses. For personal loans, the new preferential rates start at 8.49% per annum. NCB is also prioritizing funding for green projects and digital economy initiatives, particularly for businesses involved in key national projects.

Several other banks, including VietinBank, Agribank, and BIDV, have announced the launch of preferential credit packages worth tens of thousands of billions of VND, with lending rates at least 1% lower than their average rates for similar terms. Banks are also encouraged to waive or reduce service fees where appropriate.