Vietnamese Banks Offer Savings Rates Above 9%, Fueling Deposit Mobilization Race

Several banks in Vietnam are offering savings deposit rates exceeding 9% annually, surpassing their publicly listed rates, as competition for funds intensifies. These offers, often facilitated through bank employees, are particularly targeting deposits in the hundreds of millions of Vietnamese Dong (equivalent to tens of millions of Japanese Yen). For instance, NCB Bank is offering 9.35% per annum for online deposits. Other banks like GPBank, Vikki Bank, SHB, MBV, VPBank, OCB, BaoVietBank, and Sacombank are providing rates around 9%, depending on the deposit amount. Many of these attractive rates are accessible via referral codes from bank employees. This situation highlights a growing gap between the actual transaction rates, which can reach up to 9.35% per year, and the highest publicly advertised rates on bank websites, which are around 7.9% for deposits under one billion VND. While a few banks have raised their official rates, the primary driver of higher returns appears to be these personalized offers. Bank officials indicate that the pressure to mobilize deposits is unlikely to ease in the short term. The Vietnamese economy's demand for capital is rising, driven by significant infrastructure projects and a high growth target. Banks committed to financing large-scale projects must secure corresponding capital. When some banks raise interest rates to attract funds, others face pressure to follow suit. Experts advise depositors to carefully verify the terms and actual interest rates through official bank applications, contracts, or savings books when presented with high rates. For online deposits, customers should download the official application from app stores and refrain from sharing OTPs or transferring money to personal accounts of individuals claiming to be bank employees.