The banking sector has moved to cut interest rates in a coordinated effort to support the economy, as Vietnam accelerates growth to meet its 2026 targets and longer-term development goals.

Amid this push, the State Bank of Vietnam has maintained a proactive and flexible monetary policy stance, aimed at safeguarding macroeconomic stability, keeping inflation in check, and creating favourable conditions for business and production.

At a meeting on the afternoon of April 9, 2026, commercial banks reached strong consensus - under the central bank’s guidance - to lower deposit interest rates. The move is intended to create room for reducing lending costs, thereby improving access to credit for both businesses and individuals.

Following the meeting, Vietcombank was among the first to act, announcing a cut in deposit rates. The bank reduced its highest-term deposit rate - applicable to 24-month tenors - by 0.5 percentage points to 6 percent per year, effective from April 13, 2026. Other tenors are expected to be reviewed and adjusted accordingly. With this change, none of Vietcombank’s listed deposit rates exceed 6 percent per year.

Lower deposit rates are expected to help banks gradually optimise funding costs, creating additional headroom to reduce lending rates. This, in turn, will support households and businesses in expanding production and investment, contributing to the successful delivery of the Government’s economic growth targets in the new development phase.

VCB News