BIDV and Peers Quote Deposit Rates Above SBV Caps, Hanoi Survey Finds

Overview

A survey of bank branches in Hà Nội on 22 October 2026 found staff quoting deposit rates far above published schedules, with BIDV (HOSE: BID) indicating 8%/year against a listed 3-5.5%, and one unnamed bank offering up to 9.22%/year. The gap has emerged despite State Bank of Vietnam Document 9736, dated 21 October 2026, ordering commercial banks to substantively lower deposit and lending rates across every sales channel.

Key Facts

• BIDV listed 6-month counter deposits at 3%/year, 12-month at 5.4% and 24-month at 5.5% after its 21 October adjustment, but staff quoted 8%/year for deposits of VND 100 million to VND 3 billion.
• Techcombank’s published Phát Lộc counter schedule from 22 October showed 5.75%/year for 6 months and 5.95% for 12 months on VND 1-3 billion, while staff indicated 8.5-8.7%/year, rising to 8.8-8.9% above VND 3 billion.
• One unnamed bank quoted 9.19%/year for 6-month and 9.22%/year for 12-month deposits of VND 2-3 billion, against listed rates of 5.2% and 5.4% — gaps of 3.99 and 3.82 percentage points.
• State Bank of Vietnam Document 9736/NHNN-CSTT, issued 21 October 2026, requires banks to cut deposit and lending rates in substance across all distribution channels.
• The survey covered branches in Hà Nội and was conducted on 22 October 2026, one day after the SBV directive.
• The article does not disclose the identity of the bank quoting above 9%/year, nor the deposit volumes involved.

What Happened

The survey, conducted by local press on 22 October at transaction points across Hà Nội including BIDV and Techcombank, compared published deposit schedules with rates actually offered to walk-in customers. At BIDV, the listed 6-month counter rate of 3%/year contrasted with a quoted 8%/year for tickets between VND 100 million and VND 3 billion. At Techcombank, listed rates of 5.75-5.95%/year for VND 1-3 billion deposits sat alongside staff indications of 8.5-8.9%/year, with priority-customer policies cited as the justification. A third, unnamed bank quoted 9.19-9.22%/year against a published 5.2-5.4%.

The State Bank of Vietnam responded with Document 9736/NHNN-CSTT on 21 October 2026, instructing commercial banks to lower deposit and lending rates in substance across all sales channels, including branch counters and digital platforms. The directive follows repeated SBV messaging on reducing the overall interest-rate floor. The article states that many banks have trimmed published schedules in recent days, but that listed rates do not fully reflect what large depositors are actually offered.

Market Context

Banking stocks were modestly lower on 26 October 2026, with BID closing at VND 34,000 (-0.15%) on volume of 864,500 shares, TCB at VND 34,000 (-1.02%) on 8.74 million shares, ACB at VND 21,000 (-0.94%) and HDB at VND 22,000 (-1.11%). The muted moves suggest the market has not yet priced a sharp margin squeeze from the directive. The divergence between listed and quoted rates matters for the sector’s funding-cost trajectory: if off-schedule pricing persists, the SBV’s push to lower the rate floor will transmit to lending rates more slowly than intended, sustaining net interest margins but delaying credit expansion.

Strategic Significance

The core issue is the credibility of the SBV’s rate-guidance channel. If banks continue to pay above-schedule rates to defend large deposit franchises, the policy transmission mechanism weakens and the SBV may escalate to administrative measures — inspection, disclosure requirements, or caps on promotional pricing. For listed banks such as BID, TCB, ACB, HDB, VPB, STB, MBB, SHB, VIB and TPB, the near-term margin picture is mixed: off-schedule deposit costs pressure funding, but slower lending-rate cuts preserve asset yields. The longer-term risk is regulatory: banks that rely on above-schedule pricing to retain deposits could face compliance scrutiny, while those with stronger current-account and retail franchises gain a relative funding advantage.

What to Watch

• SBV inspection or enforcement actions following Document 9736, including any public disclosure of banks found quoting above-schedule rates.
• Third-quarter 2026 earnings releases from BID, TCB, ACB and HDB, particularly cost-of-funds and net interest margin disclosures.
• Monthly SBV deposit-rate statistics and any revision to the average deposit-rate benchmark cited in the directive.
• Foreign-ownership and block-trade filings in the banking sector, which may signal institutional repositioning on margin expectations.
• Any follow-up SBV circular formalising penalties for off-schedule deposit pricing.