MSB, STB Lead Fresh 50bp Deposit Rate Cuts Across Vietnamese Banks

Overview

MSB (HOSE) cut deposit rates by 0.5 percentage points across 6-36 month terms, with its standard 12-month online rate now at 6.3% per year, according to the bank’s revised rate schedule. Sacombank (STB), VietABank and GPBank announced matching 50bp reductions, extending a sector-wide easing cycle that follows Government and State Bank of Vietnam (SBV) guidance to lower the overall rate environment.

Key Facts

• MSB cut deposit rates by 50 basis points for terms of 6 to 36 months, effective in its latest published schedule.
• MSB online deposit rates for individual customers, interest paid at maturity: 5.8%/year for 6-11 months, 6.3%/year for 12 months, 6.1%/year for 13-24 months and 5.6%/year for 36 months.
• MSB’s standard 12-month rate of 6.3%/year is its highest listed rate; a special program offers 6.5%/year for 6 months and 7%/year for 12, 15 and 24 months, capped at VND 5 billion per deposit and one savings book per customer at a time.
• VietABank cut online 6-11 month rates to 5.5%/year and 12-13 month rates to 5.6%/year; GPBank cut 6-36 month rates by 50bp, with 12-36 month online rates at 5.05%/year.
• Sacombank (STB) cut deposit rates by 50bp for terms of 6 months and above, effective 20 October 2026; counter deposits under VND 500 million now earn 5.7%/year for 6-11 months and 6.2%/year for 24 and 36 months.
• The article states the cuts respond to Government and SBV direction to lower the rate environment and support production and business activity.

What Happened

The article, citing the banks’ revised deposit rate schedules, reports that MSB, VietABank and GPBank adjusted their mobilization rates downward by 0.5 percentage points for 6-36 month terms. At MSB, the online rate table for individual customers with interest paid at maturity now shows 5.8%/year for 6-11 months, 6.3%/year for 12 months, 6.1%/year for 13-24 months and 5.6%/year for 36 months. The bank continues to run a special rate program above its standard table, offering 6.5%/year for 6 months and 7%/year for 12, 15 and 24 months, subject to conditions including a maximum deposit of VND 5 billion, no existing savings at MSB at account opening, and one savings book per customer at a time.

Sacombank’s reduction applies from 20 October 2026 to terms of 6 months and above, and the article explicitly attributes the move to Government and SBV guidance on lowering the rate environment to support production, business and economic growth. VietABank and GPBank published similar adjustments, with GPBank’s online 12-36 month rate falling to 5.05%/year and its highest counter rate at 4.6%/year. The article also notes that preferential credit programs are being deployed alongside the funding cost adjustments to support enterprises during the year-end production peak.

Market Context

MSB closed at VND 15,800 on 30 October 2026 on HOSE, while STB closed at VND 66,300. The cuts arrive as Vietnamese banks manage funding costs into the year-end credit season, with the SBV having repeatedly signaled a preference for lower lending rates to support growth. Deposit rate reductions across mid-sized and joint-stock banks typically precede adjustments to lending rates, and the breadth of this round — spanning MSB, STB, VietABank and GPBank — suggests a coordinated rather than isolated response to policy guidance.

Strategic Significance

For MSB, the cut lowers funding costs at a time when the bank has reported strong earnings momentum, with pre-tax profit growth of more than 27% in the third quarter of 2026 according to a related article reference. The strategic question is whether cheaper deposits translate into net interest margin expansion or are passed through to borrowers under policy pressure; the special 7%/year program for 12-24 month terms suggests MSB is still competing for term funding while trimming its standard table. For STB, the 20 October effective date and explicit reference to Government and SBV direction place the bank firmly within the policy consensus, reducing regulatory friction but limiting pricing power on the deposit side.

What to Watch

• MSB and STB fourth-quarter 2026 deposit growth and cost-of-funds disclosures in Q4 filings.
• Any further SBV guidance or policy meeting minutes on the rate environment into year-end.
• Lending rate adjustments at MSB and STB following the deposit cuts, particularly for small and medium enterprise credit.
• Take-up of MSB’s special 7%/year program and whether it is extended beyond the current conditions.
• Year-end credit growth data from the SBV as an indicator of whether lower rates are stimulating loan demand.