Vietcombank vs Big4 Peers: Deposit Rate Gap Widens at 12-24 Months

Overview

Vietcombank (VCB) and Agribank cut counter deposit rates for individual customers, leaving the two banks at 5.4%/year for 12-month terms against 5.9%/year at BIDV and VietinBank, according to rate tables dated 20-21 October 2026. The divergence inside the state-owned Big4 matters for VCB because it signals a deliberate shift toward cheaper funding rather than deposit-volume defense.

Key Facts

• 12-month counter rate: Vietcombank 5.4%/year, Agribank 5.4%/year, VietinBank 5.9%/year, BIDV 5.9%/year.
• 24-month rate: VietinBank and BIDV at 6.0%/year versus 5.5%/year at Vietcombank and Agribank.
• 36-month rate: VietinBank and BIDV hold 6.0%/year; Vietcombank lists 4.8%/year; Agribank does not publish a 36-month counter rate in the table.
• 6- and 9-month rate: Vietcombank at 3.0%/year, 50 basis points below the 3.5%/year at VietinBank, BIDV and Agribank.
• Short tenors of 1-3 months: Agribank highest at 2.6%/year (1-2 months) and 2.9%/year (3 months); the other three banks at 2.1% and 2.4%/year respectively.
• Demand deposit rate: 0.1%/year at Vietcombank, VietinBank and BIDV; 0.2%/year at Agribank.
• VCB closed at VND 55,800 on 20 October 2026 on HOSE.

What Happened

The comparison, published by An Ninh Tiền Tệ and drawn from branch rate schedules effective 20 October 2026, shows the Big4 no longer moving in lockstep. Agribank and Vietcombank reduced savings rates, and the resulting table places Agribank at the top of the short-tenor segment while VietinBank and BIDV retain the highest rates from 12 months out. Vietcombank sits at the bottom of the group across 6-9 months and 36 months.

The article attributes the figures to published counter rates for individual customers and notes that actual pricing can vary by tenor, deposit size, channel and each bank’s internal policy. It does not disclose deposit volumes, the size of the cuts, or any lending-rate response beyond a separate report that Vietcombank reduced loan rates from 20 October, with some customer segments seeing cuts of up to 3%.

Market Context

VCB closed at VND 55,800 on 20 October 2026, with BID at VND 33,650 and CTG at VND 30,450. All three trade on HOSE. The rate table lands in a softening deposit environment: the same publication reported simultaneous savings-rate cuts on the morning of 20 October at Vietcombank, VietinBank and dozens of private banks. For the Big4, the competitive question is no longer who pays most but who can reprice funding lower fastest without losing franchise deposits.

Strategic Significance

The spread is a funding-cost signal rather than a market-share story. Vietcombank’s 50-60 basis point discount at 12-24 months, combined with a 4.8%/year 36-month rate, implies the bank sees ample liquidity and is willing to let rate-sensitive term money migrate to peers. If that funding base is stable, the lower cost of funds supports net interest margin and creates room for the loan-rate cuts already announced. The risk is the reverse: a persistent gap at the long end can erode VCB’s cheap current-account and savings franchise over time, particularly if BIDV and VietinBank use their premium to lock in 12-24 month money ahead of a credit upcycle.

What to Watch

• Third-quarter 2026 results for VCB, CTG and BID, including customer deposits and net interest margin.
• Whether VietinBank and BIDV hold 5.9-6.0%/year or follow the cuts at the next rate review.
• State Bank of Vietnam policy signals and interbank rate moves that would justify further deposit repricing.
• Monthly deposit-growth data showing whether VCB loses term deposits to Big4 peers.
• Disclosure of the loan-rate cut’s scope and its effect on VCB’s asset yields.