Vietnam Banking Sector: Record Deposits, SBV Rate Cuts, and What It Means for VPB, HDB, STB, AGR

Overview

Vietnam’s banking sector recorded a historic milestone: household deposits surpassed 10.3 million billion VND as of end-January 2026, the highest ever. Meanwhile, the State Bank of Vietnam (SBV) has intensified supervision of deposit rates, urging banks to cut rates by 1-2% to support economic growth. This policy shift directly impacts listed banks such as VPBank (VPB), HDBank (HDB), Sacombank (STB), and Agribank (AGR).

Key Facts

• Household deposits reached 10.3 million billion VND as of end-January 2026, up 0.45% from end-2025 and an increase of nearly 3.2 million billion VND year-on-year.
• Corporate deposits fell to just over 6 million billion VND, a decline of 1.62%.
• Total means of payment (excluding valuable papers) stood at over 19.5 million billion VND as of end-January 2026, up 0.69% from end-2025.
• As of mid-May 2026, credit outstanding reached about 19.4 million billion VND, up 18.3% year-on-year, while deposits reached about 18 million billion VND, up 14.9%.
• The SBV has urged banks to cut deposit rates by 1-2% from early April levels, and is closely supervising banks with abnormally high rates.
• HDBank offers a special rate of 7.2% for 12-month deposits and 7.6% for 13-month deposits for amounts from 500 billion VND.
• Sacombank lists a top rate of 7.1% for 24- and 36-month online deposits.
• VPBank’s online 6-month rate for 100 million VND is 6.2%.
• Agribank’s highest rate is 6% for 24-month deposits.

What Happened

The SBV reported that household deposits hit a record 10.3 million billion VND as of end-January 2026, a 0.45% increase from end-2025. This marks a significant rise of nearly 3.2 million billion VND over the past year. In contrast, corporate deposits declined by 1.62% to just over 6 million billion VND.

In response to rising deposit rates earlier this year, the SBV has tightened supervision, requesting banks to reduce rates by 1-2% from early April levels. The central bank stated that maintaining low interest rates is crucial to support people and businesses, contributing to double-digit economic growth. Banks with unusually high deposit rates will be subject to inspection.

Market Context

On May 25, 2026, VPB closed at 27,000 VND (+0.75%), HDB at 26,400 VND (+2.13%), STB at 70,000 VND (-1.69%), and AGR at 14,600 VND (unchanged). The banking sector has been under pressure from rising deposit costs earlier this year, but the SBV’s intervention aims to cap rates. The record household deposits indicate strong savings, which could support lending growth if credit demand picks up.

Strategic Significance

The SBV’s directive to cut deposit rates by 1-2% is a clear policy move to lower banks’ funding costs and encourage lending. For banks like VPB, HDB, STB, and AGR, this could compress net interest margins in the short term if they are forced to reduce lending rates as well. However, the record deposit base provides ample liquidity, potentially enabling credit expansion. The policy also signals the SBV’s commitment to supporting economic growth, which may benefit banks with strong retail franchises.

What to Watch

• Q2 2026 earnings reports from VPB, HDB, STB, and AGR for net interest margin trends.
• SBV’s next policy meeting for any further rate guidance or adjustments.
• Credit growth data for May and June 2026 to gauge loan demand.
• Deposit rate movements at individual banks, especially any deviations from the SBV’s guidance.
• Foreign ownership limits and any changes in banking sector regulations.