Vietnamese Banks Offer 9%+ Savings Rates via Employee Referral Programs

Overview

Nearly ten Vietnamese banks are offering savings rates of 9% or more per year through employee referral programs, according to a VnExpress survey dated 21/9, even as the highest publicly listed rate across the system sits below 8%. The gap matters for listed lenders including VPBank (HOSE: VPB), SHB, OCB, Sacombank and NCB, because it signals that deposit mobilization is becoming materially more expensive than headline rate tables suggest.

Key Facts

• NCB is quoting 9.35% per year for online deposits with no minimum amount and no referral code required.
• GPBank offers 9.1-9.3% for deposits from VND 100 million; Vikki Bank pays 9.2% from VND 200 million.
• SHB quotes 9.1% for deposits from VND 300 million; MBV pays 9.04% with no minimum.
• VPBank, OCB, BaoVietBank and Sacombank cluster around 9%, with minimum tickets of VND 100-500 million, mostly via employee referral codes.
• The highest publicly listed rate for deposits under VND 1 billion is 7.9%, roughly 110-145 basis points below referral offers.
• Only four banks raised listed rates over the past month: VPBank, Sacombank, UOB and SeABank, mainly for tenors of six months or longer on digital channels.
• The number of banks in the 9%-plus negotiated group has increased versus the prior month.

What Happened

A VnExpress survey published on 21/9 found that banks are increasingly using staff referral channels to pay above-board rates to ordinary depositors, not just VIP clients or billion-dong tickets. A depositor in Ho Chi Minh City with VND 300 million maturing was offered roughly 9% by several bank employees and moved her money rather than roll it over. NCB’s 9.35% online offer requires no minimum balance or referral code, while GPBank, Vikki Bank, SHB, MBV, VPBank, OCB, BaoVietBank and Sacombank all quote around 9% subject to minimum tickets or employee codes.

A staff member at a state-owned bank told the publication that this year’s mobilization targets are difficult to meet, and that retaining existing customers is as hard as winning new ones, since depositors shift funds for higher rates or gifts. Bank executives cited in the article said funding pressure is unlikely to ease in the near term as the economy’s capital needs rise, particularly with large infrastructure projects being deployed and high growth targets. Banks that commit to financing and disbursing for large-scale projects must prepare matching input funding, and when some lenders raise rates, others face pressure to follow.

Market Context

VPB closed at VND 28,000 on 22/9, while SHB closed at VND 11,650, OCB at VND 10,450 and STB at VND 76,700. The banking sector has been sensitive to funding-cost signals, and the emergence of a two-tier deposit market, with a public ceiling near 7.9% and negotiated deals above 9%, suggests reported net interest margins may understate true funding costs. The article notes listed rate tables were largely unchanged over the past month, with only VPBank, Sacombank, UOB and SeABank lifting official rates, mostly at tenors of six months or more online.

Strategic Significance

The strategic read is that Vietnamese banks are competing for a scarce deposit pool while credit demand from infrastructure and growth programs expands. For investors in VPB, SHB, OCB and STB, the key question is whether above-table pricing compresses net interest margins or is offset by stronger loan growth and repricing of assets. Banks with large project commitments, including those financing infrastructure, face the strongest need to lock in term funding, which could favor lenders with stronger digital deposit franchises and penalize those relying on price. The article also notes experts advising depositors to verify rates in official apps and contracts, a reminder that off-balance-sheet referral pricing carries conduct and disclosure risk.

What to Watch

• Monthly deposit rate surveys from VnExpress and other outlets to see whether the 9%-plus group keeps expanding.
• Third-quarter earnings releases from VPB, SHB, OCB and STB, particularly net interest margin and cost of funds disclosures.
• State Bank of Vietnam policy signals on deposit rates and any guidance on referral-based pricing.
• Whether listed rate tables move closer to negotiated levels, which would confirm broad-based funding cost pressure.
• Credit growth and disbursement data for large infrastructure projects that are driving loan demand.