VPBank, Sacombank Lead Vietnam Deposit Race as Rates Rise

Overview

VPBank (VPB) and Sacombank led the Vietnamese banking system in net deposit mobilization over the first nine months of the year, each attracting more than VND 155,000 billion, equivalent to roughly 25% growth from the start of the year. The shift pushed the two private lenders ahead of state-owned VietinBank, BIDV and Vietcombank, which had led the same period a year earlier. The ranking change comes as banks compete aggressively for deposits amid rising interest rates.

Key Facts

• VPBank and Sacombank each drew more than VND 155,000 billion in net deposits in 9M, up about 25% from the start of the year.
• Sacombank’s net increase of roughly VND 155,500 billion was double the same period last year.
• At VPBank, term deposits from individual customers rose by nearly VND 120,000 billion, while current-account (demand) deposits declined.
• NCB posted the system’s highest deposit growth at over 45%, pulling in about VND 60,000 billion net, comparable to Techcombank and MB in absolute terms.
• BVBank’s customer deposits grew nearly 24%, or about VND 17,000 billion, 7.5 times the prior-year figure.
• ACB attracted only about VND 10,600 billion in 9M, down nearly 70% year-on-year; OCB’s net increase fell 85% to under VND 2,000 billion.
• Saigonbank and Eximbank saw customer deposit balances contract versus the start of the year.

What Happened

According to the report, VPBank’s growth was driven mainly by term deposits from retail customers, which rose by nearly VND 120,000 billion over nine months even as demand deposits fell. The bank has been among the most active in digital deposit mobilization, offering an automatic 2 percentage point rate bonus on its app, while branch sales staff at times quoted customers rates above the posted board. The push comes as VPBank records credit growth among the fastest in the system.

Sacombank matched VPBank’s absolute increase, with deposits up about VND 155,500 billion, double the prior-year period. State-owned lenders VietinBank, BIDV and Vietcombank trailed on net mobilization despite their far larger deposit bases. At the smaller end, NCB grew deposits over 45% using a 3 percentage point app bonus and a “super-privilege rate” product quoting above 9% per year, while BVBank grew nearly 24%. ACB, OCB, Saigonbank and Eximbank lagged, with the latter two posting outright declines. The article also notes a broad shift toward certificates of deposit as a funding channel.

Market Context

VPB trades on HOSE and closed at VND 22,050 on 6 November 2026. Among the affected tickers, STB closed at VND 70,000, CTG at VND 31,850 and BID at VND 31,950. The deposit race reflects a tighter funding environment for the sector: as credit demand outpaces deposit inflows, banks are paying up for term money, which pressures net interest margins even as it supports loan growth. The divergence between fast-growing private and small banks and slower movers such as ACB and OCB signals uneven funding momentum across the system.

Strategic Significance

For long-term investors, the key read is funding franchise quality rather than headline deposit growth. VPBank’s mix shifted toward higher-cost term deposits while demand deposits fell, a combination that supports credit expansion but raises funding costs. Sacombank’s doubling of net inflows suggests improving retail traction. The aggressive pricing at NCB and BVBank buys volume but at rates above 9% per year, which is costly if lent out at competitive yields. Banks that grew deposits slowly, such as ACB and OCB, may be choosing margin discipline over volume, a defensible stance if loan demand cools.

What to Watch

• Q4 and full-year deposit and current-account (CASA) mix disclosures from VPBank and Sacombank.
• Net interest margin trends in upcoming quarterly results as higher term-deposit costs feed through.
• Certificate of deposit issuance volumes and rates across the sector.
• State-owned banks’ deposit recovery in Q4, particularly at VietinBank, BIDV and Vietcombank.
• Any State Bank of Vietnam guidance on deposit-rate competition or funding-structure rules.