AGR

BIDV increased online deposit rates by up to 1.2% for 6-11 month terms to 6.6%, bringing its rates in line with most Big 4 peers except Vietcombank. The move reflects growing competition for deposits as credit growth outpaces deposit growth, pressuring bank margins and potentially lifting the sector's funding costs.

Vietnam's banking sector sees household deposits reach a record 10.3 million billion VND, while the State Bank of Vietnam (SBV) tightens deposit rate supervision and urges rate cuts of 1-2% to support growth. The policy shift pressures net interest margins for banks like VPB, HDB, STB, and AGR, but may boost credit demand.

The State Bank of Vietnam has permitted banks to include 20% of State Treasury deposits in the loan-to-deposit ratio (LDR), providing liquidity relief to major state-owned lenders BID, VCB, CTG, and AGR. However, analysts caution that the underlying maturity mismatch in the banking system will continue to pressure interest rates higher, limiting the policy's long-term impact.

The State Bank of Vietnam issued Circular 08/2026/TT-NHNN, effective May 15, 2026, permitting banks to include 20% of State Treasury term deposits in the LDR denominator. This regulatory adjustment mechanically lowers LDR ratios for state-owned banks (BID, VCB, CTG, AGR), which held over VND 563 trillion in such deposits, alleviating liquidity strain without requiring aggressive deposit mobilization.

The State Bank of Vietnam's Circular 08 amends Circular 22 to permit banks to count 20% of State Treasury term deposits in the LDR denominator, effective May 15. This directly improves liquidity and credit growth headroom for state-owned banks BID, VCB, CTG, and AGR, which held over 99% of the VND 626,700 billion in Treasury deposits as of March 31.

AGR dismissed CEO Le Son Tung on April 24, 2026, and appointed Nguyen Hoang Tung as Deputy CEO for a 5-year term. The leadership change comes as the company reported Q1/2026 net profit of 43.5 billion VND (+33.9% YoY), with revenue up 38.3%.

VPBank (VPB) reduced deposit interest rates by 0.3%-0.5% for 6-36 month terms online, following a State Bank of Vietnam directive that prompted 30 domestic commercial banks to cut rates by 0.05% to 1% annually. This coordinated easing aims to lower funding costs and support credit growth, with state-owned BIDV implementing the deepest cuts of 0.8%-0.9%.

The State Bank of Vietnam (SBV) net withdrew VND 71,563 billion from the banking system via open market operations (OMO) in the week of April 13-17, 2026, while 30 commercial banks including VPBank (VPB) cut deposit rates by 0.1-0.5 percentage points. This coordinated action, following an SBV meeting, signals a deliberate easing of funding costs and system liquidity, potentially supporting bank net interest margins as pressure from the USD/VND exchange rate subsides.

Over 20 Vietnamese commercial banks, led by major state-owned and private institutions, have simultaneously reduced deposit rates by up to 0.5% per annum, following a directive from the State Bank of Vietnam (SBV) on April 9. This coordinated move is expected to pave the way for a broader reduction in lending rates, with early movers like Agribank and Nam A Bank already cutting loan rates by 0.5-3.0% to support economic recovery.

Agribank (AGR) proactively cut its deposit rate by 50 basis points for terms of 24 months and above, effective April 13, 2026, and will correspondingly reduce its lending rates, following guidance from the State Bank of Vietnam. The move aims to stabilize interest rates and support economic recovery, with the state-owned bank positioning itself as a policy leader in the banking sector.

Household deposits at Vietnamese banks exceeded 10.3 million billion VND by end-January 2026, up 0.45% from end-2025, while corporate deposits fell 1.62%. The State Bank of Vietnam has lowered average new deposit rates to 5.7% per year, down 26 bps from end-March, and credit growth is outpacing deposit growth, potentially pressuring bank liquidity. This macro trend affects banks like VPB, STB, AGR, and VCB.

PNJ is among 11 enterprises and credit institutions that have applied for licenses to produce gold bars and import gold raw materials, as announced by the State Bank of Vietnam (SBV) on April 14, 2026. This follows Decree 232, which ends the state monopoly on gold bar production, with SBV citing market volatility and aiming to increase supply to narrow the domestic-international price gap. The move could expand PNJ's revenue streams beyond retail jewelry and intensify competition in the precious metals sector.