The State Bank of Vietnam (SBV), the country's central bank, on 21 October issued directive No. 9736/NHNN-CSTT ordering commercial banks to make real cuts to both deposit and lending rates across every sales channel. According to VietnamPlus, each bank must lower the average rate on newly opened deposits with terms of six months or longer by at least 0.5 percentage point a year for the rest of 2026. On the same day VPBank and VIB announced discounted lending packages worth a combined 25,000 billion dong, and MSB set aside 10,000 billion dong for businesses.
What the directive says
The document follows conclusions from the governor's meeting with banks on 19 October. Its main points, as reported by VietnamPlus and VnExpress:
- Scope: applies throughout each bank and on all sales channels, covering both deposit and lending rates.
- Deposit cut: at least 0.5 point a year on the average rate of new deposits of six months or more, in the final months of 2026.
- Benchmark: each bank's own rates in the reporting period of 11 to 20 October 2026.
- Monitoring: the SBV will track average rates on new transactions through the end of the year (VnExpress).
- Penalties: banks that do not comply face strict action, including possible cuts to their credit growth quotas.
On lending, Governor Phạm Đức Ấn told the 19 October meeting he wanted loan rates for production, business and priority sectors cut by 1.5 to 2 points, VnExpress reported.
Why all channels
VnExpress counted about 20 banks that had updated their deposit rate tables since 19 October, most by 0.5 point for terms of six months or more at both counters and online. A few cut only one channel, and rates offered through branch staff promotions had not eased. The SBV's yardstick is the average rate actually paid on new deposits, not just the posted rate.
What the banks announced
| Bank | Deposits | Lending | Package |
|---|---|---|---|
| VPBank | 0.5 point cut on some online terms for individuals, from 20 Oct | 1.5 point cut for individuals in six sectors from 26 Oct; up to 1.5 for SME working capital | 10,000 billion dong (SMEs) |
| VIB | Up to 0.5 point, mainly terms over six months | Up to 1.5 point for priority-sector firms | 15,000 billion dong |
| MSB | 0.5 point on terms from six months for individuals; top 12-month rate 6% at the counter, 6.3% online | From 7.5% a year, at least 2 points below normal, for businesses | 10,000 billion dong |
The sources did not publish the previous rates. VPBank's retail scheme is aimed at individuals, household businesses and sole proprietors who supply goods, services or processing to firms in six sectors: pharmaceutical trading, consumer retail and food service, building materials, tourism, farming and aquaculture, and handicrafts. Borrowers need six months of continuous trading and can get up to 12 months' grace on principal. VIB chief executive Hàn Ngọc Vũ said lower funding costs had to come with real access to credit and loans suited to each customer.
What changes for savers and borrowers
For savers, the rule targets new deposits of six months or more for the rest of the year. Because each bank is measured against its own mid-October rates, rates will still differ from bank to bank. For borrowers, the 1.5 to 2 point cuts are not automatic: they come through capped packages with eligibility conditions.
What comes next
VPBank's retail programme starts on 26 October 2026, and the SBV will keep tracking new-deposit rates until year end. See our earlier coverage of the governor's call to cut rates on existing loans and more in Business.