Interbank lending rates for VND slipped below the 2% annual mark in mid‑September, according to the VIRA. On 11 September the average overnight rate was 1.5% per year, rising to 3.0% for one‑week, 3.8% for two‑week, 5.5% for one‑month and 7.35% for three‑month maturities. Compared with early September, the VND rate fell by roughly 5 percentage points, narrowing the VND‑USD spread to 1.5‑3% per year. USD‑denominated interbank rates were steadier, ranging from 3.64% (overnight) to 3.98% (three‑month). The SBV reduced open‑market injections, supplying about VND 1,700 trillion on 11 September and receiving bids of VND 8,000 trillion for seven‑day paper and VND 1,000 trillion each for 14‑, 35‑ and 91‑day tenors, all at 4.5% interest. Net outflows amounted to VND 2,577.59 trillion, leaving VND 252,649.14 trillion pledged as collateral.
Liquidity pressures have eased.
The SBV data from 10 September show overnight and one‑month VND rates unchanged, while one‑week and two‑week rates rose modestly by 0.1‑0.27 percentage points. The overnight rate hit a historic low of 0.7% in July, signalling reduced short‑term stress. Deposit mobilization rose 8.77% year‑to‑date to 22 August, outpacing credit growth of 8.38%.
Despite softer interbank rates, banks maintain high deposit yields.
Average rates for 6‑12‑month term deposits have climbed to about 7.8% since October 2025, with many institutions offering 8.5‑9.3% for six‑month deposits and over 9.7% for twelve‑month placements exceeding VND 1 billion. Smaller banks approach 10% for deposits above VND 10 billion, often supplementing offers with prizes such as villas, apartments and gold bars to attract long‑term capital.