Commercial banks, at a meeting held by the Vietnam Banking Association (VNBA) several days ago, agreed that the ceiling deposit interest rate is 9.5 percent per annum. However, in reality, some of them offer interest rates much higher.

Sacombank quotes interest rates of 8.3-8.9 percent on its website and at the counter, respectively, for 6-12-month deposits. However, an officer of the bank told a reporter who acted as depositor that the real interest rate is 9.6 percent, and promised that the negotiable interest rate would be even higher if clients deposited more than VND1 billion.

At VietBank, a notice said the highest interest rate is 9.3 percent per annum, but an officer revealed that the real interest rate is 11 percent per annum for 6-12-month deposits. However, clients have to open payment accounts to enjoy the preferential interest rates.

Observers said commercial banks are breaking promises on stabilizing interest rates. They separate deposits into two parts and take into account two saving books so that depositors can receive higher interest rates than quoted.

L.T from Hai Ba Trung district in Hanoi, who deposited money at the same time at three different banks, said that "banks quote interest rates at 8.8-9.3 percent per annum, but in fact, I receive 10.5 percent. I don’t care what banks do to be able to pay this high interest rate".

At PVCombank, the quoted interest rates are 8.5 percent per annum for 6-month deposit, and 9.3 percent for other terms. However, depositors are advised to choose combo products, with the interest rate of 11.5 percent per annum for 6-month deposits, and 12.5 percent for 12-month deposits.

A meeting was convened by VNBA on December 15, 2022 to discuss the solutions to stabilize interest rates and ensure the liquidity of the banking system. 

Tuan Nguyen