Credit growth is outpacing deposit growth across Vietnam’s banking system, leaving many lenders with loan balances significantly higher than customer deposits and increasing pressure on funding.

Customer deposits at 30 domestic commercial banks totaled about VND16.02 quadrillion ($608.7 billion) as of June 30, 2026, while outstanding loans reached VND17.04 quadrillion ($647.5 billion), a difference of approximately VND1.02 quadrillion ($38.7 billion).

The figures show that loans now exceed customer deposits at many banks.

According to the State Bank of Vietnam, outstanding credit across the economy reached nearly VND20.3 quadrillion ($771.5 billion) by the end of July 2026, up 8.98% from the end of 2025. Capital mobilization, meanwhile, increased by 5.75%.

With credit expanding faster than deposits, banks could face greater pressure in balancing their funding, potentially affecting liquidity and interest rates.

VietNamNet’s review of 30 domestic commercial banks found that 19 had outstanding loans exceeding customer deposits as of June 30.

Notably, some of the largest gaps were recorded at major banks, including VPBank, MB, VietinBank, ACB, Techcombank and VIB, as well as BIDV, which had the largest customer deposit base among the banks surveyed.

VPBank recorded the biggest shortfall, with loans exceeding deposits by nearly VND309 trillion ($11.7 billion). The gap stood at about VND194 trillion ($7.4 billion) at MB, VND179 trillion ($6.8 billion) at BIDV and VND156 trillion ($5.9 billion) at VietinBank.

At ACB, loans exceeded deposits by about VND135 trillion ($5.1 billion), followed by Techcombank at VND113.5 trillion ($4.3 billion), VIB at VND73 trillion ($2.8 billion) and OCB at around VND50 trillion ($1.9 billion).

At the other end of the spectrum, Agribank recorded the largest surplus of customer deposits over outstanding loans in the system, at more than VND239 trillion ($9.1 billion).

It was followed by HDBank with a surplus of about VND55 trillion ($2.1 billion), Sacombank with VND46 trillion ($1.7 billion), PVcomBank with VND41 trillion ($1.6 billion) and Vietcombank with VND24.5 trillion ($931 million).

Other banks where deposits exceeded lending included BaoViet Bank with more than VND13 trillion ($494 million), NCB with VND13 trillion ($494 million), Viet A Bank with VND9 trillion ($342 million), ABBank with VND8.6 trillion ($327 million), Saigonbank with VND3.8 trillion ($144 million) and PGBank with VND2 trillion ($76 million).

The faster pace of credit growth relative to deposits is putting pressure on the funding balance of credit institutions. Overnight rates on the interbank market have consequently exceeded 10% per year at certain points.

Banks cannot lend out every dong they receive in deposits because they must maintain compulsory reserves, with the required ratio varying according to deposit maturity.

As a result, many lenders have sought other sources of funding to meet the economy’s demand for capital, including issuing bonds and certificates of deposit.

Agribank, for example, recently announced a public bond offering with a total face value of up to VND15 trillion ($570 million).

Seeking to make the investment accessible to a broader range of buyers, Agribank is issuing the bonds with denominations starting from VND100,000 ($3.80). They have a 10-year maturity and pay interest annually.

The bank said the bonds carry a floating interest rate calculated using a reference rate - the average listed 12-month individual VND savings deposit rate with interest paid at maturity at BIDV, VietinBank, Agribank and Vietcombank on the interest determination date - plus a margin of 2 percentage points per year, rising to 2.5 percentage points during the final five years of the term.

Based on currently listed 12-month deposit rates, the Agribank bonds offer an interest rate of up to 7.9% per year, making them potentially attractive to investors.

Earlier, Nam A Bank announced that it had completed a VND2 trillion ($76 million) public bond issuance through two offerings, with a seven-year maturity.

The interest rate for the first interest period, from May 28, 2026, up to but excluding May 28, 2027, is 8.7% per year.

Tuan Nguyen