Mr. Pham Quang Thang, Deputy CEO and Chief Corporate Affairs Officer, Techcombank

Techcombank’s credit grew 10.6 per cent in the first half of this year, with lending focused mainly on the manufacturing and trade sectors. Lending rates have fallen by nearly 0.6 per cent compared to the average at the end of December 2024.

Following the State Bank of Vietnam (SBV) Governor’s February 2025 directive to stabilize deposit rates, Techcombank’s June deposit rates fell by 0.09 per cent. Overall, the bank’s average deposit rate this year has remained stable, in line with SBV guidance, helping to keep funding costs steady and gradually reduce lending rates.

Techcombank has not raised deposit rates recently but instead made technical adjustments. For example, within the same deposit category, previous differences based on customers’ deposit conditions were narrowed in June. A few short-term tenors were adjusted so that differences between customer groups were minimal, ensuring fairness and relatively uniform rates.

In line with directives from the SBV and the government, Techcombank will continue to keep deposit rates stable rather than raise them to compete for funds, focusing instead on maintaining a steady funding base to best meet borrowers’ needs.

We hope that from now until year’s-end, the SBV will continue managing monetary policy as flexibly as in recent months, ensuring strong market liquidity and reducing pressure on funding demand. This would help curb competition between credit institutions and keep both deposit and lending rates stable.

Mr. Vu Minh Truong, Head of Financial Markets and the ALM Division, VPBank

VPBank has lowered deposit rates in recent months for terms under six months by 0.1-0.3 per cent and for terms over six months by 0.3-0.4 per cent. In the second quarter of this year, VPBank’s average deposit rates fell compared with the first quarter, allowing the bank to proactively cut lending rates.

As of June 30, VPBank had launched preferential lending programs in line with government and State Bank of Vietnam (SBV) directives, covering home loans, business loans, and auto loans. Over the past six months, average lending rates for individual customers fell by 0.9 per cent compared to the beginning of 2025.

At the end of June, the bank also cut lending rates by 0.2 per cent for 4,000 corporate clients in priority sectors such as small and medium-sized enterprises (SMEs), green credit, trade, and exports. In the first half of the year, loans to SMEs grew 19.4 per cent, green credit rose 30.4 per cent, trade finance increased 30 per cent, and social housing projects expanded by 20 per cent.

To sustain such strong credit growth, VPBank has stepped up efforts to boost funding. It has also raised about $1.56 billion from international capital markets to secure medium and long-term funding for sustainable domestic projects, reinforcing its commitment to financial discipline and to building a sustainable Vietnamese economy in the eyes of foreign investors.

However, deposit growth slowed in July, with gains lower than earlier in the year, as more funds appeared to shift into stocks and real estate amid low interest rates. This poses a challenge for maintaining adequate funding at competitive rates to support lending through year’s-end.

We hope the SBV will continue to manage policy to ensure liquidity across the banking system, enabling stable funding for the economy.

Ms. Nguyen Bao Thanh Van, Deputy General Director, VietinBank

VietinBank’s credit grew about 12 per cent in the first half of the year, outpacing the system-wide average of 9.8 per cent. Average lending rates fell by 0.5 per cent compared to the end of 2024. The bank rolled out multiple credit packages to spur growth and offer preferential terms, focusing on the government’s priority sectors. These programs have accounted for roughly 60 per cent of total credit growth since the start of the year. To attract the best funding sources, VietinBank has also implemented a range of measures, including accelerating digital transformation.

To retain capital within the bank and prevent it from leaving the system, we have promoted cross-selling and developed products that integrate with customers’ ecosystems, ensuring funds circulate within the banking system rather than flowing into higher-risk areas. This both secures funding and lowers capital-raising costs.

We have also strengthened centralized capital management to coordinate cash flows more effectively, optimizing the use of funds between the primary market and the interbank market to ensure optimal lending capacity.

In addition, VietinBank is making the most of capital from the State Treasury, Social Security, and other State-managed funds to secure the strongest possible funding base. We remain committed to supporting both businesses and individuals, continuing to implement State Bank of Vietnam (SBV) Directive No. 01 and maintaining stability in both deposit and lending rates to assist enterprises.

VietinBank hopes the SBV will work with other government agencies to connect with the national database, enhancing transparency in the use of loan funds, especially for household businesses. Currently, most household financial statements and business records are incomplete or lack transparency, falling short of banking standards.

Ms. Pham Thi Trung Ha, Deputy General Director, Military Commercial Joint Stock Bank (MB)

Despite pressure from global market fluctuations and domestic challenges, the banking sector remained stable and continued to effectively provide capital to the economy during the first seven months of 2025.

At MB, following government and State Bank of Vietnam (SBV) directives, particularly the target of GDP growth of above 8 per cent, we moved early in the year to boost lending, focusing on priority sectors while scaling back loans to the real estate market.

To maintain competitive lending rates, MB has worked to cut costs through rapid digital transformation, streamlining intermediary functions to make operations faster and more efficient while reducing overheads.

Over the remainder of the year, MB hopes the SBV will maintain stability in both interest rates and system liquidity. We also believe the SBV should take the lead in integrating national data systems, enabling banks to better assess customers, target the right borrowers, and reduce risk, ultimately creating space for lower lending rates.

We propose that the SBV assign the National Credit Information Center (CIC) or another designated unit within the central bank to work with credit institutions in identifying specific data needs. This would allow integration with the government’s e-government system and relevant sectors, giving banks access to clean, reliable data as a foundation for more effective lending strategies.

Mr. Tran Hoai Nam, Deputy CEO, HDBank

System-wide credit has grown 9.9 per cent since the beginning of this year, which is the highest pace for the period in many years. At HDBank, credit growth reached 18.9 per cent in the first half; one of the strongest increases in its history. Lending has been directed towards priority sectors with broad economic impact, including consumer manufacturing, high-tech industries, infrastructure, digital transformation, and the green economy. The bank has also contributed to local economic development, with rural lending in Tier-2 cities now making up 52 per cent of total outstanding loans.

Customer deposits have also risen by more than 9.4 per cent since the beginning of the year. Lending rates have been reduced compared with the end of 2024, by 0.8 per cent for individual customers and 0.5 per cent for corporate clients.

HDBank has actively participated in key government and State Bank of Vietnam (SBV) programs, such as the social housing development program; lending for agriculture, forestry, and Mekong Delta rice production; and financing for infrastructure and digital technology. These initiatives now account for a total outstanding loan portfolio of VND32 trillion ($1.23 billion).

The bank is also partnering with and supporting specialized investment funds in AI, blockchain, and high technology, with the goal of developing “Made in Vietnam” products and driving comprehensive digital transformation. Alongside these strategic initiatives, HDBank continues to implement flexible loan restructuring policies, waive or reduce service fees, and introduce tailored preferential packages for different customer groups. Notably, a major promotional program will be launched to mark Vietnam’s National Day on September 2.