The Big 4 banks - Agribank, BIDV, VietinBank, and Vietcombank - maintained their dominance, accounting for over 56% of total deposits.

Agribank emerged as the top bank in deposit mobilization, surpassing $78.6 billion, an increase of 10.06% from 2023. BIDV followed closely with $75.8 billion, recording an impressive 14.48% growth.

VietinBank ranked third with $63 billion in customer deposits, a 13.75% rise from the previous year. Vietcombank, the fourth member of the Big 4, reported $59.5 billion, increasing by 8.13% compared to 2023.

These four banks collectively secured more than half of the total deposits among Vietnam’s commercial banks, reaffirming their dominant position in the industry.

Beyond the Big 4, several other banks also recorded significant deposit growth. The top 10 banks in terms of customer deposits included:

MB: $28.1 billion (up 25.35%)

Sacombank: $22.1 billion (up 10.92%)

ACB: $21.2 billion (up 11.47%)

Techcombank: $21.1 billion (up 17.26%)

SHB: $19.5 billion (up 11.57%)

VPBank: $19.1 billion (up 9.5%)

Fastest-growing banks in deposit mobilization

The highest deposit growth rates were recorded at:

MB, NCB, and PGBank, all of which grew by more than 20% compared to 2023.

LPBank followed closely with a 19.28% increase.

BVBank, Techcombank, MSB, and VIB all saw growth rates above 16%, demonstrating strong customer confidence in their services.

While most banks recorded positive growth, Saigonbank ranked last, with total deposits reaching $985 million, up only 3.54% from 2023.

Meanwhile, ABBank was the only bank to experience a decline, with deposits decreasing 9.31%, making it the only lender with negative growth in 2024.

Interest rate trends and banking outlook

According to the State Bank of Vietnam, deposit interest rates in November 2024 ranged from:

0.1%–0.2% per year for demand deposits and short-term deposits under one month.

3.0%–3.8% per year for deposits of 1–6 months.

4.4%–5.1% per year for deposits of 6–12 months.

5.1%–6.0% per year for deposits of 12–24 months.

6.8%–7.2% per year for long-term deposits over 24 months.

Lending rates remained competitive, with average loan interest rates ranging from 6.7%–9% per year. Short-term loans for priority sectors were offered at an average of 3.8% per year, lower than the maximum regulated rate of 4% per year.

With robust deposit growth and stable interest rates, Vietnam’s banking sector is expected to maintain its strong performance in 2025, reinforcing customer trust and financial stability in the economy.

Tuan Nguyen