On the afternoon of Oct 17, in a group session of the National Assembly, Nguyen Thanh Tung, Chairman of the Board of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), said the bank was committed to cutting lending rates by at least 2% between now and year-end.CafeF Three days later the pledge has taken shape: a credit program with a start date, a deadline and a size of cut. At the same time, savers at the bank face a new rate table that is lower for every term of 6 months or more. This piece covers what the program spells out, what it leaves open, and where each type of customer stands.
What the program contains
According to CafeF's report on the morning of Oct 20, from Oct 19, 2026 to the end of Dec 31, 2026, Vietcombank is running a "credit program to promote production, business and priority sectors". Customers who join receive a loan-rate cut of 1.5–2% a year. In some sectors, short-term loan rates are cut by up to 3% a year.CafeF
The reference point is "Vietcombank's current rate". In other words, the cut is subtracted from whatever the bank currently charges on each loan, not from one fixed rate shared by everyone. The announcement does not say what that current rate is, so borrowers will only learn their final number by talking to a branch.
As for how it can afford the cut, Vietcombank's management said the bank relies on actively lowering deposit rates, trimming operating costs through technology, and sharing part of the benefit with customers.CafeF The bank gave no figures for each part.
Set against the figure from Oct 17
Mr. Tung's remarks in the Assembly were relayed by CafeF and Người Quan Sát as "at least 2%".Người Quan Sát The program's range is 1.5–2% a year, plus up to 3% a year on short-term loans in certain sectors. The two figures come from different sources: one is a statement relayed by the press, the other is program information.
Vietcombank's announcement does not explain which loans the "at least 2%" applies to. Nor does it say whether the 1.5–2% range is how the bank delivers on the pledge. So there is no basis to say Vietcombank has done less or more than it said. What is clear is that the program's lower bound sits below the figure cited in the Assembly, and the 3% upper bound applies only to part of the loan book.
The 1.5–2% range also matches what the State Bank of Vietnam asked banks to deliver for production, business and priority sectors at its Oct 19 meeting, according to press accounts of that meeting.CafeF
For savers: new rates from Oct 20
Put simply, savers do not have to wait until year-end to see a change. From Oct 20, Vietcombank applies a new over-the-counter deposit table for individual customers:CafeF
- 6 and 9 months: now 3% a year, previously 3.5%.
- 12 months: now 5.4% a year, previously 5.9%.
- 24 months: now 5.5% a year, previously 6%.
- 36, 48 and 60 months: now 4.8% a year, previously 5.3%.
- 1 and 2 months stay at 2.1% a year; 3 months stays at 2.4%.
The cut is a uniform 0.5 percentage points for every term of 6 months or more. That is also the minimum the State Bank asked banks to cut on listed deposit rates for terms of 6 months and above, according to press accounts.CafeF Vietcombank is not alone: in the same round, VietinBank and about 15 private banks cut 0.5–0.7 percentage points for terms of 6 months or more.
In money terms: on VND 100 million deposited over the counter for 12 months, a year's interest was VND 5.9 million under the old table and is VND 5.4 million under the new one. The gap is VND 500,000 a year. On VND 1 billion, it is VND 5 million.
The new table also shows something worth noticing. The 6 and 9 month terms pay only 3% a year, 2.4 percentage points below the 12-month term. The long 36–60 month terms pay 4.8%, below both the 12 and 24 month terms. A saver who locks money up longer is not paid extra for it.
The new rates apply to new deposits and to deposits renewed at maturity.CafeF For a term deposit already running, the rate printed on the book is normally kept until maturity, so savers whose deposits mature in the coming weeks will feel the cut first.
What the announcement does not answer
The program information reported on Oct 20 leaves blank several points that bear directly on borrowers' money:
- Which sectors get the 3% rate. The announcement says only "some sectors", with no list.
- Whether existing loans qualify. The notice says "when participating in the Program". It does not say whether an existing loan can be moved into it. No source says that loans already being repaid at Vietcombank have been cut.
- The program's funding cap. No size has been published.
- Who exactly is eligible. The announcement does not separate companies, household businesses and individuals borrowing for business.
- The current rate used as the baseline. The cut is measured against Vietcombank's own current rate, but that rate is not published for each loan type.
Only Vietcombank's detailed notice or the terms of a new loan contract can answer these. Existing borrowers should ask the branch that holds their loan, and ask to see the eligibility conditions in writing.
Where each group stands
New borrowers taking short-term loans for production and business, disbursed before Dec 31, have the clearest answer: they know the 1.5–2% range and may get up to 3% if their sector is chosen. What remains to ask is the current rate used as the starting point.
Borrowers with an existing Vietcombank loan have no answer from the announcement. Until the bank says otherwise, the interest they pay follows their current contract.
Savers placing deposits of 6 months or more, whether new or renewed from Oct 20, earn 0.5 percentage points less immediately. The program's Dec 31 deadline is also the date to watch: it will show whether the bank extends the loan-rate cut, while the new savings table carries no deadline at all.