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Vietnam · Money & rates

VND Interest Rates

Vietnam's core monetary indicators - policy and deposit rates, money supply, credit and deposit growth, USD/VND exchange rates, and FX reserves.

Interbank overnight rate history

Policy & deposit rates

Money supply & credit growth

USD/VND exchange rate

FX reserves

Reading the numbers

A reader's guide to every row

A short, plain-English read on every row above - what the data measures, who publishes it, and what direction-of-travel tends to signal in the Vietnamese system. The underlying numbers come from the State Bank of Vietnam (SBV) and the four large state-owned commercial banks (SOCBs).

Policy & deposit rates

  1. Interbank overnight rate

    The cost of overnight VND between banks, set in the interbank market each morning. The most sensitive thermometer for short-term liquidity in the system.

    Reading the signal

    Spikes during tax-payment weeks, year-end window-dressing, or whenever the SBV drains liquidity via open-market operations. A sustained move toward (or above) the refinancing rate says the system is short of cash.

  2. Discount rate

    The SBV's floor policy rate - what it charges banks for short-term loans against eligible paper. Together with the refinancing rate, it defines the policy corridor.

    Reading the signal

    Rarely moves. When it does, it's a deliberate stance signal (cut = easing, hike = tightening), not noise.

  3. Refinancing rate

    The SBV's ceiling policy rate - the price of emergency liquidity for banks that need to borrow directly from the central bank.

    Reading the signal

    Interbank rates trading at or above this number means the corridor is broken and the SBV is the marginal lender. Watch alongside the overnight rate.

  4. Deposit rates · 1–3M, 6–9M, 12M (large commercial banks)

    The posted rates that the Big 4 SOCBs (Vietcombank, BIDV, VietinBank, Agribank) pay savers at three standard tenors. These are the de-facto reference rates for the whole banking system.

    Reading the signal

    The Big 4 numbers are the rate floor - smaller joint-stock banks consistently pay 50–150 bps above them for the same tenor. That gap is the baseline structure of the VN deposit market, not a stress signal. Watch the 12M tier: it moves with credit demand and the SBV's liquidity stance, and feeds directly into mortgage and SME loan pricing.

Money supply & credit growth

  1. M2 money supply growth (YoY)

    Total liquidity in the economy: currency in circulation plus deposits at credit institutions, year-on-year. Roughly the monetary base × the multiplier.

    Reading the signal

    When M2 grows materially faster than nominal GDP, the excess tends to show up first in asset prices (real estate, equities), then in headline inflation with a lag of a few quarters.

  2. Deposit growth (YoY)

    What banks pull in from households and corporates over the past 12 months.

    Reading the signal

    Compare it to credit growth. Deposits above credit = system is liquidity-flush. Deposits below credit = banks are funding loans from non-deposit sources (interbank, bond issuance, SBV) and the loan-to-deposit ratio is rising.

  3. Credit growth (YoY)

    What banks lend out, year-on-year. In Vietnam this number is partly administered: the SBV sets an annual credit-growth target and allocates a quota ("room") bank-by-bank.

    Reading the signal

    The print reflects both demand and how much quota has been released. Acceleration into year-end usually means banks are racing to use their remaining room.

USD/VND exchange rate

  1. Central exchange rate

    The SBV's daily mid-rate reference (tỷ giá trung tâm). Commercial banks are allowed to quote within a ±5% band around it.

    Reading the signal

    Treat it as the regulator's anchor, not a market price. The pace at which the SBV lets it drift up is itself the policy signal.

  2. USD selling rate (commercial banks)

    What you would actually pay at a Vietcombank or BIDV counter for USD. The retail-facing official rate.

    Reading the signal

    When the dong is under pressure, this rate clusters at the top of the ±5% band against the central rate. Persistent pinning at the band ceiling implies the official channel is rationing FX.

  3. USD selling rate (parallel market)

    The grey/black-market USD price from gold-shop and OTC sellers - the rate Vietnamese actually pay when the bank counter says no.

    Reading the signal

    The gap to the bank rate is the cleanest read on FX scarcity. A few hundred dong = normal frictional spread. Several hundred to a thousand = the official channel is constrained and demand is leaking to the parallel market.

FX reserves

  1. FX reserves (USD million)

    The SBV's foreign-currency buffer - used to defend the dong, settle imports, and service external debt. Reported with a lag of one to two months.

    Reading the signal

    Falls during defense episodes (the SBV sells USD into the market to cap depreciation), rises during accumulation phases. ~3 months of import cover is the rough adequacy threshold. The trajectory over several months matters more than any single print.

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