HCM CITY: Interbank interest rates have remained elevated in the first months of 2026, reflecting tightening liquidity conditions as credit growth continues to outpace deposit mobilisation, according to analysts.
Overnight lending rates between banks surged to as high as 17% in early February, the highest level in roughly a decade, before easing. However, rates have stayed volatile, with overnight levels still hovering around 9% in early April.
Data from the General Statistics Office show that as of end-March, credit growth hit 2.15%, while deposit growth lagged behind at just 0.44%. This has widened funding gaps across the banking system.
The imbalance is more pronounced in HCM City with deposit growth at only 0.1% in the first quarter, compared to a 1.5% credit expansion, according to the State Bank of Vietnam. — Viet Nam News/ANN
