Vietnam's 8% Deposit Rates Are Real. They're Also a Bill Coming Due
Vietnam's high deposit rates are a symptom of a banking liquidity gap. If the currency gain ever arrives, the 7% interest won't still be there.
[Vietnam's 8% Deposit Rates Are Real. They're Also a Bill Coming Due]
A pitch has been making the rounds on social media, in Taiwan and elsewhere: bank deposits at home pay barely 1%, Vietnam pays 8%, so move your money there — and if the dong strengthens, you pocket a currency gain on top.
The rates are real. Through 2024 and 2025, Vietnamese term deposits mostly paid 4-6%. By May this year, joint-stock banks were offering 7-7.8% on 12-month deposits. By August, even the four big state-owned banks paid 6.6-6.8% online. These are published board rates, visible on any bank's website.
