HÀ NỘI — Individual bank payment accounts held more than VNĐ1.22 quadrillion (US$46 billion) by the end of the second quarter of 2026, a decline of nearly 10 per cent year-on-year, latest statistics from the State Bank of Vietnam (SBV) showed.
Under current regulations, the maximum interest rate for money held in payment accounts is only 0.5 per cent per annum. Consequently, customers typically maintain these funds to cover spending, payments and routine transactions via cards and other cashless payment methods, rather than to maximise returns on their idle capital.
Despite the decline in value, the number of payment accounts at banks continued to rise in the period. By the end of June 2026, individual payment accounts in the banking system hit a record high of nearly 256.7 million.
These trends indicate that while the number of new payment accounts has continued to rise alongside the adoption of cashless payments, the balances individuals maintain in these accounts has been trending downward.
Some of these funds may have moved into term deposits for higher returns instead of staying in low-interest payment accounts, as deposit rates are around 8-10 per cent a year.
Besides the decrease in individual payment account balances, demand, or non-term, deposits in the banking system also declined during the first half of the year. Financial reports from 28 banks showed that total customer demand deposits from both individuals and businesses stood at approximately VNĐ2.98 quadrillion as of June 30, 2026, a decrease of 2 per cent compared to the end of 2025.
This decline in low-cost funding is widespread. Among the 28 banks surveyed, 17 recorded a drop in demand deposits during the first six months of the year, while only 11 saw an increase.
In terms of scale, Vietcombank maintained the lead with VNĐ559.2 trillion in demand deposits at the end of June 2026. It was followed by BIDV with VNĐ455.2 trillion and VietinBank with VNĐ429.5 trillion.
Demand deposits are typically considered a low-cost source of funding for banks. Consequently, trends in demand deposits directly impact the cost-of-capital advantage and serve as a key metric monitored by investors when evaluating banking performance. — BIZHUB/VNS
