VND deposits rose 8.77% from the start of the year to August 22, outpacing the 8.38%  increase in outstanding VND credit, Deputy Finance Minister Tran Quoc Phuong told the government’s monthly meeting on September 3. .

As reported by The Investor, the shift marks a turnaround after months in which lending expanded faster than deposits. In 2025, system-wide credit grew by nearly 18%, compared with around 14% growth in deposits. The gap continued into 2026, with credit maintaining a stronger pace during the first half of the year.

By the end of June, credit had risen 7.41% from the end of 2025, while deposits had increased by slightly more than 5%. By July 29, outstanding credit had climbed to 8.38%, surpassing VND20.15 quadrillion ($773bn).

The latest figures suggest banks are entering the final months of the year with a healthier funding position. Faster deposit growth reduces the need for lenders to rely on alternative funding sources to meet strong demand for credit.

A stronger deposit base could also improve banks’ credit-to-deposit ratios, giving them greater flexibility to continue lending as the economy targets ambitious growth in 2026.

However, analysts caution that the improvement does not necessarily mean borrowing or deposit rates will fall soon. Demand for capital remains robust, while commercial banks continue competing for stable funding.

The key takeaway from the August data is therefore improved funding stability rather than an immediate easing of interest-rate pressures. If deposits continue to grow faster than credit, banks should be better placed to meet year-end lending demand without significantly increasing deposit rates to attract funds.