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Vietnam's banking-system loan-to-deposit ratio eases to 76.07% at end-September as reliance on short-term funds falls

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Key points

Implications for lenders

Lenders that fund themselves through joint-stock banks may face tighter terms on long-tenor lines, as that group already uses 35.83% of short-term funds for longer loans. Matching loan tenors to funding and keeping an eye on how the SBV enforces the lending-rate direction can help protect margins into year-end.

Implications

ExecutivesSystem funding ratios eased in the third quarter, but joint-stock banks remain the most maturity-stretched group, which can limit how far they cut rates.
InvestorsLower system ratios and the SBV's dong injections ease liquidity pressure; the policy push on lending rates may squeeze margins at banks that fund long loans with short deposits.
OperatorsConsumer and SME lenders that borrow from joint-stock banks may find longer-tenor funding harder to secure than short lines.

Facts

System ratios: according to the State Bank of Vietnam's basic statistics for 30 September 2026, as reported by CafeF, the loan-to-deposit ratio (LDR) of the credit-institution system was 76.07% 1, down from 77.06% at end-June 2026 2. The share of short-term funds used for medium- and long-term lending was 28.25% 3, down from 29.16% at end-June 2026. System total assets reached VND 30,892 trillion, up 10.06% from end-2025 4.

By bank group: state commercial banks had the highest LDR at 82.02% 5, joint-stock commercial banks 77.01% 6 and joint-venture and foreign banks 44.22% 7. Joint-stock banks used 35.83% of short-term funds for medium- and long-term loans 8, against 23.69% at state commercial banks 9.

Policy: Government Resolution 353/NQ-CP of 6 November 2026, on its regular October meeting, asks the SBV to step up inspection of interest-rate compliance, sanction institutions that do not follow the direction to cut lending rates, and monitor real-estate companies' outstanding loans and their ability to repay debts falling due. Separately, an SBV Monetary Policy Department official said the SBV's recently launched six-month dollar swap supplied an additional nearly VND 50 trillion to the banking system on 9 November 10.

Analysis

Over time: the regulatory LDR fell in the third quarter even though the SBV Governor put credit growth at about 12.27% on 31 October 11, which suggests deposits and other funding counted in the ratio kept pace with lending over the quarter. On this measure the system sits well below the 85% ceiling for commercial banks under Circular 22 12, and further below the 95% ceiling that applies from 1 December to banks that switch to LCR and NSFR 13. Simple loans-to-deposits estimates, such as SSI Research's around 112% for April 14, are far higher because they skip the formula's adjustments, so the two should not be compared directly.

Across groups: the gap is wide. Joint-stock banks finance a larger share of long-term loans with short-term money than state banks, so they are more exposed to deposit-rate swings while the Government presses for lower lending rates. Foreign banks, at 44.22%, hold the most unused deposit capacity and, according to the SBV data, do not use short-term funds for medium- and long-term loans.

Counterpoints and uncertainties

The figures are SBV statistics as reported by CafeF; the SBV table also excludes the Bank for Social Policies and people's credit funds. A system-wide ratio can hide individual banks near the cap, and the year-end credit peak in the fourth quarter typically pushes ratios back up. Resolution 353/NQ-CP sets no figure for rate cuts, so its effect depends on how the SBV enforces it.

Key figures

  1. System loan-to-deposit ratio (SBV, Circular 22): 76.07% (down from 77.06% at end-June 2026)
    Regulatory formula with its own deductions and additions; not comparable with simple loans-to-deposits estimates by brokers.
    . Loans to total deposits under SBV Circular 22/2019/TT-NHNN, excluding the Bank for Social Policies and people's credit funds. Credit-institution system. Basis date: 30 Sep 2026. Source: CafeF: Vietnam's banking system tops VND 30 quadrillion in total assets (2026-11-11, citing SBV basic statistics at 30 September 2026)
  2. System loan-to-deposit ratio (SBV, Circular 22), end-June 2026: 77.06%. Loans to total deposits under SBV Circular 22/2019/TT-NHNN, excluding the Bank for Social Policies and people's credit funds. Credit-institution system. Basis date: 30 Jun 2026. Source: CafeF: Vietnam's banking system tops VND 30 quadrillion in total assets (2026-11-11, citing SBV basic statistics at 30 September 2026)
  3. Short-term funds used for medium/long-term lending (system): 28.25% (down from 29.16% at end-June 2026). Share of short-term funds used for medium- and long-term lending under Circular 22/2019/TT-NHNN, excluding the Bank for Social Policies and people's credit funds. Credit-institution system. Basis date: 30 Sep 2026. Source: CafeF: Vietnam's banking system tops VND 30 quadrillion in total assets (2026-11-11, citing SBV basic statistics at 30 September 2026)
  4. Total assets of Vietnam's credit-institution system: VND 30,892 trillion (up 10.06% from end-2025). Total assets of credit institutions and foreign bank branches (Circular 49/2014/TT-NHNN), excluding microfinance institutions, SBV statistics. Credit-institution system. Basis date: 30 Sep 2026. Source: CafeF: Vietnam's banking system tops VND 30 quadrillion in total assets (2026-11-11, citing SBV basic statistics at 30 September 2026)
  5. Loan-to-deposit ratio, state commercial banks: 82.02%. Loans to total deposits under SBV Circular 22/2019/TT-NHNN, excluding the Bank for Social Policies and people's credit funds. State commercial banks (SBV grouping). Basis date: 30 Sep 2026. Source: CafeF: Banking system total assets up over 10%, charter capital reaches VND 1.37 quadrillion (2026-11-12, SBV data by bank group at 30 September 2026)
  6. Loan-to-deposit ratio, joint-stock commercial banks: 77.01%. Loans to total deposits under SBV Circular 22/2019/TT-NHNN, excluding the Bank for Social Policies and people's credit funds. Joint-stock commercial banks. Basis date: 30 Sep 2026. Source: CafeF: Banking system total assets up over 10%, charter capital reaches VND 1.37 quadrillion (2026-11-12, SBV data by bank group at 30 September 2026)
  7. Loan-to-deposit ratio, joint-venture and foreign banks: 44.22%. Loans to total deposits under SBV Circular 22/2019/TT-NHNN, excluding the Bank for Social Policies and people's credit funds. Joint-venture and foreign banks. Basis date: 30 Sep 2026. Source: CafeF: Banking system total assets up over 10%, charter capital reaches VND 1.37 quadrillion (2026-11-12, SBV data by bank group at 30 September 2026)
  8. Short-term funds used for medium/long-term lending, joint-stock banks: 35.83%. Share of short-term funds used for medium- and long-term lending under Circular 22/2019/TT-NHNN, excluding the Bank for Social Policies and people's credit funds. Joint-stock commercial banks. Basis date: 30 Sep 2026. Source: CafeF: Banking system total assets up over 10%, charter capital reaches VND 1.37 quadrillion (2026-11-12, SBV data by bank group at 30 September 2026)
  9. Short-term funds used for medium/long-term lending, state commercial banks: 23.69%. Share of short-term funds used for medium- and long-term lending under Circular 22/2019/TT-NHNN, excluding the Bank for Social Policies and people's credit funds. State commercial banks (SBV grouping). Basis date: 30 Sep 2026. Source: CafeF: Banking system total assets up over 10%, charter capital reaches VND 1.37 quadrillion (2026-11-12, SBV data by bank group at 30 September 2026)
  10. Dong supplied through the SBV's six-month FX swap on 9 November 2026: nearly VND 50 trillion. Additional dong supplied to the banking system on 9 November 2026 through the SBV's six-month USD/VND swap, as stated by the Deputy Director of the SBV Monetary Policy Department. Credit institutions. Basis date: 9 Nov 2026. Source: CafeF (from Thoi bao Ngan hang): FX swap has supplied nearly VND 50 trillion to the banking system (2026-11-11, SBV Monetary Policy Department)
  11. System credit growth stated by the SBV Governor on 31 October 2026: about 12.27%
    The reported statement names neither the base period nor the cut-off date; the SBV's other 2026 readings are measured against end-2025.
    . Credit growth of the whole credit-institution system, as stated by SBV Governor Pham Duc An to the National Assembly on 31 October 2026. Credit institution system. Basis date: 31 Oct 2026. Source: VnBusiness: Credit accelerates past VND 20 quadrillion as capital flows to production and business (2026-11-04, SBV Governor at the National Assembly on 31 October)
  12. Loan-to-deposit ceiling under Circular 22/2019 (commercial banks): 85%. LDR ceiling for commercial banks under SBV Circular 22/2019/TT-NHNN, which applies until a bank switches to LCR/NSFR under Circular 50/2026. Commercial banks not yet on LCR/NSFR. Basis date: 30 Sep 2026. Source: SBV Circular 22/2019/TT-NHNN on prudential limits and ratios, Article 20(5) (legal text via caselaw.vn)
  13. Maximum loan-to-deposit ratio under Circular 50/2026 (banks applying LCR/NSFR): 95% (up from 85% under Circular 22/2019/TT-NHNN, which still applies to a bank until it switches to LCR and NSFR)
    Banks that have not switched keep complying with and reporting under Circular 22/2019/TT-NHNN until 1 October 2028. The circular also widens the deposit base used in the ratio (domestic bonds eligible as Tier 2 capital, entrusted credit funds where the bank bears the risk, foreign borrowing including international bonds). Banks meeting 100% on both LCR and NSFR are no longer bound by the cap but must keep reporting it.
    . LDR ceiling under SBV Circular 50/2026/TT-NHNN (effective 1 Dec 2026) for banks applying LCR and NSFR: early adopters once approved, all banks from 1 Oct 2028. Commercial banks and foreign bank branches that apply LCR and NSFR. Basis date: 30 Sep 2026. Source: VietnamPlus (VNA): State Bank raises loan-to-deposit ratio cap to 95% (Circular 50/2026/TT-NHNN), October 2026
  14. System loan-to-deposit ratio, unadjusted (SSI Research estimate): around 112%
    Raw ratio without the deductions and additions of the regulatory formula, so it is not comparable with the cap.
    . SSI Research estimate of system credit to deposits, end-April 2026; not the regulatory LDR formula. Banking system. Basis date: 30 Apr 2026. Source: VietNamNet: Loan-to-deposit ratio hits 112% as credit demand stretches banking liquidity (2026-05-21, citing SSI Research)

Sources

  1. CafeF: Vietnam's banking system tops VND 30 quadrillion in total assets (2026-11-11, citing SBV basic statistics at 30 September 2026)
  2. CafeF: Banking system total assets up over 10%, charter capital reaches VND 1.37 quadrillion (2026-11-12, SBV data by bank group at 30 September 2026)
  3. CafeF: Government asks SBV to act on banks that do not cut lending rates (2026-11-09, Resolution 353/NQ-CP of 6 November 2026)
  4. CafeF (from Thoi bao Ngan hang): FX swap has supplied nearly VND 50 trillion to the banking system (2026-11-11, SBV Monetary Policy Department)
  5. VietnamPlus (VNA): State Bank raises loan-to-deposit ratio cap to 95% (Circular 50/2026/TT-NHNN), October 2026
  6. SBV Circular 22/2019/TT-NHNN on prudential limits and ratios, Article 20(5) (legal text via caselaw.vn)primary
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