In the first month of 2026, the deposit market continued to heat up as many commercial banks raised savings rates, particularly for medium- and long-term tenors.

The formation of a higher interest-rate floor is widening disparities across sectors, with firms holding sizeable net cash positions expected to be among the main beneficiaries.

Net cash is calculated as cash and cash equivalents plus short-term financial investments, minus total borrowings.

Data compiled by The Investor shows PV Gas (HOSE: GAS) leading the market with a net cash position of nearly VND40.84 trillion ($1.56 billion), followed closely by Viettel Global Investment Corp (UPCoM: VGI) with nearly VND39.2 trillion.

Other major companies on the list include Binh Son Refining and Petrochemical (HoSE: BSR) with VND27.99 trillion and Vietnam Engine and Agricultural Machinery Corp (UPCoM: VEA) with VND19.43 trillion ($742 million).

Notably, the nine companies with the largest net cash balances all have state shareholders.

Duc Giang Chemicals Group (HoSE: DGC) ranked 10th overall and was the most cash-rich private-sector firm, followed by Mobile World Investment Corp (HoSE: MWG).

Among the top 20 companies by net cash, only one real estate firm appeared on the list: Hoang Huy Financial Services Investment Corp (HoSE: TCH), with over VND5.49 trillion ($209.66 million).

By sector, energy companies dominated, with five representatives including PV Gas (VND40.84 trillion), BSR (VND27.99 trillion), PVS (VND15.32 trillion), PV Oil (VND6.32 trillion), and Petrolimex (VND4.99 trillion).

Consumer and retail firms followed, led by Vinamilk (nearly VND18.02 trillion or $688.12 million), Sabeco (VND17.34 trillion), MWG (VND10.24 trillion), and Habeco (VND4.85 trillion).

The chemicals and fertilisers sector included DGC (VND11.14 trillion or $425.39 million), DPM (VND5.86 trillion), and DCM (nearly $4.9 trillion), while the technology sector had just two names: FPT Corp (VND17.39 trillion), and FPT Telecom (FOX, VND4.67 trillion).

Holding large net cash positions provides companies with a strong financial buffer, shielding them from rising lending rates and debt repayment pressures. With cash exceeding borrowings, such firms can operate more independently of banks and capital markets.

Higher cash reserves also allow companies to act more decisively on investment opportunities, expansion plans or restructuring efforts without being constrained by borrowing conditions.

At the same time, rising deposit rates mean idle cash placed with banks can generate higher interest income, further supporting profitability.