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Vietnam’s total bank deposits hit record $525.6bn

Vietnam’s total bank deposits hit record $525.6bn

Sunday, February 04, 2024, 08:43 GMT+7
Vietnam’s total bank deposits hit record $525.6bn
VND500,000 banknotes are seen in a counting machine at a branch of a commercial bank in Ho Chi Minh City. Photo: Quang Dinh / Tuoi Tre

The State Bank of Vietnam (SBV) recently announced that total bank deposits have reached a record level of VND12.8 quadrillion (US$525.6 billion), with a continuous increase in resident deposits over the past year.

As of November 2023, individual deposits surpassed VND6.4 quadrillion ($262.8 billion), while deposits from economic organizations amounted to nearly the same, according to the SBV's latest data. 

Despite the continuous decrease in deposit interest rates since March 2023, banks have all reported a significant increase in deposits for 2023 compared to 2022.

In financial reports released by banks earlier this week, Vietcombank recorded deposits of VND1.39 quadrillion ($57 billion), marking a rise of VND152.2 trillion ($6.2 billion) compared to 2022. 

Similarly, VietinBank reported that as of December 31, 2023, cash and gold deposits exceeded VN1.4 quadrillion ($57.5 billion), a 13-percent jump from the end of 2022.

In VPBank’s Q4 financial report, total deposits for 2023 surpassed VND442.3 trillion ($18.1 billion), reflecting a climb of VND139.2 trillion ($5.7 billion) compared to 2022.

Since March 2023, deposit interest rates have approached their lowest levels.

As an illustration, Vietcombank offers a maximum deposit interest rate of 4.7 percent annually for a 12-month term.

However, the rates differ for other durations, with a one-month term earning only 1.7 percent per year, and six and nine-month terms yielding three percent per year.

Similarly, other state-owned banks, including BIDV, VietinBank, and Agribank, offer the highest savings interest rate of only 4.8 percent per year for long terms and three percent per year for shorter terms ranging from six to 11 months. 

Private banks offer deposit interest rates close to those of state-owned banks. 

For instance, at VPBank, the 12-month term pays interest at five percent per year, while at MBBank, six to 11-month terms have interest rates ranging from 3.9 percent to 4.2 percent per year.

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Bao Anh - L.Thanh / Tuoi Tre News

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