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Individual deposits at banks in Vietnam hit new high

Individual deposits at banks in Vietnam hit new high

Thursday, June 27, 2024, 20:15 GMT+7
Individual deposits at banks in Vietnam hit new high
Vietnamese residents’ deposits at banks are increasing. Photo: Quang Dinh / Tuoi Tre

Deposits made by individual customers at banks in Vietnam reached an all-time high of nearly VND6,700 trillion (US$262.9 billion) as of March this year, according to data released by the State Bank of Vietnam (SBV).

That figure was VND31 trillion ($1.2 billion) higher than the previous month and up 2.2 percent from the end of last year.

This contradicted predictions that residents might withdraw savings to buy gold amidst rising gold prices or invest in the stock market.

According to the SBV, deposits at banks have steadily increased since September 2022, except for a slight decline in January this year.

Institutional deposits also climbed VND104 trillion ($4.1 billion) against February this year to VND6,600 trillion ($258.9 billion).

The figure edged down over three percent compared to the end of last year.

Low deposit rates

Interest rates on savings accounts have hit record low levels at several banks, according to the SBV.

At state-run Vietcombank, the highest deposit rate is 4.7 percent for 24- and 36-month tenors.

Meanwhile, privately-owned VPBank offers a maximum deposit interest rate of 5.6 percent annually for 24- and 36-month terms.

Private lender Eximbank now quotes its interest at 4.9 percent for 12-month deposits.

Deposits of 60 months are entitled to the bank’s highest rate of 5.2 percent.

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Thanh Ha - Le Thanh / Tuoi Tre News

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