Total deposits at banks in Vietnam in September stood at VND270.911 trillion (US$10.6 billion), meaning that an average of VND9.03 trillion ($355 million) was deposited daily during the month, according to data released by the State Bank of Vietnam on Monday.

Of the amount, individual customers deposited VND32.797 trillion ($1.2 billion), while businesses and organizations contributed VND238.114 trillion ($9.4 billion) during the month.

In the year to September, individual savings reached VND6,957 trillion ($273 billion), representing a 6.5-percent increase compared to the end of 2023.

The central bank added that deposits from businesses and economic organizations hit a record VND7,076 trillion ($278 billion), rising 3.4 percent, marking the strongest increase to date and reversing from prior negative growth.

Over the past two years, both individual and business deposits have been on the rise, even as deposit interest rates dropped to unprecedented levels, which hovered around 3-4 percent annually at certain times.

Since the start of this month, several small banks in the Southeast Asian country have slightly raised annual deposit rates by 0.1-0.2 percentage points against last month for specific terms.

Notably, some joint-stock commercial banks have listed long-term deposit rates exceeding six percent.

An Binh Commercial Joint Stock Bank, also known as ABBank, for instance, offers a 6.3-percent rate for 24-month terms, while Saigon-Hanoi Commercial Joint Stock Bank, commonly known as SHB, lists 6.1-percent per annum interest on deposits of 36 months or more.

Experts from MB Securities JSC, a business arm of Vietnam’s Military Commercial Joint Stock Bank, forecast that deposit interest will possibly maintain an upward trend through the end of the year, as credit growth nearly doubles capital mobilization.

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