HCMC — Deposits by individuals in Vietnam had reached a record VND7.75 quadrillion as of the end of July, up 9.7% from the beginning of the year, the fastest growth in five years, according to the State Bank of Vietnam (SBV).
The increase indicates that people continue to favor savings accounts despite deposit rates remaining below 6% per year.
Deposits by organizations fell 1.6% month-on-month to VND7.98 quadrillion in July, down by about VND127.5 trillion. Corporate deposits have declined for five straight months and stayed flat since May. However, they still rose over 4% compared to the start of the year, reversing a 1% drop in the same period last year.
Total deposits from individuals and businesses exceeded VND15.7 quadrillion by the end of July. The central bank said system liquidity remains ample, keeping lending and deposit rates low.
However, in a report to the National Assembly, SBV Governor Nguyen Thi Hong warned that monetary policy is under pressure from interest rate and exchange rate volatility amid global uncertainty.
She said lending rates have dropped sharply over the past two years, but high U.S. Federal Reserve rates continue to pile pressure on the exchange rate. Rising credit demand and competition from other investment channels could also affect deposit growth.
As of July, total mobilized capital in the banking system had increased nearly 7.5%, while outstanding loans had risen over 10%. By September 29, total credit outstanding had reached VND17.71 quadrillion, up 13.4% from the end of 2024 – the highest rate since 2020.
Credit distribution stood at 6.23% for agriculture, forestry and fisheries; 23.97% for industry and construction; and 69.8% for trade and services. About 78% of total credit supported production and business, with priority sectors including agriculture (22.7%), small and medium-sized enterprises (19%), supporting industries (23.1%), and high-tech enterprises (25%).
