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Saturday, June 22, 2024

Bank deposits surge to all-time high of VND6.43 quadrillion

The Saigon Times

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HCMC – Deposits at commercial banks in the first eight months of this year soared by 9.68% against the end of 2022 to an all-time high of VND6.43 quadrillion.

Data from the State Bank of Vietnam showed that in August alone, the amount of money deposited by individual clients totaled VND43.7 trillion.

More cash from individual customers has continued to flow into commercial banks even though interest rates have steadily dropped. In mid-August, several banks were offering deposit rates of over 7% per annum, while rates at 20 other banks ranged from 6% to below 7% per year.

By the end of August, interest rates continued to edge down, with many major banks offering rates lower than those recorded during the Covid-19 pandemic.

In contrast, deposits from institutional customers increased by VND103 trillion in August.

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