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Sunday, December 5, 2021

Individual depositors withdraw trillions of dong from banks

The Saigon Times

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HCMC – Individuals have withdrawn trillions of dong of saving deposits from commercial banks, while deposits by corporate clients have increased, according to data of the State Bank of Vietnam.

As of the end of September, saving deposits of individuals at banks totaled VND5,290 trillion, falling by VND1.47 trillion from August and VND2.46 trillion from late July. 

Compared with late 2020, total saving deposits of individuals at banks rose only 2.92%, the lowest growth rate over the past 10 years. 

However, saving deposits of economic organizations at banks have risen strongly. 

Total saving deposits of economic organizations at banks reached VND5,285 trillion at the end of September, increasing 3.93% from late July. 

Compared with late 2020, saving deposits of economic organizations at banks soared 7.85% as of late September.

The total means of payment of the banking system reached some VND12,880 trillion as of the end of September, rising 6.35% from late 2020. 

Some financial experts said the low interest rate at banks has encouraged people to turn to more profitable channels such as securities, real estate and gold. 

In contrast, the Covid pandemic has limited the investment and expansion of businesses. Therefore, they increased their saving deposits at banks. 

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