According to the latest data released by the State Bank of Vietnam, personal savings deposits reached over VND6,920 trillion by the end of August, a 6% increase compared to the end of 2023.
From July to August, personal savings deposits increased by VND86,475 billion. This equates to approximately VND2,900 billion being deposited by individuals each day during August.
Personal savings deposits in banks reached over VND6,920 trillion by the end of August.
In contrast, business and economic organization deposits in banks exceeded VND6,800 trillion, a slight decrease from the previous year.
However, from June to August, there has been a trend of business and economic organization deposits returning to the banking system. For instance, at the end of July, the additional amount deposited by businesses and economic organizations was VND69,586 billion.
The total savings deposits of both individuals and businesses/organizations reached a record high of over VND13,760 trillion by the end of August, the highest level ever.
Personal savings deposits in banks have been consistently increasing over the past two years. At a recent regular press conference on banking activities held by the State Bank of Vietnam, Deputy Governor Dao Minh Tu announced that total deposits were estimated to reach VND14,500 trillion by the end of October.
According to financial experts, investor caution regarding channels such as securities and real estate is one of the main reasons for the continued flow of funds into banks. Additionally, the volatile international gold prices have increased the risk associated with gold investments. For gold storage purposes, individuals typically purchase gold only when its price is stable.
On the other hand, deposit interest rates have been on an upward trend since April. Private joint-stock commercial banks are currently offering interest rates of 5-6% per annum for 12-month terms and 4.5-4.8% per annum for 6-9 month terms.
The Cash Flows Strongly into the Banks
According to the latest data released by the State Bank of Vietnam, resident deposits reached over VND 6,920 trillion by the end of August 2024, a 6% increase compared to the end of 2023. This significant growth showcases the thriving economy and the confidence of residents in the country’s financial system.
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