At the seminar titled “Savings – The Inherent Strength in the Digital Era” organized by the Banking Times on October 30th, Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, stated that alongside the nation’s development, the savings capital among residents has been increasingly consolidated, affirming its role as a vital resource for the economy. It contributes to maintaining stability and fostering growth.
The banking system serves as the primary intermediary channel, efficiently mobilizing and allocating capital for production, business, and investment. According to data from the State Bank of Vietnam, since the beginning of the year, residents have deposited approximately 8 million billion VND in credit institutions, marking a nearly 13% increase compared to the same period last year.
This abundant financial resource plays a significant role in sustaining Vietnam’s high GDP growth, a highlight in the region. It also clearly demonstrates the effectiveness of leveraging resident savings as an inherent strength of the economy.
Deputy Governor Pham Thanh Ha speaking at the seminar.
Notably, the Deputy Governor emphasized that savings are not merely a traditional value but have become a developmental requirement. They form the foundation for strengthening national financial resilience, ensuring macroeconomic stability, and enhancing the economy’s adaptability. In the context of robust digital transformation, savings are not just about financial accumulation but also about effectively utilizing resources for innovation and future investments.
In parallel, banks continue to develop modern and convenient savings products, such as online savings and flexible savings, enabling people to deposit easily anytime, anywhere, ensuring safety and transparency.
According to Assoc. Prof. Dr. Chu Khanh Lan, Deputy Director of the Monetary Statistics and Forecasting Department at the State Bank of Vietnam, a survey of nearly 59,000 households with over 152,000 members aged 15 and above revealed that by Q3/2024, 68% of adults had savings in the past 12 months. Of these, 47% saved at home (a higher rate in rural areas), 6% used informal channels, and only 33% deposited in banks. The investment rate in financial markets remains low. Although trust in licensed financial institutions is high (over 86%), many still prefer saving at home.
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