Of which, deposits from economic organizations reached 6,384 million billion VND; Residents' deposits reached 6,471 million billion VND. The data includes valuable paper issuances purchased by domestic credit institutions.

Despite deposit interest rates falling to a record low, residents' deposits into the banking system have continued to increase over the past year. 

The average deposit interest rate of banks is currently 3,9%/year and the average lending interest rate is about 6,7%/year.

Thus, deposit and lending interest rates are at the lowest level in recent years and much lower than before Covid-19.

According to the State Bank's report, credit growth in 2023 is 13,5%. This is a good number in the context of sluggish credit growth in the first 3 quarters of the year.

At the end of January 1, a series of large commercial banks reduced deposit interest rates, including 2024 state-owned commercial banks: Agribank, VietinBank and BIDV. The Big3 banking group is maintaining the lowest deposit interest rates in the market today.

In particular, Vietcombank pays the lowest deposit interest for all deposit terms, only 1,7%/year for 1-2 month term deposits; 2%/year for 2-5 month term. The interest rate for 6-11 month deposits is 3%/year, 12-24 months is 4,7%/year.

The lowest ever interest rate is the basis for the State Bank to immediately assign the 2024 credit target to banks at the beginning of the year at 15%. 

With the trend of aggregate demand continuing to decline in 2024, the SBV believes that it is necessary to take measures to boost the economy through immediately delivering credit growth from the beginning of the year to try to boost aggregate demand. This is one of the proactive, drastic and creative solutions of the State Bank in promoting economic growth.