About 8 million billion VND of residential deposits at credit institutions

(Chinhphu.vn) - According to the State Bank of Vietnam, to date, people's deposits at credit institutions have reached about 8 million billion VND, an increase of nearly 13% over the same period. This resource has contributed significantly to maintaining GDP growth momentum, demonstrating the effectiveness of promoting endogenous strength from savings among people.

Seminar "Savings - Endogenous strength in the digital age" - Photo: VGP/HT

At the seminar "Savings - Endogenous strength in the digital age" held on October 30 in Hanoi to celebrate World Savings Day (October 31), Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha affirmed: "Savings have become a part of management thinking and in all policies of the Party and State through the periods."

The State Bank leader said that in the digital transformation era, saving is not only about financial accumulation but also about effectively using resources to innovate and invest for the future.

Currently, more than 95% of people's transactions are conducted via digital channels, cashless payments increase by 45%/year, helping to save thousands of billions of VND in social costs. Banks are also constantly diversifying online savings products, flexible savings, helping people deposit money easily anytime, anywhere.

For banks, developing digital products helps increase the rate of non-term deposits (CASA), reduce capital costs and create more conditions to reduce lending interest rates - supporting businesses and the economy .

Deputy Governor Pham Thanh Ha affirmed: "Only when saving becomes a culture and governance principle can we build a self-reliant economy and a sustainable society."

Vietnam currently has a savings rate of about 29% of GDP.

Experts consider savings to be a "safety cushion" for households and a key source of investment capital for the economy. A culture of savings and anti-wastefulness helps improve the efficiency of resource use in both the public and private sectors, while stabilizing the financial market and production credit.

In the context of digitalization, people's savings habits are changing dramatically - from paper savings books to online accounts, e-wallets, automatic periodic savings or "piggy banks" on mobile phones.

Associate Professor Dr. Chu Khanh Lan, Deputy Director of the Department of Forecasting Statistics - Monetary Stabilization (SBV), said: "Savings not only bring development to each individual, but also create resilience for the entire economy." He cited: countries such as Korea, Singapore, and China maintain high savings rates, thereby achieving impressive growth rates.

Vietnam currently has a savings rate of about 29% of GDP, but average growth has only reached 6.5% over the past 30 years. "The problem is not just saving for investment, but how to invest effectively," Mr. Lan emphasized.

Sharing international experience, Mr. Christian Grajek, Head of Asia Regional Coordination of the German Savings Banks International Cooperation Foundation (DSIK), emphasized: it is necessary to move from short-term campaigns to long-term goals, turning savings into a daily habit starting from a young age.

He proposed integrating financial and savings education content into high school and university curricula, using modern methods such as gamification, mobile applications, online learning or savings competitions.

Mr. Minh

Source: https://baochinhphu.vn/khoang-8-trieu-ty-dong-tien-gui-dan-cu-tai-cac-to-chuc-tin-dung-102251030153149405.htm