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 "Saving - An Inner Strength in the Digital Age" - Photo: VGP/HT

At the seminar "Saving – An Intrinsic Strength in the Digital Age" held on October 30th in Hanoi to commemorate World Savings Day (October 31st), Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha affirmed: "Saving has become an integral part of the management mindset and all policies of the Party and State throughout the ages."

According to the State Bank of Vietnam's leadership, in the era of digital transformation, saving is not only about accumulating finances but also about efficiently using resources to innovate and invest for the future.

Currently, over 95% of people's transactions are conducted through digital channels, with cashless payments increasing by 45% annually, saving trillions of dong in social costs. Banks are also constantly diversifying online savings and flexible savings products, making it easy for people to deposit money anytime, anywhere.

For banks, developing digital products helps increase the proportion of current account deposits (CASA), reduce the cost of capital, and create more favorable conditions for lowering lending interest rates – supporting businesses and the economy .

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

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

Experts consider saving to be a "safety net" for households and a key source of investment capital for the economy. A culture of saving and combating waste helps improve the efficiency of resource utilization 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 recurring savings, or "piggy banks" on mobile phones.

Associate Professor Chu Khanh Lan, Deputy Director of the Department of Forecasting, Statistics and Monetary Stability (State Bank of Vietnam), stated: "Saving not only brings development to each individual, but also creates resilience for the entire economy." He cited examples of countries like South Korea, Singapore, and China, which maintain high savings rates, thereby achieving impressive growth rates.

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

Sharing international experience, Christian Grajek, Head of Asia for the German Savings Banks International Cooperation Fund (DSIK), emphasized the need to shift from short-term campaigns to long-term goals, making saving a daily habit starting from a young age.

He proposed integrating financial education and savings 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