But low interest rates have not caused savings deposits to decrease, but have instead increased to a record high.
Thus, compared to the beginning of 2023, as well as the same period in 2022, deposit interest rates at commercial banks have decreased quite sharply.
Specifically, the highest deposit interest rate that the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) is applying is only 5%/year. Other major banks such as the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), the Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank), and the Bank for Agriculture and Rural Development of Vietnam ( Agribank ) apply an interest rate of 5.3%/year for customers depositing savings at the counter for a term of 12 months or more.
For joint stock commercial banks such as Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), the highest deposit interest rate is only 5.4 - 5.9%/year. Notably, Asia Commercial Joint Stock Bank ( ACB ) currently only lists the highest deposit interest rate at 4.9% - lower than the Big4 group.
Despite deposit interest rates falling to record lows, according to new data released by the State Bank, the amount of deposits from residents at credit institutions increased by VND15,935 billion in September, reaching a record level of more than VND6,449 trillion.
This increase is 11 times higher than the same period in 2022 but is the second lowest increase in the first 9 months of the year (only higher than July - an increase of 6,707 billion VND). Compared to the beginning of 2022, the amount of deposits from residents has increased by 583,494 billion VND, equivalent to 9.95%. This is the highest 9-month deposit growth since 2018.
Not only residential deposits, but also economic organizations' deposits also recorded an increase of VND 217,353 billion, up to nearly VND 6,232 trillion. This increase is twice as high as the same period in 2022 and the second strongest month of increase in the first 9 months of 2023 (only lower than June - an increase of VND 235,438 billion). Compared to the end of 2022, the amount of deposits from the business sector increased by VND 276,856 billion, equivalent to 4.65%, twice as high as the growth rate in the same period in 2022.
In total, deposits of residents and economic organizations in the banking system reached 12.68 million billion VND, an increase of nearly 7.28% compared to the beginning of the year and the highest deposit level in the history of the banking industry.
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