How much money are people depositing in banks?

On September 23, Ms. Thanh Hoang's 6-month savings deposit of VND500 million (residing in Gia Dinh Ward, Ho Chi Minh City) was due for final settlement. As usual, she continued to choose the savings channel for this idle money, with an interest rate applied at a digital bank of 5.8%/year.

People still choose bank deposits

"Online savings at digital banks have interest rates that are about 0.2-0.5 percentage points higher than at the counter, unchanged from the beginning of the year, but I feel secure. Even though gold and stock prices are increasing rapidly, I still choose to save because other investment channels have higher risks," said Ms. Hoang.

According to the latest statistics just announced by the State Bank by the end of June 2025, the total means of payment reached more than 19.58 million billion VND, an increase of 9.32% compared to the end of last year. In particular, people's deposits in the banking system are still growing steadily. By the end of June 2025, it had reached more than 7.69 million billion VND, an increase of more than 8.91% compared to the end of last year.

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Deposit interest rates have remained low in recent months.

After consecutively decreasing in the first four months of the year, deposits of economic organizations were deposited back into the banking system in June with VND363,000 billion, thereby increasing the deposit growth rate by the end of June to 5.7%, reaching VND8.1 million billion.

Thus, in the first half of this year, bank deposits continued to increase (reaching over 15.7 million billion VND).

However, according to the Vietnam Banking Association, deposit growth is still much lower than credit growth (nearly 10%, equivalent to more than 17.2 million billion VND), creating pressure to balance capital sources for commercial banks.

Bank interest rate forecast from now until the end of the year

Statistics from MBS Securities Company show that in August 2025, no bank adjusted its deposit interest rates. By the end of August, the average 12-month term interest rate of the private commercial bank group was 4.89% (down 0.16 percentage points compared to the beginning of the year). The interest rate of the state-owned commercial bank group remained stable at 4.7%.

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Source: State Bank

The stable deposit interest rate level despite credit growth is believed to be due to abundant system liquidity, which supports commercial banks in maintaining low interest rates to promote economic growth.

According to the State Bank's leader, the average lending interest rate as of August 31 has decreased by 0.56 percentage points compared to the end of last year, to 6.38% per year.

Forecasting interest rates in the coming time, some economic experts believe that pressure from increased credit demand along with rising inflation risks will make maintaining low interest rates more difficult and challenging in the medium term.

Therefore, deposit interest rates may remain stable in the short term and increase again at the end of the year, while lending interest rates will remain low at least until the end of this year.

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