According to the latest figures released by the State Bank of Vietnam, household deposits at credit institutions reached VND 7,065 trillion by the end of December 2024, an increase of 8.15% compared to the end of 2023, setting a new record. This is also the first time that household deposits in the banking system have exceeded VND 7 trillion.
Compared to the end of November 2024, the amount of savings deposited by the public increased by nearly 400,000 billion VND.
People's deposits into the credit institution system have been continuously increasing. In fact, deposit interest rates have not yet recovered to the levels seen during the Covid-19 pandemic, but at the end of last year, banks also continuously raised interest rates.
In December alone, 12 banks adjusted their interest rates upwards, including Techcombank, BVBank, CBBank, DongA Bank, VPBank, VIB,OCB , MSB, GPBank, TPBank, ABBank, and IVB. Interest rates of 6% per year are still offered at some mid-sized banks.
People's deposits in banks reached a record high of over 7 million billion VND (Photo: Manh Quan).
Meanwhile, the amount of savings deposited into the banking system by businesses and economic organizations reached over 7,667 trillion VND by the end of December 2024, an increase of 12.07% compared to the end of 2023. In December alone, banks mobilized an additional 463,000 billion VND in deposits from this group.
Overall, the total means of payment, excluding securities, reached over 17.9 million billion VND by the end of August this year, an increase of 11.97% compared to the end of last year.
In fact, in 2023 and 2024, deposit interest rates at commercial banks continuously increased to attract deposits. This year, in the first two months, banks are also beginning to raise interest rates.
However, as inflationary pressures came under control and monetary policy tended towards greater easing, banks began to lower interest rates. This was interpreted by securities firms as a way to balance capital costs and boost credit growth.
Since the end of February, 26 banks have adjusted their deposit interest rates downwards. This move comes after the Prime Minister issued an urgent directive to inspect and audit banks that had recently increased deposit interest rates.
The head of government requested strict handling of cases of violations and failure to comply with directives. Specifically, the Governor of the State Bank of Vietnam needs to consider and decide on the use of management tools regarding credit growth limits and license revocation as prescribed.
Most experts believe that the State Bank of Vietnam will continue to manage interest rates stably to ensure they are consistent with the overall interest rate level of the economy as well as other macroeconomic indicators.
Deposit interest rates at banks are projected to continue falling, but the decrease will not be significant. An increase in interest rates is highly unlikely. At the same time, lending interest rates are expected to remain stable, or even decrease slightly in some priority sectors.
Source: https://baodaknong.vn/tien-gui-cua-nguoi-dan-vao-ngan-hang-lap-ky-luc-hon-7-trieu-ty-dong-248824.html
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