Household deposits reach new peak.

According to the latest data from the State Bank of Vietnam, by the end of September, deposits from individual customers and economic organizations reached approximately VND 16.18 million billion, an increase of nearly 3% compared to the end of July (VND 15.73 million billion). Of this, deposits from households continued to reach a new peak with over VND 7.83 million billion, an increase of 10.86% compared to the beginning of the year.

Business deposits totaled VND 8.35 million billion, an increase of 8.91% compared to the end of 2024. Additionally, total means of payment reached nearly VND 20 million billion by the end of September, an increase of 11.53% compared to the beginning of the year.

People still choose saving as a way to preserve their money. (Illustrative image)

According to the State Bank of Vietnam, in September, the average interest rates on VND deposits at commercial banks were: 0.1-0.2%/year for demand deposits and deposits with maturities of less than 1 month; 3.4-4.1%/year (matencies from 1 month to less than 6 months); 4.6-5.5%/year (from 6 months to 12 months); 4.9-6.1%/year (over 12 months to 24 months); 6.7-7.5%/year (over 24 months).

Since the beginning of November, most private commercial banks have adjusted their interest rates upwards by 0.1-0.5% per year amidst strong liquidity pressure at the end of the year, as deposit growth remains significantly lower than credit growth. Experts believe that the simultaneous increase in deposit interest rates is due to seasonal factors, as demand for capital is high in the final months of the year, and banks want to boost credit growth to meet their targets.

System-wide credit growth reached 15% by the end of September compared to the beginning of the year and continued to increase to 15.1% by the end of October, nearly reaching the target set for the whole year and the fastest growth rate since 2018. Meanwhile, the growth rate of capital mobilization only reached about 9.6% - 10.2% by the end of November.

Source: https://hanoimoi.vn/tien-gui-dan-cu-lap-dinh-moi-725611.html