Residential deposits set a new record.

At the end of September, people's deposits at banks continued to reach a new record of nearly 6.45 million billion VND, an increase of almost 10% compared to the beginning of the year.

According to the latest data from the State Bank of Vietnam, in September, people deposited a net amount of over 15,900 billion VND into the system. This monthly increase is higher than the same period three years ago, but lower than before the Covid-19 pandemic.

Compared to the beginning of the year, individual deposits increased by 9.95%, the highest increase since 2018.

Deposits from the public have been flowing strongly into the banking system since last October, following a race among banks to raise interest rates. This race has pushed deposit interest rates up gradually, at times exceeding 10% per year. These high-interest deposits, typically with maturities of one year or more, will gradually mature from October this year to early 2024.

Meanwhile, deposit interest rates for new deposits have fallen to a record low, below 6% per year. However, according to bank leaders and experts, people's money will not shift massively to other investment channels such as real estate or stocks after the recent fluctuations.

With the institutional sector comprising businesses and economic organizations , this group had 6.23 million billion VND in deposits in the banking system as of the end of September, an increase of 4.65% compared to the beginning of the year.

Overall, deposits from individuals and organizations flowing into the banking system reached VND 12.68 million billion by the end of the third quarter, an increase of nearly 7.3% compared to the beginning of the year. Total means of payment (including securities) held by banks reached over VND 15 million billion by the end of September, an increase of more than 5.6% compared to the beginning of the year.

Quynh Trang

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