Deposits at credit institutions hit a record high of VND13.4 trillion

The State Bank of Vietnam has just announced data showing that by the end of April 2024, deposits of individual customers and economic organizations at credit institutions (CIs) had reached 13.4 million billion VND.

Compared to the previous month, the amount of deposits increased by 0.9%, equivalent to 140,000 billion VND. In addition, compared to the beginning of the year, the amount of deposits increased by 0.4%, equivalent to about 50,000 billion VND.

Deposits of people and businesses reached 13.4 million billion VND in April (Photo TL)

It can be seen that, after months of negative growth in early 2023, the amount of deposits at credit institutions has turned around and increased sharply, setting a new record.

Of which, people's deposits accounted for 6.72 million billion VND, up 2.8% compared to the beginning of the year. This is also a new record for the amount of people's deposits at credit institutions.

Deposits of economic organizations reached 6.7 quadrillion VND, down 1.95% compared to the beginning of the year. Developments from the beginning of the year until now show that the amount of deposits of enterprises gradually decreased until March and gradually recovered in April.

Many experts believe that this is the impact of bank interest rates. As of the end of April, deposit interest rates at banks have begun to gradually increase compared to the bottom recorded in late March and early April.

Of which, the 12-month term deposit interest rate of the large commercial bank group hit bottom at 4.35% at the end of March. The same term deposit interest rate of the Big4 group also hit bottom at 4.68% at the beginning of April.

By the end of April, the interest rates of large commercial banks had increased to 4.45% while the Big 4 group remained unchanged. Many experts and securities companies have forecast that from now until the end of the year, the mobilization interest rate may continue to increase from 0.5 to 1 percentage point.

Source: https://www.congluan.vn/tien-gui-tai-cac-to-chuc-tin-dung-cham-nguong-ky-luc-134-trieu-ty-dong-post303741.html