Personal deposits down across banking sector

By Quynh Trang November 22, 2021 | 06:30 am PT

An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy

Personal bank deposits were nearly VND5,292 trillion (some $230 billion) by late September, down roughly VND1.5 trillion against late August, according to the central bank.

Since July, monthly bank deposits fell against previous months, the State Bank of Vietnam stated, noting deposits in August decreased by some VND1 trillion against July.

From early January to late September, personal deposits hit VND150 trillion, a year-on-year decline of some 50 percent.

Lower savings interest rates and more attractive stock market and cryptocurrency channels were blamed for falling deposits.

Total trading value on Vietnam’s HSX, HNX and UPCoM stock markets reached a record high of VND56.337 trillion on Nov. 19, up from the previous record of VND52.145 trillion on Nov. 3.

According to a survey conducted among over 70,000 people by VnExpress on July 22, real estate was the most popular investment channel (32 percent), ranking above gold and savings (7-10 percent).