Bank deposits reach new record

By Quynh Trang   January 9, 2024 | 03:12 pm PT
Bank deposits reached a new historic record of VND13.5 quadrillion (US$554.53 billion) by the end of 2023, up 14% from the previous year.

It represents an increase of VND1.7 quadrillion, compared to around VND1 quadrillion in the last two years, according to the State Bank of Vietnam (SBV).

The surge in deposit came as banks offered a high deposit interest rates of around 9% at the beginning of the year, but as the central bank lowered its policy rates, lenders started to gradually bring down their rates and closed the year at under 6%.

People were willing to keep their money at banks in a year with lack of investment opportunities in stocks, property and bonds.

Credit growth was 13.7% by the end of the year against the target of at least 14%.

The SBV has set a higher target of 15% for this year and expects VND2 quadrillion to enter the economy through loans.

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