Businesses hike deposits at banks

By Quynh Trang   September 5, 2023 | 05:31 am PT
Businesses and organizations' accumulated deposits at banks have risen by 4.7% in the first six months to a record VND5.98 quadrillion (US$244.4 billion) by the end of June.

Growths were mostly recorded in the second quarter in contrast to the first quarter when deposits declined as businesses and organizations withdrew money, according to data from the State Bank of Vietnam.

Total deposits, which comprises those of businesses, organizations and individual citizens, rose 4.63% in the first six months to nearly VND5.5 quadrillion.

Deposit interest is now mostly below 7.5% a year, down from over 10% earlier this year.

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