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Bank deposits double as interest rates climb

By Minh Anh   August 21, 2022 | 09:00 pm PT
Bank deposits double as interest rates climb
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
Bank deposits rose by nearly 250% year-on-year as of June 30 to VND5,619 trillion ($240.1 billion) as interest rates went up amid the post-Covid economic recovery.

Banks hiked deposit interest rates by 0.5-1% percentage point as credit demand rose due to the recovery, according to a report by the BIDV Training and Research Institute.

VnExpress data shows that most banks continued to increase their deposit interest rates in July-August, with the hikes ranging up to 0.2% percentage points.

Most banks now offer 5.5-6.6% for 12-month deposits.

Analysts at brokerage VNDirect forecast a further hike of 0.3-0.5% points this year.

 
 
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