Deposits in Vietnam banking system up 14% in 2019
Deposits in Vietnam banking system up 14% in 2019
Four major state-run banks account for nearly half of total deposits in the banking sector.
Deposits at Vietnam's banking setor as of the end of 2019 reached VND8,800 trillion (US$380.87 billion), up 14% year-on-year, according to data from the State Bank of Vietnam (SBV).
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Upon breaking down, nearly VND4,000 trillion (US$173.15 billion) are from economic organizations, up 18.59% year-on-year, and VND4,800 trillion (US$207.78 billion) from individual customers, a rise of 10.36%.
As reported by Vietnam Finance, four major state-run banks, including Agribank, BIDV, Vietcombank and Vietinbank, account for nearly half of total deposits in the banking sector.
Agribank claimed the top spot with over VND1,200 trillion (US$51.94 billion) in deposits, followed by BIDV with VND1,100 trillion (US$47.61 billion), Vietcombank with VND928 trillion (US$40.17 billion) and VietinBank with VND892 trillion (US$38.62 billion).
Among privately-run banks, Saigon Bank posted the largest deposit amount of VND438 trillion (US$18.96 billion). Sacombank ranked second with over VND400 trillion (US$17.3 billion) and ACB in third place with VND308 trillion (US$13.32 billion).
Total assets of Vietnam’s banking sector reached over VND12,072 trillion (US$522.51 billion) as of November 30, 2019, up 9.12% compared to the beginning of the year, according to SBV.
Total assets of seven state-controlled commercial banks were reported at over VND5,161 trillion (US$223.38 billion), an increase of 6.13% over the beginning of the year and accounting for 42.75% of total assets in the banking sector.
Meanwhile, joint stock commercial banks had total assets of a combined VND5,035 trillion (US$217.91 billion), up 10.56% compared to the beginning of the year and making up 41.67% of the total assets.
As of November 30, 2019, total owner's equity of the banking system reached VND913.27 trillion (US$39.52 billion), up 13.29% against the beginning of the year.
In terms of owner's equity, state-owned commercial banks were behind joint stock commercial banks with VND324.44 trillion (US$14.03 billion) compared to VND365.47 trillion (US$15.81 billion), posting growth rates of 20.79% and 8.07% compared to the beginning of the year, respectively.
