Vietnam’s bank deposits surge to new high: c.bank
Vietnam’s bank deposits surge to new high: c.bank
Deposits made by individual and institutional customers at banks nationwide have reached an all-time high of VND12,300 trillion (US$511.2 billion), according to data released by the State Bank of Vietnam on Wednesday.
By the end of June, deposits made by individual customers had surged to VND6,380 trillion ($265.2 billion), marking an 8.82-percent rise compared to the end of 2022 and a successive growth since last October.
Institutional deposits had exceeded VND5,980 trillion ($248.1 billion) as of the end of June, rebounding to the level observed at the end of last year following a five-month period of decline.
Economic experts assessed that despite numerous challenges faced by the global and domestic economies, individual customers with dormant capital still opt for bank deposits, driven by an appetite for safety and stable interests.
However, in contrast to the rise in deposits, mobilization rates experienced a significant and continued fall, dropping to as low as four percent per year for tenors from six to12 months at certain banks.
Meanwhile, the total outstanding loan showed a fairly modest rise of 4.56 percent by the end of July in comparison to the end of 2022’s figures despite the fact that banks have reduced their lending interest rates.
A leader of a large state-owned bank revealed that the lender is facing significant pressure due to the huge flow of depositors, while struggling to seek new borrowers.
