According to data from the State Bank of Vietnam, resident deposits within the banking system reached over 11.43 trillion VND by the end of august. This figure represents an increase of nearly 1.1 trillion VND, equivalent to a 10.6% rise compared to the beginning of the year.
Specifically in august, resident deposits experienced a net growth of almost 214,000 billion VND compared to the end of july, averaging approximately 6,900 billion VND in daily increases.
The flow of resident funds into the banking system has shown a significant upward trend since Q2 this year. Over the last five months, resident deposits have seen an average net increase of 175,000 billion VND each month, which is nearly 2.4 times higher than the average for the preceding five months.
Since the end of april, the highest listed interest rates across the system (excluding large or VIP deposits) have risen sharply to between 7.6% and 7.8% annually. Actual preferential interest rates at many banks range from 8.5% to 9.5% annually, often without minimum deposit requirements or with low thresholds of 100-200 million VND.
Bank leaders generally believe that the attractive interest rate differential between Vietnamese Dong (VND) and foreign currencies encourages individual customers to hold VND. Intense competition to attract deposits has prompted banks to continuously launch new mobilization products and incentives.
Deposits from economic organizations, meanwhile, reached over 6.34 trillion VND, an increase of nearly 157,000 billion VND, or over 2.5%, compared to the beginning of the year.
In total, deposits from both residents and economic organizations in the banking system amounted to over 17.77 trillion VND by the end of august. This marks an increase of approximately 1.26 trillion VND, equivalent to 7.6%, compared to the beginning of the year.
Despite this growth, the rate of increase in deposits remains lower than credit growth. By the end of august, outstanding loans across the entire economy reached 20.49 trillion VND, reflecting a 10.2% increase since the beginning of the year.
Given that loan demand is growing faster than capital mobilization, bank leaders and analysts anticipate that deposit interest rates will continue to remain elevated through the final months of the year.
According to Techcombank's analysis group, the State Treasury's accelerated disbursement of public investment funds could help alleviate pressure on banks for capital mobilization. However, deposit interest rates are primarily expected to remain stable until year-end, driven by inflationary pressures and significant capital requirements for infrastructure and large-scale investment projects.
Quynh Trang
