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As of November last year, deposits in the banking system reached 12.8 million billion VND.
According to newly released statistics from the State Bank, as of November 2023, the amount of money deposited in the banking system reached a record 12.8 million billion VND.
Of which, deposits from economic organizations reached 6,384 trillion VND; deposits from residents reached 6,471 trillion VND. The data includes issuances of valuable papers purchased by domestic credit institutions.
Despite deposit interest rates falling to record lows, residents' deposits in the banking system have continued to increase over the past year.
The average deposit interest rate of banks is currently 3.9%/year and the average lending interest rate is about 6.7%/year.
Thus, deposit and lending interest rates are at their lowest level in many years and much lower than before Covid-19.
According to the State Bank of Vietnam's report, credit growth in 2023 is 13.5%. This is a good figure in the context of sluggish credit growth in the first 3 quarters of the year.
At the end of January 2024, a series of large commercial banks reduced their deposit interest rates, including three state-owned commercial banks: Agribank, VietinBank and BIDV. The Big4 banking group is maintaining the lowest deposit interest rates on the market today.
Of which, Vietcombank pays the lowest interest rate for all deposit terms, only 1.7%/year for 1-2 month term deposits; 2%/year for 2-5 month term deposits. Interest rate for 6-11 month term deposits is 3%/year, 12-24 month term deposits is 4.7%/year.
The interest rate falling to the lowest level ever is the basis for the State Bank to immediately assign the 2024 credit target to banks at the beginning of the year at 15%.
With the trend of aggregate demand continuing to decline in 2024, the SBV believes that it is necessary to take measures to stimulate the economy by immediately assigning credit growth from the beginning of the year to try to boost aggregate demand. This is one of the SBV's proactive, drastic, and creative solutions in promoting economic growth.
HA (synthetic)