Over VND13.5 quadrillion deposited at banks in 2023

Despite annual interest rates remaining below 6%, funds still flowed into the banking system, instead of real estate, securities and others. Interest rates fell by more than 2.5 percentage points against 2022. Net deposits made by individuals and businesses increased by VND1.7 quadrillion, much higher than the average of VND1 quadrillion recorded in previous years. At the conference, Prime Minister Pham Minh Chinh commended the SBV’s management of credit growth and timely policy interventions. In addition to credit growth, the central bank’s effective monetary policy management played a role in maintaining macroeconomic stability, keeping inflation under control at 3.2-3.4%, said SBV Governor Nguyen Thi Hong.