Vietnam’s total bank deposits hit record $525.6bn

The State Bank of Vietnam (SBV) recently announced that total bank deposits have reached a record level of VND12.8 quadrillion (US$525.6 billion), with a continuous increase in resident deposits over the past year. Despite the continuous decrease in deposit interest rates since March 2023, banks have all reported a significant increase in deposits for 2023 compared to 2022. Since March 2023, deposit interest rates have approached their lowest levels. As an illustration, Vietcombank offers a maximum deposit interest rate of 4.7 percent annually for a 12-month term. Private banks offer deposit interest rates close to those of state-owned banks.