Ho Chi Minh City-based banks have reported an average growth of 65.7 percent in deposits mobilised in the first seven months, recording over 377.5 trillion VND.
While deposits in VND posted a 80 percent year-on-year increase. Deposits in foreign currencies accounted for 27.2 percent of the total addition of bank deposits, and saw a year-on-year increase of 36.4 percent.
Economists attributed the recent surge to the “cooling down” period of the stock market as people have shifted to bank deposits for their iddle money.
Rising interest rates in hard currencies by a massive number of banks made another attribution to the rosy situation. The Saigon Thuong Tin Joint Stock Commercial Bank (Sacombank) has sparked the trend with its annual interest rate up to 5 percent. The An Binh Bank took the lead in this term by raising the interest rate to 5.42 percent for saving deposits of 11 month term.
As a result, savings deposits and banking certificates have brought in almost 150 trillion VND, making up 39.7 percent of the municipal banking new deposits tally and representing an increase of 43.5 percent over a year ago.
On the other hand, banks have launched a number of new services such as payment cards and expanded their offices and branches down to every corner of the city to facilitate depositing or loaning transactions.
The entire banking system in the nation’s largest economic hub has managed to disburse over 291 trillion VND in loans up to early July, representing a year-on-year increase of 48.4 percent.
Source: VNA
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