Total liquidity in the banking system reached about 13.7 quadrillion VND (601 billion USD) in January, increasing by 2.59 percent against the end of 2021, according to the State Bank of Vietnam.
A client puts money into his deposit account. (Photo: vietnamnet.vn)
Hanoi (VNS/VNA) - Total liquidity in the banking system reached about 13.7quadrillion VND (601 billion USD) in January, increasing by 2.59 percentagainst the end of 2021, according to the State Bank of Vietnam.
Ofwhich, saving deposits made up 5.4 quadrillion VND, up 1.95 percent compared tolate 2021, and total deposits of economic entities at 5.6 quadrillion VND, down1.21 percent.
Expertsunderlined the 1 percent increase in term deposit interest rates by manybanks as a significant cause behind the surge in savings.
Anothercause is that the profitability of some other investment channels has begun towane, resulting in a redirection of cash flows into bank deposits.
Regardingdeposits of economic entities, experts said the drop was seasonal sinceeconomic entities had to withdraw money to pay wages, salaries and bonuses totheir employees before Lunar New Year.
However,the seasonal drop in 2022 was lower than in previous years, at around 2.5 percentsince 2013, indicating that economic entities had cut back on bonuses to keepmore money on deposits for future production expansion.
Economicexpert Nguyen Tri Hieu believed that the lower deposit drop is asign of economic recovery since firms do not withdraw money in a largelump sum but in small instalments to invest in production little bylittle.
Healso said that bank deposits had returned to normal patterns after two years.
Notably,deposits of economic entities have surpassed saving deposits since November2021. In 2017-2018, the latter was normally higher than the former byhundreds of trillions to over 1,000 trillion VND.
Currently,bank deposits are a safe and profitable investment channel asthey offer interest rates far higher than inflation rates,and banks are launching promotion programmes to attract more clientsto current accounts and saving accounts.
BaoViet Securities Company forecast that interest rates would continue to rise by0.25-0.5 percent this year, making bank deposits more appealing to investors./.
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A client puts money into his deposit account. (Photo: vietnamnet.vn) 
