Deposits at Vietnamese banks reach record high of 628 billion USD
Despite low interest rates, bank deposits have reached a new historic peak of 16 quadrillion VND (628.5 billion USD) as of the end of March, according to the latest data from the central bank.
Customers at Vietcombank's branch in Hanoi. (Photo: VNA)
Hanoi (VNS/VNA) - Despite low interest rates, bank deposits have reached a new historic peak of 16 quadrillion VND (628.5 billion USD) as of the end of March, according to the latest data from the central bank.
Of this amount, citizens’ deposits reached an unprecedented 6.676 quadrillion VND, a rise of 39 trillion VND from February and 2.2 from the end of 2023.
Meanwhile, corporate deposits were down 3.1 at 6.6 quadrillion VND.
The reversal of declining interest rates, which began in March last year, has led many banks to start to raise deposit interest rates since May.
Analysts expect a rise in deposit interest rates by 0.5 to 1 percentage point, reaching around 7% per year in the second half of the year.
However, the rates are unlikely to return to the high levels seen at the end of 2022, following a bank-run incident that resulted in a private lender being placed under central bank control.
Credit growth has only reached 2.4 this year, failing to meet the targets of 5 for the first half and 15 for the entire year, which analysts attribute to a sluggish real estate market.
The local real estate sector has experienced a significant downturn, leading to major developers facing challenges in repaying debt, including bond interest and principal, due to liquidity constraints and decreasing property values.
The situation escalated at the end of 2022, following the arrest of Truong My Lan, Chairwoman of Van Thinh Phat group, who is on death row for multiple financial frauds.
ꦐ The arrest was part of Vietnam’s anti-corruption campaign, which intensified in late 2021./.
The State Bank of Vietnam (SBV) has demanded credit institutions to deliver a system-wide credit growth target of 5-6% by the end of the second quarter this year, and reduce lending rates by 1-2%.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
