Personal deposits down across banking sector
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Personal bank deposits were nearly VND5,292 trillion (some $230 billion) by late September, down roughly VND1.5 trillion against late August, according to the central bank.
Since July, monthly bank deposits fell against previous months, the State Bank of Vietnam stated, noting deposits in August decreased by some VND1 trillion against July.
From early January to late September, personal deposits hit VND150 trillion, a year-on-year decline of some 50 percent.
Lower savings interest rates and more attractive stock market and cryptocurrency channels were blamed for falling deposits.
Total trading value on Vietnam’s HSX, HNX and UPCoM stock markets reached a record high of VND56.337 trillion on Nov. 19, up from the previous record of VND52.145 trillion on Nov. 3.
According to a survey conducted among over 70,000 people by VnExpress on July 22, real estate was the most popular investment channel (32 percent), ranking above gold and savings (7-10 percent).
Questions & Answers
Q.What is the total value of personal bank deposits in Vietnam as of late September?
What is the total value of personal bank deposits in Vietnam as of late September?
Personal bank deposits in Vietnam were approximately VND5,292 trillion, or about $230 billion, by the end of September. This figure represents a decline compared to the previous month's total.
Q.What reasons are given for the observed fall in personal bank deposits?
What reasons are given for the observed fall in personal bank deposits?
The decline in personal deposits is attributed to lower savings interest rates offered by banks. Also, the increasing appeal of alternative investment channels, such as the stock market and cryptocurrency, is seen as drawing funds away.
Q.How much have personal deposits decreased since the beginning of the year until late September?
How much have personal deposits decreased since the beginning of the year until late September?
From early January to late September, personal deposits decreased by VND150 trillion. This substantial drop represents a year-on-year decline of approximately 50 percent during that period.
Q.Which investment channel was most popular among survey respondents in July?
Which investment channel was most popular among survey respondents in July?
According to a VnExpress survey in July involving over 70,000 people, real estate was the most popular investment channel. It was chosen by 32 percent of respondents, outranking gold and savings, which were between 7-10 percent.
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