STATUS OF VIETNAM
The reason deposit interest rates hit rock bottom is that people still deposit money in banks
Only 3 banks pay the highest interest rate at 6,2%/year
Last week, many large banks continued to maintain and reduce savings interest rates.
The highest 12-month term interest rate was recorded at PVcomBank, NCB, Sacombank, at 6,2%/year.
Vietcombank earlier this week just reduced another 0,2%, to 5,1%/year for terms of 12 months or more, the remaining 3 banks are Agribank, VietinBank, and BIDV still holding the highest deposit interest rates. is 5,3%/year for long terms over 12 months, for terms over 6 to under 12 months, deposit interest rate is 4,3%/year, for terms from 1 to under 6 months is 3-3,3 %/year.
According to statistics from the beginning of October, there have been 10 banks reducing deposit interest rates including: PVCombank, VIB, Sacombank, VietBank, SCB, VPBank, SHB, BIDV, VietinBank, HDBank, BaoViet Bank, Techcombank, SeABank, Viet A Bank , PG Bank, Dong A Bank, Vietcombank, LPBank, Nam A Bank, CBBank, ACB, Bac A Bank, and NCB.
Among them, CBBank, VIB, Vietcombank, SHB, Dong A Bank, PG Bank, Nam A Bank, HDBank, LPBank, Viet A Bank are the banks that reduced interest rates twice this month.
VietBank and Bac A Bank reduced interest rates for the third time this month.
Mobilization interest rates in the market have continuously decreased over the past few months in the context of the banking system having "a surplus of money" due to gloomy credit growth.
What do depositors do when interest rates hit rock bottom?
According to statistics from the State Bank as of August 8.2023, the amount of people's deposits into the banking system still increased to a record high.
People's savings deposited in banks reached the highest level ever with 6,43 million billion VND.
This is the 13th consecutive month that people's deposits into banks increased.
Notably, businesses also increased their deposits into banks again with an additional 103.501 billion VND in deposits in August. In July, the amount of deposits from economic organizations into the banking system decreased by more than 8 billion VND compared to June.
By the end of August, deposits from economic organizations reached 8 million billion VND.
The reason why people and businesses choose savings channels is because of their stable and safe nature, while other investment channels, although attractive, have many risks.
Sharing with a reporter from Lao Dong Newspaper, Viet Thang (born in 1996, Hanoi) saves 10 million VND every month.
This has been Thang's regular habit for many years.
Thang shared that because he had recently heard and read a lot of positive news, Thang did not want to choose any investment channel other than savings.
Furthermore, Thang's previous deposits still enjoyed high interest rates.
Talking with Lao Dong, Associate Professor. Dr. Dinh Trong Thinh - senior lecturer at the Academy of Finance - said that if banks simultaneously reduce interest rates to the bottom, whether money will flow into other investment channels such as stocks, gold or real estate depends on depends on investor psychology.
If they like to take risks, the cash flow will be withdrawn and put into other investment channels to seek higher profits.
Associate Professor, Dr. Dinh Trong Thinh analyzed that, in the current context, stocks are still an attractive investment channel.
This market is showing signs of improvement, but investing in stocks can be risky if you do not research carefully and have market analysis skills.
Meanwhile, investment channels such as gold, real estate... are still unstable, with no bright spots.
Some real estate prices are lower than before, but buyers now may not want to borrow money from banks.
Gold has increased and decreased erratically over the past time, making buyers hesitant.
Therefore, the current cash flow is mainly waiting to find investment opportunities.
“With its stable nature and low risk, bank savings is a form preferred by many Vietnamese people.
The fear of losing money is still high, so even though the interest rate is low, they still accept it" - Mr. Thinh commented.
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