Total deposits in Vietnam’s banking system up slightly to US$355.27 billion

Personal deposits saw the first decline of VND14 trillion (US$603.08 million) in July, after growing in six consecutive months.

Total deposits in Vietnam’s banking system up slightly to US$355.27 billion

Total deposits in the Vietnam’s banking system as of July 2019 reached VND8,250 trillion (US$355.27 billion), rising slightly from VND8,230 trillion (US$354.4 billion) in ther previous month, according to the State Bank of Vietnam (SBV), the country's central bank. 

Upon breaking down, deposits of economic organizations stood at VND3,540 trillion (US$152.43 billion), up 5.89% against the beginning of the year, and accounting for 57.1% of the total; and personal deposits reached VND4,710 trillion (US$202.85 billion), up 7.64%, equivalent to 42.9% of the total. 

Notably, outstanding deposits of economic organizations in the January – April period had been consistently lower than the figures recorded in the end of 2018, in the case of the first two months of 2019, the figures were nearly VND100 trillion (US$4.3 billion) lower. 

However, in May, deposits from economic organizations saw a surge of nearly VND140 trillion (US$6.03 billion) to nearly VND3,420 trillion (US$147.3 billion), an increase of VND85 trillion (US$3.66 billion) against the end of 2018. 

In the following two months, the figures increased by VND83 trillion (US$3.57 billion) and VND29 trillion (US$1.25 billion), respectively. 

Meanwhile, personal deposits saw the first decline of VND14 trillion (US$603.08 million) after growing in six consecutive months. 

Additionally, the SBV also revealed the credit structure of the economy in the first seven months of 2019, in which all sectors witnessed weaker credit growth year-on-year. 

 

The industry and trade sector recorded credit growth rate of 5.92% and 8.02% respectively, significantly lower than the rates of 8.21% and 12.31% in the seven-month period of last year. 

Other sectors included agriculture-fishery-forestry, construction, transportation and communications also faced similar situation. 

​Only services sector (including consumer credit) posted strong credit growth rate of 9.55% year-on-year, much higher than the growth rate of 7.41% recorded in the same period of last year. Hanoitimes

Ngoc Thuy

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