Vietnam household deposits hit record high above $430bn

The amount rose by around VND151.9 trillion ($5.8 billion), or 1.37 percent, from June, continuing an upward trend in household savings.

Since the end of 2025, residents have deposited an additional VND885.1 trillion ($34 billion) with credit institutions, representing growth of about 8.6 percent.

Over the 12 months from August 2025 through July 2026, household deposits jumped by over VND3.4 quadrillion ($130 billion), from VND7.8 quadrillion ($299 billion) to VND11.22 quadrillion ($431 billion).

Meanwhile, deposits held by economic organizations stood at around VND6.24 quadrillion ($239 billion) at the end of July, up 0.98 percent from the end of last year.

However, corporate deposits fell by approximately VND130.7 trillion ($5 billion), or more than two percent, compared with June.

Analysts attributed the surge in household savings to attractive deposit rates.

According to the Ministry of Finance’s socio-economic report for the first eight months of the year, actual interest rates for 12-month deposits stood at 8.8-9.5 percent per year at the end of July, above the rates officially listed by banks.

Lending rates have also risen.

As of August 20, the average interest rate on new loans was 8.93 percent per year, up 0.85 percentage point from the end of last year.

Mortgage and other real estate lending rates were commonly 10-12 percent per year, while average rates at some banks were recorded at 14-15 percent.

Credit growth has also accelerated.

The central bank said total outstanding loans across the banking system reached approximately VND20.5 quadrillion ($786 billion) as of August 28, up 10.24 percent from the end of 2025.

This means bank credit has expanded by more than 10 percent since the beginning of the year, compared with an increase of about 8.6 percent in household deposits.

Nguyen Thuong Lang, associate professor at the Hanoi-based National Economics University, told Tuoi Tre (Youth) online newspaper that deposit rates around nine percent for terms over six months are quite attractive for households with idle funds.

He added that savings remain a safe and profitable option amid economic challenges.

Banking experts expect deposit rates to stay high as demand for capital continues to rise.

Meanwhile, credit growth is outpacing deposit growth, leaving a gap of more than VND1.5 quadrillion ($57 billion) between loans and mobilized capital.