Deposits in Vietnam banking system up 14% in 2019
Four major state-run banks account for nearly half of total deposits in the banking sector.
Deposits at Vietnam's banking setor as of the end of 2019 reached VND8,800 trillion (US$380.87 billion), up 14% year-on-year, according to data from the State Bank of Vietnam (SBV).
Upon breaking down, nearly VND4,000 trillion (US$173.15 billion) are from economic organizations, up 18.59% year-on-year, and VND4,800 trillion (US$207.78 billion) from individual customers, a rise of 10.36%.
As reported by Vietnam Finance, four major state-run banks, including Agribank, BIDV, Vietcombank and Vietinbank, account for nearly half of total deposits in the banking sector.
Agribank claimed the top spot with over VND1,200 trillion (US$51.94 billion) in deposits, followed by BIDV with VND1,100 trillion (US$47.61 billion), Vietcombank with VND928 trillion (US$40.17 billion) and VietinBank with VND892 trillion (US$38.62 billion).
Among privately-run banks, Saigon Bank posted the largest deposit amount of VND438 trillion (US$18.96 billion). Sacombank ranked second with over VND400 trillion (US$17.3 billion) and ACB in third place with VND308 trillion (US$13.32 billion).
Total assets of Vietnam’s banking sector reached over VND12,072 trillion (US$522.51 billion) as of November 30, 2019, up 9.12% compared to the beginning of the year, according to SBV.
Total assets of seven state-controlled commercial banks were reported at over VND5,161 trillion (US$223.38 billion), an increase of 6.13% over the beginning of the year and accounting for 42.75% of total assets in the banking sector.
Meanwhile, joint stock commercial banks had total assets of a combined VND5,035 trillion (US$217.91 billion), up 10.56% compared to the beginning of the year and making up 41.67% of the total assets.
As of November 30, 2019, total owner's equity of the banking system reached VND913.27 trillion (US$39.52 billion), up 13.29% against the beginning of the year.
In terms of owner's equity, state-owned commercial banks were behind joint stock commercial banks with VND324.44 trillion (US$14.03 billion) compared to VND365.47 trillion (US$15.81 billion), posting growth rates of 20.79% and 8.07% compared to the beginning of the year, respectively.
- Global minimum tax set to take effect in Vietnam in 2024
- Vietnam’s local bond market hits US$109 billion: ADB
- Vietnam not a currency manipulator, says US Treasury
- ADB, SBV joint efforts to support digital banking in Vietnam
- Hanoi Cashless Streets to foster digital transactions
- Vietnamese Government considers extending VAT reduction to mid-2024
- The Green Economy Forum 2023 to take place in November
- Greening finance accelerates Vietnam's SDG implementation
- DHL Express partners with ACB to cut carbon emissions using sustainable aviation fuel
- Vietnam joins the ASEAN Regional Payment Connectivity
Australian and Irish teachers walk for disadvantaged Vietnamese children
Vietnam news in brief - November 30
Quan Chuong Gate brings Hanoi to life with 25 visual art performances
AI to help Hanoi accelerate smart city development
Data mining drives smart city building: vice chairman
Planning essential to promote smart city development
Amended Capital Law to develop Hanoi’s cultural industries
Vietnam advised to use cultural heritage as material for creative industries
Hanoi, British cities exchange experience in branding Creative City