Total funds in savings accounts at Vietnamese banks topped VND 12.4 million billion or US$504 billion in August, according to State Bank of Vietnam data and reported by Tuoi Tre. This is reportedly the highest bank deposits have ever reached and is in spite of record low savings interest rates.
Vietnamese consumers have been turning to the relative safety of banks as economic uncertainty has seen the VN-index jump around quite a bit. Challenges in the real estate sector have also seen new home sales dive and part of these record savings could be funds that would have been home deposits if the situation was different.