Currency News: Another reason we believe Vietnam's currency will increase in value soon rather than later

VnExpress reported on Wednesday that Vietnam's bank deposits reached a record of 13.5 quadrillion Vietnamese dong (554.53 billion U.S. dollars) by the end of 2023, an increase of 14 percent over the previous year.

According to the bank, the statistics represent an increase of 1.7 quadrillion dong (69.7 billion dollars), compared to around 1 quadrillion dong (41 billion dollars) two years ago.

Bank deposit interest rates of around 9 percent at the beginning of the year contributed to the surge in deposits.

According to the report, lenders gradually lowered their rates after the central bank lowered its policy rates.

Savings interest rates in Vietnam reached a record low of 1.9 percent per year in December 2023.

In 2024, the central bank targets 15 percent credit growth for the domestic banking system.