Capital mobilized by credit institutions grows well

It is estimated that by October 31, 2023, the mobilized capital of Ha Tinh Banking industry will reach about VND 96,400 billion, an increase of 14.4% compared to the end of 2022.

Recently, credit institutions in Ha Tinh have proactively implemented many solutions to attract idle money from the population. In the first months of the year, banks (especially joint stock commercial banks) maintained high deposit interest rates, which quickly increased capital sources.

Agribank Ha Tinh II Branch launched a savings and prize program, attracting a large number of customers to participate.

Meanwhile, large banks such as: Agribank Ha Tinh Branch, BIDV Ha Tinh Branch, Agribank Ha Tinh II Branch... designed and implemented savings programs with many valuable gifts such as: cars, motorbikes, savings books... as "catalysts" to increase capital growth quite impressively.

Implementing the direction of the State Bank of Vietnam (SBV) on lowering operating interest rates, starting from the third quarter of 2023, credit institutions have continuously lowered deposit interest rates to create room to reduce lending interest rates, supporting the economy. Deposit interest rates have decreased in recent months, so the attractiveness of people's savings channels has also decreased, but in general, so far, the total capital of the Ha Tinh banking sector has still had good growth.

Capital mobilized by credit institutions grows well

Mobilized capital is an important resource for commercial banks to lend for investment in production and business in the "final sprint" of the year.

According to data from the State Bank of Vietnam, Ha Tinh Branch, it is estimated that by October 31, 2023, the mobilized capital of credit institutions in the area will reach about VND 96,400 billion, an increase of 17.3% over the same period in 2022 and an increase of 14.4% compared to the end of 2022. This is an important resource for commercial banks to continue to accompany people and businesses, lending for investment in production and business in the "sprint" period at the end of 2023.

According to the State Bank of Vietnam Ha Tinh Branch, recently, credit institutions in the area have strictly complied with the regulations on interest rate management of the Governor of the State Bank of Vietnam, there has been no phenomenon of unfair competition or exceeding the ceiling.

Accordingly, the interest rate for mobilizing deposits in VND is at 0.1-0.5%/year for non-term deposits and deposits with terms of less than 1 month; 3.3-4.55% for deposits with terms from 1 month to less than 6 months; 4.3-6.3%/year for deposits with terms from 6 months to less than 12 months; 5.3-6.5%/year for deposits with terms of 12 months or more.

USD mobilization interest rate is 0%/year for deposits of organizations and individuals.

Thao Hien

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