According to data from the State Bank of Vietnam (SBV), deposits by individuals at credit institutions have reached approximately VND8 quadrillion (US$303.63 billion), marking an increase of nearly 13 percent compared to the same period last year.
The figures were revealed during a seminar titled “Savings – An Endogenous Strength in the Digital Era,” co-organized in Hanoi by Thoi bao Ngan hang (The Banking Times) and the SBV.
Addressing the seminar, Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, highlighted that the ethos of frugality has consistently served as a fundamental principle in the management philosophy and policy formulation of both the Party and the State throughout Vietnam's development. He pointed out that the banking system occupies a crucial intermediary position in the mobilization and effective allocation of capital towards production, business, and developmental investments.
The SBV’s data underscore that this abundant financial resource has been instrumental in maintaining Vietnam’s robust GDP growth, positioning the nation as a regional bright spot. It also highlights the effectiveness of leveraging household savings as a key driver of internal economic strength.
According to a survey by the General Statistics Department under the Ministry of Finance, 68 percent of adults reported having savings within the past 12 months. Of total savings, 44 percent were intended for retirement, 31 percent for education, and 13 percent for investment or business, with the remainder for other purposes. The survey also showed that 47 percent of respondents keep their savings at home, 33 percent deposit them in banks, 6 percent save through informal channels, 0.4 percent invest in securities, and 0.6 percent in pension funds. These figures indicate that most savings are still concentrated in banks or self-held reserves, while participation in financial markets remains limited.
Associate Professor Chu Khanh Lan, Deputy Director of the Department of Forecasting and Monetary Stability at the SBV, highlighted the crucial role of savings in fostering the growth of individuals, families, and the nation. He noted that over the past 30 years, Vietnam’s average GDP growth rate has been around 6.5 percent, with a savings-to-GDP ratio of 29 percent. However, this ratio remains relatively low compared to neighboring countries.
At the seminar, experts agreed that amid global economic fluctuations, intensified competition for resources, shrinking international capital flows, and rising capital costs, strengthening domestic savings and optimizing the use of internal financial resources have become more strategically vital than ever.
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