Bank deposits in Vietnam hit a decade high in Q1, with a total of VND415tr (USD17.58bn) recorded, according to the State Bank of Vietnam. This figure significantly surpasses the average Q1 individual customer deposit of VND150tr over the last 7-8 years. High interest rates since October last year have encouraged deposits, despite recent reductions. Institutional deposits, however, fell by almost 4.9% in Q1 to VND5.66 quadrillion, reflecting liquidity challenges in the real estate sector and contraction among producers and exporters. Despite a 1% overall increase in individual and institutional deposits since the start of the year, experts suggest the banking system's liquidity is somewhat excessive given recent record low credit growth.
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