Demand for banking services in Vietnam expected to be buoyant in H2

The demand for banking services in Vietnam is forecast to be buoyant in the second half of this year, local media reported on Wednesday, citing the State Bank of Vietnam (SBV).
 

Credit growth is expected to reach about 4.4 percent in the third quarter of 2023 and 12.5 percent for the whole year, the local newspaper Vietnam News reported.

The demand for loans, payment services and cards, and deposits improved in the second quarter of 2023, the newspaper said, citing SBV's recent survey.

Demand for banking services will grow positively in the third quarter of 2023, but the rise will be at a slower rate compared to 2022. The demand for loans is expected to increase more than that of deposits.

Capital mobilization of the whole credit institution system is expected to increase by an average of 3.2 percent in the third quarter of 2023 and by 10.6 percent in 2023, according to the central bank.

It is expected that the average deposit and lending interest rates of the whole banking system will decrease by 0.31 and 0.42 percentage points in the third quarter, respectively, and decrease by 0.91 and 0.79 percentage points, for the whole year, respectively.

Previous: Financial transparency corridor set up between Singapore, Cambodia to support SMEs
Next: Singapore's GDP grows by 0.7 pct in Q2