An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
Retail bank deposits reached a record VND6.45 quadrillion ($266.07 billion) at the end of September due to lack of investor confidence in most other asset classes.
They rose 9.95% on the year, the fastest rate since 2018, according to the State Bank of Vietnam.
Deposits began increasing since October last year, with banks pushing interest rates above 10% at one point.
Although they are now down to around 6%, analysts say people are unlikely to immediately invest in stocks or real estate due to unfavorable conditions.
The benchmark VN index is struggling to rebound after a sharp decline in September-October, while the property market is not expected to recover until the second half of next year at the earliest.
Corporate deposits increased by 4.65% to VND6.23 quadrillion.
Overall, bank deposits increased by 7.3 percent to VND12.68 quadrillion.