Many commercial banks have adjusted up deposit interest rates. VNA/VNS Photo

HÀ NỘI — In the current economic context, bank savings are expected to be among the most attractive investment channels in the remaining months of this year.

According to the latest data from the State Bank of Vietnam, the amount of saving deposits of individual customers as of the end of August 2024 reached more than VNĐ6.92 trillion (nearly US$272 million), an increase of six per cent compared to the end of 2023. In August alone, the amount of new deposits was nearly VNĐ86.48 trillion, meaning that an average of VNĐ2.9 trillion was deposited at banks each day.

Experts said that the increase in deposit interest rates played an important role in the rise. Many commercial banks have adjusted up deposit interest rates to make them more attractive.

For example, Viet A Bank has increased short-term interest rates by 0.3-0.6 percentage points, bringing the highest rate to 5.4 per cent per year. Other banks such as MB, VIB and Techcombank have also adjusted their interest rates up from 0.2-1 percentage point per year.

Currently, interest rates for 36-month deposits of individual customers range from 3.9 per cent to 6.35 per cent per year. Bac A Bank is currently listing the highest rate in the banking system with 6.35 per cent per year for deposits of VNĐ1 billion or more. Nam A Bank and Dong A Bank follow with high rates of 6.2 per cent and 6.1 per cent per year, respectively.

According to experts from Dragon Capital Securities Company (VDSC), any interest rate hike does not only help banks maintain liquidity but also support firms with loans to increase production and business in the final period of this year. This also shows the flexibility of banks in ensuring capital sources to serve the economy, while maintaining safety and liquidity for the banking system.

High credit demand at the end of the year is expected to continually push up deposit interest rates, keeping the savings channel in an attractive position.

Expert Dr Nguyễn Trí Hiếu predicts that the last months of the year are often the period when banks increase capital raising to meet the high loan demands from businesses. Deposit interest rates may continue to rise as capital demand increases sharply. This means that the savings channel is still the top choice, thanks to its safety and attractive interest rates.

Regarding the gold market, according to Hiếu, this is an investment channel that requires caution, as gold prices are greatly affected by policy factors and fluctuations of the global market. In addition, expected policy changes in 2024 may cause gold prices to fluctuate strongly, reducing the attractiveness of this channel.

Meanwhile, the stock market is forecast to be one of the potential channels, especially in the context of the upcoming interest rate reduction cycle. According to Trần Hoàng Sơn, director of VPBank Securities Company’s market strategy division, the current adjustment period of the stock market could be an opportunity for investors to accumulate stocks for 2025. However, investors should be cautious in choosing stock codes to avoid risks in the context that the market is affected by economic and tax policies.

Regarding real estate, experts say the market has a clear differentiation between segments. While land, resort and commercial real estate have not yet flourished, urban and industrial real estate have maintained good growth momentum.

In particular, the demand for housing in large cities is still very high, bringing great profit potential to investors. However, experts recommend that it is necessary to carefully consider capital sources and prepare for the interest rate reduction cycle to optimise investment opportunities. — VNS