Total deposits in Vietnam’s banking system reached a record VND13.5 quadrillion ($562 billion) in 2023, a year-on-year rise of 14 per cent, according to the State Bank of Vietnam (SBV).

Credit growth last year was estimated to have increased 13.7 per cent year-on-year, the SBV reported at a recent conference to review operations in 2023 and implement tasks in 2024.

The banking sector contributed to stabilizing the macro-economy and controlling inflation during the year, according to SBV Governor Nguyen Thi Hong.

Interest rates on deposits and new loans at banks came down by more than 2.5 percentage points last year compared to end-2022, she said.

The central bank has set a credit growth target of 15 per cent this year, up 1 percentage point from last year’s target.