VND2.57 quadrillion deposited at listed banks
Institutions and individuals deposited some VND2.57 quadrillion (US$113.2 billion) at eight listed commercial banks by the end of 2016.
The listed banks include BIDV, Vietcombank, VietinBank and Asia Commercial Bank, as well as Military Bank, Eximbank, Vietnam International Bank and National Citizen Bank.
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The amount of money was equal to 1.5 times of the country’s stock market capitalisation.
Currently, interest rates average at 0.8%-1% per year based on demand and for below one-month terms, 4.5%-5.4% per year for one-to-six-month terms, 5.4%-6.5% per year for 6-to-12 month terms and 6.4%-7.2% per year for 12-month-plus terms.
The interest rate for dollar deposits was commonly 0% for individuals and economic institutions.
According to the current legal regulations, depositors do not have to pay income tax.