Deposits rise again in Vietnam

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Deposits in the banking system rose in December after falling for three months in a row while loans continued to expand at a slow pace, the central bank said in a report.

Dong deposits increased 0.98 percent and dollar deposits 3.52 percent from November. On a year-on-year basis deposits expanded 9.89 percent, the report said.

After the central bank ordered all commercial banks to strictly abide by interest rate limits and stop offering extra cash to clients in September, deposits started to fall. However, some experts had predicted that the declining trend would only be temporary.

According to the central bank, credit expanded by 0.77 percent in December. Compared to the end of 2010, loans grew 10.9 percent.

The money supply rose 9.27 percent last year, the report added.

The central bank is aiming for an overall credit growth of between 15 percent and 17 percent this year. It also plans to bring down interest rates as the government has set a target of keeping inflation at single-digit levels.

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