Vietnamese bank's usable capital more than doubles on deposits

TN News

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Vietnamese bank's usable capital more than doubled to VND30 trillion (US$1.57 billion) as deposits rose after the country's Tet Lunar New Year.

"People have started depositing money to banks after withdrawing cash for year-end payments and expenditure," Nguyen Ngoc Bao, director of the monetary policy department at the State Bank of Vietnam, said by phone Wednesday.

With the increase, Vietnamese banks are able to "ensure payment capacity" and expand lending, Nguyen Van Giau, governor of the country's central bank said in a statement on the government's website dated Tuesday.

Usable cash at the nation's banks totaled VND13 trillion prior to the new year, Giau said in the statement. The State Bank of Vietnam injected about VND34 trillion to the system ahead of Tet in anticipation of heavy bank withdraws for year- end bonuses, the statement said.

The Tet new year falls between Feb. 14 and Feb. 19.

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