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Making VND deposits advisable to investors as interest rates high
As the measures to curb inflation have shown the desired effects, it is more profitable to make VND deposits at banks than US$ deposits or injecting money in other investment channels.
Ho Huu Hanh, Director of the HCM City Branch of the State Bank of Vietnam, noted that the VND interest rates remain relatively high, ensuring satisfactory profit for depositors, while the inflation rate is showing signs of slowing down.
Associate Prof Dr Tran Hoang Ngan, member of the National Advisory Council for Monetary Policies, Deputy Headmaster of the HCM City Economics University, predicted that the inflation rate would be restrained at 1% per month from now to the end of the year. The basic interest rate will also be lowered step by step, he says, possibly to 12% per annum by the end of the year.
If everything goes this way, which means the inflation rate and basic interest rate will decrease, people should take advantage of the currently offered high interest rates to make bank deposits now. The interest rates the depositors can enjoy now may be lower than the CPI increase in the whole year 2008, but still higher than the CPI increases in the upcoming months.
The deputy director of a commercial bank said that the stock market, though showing many opportunities since it has been recovering, still has high risks. The real estate market has not recovered yet, while the gold market is sliding. In this circumstance, making VND deposits to get high interest rates now proves to be an ideal choice for those who prefer safe affairs.
Statistics show that in the first eight months of the year, mobilised capital grew by 12% in HCM City, of which the VND mobilised capital grew by 4.9%, while US$ capital by 33.5%.
Skyrocketing commodity prices have led to the narrowing of VND deposits. Meanwhile, a lot of people have chosen to inject money in stocks since the stock market has been recovering instead of making VND deposits at banks.
V.Q, a surfing stock market investor, said that the deposit interest rate is 1.5%/month (18% per annum), which means minus interest for depositors. Meanwhile, securities investors can hope for higher profit with securities investments as the allowed daily trading bands are 5% for HCM City Stock Exchange and 7% for the Hanoi Securities Trading Centre.
US$ deposits have been growing well in recent months as people rushed to buy dollars several months ago, when the dollar price skyrocketed, and now they make US$ deposits at banks.
VNN
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