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State Treasury withdraws over US$4.5 billion from banks in Q3
The State Treasury's deposits at three major banks have dropped by 40 per cent by the end of the third quarter, compared to the second.
The Bank for Investment and Development of Vietnam (BIDV) is chosen most frequently by the State Treasury for deposits. — Photo vietnamplus.vn
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The total State deposits at Viecombank, VietinBank and BIDV were VNĐ175.6 trillion ($6.9 million) at the end of September, compared to VNĐ290 trillion ($11.5 billion) at the end June.
This means that about VNĐ115 trillion ($4.55 billion) was withdrawn from these banks, which are three of Việt Nam’s biggest, to serve public investment disbursement.
Among these, BIDV, which is usually the bank chosen most frequently by the State Treasury for deposits, reported a treasury deposit balance of VNĐ74.645 trillion ($3 billion) by the end of Q3.
VietinBank is the second largest recipient of State Treasury deposits, with a balance of VNĐ65.310 trillion ($2.58 billion). It was VNĐ35.641 trillion ($1.4 billion) at Vietcombank.
State Treasury bank deposits are subject to change over time since they are influenced by the pace of public investment disbursement.
As of the end of June, the national public investment disbursement rate reached 29.39 per cent, with payments totalling VNĐ196.7 trillion ($7.77 billion). By September 30, public investment disbursement was estimated at VNĐ320.566 trillion ($12.67 billion), which indicates that an additional VNĐ123 trillion ($4.86 billion) was disbursed in Q3.
However, despite these positive signals, only 47.29 per cent of public investment planned by the Prime Minister was disbursed in Q3, lower than the same period in 2023. Efforts to accelerate public investment are forecast to continue in the final months of the year.
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