In the last days of the year, interest rates at many banks continued to decrease, causing people to hesitate in choosing between savings and other forms of investment. However, according to a report by Dragon Capital Securities (VDSC), current interest rates are at a very low level and may gradually increase in 2024.

According to experts, low interest rates are largely due to the relatively weak capital demand of the economy. Banks do not have many problems in mobilizing capital, so deposit interest rates will not have competition in deposit interest rates as in previous years.

Data from the State Bank shows that the credit growth rate of the entire banking sector as of mid-December was only 9.87%, significantly lower than the same period last year. In addition, Circular 26 on allowing the calculation of State Treasury deposits into the ratio of outstanding credit to mobilized capital will also gradually decrease in 2024, gradually putting pressure on the entire system in 2024.

From there, analysts believe that next year, as the economy recovers, credit demand will also improve. Demand for deposit interest rates will also gradually increase in 2024. VDSC expects that net interest margins will improve, falling to a level lower than the pandemic.

However, the recovery ability of net interest margin also depends on a number of factors such as the ability to control bad debt and the debt maturity structure of each bank.