To boost public investment spending, about VND115 trillion ($4.55 billion) was withdrawn from three major bank accounts.
The latest data shows that as of the end of the third quarter, the size of the Treasury’s deposits in the three major banks had fallen sharply by 40% from the end of the second quarter.
Specific data showed that at the end of September, the total treasury deposits of Vietnam Foreign Trade Bank, Vietnam Bank for Industry and Commerce and Vietnam Bank for Investment and Development were 175.6 trillion VND (about US$6.9 billion), a significant decrease from 290 trillion VND (about US$11.5 billion) at the end of June.
This means that about 115 trillion dong (4.55 billion U.S. dollars) of funds were withdrawn from the three top Vietnamese banks to support the development of public investment projects.
Among them, as the preferred bank for depositing treasury funds, the Vietnam Bank for Investment and Development had a treasury deposit balance of 74.645 trillion VND (about US$3 billion) at the end of the third quarter.
Vietnam Industrial and Commercial Bank ranked second, with a treasury deposit balance of 65.310 trillion VND (about 2.58 billion USD), while Vietnam Foreign Trade Bank’s related deposits were 35.641 trillion VND (about 1.4 billion USD).
It is worth noting that the size of treasury bank deposits will be adjusted dynamically with the progress of public investment spending.
Data showed that by the end of June, the national public investment expenditure rate reached 29.39%, with total expenditure of VND196.7 trillion (about US$7.77 billion). By September 30, public investment expenditure was estimated to have reached VND320.566 trillion (about US$12.67 billion), indicating that new expenditure in the third quarter was about VND123 trillion (US$4.86 billion).
Despite these positive signs, actual completion of the public investment plan approved by the Prime Minister in the third quarter was 47.29%, lower than the same period in 2023. The pace of public investment spending is expected to continue to accelerate before the end of the year.
