In the first quarter of 2023, the State Treasury deposit balances at three state-owned banks increased by more than double. VietinBank and BIDV each recorded more than 45,000 billion VND in deposits. This was evident in their recently released first-quarter consolidated financial statements. The state-owned banks, including Vietcombank, VietinBank, and BIDV, showed a significant increase in the State Treasury’s deposit balance during the first three months of the year.
At VietinBank, the State Treasury had a deposit balance of 45,445 billion VND at the end of the first quarter, more than double the amount at the end of 2023. Similarly, at BIDV, the State Treasury’s deposits totaled 40,000 billion VND in term deposits and over 5,500 billion VND in demand deposits, doubling the balance from the end of 2023. Vietcombank had the lowest balance among the three banks, with over 3,300 billion VND. However, this was still more than four times higher than at the beginning of the year.
The State Treasury comprises all cash at Treasury units and state funds available in Treasury accounts opened at commercial banks such as Vietcombank and others. Idle state funds are used for priority purposes such as lending to government budgets or repaying principal before making advances. These funds are deposited for a term with commercial banks through a bidding process for interest rates and term repurchase of government bonds to maximize benefits. By December 31st, nearly 78 million VND of idle money from