<p>河内——根据 27 家银行的合并财务报表，2026 年第一季度的不良贷款（NPL）增加了近 30 万亿越南盾（11.4 亿美元），总额超过 292 万亿越南盾。</p>
<p>不良贷款占银行总贷款余额的 1.99%，相比 2025 年底的 1.85% 有所上升。</p>
<p>BIDV 以超过 42.65 万亿越南盾的不良贷款位居榜首，仅在三个月内就增加了近 7.7 万亿越南盾。Sacombank 的不良贷款超过 41.49 万亿，VPBank 超过 37.28 万亿，而 Vietcombank 则超过 10.8 万亿。</p>
<p>这一上升表明，资产质量压力在经历了前几年快速信贷增长后变得愈加明显，尤其是在房地产、建筑、消费品和企业债券等对利率和现金流敏感的行业。</p>
<p>专家表示，这一上升是在企业和个人在经历了多年的经济持续受到疫情、供应链中断、地缘政治不稳定、利率上升和房地产市场流动性下降等冲击后，仍面临显著现金流压力的背景下发生的。</p>
<p>整个银行系统的不良贷款覆盖率平均从 2025 年底的 83.3% 下降到 2026 年第一季度末的 74.9%。这意味着许多银行的准备金 “缓冲” 在短短一个季度内显著减少。</p>
<p>几家银行的不良贷款覆盖率显著下降。具体而言，TPBank 从 92.5% 降至 68.4%；Bac A Bank 从 107.5% 降至 67.9%；PGBank 从 51.2% 降至 31.1%；SHB 从 82.4% 降至 71.2%；BIDV 从近 100% 降至 86.9%。</p>
<p>比率的下降反映了在资产质量恶化的背景下，准备金压力的增加。当不良贷款的增长速度超过准备金的积累速度时，银行抵御信贷冲击的能力将受到显著影响。</p>
<p>这也是为什么许多银行最近在信贷策略上变得更加谨慎，特别是在房地产、消费贷款或现金流薄弱的企业客户等高风险领域。</p>
<p>胡志明市银行大学的周定林博士表示，尽管信贷增长持续高企，但许多银行尚未建立足够稳健的信贷风险管理基础。</p>
<p>根据林博士的说法，巴塞尔 II 国际银行标准的实施以及许多信贷机构向巴塞尔 III 的转变尚未真正深入，导致资产增长的质量滞后于信贷扩张的步伐。</p>
<p>不良贷款的增加不仅影响利润，还对系统流动性施加压力，因为现金流被困在无法收回的贷款中，而不是重新流入经济。</p>
<p>展望未来，他预测到 2026 年底，银行系统的不良贷款可能会比之前有所增加，但如果宏观经济保持稳定，公共投资有效促进，出口积极恢复，市场信心逐渐改善，仍将保持在可控范围内。——BIZHUB/VNS</p>

VNAM

越南 ETF - VanEck Vectors

<p>在 2026 年第一季度，越南 27 家银行的不良贷款（NPLs）增加了近 30 万亿越南盾（约合 11.4 亿美元），达到超过 292 万亿越南盾，占总贷款的 1.99%。BIDV 以超过 42.65 万亿越南盾的不良贷款位居首位。这一增长反映了在快速信贷增长后，特别是在敏感行业，资产质量面临压力。平均不良贷款覆盖率从 83.3% 下降至 74.9%，表明准备金减少。专家预测，到 2026 年底，不良贷款可能进一步上升，但如果宏观经济稳定性改善，仍然可控</p>

<p>HÀ NỘI — Non-performing loans (NPLs) of 27 banks in the first quarter of 2026 rose by nearly VNĐ30 trillion (US$1.14 billion) to more than VNĐ292 trillion, according to consolidated financial statements of the banks.</p>
<div class="lb-trans"><p>河内——根据 27 家银行的合并财务报表，2026 年第一季度的不良贷款（NPL）增加了近 30 万亿越南盾（11.4 亿美元），总额超过 292 万亿越南盾。</p>
</div><p>The NPLs accounted for 1.99 per cent of the banks’ total outstanding loans, compared to 1.85 per cent at the end of 2025.</p>
<div class="lb-trans"><p>不良贷款占银行总贷款余额的 1.99%，相比 2025 年底的 1.85% 有所上升。</p>
</div><p>BIDV topped the list with over VNĐ42.65 trillion in non-performing loans, an increase of nearly VNĐ7.7 trillion in just three months. Sacombank recorded over VNĐ41.49 trillion, and VPBank had over VNĐ37.28 trillion, while Vietcombank exceeded VNĐ10.8 trillion.</p>
<div class="lb-trans"><p>BIDV 以超过 42.65 万亿越南盾的不良贷款位居榜首，仅在三个月内就增加了近 7.7 万亿越南盾。Sacombank 的不良贷款超过 41.49 万亿，VPBank 超过 37.28 万亿，而 Vietcombank 则超过 10.8 万亿。</p>
</div><p>The rise showed that asset quality pressure is becoming more apparent after a period of rapid credit growth in previous years, especially in sectors sensitive to interest rates and cash flow such as real estate, construction, consumer goods and corporate bonds.</p>
<div class="lb-trans"><p>这一上升表明，资产质量压力在经历了前几年快速信贷增长后变得愈加明显，尤其是在房地产、建筑、消费品和企业债券等对利率和现金流敏感的行业。</p>
</div><p>According to experts, the rise came under the context that businesses and individuals have still faced significant pressure on cash flow after years of the economy continuously facing shocks from the pandemic, supply chain disruptions, geopolitical instability, rising interest rates and declining real estate market liquidity.</p>
<div class="lb-trans"><p>专家表示，这一上升是在企业和个人在经历了多年的经济持续受到疫情、供应链中断、地缘政治不稳定、利率上升和房地产市场流动性下降等冲击后，仍面临显著现金流压力的背景下发生的。</p>
</div><p>The average bad debt coverage ratio across the entire banking system decreased from 83.3 per cent at the end of 2025 to 74.9 per cent at the end of the first quarter of 2026. This meant that the reserve ‘buffer’ of many banks significantly thinned in just one quarter.</p>
<div class="lb-trans"><p>整个银行系统的不良贷款覆盖率平均从 2025 年底的 83.3% 下降到 2026 年第一季度末的 74.9%。这意味着许多银行的准备金 “缓冲” 在短短一个季度内显著减少。</p>
</div><p>Several banks recorded significant decreases in the bad debt coverage ratio. Specifically, TPBank fell from 92.5 per cent to 68.4 per cent; Bac A Bank from 107.5 per cent to 67.9 per cent; PGBank from 51.2 per cent to 31.1 per cent; SHB from 82.4 per cent to 71.2 per cent; and BIDV from nearly 100 per cent to 86.9 per cent.</p>
<div class="lb-trans"><p>几家银行的不良贷款覆盖率显著下降。具体而言，TPBank 从 92.5% 降至 68.4%；Bac A Bank 从 107.5% 降至 67.9%；PGBank 从 51.2% 降至 31.1%；SHB 从 82.4% 降至 71.2%；BIDV 从近 100% 降至 86.9%。</p>
</div><p>The decline in the ratio has reflected the increasing pressure to make provisions amidst deteriorating asset quality. When bad debts increase faster than the rate of provision accumulation, the bank's resilience to credit shocks will be significantly affected.</p>
<div class="lb-trans"><p>比率的下降反映了在资产质量恶化的背景下，准备金压力的增加。当不良贷款的增长速度超过准备金的积累速度时，银行抵御信贷冲击的能力将受到显著影响。</p>
</div><p>This is also why many banks have become more cautious in their credit strategies recently, especially in high-risk segments such as real estate, consumer lending or corporate clients with weak cash flow.</p>
<div class="lb-trans"><p>这也是为什么许多银行最近在信贷策略上变得更加谨慎，特别是在房地产、消费贷款或现金流薄弱的企业客户等高风险领域。</p>
</div><p>Dr Châu Đình Linh of the HCM City University of Banking said that many banks had yet to build a sufficiently robust credit risk management foundation, despite consistently high credit growth.</p>
<div class="lb-trans"><p>胡志明市银行大学的周定林博士表示，尽管信贷增长持续高企，但许多银行尚未建立足够稳健的信贷风险管理基础。</p>
</div><p>According to Linh, the implementation of Basel II international banking standards and the move towards Basel III in many credit institutions has not yet truly gone into depth, causing the quality of asset growth to lag behind the pace of credit expansion.</p>
<div class="lb-trans"><p>根据林博士的说法，巴塞尔 II 国际银行标准的实施以及许多信贷机构向巴塞尔 III 的转变尚未真正深入，导致资产增长的质量滞后于信贷扩张的步伐。</p>
</div><p>The increase in bad debt not only impacts profits but also puts pressure on system liquidity, because cash flow is stuck in uncollectible loans instead of circulating back into the economy.</p>
<div class="lb-trans"><p>不良贷款的增加不仅影响利润，还对系统流动性施加压力，因为现金流被困在无法收回的贷款中，而不是重新流入经济。</p>
</div><p>Looking ahead, he predicted that bad debts of the banking system by the end of 2026 would likely increase compared to the previous period, but would still remain within a controllable range if macroeconomic stability continues, public investment is effectively promoted, exports recover positively, and market confidence gradually improves. — BIZHUB/VNS</p>
<div class="lb-trans"><p>展望未来，他预测到 2026 年底，银行系统的不良贷款可能会比之前有所增加，但如果宏观经济保持稳定，公共投资有效促进，出口积极恢复，市场信心逐渐改善，仍将保持在可控范围内。——BIZHUB/VNS</p>
</div>

Bad debts increased by over $1.1 billion in Q1

- 2026 年第一季度，不良贷款增加近 30 万亿越南盾，总额超过 292 万亿。  
- 不良贷款占银行总贷款余额的比例上升至 1.99%，反映资产质量压力加大。  
- 专家预测，未来不良贷款可能增加，但如宏观经济稳定，仍可控。

第一季度坏账增加了超过 11 亿美元