<p>河內——根據 27 家銀行的合併財務報表，2026 年第一季度的不良貸款（NPL）增加了近 30 萬億越南盾（11.4 億美元），總額超過 292 萬億越南盾。</p>
<p>不良貸款佔銀行總貸款餘額的 1.99%，相比 2025 年底的 1.85% 有所上升。</p>
<p>BIDV 以超過 42.65 萬億越南盾的不良貸款位居榜首，僅在三個月內就增加了近 7.7 萬億越南盾。Sacombank 的不良貸款超過 41.49 萬億，VPBank 超過 37.28 萬億，而 Vietcombank 則超過 10.8 萬億。</p>
<p>這一上升表明，資產質量壓力在經歷了前幾年快速信貸增長後變得愈加明顯，尤其是在房地產、建築、消費品和企業債券等對利率和現金流敏感的行業。</p>
<p>專家表示，這一上升是在企業和個人在經歷了多年的經濟持續受到疫情、供應鏈中斷、地緣政治不穩定、利率上升和房地產市場流動性下降等衝擊後，仍面臨顯著現金流壓力的背景下發生的。</p>
<p>整個銀行系統的不良貸款覆蓋率平均從 2025 年底的 83.3% 下降到 2026 年第一季度末的 74.9%。這意味着許多銀行的準備金 “緩衝” 在短短一個季度內顯著減少。</p>
<p>幾家銀行的不良貸款覆蓋率顯著下降。具體而言，TPBank 從 92.5% 降至 68.4%；Bac A Bank 從 107.5% 降至 67.9%；PGBank 從 51.2% 降至 31.1%；SHB 從 82.4% 降至 71.2%；BIDV 從近 100% 降至 86.9%。</p>
<p>比率的下降反映了在資產質量惡化的背景下，準備金壓力的增加。當不良貸款的增長速度超過準備金的積累速度時，銀行抵禦信貸衝擊的能力將受到顯著影響。</p>
<p>這也是為什麼許多銀行最近在信貸策略上變得更加謹慎，特別是在房地產、消費貸款或現金流薄弱的企業客户等高風險領域。</p>
<p>胡志明市銀行大學的周定林博士表示，儘管信貸增長持續高企，但許多銀行尚未建立足夠穩健的信貸風險管理基礎。</p>
<p>根據林博士的説法，巴塞爾 II 國際銀行標準的實施以及許多信貸機構向巴塞爾 III 的轉變尚未真正深入，導致資產增長的質量滯後於信貸擴張的步伐。</p>
<p>不良貸款的增加不僅影響利潤，還對系統流動性施加壓力，因為現金流被困在無法收回的貸款中，而不是重新流入經濟。</p>
<p>展望未來，他預測到 2026 年底，銀行系統的不良貸款可能會比之前有所增加，但如果宏觀經濟保持穩定，公共投資有效促進，出口積極恢復，市場信心逐漸改善，仍將保持在可控範圍內。——BIZHUB/VNS</p>

VNAM

越南 ETF - VanEck Vectors

<p>在 2026 年第一季度，越南 27 家銀行的不良貸款（NPLs）增加了近 30 萬億越南盾（約合 11.4 億美元），達到超過 292 萬億越南盾，佔總貸款的 1.99%。BIDV 以超過 42.65 萬億越南盾的不良貸款位居首位。這一增長反映了在快速信貸增長後，特別是在敏感行業，資產質量面臨壓力。平均不良貸款覆蓋率從 83.3% 下降至 74.9%，表明準備金減少。專家預測，到 2026 年底，不良貸款可能進一步上升，但如果宏觀經濟穩定性改善，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>河內——根據 27 家銀行的合併財務報表，2026 年第一季度的不良貸款（NPL）增加了近 30 萬億越南盾（11.4 億美元），總額超過 292 萬億越南盾。</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>不良貸款佔銀行總貸款餘額的 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 以超過 42.65 萬億越南盾的不良貸款位居榜首，僅在三個月內就增加了近 7.7 萬億越南盾。Sacombank 的不良貸款超過 41.49 萬億，VPBank 超過 37.28 萬億，而 Vietcombank 則超過 10.8 萬億。</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>這一上升表明，資產質量壓力在經歷了前幾年快速信貸增長後變得愈加明顯，尤其是在房地產、建築、消費品和企業債券等對利率和現金流敏感的行業。</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>專家表示，這一上升是在企業和個人在經歷了多年的經濟持續受到疫情、供應鏈中斷、地緣政治不穩定、利率上升和房地產市場流動性下降等衝擊後，仍面臨顯著現金流壓力的背景下發生的。</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>整個銀行系統的不良貸款覆蓋率平均從 2025 年底的 83.3% 下降到 2026 年第一季度末的 74.9%。這意味着許多銀行的準備金 “緩衝” 在短短一個季度內顯著減少。</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>幾家銀行的不良貸款覆蓋率顯著下降。具體而言，TPBank 從 92.5% 降至 68.4%；Bac A Bank 從 107.5% 降至 67.9%；PGBank 從 51.2% 降至 31.1%；SHB 從 82.4% 降至 71.2%；BIDV 從近 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資產質量惡化的背景下，準備金壓力的增加。當不良貸款的增長速度超過準備金的積累速度時，銀行抵禦信貸衝擊的能力將受到顯著影響。</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>這也是為什麼許多銀行最近在信貸策略上變得更加謹慎，特別是在房地產、消費貸款或現金流薄弱的企業客户等高風險領域。</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>胡志明市銀行大學的周定林博士表示，儘管信貸增長持續高企，但許多銀行尚未建立足夠穩健的信貸風險管理基礎。</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>根據林博士的説法，巴塞爾 II 國際銀行標準的實施以及許多信貸機構向巴塞爾 III 的轉變尚未真正深入，導致資產增長的質量滯後於信貸擴張的步伐。</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>不良貸款的增加不僅影響利潤，還對系統流動性施加壓力，因為現金流被困在無法收回的貸款中，而不是重新流入經濟。</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>展望未來，他預測到 2026 年底，銀行系統的不良貸款可能會比之前有所增加，但如果宏觀經濟保持穩定，公共投資有效促進，出口積極恢復，市場信心逐漸改善，仍將保持在可控範圍內。——BIZHUB/VNS</p>
</div>

Bad debts increased by over $1.1 billion in Q1

- 2026 年第一季度，不良貸款增加近 30 萬億越南盾，總額超過 292 萬億。  
- 不良貸款佔銀行總貸款餘額的比例上升至 1.99%，反映資產質量壓力加大。  
- 專家預測，未來不良貸款可能增加，但如宏觀經濟穩定，仍可控。

第一季度壞賬增加了超過 11 億美元