ASEAN-6 NPL ratios (% of total loan)

（Source）IMF, MAS

This chart tracks the non-performing loan (NPL) ratios across six ASEAN countries (Thailand, Philippines, Malaysia, Indonesia, Singapore, Vietnam) from Q1 2020 to Q4 2024.

Key Points

• Vietnam's NPL ratio surged sharply in 2023, reaching 5.4% by Q4 2024 — the highest among the ASEAN-6. (All figures for Vietnam are based on publicly available data.)

• Thailand has consistently maintained an elevated NPL ratio, hovering around 2.8%, suggesting structural stress in its credit market.

• The Philippines saw a spike above 4% post-COVID, but has since improved somewhat, though its latest figure is still high at 3.2%.

• Indonesia, Malaysia, and Singapore maintain relatively low and stable NPL levels, ending 2024 at 1.9%, 1.4%, and 1.3% respectively.

• The chart highlights wide credit quality divergence within ASEAN, reflecting differences in regulatory response, risk absorption capacity, and financial system resilience.