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Quay về Tạp chí Công Thương
e-ISSN 3093-3994
ISSN 0866-7756
DOI: 10.62831
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Issue: Số 20 - Tháng 7 - 2026 Tài chính - Ngân hàng - Bảo hiểm

Financial stability and financial inclusion: Evidence of a conditional trade-off in Vietnam

Published: August 8, 2026

Abstract

Abstract: This study analyzes the relationship among macroprudential policy, financial inclusion, and financial stability in Vietnam during 2010 - 2023. A financial inclusion index was constructed using principal component analysis, followed by Pearson correlation analysis and exploratory ordinary least squares regression. The findings indicate a positive association between tighter macroprudential policy and financial inclusion. However, there is no clear evidence that expanding financial inclusion increases credit risk. The decline in the non-performing loan ratio during periods of rapid credit growth may partly reflect a denominator effect rather than a substantive improvement in credit quality. Overall, the relationship between financial stability and financial inclusion in Vietnam is characterized by a conditional rather than absolute trade-off. The results highlight the importance of policy timing, supervisory capacity, institutional quality, and coordination between financial inclusion and risk-control objectives.
Keywords
macroprudential policy financial inclusion financial stability credit risk digital finance Vietnam

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