Vietnam and Thailand NBFIs most exposed to energy shocks: Fitch

NBFIs in India and Indonesia face higher funding costs as currency depreciates.

APAC’s non-bank financial institutions (NBFIs) face uneven but manageable risks from energy shocks, said Fitch Ratings.

APAC emerging-market finance and leasing companies are most exposed because higher fuel and import prices would erode borrower affordability and lift funding costs, the credit rating company said in a report on 14 May 2026.

NBFIs in Vietnam and Thailand may be more at risk of earlier asset quality deterioration due to the faster transmission of fuel price escalation to retail consumers, Fitch warned.

Vietnamese financiers have riskier unsecured loan books, whilst Thailand’s NBFIs face an already-weak economy.

NBFIs in India and Indonesia also face moderately higher funding costs due to currency depreciation.

“Higher imported inflation, softer domestic demand and tighter funding conditions would weigh most on finance and leasing companies in these markets, although we expect pressure on rated issuers to remain broadly manageable,” Fitch said.

China’s leasing companies and asset management companies should remain broadly stable despite a difficult operating environment, it said.

Financing to more vulnerable borrower segments, including small and medium enterprises (SMEs) outside the technology supply chain, remains a weak spot and continues to weigh on Taiwanese finance companies.