Non-performing loans affected the economy in a widespread area, at least during the last decade. The phenomenon had never been a concern until the collapse of stock and real estate markets. Considering that those markets accounted for a massive volume of capital, the crisis quickly spread to banking and commercial lending market. In Vietnam, the non-performing loans have been the concern since 2011. The inefficiency of capital markets humiliated production activities, in general, and competitive capacity, in particular. Immediately, non-performing loans had received massive concerns from investor, domestically and internationally. The concern is not only on a phenomenon of non-performing itself, but also on the interference, and adjustments of the government based on non-performing loans. From those views, non-performing loans are the main component, affecting the economy on macro and micro scale. In this research, researcher hopes to distribute a general look into non-performing loans, including actual explanations for causes, consequences of non-performing loans. Under-standing of nature and reality of non-performing loans will allow investors to explain movement and tendency of lending market thoroughly. For further concern about consequences of non-performing loans, the researcher also monitors recent reforms and actions of banking market, as a main consequence. The analysis of non-performing loans is a valuable reference to evaluate the health of financial markets, in particular, and the stability of the economy, in general. Hence, this paper aims at being a hint to investors, especially foreign investors who keep doubtful viewpoint about Vietnam, one of the most emerging markets in Asia-Pacific.