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Like so many others in Lam Dong Province and other rural areas of southern Vietnam, Toan saw the value of his agricultural land skyrocket in 2020-2021. He took it as an opportunity to start flipping properties for profit. But the market froze last year and short-term loans at high interest rates have now sunk him and many other farmers-turned-inexperienced-traders in impossible debt instead. The veteran coffee grower sold his land 7 km from the center of Di Linh District for several billions of dong in profit during a property price bubble in 2021. He then took out short-term, high-interest loans and used them plus money he made from his land sale to by several more plots he planned to resell for profit in what he thought would be at most 1-2 months. He said he thought he’d be able to sell some of the land back in even just a couple of weeks. But the properties still haven’t sold. In early 2022, Toan poured another VND15 billion ($635,600), including VND6 billion from another … [Read more...] about Debt buries farmers trying to flip property in frozen market

Decreasing demand for apartments in the region is also forecast to continue through at least the middle of the year. But it may begin to gradually rise by the last quarter of 2023 as legal bottlenecks and obstacles to credit are slated to be at least partially removed by the government, according to DKRA real estate consultants. DKRA Vietnam deputy R&D director Vo Hong Thang said apartment market liquidity, this year, would concentrate in affordable housing projects with prices of below VND50 million ($2,118) per square meter in HCMC and less than VND35 million per square meter in Binh Duong. Such social housing projects promise to be a ray of light in the otherwise gloomy 2023 market, he said, while adding the caveat that supply would still be limited. According to Thang, businesses are gradually supplying fewer high-priced homes and more affordable apartments and social housing units this year. He said this trend may last until 2025, with new supply focusing on the city’s … [Read more...] about Apartment market to continue slumping this year

My son is doing well. He and his wife have stable incomes, they get along well, and have a son together. My daughter is not doing so well. She and her husband rent a home near ours, but they are struggling. Last year, her husband informed us that he was VND200 million ($8,533) in debt because his business was not doing well. He also owes my son VND30 million and owes my younger brother VND40 million. He sold his family’s land in the countryside to pay the debt, but could only pay VND100 million because market prices are low. He asked me to borrow money from my relatives on his behalf. I asked my daughter what kind of business her husband was doing that led to this situation. It turns out that he borrowed money online to gamble. I feel sorry for my daughter since she married a terrible husband. She does not want to divorce him because she wants her kids to have both a mom and dad. My daughter is now on maternity leave. Her husband only gives her VND2 million a month to pay for … [Read more...] about I am disappointed in my daughter-in-law