25-Year-Old Engineer In Vietnam Strategises Ways To Save Up For Her Own Home | Money Mind | Property

Ho Chi Minh City is one of the most unaffordable housing markets in the world, with the median home costing 32.5 times median household income. Can young people ever afford to save for their first property? A young engineer in Vietnam's biggest city shares her strategies for reaching this goal.

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#CNA #MoneyMindCNA #HoChiMinh #Vietnam #Property #Savings #Rent #Millennials

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[lisaloi]

This lady is very wise and hardworking . She chooses to take the hard route and is still hopeful despite all odd stacked against her. I wish her sucess .

[JohnDoe-eigp]

VN housing market biggest issue is the artificial inflation, pair that with heavy corruption and you get no more new homeowner. A group of elites buy up all the houses in the area to inflate the price while the demand is not even that high, like that one gov official that owns 60 properties... People can owns multiple properties without taxes, rich home owners that doesn't rely on the income from the rent can just leave a bunch of houses empty for years because they rather do that than lowering the rent. Overall it's the combination of culture, greed, bad policy and corruption that create such a hopeless future for young people, but I doubt anything will change soon, how can they create a law that discourage multiple properties ownership when every one of them has multiple houses 😂

[jrmayberry]

I lived in Vietnam for 3 years - this situation happens because a) the tax system is broken with most people evading taxes so the government isnt funded b) there is very little capital available for a variety of reasons c) the banking system isn't very viable because of a lack of capital d) there is significant risk of making capital available because of corruption or because of cultural lack of accountability e) because of the risk and lack of capital - interest rates are very high. Basically, vietnam is still a hand to hand cash economy. A lack of foreign investment due to the risks of corruption or because of the underlying communist political system is a contributing factor also.

[KeepWalkingNeverStop]

I feel so bad for this bright girl.

I have been living in the Netherlands for 8 years now, the last 3 of which I've spent in a cramped studio with a low ceiling.

Studies have shown that a cramped space, especially where the ceiling is low, can severely affect an individual's mental health.

With all other housing options being extremely unaffordable, I have opted to move back to my home country in a few months instead.

Best of luck to her!

[danduong]

Thank you CNA for mentioning this HUGE problem. Young Vietnamese would NEVER be able to buy a home, even if you're bad at math, you can obviously see that $500 saving per month ($6000 per year) is far from enough to buy even a condo in Saigon which ranges around $100, 000, so you basically need 16 years worth of saving to buy a condo, not mentioning the interest and ever increasing price. And not to mention the average annual income in Vietnam is less than $4000 a year, the girl in the video has above average income. You may think that people should buy home far away from the city, but for a city with over 10 mil people, Saigon surprisingly has no mass transit and highway network to connect with other places. And imagine spending hours commuting in the harsh sun and rain by scooter everyday (don't mention car because that's also unaffordable).

[sebastianniqvist]

Good luck to these young people. It’s sad to see these youngsters wanting a normal life which is unaffordable.
I think the girl is more focused but her brother seems to be so disappointed with everything that has just given up.
May these people find the happiness they are looking for.

[yesjoeri]

I have a super easy job, no specific talents and make 10 times her salary, that is crazy. the world is unfair and ive been very fortunate

[nyph]

That is the reason why I don't wanna work in Vietnam. The salary always stays same while the rent usually increase dramatically. I think the best choice is to work in abroad

[jeffcollins]

I'm a foreigner living in HCMC married to a Vietnamese woman and although our salaries put us in literally the top few percent of earners in the country, buying a house here just feels like a dream. And although we probably could if we really buckled down, is it worth it when the quality of construction is so low and space is so limited? For us, not in the near future at least. We pay $700 / month to rent a 120 sqm apartment in the inner city, that's a much better deal.

[dangson]

As you can see, these houses are not only expensive but also very dangerous, they located in some small alleys which firefighters have difficulty reaching them, so when the fire comes, there will be no chance to survive for people who live in there

[SamsonOhsem]

With her strong dedication she will be successful

[q.a.]

Her strong determination is inspiring and admirable ... wishing her the best 🙂

[KhomAsian]

I'm Native Khmer in VN and I live in this Prey Nokor Sài Gòn city, I spend like 2m vnd per month for a bunk bed in a co-living dorm, to rent a private room in boarding house, you will need around 3-5m per months but don't expect a convenient one. The room in this video is quite okay for 4, 2m, surprisingly lol. However, since we are local here, so we get used to with this and still have a good life, as long as the job thrives.
Sok sabay và cố lên nào hai anh em nhé!

[frankieteo]

Wishing you all the best in life. You will make it with your will power. God Bless and stay safe.. Cheers..

[K.Huynh.]

Giá nhà trọ tại Việt Nam đang tăng cực kỳ nhanh, và điều này anh hưởng lớn tới những người trẻ, những thế hệ trẻ, quá khả năng để cho một sinh viên có thể thuê một phòng trọ độc lập, thường sẽ có từ 2, 3 tới 4 sinh viên thuê trọ cùng nhau. Đồng thời cũng là áp lực tới thế hệ trẻ cho việc sở hữu nhà ở.

[_PhoReal]

Median home price = 32.5 times of household income 🤯. Seriously that should be illegal anywhere!

[leigh]

Believe it or not, but this is middle class in Vietnam. A lot of people in their 20s have it way worse. Often sleeping 4 to a room with no hope of buying a place.

[QwutkfRkekkws]

I am Vietnamese, but I am very disappointed that I am a Vietnamese, the life of a young Vietnamese person is very hopeless, you work all your life just to buy 1/3 of the house and land and Use your next generation to buy the remaining 2/3

[Ellataylor-ow]

The housing price 📈 every year
The salary stays the same. Still low as hell

[tuhoang]

House price in Vietnam has been exagerated over the last 2 decades by real estate enterprises. Looking at the list of wealthiest people in Vietnam, more than half of them have a bussiness in buying and selling apartment or houses. Only when we can control the involvement of those companies that houses will be more affordable.