“That money was the result of more than five years of selling vegetables from the northern province of Nam Dinh to Hanoi,” Sang, 35, of Hai Hau District in Nam Dinh Province says. “Pouring it all into a tiny house in the capital seemed too wasteful.”
They decided to return to their hometown.
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Sang’s family home in northern Nam Dinh province was built in the 1980s. Photo courtesy of the family |
Before starting to sell vegetables they had been factory workers in the capital’s Long Bien District. As his parents’ only son, he often had to travel back to his hometown to handle family matters. “Each time I returned home I would bring vegetables back to Hanoi because they were far cheaper there. “One day I thought: why not turn this into a business, sourcing vegetables from my hometown and selling them in the city?”
In July 2019 the couple rented a house in Long Bien and set up a small vegetable stall. When COVID struck their business unexpectedly thrived.
Throughout the pandemic, no matter the weather, he would set off at midnight to visit two markets and pick up fresh produce. As Covid worsened, families began hoarding vegetables, with some orders reaching several hundred thousand dong (VND 100,000 = $3.94). “At our peak we made a profit of over VND 20 million a day,” he says. Unsure about other forms of investment, they chose to buy gold with their earnings.
Though they had been living in Hanoi for years their earlier factory jobs barely covered their daily expenses, and it was only after they started selling vegetables that they began to save. “From that moment, we nurtured the dream of buying a house in Hanoi,” he says. As the pandemic came to end, their shop maintained steady sales thanks to loyal customers, fetching them profits of around VND50 million every month.
By September 2023 the couple found that their gold savings could potentially buy a 40-square-meter house in Long Bien District, enough space for both living and running their vegetable stall. However, as the year-end rush took over, they decided to postpone the purchase until after the 2024 Lunar New Year.
This delay proved costly. After the holiday housing prices soared in Hanoi, with Long Bien District and other eastern parts of the city becoming property hotspots.
A Q2 report by OneHousing Market Research and Insights Center showed that real estate transactions in Long Bien District surged by 93% from Q1, surpassing Ha Dong District to top the city in May and June. In the first half of 2024 there were more than 4,000 property deals in Long Bien, more than half involving houses priced at below VND5 billion.
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Sang’s house in his hometown during construction, September 2024. Photo courtesy of the family |
Over nearly two months he went around and looked at 20 houses, but was taken aback by what he thought were irrational prices. He suspected some brokers were colluding with owners to corner unsuspecting buyers. Every house in their price range lay deep in narrow, twisting alleys.
The last straw was when he visited a house advertised as costing VND3.4 billion, only for the owner to raise the price to VND3.8 billion when he landed there. Frustrated, he told his wife: “We have worked so hard for years to save a few billion dong, but these constantly fluctuating prices are negating all our efforts.” To his surprise, his wife, Trang, said: “Why don’t we go back home and build a house there?”
Her idea reminded him of his long-held dream to build a comfortable home in their hometown for his aging parents. “I decided to give up the dream of buying a home in the capital and return to my roots,” he says.
He called his parents to share the plan. They were astonished but immediately supportive. For over 40 years, they had lived in a small, old house, patching it up whenever necessary. Having spent their lives toiling in the rice fields to raise their children, they had never imagined living in a brand-new house.
Sang and his wife, preparing to leave Hanoi, sold their gold, whose value had nearly doubled since they began buying in 2020, providing a significant boost to their finances. In April 2024 they began construction of a new villa on the site of the old family home.
Six months later the 400-square-meter house was finished with five bedrooms, three bathrooms, a living room and a room for the family altar. The courtyard was paved with natural stone, and a small pond and gazebo offered a quiet spot to relax.
The entire construction cost less than VND3.8 billion, and they managed it completely from their savings and without having to borrow any money. For Sang, nothing compares to seeing his parents being happy.
“If this house helps my parents live a few more years, it will be the wisest decision I have ever made.”
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Sang (second from the right) celebrating with friends at his housewarming party in late November 2024. Photo courtesy of the family |
For the past two years housing prices in urban centers like Hanoi and HCMC have remained high. Though no official statistics are available, anecdotal evidence suggests many families are gravitating away from large cities and towards smaller towns or their hometowns. Improved transportation links and the growth of industrial zones have narrowed the gap between rural and urban living.
For Sang and Trang, building a house in their hometown does not mean abandoning their urban livelihood. They continue to live in and operate their vegetable business from their rented two-story, 50-square-meter house in Long Bien District, where they have been based for the past six years, though the rent has risen from VND7-9 million a month. They have also expanded their range of products to include fruit and rice from their hometown.
Though they failed to achieve their initial goal of buying a home in Hanoi, the couple have no regrets. They believe property prices in Hanoi are “too unreasonable” at the moment, but might revisit the idea in a few years when the market stabilizes, Sang says.
“We work hard to earn our money, so we must learn to balance our expenses to ensure sustainability over the long term.”
