Vietnamese

mutual aid association

News updates related to informal lending groups (phường hụi).

Làng quê lao đao vì phường hụi

Rural villages in turmoil due to informal lending schemes.

Over the years, in many localities in Nghe An province, the "rotating savings and credit association" model, which was once a familiar form of mutual capital assistance, has transformed into a high-interest investment channel, attracting thousands of people...

Rural villages in turmoil due to informal lending schemes - Final part: A wake-up call.

High interest rates, simple procedures, based on trust - informal lending groups, once a familiar form of capital rotation, have in recent years been distorted, exposing a harsh dark side, where money is lost,...
Rural villages in turmoil due to informal lending schemes - Part 3: "Chasing after chickens" in vain.

Believing the promise of "contribute little, receive much," hundreds of people emptied their savings, even mortgaging their assets, to participate in informal lending schemes. However, when the scheme collapsed, the scheme organizer suddenly "disappeared,"...

Authorities detain lottery scheme organizer for defrauding over 100 billion VND.
September 19, 2024 16:55

After organizing and managing rotating savings schemes for some time, Le Thi Lai opened many more schemes and failed to balance her income and expenses, leading to losses and the misappropriation of over 100 billion VND.

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