Property rights rule

Trung points out to me that since the doi moi, (economic reforms which commenced in 1986) agricultural production in Vietnam has soared. Now Vietnam is one of the three biggest exporters of rice in the world.
The reforms bestowed property rights for land and buffalo on farmers. Previous to this, collectivism was practiced.

This was achieved without any increase in technology or infrastructure. No new seeds, fertilisers or machinary. Just man, buffalo and incentive.

The mystery of the Old Quarter

In a previous post I remarked on my tendency to get lost in the Old Quarter. After consulting, cross referencing and perusing the three maps I have, I couldn't understand why I kept losing my way.

It turns out that the streets are named after the trades that operate there. For instance, Pho Hang Gai = Silk Street, Pho Lo Ren = Blacksmiths Street, Pho Hang Bong = Cotton Street. Sounds simple enough, however, the name of the street changes as you move along. If you find yourself in the part of the street where cotton clothes are sold, you're in Hang Bong, if they're selling silk, you're in Hang Gai.

Not every map bothers to put every name on one stretch of road, so its easy to get lost. Iwas lost the other day when I found myself in Pho Lo Su = Coffin Street. The headstones feature the image of the departed, the epitaph hand-carved by stonemasons at the edge of the road.

The Property market

The system of title of Real Property seems to be very similar in Vietnam to Australia - the description of the process of sale of land sounds as if the Torrens System is in place.

Apartments are sold by the square metre, with an average type of accomodation being about 120 square metres, selling for about 10,000,000 VND per squeter.

This works out to be approximately USD80,000 for a dwelling that could house a family. Vietnam has a two child policy, with an age gap of five years between the first and second child. Traditionally a couple live with the parents of the boy, so a family comprises around six members on average.

A loan scheme for approximately USD4000 for a student loan seems like the correct ratio.

Microfinance Research Centre

This morning I have had a fascinating discussion with the Head of the Microfinance Resource Centre in the University. Dao Van Hung, the Associate Dean of the Faculty of Banking and Finance has given me some contacts at the World Bank to start researching some alternate models for the student loan scheme.

I found my way into one of the computer labs to get onto the internet, and I made some Vietnamese friends.
Thang and Trung. We did our best to communicate with phrase book, black board and sign language.



Trung tells me that his wife gave birth to twins three weeks ago, Minh Tho, and Minh Thi. I asked to see a photo, but Vietnamese tradition says its bad to take pictures of such young souls. Trung would be OK with it but he lives with his parents, wife and little sister, and the family influence to obey tradition is very strong.