17 years of making a living and deciding to leave Hanoi
Coming to Hanoi in their twenties, Mr. Hoang Minh Thao (from Phu Tho, character name has been changed) and his wife brought a simple dream of a small house to settle down and raise their children in the city.
For many years, Mr. Thao has opened a small food store in the Long Bien area, while his wife - Ms. H. - is an accountant for a private enterprise.
The couple's total income was sometimes up to 60-70 million VND/month, but it was not stable.
Mr. Thao's shop depends a lot on the purchasing power of residential areas, during epidemics, import prices fluctuate, the number of customers decrease, and monthly income is only half.
Ms. H.'s income is also unstable due to the small business, which often fluctuates in orders.
Meanwhile, the cost of raising three young children, renting a house, childcare, tuition and loans that he had to bear in difficult times made the couple's savings almost just enough to get around.
"Up to now, the couple only have 11 million VND, and our store has had to close after many years of trying to stay. The children here are used to school, friends... and I feel so sorry for them crying. But staying in Hanoi, I can't bear the costs anymore," said Mr. Thao.
Not only Mr. Thao and his wife, Ms. Hong (from Phu Tho), a single mother of two, is also preparing to leave Hanoi after being scammed out of 230 million VND, right when her business was in decline.
She owns a house worth about 5 billion VND, but her current income is not enough to cover her children's education in the capital. She plans to sell her house and move to Vinh Yen to be close to her brothers and sisters and have a spiritual support.
I plan to spend 2 billion to buy a small apartment for Koreans to rent for about 8 million/month to pay for my child's education. The remaining three billion to buy a house of about 100 square meters, two floors in Vinh Yen (old Vinh Phuc province, now in Phu Tho province) to stabilize the parents and children for a long time.
I just hope my two children have a peaceful place. In Hanoi, all expenses are on my shoulders, but I cant stand it anymore, she confided.
Wherever you are, worry, wherever you leave, regret
Three months ago, Mr. Phong and Ms. Mai bought an apartment near the center of Hanoi and were renting it for 9 million VND/month. But the high cost of living has caused them to stand in the middle of a conflict.
"If we stayed in Hanoi, my husband and I would rent out the apartment we have and rent a place for about 4.5 million VND/month. Houses may increase in price because the area is at its peak. But unstable income puts a lot of pressure on people to work, said Mr. Phong.
The second option is to sell the house for about 6 billion VND, return to Nghe An to live and buy a suburban apartment for rent to create more income.
"My family still owes the bank nearly 200 million. The couple lived well together, without family pressure. But now I really don't know whether to keep my assets or sell them to ease the burden," he confided.
The above stories are just a small cut in the broader picture: more and more young workers choose to leave big cities after many years of exhaustion due to pressure to make a living.
Housing prices in Hanoi are far beyond affordability. Despite an income of 60-70 million VND/month, many families are still "shocked" by the continuous increase in real estate prices in both the city center and the suburbs.
"House fees, tuition fees, childcare, health care, fuel... are all expensive. A family of 3-4 people can spend 25-40 million VND/month, making their income almost eroded, Mr. Phong shared.
Unstable jobs, especially in the group over 40 years old. After the pandemic, many workers lost their jobs, had to change jobs or fell into a situation of unstable income.
Just one incident such as job loss, being scammed, or sluggish business... is enough to make them unable to defend.
In that context, land prices in the provinces are still reasonable, living expenses are lower and there is support from families, which is an option to help many people reduce financial pressure. Having more passive income from renting a house also makes the option of returning home more feasible.
Im so tired. When I returned to my hometown, I had a house, a field, and brothers. The rest, I... start over, said Ms. Mai, Mr. Phong's wife, while talking, she was busy arranging the final work before leaving Hanoi.
