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You Can Still Buy a House With Gold Bars in Vietnam
Vietnam may be one of the world’s fastest-growing economies, yet it’s still in the dark ages when it comes to joining the global trend toward cashless transactions. To understand why, look no further than to consumers like Tran Van Nhan, who recently bought his two-bedroom home in Hanoi with gold and a sack of cash. “We paid almost half in gold bars and the rest in cash,” Nhan, a 47-year-old shopkeeper, said of his new $138,000 condo. “We did that because we and the flat’s owner didn’t want to do a bank transfer. We are so used to buying things with cash and gold.” Prime Minister Nguyen Xuan Phuc is ... (full story)