Many poor parents in Hanoi’s outlying districts have been left liable for billions of VND of debt due to their children’s gambling habits.

Many young people borrow money at exorbitant interest rates for gambling

A farmer in the outlying city district of Hoai Duc’s An Thuong Commune, garrotted himself on July 29 as he had bitterly resented having to sign in a debt agreement worth VND150 million (USD7,139) to save his gambling son from being tortured by his creditor.

His son, Nguyen Duc Khoi, borrowed the money at an interest rate of VND300,000 (USD14.27) per day for his gambling.

After being urged to pay his debt on several ocassions, Khoi defaulted, leaving him at the mercy of his creditor Hoang Quoc Anh.

Khoi was caught by Quoc Anh at an internet store in Tu Liem District’s My Dinh Commune. He was taken hostage and tortured Khoi. His father was then presented with his tied up son and told had to sign a debt agreement, payable be July 29 on behalf of his son.

As a poor farmer, his father had no way of raising the money, and in despair committed suicide.

On November 11, police in Hoai Duc District arrested Hoang Quoc Anh and brought the case to the court.

A farmer in Dong Anh District was also greatly shocked when informed that his son had racked up VND500 million (USD23,797) in debts from gambling.

He decided to commit suicide by drinking a bottle of pesticide. He was saved by his family who managed to get him to the hospital in time.

Drastic measures needed

Such tragedies have befallen several families in Hanoi’s outlying districts.

According to Lieutenant-Colonel Tran Hai Quan, Deputy Head of Dong Anh District Police, young people have increasingly tended to fall into gambling debts. They often have turned to gambling as a way of keeping up for their higher earning friends.

“In several cases, the debtors have colluded with creditors to threaten the debtors’ families for money. This action is illegal. These creditors are also violating the law when they lend money at exorbitant and illegal interest rates,” Quan noted.