The victim said that on June 18, 2020, he had invested in GBhub Company and was introduced to this business as a partner of… Google. The reason is that after consulting and researching, this retail investor saw that GBhub Company has a logo similar to Google’s logo, and there are many websites associated with the “giant” of technology Google. Therefore, Mr. Du trusted him, so he invested without thinking much. To open an ID (account) to log into the company’s website, Mr. Du must pay an account activation fee and receive weekly interest. CEO of GBhub . Company After officially becoming an investor of GBhub Company, Mr. Du was given a promise to make investors throughout the provinces and cities in the country more confident such as: opening a visa payment gateway in August and September 2020; open a private exchange of GBPro coin for investors to trade on the exchange quickly; opened an investment fund company, a Block Chain academy in Vietnam in October; and finally opened the “banking portal” GBCloudbank (self-proclaimed international affiliated bank; trading more than 22 different currencies around the world) in November of the same year. Through this “banking portal”, GBhub company said it will pay interest daily and withdraw money directly from USD to VND. Initially, the company paid interest for regular withdrawal so that investors had confidence in the future of the business, so some people in different provinces and cities also put their savings to invest in. However, up to now, GBhub Company has not fulfilled any promises, only opening GBCloudbank and allowing investors to withdraw money in the first month. After that, this account… does not allow withdrawal anymore. For example, investors deposit 10,000 USD, then they will receive interest of 40% of the deposited amount. The next week, they paid $6,000 again, and got a 40% interest again. The third time, they have to enter 10 thousand USD, this time they can withdraw 40% of the amount paid. The fourth time, they paid another 10 thousand USD and the company… locked the phone. GBhub . Company’s “explosive” advertisement From January 2021 up to now, virtual currency participants have not been able to withdraw a single coin from the bank portal and were also emailed by a representative of Google Vietnam “warning about abuse of power and spreading fake logo images”. by Google”. The money that they are receiving daily interest will be sold to the so-called “managers” in Vietnam at extremely low prices compared to the USD price.Currently, the company has blocked the contact of phase 1 investors. with stage 2 and lock the ID (password) so that these victims can do nothing more. According to our research, many victims have used money in savings books, even borrowed, mortgaged real estate documents… to participate in playing virtual money and “lost money”. On April 6, GBhub Company held an office opening ceremony on Le Hong Phong Street (P2Q10) but did not have… a license to operate. Then, on April 24, this business also opened an office in Nghe An, located on Nguyen Quoc Tri Street (Hung Binh Ward, Vinh City). The director of this company is both Malaysian and Vietnamese. On its website, the company advertises that “global membership will surpass one million in the next three years”. LS Nguyen Thi Sinh (Ho Chi Minh City Bar Association) said that the Ministry of Finance needs to coordinate with departments and sectors to come up with regulations to protect the rights and interests of investors when investing in the virtual currency market. Despite always being warned about potential risks, what makes virtual money still attractive to investors is the huge profit offered to attract. Not to mention, more sophisticated, many virtual currency exchanges also entice investors to buy real virtual currencies, then use these virtual currencies to buy back “junk” virtual money to make high profits, then investors lose everything. their investment amount. Currently, many people are interested in investing in GBhub, especially the elderly in rural areas. It is easy for them to lose money for real money investment games on virtual networks because the servers are located abroad. The company will call from person to person to transact with cryptocurrencies in a short period of time, to avoid statements and documents. After that, the company will close the server (server), that is, delete all original data information of customers, causing them to lose money.

Besides Dogecoin, the posts also list a variety of cryptocurrencies with animal names, inspired by dog ​​breeds such as Akita, Shiba, Poodle… On many cryptocurrency discussion groups, administrators have voiced doubts about these articles, and commented that it is lame to rank FXT Token on a par with Dogecoin or Shiba. Posts promoting cryptocurrencies by many famous people in Vietnam. Posting about cryptocurrencies but don’t understand what “moon” is The fact that a series of artists have posted articles promoting the purchase of cryptocurrencies has many unusual signs. First, all articles have the same content, no difference in punctuation. They all only last a few hours before being deleted. In the comments section, many artists seem to lack the basics of cryptography. Actor Kieu Minh Tuan does not know the term “moon”, which is often used to refer to a sharp increase in money. Previously, singer Cao Thai Son was the first artist to publicly enter the cryptocurrency market with a portfolio that included Dogecoin. He often shares about his activities on his personal page. Post by Kieu Minh Tuan on personal Facebook. “Should you buy crypto right now? Advice: Buy as an asset with idle money, no leverage or interest,” the male singer wrote in a May 11 post. In the last week, when Dogecoin rose sharply, Cao Thai Son once posted to cheer for this coin, calling for everyone to invest. However, right after Dogecoin fell deeply, this singer posted a photo with the words “back to being a singer, no more analyzing stocks, crypto”. After Cao Thai Son, Ngoc Trinh also attracted attention when she published a post criticizing a cryptocurrency exchange that did not authenticate users (KYC) and claimed that she had been scammed by the exchange. While, delay in KYC is normal in exchanges. After that, she continued to post showing off her wallet on the exchange owning many millions of dollars worth of cryptocurrency. However, Ngoc Trinh deleted these posts, posted the article “duplicating the original” of other KOLs and then deleted it again. “Not only Huobi, many exchanges allow withdrawal of small amounts without KYC. Only when a large amount of money needs to be withdrawn does the user have to do KYC. It is incorrect to deposit such a large amount of money into the exchange without first finding out, and posting a post saying that the exchange is a scam,” commented Nguyen Vinh, co-founder of a large cryptocurrency investment company in Vietnam. Artists install advertising messages for multi-level? In the list of cryptocurrencies posted by the artists, in addition to the animal coins, there is a different coin, placed in the middle of the list is FXT. Previously, FXT was used as a fiat currency used for Lio****’s project. This project acts as a forex trading platform combined with binary options. This form of binary trading has long been warned as multi-level gambling. Instead of having to play on their own, investors in Lio**** are guaranteed to pay interest daily. The total profit for the whole year of this project is up to 2.3 times the original capital. The project has been warned by many domestic experts as a scam. In early 2021, many people lost money when Lio**** stopped working, not allowing money to be withdrawn from the account. The FXT coin is said to be directly related to the Lio**** multi-level project. Photo: VTV. Reply anonymously to Zing , a technology expert, and an administrator of the largest group of digital currencies in Vietnam, thinks that putting FXT in the middle of the list in the article is how artists advertise the product. by Lio****. “I think that a celebrity like Ngoc Trinh showing off a million-dollar e-wallet may be an implicit advertising act for FXT, not Dogecoin or Shiba. Because the time shown in the photo is quite different from when it was posted. Not to mention, the fact that many Vietnamese artists and celebrities share the same post content is very suspicious, “said this expert. On the same day, May 11, many screenshots of posts by Vietnamese artists were widely shared by the FXT Token community. “To Ngoc Trinh, Kieu Minh Tuan, Kha Nhu… still participating, what are you waiting for?”, the content of the status line reposted the screenshot of the person claiming to be the leader Lio****. In this article, the artist group also put the hashtag #trust. Trust English means “trust”, but can also refer to Trust Wallet, a software wallet technology that stores cryptocurrency. Previously, in the group of users who were deceived by Lio****, there were many warnings not to send money to Trust wallet to avoid losing evidence. On cryptocurrency discussion groups, members also pointed out that FXT is a suspicious name, because this coin has been launched since the end of 2020, and the call for investment has many signs of multi-level resemblance. . “These artists may be creating the image of a new multi-level project, aiming to attract a lot of small investors to clean up a big catch,” said LN, which runs a group on crypto. Many risks when investing in “junk coin” In the world of cryptocurrencies, in addition to large-cap coins with a good technology platform behind them, there are many so-called “junk coins” (very low value, arbitrarily created coins, copy the source code of reputable systems and some are served to scam groups). They are built on the available blockchain technology, often have no applications or come up with very simple applications, very low value but very high supply. Many experts warn that low-value, animal-based cryptocurrencies that have grown several times in the past few days are also very risky investments. These coins have a common model of using a cute image of an animal, a very small price, buying and selling many times to grow quickly. “These currencies all start at very cheap prices, at a fraction of a few tens of millions of dollars. They are created, then sent 50% to a certain celebrity for image, and then sold on exchanges. They use money to buy and sell themselves on these exchanges to increase the price thousands of times, creating momentum to put on the big floor. Because the number is so small, when the coin increases to a certain level, it has grown thousands of times, creating trust for ignorant people. When it comes time to be dumped, only those people will suffer,” said Vuong Le Vinh Nhan, founder of the VNDC trading platform. The Dogecoin price rose rapidly and reached an all-time high of $0.72 before cooling off. Photo: Coinmarketcap. Before that, the most successful animal crypto story was Dogecoin. Created as a joke, Dogecoin has been growing strongly for nearly a year as Tesla CEO Elon Musk repeatedly mentioned the coin. Over the past week, the price of Dogecoin has also fluctuated by tens of percent every day. Mike Novogratz, founder and CEO of Galaxy Digital, believes that two sharks own 30% of all Dogecoin today. In addition, Dogecoin also does not have a supply limit like Bitcoin. “The rise of Dogecoin is a prime example of the theory that fools more at play,” said David Kimberley, analyst at investment app Freetrade.

However, in the comments section, the artists showed a lack of basic knowledge about cryptocurrencies. After receiving many reactions, on the morning of May 12, the posts on the website simultaneously “evaporated”. “This is an advertising campaign” Duong Nguyen Huy, owner of a cryptocurrency trading community in Vietnam, said that the series of artists posting about cryptocurrencies is an advertising campaign, because the shared content is the same. both the image and the spelling, no different from a semicolon. “Artist’s posts have started to have an impact. From official accounts (with green ticks), information is widely spread on the Internet, becoming a topic of discussion at offices and cafes. coffee after only a few hours”, Mr. Huy said that this campaign has attracted the attention of many people. Posts promoting cryptocurrencies by many famous people in Vietnam. Photo: Huynh Loc. Not only Dogecoin, Shiba Inu also increased in price thanks to Tesla CEO. On May 7, responding to a Twitter user’s comment, Musk said “looking for a Shiba dog”. Immediately after this statement, the Shiba Inu (SHIB) coin rose sharply. After just a few days, the price of Shiba Inu has increased by almost 40 times. With nearly 400,000 billion SHIB coins in circulation, the market capitalization at one point surpassed the 20 billion USD mark. Besides, according to Mr. Huy, the cryptocurrency market has many potential risks. For example, the cryptocurrency market has experienced a sharp decline in the period from 2018 to early 2020 regardless of whether it is Bitcoin or Ethereum. However, the artist’s posts on the evening of May 11 did not have any risk warnings. Because of the ambiguity, need the prestige of the celebrity In the list of cryptocurrencies posted by the artists, in addition to the animal names, there is a different coin, placed in the middle of the list is FXT Token. Unlike the other cryptocurrencies on the list advertised by the artists, FXT Token is an anonymous coin. “Anonymous is because it is not listed by big and reputable exchanges, but can only be purchased through small exchanges. The total transaction volume of this coin is only about 500,000 USD/day. That means anyone with about 200,000 USD will also can manipulate its price,” analyzed Dinh Tran, co-founder of a blockchain investment fund in Ho Chi Minh City. Meanwhile, other coins on the list of artists listed have daily transactions from a few hundred million to several billion dollars a day. “Putting FXT Token into the list of worth investing in is very ignorant. It is this ambiguity that makes FXT Token need to rely on celebrity advertising,” said Mr. Dinh. The artist’s post is then captured, shared immediately in multi-level groups, calling for investment. Talk to Zing , the founder of the largest Crypto information platform in Vietnam, said that FXT Token is trying to borrow the influence of celebrities to reassure investors and create fear of missing out (FOMO) to blow. price of this currency. As a result, screenshots of posts by Vietnamese artists were widely shared by the FXT Token community in hundreds of online earning groups. “To Ngoc Trinh, Kieu Minh Tuan, Kha Nhu… still participating, what are you waiting for?”, the content of the status line reposted the screenshot of the person claiming to be the leader Lio****. This shows the significant influence of using artist reputation to promote “junk” cryptocurrency. The predecessor of FXT Token is a binary exchange, similar to the gambling model. Screenshots. The fact that artists have no knowledge, but still promote Dogecoin, Shiba Inu or FXT Token can be misleading, even causing many people to participate in scam projects. The above articles can also have a negative impact on the capital investment sector, which has many things that are not properly understood. “Celebrities have no expertise, knowledge and experience in the field of cryptocurrencies… This sector is easily fooled by bad projects, created just to make money, selling ‘junk’ to homes. investment,” said Mr. Huy. Before the invitation to invest in cryptocurrencies, Mr. Huy advised participants to carefully research information on official sources, absolutely do not invest if invited by friends, or join invitation groups. rich prospect when “playing” coin. Do apps that promise big profits help you get rich? Thanks to the development of technology, new type of multi-level fraud models easily raise capital and disappear faster, leaving no trace.

“FXT Token is a junk project” Launched at the end of 2020, FXT’s investment calling activity has many signs of multi-level resemblance. At its official website, FXT Token claims to be a “comprehensive financial solution that allows users to control their assets. A platform for providers and avails of financial services in cryptocurrency in when circumventing cross-border regulatory restrictions”. Post by Kieu Minh Tuan on personal Facebook. Do Phuong Quynh, a financial expert from Ant Group, Shanghai, China, said that FXT is “a junk project, the information in the White Paper is completely unhelpful. The individuals who run the project are not clear.” Quynh said. FXT is used as a fiat currency used for Lio****’s project. This project acts as a forex trading platform combined with binary options. This form of binary trading has long been warned as a type of multi-level combination gambling. Phuong Quynh assessed that FXT Token works in the same scenario as Wefinex’s WIN and Bitconnect’s BCC. “The project hits people’s ignorance and greed, by building a binary options platform, taking advantage of the reputation of the Forex trading market to trick investors into participating. Investors are promised. promise to pay interest every day, instead of planning to build a trading strategy like real traders,” added Quynh. Instead of having to play on their own, investors in Lio**** are guaranteed to pay interest daily. The total profit for the whole year of this project is up to 2.3 times the original capital. In early 2021, many people lost money when Lio**** stopped working, not allowing money to be withdrawn from the account. “FXT builds systems following the classic ponzi model to pay F1 and F2 players with the aim of enticing more people to join the system. Investors who do not have a background in finance often consider it This project is like a solution to help them earn money without labor”, Ms. Quynh warned. Sharing the same opinion, Mr. N. T, a representative of a blockchain incubator investment fund, said that FXT Token is associated with an unsustainable business model, mainly hitting greed. He said there are two types of people who will invest in FXT. “First, investors are ignorant of the mechanics and nature of the cryptocurrency market and forex investment. They are easily attracted by things that sound new, the stories are made up sounding. logic, terms that they are unlikely to understand, such as ‘technology 4.0’. This number may account for 80-90%,” said Mr. T. T. The second group of people listed by expert N. T are investors who understand the nature of these scam models, but think they can control the risks themselves. “They think they are quick, can invest early, withdraw early. But they themselves can’t control their greed later on. This number accounts for about 10-20%,” added Mr. T. The FXT coin is said to be directly related to the Lio**** multi-level project. Photo: VTV. FXT Token is only listed on small, less reputable exchanges like Bilaxy, FatBTC. In addition, the head office of the project is located in Vanuatu, the eastern island of Australia. The recommended company size is 51-200 employees. However, on Linkedin, there is only information of 4 profiles, including an individual who is Vietnamese. “To solve the biggest fear of investors is not being able to withdraw money, FXT has listed FXT Token on specialized exchanges or called ‘junk’ exchanges. In fact, these exchanges have no liquidity. , the value is manipulated, whether it can be sold or not is another story. Many investors are also deceived by the term ‘international exchange'”, said Mr. T. Sharing information about the listing standards of the world’s crypto exchanges today, Mr. T said that this standard is getting lower and lower, especially in less-known exchanges. “Currently, there are hundreds of exchanges. These exchanges want to ‘make a living’ also through coin listing. The less reputable the exchange, the lower the listing standard. They are willing to do everything for the money.” Mr T said. Expert N. T warns users if they lose money when trading on these exchanges, if they lose money, they are not protected by any party. ”A part of artists are aiding scams” Nearly a day after public opinion and crypto experts voiced the possibility of FXT Token’s fraud, Vietnamese artists who posted ads for this coin remained silent, with no statement to correct the incident. . “These days are crazy, people can teach each other things that are not their expertise. A part of the artist world is no longer aware of how dangerous their influence can be. to the people,” commented Mr. Phan Dung Khanh. Posts promoting cryptocurrencies by many famous people in Vietnam. Vietnamese artists should only do things related to entertainment, stay away from industries that are not well understood. “The fact that the official press channels warn of the possibility of fraud of dirty financial projects shows an attempt to clean up the national financial system. However, the artists defiantly ignored the scene. This is also an act of abetting fraud, disregarding the people and the law,” Quynh said.

Be wary when Vietnamese artists openly promote virtual currency The incident is said to have originated on May 11, when a series of worthless, anonymous coins were “inflated” thanks to a status line of US billionaire Mark Zuckerberg. Tech billionaire, the boss of Facebook posted a photo of two goats. It is worth noting that the caption about the goat name Max and Bitcoin has made the virtual currency investment community extremely excited. Cryptocurrency investors immediately thought that the Facebook boss was implicitly showing special interest in the current Bitcoin virtual currency. By the afternoon of the same day, the virtual currency fever began to spread rapidly in Vietnam when many Vietnamese artists posted identical statuses, alluding to this virtual currency fever.
A series of names such as Ngoc Trinh, Kieu Minh Tuan, Le Duong Bao Lam, Kha Nhu … were involved in posting an advertisement for virtual currency. In the top line, the idea is just to mention the potential of some virtual currencies (cryptocurrency, digital currency, aka coin) whose origin is related to Meme Doge (animated image of the image) a dog), in the middle is the FXT Token that makes the online community “wake up”. This virtual currency is said to be related to the Lion multi-level virtual currency project, which has signs of fraud. Investing in FXT Token is promised daily profit, which can be up to 2-3 times the capital, that’s why many people turn their eyes to this project. However, internationally, this virtual currency has been warned that it has a multi-level fraud factor, can only be listed on small exchanges, and is considered a “junk coin”.
The name FXT Token has been warned by some mainstream media in Vietnam about signs of fraud. This incident has been warned by the Da Nang City Police since the beginning of February 2021. Accordingly, Lion Group’s activities do not comply with the law, investors who lose money will not be protected by law.
About a week ago, press agencies started to report on the perversion and fraud of Lion Group. A few days ago, Lion Group’s multi-level exchange disabled participants’ ability to withdraw money. That is, FXT buyers are now holding onto a pile of illiquid, worthless virtual currency.

In Vietnam, the State Bank has repeatedly issued recommendations to organizations and individuals not to invest, hold and perform transactions related to virtual currencies.
Owning, buying, selling, and using virtual currencies as an asset has many potential risks for people and is not protected by law. Currently, the State Bank of Vietnam does not accept virtual currencies as currency as well as legal means of payment in Vietnam.
Meanwhile, the lawyers acknowledged that it is a violation to publicly advertise goods that are not allowed by law in Vietnam. Artists who openly promote cryptocurrencies should be punished for administrative violations. At the same time, the cultural and information management agency must also issue a warning because these are the people who influence the public, when advertising any service or goods, they must find out the origin.

It is impossible for money to turn a blind eye to false advertising, affecting many other people, not to mention aiding scammers. Because artists and celebrities on social networks have a lot of followers and followers, their behavior is often considered by the public as a measure, even a standard, so it is easy to cause mass effect. .

In the world, it is true that there are many digital currencies (like Bitcoin) that are recognized by countries and in fact many entrepreneurs have become billionaires thanks to it. Many technology experts believe that digital currencies in the future will be encrypted with top secret, able to cross space, time, and transact easily… Of course, the current operating environment is only for transactions in one multinationals (there are large American companies that are even richer than a sovereign nation) are experienced enough; did not say anything on the internet. As long as some large enterprises accept the transaction (a certain digital currency) it can circulate within the allowed range. Recently, with the participation of billionaire Elon Musk (famous Tesla boss of South African origin), Bitcoin has skyrocketed in price. Because the community using digital currency is still a minority (compared to real money), it is still called virtual money. Because, transactions are still converted into real money (through strong currencies like USD). Just like real money, there are different types of virtual money. As a general trend, many digital businesses want to create their own currency. For example, even the social network Facebook also formed a coin called Diem (formerly named Libra). The problem is that in Vietnam, the currencies that are used by the world’s billionaires and some countries for the above transactions are not accepted by the authorities in the country. There are many reasons, but it is possible that controlling such coins is not easy. In addition to virtual currencies with “cheek numbers”, many fake “boss” set up floors and set up servers abroad to attract participants with huge profits. These brokers are called binary options trading (a way of betting to predict the price of virtual currencies, stocks rising/falling). Many times, its form is no different from a type of online gambling. Not to mention, with this virtual currency, football betting houses (overseas) or something similar can easily receive bets. Virtual money transfers are also difficult for the state to control through tax collection… Most importantly, both in the world and in Vietnam, many exchanges suddenly closed, collapsed due to the sudden death or escape of the owner. led to the deaths of tens of thousands of “mommoths”. The deaths are similar to the collapse of the multi-level system.

Popular form of virtual currency today. Yesterday, May 11 can be seen as a virtual currency day when a series of anonymous and worthless coins are pumped by a stream of billionaire Mark Zuckerberg’s status. In the afternoon of the same day, the virtual currency fever began to spread rapidly in Vietnam when many Vietnamese artists posted the same status, alluding to this AquaGoat, Shiba Inu fever. Virtual money hiding multi-level ball. Virtual money or electronic money (cryptocurrency) has always been a “hot” issue since Bitcoin exploded in value around the second half of 2017 until now. The value of this coin has increased many times to more than 57,000 USD (as of the morning of December 12, 2121). Recently, many other virtual currencies also appeared and “followed” this trend, fluctuations and statements of famous people. Elon Musk – billionaire owner of Telsa company not long ago made statements that made Dogecoin virtual currency soar. In Vietnam, virtual money is also causing certain “investment fever” from amateur players. Recently, many Vietnamese celebs such as Ngoc Trinh, Kieu Minh Tuan, Nam Thu, Le Duong Bao Lam … suddenly posted status on personal Facebook pages related to this topic. “Underwear Queen” Ngoc Trinh seems to be more enthusiastic when posting 4 different statuses around virtual currency investment one day. She also showed off a photo of an account with more than 186 Bitcoin (BTC), with a school value at that time was more than 55,000 USD / BTC, Ngoc Trinh’s account exceeded 10 million USD, a number that can be called “impossible”. However, many people later claimed that the account was fake, not owned by her. The virtual money trap hits human greed. FXT is a multi-level virtual currency used by Lion Group (or Lion Team, Lion Community) to entice investors with huge commitment to profits. This incident has been City Police. Da Nang issued a warning from the beginning of February. Accordingly, Lion Group’s operations do not comply with the law, investors who lose money will not be protected by the law. About a week ago, press agencies began to reflect on the corruption and fraud of the Lion Group. A few days ago, Lion Group’s multi-level exchange disabled participants’ ability to withdraw money. That is, FXT buyers are now holding a pile of insolvent, worthless cryptocurrencies. It is worth mentioning that despite being warned in a recent week, Lion Group still hired artists to advertise for FXT in order to get the best shot. On virtual money groups, Vietnamese investors are frustrated because some artists disregard everything to make a profit based on the lack of understanding of a large part of the population. Virtual money always lurks in many different forms. Virtual money, virtual name but losing money is real. Investor Eric Vuong rated the artists’ actions as’ crime, murder without knives’. “You should only invest in coins when you know the nature of the model, or you can accept the risk of losing all the money involved,” he stressed. According to experts, the hallmark of multi-level virtual currencies is commitment of huge profits, loss covers, account fire protection, mostly only traded on small exchanges, newly established exchanges with traffic. Access mainly comes from Vietnam. These currencies usually have no information about the development team, blockchain, whitepaper or if any is fake. In this incident, the type of Forex (Foreign Exchange Market) cryptocurrency was not licensed in Vietnam. So when receiving “advertising contracts”, artists need to find out clearly to avoid breaking the law./.

At times, many places across the country were flooded with information about sophisticated tricks to “hide the ball” of multi-level business. At that time, the wave of multi-level sales such as octopus spouts, crept into every corner in many rural areas, stirred the already very peaceful lives of the people here. Because of the desire to be rich, many people have spent money to multilevel and then fall into the trap of scams that the family goes bankrupt.

But the multi-level “tornado” is still nothing compared to the “fever” of virtual land.

Artwork: Ha Giang

These days, real estate prices in many provinces are increasing “rapidly”, creating a “fever” of land, especially in rural areas. Provinces and cities such as Hanoi, Thanh Hoa, Quang Ninh, Bac Ninh … land prices in suburban areas have doubled or even tripled in just a few months. In many places, people quit production and business to carry money to trade land.

The land fever not only occurs in the planned areas but also occurs in locations that are not under the planning such as: forest land, field land, garden … “Storks” appear everywhere in the area. These areas create false excitement, pushing prices up every hour to entice investors in. For example, outside of Hanoi, there are areas that increase the price from 5 million / m2 to 7 million / m2 in just one day….

In general across the country, the average land price increases 10% -15% after 1 month. With such attractive profits, many people quit their businesses, their production, and withdraw money from banks to invest in land.

Everywhere, everywhere, people talked about land prices. This story appears in the whole meal, the people’s sleep makes life turn upside down, work stops.

Prescribe root treatment

According to many opinions, the low interest rate of credit plus the idle money of the people makes a large capital pouring into real estate, creating a virtual “fever” in the suburban areas.

This is not the first time the appearance of “fever” of soil. So the question is where is the managerial responsibility of the authorities, especially the responsibility of the local government?

The local government – where the land “fever” occurs, cannot ignore this situation because it will make a big obstacle to calling for and attracting formal investment. In fact, the increase in land prices will lead to a series of other costs increasing, especially the cost of compensation for site clearance … Thus, it will affect economic development in localities with ” fever “soil. Consequences of the land price increase will also reduce investment resources for production development in many other sectors and fields of the country.

Therefore, the local government needs to promote propaganda and explain to the people the serious consequences of the land “fever”, which will certainly limit a lot of speculation.

Commenting on this issue, Professor Dang Hung Vo – former Deputy Minister of Natural Resources and Environment, said that the “fever” situation of land everywhere over time is partly due to the impact of the 2013 Land Law. regulations on sub-plots for sale are expanded.

According to him, countries around the world use the form of subdivision for sale only to settle urban housing, not in commerce because in principle, the real estate market must exploit the value of the investment. land, not waiting for land price increases to make a profit as a form of “eating away”.

Professor Dang Hung Vo pointed out, from 2016 to 2020, the Government has instructed four times to amend the Land Law, however, up to now the Land Law has not been revised. In particular, the land is clogged with old regulations. For example, current agricultural land has not yet implemented effective accumulation and concentration. Along with that is the land transfer in the countryside almost not according to the procedure but mainly by handwriting. Then the problem of housing development nowadays also has many bottlenecks … Especially the problem of foreigners buying underground land in Vietnam … It is these shortcomings that have a direct impact on the real estate market, making distorting and manipulating the market, creating opportunities for those who have the opportunity to make money.

Therefore, Professor Dang Hung Vo emphasized that the revision of the Land Law is extremely necessary.

Along with that, according to experts’ view, in the context that lending interest rates are pouring heavily on real estate, the State Bank needs to closely monitor and supervise lending activities to prevent loans to production and business, but actually poured into real estate.