20 years on, Vietnam man earned almost nothing from massive deposit

A retired Vietnamese soldier deposited an amount of money that was enough to buy a small house in Hanoi three decades ago, but what he was informed of after 20 years was shocking.

Le Minh Toan bough his house on Hang Bai Street in the Old Quarter for VND3,100 in 1980, and opened 12 savings books between 1981 and 1985, with a total deposit of VND4,100.

“There were times when I was in desperate need of money but I still decided not to withdraw the savings, thinking I might need it more badly when I was old or got sick,” he recalled.

In 1985, the government launched a money-exchanging drive in which VND10 would become only VND1.

“Still, I did not withdraw because I thought the savings would gain interest no matter what,” Toan, who worked for the Hanoi power utility after leaving the military, said.

In 2002, or 20 years after he opened the first savings account, Toan decided it was time he got the money back.

But he was astounded to learn that his deposit, plus interest, for all of the 12 savings books was collectively worth VND109,778.

“I did not expect that I would receive VND100 million or VND200 million for my lifetime savings, but I did anticipate it would be at least VND50-70 million,” he said.

“It was unbelievable that the amount of money with which I could buy a small house in Hanoi was then only enough to buy several bowls of pho [Vietnamese noodle soup with beef].”

Toan said he was filled with shock, disappointment, and astonishment when he was informed of the value of his savings books.

“It is not easy to describe such a feeling,” he said.

His wife, Nguyen Thi Van, said even today he still occasionally has sleepless nights in mourning for his lost fortune.

“I do not know how to comfort him but tell him to keep the savings books as a memory,” she said.

It has been 30 years since Toan deposited his money, and 13 years since his attempt to get the savings back left him mouth-opened. The savings books are still kept by the Hanoi branch of the State Bank of Vietnam.

“My savings are now 30 years old and I’m wondering if the interest has gotten any bigger,” he said, adding he will check and “take back the [savings] books.”

This is not the first time a Vietnamese depositor has been stunned by the money they received from their decades-old savings accounts.

In November last year, Le Thi Bich Thuy, a Ho Chi Minh City resident, claimed back VND4,385 (roughly 20 U.S. cents) for her deposit of VND270 in 1983. The savings were equal to five months' salary for a civil servant that year, when gold was priced at around VND1,200-1,300 per tael (37.5 grams).

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