Pawnshops in Hanoi have been reaping big profits from the misfortune of unlucky gamblers during the European Championships.
Pawnshops on Lang Street
In the afternoon, Dang Dung Street, the home to around 50 pawnshops, was lined with people despite the smaller amounts that can be got for pawned items.
The intersection of Lang-Lang Ha is another place that is home to many pawnshops. These shops rarely settle for smaller items like phones, but deal mostly in more expensive things, such as expensive motorbikes, cars and land papers.
"I want to pawn my land-use right papers, it is worth VND300 million (USD14,374). I haven't won a single bet since the season started," a customer said to the owner.
Since the Euro season started, many new pawnshops have sprung up. On Ton That Tung Street, for example, a new pawnshop has replaced the former grocery store.
A neighbour said, "Even though they just opened they have a lot of customers. Every day I see dozens of people pawning motorbikes."
The interest rate have also increased on a daily basis, from VND5,000 (USD0.24) to VND12-15,000 (USD0.57-0.72) for every VND1 million (USD48) per day.
"The loans we give for motorbikes is low, and the return is much better than on mobile phones," one broker said.
Another pawnshop owner on Nguyen Khang Street said they borrowed bank VND1 billion (USD47,915) to expand their business, even though they had to use the rights to two properties for collateral. The owner is happy with the decision.
"With an interest of 1% per day we can earn a profit of VND10 million (USD479) for item worth VND100 million (USD4,791) after ten days. Before the maximum we could loan was VND300 million because the return was so slow," he said.
Despite the large amount of money pawnshop owners have to lend out during the Euro Championship, most are confident that they will double or triple their investment by the end of the season.
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