This Won't End Well Files: Vietnamese Shelter Savings In Club Memberships

Joe Ogilvie tweeted that and I'd have to concur that it's hard to see the efforts of many Vietnamese to invest in club memberships as a good thing, particularly considering how fondly the government looks at golf these days.

James Hookway with the WSJ story.

With property prices sliding and the local stock market in free fall, some people here are investing in golf club memberships in a last-ditch bid to protect their savings from being ravaged by soaring inflation and a fading currency.

Prices for club memberships around Hanoi have risen from around $6,000 in 2004 to roughly $30,000 now, with some of the plushest, complete with swimming pools, villas and tennis courts, reaching $130,000. That's not as expensive as top clubs in Japan or Singapore, but it is still a large slice of change in a country where the average income is around $1,200 a year.

"Buying a membership is better than putting cash in the bank, better than putting it in the stock market, and better than putting it into gold," said Do Dinh Thuy, a 48-year-old management consultant, amid the steady thwack of balls being driven out onto a local range here in Hanoi's suburbs. He recently bought a third membership, "and that one's not for playing—it's for investment."