Buzz
What is Playing Hui? Should You Play Hui?
Playing Hui (clan, district, association, etc.), also known as playing district clan, is a form of capital mobilization dating back to ancient times. Today, in some provinces and cities in Northern and Southern Vietnam, this form still exists and develops, with people often using playing hui as a quick way to get rich.
'Hanging out with friends' is a widely-used term, embraced by many in their daily lives. However, while some have heard of it, they might not fully grasp its essence.
So what exactly is hanging out? How does one participate? Is it worth it? Let's delve into the answers in the following article.
What is hanging out? Is it worth it?
1. What is Hanging Out?
Engaging in 'community pooling' (or 'pooling money') is a rapid capital mobilization method within the community. The participants in community pooling are typically women within the household.
In the past, community pooling was merely an informal activity among the people. Starting from 2006, community pooling has been officially recognized by law and has comprehensive guidelines in Decision 144/2006/NĐ-CP.
Many view participating in community pooling as a simple way to mobilize capital without undergoing extensive procedures and approval steps like borrowing from banks.
After receiving the pooled amount to use, participants continue to contribute until the end of the cycle. The last person in the cycle receives the pooled amount, and all participants must adhere to the pooling rules.
Key concepts to note when engaging in community pooling
- Pooling: When it's time to open the pool, participants will 'pool'. This amount corresponds to the total amount contributed by the participant in the month.
- Pooling Default: When the pool owner has collected money from the pool members but is unable to pay the recipient of the pool.
- Absconding with the Pool: The pool owner has collected money from the pool members but when it's time to open the pool, the owner is nowhere to be found (the pool owner has taken the money and fled).
- Pooling Record: Used to record information of participants, the amount contributed, etc.
2. How to Join Community Pooling
To participate in community pooling, you first need someone to step up as the pool owner (usually someone with significant economic power, trusted by many participants). The pool owner is responsible for inviting members, collecting contributions, and distributing pool payouts when it's time.
A pooling group only needs one owner and does not specify the number of members. Assets used for pooling can vary, including rice, gold, money, or other valuable assets. Nowadays, pooled assets are often money (5 million, 10 million...), USD, etc.
Once established, members of the pool will collectively agree on the type of assets to contribute, contribution time, number of contribution periods, and the opening period.
2.1. Non-Profit Pooling Method
Non-profit pooling means a capital mobilization method where the sequence of 'pooling' has been pre-agreed upon, with no priority given to 'pooling' among members.
Specifics
A pooling group consists of 10 individuals, where members agree to contribute 20,000 VND each day and open the pool on the last day of the month. In the first opening period, if Ms. A is chosen to 'pool', she will receive: 20,000 VND x 30 days x 10 people = 6,000,000 VND (Ms. A's actual contribution in 1 month is 600,000 VND). After receiving the pool to serve personal purposes, Ms. A still has to contribute 20,000 VND/day until the pool ends, and the last person in the pool line has been 'pooled'.
2.2. Profitable Pooling Method
With the profitable pooling method, priority for 'pooling' will be given to those who wish to be 'pooled' earlier than others. In terms of form, the operation of this pooling group is similar to lending with interest.
The profitable pooling method is simply understood as, during the pooling cycle, the first person who wants to be 'pooled' will have to pay an additional fee (interest) to be 'pooled' early. Those who pool later will receive the total amount from those who have contributed minus the fee charged by the pool owner.
Specifics
In a pool with 10 players, agreeing to contribute 600,000 VND per person per month. In the first pool period, if Ms. A wants to be 'pooled' early to take care of personal matters, in the following months, Ms. A needs to pay 800,000 VND per month until the end of the cycle. The person who is 'pooled' in any month will receive the total amount contributed by the people in that month and pay a fee to the pool owner (usually 1,000,000 VND).
2.3. Is It Worth Playing Pool?
As a form of community capital contribution, without strict protection or management, pool players often face hidden risks. In reality, there have been many cases of absconding with the pool, defaulting on the pool, with values reaching hundreds of billions of VND. Many pool owners, many families find themselves empty-handed, facing financial ruin due to participating in pool contributions.
Therefore, our advice to you is to carefully consider before joining a pool. If you don't urgently need money, you shouldn't join a pool. In urgent cases where you cannot mobilize capital from other sources, you should consider joining a pool. However, participate in reputable pools, from acquaintances, to avoid future risks.
Some things to keep in mind when joining a pool
- Avoid joining pools that require large contributions, as the risk of the pool owner absconding with the money is quite high
- Do not participate in pools with excessively high interest rates (20-40%). This interest rate is too high, similar to borrowing with high interest rates from outside sources.
2.4. Should You Play Pool Online
Currently, there is a rising trend of playing pool online, where players have the opportunity to receive much larger amounts than traditional pooling methods. However, this does not mean we should be complacent and not thoroughly understand to avoid difficult situations and debts. To answer whether to participate in online pooling or not, you can find more information on Mytour and other internet sources.
Above are all the relevant information regarding playing pool that we have compiled. Once again, we advise players to carefully consider their finances and the credibility of the pool before participating, to avoid regrettable risks in the future.
