Nearly 80 families are now in crisis after the owner of a local coffee agency defaulted, taking with them billions of đồng and hundreds of tons of coffee beans.
In Bình Thuận Commune, Buôn Hồ Town, Đắk Lắk Province, dozens of farming households have lost access to their assets and harvested coffee after the owner of the Tám Loan coffee agency announced insolvency.
Initial reports show that nearly 80 households entrusted about 190 tons of coffee (worth roughly 5.5 billion VND) to the Tám Loan agency and also loaned over 18 billion VND to the same agency at an interest rate of 2% per month.
According to agreements with agency owner Dương Tám, farmers who deposited coffee or cash could lock in a price and withdraw funds at any time. But for more than a week, when they came to collect money needed for irrigating their coffee and pepper crops, they received only empty promises. Each day, dozens of households have gathered at the agency demanding payment, creating tension and disrupting local security.
Trương Văn Phấn, head of Hamlet 7, Bình Minh, said more than 20 families in his hamlet alone had deposited coffee and cash and now cannot get their money back. His own family entrusted 4.8 tons of coffee without fixing a selling price and has yet to recover the funds.
Phấn explained: “This came to light on January 22. When villagers went to demand payment, the agency refused, stalling and making excuses. Now, with the Lunar New Year approaching, no one can focus on work. All our assets are tied up, and we can’t even buy holiday goods for our children. We can only hope the authorities will intervene to help us recover our money.”
On the afternoon of February 2, Nguyễn Văn Hoàn, deputy head of Bình Thuận Commune Police, said that local authorities have already received over 60 complaints from affected households. The commune is urging residents to stay calm while waiting for an official investigation.
Also on February 2, Buôn Hồ Town Police issued a summons for Dương Tám and his wife Phạm Thị Loan, owners of the Tám Loan coffee agency, to begin a formal investigation.
Authorities continue to monitor and will provide updates as the case unfolds.