Cost of a house in Vinh Long

Sounds just like my mother-in-law's house in T.P. Ben Tre.  My guess that the value of the structure is minimal.  All the value is in the location.   It is obviously nothing like HCMC or Hanoi but I think you might be surprised what people want.  Are you buying or selling?

I would be buying

My wife is saying less than 20K US but your location near a University certainly sounds preferable.  My mother-in-law's place is near the very nice river park in Ben Tre but in the rear and only accessible by a narrow lane.  It is also slated for a government project so she is not allowed to sell to any private parties.  Be careful that the title is clear.  I understand that can be a big problem in Vietnam. 

Based on your description of the house, you might be happier with building on an empty lot.  You don't have to build a palace but you could include modern wiring, and a semi-western style bathroom and kitchen.  You also could include windows with screens which the house you are considering likely does not have.  Then you wouldn't have to sleep under nets.  There still is some Malaria in that area.