Monday , July 22 2024

Việt Nam an ideal destination for expats: InterNations

For the fourth consecutive year, Việt Nam is the most affordable country in the world for expats, ranking first out of 53 destinations when it comes to personal finances, according to a 2024 InterNations study.

Foreign tourists visit Hoàn Kiếm Lake in Hà Nội. — VNA/VNS Photo Thanh Tùng

HÀ NỘI — For the fourth consecutive year, Việt Nam has been listed as the most affordable country in the world for expats, ranking first out of 53 destinations when it comes to personal finances, according to a 2024 InterNations study.

Việt Nam also came in 40th place for quality of life, 29th place for expat essentials such as digital life, housing and language and  14th for working abroad – with considerations like career prospects, salary and job security factored in.

More than 12,000 expats across 174 countries and territories worldwide participated in the broader Expat Insider 2024 survey which provided insights including the best and worst places to live, quality of life, working abroad and costs.

For the Personal Finance Index, InterNations asked survey respondents to rank their personal satisfaction levels in three areas: general cost of living, satisfaction with their financial situation and whether disposable household income was enough to lead a comfortable life.

This data was used to compile the report which remains largely unchanged from last year, with the exception of a new entry to the list – Brazil (ninth) – replacing Malaysia, which dropped from fifth in 2023 to 11th this year.

Other top destinations expats said were good for their personal finances include Cambodia, Indonesia, Panama, the Philippines, India, Mexico, Thailand, Brazil and China.

Out of those surveyed in Việt Nam, 86 per cent rated its cost of living favourably – that’s more than twice the global average of 40 per cent and 65 per cent of respondents in the country said they were satisfied with their financial situation compared to 54 per cent globally, according to the report.

In addition, 68 per cent of respondents said their disposable household income was more than enough to lead a comfortable life, compared to 41 per cent globally, the survey showed.

Not only are costs of living low, expats tend to be paid more in Việt Nam, which is close to double the global average, reporting a gross yearly income of US$150,000 or more, according to the survey.

In addition, general job satisfaction is also very high among expats in the country. Việt Nam jumped from 24th rank last year to 3rd in 2024 for this factor, which is part of the ‘Work Culture & Satisfaction’ subcategory, according to Kathrin Chudoba, chief marketing officer for InterNations.

Generally, ‘work-life balance trumps career advancement’ in Việt Nam, according to the report. Notably, less than half (46 per cent) of the country’s expat population work full time, compared to the global average of 57 per cent. About one in five expats (21 per cent) work part-time and about 18 per cent of expats are retired.

Along with measuring expats’ satisfaction in spending terms, the InterNations Expat Insider study also gathered data on which destinations overall are best for expats globally.

This broader list explores how expats feel across other aspects of life abroad, based on five indices: general happiness, quality of life, ease of settling in, working abroad and their ‘expat essentials’ index, which is based on administration, housing, digital life and language.

Out of 53 destinations globally, four Asian countries made it into the overall top 10 list this year: Indonesia (third overall), Thailand (sixth overall), Việt Nam (eighth overall) and the Philippines (ninth overall). — VNS

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