Vietnam is the most affordable place in the world for foreigners

Foreigners shop at a fair in Vietnam.

According to the Expat Insider 2024 report - one of the world's largest expat surveys conducted by InterNations, Vietnam is the most affordable country in the world for expats, ranking first among 53 destinations when it comes to personal finance.

This is also the fourth consecutive year that Vietnam has ranked first in this criterion.

In addition to the first ranking in personal finance, among the group of 53 destinations, Vietnam ranked 14th in working conditions for expats (such as career prospects, salary and job security), 29th in essential services for expats such as digital life, housing and language and 40th in quality of life.

The Expat Insider 2024 report, with the participation of more than 12,000 expats in 174 countries and territories around the world, evaluated criteria including the best and worst places to live as an expat, quality of life, working conditions abroad and personal finances.

For the Personal Finance Index, InterNations asked respondents to rate their satisfaction in three areas: overall cost of living, satisfaction with their financial situation, and whether their household's disposable income is sufficient to lead a comfortable life.

The results show that the composition of the group of 10 best-rated countries has not changed much compared to last year, with only the appearance of a new name, Brazil, in 9th place, replacing Malaysia after this country dropped from 5th place in 2023 to 11th place in 2024.

After Vietnam's No. 1 position, the next names in the top 10 countries in descending order are Cambodia, Indonesia, Panama, Philippines, India, Mexico, Thailand, Brazil and China.

Among the group of foreigners living in Vietnam, 86% rated the cost of living here as good, 40% higher than the average of the surveyed countries in the world.

Meanwhile, 65% said they were satisfied with the current financial situation in Vietnam, also higher than the average of 54% of surveyed countries in the world.

Notably, up to 68% said their disposable income was more than enough to provide a comfortable life, much higher than the average of 41% of other countries surveyed.

Not only is the cost of living low, expats living in Vietnam are also paid higher salaries than the average expat living in other countries. Up to 19% of expats living in Vietnam who participated in the survey said they received an annual income of $150,000 or more, while the rate in other countries was only about 10%.

In addition, the overall job satisfaction of foreigners in Vietnam is also very high.

Ms. Kathrin Chudoba said that Vietnam has improved miraculously from 24th place in 2023 to 3rd place in 2024 for the factor in the group "Work culture and satisfaction."

Overall, the report found that “work-life balance is more important than career advancement” in Vietnam, notably given that less than half (46%) of expats in the country work full-time, compared to the global average of 57%. About one in five expats in Vietnam (21%) work part-time, and about 18% of expats are retired.

In terms of the best destinations for expats globally, the Expat Insider 2024 report explores how expats feel about other aspects of life abroad, based on five indicators: overall happiness, quality of life, ease of applying for permanent residency, working abroad and the “expat essentials” index based on administrative conditions, housing, digital living and language.

Among the 53 destinations worldwide, 4 Asian countries made it into this year's top 10 list, with Indonesia in 3rd place, Thailand in 6th place, and Vietnam in 8th place, just above the Philippines in 9th place.

The report quoted a British expatriate saying about life in Vietnam: “Life here is not stressful for me, it is a great change from my previous busy and resource-consuming working life.”

TB (according to VNA)

Source: https://baohaiduong.vn/viet-nam-la-noi-co-chi-phi-phai-chang-nhat-the-gioi-cho-nguoi-nuoc-ngoai-386810.html