(TITC) - According to the latest report Expat Insider 2024 - one of the world's largest expat surveys conducted by InterNations, has revealed a list of ideal destinations for expats with the most affordable costs in the world, including Vietnam.
Report Expat Insider 2024 by InterNations is the contribution of more than 12,500 expats representing 175 nationalities living in 174 countries or territories worldwide, sharing their thoughts on what it’s like to live and work abroad.
The results are published in the form of an overall ranking of popular expat destinations, with additional information on five topical indices: Quality of Life, Ease of Settling In, Working Abroad, Personal Finance, and Expat Essentials. Vietnam ranked 8th out of 53 on overall ranking, next to 3 other Asian countries: Indonesia, Thailand, Philippines; and ranked 13th out of 53 globally in the General Happiness.
Vietnam ranked 1st among 53 destinations in the Personal Finance Index, marking the 4th consecutive year Vietnam ranked first in this criterion. The main reason for the country’s attractiveness as an expat destination can be summarised in one word: finances. Additionally, Vietnam is ranked 14th in terms of Working Abroad (with subcategories like career prospects, salary and job security, work and leisure, work culture and satisfaction); ranked 29th for Expat Essentials (digital life, admin topics, housing, and language); 40th in Quality of Life (including travel and transit, environment and climate, leisure options, healthcare, and safety and security); ranked 13th in terms of Ease of Settling In (including local friendliness, finding friends, and culture & welcome).
In the Personal Finance Index, expats rated three different factors on a scale of one (very bad) to seven (very good): general cost of living; satisfaction with their financial situation; and whether a respondent’s disposable household income is enough to lead a comfortable life. In the Top 10, the number 1 position is Vietnam, followed by Cambodia, Indonesia, Panama, Philippines, India, Mexico, Thailand, Brazil and China.
Accordingly, 86% of expats living in Vietnam rate the cost of living here at a good level, more than twice the global average (40%). 65% are satisfied with their financial situation in the country (vs. 54% globally), Notably, over two-thirds (68%) agree that their disposable household income is more than enough to live a comfortable life (vs. 41% globally). Up to 19% of expats living in Vietnam participating in the survey said they received an annual income of USD150,000 or more, while this rate in other countries was only about 10%.
Expat Insider showed that working expats in Vietnam are overall satisfied with their situation, granting the country a respectable 14th place in the Working Abroad Index - an improvement of 15 ranks since 2022. The Work & Leisure subcategory in Vietnam achieved 8th place. Expats are particularly satisfied with their work-life balance when living in Vietnam: nearly three-quarters (73%) rate this positively (compared to 60% globally).
Photo: Tran Thanh Hai
Overall, “work-life balance is more important than career prospects” in Vietnam, with less than half (46%) of expats working full-time, compared to a global average of 57%. About 1/5 of expats in Vietnam (21%) work part-time and about 18% of expats are retired. “Life here is stress-free for me, it’s a wonderful change from my work life, which was very consuming and hectic” - said British expat.
Vietnam also achieved significant progress in the Housing subcategory, from 7th position in 2023 to 2nd in 2024. The biggest improvement must be the component index on admin topics (from 48th to 38th), especially on visa issuance. In 2024, only a quarter of respondents (25%) said it was difficult to get a visa to travel to Vietnam (compared to 26% globally). In 2023, two in five (40%) will say the same. On 15th August 2023, Vietnam applied a new e-visa policy, issuing e-visas to citizens of all countries, territories and regions. Visa exemption for citizens of some countries with a stay duration of 45 days from the date of entry, regardless of passport type or purpose of entry, on the basis of meeting all entry conditions according to the provisions of Vietnamese law.
Tourism Information Technology Center