Vietnam has been crowned the most affordable country to live in globally for four consecutive years. This recognition as the most affordable place for expatriates to live is based on the 2024 Expat Insider survey conducted by InterNations.
In this survey, Vietnam secured the top position in the Personal Finance Index, as detailed in the recently published annual report.
Vietnam's consistent ranking at the top of the survey results highlights its affordability for expatriates. According to the Expat Insider 2024 survey, 86% of expatriates found living in Vietnam to be both convenient and affordable, more than double the global average of 40%.
The expatriates who participated in the survey also stated that the cost of living in Vietnam is exceptionally favorable, surpassing the global average by 12%.
InterNations Survey: Measuring Personal Finance Satisfaction
The InterNations survey aimed to measure the Personal Finance Index by ranking the levels of personal satisfaction in three key areas: overall cost of living, satisfaction with financial situations, and whether income is sufficient to live comfortably.
According to Forbes, an American expatriate residing in Vietnam mentioned that the Vietnamese people are incredibly friendly, and the daily cost of living is very low. Additionally, Vietnam is a popular choice among expatriates for various reasons.
One of the primary reasons expatriates choose Vietnam as their home is financial, as many move to Vietnam seeking more affordable living conditions.
Read also: Where to Travel in Southeast Asia: Vietnam vs Thailand
Financial Benefits, Rising Job Satisfaction, and Challenges in Vietnam
Approximately 3% of expatriates chose Vietnam as their residence for financial reasons. Vietnam offers a balance of ease and quality of life, which is highly appealing to expatriates.
This has led to a significant surge in job satisfaction, with Vietnam's ranking skyrocketing from 24th to 3rd place in 2024.
However, choosing to live and settle in Vietnam is not without challenges for expatriates. Vietnam presents various living challenges. According to the Quality of Life Index, Vietnam ranks 40th out of 53 countries included in the index.
Expatriates have expressed deep concerns about Vietnam's air quality. Moreover, urban environments and the availability of eco-friendly goods and services are also areas of concern for expatriates.
Asian countries continue to dominate the list of top destinations for expatriates, with several Southeast Asian nations, including Vietnam, Indonesia, Thailand, and the Philippines, making it into the top 10.
