Viet Nam is solidifying its position as a haven for expatriates seeking an affordable lifestyle. For the fourth consecutive year, the country ranked highest in the Personal Finance Index of the Expat Insider 2024 survey.
Survey data revealed that 86% of respondents were satisfied with their cost of living, significantly higher than the global average of 40%. Additionally, 68% reported earning more than enough to cover their living expenses, and 65% expressed satisfaction with their current financial situation.
Notably, 19% of respondents reported an annual income of $150,000 or more, well above the global average of 10%. Viet Nam also offers a good work-life balance, with job satisfaction rankings soaring from 24th to 3rd place in 2024.
High Job Satisfaction in Viet Nam
About 38% of expatriates cited work as their primary motivation for moving to Viet Nam, slightly higher than the global average of 35%. Expatriates working in Viet Nam generally feel content, with the country ranking 14th in the Working Abroad Index, a 15-place jump since 2022.
Viet Nam also ranked 8th in the Job & Leisure subcategory, with 73% of expatriates satisfied with their work-life balance. Furthermore, in the Salary & Job Security subcategory, 76% of respondents felt they were fairly compensated, significantly higher than the global average of 58%.
Viet Nam’s Living Standards Gap
In the rankings, Viet Nam outperformed 53 other countries. However, it is important to note that Viet Nam still lags in areas such as quality of life (ranked 40th) and facilities for expatriates, including digital infrastructure and housing (ranked 20th).
Key challenges include air quality, urban environment conditions, and concerns over the availability of eco-friendly goods and services. Additionally, nearly one-third of expatriates complained about the rigidity of local business culture, which is significantly higher than the global average.
Asia Leads in Affordability
Asian countries dominated the list, with six out of the top ten spots. This year’s survey involved more than 12,000 expatriates across 174 countries and regions. The Personal Finance Index evaluated satisfaction with the cost of living, financial situation, and household income sufficiency.
Here are the top 10 most affordable countries to live in, according to the Expat Insider 2024 report.
- Viet Nam
- Colombia
- Indonesia
- Panama
- Philippines
- India
- Mexico
- Thailand
- Brazil
- China
