The latest 2023 Spatial Cost of Living Index (SCOLI) report by the General Statistics Office unveils the ranking of the country’s costliest locales, with Hanoi reigning supreme yet again. The top five localities with the highest living costs last year comprised Hanoi, Ho Chi Minh City, Quang Ninh, Hai Phong, and Binh Duong.
Compared to the 2022 rankings, there’s been a notable shift, with Ho Chi Minh City now surpassing Quang Ninh in terms of expensive living costs in 2023. This dynamic index, calculated with Hanoi as the benchmark at 100%, serves as a comprehensive measure reflecting fluctuations in living expenses across 63 provinces and 6 socio-economic regions.
According to the report, Ho Chi Minh City’s SCOLI index stands at 98.44% compared to Hanoi, attributed to lower average prices in various product categories such as garments, culture, entertainment, and food services. However, certain commodities like education and beverages see higher price averages in the city compared to the capital.
Localities with the highest and lowest SCOLI index in 2023
Quang Ninh secures the third position with an index of 97.9%, showcasing both lower and higher average prices across different consumer goods and services. Renowned for its vibrant tourism and marine economy, Quang Ninh’s economic vitality contributes to varied price dynamics.
Hai Phong clinches the fourth spot with an index exceeding 96% compared to Hanoi, showcasing a diverse commercial landscape and competitive pricing in certain product categories. Meanwhile, Binh Duong rounds off the top five, with an index of 94.2%, rising three places from 2022 due to industrial zone concentration and subsequent housing cost escalation.
Overall, the SCOLI report sheds light on the nuanced economic landscapes of different regions, offering valuable insights into living cost trends and dynamics across the country.
@vtv.vn
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Source: Vietnam Insider