International surveys of expat professionals have consistently ranked both Vietnam and Ho Chi Minh City as top locations for expats to work and live in, with Vietnam’s position increasing over the past decade by a significant amount.
In a 2019 ranking compiled by global expat community InterNations, Vietnam was ranked in second place among 64 destinations for expats. Only a year earlier, the same survey placed Vietnam in 14th place out of a total of 68 countries.
Expats based in Vietnam listed a number of factors that influenced their decision to relocate to and stay in Vietnam. Among them, the ease of working abroad in Vietnam was a top factor, with Vietnam ranking first in the working abroad index.
Related: Why Vietnam ranked among best countries for expats?
Vietnam also scored highly as a country for expats interested in improving their finances. A total of 81 percent of expats based in Vietnam reported being happy with their financial situation, far higher than the survey’s global average of 64 percent.
Approximately one in every three respondents noted that living in Vietnam allowed them to have a lot more income than they need to manage their day-to-day life, compared to 11 percent of the global respondents.
Other surveys have produced similar findings. HSBC’s 2019 Expat Explorer survey, which drew data from more than 18,000 overseas workers in more than 160 countries, ranked Vietnam 10th as one of the world’s best countries for expats.
Key benefits that expats appreciated in Vietnam included the ease of adjusting to the local way of life and economic stability. Many also reported being surprised at the upsides of developing a career in Vietnam, including a low cost of living and consistent salary increases.
Other Southeast Asian countries, including many that have long been major hubs for expats, fell behind Vietnam in HSBC’s survey. Thailand and the Philippines ranked in 22nd and 24th place, respectively, with Malaysia ranked 16th.
So, why are expats so attracted to Vietnam? Part of the appeal is likely due to Vietnam’s rapidly developing economy. Data from US-based work abroad company Go Overseas shows that ESL teacher salaries in Vietnam are some of the highest in the world.
Another factor likely motivating expats to settle in Vietnam is the country’s growing selection of luxurious, relatively affordable places to live.
In major hub cities such as Ho Chi Minh City and Hanoi, a real estate development boom has led to a large range of housing options for expats. Despite rising apartment sales prices, rents for mid-range and high-end apartments have remained steady over the past few years.
In Ho Chi Minh City, expat hub areas such as District 2’s Thao Dien now offer a wide range of living options for expats, including large developments such as Masteri Thao Dien.
As more foreign expats arrive, an ecosystem of international businesses has also developed to serve their needs, with many expats in Vietnam now able to enjoy similar shopping, dining and other experiences to back home.
However, feedback on life in Vietnam wasn’t all positive. Despite Vietnam’s significant increase in popularity, expats noted that Vietnam disappointed when it came to factors such as ease of making cashless payments and quality of the environment.
By Dean Dougn @ Vietnam Insider