Vietnam named most affordable country for expats for fourth straight year

Vietnam has been named the most affordable country in the world for expats, ranking first out of 53 destinations when it comes to personal finances.

It is the fourth consecutive year that Vietnam has won the title, according to a 2024 InterNations survey.

Out of the 53 destinations, Vietnam came 40th for quality of life, 29th for expat essentials such as digital life, housing and language, and 14th for working abroad, taking into account career prospects, salary, and job security, among other factors.

The study showed that among the surveyed expats living in Vietnam, 86% consider the cost of living favorably, which is more than twice the global average of 40%. Up to 65% of respondents in the country say they are satisfied with their financial situation, compared to 54% globally.

In addition, 68% of respondents say their disposable household income is more than enough to lead a comfortable life, compared to 41% globally, according to the survey.

The InterNations survey showed that besides enjoying a low cost of living, expats tend to earn higher incomes in Vietnam, with nearly all surveyed expats grossing a yearly income of $150,000, nearly doubling the global average.

The survey also showed that general job satisfaction is also very high among expats in Vietnam. The Southeast Asian country jumped from 24th last year to third in 2024 for this factor, which is part of the “Work Culture & Satisfaction” subcategory.

Generally, “work-life balance trumps career advancement” in Vietnam, according to the report. Notably, 46% of the country’s expat population works full time, compared to the global average of 57%. About one in five expats (21%) works part-time, and about 18% of expats are retired.

Among the top 10 most affordable places, there were five others from Asia, namely Indonesia, the Philippines, India, Thailand, and China. The remaining four all came from the Americas: Colombia, Panama, Mexico, and Brazil.

Given its low cost of living, Vietnam is often considered among the best destinations for tourists and expats. Travel+Leisure, a U.S. magazine, has named the country among the top eighth cheapest countries to retire in due to the comfortable lifestyle on offer.

The overall cost stands at about 59% lower than the U.S., whilst rents are about 79% lower, depending on the location, according to the magazine.

The Expat Insider 2024 survey, which provided insights including the best and worst places to live, quality of life, working abroad and personal finance, drew the participation of more than 12,000 expats across 174 territories worldwide.

The 2024 ranking remains largely unchanged from last year, with the exception of a new entrant to the list, Brazil (ninth) replacing Malaysia, which dropped from fifth in 2023 to 11th this year.