Foreigners are enjoying cheap living costs and a friendly society in Vietnam.
HSBC released its eighth Expat Explorer survey last week, which was conducted with the participation of over 21,950 respondents from 39 countries, sharing their views on different aspects of life abroad, including careers, financial well being, (standards of living?) quality of life and ease of settling for partners and children.
While Vietnam ranks 21st in the ‘Economics’ league table, it comes 5th in the ability of savings, according to the survey.
The majority of expats say they have an easier life in Vietnam as they spend less money on accommodation/housing (62%), transportation (73%), clothing (68%), household goods (62%), utilities (70%) and bills (77%) compared to when they were living in their home country.
68% of expats also find it easier to save more in Vietnam. 51% thinks their work is more fulfilling in Vietnam than it was at home.
62% of expats say they now can afford domestic help/staff, such as a cleaner or a nanny, which they could not in their home country, and luxurious holidays (52%) compared to the mere 28% and 36%, respectively, of expats globally.
Further findings of the survey conclude that Vietnam ranks 22nd in the ‘Experience’ league table, but comes second in making friends. Some 56% of expats feel they are integrating well with the locals and the culture. 68% find it easy to form new friendships in Vietnam.
Settling in Vietnam is also relatively quick, with 36% of the respondents feeling at home instantly or within six months. The majority of expats also enjoy immersing themselves in the culture of Vietnam (61%), as well as eating and cooking local cuisine (78%).
Additionally, Vietnam stands 31st in the ‘Family’ league table. 43% of expats consider the cost of childcare in Vietnam less expensive than in their home country and most expats (74%) send their children to international schools.
Kris Werner, head of Retail Banking and Wealth Management, said that Vietnam was developing rapidly and its business environment was dynamic. It was an attractive destination for entrepreneurs looking to set up new ventures.
According to him, as an emerging market, Vietnam offers expats both challenges and opportunities to boost and develop their careers. With its remarkable tourist attractions, culture, and people, Vietnam offers expats a great experience and ease in immersing themselves and settling into the country.
