Illustration
InterNations, a community of over 5.3 million working expatriates across 420 global cities, has released its Expat Insider 2024 Ranking report, evaluating the best destinations for overseas workers. The report is based on a survey of over 12,500 expatriates across 53 countries and territories, taking into account five key categories: quality of life, ease of settling in, working abroad, personal finance, and cost of living.
Vietnam Tops the Chart for the Fourth Consecutive Year
According to the Expat Insider 2024 report, Vietnam is ranked as the most affordable country in the world for expatriates, taking first place out of 53 destinations in the personal finance category. This marks the fourth consecutive year that Vietnam has achieved this top ranking in this category.
In addition to its top ranking in personal finance, Vietnam also performed well in other categories. It ranked 14th in working abroad conditions (including career prospects, salary, and job security), 29th in essential services for expatriates (such as digital life, housing, and language), and 40th in quality of life.
Specifically, in the personal finance category, InterNations surveyed participants on their satisfaction with three aspects: general cost of living, financial situation, and whether their disposable household income was enough to live comfortably.
The results showed that the top 10 countries remained largely consistent with last year’s rankings, with the exception of Brazil, which took the 9th spot this year, replacing Malaysia, which dropped from 5th in 2023 to 11th in 2024.
Following Vietnam in the top 10 countries for personal finance are Cambodia, Indonesia, Panama, the Philippines, India, Mexico, Thailand, Brazil, and China.
Among expatriates living in Vietnam, 86% rated the cost of living positively, significantly higher than the global average of 40%. Additionally, 65% expressed satisfaction with their financial situation in Vietnam, compared to a global average of 54%.
Notably, 68% of respondents in Vietnam stated that their disposable income allowed them to live comfortably, far exceeding the global average of 41%.
Expatriates in Vietnam also benefit from higher salaries compared to their counterparts in other countries. The survey revealed that 19% of expatriates in Vietnam earn an annual income of $150,000 or more, while the global average for this income bracket is only 10%.
Furthermore, expatriates in Vietnam reported high levels of job satisfaction. Out of the 53 global destinations included in the report, four Asian countries made it to the top 10 this year, including Indonesia in 3rd place, Thailand in 6th, and Vietnam in 8th, just above the Philippines in 9th.
The report quoted an expatriate from the UK living in Vietnam, who shared, “Life here is not stressful for me, which is a great change from my previous busy and resource-draining work life.”
Why starting with… expenses is the key to taking control of your finances in the new year?
The year 2024 is predicted to be a challenging year for income growth, as the economic recession wave continues to linger. However, you can still take control of your finances and save more with effective spending plans, using helpful suggestions from VIB.
BizUni & NCDT present the 2024 Investment Seminar Series
The 2024 Investment Conference series aims to provide investors with a comprehensive understanding of the macroeconomy, as well as the expected returns and risks of investment tools in 2024, enabling them to make informed investment decisions.
Whose fault is it that a loan of 8.5 million increases to 8.8 billion in value?
Credit cards are a financial solution provided by banks to customers, allowing them to spend first and pay later. However, even a slight negligence or carelessness can easily trap customers in debt from this payment method in the era of 4.0.
Hanoi Tops Cost of Living in Vietnam: Monthly Expenses of $1,300 Still Not Enough
A family of four in Hanoi can comfortably live on a monthly budget of 30 million VND.
