For the fourth consecutive year, Viet Nam is the most affordable country in the world for expats, ranking first out of 53 destinations when it comes to personal finances, according to a 2024 InterNations study.

Viet Nam an ideal destination for expats: InterNations (Photo: cnbc.com)

Viet Nam also came in 40th place for quality of life, 29th place for expat essentials such as digital life, housing and language, and ranked 14th for working abroad — with considerations like career prospects, salary and job security factored in.

More than 12,000 expats across 174 countries and territories worldwide participated in the broader Expat Insider 2024 survey which provided insights including the best and worst places to live, quality of life, working abroad and personal finance.

For the Personal Finance Index, InterNations asked survey respondents to rank their personal satisfaction levels in three areas: general cost of living, satisfaction with financial situation, and whether disposable household income was enough to lead a comfortable life.

This data was used to compile the report which 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.

Other top destinations expats said are best for their personal finances include Campuchia, Indonesia, Panama, the Philippines, India, Mexico, Thailand, Brazil and China.

Out of surveyed expats living in Viet Nam, 86% rated its cost of living favourably — that’s more than twice the global average of 40%, and 65% of respondents in the country said they are satisfied with their financial situation compared to 54% globally, according to the report.

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

Not only are costs of living low, expats tend to be paid more in Viet Nam. Close to double the global average report a gross yearly income of 150,000 USD or more.

In addition, general job satisfaction is also very high among expats in the country. Viet Nam jumped from 24th rank last year to 3rd in 2024 for this factor, which is part of the “Work Culture & Satisfaction” subcategory, said Kathrin Chudoba, chief marketing officer for InterNations.

Generally, “work-life balance trumps career advancement” in Viet Nam, according to the report. Notably, less than half (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.

Along with measuring expats’ satisfaction with their personal finances, the InterNations Expat Insider study also gathered data on what the overall best destinations are for expats globally.

This broader list explores how expats feel across other aspects of life abroad, based on five indices: general happiness, quality of life, ease of settling in, working abroad and their “expat essentials” index, which is based on administration, housing, digital life and language.

Out of 53 destinations globally, four Asian countries made it into the overall top 10 list this year: Indonesia (third overall), Thailand (sixth overall), Viet Nam (eighth overall) and the Philippines (ninth overall).

Source: VNA