This year Viet Nam has increased its ranking from 23rd to 19th among countries where expats are eager to live and work in HSBC’s annual Expat Explorer survey.
The Expat Explorer overall league table ranks each country and territory using a score that summarises expats’ views on economics, experience and family life aspects in their host country.
Singapore is rated the best destination for a fourth year in a row followed closely by New Zealand, Germany, Canada and Bahrain.
Viet Nam stays relatively competitive in the eyes of expats in terms of economic elements.
Expats in Viet Nam reveal that annually they earn on average US$90,408 with 31 per cent of them seeing an income rise of 25 per cent or above.
Viet Nam ranks first with nearly three quarters (72 per cent) saying moving to Viet Nam helps them save more while 72 per cent also agree they have more disposable income than they did in their home country.
Both are higher than the global average (52 per cent for savings and 56 per cent for disposable income).
The most common goals of saving are retirement (43 per cent) followed by buying the first/next property (30 per cent).
But when it comes to property ownership, only one fourth (26 per cent) of expats own property in Viet Nam while the global average is 36 per cent.
More than half (55 per cent) of expats in Viet Nam say they take more holidays. Many also live in a better property (41 per cent), have more household staff (39 per cent) and spend more on children’s education (16 per cent).
The top three reasons why expats move to Viet Nam include finding a new challenge (26 per cent), progressing their career (26 per cent) and improving their quality of life (24 per cent).
Although the average income for an expat in Viet Nam is US$90,000, fewer expats have financial concerns than expats in other countries thanks partly to a reasonable cost of living and good allowances.
The country, however, receives less favourable feedback when it comes to experience (17th) and family (26th).
Only 42 per cent of expats in Viet Nam agree they enjoy a better overall quality of life including everything from health to culture compared to more than half of expats across the world saying so about their host country.
In Viet Nam, less than one third (27 per cent) enjoy the ease of organising finances (bank account, insurance, paying taxes) and 35 per cent experience healthcare issues without difficulty (global average 43 per cent and 46 per cent).
Only 18 per cent of expat parents agree the quality of child care in Viet Nam is better than in their home country, compared to the global average of 38 per cent.
However, the work is less stressful than at home for almost 40 per cent of expats, who say they are more fulfilled working in Viet Nam than at home.
Thirty five per cent of expats here say they can socialise at work better than in their home country.
Overall, 92 per cent of expats in Viet Nam say they are as happy or happier working here than at home.
The survey polled more than 22,000 expats in 163 countries and territories through an online questionnaire in March and April 2018. —VNS