VN ranks second among ASEAN destinations for expats

Monday, Sep 26, 2016 18:12

Some 14 per cent of expats in Viet Nam earn more than US$200,000 per year, according to a HSBC report. — Illustrative photo

HA NOI (Biz Hub) — Viet Nam ranks second among six rated ASEAN countries and 19th globally in HSBC's 2016 Expat Explorer league table of 45 host countries.

The table presents the best countries for expats to live and work.

HSBC said in a news release on September 26 that the Expat Explorer survey was completed by some 26,870 expats from 190 countries through an online questionnaire in March and April 2016.

The news release said Viet Nam's 19th place is a "relatively good improvement" compared with last year's 25th.

In Southeast Asia, the country is second to Singapore, and followed by Indonesia, Malaysia, the Philippines and Thailand.

Thirty-five per cent of expats in Viet Nam agree that the country is a good place to progress their careers.

The top three reasons why expats choose to move to Viet Nam are for a new challenge (46 per cent), being sent by an employer (26 per cent) and to improve the quality of life (24 per cent).

In terms of income, over a third of expats in Viet Nam said they earn more than they would in their home country.

Expats in Viet Nam could earn US$103,000 annually on average, which is ahead of the global amount, a quarter less than Singapore and slightly lower than Malaysia across ASEAN.

Some 14 per cent of those in Viet Nam earn more than $200,000 per year.

"Being one of the most dynamic economies in Asia, it is not surprising that Viet Nam becomes a promising host country for expats, who are seeking both opportunities and challenges to boost their careers," Sabbir Ahmed, head of retail banking and wealth management at HSBC Viet Nam, said.

"However, besides the economic pros, Viet Nam should further focus on improving environment, educational programmes and financial services to enhance the experience of expats and their families," he said.

Globally, Singapore takes the top spot in the league table for a second year in a row, followed by New Zealand, Canada, Czech, Switzerland and Norway.

The report also revealed that millennials are drawn to the expat life to find more purpose in their careers.

Twenty-two per cent of expats aged 18-34 moved abroad to find more purpose in their career, compared with 14 per cent of those aged 34-54 and seven per cent of those aged 55 and over.

Some two in five expats said that moving abroad has accelerated their progress towards saving for retirement or towards buying a property.

Almost a third of expats said living abroad has helped them save for their children's education more quickly.

Expats' ratings are available on this link:

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London, the United Kingdom. The bank launched its Việt Nam incorporated entity in January 2009. — VNS

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