In recent times, Vietnam has become a favored destination for foreigners, capturing attention with its top ranking among expatriate-friendly nations. HSBC's survey unveiled this remarkable achievement. In light of this revelation, both ex-pats and local experts have come forward, eager to shed light on the factors that have propelled Vietnam to the forefront of international relocation destinations.
An escalating number of foreigners are drawn to Vietnam, enticed by its enchanting landscapes and vibrant cultural heritage. They choose Vietnam as their residence and workplace. Vietnam presents an exceptional fusion of economic potential and a high standard of living, appealing to individuals worldwide. Its vibrant cities and welcoming communities brim with opportunities. As ex-pats continue to share their experiences, Vietnam's charm as an ideal destination steadily increases. It offers a dynamic environment for a fresh start.
1. Vietnam’s outlook
The World Bank (WB) has revised its projection for Vietnam's GDP growth to about 6% in 2023, a 0.3% decrease from the lender's previous forecast in January. Despite the global economic downturn, the region's growth rate remains the highest in Southeast Asia.
In 2023, global commerce in goods is expected to rise at an exceedingly slow pace. Based on World Bank research, the reliance of certain economies on trade, such as Malaysia and Vietnam, may lead to sluggish growth. These countries are anticipated to face challenges in their economic performance.
In reality, the government's annual growth rate of 6.5% is regarded as the most optimistic option. Despite the modest 3.32% GDP growth in the first quarter of the year, global organizations remain optimistic that the government can achieve its targets. Renowned institutions express confidence in the country's potential for progress.
According to the Organization for Economic Cooperation and Development (OECD), Standard Chartered Bank, and the Asian Development Bank, Vietnam's GDP will grow by 6.5% in 2023.
Despite positive outlooks, experts caution that the Vietnamese economy is exposed to multiple risks, such as global inflation. Additionally, tightening monetary policies, supply chain disruptions, and environmental challenges pose significant concerns.
Meanwhile, according to a McKinsey & Company poll, almost 70% of millennials feel enthusiastic about the country's economic prospects, the highest ratio among Asian countries.
WGSN, a global trend-predicting firm, forecasts that Vietnam will emerge as Southeast Asia's fastest-growing digital economy and one of Asia's rapidly ascending economies in the coming year. This projection positions Vietnam for remarkable growth and technological advancements.
2. The startup-friendly nation
The French actress who has lived in our country for some years claims she was not strange by the news, as she has realized the national fast development throughout her stay.
Vietnam is a better area for startup businesses. She was impressed, adding that setting one’s organization is not quite tough.
There is a wide range of chances for the youth, she claimed. “The climate is pretty and the individuals are super kind and hospitable”. They enjoy studying English, improving skills, and operating with visitors,” the ex-pat said.
In a bid to attract more visitors, the Vietnamese government is considering policies that would allow foreigners to purchase and obtain lifelong ownership of local real estate. These regulations, lasting for up to 50 years, aim to provide a more favorable environment, as suggested by Chu.
3. Vietnam is the destiny
Based on Ben Mawdsley, the Canadian national, initially arrived in Ho Chi Minh City some years ago. He had a singular desire to reside in a vibrant Vietnamese metropolis for slightly over a month. He intended to teach English, acquire the TEFL certification, and then return to Japan.
During his stay in our nation, he finds that Vietnam is an area in which he might live and operate for a long period. Expressing his preference, the ex-pat mentioned that he was not particularly drawn to glamorous locales. Instead, he sought the charm of living in an area, savoring street food, and enjoying a beer on the sidewalk.
4. The unknown treasure
Stivi Cooke fell in love with our country in 2004 and came there in 2007. It is particularly simple to reside and work there, Cooke claimed, adding that English is hugely used and there is a big range of eateries serving foods from the globe.
“It might take some minutes for foreigners to get to know the individuals and make friends, but it is not distinctive to different nations I have resided in”, he claimed.
Despite the high living costs compared to many places, the ex-pat emphasized the reduced stress levels make up for it. The lack of stringent rules and concerns regarding neighbors contribute to a more relaxed living environment, as per their experience.
Based on Mr. Tuan, most of the international customers claimed that they are delighted to take some job opportunities and benefits to make a stable life when the living cost is particularly low.
Vietnamese legal system and economic development over some years have even created safety for visitors, Tuan claimed.
The most crucial item is the resident’s hospitality which wins the foreigners’ hearts. Moreover, the issues involved in traffic safety and security even request to be on time tackled. The business environment even brings other “minus points” due to the complex administrative procedures, when the skilled laborers’ attraction from various nations is a bit limited.
6. Low cost of settling down
For foreigners, Vietnam is bordered by some of the most expensive cities in the world. According to Mercer's 2019 Global Talent Trends study, Asian cities account for eight of the top ten most costly destinations for ex-pats. Shenzhen (ranked tenth), Singapore (ranked third), and Hong Kong (ranked first, predictably) are the closest cities to Vietnam.
According to HSBC's 2015 Expat Explorer Survey, Vietnam is cheaper and simpler for ex-pats to settle down and obtain housing. Even if you are a Vietnamese native living abroad and considering returning to Vietnam to work, your money will be worth a lot more when you return.
The monthly rent for an 85 sqm furnished apartment in a regular neighborhood in Ho Chi Minh City is roughly VND 22.3 million (US$960). In comparison, the rent for similarly sized accommodation in a Singapore neighborhood is roughly S$2,511 (US$1,852).
7. Low cost of living
When it comes to paying, foreigners and returnees alike believe you make significantly less in Vietnam than your contemporaries elsewhere. However, this is not always the case.
As previously said, digital jobs are currently in high demand and short supply, implying that the product's worth is rising in tandem with its price. The rate of growth is also expected to accelerate.
You don't have to live in Vietnam to realize that, despite fast economic progress, items remain relatively inexpensive across the board. Indeed, if you are considering migrating to Asia (or, in the case of returnees, returning), Vietnam ranks 23rd in the Asia-Pacific area on the Cost of Living Index. As a point of comparison, Vietnam's neighbors Hong Kong, Singapore, Myanmar, and Cambodia are ranked second, fifth, thirteenth, and eighteenth, respectively.
8. Healthcare and insurance
Vietnam's medical and healthcare services are improving and expanding. Aside from free preventative health programs like childhood vaccination, most people must pay for their own medical examinations and treatment.
If medical services and equipment at public hospitals do not fulfill your expectations in comparison to Western countries, several private hospitals with English-speaking medical personnel and doctors/specialists have been trained or worked overseas. This is also why foreigners choose private hospitals, where there are fewer language obstacles and where they may utilize their foreign insurance. Some rural areas and small cities will have limited access to health care.
Foreigners are strongly advised to purchase private health insurance before traveling to Vietnam, as well as to thoroughly check with the local hospital to ensure that the insurance may be utilized to pay for medical services and treatments.
9. High salary for foreigners working in Vietnam
The majority of the locals are employed in agriculture. As a result, foreigners can find employment in information technology and communications, commerce, industry, and finance.
Furthermore, many foreigners have sought jobs in the field of education, particularly for those fluent in foreign languages such as English, French, Chinese, or Japanese. If you qualify, you can then work as a teacher full-time or part-time.
If you acquire a job in Hanoi, you may expect to earn between 10 and 20 million dongs per month, which is similar to the income of a local manager with several years of experience.
Vietnam is often regarded as one of the best nations for overseas teaching opportunities. With a bachelor's degree, TEFL, and some years of teaching experience, teachers in Vietnam may make around $800/£640 per month, and $1,800/£1400 for private schools and learning centers.
We believe that you gain a deeper understanding of the reasons why a lot of foreigners select Vietnam to work and reside. Last but not least, you can leave your comments below if necessary. Thank you!
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