Where is the cheapest cost of living?

Vietnam: The World’s Most Affordable Destination for Expat Living

Once again, Vietnam has emerged as the most budget-friendly destination for expatriates worldwide, securing the top spot for the fourth year in a row in InterNations’ 2024 Personal Finance Index. The survey, which ranks 56 destinations based on their affordability, revealed that the cost of living in Vietnam remains remarkably low compared to global averages.

Unbeatable Affordability

Expatriates living in Vietnam enjoy a significantly lower cost of living. The Index highlights that Vietnam’s overall cost of living is approximately 33% lower than the global average. This affordability extends across various essential expenses, including:

• Accommodation: Rent and utility costs are remarkably low, with many expats reporting significant savings compared to other destinations.
• Groceries: The cost of food and beverages is highly affordable, allowing expats to maintain a healthy and varied diet without breaking the bank.
• Transportation: Public transportation and ride-hailing services are readily available and budget-friendly, making it easy and affordable to get around.

Factors Contributing to Affordability

Several factors contribute to Vietnam’s exceptional affordability:

• Stable Currency: The Vietnamese dong has remained relatively stable against major currencies in recent years.
• Low Labor Costs: The cost of labor is considerably lower in Vietnam, which translates to lower overall expenses for goods and services.
• Local Production: Vietnam’s strong domestic economy supports a vibrant local production sector, resulting in lower prices for locally produced items.

Implications for Expats

The low cost of living in Vietnam offers several advantages for expats:

• Increased Savings: Expats can save a substantial portion of their income due to the low expenses. This can provide financial security and allow for investments or travel.
• Enhanced Quality of Life: With more disposable income, expats can enjoy a higher quality of life by indulging in activities and experiences that enrich their stay in Vietnam.
• Attractive Destination for Retirees: Vietnam’s affordability makes it an appealing destination for retirees seeking a comfortable retirement on a limited budget.

Conclusion

Vietnam’s consistent reign as the world’s most affordable place to live is a testament to its exceptional value for money. The country offers an excellent opportunity for expats to live comfortably and save significantly. Whether seeking a financial haven, a retirement retreat, or an immersive cultural experience, Vietnam stands as an unbeatable destination for those seeking affordability and a rewarding expat lifestyle.