As the landscape of work evolves and more individuals seek the flexibility of remote living, finding an affordable and welcoming destination becomes essential.
In 2024, Vietnam has once again earned its title as the most affordable country for expats, according to the Expat Insider survey conducted by InterNations, a leading global network for expatriates. This distinction underscores not only the low cost of living but also the remarkable quality of life that Vietnam offers its residents.
In this article, we’ll delve into the key findings from the Expat Insider 2024 survey, explore the specifics of living costs in Vietnam, and examine the dual appeal of the country as both an affordable haven for expats and an attractive outsourcing destination for international companies.
We'll also highlight how Remote Resources Vietnam is uniquely positioned to leverage these advantages for businesses seeking top-tier services.
Without further ado, let’s dive in!
Vietnam's Top Ranking for Affordability
A Haven for Skilled Expatriate Managers
Source: Internations - Colombia, Indonesia, Panama, Philippines, India, Mexico, Thailand, Brazil and China complete the top 10 of most affordable countries in the world.
The Expat Insider 2024 survey engaged over 12,000 expats living in 174 countries, assessing various factors related to personal finance, quality of life, and job satisfaction… with Vietnam topping the Personal Finance Index with impressive statistics:
- Cost of Living: A staggering 86% of expats in Vietnam rated the cost of living favorably, compared to the global average of just 40%. Half of the respondents rated it as "very good," significantly exceeding the global average of 12%.
- Disposable Income: Two-thirds (68%) reported that their disposable household income is more than adequate for a comfortable lifestyle, while 65% expressed satisfaction with their financial situation—both figures well above global averages.
- Higher Earnings: Interestingly, nearly 19% of expats in Vietnam reported a gross yearly income of $150,000 or more, nearly double the global average of 10%.
Many cite the work-life balance and job satisfaction as key reasons for their choice to live in Vietnam. With nearly three-quarters of respondents expressing contentment in these areas, it's clear that Vietnam has much to offer beyond just affordability.
Why is Vietnam so affordable? Details of the Cost of Living
Source: Numbeo
According to the 2024 Expat Insider Study, living in Vietnam is not only affordable but remarkably cheaper than many Western countries:
- General Cost of Living: Overall, the cost of living in Vietnam is approximately 59% less expensive than in the U.S.
- Housing Costs: Rental prices are around 79% lower than in the U.S. In major expat hubs like Ho Chi Minh City, living expenses and housing costs are 70% and 87% cheaper, respectively, than in New York.
- Energy Costs: The cost of electricity in Vietnam averages about $0.08 per kWh, significantly lower than the U.S. average of over $0.17 per kWh. This further adds to the overall affordability of living in Vietnam.
These compelling numbers illustrate why Vietnam is a prime destination for expats seeking a balanced lifestyle without the burden of high living costs.
Vietnam: A Hub for Skilled Talent and International Expertise
Beyond its affordability, Vietnam's appeal as an outsourcing destination lies in its combination of a highly skilled workforce and a growing presence of experienced international managers.
This unique blend offers businesses a valuable opportunity to access top-tier talent while maintaining cost-effective operations.
A Skilled & Affordable Workforce…
(Source: 2023 Vietnam IT Salary Guide by JT1)
The country's investment in education and training has led to a steady stream of talented individuals entering the workforce, ensuring a sustainable supply of skilled talent.
Vietnamese professionals have demonstrated exceptional capabilities in a wide range of creative and technical fields.
They often offer competitive rates without compromising on quality, making it an appealing option for businesses looking to outsource*:
Concept Artist:
- Vietnam: $600 - $1,800
- United Kingdom: $4,750 - $8,000
- United States: $4,500 - $8,000
UX/UI Designer:
- Vietnam: $600 - $2,000
- United Kingdom: $3,200 - $10,000
- United States: $7,000 - $12,500
3D Artist:
- Vietnam: $500 - $1,500
- United Kingdom: $3,000 - $5,000
- United States: $3,500 - $10,500
Developer (Software):
- Vietnam: $600 - $2,000
- United Kingdom: $5,500 - $10,000
- United States: $6,500 - $14,000
Quality Controller (Tester):
- Vietnam: $300 - $1,600
- United Kingdom: $2,500 - $4,500
- United States: $2,600 - $6,000
*Salaries observed in Oct. 24, on the following websites: talent.com,uxvn.org/ux-salary-report , worldsalaries.com , talentup.io , payscale.com , reed.co.uk , devitjobs.uk , nodeflair.com/salaries/vietnam-qa-engineer-salary
… Managed by Seasoned International Professionals.
Vietnam's growing attractiveness as a destination for international professionals has resulted in a significant influx of experienced managers.
These senior individuals bring valuable global perspectives, industry best practices, and a deep understanding of international business standards.
Their presence enhances the overall capabilities of Vietnamese teams and fosters a culture of excellence.
Source: InterNations - The Typical Expat in Vietnam
For a Truely Synergistic Environment!
This combination of skilled local talent and experienced international managers creates a dynamic and productive environment.
Vietnamese teams benefit from the guidance and mentorship of seasoned professionals, while international managers gain valuable insights from the local workforce's deep understanding of the market and cultural nuances.
This synergy enables businesses to deliver high-quality projects that meet global standards while maintaining a competitive cost structure.
Remote Resources Vietnam: Your Partner in Success
Vietnam's exceptional combination of affordability, skilled talent, and international expertise makes it an ideal location for businesses seeking to outsource their operations.
At Remote Resources Vietnam, we are dedicated to helping you harness the full potential of this dynamic country.
Our team of experienced professionals is committed to providing tailored solutions that meet your specific needs.
From finding the perfect talent to ensuring seamless project management, we offer a comprehensive range of services designed to help you achieve your business goals.
By partnering with Remote Resources Vietnam, you can tap into Vietnam's vast pool of skilled workers, benefit from the guidance of experienced international managers, and ultimately achieve your business objectives in a cost-effective and efficient manner.
Contact us today to learn more about how we can help you leverage the power of Vietnam's thriving outsourcing ecosystem!
