According to the Annual League Table of Best Places to Live and Work 2019, by HSBC Expat, Vietnam has had a head for heights when it jumps nine spots on the overall league table to secure the 10th position this year.
Vietnam is home to the 4th most experienced movers in the world, trailing behind India, China and Indonesia, with 73 per cent of those relocating there having lived abroad at least once before, well above the global average of 56 per cent.
When first moving, 40 per cent of people intend to stay in Vietnam for longer than five years but this number increases to 60 per cent once they get a taste of what the country has to offer.
A total of 57 per cent of expats in Vietnam agree that they enjoy the better overall quality of life in Vietnam compared to their home country while 65 per cent of expats across the world saying so about their host country.
“As a Vietnamese national, I am extremely proud to know Vietnam is one of this year’s Top 10 host countries for foreign visitors who are seeking both opportunities and challenges to boost and develop their careers and gain experiences,” said Phuong Tien Minh, head of Retail Banking and Wealth Management at HSBC Vietnam.
Overseas professionals in Vietnam said that they appreciate the welcoming locals with a majority (58 per cent) sharing they feel at home within the first few months of arriving. This is largely due to Vietnamese communities being welcoming and encouraging expats to get involved with their impressive calendar of cultural events, leading to many strong friendships being formed within a short amount of time.
On top of all this, many visitors to Vietnam find the working environment favourable. The country is ranked 3rd after Switzerland and Poland in the Aspiring sub league table, which summaries expats views about market’s economy, opportunities for career progression and its effect on people who moved to new country.
Average salaries for those who have relocated to Vietnam are $78,750, a little higher than the global mean of $75,966. Some 67 per cent of respondents also agree that they have more disposable income when moving to Vietnam than they did in their home country.
The reasons for higher disposable income are lower cost of living (e.g. accommodation, schooling, transport, medical bills), increased earnings and their employer covers some of their living costs and expenses.
A total of 71 per cent of relocated person say they feel confident about the Vietnamese economy while 76 per cent of respondents also feel confident about the political situation.
The top three reasons for why professionals moved to Vietnam included progressing their career (34 per cent), finding a new challenge (29 per cent), and improving their quality of life (26 per cent).
With these aspirations in mind, 39 per cent said being in Vietnam made them more able to reach their potential than in their home market, comparing to the global average of 34 per cent.
Moreover, person relocated to Vietnam can learn new skills at work (59 per cent); be promoted rapidly as a result of moving abroad (30 per cent); move to a new field or sector (28 per cent) and even develop a new business (26 per cent).
The country, however, receives less favourable feedback when it comes to Living (ranked 12th) and Little Expats (ranked 26th).
Only 57 per cent of international professionals in Vietnam agree that they enjoy the better overall quality of life including everything from health to culture compared to 65 per cent of expats across the world saying so about their host country.
Only 28 per cent of expat parents agree that the quality of education their children receive in Vietnam is better than what it would be in their home country, compared to the global average of 36 per cent.
“We expect Vietnam to improve more on several areas to enhance experience of expats and their families by developing further the environment, educational programmes and financial services,” noted Minh.
The most ideal place to live and work in the world has gone to the mountainous peaks of Switzerland, which surges to the top spot for the first time, after being ranked 8th last year.
A combination of highly competitive salaries, pristine surroundings and a superior quality of life has contributed to the country’s success in HSBC’s league table.
Seven in 10 (71 per cent) of those who have moved to Switzerland now enjoy higher levels of disposable income with their average salary being $111,587. With the major Swiss city of Zurich being one of the world’s premier financial hubs, one in five (19 per cent) foreign young professionals in the country work in the financial services.
Singapore, which secured the very top position for four consecutive years (2015-2018), has now come second on the league table. The island city-state is the best destination in the world for those moving with children.
With a bilingual education system, which sees all children taught in English while their mother tongues are taught separately, 62 per cent of those who moved there say the schooling system in Singapore is better than in their home country, while 69 per cent laud their children’s ability to learn new languages in the schools.