The latest HSBC Expat Explorer survey, the world’s largest and longest-running study of expat life, reveals that expats benefit from a 25 per cent increase in income as a result of the move, earning on average US$99,903, with expats in Switzerland earning the double.
Meanwhile, expats in Vietnam earn on average US$88,096. Moving to Vietnam and other countries is an opportunity for expats to save more mostly for their retirement or property, which is tougher to reach in their home country. Nevertheless, when it comes to property ownership, under 18 per cent of expats own property in Vietnam, which is half of the global average.
Expats experience other material benefits by moving abroad. 48 per cent of expats in Vietnam say they take more holidays, besides enjoying more domestic help such as cleaner and nanny as well as living in a better property.
According to the survey, expats moving to Vietnam for various reasons with the top three reasons including finding a new challenge, improving their quality of life and being sent by an employer.
One of the must-mention reason for the increase in the number of expats in Vietnam is the expat employment with various attractive benefits. However, the more restrictions on moving their money across countries and less favorable exchange rate have worried them when living in Vietnam in particular and other countries in general despite the confidence in the economy.
Vietnam stays relatively competitive in the eyes of expats in terms of economic elements. The country ranks 16th in the Economics sub-league table, the second high after Singapore among the six ASEAN countries including Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
The country, however, receives less favorable feedback when it comes to experience and family. Only 28 per cent of expats in Vietnam agree that they enjoy the better overall quality of life including everything from health to culture compared to more than half of expats across the world saying so about their host country.
Thinking about their early experience of life as an expat in Vietnam, only a quarter of expats enjoy the ease of organizing finances and under one-third experience healthcare issues such as local doctor and insurance without difficulty. These reviews collectively lead Vietnam to the 30th position in the overall league, a drop of 11 places from last year rank.
“Vietnam remains a fascinating economy where expats around the world continue to enter to challenge themselves and boost their career. However, a satisfactory expat life is associated with how they experience the social and cultural aspects in a host country and how it offers the convenience and quality of life to expats and their families. This poses challenges to the capacity of the financial, medical and educational institutions, also opportunities for them to grow the business from better serving this segment,” said Sabbir Ahmed, head of Retail Banking and Wealth Management, HSBC Vietnam.
