The Hanoitimes - Vietnam ranked 1st in terms of the disposable income for expat in HSBC’s latest report, where 72% said they have saved up more just by moving to Vietnam than in their home countries.
Vietnam has climbed four ranks to the 19th among the world’s best destinations for expats in 2018, according to HSBC’s latest Expat Explorer Survey report.
The country offers expats high living standards and a welcoming business environment, stated the report.
According to the report, the average annual income for expats in Vietnam is US$90,408 in 2018, up US$2,000 year-on-year, while 31% of the respondents said their income have increased by 25% per year.
Vietnam ranked 1st in terms of the disposable income in the report, where 72% said they have saved up more just by moving to Vietnam than in their home countries. However, only a quarter of expats said they own a property in Vietnam, lower than the global average rate of 36%.
The report pointed to three top reasons for expats moving to Vietnam, including finding a new challenge, progressing their carrer and improving their quality of life. Around 47% of expats said the country is a good choice for career progression. Meanwhile, the majority of expats working in Vietnam receives more preferential treatments in their contracts, including air ticket, accommodation, or healthcare.
Sabbir Ahmed, country head of Retail Banking and Wealth Management at HSBC, said Vietnam is a promising destination for expats seeking new challenges and career progression.
Ahmed expected Vietnam to enhance foreigner’s living experience in Vietnam through a better environment, education and financial services.
The world’s best destination for expats this year is Singapore, followed by New Zealand, Germany, Canada and Bahrain.
At present, Switzerland is the top country for expat income with an average of US$200,000 per year and an annual increase of US$60,000. The US stands in the second place with US$185,000, followed by Hong Kong (China), China, and Singapore.
HSBC report examines the way more than 22,000 expats around the world feel about their lives overseas. It distills their experiences, economic and family life to measure how well their new home caters for them and how it ranks against the rest of the world.