How much expats really earn in Vietnam
The HSBC’s Expat Explorer survey reveals the average income of foreigners working here, and it's not bad at all.
Good career opportunities in a stable economy have made Vietnam one of the best host countries for expats, even as environmental issues remain a major concern for them, the annual HSBC’s Expat Explorer survey has found.
Vietnam holds the second place, after Singapore, among six ASEAN countries in the survey. Globally, it is rated 19th, a jump from last year’s 25th position.
A good proportion of expats in Vietnam, 35%, agree that the country is a good place to progress their careers. The top three reasons they choose to move to Vietnam are for a new challenge (46%), being sent by an employer (26%) and to improve their quality of life (24%).
According to the survey, expats in Vietnam could earn US$103,000 annually on average, which is above the global level and a quarter less than Singapore's.
That is around 50 times higher than the annual income average for Vietnamese, which was US$2,100 last year according to the World Bank (WB).
Those who earn more than US$200,000 take up 14%, according to the survey.
In terms of living experience, almost all expats enjoy their social and cultural life in Vietnam, but 78% show worries about environmental issues. Some also complain about high education costs for their children and inadequate financial services.
“Being one of the most dynamic economies in Asia, it is not surprising that Vietnam becomes a promising host country for expats who are seeking both opportunities and challenges to boost their careers,” said Sabbir Ahmed, Head of Retail Banking and Wealth Management at HSBC Vietnam.
Now in its ninth year, Expat Explorer is the longest running surveys of expats, with 26,871 respondents sharing their views on life in 45 host countries.
For the second year in a row, Singapore takes the top spot, followed by New Zealand and Canada.