For those fortunate enough to get a job in Vietnam, it is perhaps one of the best places to be for many reasons.
Vietnam has quietly yet successfully put itself on the global map, and by 2050, it is predicted to be one of the top 20 economies in the world. This is a fantastic achievement as Vietnam has overtaken many of its neighbors, who have not been able to keep up in a changing and complex world.
This has made Vietnam a desirable place for expats to move to due to a growing expat population and a good quality of life. Vietnam still offers excellent value for money compared to other Asian countries but with far superior infrastructure making life easier.
Vietnam will still be a significant culture shock for many. Still, for those who embrace the change, the culture can really enrich their experience as expats. Life can be chaotic and fast-paced in major cities like Ho Chi Minh and Hanoi, with motorbikes everywhere. These cities, however, still have many quiet green spaces and historical sites, not to mention exceptional food and high-quality restaurants.
Like many places in the world, Vietnam suffered from COVID-19 but has since bounced back and is one of the strongest-growing economies in the world. The breakdown of the relationship between the US and China has also created significant new opportunities for Vietnam, sustaining the economy’s growth for a substantial period.
Not only does Vietnam represent fantastic value for money, but it also offers significant savings opportunities compared to other expat postings. Language can be an issue in Vietnam, so expats generally want international solutions for their savings, investments, and insurance.
As with most expat postings, your time in Vietnam is likely to be finite, so arranging your finances outside Vietnam will probably offer you the best solutions. When you leave, international solutions provide more choice, value for money, and greater flexibility.
Vietnam not only has a fascinating culture and history but is also a country of striking contrasts. From the Mekong River Delta to the stunning beauty of Northern Vietnam, with its mountains and cooler climate, Vietnam literally has everything.
For expats, Vietnam provides an endless list of incredible places to visit at a very reasonable cost. Vietnam is also forging ahead of almost all countries in the world in rolling out electric cars and luxury and affordable modern living for expats and locals.
To fully benefit from what is likely to be an amazing time in Vietnam, it is imperative to put together a financial plan with a coach or independent advisor who understands Vietnam and your personal goals.
Contact Astra Worldwide and make the most of your time in Vietnam so you leave with no regrets.
The author of this article regularly visits Vietnam and has been helping expats with their finances for over 30 years.
