Foreign experts earn more than 2 billion VND/year in Vietnam

Vietnam is the second best working destination in Southeast Asia for foreign experts, with an average income of more than 100,000 USD per person per year.

HSBC has just announced a ranking of 45 countries on the working environment for expats. This year, Vietnam moved up to 19th place, a good improvement compared to 25th place in last year's survey.

In Southeast Asia alone, with 6 countries ranked (Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam), Vietnam holds the second position, just after Singapore. About 35% of foreign experts in Vietnam said that this is an ideal market to develop their career. The three most common reasons that motivate foreign experts to come to Vietnam are to seek new challenges (46%), to follow the employer's transfer (26%) and to improve the quality of life (24%).

In terms of income, more than a third said that working in Vietnam helps them earn more money than in their home country. Specifically, the average income of foreign experts in Vietnam is 103,000 USD per year (about 2.3 billion VND), higher than the global average of 97,000 USD. Within the ASEAN countries surveyed, this income level is only lower than Singapore and close to Malaysia ($104,000). Notably, up to 14% of foreign experts earn more than 200,000 USD per year in Vietnam.

Many foreign experts earn 200,000 USD per year in Vietnam.

Vietnam impresses expats with its economic advantages. Nearly three-quarters feel confident about the economy and 62% rate Vietnam’s political stability highly. Vietnam also offers many savings opportunities, with nearly three-quarters of those surveyed saying they have saved more and increased their disposable income since moving here. However, 59% say money management in Vietnam is complicated and limited.

When it comes to experience, although expats enjoy the social life and cultural activities in Vietnam, a high proportion (78%) expressed concerns about environmental issues. Among parents, 80% believe their children enjoy the same or better quality of life, but the same proportion say that education is more expensive than in their home country.

On a global scale, 2016 was the second consecutive year that Singapore topped the rankings. Expatriates in the island nation reaped well-deserved financial rewards and were provided with excellent career opportunities. At the same time, they enjoyed a quality of life and a friendly, safe environment.

More than 60% of expats in Singapore say the country is good for career development. 62% admit that their income has increased since moving to work here. The average income of expats in Singapore is now 139,000 USD a year.

However, when it comes to economics alone, Switzerland tops the list. Nearly nine in 10 expats in Switzerland feel confident about the country’s political stability, and 80% are confident about its economy. They also have the opportunity to earn better than they would at home, with an average annual income of $188,000.

“Experts are consistent in their view that moving abroad for work helps them achieve their career aspirations and long-term financial goals, from providing their children with a better education to investing in property and saving for retirement. Most also acknowledge that their quality of life has improved since moving abroad, and they have integrated well with the local people and culture,” concluded Mr. Dean Blackburn - Head of HSBC Group Expatriates.

According to VNE