Vietnam has been identified as the cheapest country to live in the world for 2024.
According to the Expat Insider 2024 survey by InterNations, Vietnam has consistently held the top spot as the most affordable place to live globally for the fourth consecutive year. This recognition highlights its ongoing appeal to expatriates and individuals seeking a lower cost of living without compromising on quality of life.
Key Findings from the Expat Insider 2024 Survey
The InterNations Expat Insider survey is one of the world's largest and most comprehensive surveys on living and working abroad, gathering insights from expatriates worldwide. Its findings provide a robust indicator of various aspects of expat life, including the cost of living.
Here's a summary of the key finding:
| Metric | Finding (2024) | Source |
|---|---|---|
| Most Affordable Country | Vietnam (4th year) | Expat Insider 2024 Survey by InterNations |
Why Vietnam Stands Out for Affordability
Vietnam's consistent ranking as the most affordable country is attributed to several key factors that contribute to a significantly lower cost of living compared to many Western nations and even other Asian countries. These factors make it an attractive destination for retirees, digital nomads, and anyone looking to stretch their budget further.
- Affordable Housing: Whether renting an apartment in a major city or a house in a more rural area, accommodation costs in Vietnam are considerably lower. Options range from budget-friendly rooms to more spacious apartments, all typically at a fraction of the price found elsewhere.
- Low Food Costs: Local cuisine is incredibly inexpensive and delicious. Eating out at street food stalls or local restaurants is very affordable, and groceries from local markets are also priced very competitively.
- Inexpensive Transportation: Public transportation, ride-sharing services (especially motorbike taxis), and fuel costs are low, making it cheap to get around both within cities and across the country.
- Affordable Services and Utilities: Basic utilities like electricity, water, and internet are generally inexpensive. Similarly, services such as healthcare, personal care, and entertainment are budget-friendly.
- Favorable Exchange Rates: For individuals earning income in stronger currencies (e.g., USD, EUR, GBP), the exchange rate against the Vietnamese Dong (VND) often translates to greater purchasing power, further enhancing affordability.
Understanding Cost of Living
While Vietnam is identified as the cheapest, it's important to understand that "cost of living" encompasses a wide range of expenses. These typically include:
- Housing: Rent or mortgage payments, property taxes.
- Food: Groceries, dining out.
- Transportation: Public transport, fuel, vehicle maintenance.
- Utilities: Electricity, water, gas, internet, mobile phone.
- Healthcare: Insurance, medical consultations, medication.
- Personal Care: Toiletries, haircuts.
- Entertainment: Hobbies, going out, leisure activities.
- Education: School fees (if applicable).
Vietnam's ability to offer significantly lower costs across most of these categories makes it a top choice for those prioritizing financial efficiency in their international living plans.
