Vietnam looming large as expat hub for high salaries

A recent survey has revealed Vietnam is the latest success story for expats’ salaries. \r\n\r\nHSBC’s Expat Explorer survey points Vietnam as the latest up-and-coming destination for expat professionals aiming at high-salaried positions overseas. The average earnings of respondents to the study are $88,100, an increase of 25 per cent over their previous salaries. Just under three-quarters of those surveyed said relocating to Vietnam has resulted in increased savings, and 67 per cent reported a higher level of disposable income than in their home country.\r\n\r\nMotivations for saving included retirement and property purchase, although only 18 per cent own homes in Vietnam and 42 per cent don’t own any property anywhere. Another advantage of working in Vietnam is increased holiday time off, and being able to afford domestic help and childcare as well as an upscale home are all appreciated as extra benefits by a number of those surveyed. The survey found a number of reasons why expats decide to work in the Southeast Asian country, with just under half saying they’d wanted new challenges, a further 28 per cent wanted a better quality of life and just 23 per cent were sent by their employers.\r\n\r\n As regards career progression, Vietnam’s rating was 47 per cent, a few points below the global average of 54 per cent. Employment contracts in the country come with useful perks, including benefits being paid to 79 per cent of expats. Healthcare and medical allowances are received by 49 per cent of respondents to the survey, and 42 per cent are getting accommodation allowances. The important allowances for an annual trip back to the home country are being paid to 42 per cent of expat professionals in Vietnam by their employers. \r\n\r\nConfidence in the local economy is felt by two thirds of those surveyed, but downsides include the difficulty of moving money across borders, the less favourable exchange rate and the effects of the present-day global economic unrest. Overall, Vietnam is a good choice for relocation as an expat, but improvements are necessary as regards organising healthcare, finance and children\'s international education.