Vietnam is attracting foreign specialists to visit, live and work as expatriates due to stable political, improved environment for doing business.
As such, Vietnam has becoming an attractive destination for setting up business and factory in comparison with other countries in the region due to the capability to attract managements and talents.
Vietnam topped the list as the country bringing high income for foreign professionals with 67% said that their income has increased and 68% of them have capable of increasing accumulation. The study was published by HSBC in the foreign expert research which was newly implemented.
Accordingly, foreign professionals living in Asia Pacific was the highest paid people in the world with an average annual income of 126,537 USD.
The report also shows that Asia Pacific is the workplace of 18% foreign experts with salary exceeding 200,000 USD a year, the highest rate in the region, followed by the Middle East with 16%.
Living in Vietnam: Earning more money and good accumulation
In Asia in general, Vietnam, China, Hong Kong, Malaysia and Singapore bring the highest accumulation to foreign experts, thus making their disposable incomes rise.
In particular, Vietnam topped the list with 67% of professionals working here saw their incomes rise and 68% have increasing accumulation. In particular, 16% of experts said that they potentially own more real estate by the rotation.
However, according to HSBC then Vietnam topped the area in terms of potential savings of foreign experts.
For younger professionals, a few Asian markets provide opportunities for better accommodation. More than half of professionals under 35 years old in Indonesia (55%) and India (52%) spend less on accommodation than when they stay in their own country.
The report also shows that Asia Pacific has the ability to create easiest financial base for professionals with high incomes, with 73% (of all income levels) said that they can establish easiest finance in New Zealand, followed by Singapore (63%) and Australia (56%).
Justin Bull from HSBC in Hong Kong said that Asia given the best opportunities for financing, allowing foreign experts to improve living standards and achieve desired lifestyle. The majority of the experts here are British and American. According to the survey, an important part of Asian experts changing local for income increasing like Australian experts working in China and Vietnam; Indian professionals working in Malaysia and Indonesia; Filipino professionals working in Malaysia and the Malaysian and Indonesian professionals working in Singapore.
There will be high-quality workforce shifting
When ASEAN is closer to the establishment of an economic community, the demand for skilled manpower will be increased to be able to enhance the competitiveness of the sector.
With the fact that ASEAN will increase 57 million new households belonging to the middle class to the global markets as of 2025, HSBC said that experts will continue to contribute in the field of telecommunication, technology, banking , education, hospitality, health, marketing and construction…
In addition, the new agreements on trade and investment, connecting economies with each other will unfreeze international vacancies between Asia and developing markets. This will be a potential world for skilled professionals and skilled labor.
The ability to save more, the higher disposable income or the ability to buy real estate is important factors for experts to consider switching to a new country.
Feel “Breathe easy” when living in Vietnam
Vietnam ranked 21st in the economic ranking, but ranked 5th when talking about the saving ability of foreign experts.
According to the survey from HSBC. Most of foreign experts believe that Vietnam had a more comfortable life with less spending on housing costs (62%), travel (73%), clothing (68%), goods and necessities (62%), essential services like electricity, water, telephone (70%) and bills (77%).
Thus, experts are likely to save more (68%) while living in Vietnam.
More than half of the foreign experts (62%) said that in Vietnam they can afford to hire a maid and nanny, something that they cannot afford while living at home country, and can enjoy the luxury vacation (52%), compared with only 28% and 36% of global experts.
The survey from HSBC also showed that Vietnam ranked 22nd in the ranking on experience, but 2nd in the ability to make friends. More than half of the foreign experts (56%) find that they integrate quickly into life and culture of Vietnam, and the majority of foreign experts find it easy to make new friends in Vietnam (68%).
Stabilize the life in Vietnam is relatively easy, with 36% of the experts feel like home once or within six months after moving to Vietnam. Most of foreign experts also enjoy integrated into in Vietnam (61%), enjoy and cook Vietnamese foods (78%).
Vietnam ranked 31st in the ranking about family. Almost half of the foreign experts (43%) said that the cost of child care in Vietnam is less expensive than at home country, and most of foreign experts (74%) send their children to the international school.
Vietnam is developing very fast and owns a dynamic business environment. This is an attractive destination for entrepreneurs seeking start-up opportunity and new business projects.
As an emerging market, Vietnam brings foreign experts many challenges and chances to develop career. With significant attractions in terms of tourism, culture and people, Vietnam also brings foreign experts wonderful experiences along with ease of integration and stabilizes the life in Vietnam.
ANT Consulting is here to assist you from the outset; providing corporate intelligence, risk advisory, management consulting services that assist market entrance, and ensure efficient business start-up operation. Our services are as following:
We strive to save your cost by guiding you towards economical solutions that comply with local legislation and procedures. We support you through early logistic solutions and carry you through as your business grows. We aim to bridge the gap between international best practices and local cultures and assist foreign companies and organizations entering Vietnam market to overcome commercial and regulatory issues.