Vietnam is an inexpensive country to live in. Most items cost less than half of what you would pay in the West, and anywhere from 5% to 25% less than what they would cost in many other Southeast Asian countries. Vietnam's most expensive city is Ho Chi Minh City, followed by Hanoi.
The bottom line is that Vietnam is a very cheap place to live, compared to Western countries. Better still, as an expat in Vietnam, you can expect to earn a high salary if you work in the country's emerging technology and services scene.
Additionally, Vietnam's economy has made the standard of living very cheap for local inhabitants. Cheap work is also cheap price. Another reason for the cheap food prices is the same as for the affordability of life in Vietnam in general: wages are rising, but still low on an international scale.
When it comes to affordability, both Thailand and Vietnam are relatively inexpensive compared to many other destinations. However, in general, Vietnam is considered to be a more budget-friendly option than Thailand. Accommodations, food, and transportation are all cheaper in Vietnam, especially in rural areas.
The average cost of living in South Korea ($1117) is 74% more expensive than in Vietnam ($643). South Korea ranked 53rd vs 139th for Vietnam in the list of the most expensive countries in the world.
This is a popular question for many travelers. By figuring out which country is more expensive, you'll understand where you'll get more bang for your buck. A week in Vietnam can cost you about $446 (per person), while a week in China may cost you around $556.
Daily budget for Vietnam
Travelling in Vietnam works for all types of budget. If you're on a tight budget, don't worry as Vietnam can be super cheap. For those with a higher budget, you can enjoy the extremes of luxury, still without having to spend a lot.
Vietnam is 18.4% more expensive than Indonesia.
Indonesia vs. Indonesia vs. Indonesia vs.
Vietnam is 68% cheaper than Singapore. Jul 2023 Cost of Living.
According to the International Monetary Fund (IMF), Vietnam's GDP in 2020 is estimated to reach USD 340.6 billion, exceeding that of Singapore with USD 337.5 billion; Malaysia with USD 336.3 billion.
Specifically, in the period 2018-2021, Thailand's average GDP (7,800 USD/year) is about 3 times that of Vietnam (2,740 USD/year). In 2021, the average GDP of Vietnam will reach about 2,859 USD and Thailand will reach about 7,645 USD. In 2021 alone, Thailand's average GDP is about 2.7 times that of Vietnam.
Economy. Vietnam has a GDP per capita of $8,200 as of 2020, while in Indonesia, the GDP per capita is $11,400 as of 2020.
In terms of GDP per capita, for many years, Thailand's GDP has always been larger than that of Vietnam. Specifically, in the period 2018-2021, Thailand's average GDP (7,800 USD/year) is about 3 times that of Vietnam (2,740 USD/year).
Meanwhile, the top ten provinces and cities with the highest poverty rates consist of Dien Bien with 34.5%, Son La 28.6%, Lai Chau 27.9%, Ha Giang 25%, Cao Bang 24.5%, Bac Kan 20.65%, Kon Tum 20.65%, Gia Lai 16.9%, Lao Cai 14.8%, and Yen Bai 14%.
The IMF projects Vietnamese GDP per capita to be US$3,498 in 2020 versus the Philippines' US$3,373. It has been a long but steady climb. Vietnam's income per capita was just 83% of the Philippines' in 1980 so it took four decades.
Viet Nam recorded a higher per capita GDP (in constant 2015 USD) than the Philippines in 2020 and 2021.
The former southern capital, renamed Ho Chi Minh City but still widely known by its pre-war name, contributes almost a quarter of the country's gross domestic product and the market capitalization of its stock index is seven times Hanoi's.
After years of institutional and economic reform, Vietnam's poverty rate declined rapidly. In 1990, Vietnam was among the world's poorest countries with a GDP per capita of $98. By 2010, GDP reached $1,000. Vietnam is now defined as a lower middle income country by the World Bank.
An individual in Vietnam now needs a net wealth of $160,000 to join the so-called '1 percent club' of the richest people in the country of 98 million. There were 19,491 people with a net worth of $1-30 million last year, down 6 percent from 2019. This number is projected to reach 25,812 in 2025.
List of Poorest Countries in the World
|4||Central African Republic||62%|
The average wealth of people in the top 5% of the richest population in 2021 is 316,658 USD (equivalent to 7.8 billion VND), top 10% richest is 181,132 USD (equivalent to 4.1 billion VND). Meanwhile, the average wealth of the poorest 50% of the population is only 3,429 USD (nearly 78 million VND).
The finance website selected the 21 richest countries in Asia based on total wealth, duly ranking the list in ascending order of wealth. China topped the list with total wealth of US$85,107 trillion in 2021, followed by Japan with US$25,692 trillion and India with US$14,225 trillion.
10 Poorest Countries in the WorldBurundi. Burundi, officially known as The Republic of Burundi, is a small country in Africa which has the lowest per capita GDP at $308.Sierra Leone.Malawi.Central African Republic.Madagascar.Somalia.South Sudan.Niger.
An individual in Vietnam now needs a net wealth of $160,000 to join the so-called '1 percent club' of the richest people in the country of 98 million. There were 19,491 people with a net worth of $1-30 million last year, down 6 percent from 2019.
North Korea. North Korea may actually be the poorest country in Asia, but the nation's notoriously secretive government rarely shares its data, so economists much rely upon expert estimates. Poverty in North Korea is attributed to poor governance by the totalitarian regime.