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Is the cost of living compared to income in Vietnam expensive or cheaper than other countries in the region?

LivingCost is one of the sites that ranks countries and cities worldwide on many aspects of life. Typically, the cost of living, quality of life, traffic, housing index,… In which, the cost of living that LivingCost calculates includes all utilities in daily life.

According to LivingCost data, the cost of living for a family of four in Vietnam is estimated at about $1,693. Besides, the estimated monthly living cost for 1 person is about 639 USD. This level of cost of living puts Vietnam in the 138/197 position of the most expensive countries in the world.

In Southeast Asia, Singapore has the highest cost of living. Specifically, the cost of living for a family of 4 people is about 4,967 USD, and for 1 person about 2,183 USD.

Is the cost of living compared to income in Vietnam expensive or cheaper than other countries in the region?  - Photo 1.

Cost of living in countries in Southeast Asia (USD). Source: LivingCost

According to LivingCost, the average cost of living in Singapore is 242% more expensive than in Vietnam. Currently, Singapore is ranked 7/197 in the list of the most expensive countries in the world.

After Singapore, Brunei is the country with the second most expensive cost of living in Southeast Asia. Specifically, the estimated monthly cost for 1 person is about 1,151 USD, with a family of 4 it costs about 2,576 USD. As for the cost of living per person, Brunei is 80% more expensive than Vietnam.

Besides countries with higher living costs than Vietnam such as Singapore, Brunei, Thailand, Myanmar, Cambodia, there are also some countries with lower costs than Vietnam. Countries with lower cost of living than Vietnam are Malaysia, Philippines, Indonesia.

In particular, Indonesia is the country with the lowest cost of living. Specifically, the cost for a family of 4 is about 1,444 USD and for 1 person is 549 USD. The average cost of living in Indonesia is 14% cheaper than in Vietnam. Besides, Indonesia is currently ranked 164/197 in the list of the most expensive countries in the world.

In addition, if we consider the average salary after tax compared to monthly living expenses, according to LivingCost, Vietnam’s average salary after tax is enough to cover living expenses for 0.7 months.

Is the cost of living compared to income in Vietnam expensive or cheaper than other countries in the region?  - Photo 2.

Monthly salary after tax and monthly salary/cost of living index of countries in Southeast Asia. Source: LivingCost.

Accordingly, Singapore and Brunei have an after-tax salary sufficient to cover living expenses for 1.8 months, which is the highest in the region. After that, Malaysia is a country with an after-tax salary enough to cover living expenses for 1.4 months. Thailand is a country with an after-tax salary that is enough to cover living expenses for 0.8 months. Laos and Cambodia have the lowest after-tax salary to cover living expenses for 0.4 months, the lowest in the region.

https://cafef.vn/chi-phi-sinh-hoat-so-voi-thu-nhap-cua-viet-nam-dat-hay-re-hon-so-voi-cac-nuoc-trong-khu- vuc-20220414093633725.chn


According to Minh Tien

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