As the cost of living and quality of life become significant factors for retirees, many are looking beyond their home countries for a new peaceful, and affordable retirement haven. Vietnam is currently highly regarded as a destination for both tourism and retirement. But is it really as good as it seems, and what can retirees expect from life in Vietnam?
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Why Vietnam is a Choice for Retirees
When considering a retirement destination, factors such as quality of life, community life, safety and stability, cost, and destination quality must be carefully evaluated.
Quality of Life
Vietnam has a tropical monsoon climate. The North experiences four distinct seasons: spring, summer, autumn, and winter (most areas do not have snow), while the Central and Southern regions have rainy and dry seasons. Vietnam’s natural conditions are favorable for living, especially in the midlands and plains.
The amenities and services in Vietnam fully meet all life needs, from accommodation, transportation, internet, and service usage to utilities and security. Vietnam’s GDP ranks in the top 5 in Southeast Asia. According to Insider Monkey, Vietnam also ranks among the top 16 economies in Asia.
Whether you are vegetarian, or avoid pork or beef, Vietnam is a culinary paradise with a wide range of ingredients. You can easily find specialty restaurants focusing on specific cuisines in major cities. Ingredients for cooking are also readily available, and online shopping in Vietnam is quick and convenient.
Expat Community
As of 2022, more than 100,000 expatriates have chosen Vietnam as their long-term residence and workplace. They originate from 110 countries and territories worldwide.
Foreigners living in Vietnam typically do not encounter barriers stemming from unwelcoming attitudes from locals or authorities. They integrate into normal life, forming connections with other expatriates residing in the area and making friends with Vietnamese locals.
Did you know that?
According to the 2021 rankings of the world’s friendliest countries published by World Population Review, Vietnam is ranked 9th among the top 10 most foreigner-friendly countries in the world.
Safety and Stability
Vietnam is a secure destination for retirement. Its favorable natural conditions reduce the risk of natural disasters impacting human resilience. The crime rate in Vietnam remains low, with effective governmental oversight ensuring the protection and rights of foreign residents. Local communities are welcoming and supportive of expatriates settling in Vietnam.
A survey indicates that 63% of respondents find life stable in Vietnam, highlighting the friendliness of the people and ease of making connections. “I enjoy living in Vietnam. The cost of living is low, the people are friendly, the food is delicious, and life is comfortable,” shared an American living in Vietnam.
Cost of Living
In May 2024, the American magazine Travel+Leisure published a list titled “8 of the Cheapest Countries to Retire Around the World,” which featured Vietnam. The article pointed out that living costs in Vietnam are up to 59% lower than those in the United States.
As per the survey report released by InterNations in 2021, which evaluated and ranked the best places for expatriates to live and work, based on feedback from over 12,000 people across 59 countries and territories, Vietnam is ranked 10th.
In this ranking, Vietnam tops two indices: “Cost of Living” and “Impact of Living Expenses on Personal Financial Savings”. Some additional information from the survey:
- 90% of respondents stated that their disposable income in Vietnam is sufficient to cover all their living needs.
- 85% of respondents indicated that they are satisfied with their financial situation in Vietnam.
- 9% of expatriates in Vietnam reported having an income of over $250,000 per year.
It is evident that the cost of living in Vietnam is very reasonable, and the affordability for foreigners living and retiring in Vietnam is also favorable. The cost to live comfortably in a major city in Vietnam ranges from $800 to $1,200 a month. Thus, with an estimated $200,000 savings account, one could retire in Vietnam for about 17 – 25 years.
Cultural Richness
Another undeniable fact is that Vietnam is an ideal country for retirement, not just because of its reasonable cost of living, but also because the life experiences here are well worth the expense.
Vietnam spans three regions from north to south, territory stretching from west to east, comprising mountains, plains, and the sea. It is home to 54 ethnic groups and has undergone thousands of years of dynamic history. This promises endless aspects of life, culture, history, cuisine, and art to explore.
Vietnam also has a well-developed tourism industry that caters to various travel experiences, from private luxury resorts and homestays to community living, adventure tourism, sightseeing, beach tourism, etc. A plus point is that you can easily connect to any destination throughout Vietnam to enjoy these experiences.
How to Enjoy Retirement in Vietnam
When you begin your retirement in Vietnam, there are a few factors you should take into account.
Visa and Residency
You may need to set aside some initial time to prepare the documentation for visas and residence cards upon arrival in Vietnam. Depending on the type, you will need to renew them once every 2 to 10 years. The cost for a work permit or residence card in Vietnam is about 150 to 200 USD.
Finding a Place
According to Vietnamese law, foreigners cannot buy land in Vietnam. Therefore, if you live here, you will need to rent a place. Renting houses in cities is very common, even among Vietnamese people. Here are the typical rental prices for high-quality rooms in major cities in Vietnam:
- Room: $200 – $600/month
- Apartment: $400 – $900/month
- House: $400 – $2000/month
Major hubs for foreigners in Vietnam include central districts of the capital Hanoi, Ho Chi Minh City, Da Nang, Nha Trang, etc. If you prefer a peaceful life, you can choose quieter areas such as Da Lat, Ninh Binh, Hai Phong, Mai Chau, etc. Rental costs in smaller towns or rural areas can be 20-50% cheaper.
Healthcare and Insurance
Healthcare in Vietnam for foreigners is affordable and has good quality services. The country has a strong public and private healthcare system, with numerous national, international, and private hospitals where staff can communicate in English.
Insurance options are plentiful, with providers like Manulife, Dai-ichi Life, and various banks offering plans tailored to different needs. Additionally, many foreigners opt for international health insurance. Some of the top hospitals that cater to foreigners are Vinmec, Franco-Vietnamese Hospital, Hong Ngoc Hospital, City International Hospital, etc.
Financial Planning
As mentioned, you may need savings of $200,000 to live in Vietnam with a monthly expenditure of $800 to $1,200. However, if you are considering working while living in Vietnam, here are some suggestions:
- Teaching at English centers or international schools.
- Freelancing or remote work.
- Working for international companies or companies needing foreign representatives.
The average income for foreigners working in Vietnam is $1,700 per month.
Integrating into Vietnamese Society
One of the top concerns regarding retirement in Vietnam for foreigners is the language barrier. Many foreigners find Vietnamese very difficult to learn and master. However, 72% of foreigners feel they can live comfortably in Vietnam without speaking the language. Since Vietnamese use the Latin alphabet, achieving basic conversational skills typically takes about 1 to 1.5 years of study.
Additionally, more and more Vietnamese people are speaking English. Currently, nearly 12% of the population can communicate in English. English is also the most studied language in Vietnam (86%), followed by Japanese and Chinese.
There will certainly be cultural differences when coming to Vietnam, but these seem relatively easy to adapt to. Vietnamese people are not extreme about religion, beliefs, culture, or local customs that foreigners need to strictly follow. They respect individual freedom and privacy but are also happy to try new things and enjoy it when foreigners integrate into local culture, such as using chopsticks, eating fermented fish sauce, sitting on the sidewalk, riding motorbikes, drinking beer, etc.
Other concerns for foreigners retiring in Vietnam include the environment, chaotic traffic, noise, administrative procedures, the inability to drink tap water, adjusting to local food, and Vietnamese ways of doing things, etc.
After 6 months to 1 year of adjustment, many foreigners find they can integrate well into life in Vietnam. This adaptation can be expedited with assistance from the expatriate community or locals.
Tips for Retirees in Vietnam
Here are some recommendations for those planning to retire in Vietnam:
- Engage in Facebook groups or consult Reddit threads to get advice and answers to some of your questions.
- Always carefully read requirements from embassies, and ensure you have all necessary documents, international driver’s licenses, and health insurance when starting your life in a new place.
- When living in Vietnam, consider opening a bank account with major Vietnamese banks like BIDV, Vietcombank, Vietinbank, and Agribank. If you find Vietnamese bank procedures cumbersome, you can still use your debit cards and international banks.
- For visa issues, find a reputable visa agent to handle your paperwork. Typically, visa matters in Vietnam for foreigners need periodic handling every few years.
- Vietnamese people typically have smaller and shorter sizes compared to those from Europe or the Middle East. You can find larger-sized clothing online, at shopping malls, or in specialty stores like XL Store Vietnam, Viet Brothers, and M2.
Many people have fallen in love with this land and decided to retire in Vietnam for many years. While Vietnam’s policies for foreigners may not be as open as those in Thailand and Malaysia, it remains a fantastic choice for retirement living. Let’s listen to what some people have to say about retirement in Vietnam for foreigners.
“Vietnam is a nice place to live. People are nice. Friendly. The cost of living is low. You can live well on less. Your dollar goes a long way. Don’t expect to hear much English. Health care and phone service are widely available. If you’re a European or American you might be bigger than the average Vietnamese. If you are, it can be difficult to find clothing in “Western sizing”. It is available here and there, but stores are widely distributed. It can be a nuisance to drive all over the place to buy a shirt.”
“The country has a growing expat community, and there are many resources available to help newcomers settle in. The language can be a barrier for some retirees, as very few people speak English, although the younger generations are more likely to speak it than the older ones. Additionally, the healthcare system in Vietnam is not as developed as in Western countries, so retirees may want to consider purchasing international health insurance. Overall, Vietnam can be a great destination for retirees looking for an affordable, culturally rich, and beautiful place to call home.”
“I am an American retired in Vietnam and I have met many expats at meet-ups. I started coming to Vietnam in the 90’s and the country and people of Vietnam have truly taken on a complete transformation. My opinion is that life for Americans in Vietnam will only get better and better.”
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