Globalization has changed the way of life around the world, and with globalization, people have managed to move their wealth from one geographical area to places where the conditions are favorable. In most cases, people are hesitant to move when they are actively involved economically. However, in this case, a job market does not hold much significance to the retirees. Hence, many retirees are moving abroad in search of quiet places to spend their time.
Countries in South Asia have emerged among the preeminent a person can consider when moving abroad, with Vietnam and the Philippines appearing to be among the most preferred destinations. However, understanding why Vietnam has the edge over the Philippines is crucial.
Below is a list of points to consider:
Cost of Living
Both Vietnam and the Philippines are low-cost countries. Nonetheless, Vietnam is cheaper of the two, having scored a staggering 96 points against the Philippines 90. For example, rent for a fully furnished apartment in Hanoi goes for $420 a month. As such, one requires a minimum of $1000 a month in Vietnam while it will require an extra $200 in the Philippines.
Also, acquiring a car is not as prohibitive, with the country being an active member of the Southeast Asian Nations trade agreement.
Over the years, Vietnam has faced numerous economic challenges that have impacted their growth. However, in recent years, the country has recorded among the highest economic growth rates among the developing countries. For instance, in the last decade, the country managed to double its gross domestic product (GDP).
As a result of this growth, the country is upgrading its infrastructure, making it attractive to expats. The economic growth has also resulted in lower crime rates compared to the Philippines.
Healthcare in Vietnam cannot be said to be at par with the developed countries such as America and most European countries. However, with the establishment of new international hospitals such as FV (Franco-Viet), the quality of healthcare is improving. Despite the said improvements, healthcare remains highly affordable, with prescription costs close to nothing. For the more serious medical cases, one will require to fly out of the country to Bangkok, which is relatively cheap as the flight cost is $100 though in most cases, this is not necessary as the facilities within the state can handle most of the medical cases.
Vietnam is located in a tropical and a temperate zone. The countries weather relies heavily on the monsoon winds. However, it receives favorable amounts of the sun, with the average temperature being 23 degrees Celsius (70 degrees Fahrenheit) as well as rain, although the weather around the mountainous regions is cooler. With the country surrounded by the ocean, it is quite humid. Depending on areas, one can experience different seasons with the southern regions experiencing two seasons and the northern part experiencing almost four seasons with a mild winter.
Vietnam has become a popular spot for expats. This means that one is bound to meet other people from different countries such as Australia, Britain, Canada, among others. For example, the country is surprisingly welcoming to Americans, which means American-owned businesses are available where one can socialize with other foreigners. It is common to spot Americans gather to celebrate Thanksgiving and the 4th of July in various restaurants within the country.
Despite the overwhelming positives that make Vietnam a popular destination for many expats, one should expect to face challenges as with any other country. Usually, the visa situation makes it hard for people to relocate to Vietnam if they have no family connections. Finally, one manages to stretch their savings is determined by their lifestyle, even in a low-cost country.