The cost of living in Europe has soared in recent years, forcing many to make cutbacks in order to stay afloat.
While inflation has taken hold of a number of countries, there are still a number of countries around the world where basic goods are a lot cheaper.
In fact, a recent Expat Insider 2024 survey by InterNations found that Vietnam is the world’s most affordable country.
InterNations spoke to expats from countries around the world and asked them to rank the country they live in on a number of factors.
These included the cost of living, satisfaction with their finances, and whether they could lead a comfortable life with their expendable income.
Those living in Vietnam gave a glowing verdict, with 86 percent of expats rating the cost of living positively.
The average satisfaction for the countries surveyed was 40 percent.
One American expat living in Vietnam said: “The people are very friendly, and the cost of living is very low.”
While a cheap place to live, Vietnam also ranked 40th out of 53 destinations for quality of life.
InterNations’ 10 most affordable countries for expats were as follows:
1.Vietnam
2.Colombia
3.Indonesia
4.Panama
5.Philippines
6.India
7.Mexico
8.Thailand
9.Brazil
10.China
Numbeo, the world’s largest cost of living index, provides information on how cheap some goods and services are in Vietnam.
They say a meal at an “inexpensive” restaurant will set you back 50,000 Vietnamese dong, equivalent to just £1.50.
A 1km taxi ride costs just 15,000 dong, or 46p.
Rent for a one-bedroom apartment in a city centre comes to roughly 9million dong, or £275 a month.
A one-bedroom apartment outside city centres costs just 6million dong, or £183 a month.
The affordability is likely due to Vietnam’s low wages, with the average monthly salary in Vietnam just £300.
However, the average expat salary in Vietnam is around £60,000.