According to the result from a new survey conducted by the prestigious consulting firm ECA International, Hanoi and Ho Chi Minh City have been ranked 41st and 43rd in the list of the 49 most expensive cities for expatriates in Asia.
ECA’s Cost of Living Survey is periodically carried out in more than 400 locations all over the world, in every March and September. This survey determines the cost of living in each area by measuring a basket of common items purchased by expatriates such as dairy, produce, clothing, and dining out. Housing, utilities, car and school fees are not included in account in this survey.
Sweets, one of the products experiencing highest price increase in Tet occasion
Japan continues being known as one of the world’s most expensive countries with four cities occupying the top four most costly locations in Asia, with the capital of Tokyo ranked first, and followed by Nagoya, Yokohama and Kobe. The list of top 10 Asia’s most expensive cities continues with Seoul, Singapore, Beijing, Shanghai, Hong Kong and Bussan.
According to the survey, there is a considerable increase in the prices of food, oil and other commodities in many parts of the world during the last 12 months. That makes living cost in Asian cities increase over 8% on average; and up to 15% in Bangladesh, 14.2% in Vietnam, and 13.3% in India. Tet Holiday is coming soon in Vietnam, and price of commodity is expected to slightly increase as usual.
Vietnamese rush for Tet shopping
Despite the 8% increase in living cost, Asia is considered as an attractive destination for many foreign tourists and investors. “People still want to move here, companies still want to expand their operations here”, said Lee Quane, ECA International’s regional director for Asia.