Local Currency
The local currency of Vietnam is the Vietnamese Dong (VND). The dong is denominated in notes of 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, and 500,000.
Cost of Living in Vietnam vs. UK and USA
The cost of living in Vietnam is significantly lower than in the UK and the USA. According to Numbeo, the cost of living index for Vietnam is 39.87, while that of the UK is 67.28 and that of the USA is 72.56. This means that Vietnam is around 40-50% cheaper than the UK and the USA.
Breakdown of Costs in Vietnam
Housing
The cost of housing in Vietnam varies depending on the location and size of the property. In Ho Chi Minh City, for example, a one-bedroom apartment in the city center can cost between VND 6,000,000 and VND 14,000,000 per month. A larger three-bedroom apartment can cost between VND 14,000,000 and VND 30,000,000 per month.
Outside of Ho Chi Minh City, the cost of housing is generally lower. A one-bedroom apartment in the suburbs can cost between VND 3,000,000 and VND 8,000,000 per month, while a three-bedroom apartment can cost between VND 7,000,000 and VND 15,000,000 per month.
Food
The cost of food in Vietnam varies depending on the type of food and where it is purchased. A single person can expect to spend around VND 4,000,000 per month on groceries. A couple can expect to spend around VND 8,000,000 per month, while a family of four can expect to spend around VND 16,000,000 per month.
Utilities
The cost of utilities in Vietnam can vary depending on the size of the property and the usage. Electricity, water, and gas bills can cost around VND 1,500,000 per month for a small apartment. Larger homes with more appliances and heating may have higher utility bills, with some homes paying around VND 4,000,000 per month.
Leisure
The cost of leisure activities in Vietnam varies depending on the activity. Movie tickets cost around VND 100,000 per person, while a meal at a mid-range restaurant can cost around VND 200,000 per person. A gym membership can cost around VND 500,000 per month.
Transport
The cost of transportation in Vietnam can vary depending on the mode of transportation. A single fare on the public transportation system costs around VND 7,000. Taxis are also readily available and can cost around VND 15,000 per kilometer. The cost of owning a car in Vietnam can be high due to the cost of fuel, car insurance, and maintenance.
Clothing
The cost of clothing in Vietnam varies depending on the brand and type of clothing. A pair of jeans can cost around VND 600,000, while a t-shirt can cost around VND 200,000.
Household Goods
The cost of household goods in Vietnam varies depending on the brand and type of item. A washing machine can cost around VND 5,000,000, while a refrigerator can cost around VND 8,000,000.
Payment Methods in Vietnam
The most common forms of payment in Vietnam are cash and credit/debit cards. Many businesses accept credit and debit cards, including Visa and Mastercard, but cash is still widely used, especially in smaller businesses and markets. ATMs are widely available in Vietnam, and most major cities have international banks that allow for easy currency exchange.
In conclusion, the cost of living in Vietnam is significantly lower than in the UK and the USA. Housing, food, and leisure activities are much cheaper in Vietnam, while clothing and household goods can be similar in cost to those in the UK and the USA. The most common forms of payment in Vietnam are cash and credit/debit cards, and ATMs are widely available. Overall, Vietnam can be an affordable destination for those looking to live or travel in Southeast Asia. However, it is important to note that the cost of living can vary depending on the location, and there may be additional costs associated with language barriers and cultural differences.