Asia has always been one of the most attractive and exotic destinations for digital nomads, with an affordable cost of living, fast internet, availability of quality Western-style healthcare, weather beautiful and much more.
It’s not the only region of the world where digital nomads and retired expats have settled, but global events have certainly put a damper on international travel, not to mention two years of pandemic recovery that are now seeing the inflation rise rapidly. There is also the ongoing war in Ukraine and the sanctions against Russian companies and energy which have driven up energy prices. This has caused many travelers to put off their travels and adventures, but there are parts of Asia where value can still be found in abundance, with Thailand and Vietnam two good examples. Let’s start with Thailand.
LTR reduced by 50%
The Thai government recently announced major changes to immigration policies and foreign land ownership regulations. Long-Term Resident (LTR) visa fees have been reduced by 50%. This measure was taken in the hope of attracting more foreign residents to the country, who can also bring their families with them. Wealthy foreigners and retirees must have opened a local bank account with at least USD 100,000 deposited in the last 12 months before submitting an application.
Thai authorities have also adjusted the requirements for a 10-year residency. They believe it can help boost the country’s economy and encourage investment opportunities. The government encourages foreigners with an average annual income of US$80,000, wealthy retirees or foreigners who have “high ability or potential” to apply to Thailand. Researchers, scientists and scholars who can work in Thailand are not required to meet these financial requirements. But is there an even better place than Thailand?
Vietnam: is it the best destination for Digital Nomads and Expats in 2022?
Questions arise as to whether Vietnam should offer the same LTR conditions to benefit from its economic growth and attract wealthy foreigners and tech talent, and while they do not yet match Thailand, Vietnam is nonetheless very attractive.
Vietnam and especially Ho Chi Minh City have become increasingly popular as an expatriate and travel destination. Today, Vietnam is a safe place for foreigners to live and work. The country has a lot to offer, warm weather all year round, great food and great culture, and that’s just the start. The country’s medical infrastructure and systems have also been steadily improving, with western-style hospitals available with the latest equipment, not only fueling medical tourism but offering great value to nomads, expats and locals. While the prices and cost of living in many Asian countries are increasing, Vietnam is still very affordable and has a low cost of living compared to many other places not only in Asia but around the world.
Best cities in Vietnam for expats
The six top-rated cities in Vietnam for expats and digital nomads are Ho Chi Minh City, Hanoi, Da Lat, Da Nang, Nha Trang, and Vung Tau.
So, what are the working conditions and internet speeds in Vietnam compared to other Asian countries?
Internet speeds are not as fast as in more advanced Asian countries, but they are definitely picking up to median speeds of 71 Mbps for fixed broadband and 33.96 Mbps for mobile broadband, although providers individuals can be faster and WiFi is easy to find. . Big cities always offer more coworking spaces. When it comes to leisure, because you have to find a balance between work and leisure, Vietnam offers beautiful beaches and landscapes, historical places and tours, as well as many cultural events and adventures.
The Vietnamese Dong and Cryptocurrencies
The Vietnamese dong (VND) is the local currency, and there are many options for sending and receiving money to and from relatives, friends, and colleagues. Vietnam ranked second in the world for the value of retail and all on-chain cryptocurrency transactions, with 6.1% of its citizens owning crypto, a figure that is ahead of the United States. , China and Russia. , the blockchain startup turned unicorn, is believed to have played the biggest role in transforming Vietnam into one of the biggest and friendliest places in the world for crypto. Today, you can send money to and from Vietnam using various crypto platforms. One such company, Cabital, recently announced its support for the Vietnamese Dong and added it to its growing list of supported fiat currencies, including GBP, EUR, and CHF.
Cabital users in Vietnam can deposit VND instantly through their ATM cards and can easily convert VND to USDT, BTC or ETH. Users will also be able to easily convert their crypto to VND and withdraw it to their bank account, making money transfers safe and reliable as digital nomads want.
Vietnam has survived the pandemic and transformed itself into a haven for expats and digital nomads in Asia looking to take advantage of Asia’s legendary affordability, ever-advanced healthcare systems, beautiful time and its proximity to other Asian centers, not to mention the United States, Europe and Australia.
Vietnam is the source of the “Flappy Bird” craze, and it’s one of the countries to which Western tech companies are diversifying their manufacturing. It offers a stable and secure economy and environment, and it is crypto-friendly, all of which are factors in its favor.
So if you are a digital nomad, expat, affluent person, scholar or researcher looking for a new destination, it is definitely worth adding Vietnam to the list and checking it out for yourself- even, and there is a good chance that you will be pleasantly surprised!