The woman from Ba Ria – Vung Tau in southeast Vietnam now lives in Hwaseong, South Korea. She had expected some price increases before her trip, but was not prepared for the very high costs, which made her feel like her money was being “stolen.”
Mai left the country in 2018 after marrying a South Korean man, and returned to Vietnam for the first time at the end of 2024. Her visit involved dining out with family and buying gifts for relatives, and was spending VND1-3 million a day on average though there were days when she coughed up VND18 million. Since it was her first visit in years, she spent without much restraint.
Reflecting on her first day back, when she visited a local grocery store and bought a carton of fresh milk for VND9,000, she says: “I was startled because I remember it used to be only VND5,000.”
“Everything has become much more expensive.”
According to the General Statistics Office, around two million overseas Vietnamese visit each year. Many have noted and commented on the increased cost of living, sparking off animated discussions on expat forums.
Phan Dung Khanh, the financial director of Maybank Investment Bank, knows overseas Vietnamese are often “shocked” by the prices, and attributes the increases primarily to the country’s robust economic growth over the last decade. He points out that GDP has grown consistently at 6-7% a year since 2010.
This has increased the per capita income from US$1,300 in 2013 to over $4,700 now, he says.
“Increased income has led to higher living standards and consequently higher prices of goods, particularly in major cities like HCMC and Hanoi.”
Quang Vinh, 39, CEO of a tech company based in California, says: “The cost of some goods and services in Vietnam now matches or even exceeds those in the U.S.”
He has lived overseas for many years and made around 20 trips to Vietnam, each lasting two to four weeks. Each time he spends $5,000 on just hotels, food and transportation, while shopping costs extra. A significant portion goes toward dining, often at cafés and restaurants where prices are comparable to those in the U.S.
During a visit last November he was astonished by the prices at several HCMC restaurants, which he says are comparable to the most expensive places in San Francisco. He recounts spending $50 on a bowl of pho at a restaurant in Landmark 81 in Binh Thanh District.
“People need to adjust their perception that Vietnam is inexpensive,” he says. “The difference in prices between Vietnam and the U.S., especially of goods and services consumed by the middle and upper classes, is minimal.”
Khanh says: “If you’ve been away from a place for an extended period, you might be surprised by the price changes when you return.”
Another factor contributing to excessive spending by overseas Vietnamese is the “splurging” consumer mentality. Having lived abroad for many years, they typically adopt long-term financial planning and saving strategies. Yet, when they visit Vietnam, which may happen rarely, they often view it as a special occasion and tend to spend more liberally.
Additionally, many visitors to Vietnam take advantage of healthcare and beauty services, which remain significantly cheaper than in European countries, the U.S., and Canada.
“Despite the lower costs, these expenses can still add up to a considerable amount,” Khanh explains.
Hong Phuoc, 46, who once made her first trip to Vietnam after six years in Canada, brought VND50 million with her, thinking it would suffice for a week, but found it ran in within a few days.
She then entrusted her cousin with keeping some of her money for expenses during subsequent visits and only taking it when she went out.
“I realized that VND10 million is not enough for a visit, but VND5 million seems inadequate,” she says. “It is baffling how quickly money is spent in Vietnam.”
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Hong Phuoc and her children in Hanoi, Dec. 2024. Photo courtesy of Phuoc |
Back in Canada, Phuoc’s family only spends around CA$100 ($69) daily on average, or CA$3,000 a month, which is significantly less than what it spends in Vietnam.
“Each time my children and I return to Vietnam, we end up spending no less than CA$20,000 excluding airfare,” she says.
For the 2025 Lunar New Year she is planning a 19-day trip to Vietnam with her children on a budget of CA$30,000.
She wants to give her children a range of culinary experiences, taking them to everything from street food stalls to cheap restaurants.
“It will be both affordable and enjoyable. We also plan to limit our shopping so that we can spend on other activities.”
