Is 70mil per month enough for a family of 3?

Shouldn't be a problem.  You will want to keep a sharp eye on what you pay for rent, though, especially in D2.

Shouldn't be a problem. You will want to keep a sharp eye on what you pay for rent, though, especially in D2.
-@Lennerd

He said the company will pay for accommodation so that isn't an issue.

Rob, your salary will be more than enough if housing cost is covered. I liked D2. We spent on average 60million per month which included 20million for rent. You will be fine. There were three of us as well. My wife din't work. Daughter was early teens but she was Vietnamese so in public school.

You will have issues when your child needs to go to school because only Vietnamese citizens can go to public school. But that is years from now. You will need him or  her to go to private school which is expensive.

I assume the 70mil is Gross salary?

That's about 55mil Net I'm guessing.

From an expat perspective I'd say it's an ok salary if accommodation is taken care of.

(in the middle, not grand but certainly ok, keeping in mind that D2 is pretty much the most expensive area in HCM and probably Vietnam to live)

But (like Stein said) when the time for private schooling comes, it feels like a bit of a tight budget to me.

Some employers have some budget available for that and are willing to help, certainly worth checking with them.

@WidnesRob Standard of living is kind of subjective. Depends on your expectations. You need to verify if that is after tax or before tax income. You would be in a high tax bracket here. Most of the things that you are accustomed to cost 3-4x what you normally pay in USA or Canada. Low quality meat cost near the price of premium meat.

  That said, there's a lot of things that you can pay a lot less for but imo that does not offset that which you pay inflated prices for. Minor medical costs a fraction of what you are accustomed to. Surgeons here are excellent at c-sections and trauma surgery - they see a lot of both. Medicine here is devoid of things like allergists and orthodontists. If your employment is via local payroll then they may provide insurance, you should make sure that is clear before accepting a contract.  Also, the banking system is very restrictive. If you want to transfer money out, it will be necessary to have credentials and documentation of tax paid & source.

I think that with a wife and child that if possible, you should do a visit and look in to practical matters. That will allow you to decide if you want to live here and also you can look into the items that contribute to a favourable lifestyle.

Cheers & Good Luck

WidnesRob has some very good advice. If you have never been here you should definitely visit before making the big move. I’ve been here for 7 years and I love it but you may not feel the same.

I assume the 70mil is Gross salary?
That's about 55mil Net I'm guessing.
From an expat perspective I'd say it's an ok salary if accommodation is taken care of. -@RCP79

It may also be worth mentioning to the OP (especially if he's never lived overseas) that income on arrival here could quickly lose value against his home currency.

We recently had an expat bemoaning the fact that he'd always been paid in VNĐ instead of US dollars, and he is just now realizing the negative impact that's had on financial plans he set for himself not too long ago when the đồng was stronger against the dollar.

So if this family has plans similar to many that have come here before them ("Let's work & live overseas & build up our savings!") they could possibly be greatly disappointed in a couple of years.

We also discussed whether it would be legal for the employer to write the contract in foreign currency, something I'm not sure is legal.

Another option that might work if it's legal would be to set an index to the foreign currency at the time of being hired.

As of today, 1 GBP = ₫28,050 VNĐ/₫70,000,000 VNĐ = £2,496.33 GBP

Of course, if the family isn't planning to return to their home country, this wouldn't be as much of an issue.

And there's always the possibility that the home currency might gain strength against the đồng, though that hasn't been the case recently with the GBP

(5 Year Chart)

Thank you so much everyone. I realise my original post was vague.

My employer is a private international school and therefore will cover accommodation, health insurance, and education (for up to 2 children).

Per contract it is 70mil "per month net of personal income tax" - so i believe this means that will be 'take home.'

We are moving from Abu Dhabi where we have lived for the last 7 years. So we understand what it is like to spend £5 on a tin of baked beans and we visited last year and fell in love with the place.

We have friends who have been in HCMC for the last 4 years and have told us that the school we're going to has great health insurance. But they do not have any kids themselves and are still enjoying the "pre-children" lifestyle so honestly admitted they haven't a clue about budgeting with a wee one!

So am I reading it correctly that $3k (US dollars) is not enough in this case?

So am I reading it correctly that $3k (US dollars) is not enough in this case?
-@Svho

If someone who has their rent and medical paid and can't live on 3k a month they need to reassess their lifestyle.

Im sure they will live quite well on 3k.

So am I reading it correctly that $3k (US dollars) is not enough in this case?
-@Svho

No, you are not.

$3K USD will afford a family a very comfortable (though not opulent) lifestyle in VN.

So am I reading it correctly that $3k (US dollars) is not enough in this case?
-@Svho

No, you are not.
$3K USD will afford a family a very comfortable (though not opulent) lifestyle in VN.
-@Aidan in HCMC

Got me worried there!! Saw the post a day ago but did not response until now .

So what was the actual money in US for this person? I was recently there (Dec/Jan 2023)and it was 2300000 ish dong to $100.  Thought it says 70 mil?

At 3K you will not be reduced to eating canned baked beans, if you could even find them in Vietnam.

So am I reading it correctly that $3k (US dollars) is not enough in this case?
-@Svho

No, you are not.
$3K USD will afford a family a very comfortable (though not opulent) lifestyle in VN.
-@Aidan in HCMC

Got me worried there!! Saw the post a day ago but did not response until now .

So what was the actual money in US for this person? I was recently there (Dec/Jan 2023)and it was 2300000 ish dong to $100. Thought it says 70 mil?
-@Svho

At today's rate, 70 million = $2,967 USD

At 3K you will not be reduced to eating canned baked beans, if you could even find them in Vietnam.
-@THIGV

I like beans on toast, its like a staple meal for me & AEON has them, Big C has them.

70Mil a month with most of your major expenses covered?

I'd say that's a great deal, you'll be able to afford all the baked beans you can possible imagine.

Exchange rates only come into play if you want to carry your money out of the country.

I've seen VN banks offering interest rates of up to 10% on saving accounts, so I think that pretty much covers the risk of the currency fluctuation over time.

@goodolboy I guess I never looked.   I can pass on them but they are a classic favorite in Hawaii, a taste remnant like Spam from the WWII days when there was no refrigerated shipping.

70Mil a month with most of your major expenses covered?
I'd say that's a great deal, you'll be able to afford all the baked beans you can possible imagine.
Exchange rates only come into play if you want to carry your money out of the country.
I've seen VN banks offering interest rates of up to 10% on saving accounts, so I think that pretty much covers the risk of the currency fluctuation over time.
-@RCP79

10 % on VND?

@narcrepellant2525 yes I only wish it was on USD

I saw Shinhan advertising a 36 month VND deposit with an interest rate of 10%.

@goodolboy I guess I never looked.  I can pass on them but they are a classic favorite in Hawaii, a taste remnant like Spam from the WWII days when there was no refrigerated shipping.
-@THIGV

Breakfast a la carte at the GOB residence Tan Phu oh & as a matter of interest you can also get corned beef here too at the ex pat shops beside Bitexco Tower.

@goodolboy

WHAT! no Heinz baked beans??????????????????

Yeah, not Heinz, it's a brand called Fiamma, I believe it could be Italian..but I may be wrong...

@goodolboy
WHAT! no Heinz baked beans??????????????????
-@cougarcar20

I know Beanz Meanz Heinz but.....

these are cheap & actually OK. You can get Heinz beans from Shopee & Lazada & the expat shops beside Bitexco. Or if you dine at Unionjacks its Heinz guaranteed!! but I am a poor pensioner & if I look after the pennies the pounds will look after themselves! But I did splash out on the HP Sauce

@goodolboy

Yes, I have tried this brand and the taste good, we all have to watch our pennies.

At 3K you will not be reduced to eating canned baked beans, if you could even find them in Vietnam.
-@THIGV

There actually seems to be a surplus now.

I figure there was a regular supply of them meeting the needs of expats, especially Brits & Aussies, until the change in visa rules caused a lot of those folks to disappear.

Somebody kept ordering them though, so I see them in a lot of stores.

@goodolboy
WHAT! no Heinz baked beans??????????????????
-@cougarcar20

Yes, You can probably find Heinz.

Dingo Deli here in Hội An currently has many cans in stock on their shelves, and they also carry them at Q-Mart & Linh Phương in Vũng Tàu, plus, all the Annam Gourmet stores in HCMC

I cannot eat beans soaked in that kind of sweet syrup, I can wash that crap away with water and make my own solution  which is much better

I cannot eat beans soaked in that kind of sweet syrup, I can wash that crap away with water and make my own solution which is much better
-@narcrepellant2525

...or go to the local market and buy dry beans and make yours fresh.

Hello all,

Thank you for your messages and insights regarding "baked beans" but I'm not too sure how that can help the OP...

Could we kindly get back to the original topic?

Thanks,

Yoginee

Expat.com team

Thank you so much everyone. I realise my original post was vague.
My employer is a private international school and therefore will cover accommodation, health insurance, and education (for up to 2 children).

Per contract it is 70mil "per month net of personal income tax" - so i believe this means that will be 'take home.'

We are moving from Abu Dhabi where we have lived for the last 7 years. So we understand what it is like to spend £5 on a tin of baked beans and we visited last year and fell in love with the place.

We have friends who have been in HCMC for the last 4 years and have told us that the school we're going to has great health insurance. But they do not have any kids themselves and are still enjoying the "pre-children" lifestyle so honestly admitted they haven't a clue about budgeting with a wee one!
-@WidnesRob

WidnesRob, I'm not sure whether you've taken a look at this thread, but it will give you an idea of what some expats have reported as their monthly expenses.

@WidnesRob , hello Rob, welcome to HCM.  I just wish to point out that usually prior to the primary school education part, there is that kindergarten and pre-primary part to settle first. In HCM, these are not cheap by any means but if your employer covers everything- then no worries there...

Hello all,
Thank you for your messages and insights regarding "baked beans" but I'm not too sure how that can help the OP...

Could we kindly get back to the original topic?

Thanks,

Yoginee
Expat.com team
-@Yoginee

I think the topic drifted because the original question has been thoroughly answered.  That plus the OP brought up the subject of the price of a can of beans.

So am I reading it correctly that $3k (US dollars) is not enough in this case?
-@Svho

No, you are not.
$3K USD will afford a family a very comfortable (though not opulent) lifestyle in VN.
-@Aidan in HCMC

Got me worried there!! Saw the post a day ago but did not response until now .

So what was the actual money in US for this person? I was recently there (Dec/Jan 2023)and it was 2300000 ish dong to $100. Thought it says 70 mil?
-@Svho

At today's rate, 70 million = $2,967 USD
-@Aidan in HCMC

Geez fellas, its above the top 1% of Vietnamese as considered as personal wealth. Get a grip.

MAc

@Swee Loke Cheers! Yeah we did, because we have certain things provided and we are coming with the wee one, I was just looking for advice from single income parents, or people who would know that situation

@Mac68 Yes, but even wealthy viets are not likely to want or enjoy much of what Westerners prefer. And those things come at a premium.

Also, you have to take into consideration that much of the retail and service that caters to foreigners is priced several times the equivalent for Viets.

@THIGV Can we get back to the beans please? LOL

$3,000 a month is a kings ransom here. You'll be doing great. ****

@WidnesRob "Per contract it is 70mil "per month net of personal income tax" - so i believe this means that will be 'take home.'" - You should verify that and make sure that there is no misunderstanding . I think that you would get taxed somewhere around 10-20%. The employer generally pays the taxes but make sure that it is clear if the salary quoted is after taxes are paid. Also, they must provide you with you tax account information as you can verify that they are depositing the taxes. Make sure that they will assist with your documents. You should qualify for a TRC (temporary residence card) . If all of the documentation for your salary is in order then you will have all banking options and can transfer money out - 2 best options: HSBC and Vietcom Bank. You should check the fb groups for Vietnam Legal and expat groups. There seems to be a lot of scams with teaching contracts and documents; you should due diligence.

A word on affordability. The kids stuff here is way cheaper than western countries. The only high cost is school tuition which sounds like you got covered.

I'm in a similar situation but I am not a teacher. I make about double that after tax but I pay for everything which leaves maybe $3500-4000 per month. It's ok and it's possible to do most of what we want. It's not enough to justify buying a car. It is enough to take a car wherever you want . Food and restaurants are no problem but we avoid the expensive restaurants. Seems travel has increased about 50% since the Scamdemic subsided. So we will travel in country less. We usually take one trip per year abroad. I try to save about 20% or generate additional income to cover savings. That is my experience. Hope that helps. Have a great day.

Geez fellas, its above the top 1% of Vietnamese as considered as personal wealth. Get a grip.
MAc
-@Mac68

What may be more relevant is where does the $3K put him on an Expat scale. This is strictly a SWAG, but I would estimate that it will put the OP in the top 5% of Expats, almost all of whom are doing just fine. He will find himself well above the mass of ordinary ESL teachers, who vastly outnumber international school teachers, above most but not all retirees, but below most directors and specialist employees of multinational corporations. brought in by their employers.

@Mac68
Also, you have to take into consideration that much of the retail and service that caters to foreigners is priced several times the equivalent for Viets.
-@mitsmaak

Then, don't use such places and get your stuff where the Viets do?

@OP: Unless you're an absolute primadonna then you'll struggle to spend $3k/month disposable here. First few months will be more expensive as you acquire whatever home comforts you need and find the cheaper places and ways of doing things but you'll be fine long term.

As for currency exchange / savings issues, park at least some of your spare loot each month in gold, bought from Viet-frequented gold shop, All this govpaper is going down the crapper fast.