The most expensive city in Vietnam is not Hanoi, as far from thinking of many people. That distinction belongs to the central city of Hue.
The most expensive city in Vietnam is Hue.
Based on the CPI statistics provided by the General Statistical Office, we examined changes in the general prices in the five major cities of Vietnam: Hanoi, Ho Chi Minh City, Hai Phong, Hue and Da Nang, with 2004 as the base year.
Then, prices in the five largest cities were compared with the national average, with the changes normalized to the national average. Hence, if Hai Phong is listed as having a 2.5 percent change over the past decade, it means that prices in Hai Phong have grown 2.5 percent faster than the average for the country.
Accordingly, Hanoi is the second cheapest and HCM City is the cheapest place in the five major cities. Prices in Saigon are more than six percent lower than the general level.
It is a big surprise to many that Hue is the most expensive city. Its prices are over 9 percent higher than the country’s average and nearly 16 percent higher than in Saigon.
Why do people think that Hanoi is the most expensive city? Probably it comes from the price of food here. Indeed, the prices of food and catering services in Hanoi have continuously increased more rapidly than the country’s average since the second half of 2008 and are now 13 percent higher than the national average. In contrast, the food price in Hue is the cheapest and it helps the city cover its "true face".
Why is HCM City the cheapest city in Vietnam? There are two main reasons. First, housing and construction material prices here have steadily declined since 2010, when the real estate bubble burst. Second, the prices of medical services in this city have not increased and are now nearly 30 percent lower than the nationwide average. As June 1, 2014, HCM City will adjust the prices for medical services, much later than the other four cities.
Source: VietNamNet
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