Hanoi ranks as costliest city in Vietnam in 2022

Hanoi, Mar 31 (Agency) The Vietnamese capital city of Hanoi was the most expensive place to live in the Southeast Asian country in 2022, according to a recent report on living costs published by the General Statistics Office of Vietnam. The northern province of Quang Ninh ranked second on the list of the top five most expensive cities and provinces, followed by southern Ho Chi Minh City, central Da Nang city and southern Ba Ria-Vung Tau province, local newspaper Vietnam News reported on Friday, citing the report. Central Quang Tri province was found to be the locality with the lowest Spatial Cost of Living Index (SCOLI) in 2022, followed by Tra Vinh, Ben Tre, Soc Trang and Nam Dinh. The Red River Delta retained its position as the most expensive region in the country, with the Northern Midland and Mountainous region and Southeast region following closely behind, according to the report. The Mekong Delta region has the lowest cost of living, largely thanks to the low prices of food and catering services.

These prices are low due to the region’s intensive farming methods and favourable soil and climate conditions for agricultural production, said the report. Despite swift and unpredictable developments in the global economy last year, the SCOLI index in 2022 in Vietnam did not change much compared to 2021. Consumer goods are abundant with a diverse distribution system, so the prices of goods and services in localities did not fluctuate much, the report said. The SCOLI is a relative indicator that reflects the difference in consumer goods and services prices among localities and regions during a certain period. It can be used as a reference for socioeconomic development policies or for businesses to assess competitiveness in terms of prices, market share and product costs.