Opinion by Nguyen Thinh
Ho Chi Minh City, the bustling metropolis in southern Vietnam, has been experiencing rapid economic growth over the past few decades. The city has witnessed a surge in foreign investment, an increase in tourism, and a rise in living standards.
However, this growth has not been accompanied by an increase in salaries and job opportunities, leading to an unsustainable cost of living.
The cost of living in Ho Chi Minh City has skyrocketed in recent years, with housing and food costs being the primary contributors.
According to Numbeo, a website that compares the cost of living between cities, the average monthly rent for a one-bedroom apartment in the city center is around 9 million VND (390 USD), while a three-bedroom apartment can cost up to 27 million VND (1,170 USD). Additionally, the cost of owning a car or motorbike is high, with gasoline prices being among the highest in Southeast Asia.
Despite the high cost of living, the average salary in Ho Chi Minh City remains low. According to a report by VietnamWorks, a leading job search website in Vietnam, the average salary in the city is around 10 million VND (430 USD) per month. This is significantly lower than the cost of living, making it difficult for residents to make ends meet. Moreover, the job market in the city is highly competitive, with many graduates struggling to find employment opportunities that match their qualifications.
The combination of high living costs and low salaries has resulted in an unsustainable situation for the residents of Ho Chi Minh City. Many people are forced to work multiple jobs or rely on their families for financial support. The lack of affordable housing and transportation options also forces many to live in overcrowded and unsanitary conditions.
To address this issue, the government and private sector need to work together to create more job opportunities and increase salaries. The government can provide incentives for companies to invest in the city and create jobs, while the private sector can offer training and development programs to help employees improve their skills and increase their earning potential.
Ho Chi Minh City’s cost of living has become unsustainable due to the combination of high living costs and low salaries. Unless the government and private sector take action to address this issue, the city’s residents will continue to struggle to make ends meet, leading to social and economic instability.