Danang Vietnam - Retirement Guide


danang vietnam retirement guide
Genia Jones
Content Specialist
Genia is a writer for FXcompared. She has over 15 years of experience working in the financial industry as a writer, analyst, marketer, and content strategist. She enjoys writing about emerging trends… Read more

With one of the nicest climates in Southeast Asia, a high quality of life, clean streets and a modern infrastructure, Danang is increasingly a popular option for retirees on a tight budget looking for a safe, pleasant place to live. The number of people in retirement choosing to live in Vietnam as an expat continues to grow.

Today, Danang has approximately 4,200 foreigners living in the city or within the beachside communities nearby, and most cite the low cost of living, moderate temperatures, and a culture that is both cosmopolitan and laid-back seaside, as primary reasons for choosing Danang. While the city has nearly a million people, it still has the calmer, more relaxed feel of a small town.

danang vietnam streets cosmopolitan living

Da Nang, Vietnam - Growing in Popularity

Vietnam is technically still a communist country, though it has been transitioning to a market-based, privatized economy since 1986. It joined the World Trade Organization (WTO) in 2007, and was promoted to official negotiating partner in the Trans-Pacific Partnership trade agreement with the United States in 2010. The country’s economy is modernizing, and continues to move away from an agricultural-based economy to one focused on industry and services.

Danang is on the leading edge of the country’s efforts to modernize. Considered quite different from many other parts of Vietnam and Southeast Asia, the city maintains an active recycling program, and today is one of the cleanest places in the region, or in the developing world.

Danang also has an upwardly mobile middle class, due in part to the local government’s efforts to crack down on corruption. The results of these efforts are an efficient, well-run local government that makes good decisions for the city and its inhabitants, and a well-employed local population. This has also resulted in Danang being an attractive destination for expats

The city is both pedestrian- and car-friendly, with wide, well-maintained roads and sidewalks. It has a vibrant, safe, and livable feel, with award-winning buildings, bridges, and one of the cleanest, safest, and most attractive stretches of public beach in Southeast Asia. The beach promenade runs the length of the city and provides walking and biking paths, playgrounds, and city parks open to the public.

Living so close to the ocean means there’s plenty of fresh seafood available year-round, and for reasonable prices. In general, there is plenty of fresh produce and good food throughout Danang. The growing and internationally-acclaimed restaurant scene, with many offering French-inspired cuisine (a vestige of the country’s French influence), provides locals with many culinary options.

danang vietnam marketplace expats

How Far will GBP, USD or Euro go in Da Nang?  

Of course, many retirees on a small budget must, out of necessity, find the best value for their money, and this might be where Danang is able to distinguish itself from the competition. The city offers retirees on a budget a culturally-vibrant, safe, and modern locale. Cost of living Vietnam estimates for a retired couple show that they could live comfortably in Danang for as little as USD $1,200 a month.

To finance living in Danang, retirees would need to transfer their home currency into Vietnam’s official currency, the dong, to make mortgage or rental payments, and pay for everyday expenses like food and transportation. The dong is loosely pegged to the US dollar in a relationship called a crawling peg. The dong is represented by the symbol ₫ and contains two subunits, the xu, which is worth 1/100th of a dong, and the hào, which is worth 1/10th of a dong. However, the hào is worth so little at this point that the State Bank of Vietnam no longer issues it.

Over the past ten years, the dong’s exchange rate has fluctuated against the US dollar, but it typically trades around 20,000 dong = 1 dollar. Speaking with an FX broker experienced with the Vietnamese currency markets could help determine the best course of action for transferring money into the country, and help retirees time their transactions to take advantage of favorable currency movements.

Financing Your Retirement in Danang

Vietnam’s banks and financial institutions are managed by Vietnam’s central bank, the State Bank of Vietnam, which oversees all fund transfers into and out of the country and ensures all transactions meet official guidelines. Vietnam also adheres to international financial regulatory standards for international money transfers, and generally it is quite safe and easy for foreigners to send money into the country.

If you plan to retire to Danang, then you’ll need to figure out how best to access your money while there. Many retirees keep accounts in their home country and arrange to transfer funds to Vietnam on a regular schedule, or simply as they need it. Based on your own circumstances, you may need to send a large lump sum (to pay for property, perhaps), or you may want to establish regular transfers.

Your first step to figuring out the right plan of action for your situation is to begin researching where you’ll be living, as well as how you’ll handle your finances. Using our comparison tool or reading through the property guides can help you estimate not only what you can expect to spend on real estate, but also the cost of sending money to Vietnam and currency specialists available to assist you.

Working with a currency specialist can help you figure out the best course of action for your unique situation, help you to save on fees, and protect you from fluctuating exchange rates, all while freeing you up to enjoy your retirement. If you’re hoping to retire in Danang, Vietnam, figuring out how you’ll finance it is the best way to make it happen.

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