Hanoi continues to lead localities nationwide in living cost
Hanoi was the most expensive place to live in Vietnam for the third consecutive years in 2023, according to the 2023 Spatial Cost of Living Index (SCOLI) report released by the General Statistics Office (GSO) on March 29.
Hanoi has been the most expensive place to live in Vietnam for the third consecutive years (Photo: VNA)
Hanoi (VNA) – Hanoi was the most expensive place to live in Vietnam for the third consecutive years in 2023, according to the 2023 Spatial Cost of Living Index (SCOLI) report releasedby the General Statistics Office (GSO) on March 29.
Hanoi was followed by Ho Chi Minh City, Quang Ninh, HaiPhong and Binh Duong, while top five localities with the lowest cost of livingwere Ben Tre, Nam Dinh, Quang Tri, Soc Trang and Gia Lai.
Nguyen Thu Oanh, Director of the GSO’s Price StatisticsDepartment, the southern economic hub of Ho Chi Minh City had lower consumerprices of essential commodities than Hanoi, although that of some products andservices such as education services, beverage and cigarettes was lower.
Meanwhile, Ben Tre recorded the lowest SCOLI last year whichwas equal to 85.93% of Hanoi’s index. The average price of product groups inBen Tre compared to Hanoi ranged from 72.02%-101.22%.
According to Oanh, Ben Tre has favourable natural andgeographical conditions, which enable the province to increasingly developagriculture and livestock, meeting local people's needs for essential goods.
The official said that the SCOLI in 2023 of socio-economicregions saw minor changes compared to that of 2022.
She attributed the increasingly equal cost of living inregions to the increasing online shopping trend and expanding delivery services,allowing consumers to compare prices of commodities in the market, and theprices of goods become more open and transparent.
The SCOLI is a relative indicator that reflects thedifference in consumer goods and service prices among localities and regions ina certain period. The index can be used as a reference for socioeconomicdevelopment policies to evaluate the results of poverty reduction and supportpolicies. It is also the basis for calculating the Human Development Index(HDI) and Gross Regional Domestic Product (GRDP) according to purchasing powerparity.
Businesses can use the index to assess competitiveness interms of prices, market share and product costs. In contrast, labourers can useit to negotiate wages and consider the possibility of migration betweendifferent regions./.
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Hanoi has been the most expensive place to live in Vietnam for the third consecutive years (Photo: VNA) 
