Hanoi (VNS/VNA) - A recent report on the Cost of LivingIndex, published by the General Statistics Office, has revealed that Hanoi, thecapital city of Vietnam, was the most expensive place to reside in the countryin 2022.

Quang Ninh ranked second on the list of the top five most expensivecities and provinces, followed by Ho Chi Minh City, Da Nang and Ba Ria-VungTau.

Meanwhile, Quang Tri was found to be the locality with the lowestSpatial Cost of Living Index in 2022, followed by Tra Vinh, Ben Tre, Soc Trangand Nam Dinh.

The Red River Delta retained its position as the most expensiveregion in the country, with the Northern Midland and Mountainous region andSoutheast region following closely behind, according to the same report.

Explaining the living cost difference between the Southeast regionand the Red River Delta region, the report said the abundant supply of goods inthe former, which is the country’s leading industrial centre with the largestnumber of industrial and processing zones, helped to bring down the cost ofliving here compared to the latter.

The southeast region offers cheaper prices for garments, hats, andshoes; education; household equipment and appliances; medicines and medicalservices; food and catering services; and transport compared to the Red RiverDelta region.

However, prices for housing, electricity, water, fuel, andconstruction materials; culture, entertainment, and tourism are higher in thesoutheast region.

The Mekong Delta region has the lowest cost of living, primarilythanks to the low prices of food and catering services. These prices are lowdue to the region's intensive farming methods and favourable soil and climateconditions for agricultural production.

Despite swift and unpredictable development in the global economylast year, the SCOLI index in 2022 in Vietnam did not change much compared to2021, thanks in part to the Government’s effort to manage prices.

The inflation rate was 3.15%, meeting the National Assembly'starget. Consumer goods are abundant with a diverse distribution system, so theprices of goods and services in localities did not fluctuate much.

The SCOLI is a relative indicator that reflects the difference inconsumer goods and service prices among localities and regions in a certainperiod.

The SCOLI index can be used as a reference for socioeconomicdevelopment policies to evaluate the results of poverty reductionpolicies.

Businesses can use the index to assess competitiveness in terms ofprices, market share and product costs. In contrast, individuals can use it tonegotiate wages and consider the possibility of migration between differentregions./.