The average hotel cost in Hanoi was $41 a night while a meal costs $2.20 per person, according to the study. A public transportation ticket in Hanoi costs just 30 cents and the average internet speed was 93 Mbps.
In addition, low crime rates in Vietnam's capital are also a plus for foreigners, the study said.
Commercial Search selected all cities worldwide with more than 400,000 residents and ranked them based on their affordability, internet speed, coworking availability, entertainment and safety.
Bangkok topped the list, followed by Shanghai and Bucharest in Romania.
However, Vietnam has not yet launched a visa specifically for digital nomads.
The country is now offering a visa exemption for nationals of 24 countries for stays of 15-30 days.
In Southeast Asia, only Thailand, Indonesia and Malaysia offer special visa programs for foreigners to work remotely with certain requirements.