Vietnam world's 40th best country for 'comfortable' retirement

Vietnam stood behind its Southeast Asian neighbors such as Thailand (18th), the Philippines (27th), Singapore (29th), Malaysia (31st) and Indonesia (39th) where retirement visas have already been offered for years.

However, it was placed higher than South Korea (50th), Cambodia (52nd), China (62nd) and Myanmar (75th) in the region.

The ranking was based on a global survey of more than 17,000 people recording their perceptions on several factors: affordability, favorable tax environment, friendliness, pleasant climate, respect for property rights and a well-developed public health system.

This year, Switzerland was voted the best country for retirees, followed by Portugal and Australia.

Last year, Vietnam ranked 39th among 85 destinations.

Cheap living costs, high-quality healthcare and low levels of violent crime have pushed Vietnam's reputation as an ideal choice for foreign retirees.

Tourism industry insiders believe Vietnam has a great opportunity to become a paradise for global retirees.

But Vietnam has not yet launched special visa policies for this group.

GOBankingRates, a personal finance publication run by Nasdaq, last April placed Vietnam fourth among the 10 safest places to retire in Asia for less than US$2,000 per month.