Visa, the world’s leading electronic payment technology company, has recently revealed that Vietnam remains a top choice for Korean travelers. This insight was identified by Visa’s Analytics and Consulting team (VCA) – a group of payment experts within Visa – based on data from the VisaNet network.
Notably, there has been a significant increase in accommodation spending by Korean tourists during the first half of 2024, highlighting Vietnam’s appeal as a holiday destination. Additionally, the use of contactless payments at popular Vietnamese tourist spots has surged from 15% to 33%.
According to Vietnam’s General Statistics Office, Korea was the largest source of tourists in the first quarter of 2024, with over 1.2 million arrivals, marking a 10% increase from the previous year. Notably, Vietnam was the top choice for Korean travelers during the summer of 2024, accounting for 13.7% of all international visitors.
Accommodation spending by Korean tourists in Vietnam accounted for 21% of their total expenditure in the first half of 2024, reflecting a remarkable surge of over 60% compared to the same period last year.
Furthermore, dining accounted for a substantial 17% of their spending, showcasing the appeal of Vietnamese culinary tourism. Through its partnership with The MICHELIN Guide over the past two years, Visa has elevated Vietnamese cuisine by facilitating seamless digital payments, thereby enhancing the dining experience for both diners and restaurateurs.
While Da Nang, Ho Chi Minh City, and Hanoi experienced a slight dip in spending compared to the previous year, they remain the top three destinations, accounting for 25%, 15%, and 10% of total expenditure, respectively. Notably, emerging destinations like Nha Trang, Da Lat, and Phu Quoc have witnessed breakthrough growth in spending, surging by 90%, 150%, and 160%, respectively.
Visa’s report underscores the enduring allure of Vietnam for Korean travelers, with a notable shift towards accommodation spending. The rapid development of cities like Nha Trang, Da Lat, and Phu Quoc, coupled with the increasing preference for contactless payments, bodes well for the future of Vietnam’s tourism industry.
During the first half of 2024, Vietnam welcomed over 8.8 million international arrivals, reflecting a nearly 60% increase from the same period last year. For the full year 2024, Vietnam aims to attract 17-18 million international visitors and 110 million domestic tourists, generating revenue of 840 trillion VND (equivalent to 34.2 billion USD), an 11% increase from 2019.
This growth is propelled by strategic partnerships, notably with South Korea, Vietnam’s largest foreign investor, with nearly US$87.5 billion in registered capital, accounting for 18% of total investment.
To cater to high-spending, long-stay tourists, Vietnam is focusing on developing luxury tourism by enhancing service quality, increasing the number of 4-5-star hotels, upscale shopping malls, entertainment venues, and event spaces. A testament to this strategy is the expansion of Lotte Duty Free (South Korea) in Vietnam, which contributed to the company’s 351% sales growth in 2023, with Korean tourists accounting for 60% of their sales.
With international tourism rebounding strongly and Korean visitor numbers to Vietnam on the rise, Visa recognizes the immense opportunity to continue playing a pivotal role in the traveler’s journey. Visa aims to accompany travelers throughout their planning, booking, and holiday experiences, while also encouraging the use of Visa cards for seamless payments on travel applications.
“Our surveys show that credit cards are the preferred payment method for shopping at tourist destinations due to their convenience, security, and wide acceptance,” said
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