South Korean tourism spending on accommodation in VN jumps

Top 5 Asia-Pacific destinations by spending of South Korean travelers in the first half of 2024. — Photo courtesy of Visa

HCM CITY - South Korean tourism spending on accommodation in Việt Nam surged to 21 per cent of total expenditure in the first half of 2024, representing a jump of over 60 per cent from the previous year, according to the Visa Consulting and Analytics team.

Việt Nam continues to be a preferred travel destination for Koreans, the team’s analysis stressed, affirming that the data showed a significant rise in accommodation spending by South Korean tourists in the first half of 2024, reinforcing Việt Nam's appeal for resort vacations.

In the latest analysis, Visa Consulting and Analytics team informed that spending on dining, the top category in the first half of 2024, accounted for 17 per cent of total expenditure, highlighting Việt Nam's renown for culinary tourism.

Visa has enhanced Việt Nam's booming culinary scene by offering seamless digital payments through its partnership with the Michelin Guide in the past two years, providing diners and restaurant owners with top-notch dining experiences.

Additionally, there was a marked increase in contactless payment usage in Việt Nam’s popular travel destinations, from 15 per cent to 33 per cent.

According to Visa’s Green Shoots Radar Survey, travel among Koreans has revived over the past year, with 37 per cent travelling for leisure or work, up from 23 per cent the previous year.

The survey ranks Việt Nam as the second most visited destination at about 16 per cent by Korean travelers, trailing only Japan, which is 54 per cent, and tied with Australia at 16 per cent.

According to the General Statistics Office of Việt Nam, South Korea was the largest source market of tourists in the first three months of 2024, with more than 1.2 million arrivals, a year-on-year increase of 10 per cent.

Notably, Việt Nam ranked first among the most favourable foreign destinations for Korean visitors during the summer holiday season of 2024, forming 13.7 per cent of inbound tourists.

Đà Nẵng, HCM City and Hà Nội remained at the top of the spending list, with approximately 25 per cent, 15 per cent, and 10 per cent of total expenditure, respectively. Emerging hotspots like Nha Trang, Đà Lạt and Phú Quốc saw substantial spending growth, up by approximately 90 per cent, 150 per cent, and 160 per cent, respectively.

Visa's analysis underscores the enduring allure of Việt Nam for Korean travelers, with a marked shift towards accommodation spending. The rise of cities like Nha Trang, Đà Lạt, and Phú Quốc, coupled with the growing trend of contactless payments, signifies a promising future for Việt Nam’s travel and tourism industry.

Việt Nam's tourism sector welcomed over 8.8 million international visitors in the first half of 2024, marking a nearly 60 per cent increase compared to the same period the previous year.

For the full year, Việt Nam aims to attract 17 to 18 million foreign visitors and 110 million domestic visitors, generating VNĐ840 trillion (US$34.2 billion) in revenue, an 11 per cent increase from 2019.

To attract high-spending, long-term tourists, Việt Nam is enhancing its premium tourism sector by improving high-quality services and increasing the number of 4 and 5-star hotels, luxury shopping malls, recreational spots, and event venues.

An example of this strategy is Korea's Lotte Duty Free, whose expansion in Việt Nam led to a 351 per cent sales surge in 2023, with Korean tourists making up about 60 per cent of the sales.