Vietnam's tourism economy is being reshaped by a surge in corporate travel, with business visitors now spending nearly twice as much as leisure tourists on key services, according to new data from the Mastercard Economics Institute. The findings, presented by chief economist David Mann at the High-Level Tourism Forum during the twentieth International Travel Expo in Ho Chi Minh City (ITE-HCMC), underscore a structural shift in how travel revenue is generated across Asia.
Mann highlighted that the convergence of business trips, extended leisure stays, and repeat visitation is redefining economic models globally. Drawing parallels with Japan—where inbound tourism spending has contributed up to half of economic growth in recent years—he emphasized that corporate travel represents the highest-yielding segment of this expenditure. Vietnam, he noted, is positioned at the center of this transformation.
Vietnam outperforms regional peers
While global inbound tourism recovery remains uneven, Vietnam and Japan stand out as clear outperformers, with 2026 year-to-date arrival figures comfortably exceeding pre-pandemic 2019 levels and surpassing 2025 benchmarks. In Vietnam, this momentum reflects a powerful combination of expanding supply-side infrastructure, enhanced connectivity, and reduced friction through streamlined visa policies.
Source market data reveals distinct regional preferences across Vietnam's key destinations. South Korean visitors dominate central and coastal areas, accounting for 28% of visitors to Da Nang and 11% to Phu Quoc, while maintaining a strong presence in Hanoi and Ho Chi Minh City. Travelers from the United States and Singapore show a marked concentration in urban commercial hubs, with Ho Chi Minh City and Hanoi attracting the vast majority of outbound spend from Singapore, the largest outbound market in the ASEAN region.
FDI diversification and corporate spend dispersion
As one of the world's fastest-growing economies and a premier destination for Foreign Direct Investment (FDI), Vietnam's double-digit nominal GDP growth and robust FDI inflows are directly influencing corporate transaction patterns. Cross-border card data demonstrates a notable decentralization of business travel beyond primary entry points. While Ho Chi Minh City and Hanoi retain significant shares of corporate transactions, spending by business travelers from key trading partners—particularly Taiwan, Mainland China, and Singapore—is increasingly spreading into secondary provinces.
Top FDI-investing nations are steadily increasing their corporate footprint across wider regions, aligning with the expansion of Vietnam's manufacturing and export engines into new industrial corridors. This trend is supported by Vietnam's MICE strategy, which aims to compete with established regional hubs.
The corporate yield advantage
The financial impact of corporate visitors significantly outweighs that of traditional leisure tourists. Mastercard's 2026 transaction data reveals a stark yield gap between business and consumer cardholders. On dining, average corporate card spend from key markets like Japan and South Korea ranges between $220 and $246 per card, dwarfing average consumer card spend in the same category. In hotel expenditure, corporate card spending nearly doubles the average transaction values recorded by leisure travelers from top-spending consumer markets such as Switzerland, Norway, Australia, and Mainland China.
This yield premium is further amplified when business travelers extend their trips for leisure purposes, maximizing total spend per visit. The trend mirrors broader shifts in corporate travel behavior, as seen in other regions where corporate travel and entertainment spending remains resilient despite regional volatility.
Long-term outlook
Vietnam's overall corporate card transaction volume now rivals long-established regional powerhouses. For major outbound markets including the United States, Mainland China, Japan, and South Korea, Vietnam ranks alongside destinations like Thailand, Taiwan, and Japan in attracting high-value corporate travel spend. For South Korean business travelers in particular, Vietnam stands as a dominant regional target.
Mann concluded that while demand-side momentum remains strong, Vietnam's continued success will depend on further developing infrastructure and streamlining travel processes. With both corporate and consumer spending patterns shifting favorably, the country is well-positioned to sustain high-yielding tourism growth over the long term. The findings were presented at ITE HCMC, which marked 20 years as Vietnam's travel sector accelerates.
