South Korea emerges as Top Leisure Travel Destination for Vietnamese travelers, according to Visa study
03/26/2024
Visa, a global leader in digital payments, has published its most recent Green Shoots Radar study1. This quarterly report analyzes consumer sentiments across various sectors, including financial services, commerce, and travel. The study reveals a surge in travel frequency among the Vietnamese population. According to the data, 30% of surveyed Vietnamese respondents have traveled for leisure or business purposes in the past year. This trend aligns with a broader travel resurgence across the Asia Pacific region, with 37% of those surveyed reporting overseas travel within the same period.
South Korea emerged as the top leisure destination for Vietnamese travelers, with 24% visiting in the past year. Mainland China (17%) and Japan (16%) were the next most popular destinations. For business trips, Australia was the most popular destination with 19% of respondents, followed by Mainland China, Thailand, and South Korea, each with 16%.
Vietnamese travelers prefer to book flight tickets directly from airline websites, with 40% doing so. Among those respondents who booked their accommodations through Online Travel Agencies and paid the full amount upon booking, 29% used their credit cards, making it the second most popular payment mode after e-wallets (49%). This preference mirrors trends across the Asia Pacific region, where consumers prefer booking their air tickets directly through airline websites, and accommodation booked and paid in full upfront with credit cards.
Ms. Dung Dang, Visa Country Manager for Vietnam and Laos, noted: "As cross-border travel gains momentum in Vietnam and the region, there is a significant opportunity for brands to engage with travelers throughout their journey. By offering a seamless payment experience, from destination research to booking travel and accommodation, brands can enhance customer engagement. Using a digital payment method such as a credit or debit card on relevant travel apps can streamline and secure the payment process."
The future of travel remains promising, with 41% of Vietnamese respondents planning leisure travel in the next six months. The top three leisure destinations for the next 12 months are Australia, Mainland China (both at 18%), and South Korea (17%). For business travel, Mainland China (15%), South Korea, Australia (both at 14%), and Japan (12%) are the most likely destinations.
According to Visa’s Global Travel Intentions 2023 study, cashless payments are the preferred choice for the majority of Vietnamese respondents, with 92% opting for credit cards and 87% opting for debit cards to enhance their overall travel experience. Digital payments continue to grow in popularity for Vietnamese travelers, with latest data from Visa’s Consumer Payment Attitudes 2023 study2 showing high usage of internet banking (33%), online payment (debit and credit card, 22%), and contactless card (21%) for overseas travel bookings and spendings.
According to the latest Brand Health Report3, over half (52%) of Vietnamese consumers consider Visa to be the best payment method for purchases while traveling internationally. Visa cards are also growing in popularity among Vietnamese travelers, with VisaNet data showing a substantial year-on-year increase in the total value of cross-border transactions in the fourth quarter of 2023.
1 The Green Shoots Radar study was conducted online with 8,400 consumers across 14 Asia Pacific countries and territories including 500 Vietnamese respondents aged 18-65 years old, in January 2024.
2 The Visa Consumer Payment Attitudes Study was prepared by CLEAR M&C Saatchi in Oct-Nov 2023, surveyed amongst 6,550 consumers in Singapore, Philippines, Malaysia, Indonesia, Thailand, Vietnam, and Cambodia. The study conducted interviews with 1.000 Vietnamese consumers across the country who are working part or full time with a demographic mix that sought to create a representative mix of ages (18-65), genders and income levels.
3 Brand Health survey managed by Ipsos and Brandscapes, commissioned by Visa, Apr-May 23.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.