Foreign Tourism Giant Eyes Bigger Footprint in Vietnam as Sector Accelerates

(Vietnam Insider) – Trip.com Group, the largest online travel agency (OTA) in China and the third largest globally, is doubling down on its investments in Vietnam, signaling strong confidence in the country’s rapidly growing tourism sector.

Speaking at the recent Envision 2025 event, Mr. Boon Sian Chai, Executive Vice President and CEO for International Markets at Trip.com Group, confirmed that Vietnam—alongside Indonesia and the Philippines—has been identified as a strategic priority for the next phase of the company’s global expansion.

“Vietnam is a key growth market,” Mr. Chai said. “We are currently expanding our local service supply and growing our on-the-ground team. After opening our first office in Hanoi last year, we are now considering a second office in Da Nang.”

Trip.com Group, listed on Nasdaq with a market capitalization of USD 43.33 billion as of May 28, is only behind Booking Holdings (USD 178.4 billion) and Airbnb (USD 79.66 billion) in the global OTA space. The company provides booking services for hotels, flights, tours, and attractions to customers worldwide—including Vietnam since before the COVID-19 pandemic.

Deepening Local Partnerships

In a notable move last July, Trip.com invested USD 10 million in M Village, a hotel chain founded by Nguyen Hai Ninh, former CEO of The Coffee House. The chain has since become “one of the top-performing hotel partners on our platform,” according to Mr. Chai.

Trip.com has also formed strategic partnerships with leading Vietnamese companies, including budget carrier Vietjet and hospitality giant Vinpearl. Earlier this year, at the World Economic Forum in Davos, Trip.com CEO Jane Sun met with Prime Minister Pham Minh Chinh to express interest in further investment and collaboration in Vietnam’s tourism industry.

Foreign tourists at Hanoi train street

Vietnam’s Tourism Boom

Vietnam’s post-pandemic tourism recovery has been impressive. According to the General Statistics Office, the country welcomed 7.67 million international visitors in the first four months of 2025—up 23.8% year-on-year. China remains the top source market, contributing 1.95 million visitors, or 25.4% of the total.

“From a destination perspective, we’re seeing almost triple-digit demand growth for Vietnam,” said Mr. Chai. He noted that travelers from South Korea, Russia, Taiwan, and China are the largest user base segments booking Vietnam through Trip.com.

The Vietnamese online travel market is also expanding rapidly, growing from USD 4 billion in 2023 to USD 5 billion in 2024, according to a joint report by Google, Temasek, and Bain & Company. The market is forecasted to reach USD 10 billion by the end of the decade. Separately, Mordor Intelligence estimates an average annual growth rate of 10% between 2025 and 2030, placing Vietnam among the top five fastest-growing online travel markets in Asia-Pacific.

Tailored Approach to a Unique Market

Despite the strong potential, Mr. Chai acknowledges that Vietnam presents unique challenges due to its market structure, demographics, language, and payment systems. While Trip.com is applying lessons from neighboring markets such as Thailand, Malaysia, and Singapore, a localized approach is essential.

“We remain committed to long-term investment in Vietnam—not just to attract more international visitors, but also to grow the domestic travel market and support outbound tourism from Vietnam,” he emphasized.

Trip.com Group currently operates in 39 global markets and reported revenues of RMB 53.29 billion (USD 7.5 billion) in 2024—up nearly 20% year-over-year—with EBITA exceeding RMB 13 billion (USD 1.82 billion). International business contributed 10% of total revenue last year, and CEO Jane Sun has set a goal of raising that figure to over 20% in the next 3–5 years.

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Source: Vietnam Insider