Money Flow · Ho Chi Minh City
Tourism revenue grew 46% to VND 278.6 trillion in 2025 — yet per-visitor spending is flat, so the city’s next bet is quality: longer stays, MICE, and the event calendar.
The national diagnosis applies doubly to HCMC: arrivals outran revenue growth across Vietnam in 2025 ($39 billion on 21.2 million visitors), meaning spending per visitor is flat or falling. The city’s math shows it — 46 million domestic tourists averaging barely VND 5 million a trip while international guests carry the ledger.
The counter-strategy is visible in the calendar: the city courts MICE (the new Hilton and Marriott ballrooms), gastronomy festivals, river events and Japanese/Indian premium leisure — segments that raise the per-night yield rather than the headcount. GRDP per capita ($8,755, 1.7× the national average) gives it the domestic base to sell up to.
Accommodation and F&B take the largest share — room rates in District 1 and Thu Thiem rose with occupancy through 2025 — while shopping, transport and the Cu Chi/river excursion economy split the rest. The Tet peak proves the ceiling: one festival week produced more tourism revenue than many Vietnamese provinces earn in a year.
For travelers the arbitrage still runs in their favor: five-star rooms and tasting menus price well below Bangkok or Singapore equivalents, and the metro caps daily transport at pocket change. Enjoy the gap — the city’s explicit policy is to close it.
Spend up deliberately: the price-to-quality ratio on hotels and restaurants is the best in mainland Southeast Asia right now, and it is the segment the city is actively repricing. Budget travelers should anchor on the metro and weekday rates; premium travelers should book the new flags before their launch pricing expires.
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