Vietnam, Indonesia and the Philippines are among the destinations targeted for its next phase of growth, Boon Sian Chai, managing director and vice president of international markets at Trip.com Group, said at a recent event.
In Vietnam, the company is focusing on increasing the number of services while scaling up its workforce.
“Over the past year we opened an office in Hanoi and are planning to establish another in Da Nang, if feasible.”
Trip.com offers hotel bookings, flight tickets and tours, among other services.
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Boon Sian Chai (L), managing director and vice president of international markets at Trip.com Group, seen at an event in Shanghai, 2025. Photo courtesy of Trip.com |
The Nasdaq-listed company has a market cap of over US$43 billion, trailing only Booking Holdings (US$178 billion) and Airbnb (US$80 billion).
Trip.com has been offering services in Vietnam since before Covid-19, with a stronger presence in recent years, particularly in 2024, through a series of investments and partnerships.
In July it invested around $10 million, according to DealStreetAsia, in M Village, a hotel chain founded by former Coffee House CEO Nguyen Hai Ninh.
“This is currently the most efficient hotel chain on our platform,” Chai said.
Last year it also tied up with Vietjet and established a strategic partnership with Vinpearl.
During a meeting with Prime Minister Pham Minh Chinh at the World Economic Forum in Davos, Switzerland, in early 2024, Trip.com CEO Jane Sun expressed interest in exploring investment opportunities and expanding in Vietnam’s tourism market.
Vietnam’s booming tourism industry is a key driver behind the increased focus.
In the first four months of 2025 Vietnam received 7.67 million foreign visitors, a 23.8% increase from the same period last year, according to the General Statistics Office.
China was the largest source of visitors (1.95 million) accounting for 25.4% of all arrivals.
“Demand for travel to Vietnam has surged by nearly triple digits in our observation,” Chai said.
On the platform, key source markets for Vietnam include South Korea, Russia, Taiwan, and China.
“Customers are highly impressed with services in the Vietnamese market,” Chai added.
Vietnam’s online travel market is growing at double-digit rates, rising from US$4 billion in 2023 to US$5 billion in 2024, according to Google, Temasek, and Bain & Company.
According to Indian market researcher Mordor Intelligence, it ranks among the top five in the Asia-Pacific.
It is projected to reach US$10 billion by the end of the decade.
But Chai also said that that Vietnam presents some unique challenges, including language and payment methods.
“However, we are committed to continued investment in this market to drive growth, attract international visitors to Vietnam, boost domestic tourism, and facilitate outbound travel.”
With a presence in 39 markets, Trip.com reported revenues of CNY53.29 billion (US$7.5 billion) in 2024, up 19.7% from 2023, with profits exceeding CNY13 billion, a 24% increase.
