South Korea aims to attract more than 20 million foreign tourists in 2024 and will therefore relax visa policies.
The Korean government also set a record high tourism revenue target of 24.5 billion USD next year. To achieve this goal, Korea will waive electronic visa fees for groups and increase the limit for direct tax refunds at shopping locations for tourists, starting from January 1, 2024.
Specifically, Korea will expand the list of countries eligible for free electronic visas in groups for Vietnam, the Philippines and Indonesia. Previously, only Chinese tourists enjoyed this policy. The Korean visa application fee for Vietnamese tourists is currently 30 USD/person.
In particular, Korea’s new policy is that from 2024, it will double the maximum tax refund for each foreign tourist to 5 million won (equivalent to 3,831 USD).
Each individual can receive a maximum tax refund of 500,000 won per transaction, with the total tax refund limited to 2.5 million won.
According to data from BC Card, a credit card company, the number of card transactions made by Vietnamese tourists in the first months of 2023 increased by a “huge” 468% compared to the previous year in Korea. Meanwhile, the annual increase was 358% for foreign tourists excluding Vietnamese, according to Korea Times.
Cities and municipalities with Vietnamese tourist spending tripling include Seoul, Jejeu Island, Gyeonggi Province, Busan and South Jeolla Province.
In Seoul, Vietnamese tourists visited large shopping centers in Myeong-dong, the center of the capital, followed by Seoul’s Gangnam district, Yongdam 2-dong on Jeju Island, where there is a duty-free shopping area of Seoul. Jeju airport.
Currently, Vietnamese tourists traveling in groups to Jeju Island and South Jeolla Province do not need a visa for 15 days.