Nha Trang tourism is growing fast in volume, but not in value. Khanh Hoa province received 20.4 million visitors in January–September 2026, up 45.6%, while tourism revenue rose only 21%, according to the provincial Department of Culture, Sports and Tourism. For owners and revenue managers in Nha Trang and Cam Ranh, the question is no longer how many guests arrive, but what each one is worth.
By our calculation, revenue per visitor fell from about VND 4.0 million to about VND 3.3 million year on year. Behind it is a change in who is coming: Russian and CIS guests on long, packaged stays are filling rooms, while South Korea, the province’s biggest market, is shrinking nationally.
Key facts
- Visitors, January–September 2026: 20.4 million, up 45.6%; 9.3 million stayed overnight
- International visitors: 7.1 million, up 69%, already above the full-year target
- Tourism revenue: about VND 68,000bn, up 21%, equal to the full-year target
- Average occupancy: about 65%
- Russia and CIS: more than 1 million visitors in January–August, 2.55 times a year earlier
- Supply: 1,441 establishments with more than 70,500 rooms, including 107 rated three- to five-star with 28,296 rooms
Volume is outrunning spend
| Khanh Hoa, January–September | 2026 | Change |
|---|---|---|
| All visitors | 20.4 million | +45.6% |
| International visitors | 7.1 million | +69% |
| Tourism revenue | about VND 68,000bn | +21% |
| Revenue per visitor (our calculation) | about VND 3.3 million | about −17% |
Takeaway: visitors are growing more than twice as fast as revenue, so judge 2026 on RevPAR and spend per guest, not on arrivals.
The province’s own fourth-quarter forecast shows the same gap: visitors up 39.8%, revenue up 13.1%.
Korea softens, Russia surges
| Source market | Share of Nha Trang’s international visitors, H1 2026 | Vietnam, January–September 2026 |
|---|---|---|
| South Korea | about 40% | 3.0 million, −5.5% |
| Russia and CIS | about 24% | Russia about 1.1 million, +160.6% |
| China | about 12% | 3.9 million, +1.5% |
| Other | about 24% | — |
Nha Trang’s largest market is the one shrinking nationally, and its fastest-growing one buys differently. Anex Vietnam, a tour operator bringing Russian and CIS guests, said more than 80% of its customers choose four- and five-star hotels and stay 10 nights or more on average, as reported by Nha Dau Tu. Air access drives it: the department counts 21 routes to 19 Russian cities on seven airlines, and Vietjet added Moscow–Cam Ranh flights on 23 September.
What it means for owners and operators
1. Occupancy is fine; rate and spend are the issue
About 65% occupancy is in line with the national 63.9% to May in our Vietnam hotel market report. Our view: check how much of your 2026 base is contracted package business, and at what net rate, before setting 2027 budgets.
2. Long stays change the cost base
A 10-night package guest fills a room for longer but spends differently from a three-night Korean family. Expect higher housekeeping and laundry costs per booking, more demand for half-board and all-inclusive deals, and less upside in outlets. Price the package, not the room.
3. Concentration risk has moved, not gone
Korea and Russia–CIS together make up about two-thirds of international demand. Russian volume depends on charter capacity and payment channels that can change quickly. The provincial government has asked the sector to prepare for more Chinese visitors, but that is a plan, not bookings.
4. Upscale competition is deep
Khanh Hoa has 55 five-star establishments, second only to Da Nang’s 56, according to national tourism authority data reported by VietnamBiz. See how many hotels are in Vietnam for the national picture; Ascott’s planned lyf Nha Trang adds a branded social-living format.
What to watch
- Whether Korean arrivals recover in the fourth quarter
- Winter charter schedules from Russia and Kazakhstan, and any change to payments or visas
- Whether 71.7% forecast growth in fourth-quarter international visitors brings any recovery in spend per head
- New openings in Cam Ranh and on Nha Trang Bay before the winter season
FAQ
How many tourists visited Nha Trang in 2026?
Khanh Hoa province, which includes Nha Trang and Cam Ranh, received 20.4 million visitors in January–September 2026, including 7.1 million international visitors, according to the provincial tourism department.
What is Nha Trang’s biggest source market?
South Korea, with about 40% of international visitors in the first half of 2026. Russia and the CIS were second with about 24%.
Why is revenue growing more slowly than visitors?
The department has not explained it. Our reading is a mix of more day visitors, more packaged long-stay business and lower spend per head. The provincial base may also have changed after Khanh Hoa merged with Ninh Thuan in 2025.
What is hotel occupancy in Nha Trang?
About 65% on average in January–September 2026, according to the provincial tourism department.
