Indonesia came in third with a recovery rate of 71.7%, followed by Singapore (71.3%) and Thailand (70.4%).
Vietnam achieved its recovery rate of 70%, higher than the Philippines (66%), the report showed.
Malaysia last year became the tourism champion in the region with 29 million tourist arrivals, including nearly 9 million foreign excursionists who only made day trips.
Thailand was second with 28 million, followed by Singapore with 13.6 million and Vietnam with 12.6 million.
Thailand and Malaysia have waived visas for tourists from major economies like China and India since late last year.
With fierce regional competition, Prime Minister Pham Minh Chinh has ordered ministries to consider expanding visa exemptions for citizens from certain countries in accordance with bilateral cooperation activities.