The 44.7-meter-long boat, operated by transport company Phu Quoc Express JSC, can reach a maximum speed of 33 nautical miles per hour and carry 612 passengers at a time.
The normal one-way fare is VND590,000 ($25.91) per person on weekdays and VND720,000 to 980,000 on weekends.
During the first phase of the launch, there will be two return trips a day. It will take over two hours to reach the Ly Son Island, 30 kilometers off the coast of Quang Ngai Province.
Ly Son is one of a handful of volcanic islands in Vietnam. The island had gained popularity in recent years after remaining relatively unknown for decades.
Tran Phuoc Son, vice chairman of Da Nang City, said the high-speed boat service is a new tourism product that aims to attract domestic and foreign tourists to central Vietnam after nearly two years of Covid-related travel restrictions.
Normally, tourists from Da Nang have to make a 150 kilometer journey on land and then take a boat reach Ly Son.