The government will conduct an evaluation next month, Antara News Agency reported.
The minister said the government targets foreigners who will stay in Indonesia for more than seven days and spend US$1,000 per person.
Since 2016 Indonesia has waived visa requirements for travelers from 169 countries, including 10 ASEAN member countries.
The country recently suspended visa-free entry policy for citizens of 159 countries and territories outside ASEAN, amid concerns about "disruption of public order and potential transmission of diseases."
Southeast Asia's largest economy has recently stepped-up efforts to promote high-quality tourism and reduce the number of low-spending tourists on Bali Island.
It just launched a new task force in Bali that will crack down on badly-behaved foreigners on the island to restore its tourism reputation.