Tourism revenue from January to August increased by 90% year-on-year to VND28.2 trillion (US$1.07 billion), according to a report from An Giang Province Department of Tourism.
The island received over 1 million foreign arrivals during the period, up 66.5%.
Phu Quoc was recently named one of five Vietnamese destinations with the highest number of return visitors, according to digital travel platform Agoda.
The island was one of 10 most searched Vietnamese destinations during the upcoming National Day holidays.
Airfares to Phu Quoc Island have shot up for the period, costing VND5.4-8 million, or higher than fares to China and Thailand. But hotels are experiencing occupancy rates of just 30-40% across all segments.
The island has received multiple accolades from global travel publications. Recently, it ranked third on Travel + Leisure's list of the 10 best islands in the Asia-Pacific, behind only Bali and Koh Samui.
Last year, Phu Quoc was voted the world's second most beautiful island by Travel + Leisure readers, just after the Maldives.