The wallet was found by Tran Tin Nghia, 51, a resident of Ho Chi Minh City, while he was walking along Dinh Cau Beach near his hotel that afternoon.
Inside were one million Korean won (US$697), a credit card, and various personal documents.
Upon discovering the wallet, Nghia handed it over to local police in an effort to locate the owner.
After verifying the contents, authorities contacted Son and his wife. As it turned out, Nghia and Ho were staying at the same hotel, so the wallet was returned directly to Ho in the hotel lobby.
Ho expressed heartfelt gratitude to Nghia and the police for helping recover his belongings.
Ho also shared how touched he was by the honesty and warmth of the Vietnamese people, saying the experience made the trip especially memorable for him and his wife.
Phu Quoc Island, voted the world's second most beautiful by readers of American magazine Travel+Leisure, received more than 2 million visitors, including 474,468 foreign tourists in the first quarter, a 66.5% year-on-year rise.