According to the magazine, readers' enthusiasm for the island stems from "its white-sand beaches and delectable food."
The island is renowned for its production of fish sauce, an indispensable Vietnamese condiment, and peppercorns.
Other attractions include its coral reefs and dense tropical forest, the magazine wrote.
For this year’s World Best Awards survey, Travel Leisure asked its readers to weigh in on travel experiences around the globe to choose the world’s best islands based on activities, sights, natural attractions, beaches, food and friendliness.
Ischia island in Italy topped the list, followed by the Maldives and Bali in Indonesia.
Phu Quoc, Vietnam's largest island, has gained popularity after the government allowed 30-day visa free entry in 2014./.