What Is the Emotional Economy?

A fundamental change is taking place in the way consumers make purchasing decisions.

In the past, the question was usually:

“Is this product good?”

Then:

“How much does it cost?”

But for a younger generation of consumers, the question is increasingly becoming:

“How does it make me feel?”

That is the foundation of the emotional economy.

The term describes an economy in which emotional value, experience, empathy, enjoyment, memories and a sense of belonging become increasingly important parts of purchasing decisions.

This helps explain why a small collectible toy can create a global community of collectors.

Why are consumers willing to buy blind boxes without knowing exactly what is inside.

Why a concert ticket is no longer simply a ticket.

And why a travel experience is increasingly judged not only by the quality of a hotel or the price of a flight, but by the question:

“What story will I take home with me?”

VnEconomy has highlighted the rapid development of this trend among young consumers in Asia, with Gen Z increasingly spending on non-essential products that provide emotional satisfaction, entertainment and self-care.

From Labubu to Blind Boxes: When Emotion Becomes a Product

One of the clearest examples is Pop Mart.

At its core, a blind box is a relatively simple product: consumers pay for a box without knowing exactly which character they will receive.

But the real value does not lie entirely in the plastic figure.

It lies in:

• the anticipation of opening the box;

• the collecting experience;

• the excitement of finding a rare character;

• the community of people with similar interests;

• childhood nostalgia;

• personal identity and self-expression;

• and the feeling of owning something others also want.

Research into blind-box consumer psychology cited by Tuổi Trẻ suggests that the element of surprise and anticipation can activate the brain’s reward system, helping explain why consumers continue purchasing.

Pop Mart then turned toys into a lifestyle brand.

This is the important part.

The company is no longer simply selling:

“A toy.”

It is selling:

A feeling + a story + a community + an identity.

And this model has moved beyond China.

Southeast Asia has become an increasingly important market for emotional-consumption products, with Pop Mart’s regional growth often cited as one of the clearest examples of the trend.

This suggests that Southeast Asia is not simply a destination for Chinese consumer trends.

The region is becoming a major market for the emotional economy.

It Is Not All About “Stress”

One common explanation for the emotional economy is that consumers are increasingly stressed.

There is some truth to this.

A 2024 Meta-Gallup survey covering more than 140 countries found that nearly one in four people globally more than 1 billion people felt lonely in their daily lives. VnEconomy highlighted this finding in its analysis of the emotional-consumption trend among younger consumers.

But explaining the emotional economy through stress or loneliness alone is not enough.

In China, some analysts argue that the trend is also connected to changes in the wealth and consumption structure of younger generations.

Younger consumers may no longer see buying a car or a home as an immediately achievable way to demonstrate success.

As traditional major purchases become increasingly expensive, some spending can shift toward smaller purchases that provide immediate gratification.

CafeBiz’s analysis of China’s emotional economy points to this shift toward affordable forms of “joy spending”, where consumers seek emotional returns from relatively small purchases.

This is an important insight for businesses.

The emotional economy is not necessarily an economy for wealthy consumers.

In fact, it can grow strongly when consumers:

cannot afford or do not want to make major purchases, but still want to reward themselves.

Where Does Vietnam Stand?

This is the question investors should be asking.

Vietnam does not yet have a clearly defined “emotional economy” market in the same way China does.

But many of its building blocks are already here.

They include:

• concerts;

• fandom;

• fashion;

• beauty;

• specialty coffee;

• wellness;

• food experiences;

• local crafts;

• gaming;

• collectibles;

• lifestyle communities;

• and tourism experiences.

These industries have one thing in common:

Customers are not only paying for a product.

They are paying for how they feel after experiencing it.

That is why a concert ticket can generate spending on:

• fashion;

• transportation;

• hotels;

• F&B;

• merchandise;

• beauty;

• social media content;

• and tourism.

A music event, therefore, no longer belongs exclusively to the entertainment industry.

It becomes an economic ecosystem.

Vietnam Has One Advantage China Cannot Simply Replicate

That advantage is local cultural identity.

Vietnam has a large pool of emotional assets that remain under-commercialized:

• food;

• coffee;

• tea;

• áo dài;

• handicrafts;

• music;

• cinema;

• history;

• architecture;

• festivals;

• cultural traditions;

• craft villages;

• landscapes;

• and the stories of individual destinations.

The problem is not that Vietnam lacks “content.”

The problem is:

we have not yet turned enough content into commercial experiences.

A good local dish is a product.

But a dinner that tells the story of the region, ingredients, chef and history behind the dish becomes an experience.

An áo dài is a product.

But an áo dài design experience connected to history, photography and storytelling becomes an emotional product.

A traditional craft village is a destination.

But a workshop where visitors create their own product, meet artisans and take the finished item home can become a memory product.

This is the difference between:

selling things

and

selling meaning.

Tourism Could Be Vietnam’s Biggest Gateway to the Emotional Economy

This may be the area where Vietnam has the clearest advantage.

Vietnam’s tourism growth provides an increasingly large consumer base for experiences built around culture, identity and memory.

The connection between tourism and cultural industries is becoming an increasingly important part of the discussion around Vietnam’s next stage of economic development. Nhân Dân has specifically framed cultural industries and tourism as a potential pathway for developing an emotional economy.

But visitor numbers are not the whole story.

The bigger question is:

How much value does each visitor leave behind in Vietnam?

A low-cost tourism model may optimize for:

many visitors → low prices → high turnover.

An emotional-economy model aims to build:

less dependence on price → deeper experiences → longer stays → higher spending per visitor → stronger memories → higher likelihood of returning.

This is also increasingly reflected in discussions around Vietnam’s cultural industries and tourism: Vietnam cannot compete indefinitely on low prices and needs to compete through distinctive values that are difficult for other destinations to replicate.

Cultural Industries Could Become the Infrastructure of the Emotional Economy

This is important because the trend is not simply a marketing phenomenon.

It could become a real economic sector.

Vietnam’s cultural industries are already generating significant economic activity, while policymakers and industry observers increasingly see culture, creativity and tourism as interconnected growth engines.

This changes the way we should think about “culture.”

Culture is not only:

heritage.

It can also become:

economic infrastructure.

A film creates a fandom. The fandom creates a concert. The concert creates merchandise. Merchandise creates retail. Retail creates community. Community creates tourism. Tourism creates hospitality. Hospitality creates demand for local food, craft, wellness and entertainment.

This is the flywheel of the emotional economy.

Where Are the Opportunities for Foreign Businesses in Vietnam?

For foreign investors, this is where the issue becomes different from a typical consumer-trend article.

Businesses do not necessarily need to create a company selling “emotional products.”

The opportunity may lie in the ecosystem behind this trend.

1. Consumer Brands

International brands can localize their products through:

• Vietnamese characters;

• local collaborations;

• limited editions;

• cultural storytelling;

• community events.

This is how an international product becomes a Vietnam-relevant emotional product.

2. Hospitality & Tourism

International visitors are growing rapidly, but the bigger opportunity lies in designing experiences that can:

• extend visitor stays;

• increase spending per visitor;

• generate repeat visits;

• increase direct bookings;

• and build destination brands.

3. Cultural Products

Vietnamese food, crafts, fashion, music and content can become cultural exports.

But doing so requires moving from:

local product → brand → experience → IP → community → international market.

4. Digital Communities

One of the most valuable assets in the emotional economy is not inventory.

It is community.

A business that owns a strong enough community can expand from products into:

• events;

• subscriptions;

• merchandise;

• memberships;

• content;

• offline experiences;

• partnerships.

But the Emotional Economy Has a Downside

This is something businesses should not ignore.

Emotion can create a powerful willingness to pay.

But precisely because of that, it can also be overused.

The growth of influencer commerce and livestream selling in Vietnam demonstrates how trust, admiration and parasocial relationships can be converted into purchasing behavior at extraordinary speed.

Tiền Phong has examined the emotional economy through this lens, highlighting how emotional attachment and personal influence can increasingly shape consumer behavior while also raising questions around trust and responsible consumption.

The distinction matters.

Businesses should not interpret:

“Sell emotion” = manipulate emotion.

These are two very different things.

A sustainable brand creates emotion through:

• good products;

• good experiences;

• authentic stories;

• real communities;

• and genuine value.

A brand that relies only on hype has to continuously create new hype.

That is not a sustainable business model.

How Can Vietnam Build an Emotional Economy?

There are at least three layers.

Layer 1: Consumer Experience

Make products and services more memorable.

Instead of asking only:

“What does the customer need?”

Businesses should also ask:

“How does the customer want to feel?”

Layer 2: Cultural IP

Turn cultural assets into:

• characters;

• stories;

• music;

• food brands;

• fashion;

• games;

• films;

• collectibles;

• tourism experiences.

Layer 3: Globalization

This is the hardest part.

A mature emotional economy does not only sell to Vietnamese consumers.

It makes foreigners want to experience Vietnam.

That could be:

A dish, a song, a film, a character, a scent, a piece of clothing, an experience, or a memory.

This is increasingly aligned with the broader discussion around cultural industries and tourism in Vietnam, where cultural identity can function not only as heritage but also as an economic and soft-power asset.

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What Does This Mean for Investors?

There is an important shift taking place.

In the traditional manufacturing economy, investors asked:

“What can Vietnam produce?”

In the service economy, the question became:

“What services can Vietnam provide?”

But in the emotional economy, the question becomes:

“What can Vietnam make consumers feel that they are willing to pay for?”

That is a fundamentally different question.

And it opens up a much broader set of opportunities:

• entertainment;

• tourism;

• hospitality;

• wellness;

• F&B;

• fashion;

• beauty;

• sports;

• cultural products;

• digital content;

• gaming;

• events;

• education;

• lifestyle communities.

Conclusion: Vietnam Does Not Lack Emotion. It Lacks Ways to Commercialize It.

The emotional economy is not a short-term trend like a viral toy.

It reflects a deeper change in consumer behavior.

As basic needs become increasingly satisfied, consumers begin looking for:

identity.

belonging.

experience.

meaning.

memory.

China is showing how large this opportunity could become.

Southeast Asia is showing how quickly the trend can spread.

Vietnam has its own advantage:

a cultural foundation deep enough to create countless experiences that other markets cannot fully replicate.

The challenge is not creating more emotion.

The challenge is turning emotion into commercially viable products, services, brands, IP and experiences that can operate at scale.

For foreign businesses looking at Vietnam, this could become one of the most important shifts in the country’s consumer market over the next few years.

Not because Vietnamese consumers will simply spend more.

But because they may start spending on completely different things.

Vietnam Operations Perspective

For investors, the question should no longer simply be:

“Is there demand for this product in Vietnam?”

Instead:

“What emotional value can this business create and can that value be turned into a scalable operation in Vietnam?”

If the answer is yes, the next step is not simply market research.

Businesses need to assess the business model, legal structure, business lines, investment capital, location, workforce, tax requirements and operational scalability in Vietnam.

Vietnam Operations helps foreign businesses assess these factors before making an investment or expansion decision.

Talk to Vietnam Operations to discuss your market entry, operating structure and implementation plan in Vietnam.

After the September 2 National Day holiday, Vietnam will introduce another notable change to the country’s annual working calendar.

November 24 will officially become Vietnam Cultural Day, with employees entitled to a day off with full pay. This is a new policy introduced in 2026 and took effect on July 1, 2026.

But for businesses, the most important issue is not simply the addition of another public holiday.

In 2026, November 24 falls on a Tuesday. The Ministry of Home Affairs has proposed swapping a working day to create a four-day consecutive break from Saturday, November 21 through Tuesday, November 24, with Monday, November 23 moved to Saturday, November 28.

For employees, this could mean a longer break.

For businesses particularly manufacturers, logistics companies, and companies serving international customers it is a question of planning.

What Is New About November 24?

Vietnam Cultural Day is more than a new commemorative date.

Under Resolution 28/2026/QH16 on Vietnam’s cultural development, November 24 every year is designated as Vietnam Cultural Day, and employees are entitled to a paid day off. The resolution took effect on July 1, 2026.

This matters for businesses because November 24 is no longer simply a day off that an employer may choose to provide.

It has become a statutory paid holiday.

In practical terms, companies need to include November 24 in their HR, payroll and operational planning, just as they do with other statutory holidays.

Why Could 2026 Bring a Four-Day Break?

The issue comes down to how November 24 falls on this year’s calendar.

November 24, 2026 is a Tuesday.

If employees simply take the statutory holiday, they would have Tuesday off while Monday, November 23 would remain a normal working day.

The Ministry of Home Affairs therefore proposed two possible approaches.

Option 1: Swap Working Days to Create a Four-Day Break

Under the proposed arrangement:

• Saturday, November 21: Weekly day off

• Sunday, November 22: Weekly day off

• Monday, November 23: Day off through workday substitution

• Tuesday, November 24: Vietnam Cultural Day

• Saturday, November 28: Make-up working day

This would create four consecutive days off.

The Ministry said the arrangement would give people more time to participate in cultural activities while also supporting tourism, services and consumer spending.

Several government bodies, including the Vietnam General Confederation of Labour, the Ministry of Construction, the Ministry of Health, and the Ministry of Culture, Sports and Tourism, have agreed with the proposed arrangement.

Option 2: Take Only November 24 Off

The second approach is for employees to take Tuesday, November 24 off without swapping the Monday working day.

This distinction matters for businesses.

“November 24 is a statutory holiday” and “every company must close for four days” are not the same thing.

The November 24 paid holiday is established under the new resolution.

The workday swap to create a four-day break is an arrangement for organizing the working calendar.

Are Companies Required to Give Employees Four Days Off?

This is probably the most important question for HR and management teams.

The answer is: businesses should not assume that the four-day break automatically applies to every private-sector employer in exactly the same way as it does to government agencies.

Under the Ministry of Home Affairs’ guidance, employees at businesses are entitled to a paid day off on Tuesday, November 24, 2026.

At the same time, the Ministry encourages employers to apply the four-day arrangement where appropriate, provided employee entitlements are fully protected and the arrangement is consistent with the company’s production and business plans.

This distinction is critical.

A professional services company may find it relatively easy to close from November 21- 24.

But a factory operating three shifts, a logistics company with fixed delivery schedules, or a manufacturer supplying components to overseas customers may need a different operating arrangement.

The right question is therefore not simply whether the business will close.

It is whether the business can maintain business continuity.

What Does This Mean for Foreign-Invested Companies?

For foreign companies operating in Vietnam, public holidays can create a much larger issue than simply closing the office.

The underlying challenge is the difference between the Vietnam operating calendar and the global operating calendar.

A company may have:

• A factory in Vietnam

• Customers in the United States

• A headquarters in China, Japan or South Korea

• Suppliers across multiple countries

• Warehouses and logistics operations running continuously

• Employees working across multiple shifts

In that situation, one additional holiday can create a chain reaction.

For example, a factory may be scheduled to deliver a shipment on November 24.

If production planning does not account for the holiday, the company could face:

Holiday → staffing shortage → production delay → delayed QC → delayed packing → delayed logistics → delivery commitment risk.

This is why foreign-invested companies should not wait until November to address the issue.

A New Public Holiday Can Create New Costs

From an HR perspective, November 24 creates a paid non-working day.

But the financial impact is not limited to one payroll entry.

Businesses may need to consider:

1. Payroll

HR and payroll teams should update the new holiday in attendance, payroll and HR management systems.

This is particularly important for companies using automated payroll systems or ERP integrations.

2. Overtime

If production cannot stop on November 24, the company needs to assess the applicable overtime pay and working conditions for work performed on a statutory holiday.

November 24 should not simply be treated as an ordinary working day.

3. Shift Planning

Factories operating multiple shifts need to determine:

• Which shifts will continue operating?

• Who will take the holiday?

• Who will work?

• Will additional overtime be required before or after the holiday?

• Is backup staffing necessary?

4. Logistics

If the factory closes but logistics operations continue, companies should review:

• Trucking schedules

• Warehouses

• Ports

• Customs clearance

• Transportation capacity

• Delivery appointments

One closed link in the chain can delay the entire operation.

The Four-Day Break Is Also a Year-End Planning Variable

November is not necessarily a low-activity period.

For some industries, it can be a critical period for completing annual targets.

For example:

Manufacturing

Factories may need to complete production orders before the holiday.

Retail & Consumer

Companies may be preparing for the year-end shopping season.

Logistics

Order volumes and inventory planning may begin to increase.

Professional Services

Companies may be working toward project deadlines before December.

Foreign-invested companies

The parent company may continue operating normally while the Vietnam team is on holiday.

The issue is therefore not simply:

“Are we taking the holiday?”

The better question is:

Does the business know how its operations will change when Vietnam’s working calendar changes?

A Simple Example: A China+1 Manufacturer

Consider a Chinese manufacturer that has recently established a factory in Vietnam.

Its China headquarters continues operating normally on November 24.

Its US customers are also working.

But its Vietnam production team is on holiday.

If the company has not incorporated November 24 into its production calendar, it may discover a capacity problem only a few weeks before a delivery deadline.

A simple planning process earlier in Q4 could solve much of the risk:

October

→ Confirm holiday calendar
→ Assess production capacity

Early November

→ Adjust production schedule
→ Confirm inventory buffer

Mid-November

→ Complete orders with deadlines around the holiday
→ Confirm logistics arrangements

November 21- 24

→ Execute holiday and shift plan

This is a good example of the difference between setting up a business in Vietnam and actually operating one.

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What Should Businesses Do Now?

There is no reason to wait until November.

A relatively simple checklist can help HR and operations teams avoid most problems.

1. Update the 2026 Holiday Calendar

Add November 24 to HR, payroll, ERP and production calendars.

2. Monitor the Final Workday-Swap Arrangement

Do not automatically assume that November 21- 24 will be a mandatory four-day closure for every business.

Companies should monitor the final official guidance and determine which arrangement applies to their operations.

The Ministry of Home Affairs has proposed the four-day arrangement, and multiple ministries and the Vietnam General Confederation of Labour have supported it, but the formal arrangement should be followed according to the final government decision.

3. Review Employment Policies

HR teams should review:

• Internal labour regulations

• Employee handbooks

• Working schedules

• Shift policies

• Overtime policies

• Payroll configuration

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4. Check Production Capacity

For manufacturing companies, review:

• Production orders

• Inventory levels

• Raw material availability

• Delivery deadlines

• Machine maintenance

• Staffing requirements

5. Notify International Customers Early

If overseas customers do not observe the same holiday, companies should communicate Vietnam’s operating schedule in advance.

This is especially important for businesses working under SLAs or contractual delivery commitments.

This Is Not Just an HR Issue

A common mistake is to treat holiday planning as an HR-only matter.

In reality, one additional statutory holiday can affect multiple departments.

This is why companies with complex operations often build an annual operating calendar, rather than maintaining only an HR holiday calendar.

A Bigger Signal: Vietnam Is Changing How Working Time Is Organized

It would be easy to view November 24 as simply another holiday announcement.

Businesses should look at the broader picture.

Vietnam continues to adjust policies related to labour, culture, social welfare and quality of life.

The designation of November 24 as Vietnam Cultural Day, together with the paid day off for employees, is one example.

It also demonstrates why companies operating in Vietnam need to monitor more than tax and investment regulations.

Labour policy is also business policy.

A seemingly small change to the working calendar can affect production capacity, payroll, logistics and customer delivery.

For foreign investors entering Vietnam, this is one of the important differences between simply reading the law and actually operating a business in the country.

So How Should Businesses Prepare for November 24, 2026?

The most practical approach is to think about the issue in two layers.

Layer 1: Legal Compliance

Businesses must ensure employees receive the statutory holiday entitlement and pay applicable to November 24.

This is the must-do.

Layer 2: Operational Planning

The company then determines how to organize operations around its business model:

• Close for four days

• Close only on November 24

• Maintain selected production shifts

• Adjust production schedules

• Arrange backup staffing

• Increase inventory buffers

• Adjust delivery timelines

This is the business-planning layer.

The two should not be confused.

A Four-Day Holiday Is Not the Problem. Being Unprepared Is.

Vietnam Cultural Day is an important policy change in 2026.

Employees are entitled to a paid day off on November 24 under Resolution 28/2026/QH16.

For 2026, the proposed arrangement would create a four-day break from November 21 through November 24, with the November 23 working day swapped to November 28. Multiple ministries and the Vietnam General Confederation of Labour have supported this approach.

But businesses need to distinguish between the statutory holiday entitlement and the workday-swap arrangement that creates the four-day break.

For an office-based company, this may simply mean updating the calendar.

For a factory, logistics company or foreign-invested business, it can affect an entire operating chain.

And that is precisely why businesses should start treating holiday calendars as part of operational planning, not simply an HR issue.

Conclusion: Foreign Investors Need to Look Beyond the Holiday

Vietnam is becoming a market where foreign investors need to understand not only where to invest, but also how to operate.

From holiday schedules and labour regulations to payroll, production, logistics and tax, seemingly small local details can create significant operational consequences.

If your company is:

• Establishing a company in Vietnam;

• Setting up or expanding a manufacturing operation;

• Moving part of its supply chain to Vietnam;

• Building a local workforce;

• Or already operating in Vietnam but is unsure whether its local operations are fully compliant,

Vietnam Operations can help you understand the operational layer behind Vietnam’s regulations and turn those requirements into practical plans for your business.

Talk to Vietnam Operations about your Vietnam investment, setup and operational planning needs.

The Relocation Question Parents Don’t Always Ask

Moving a business to Vietnam usually starts with questions about offices, housing, banking, schools and hiring.

For families, however, relocation comes with another question that is less visible but often becomes important after the move:

What happens to our child’s language?

For a Hong Kong, Taiwanese, Singaporean or Mainland Chinese family, moving to Ho Chi Minh City can mean moving children into an overwhelmingly English-speaking environment.

English opens access to international schools, universities and future career opportunities. But a child who spends most of the day learning and communicating in English may gradually use less Mandarin. Understanding Mandarin at home can remain, while speaking, vocabulary and confidence become weaker.

For internationally mobile families, the question is therefore not simply English or Mandarin.

It is how to build both.

Why Mandarin Once or Twice a Week May Not Be Enough

Many international education environments in Ho Chi Minh City are designed around English, with Chinese offered as an additional subject.

But there is a difference between studying a language and living in a language.

Young children need repetition, context and real communication. They need opportunities to hear a language, respond to it, use it during play and connect words with everyday experiences.

That is why some expat parents are looking for an environment where Mandarin is part of the child’s daily life.

This was the thinking behind Vietnam Mandarin Kindergarten (VMK) in Thảo Điền.

Building a Kindergarten Around a Hong Kong Family’s Experience

VMK was created by a Hong Kong parent living in Vietnam who wanted his own child to continue developing Mandarin while also building strong English skills.

Instead of treating Mandarin as an additional subject, VMK uses a Mandarin English dual immersion model, with both languages integrated into children’s everyday routines.

The school’s model focuses on:

• 50/50 Mandarin English immersion throughout the school day

• Project-based learning through play, activities and real communication

• Native-speaking Chinese educators with formal education backgrounds

• Approximately 1:5 teacher-to-child ratio for closer attention and more speaking opportunities

The objective is not simply to make children memorize more vocabulary.

It is to help them become comfortable using both languages to learn, play and communicate.

Why Thảo Điền?

For international families, location is part of daily operations.

Thảo Điền has become one of Ho Chi Minh City’s established expatriate communities, with international schools, residential developments, restaurants and services concentrated around the area.

For working parents, being close to home can make school drop-off and pick-up considerably easier.

VMK is located at 132B Nguyễn Văn Hưởng, Thảo Điền, and communicates with parents through WeChat, WhatsApp and Zalo.

But the location also supports something broader: a community of families who understand the challenges of raising children across countries.

Education Is Part of Relocation Infrastructure

For Vietnam Operations readers, this may look like an education story. But there is a broader business and relocation lesson.

When international employees move to Vietnam, companies often focus on the employee the office, visa, housing and work setup.

The family is sometimes treated as a secondary consideration.

In practice, schooling, childcare and children’s ability to adapt can influence whether an employee feels comfortable relocating and whether a family decides to stay.

For business owners and executives moving to Vietnam with young children, education can therefore become part of the relocation infrastructure.

The question is not simply:

“Where will my child study?”

It is also:

“Can my child continue developing the languages they will need across our family’s future moves?”

Designed for Families That May Not Stay in One Country

International families may not follow a single-country education path.

A child might attend kindergarten in Ho Chi Minh City, continue primary school in Hong Kong, secondary school in Singapore and eventually study somewhere else.

The education foundation therefore needs to travel with them.

VMK’s approach is designed around this reality: Mandarin remains part of the child’s everyday environment, while English provides a foundation for international education.

For families considering this approach, VMK welcomes parents to visit its Thảo Điền campus and experience the bilingual classrooms firsthand.

School Tour: Schedule a Visit

Address: 132B Nguyễn Văn Hưởng, Thảo Điền, Ho Chi Minh City

Contact: (+84) 902 881 655
WeChat / WhatsApp / Zalo

Vietnam Operations readers can also enquire about the school’s 10% welcome tuition offer.

About Vietnam Operations

Vietnam Operations helps business owners, investors and international professionals understand how Vietnam works beyond the headlines from setting up and operating a business to navigating local regulations, workforce, real estate and day-to-day operations.

If you are planning to enter Vietnam, expand your operations, or need practical guidance on doing business here, our team can help you understand the next steps and avoid common operational pitfalls.

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Fandom Is Becoming Big Business

For years, fandom was treated mainly as a cultural phenomenon: people following an artist, buying albums or discussing their favorite celebrities online.

That definition is changing.

In Vietnam, fandom is increasingly becoming an economic force connecting entertainment with tourism, retail, F&B, transportation, technology and lifestyle.

A concert ticket may be the first purchase. But for many fans, it is only the beginning.

A fan traveling to Hanoi for a concert may also pay for a hotel, transportation, meals, merchandise and additional experiences. Fan communities themselves can also raise substantial amounts for LED campaigns, birthday projects and other activities.

This is why Vietnam’s fan economy deserves attention beyond entertainment.

1. From Fans to Economic Participants

Today’s fandom is more than an audience.

Fans create content, operate communities, promote artists, organize projects and sometimes raise hundreds of millions of dong for advertising campaigns and fan activities. Merchandise such as lightsticks, albums, T-shirts and collectibles adds another layer of spending.

The economic cycle is straightforward:

Content → Emotion → Community → Participation → Spending

The stronger the emotional connection, the more opportunities exist to extend an artist’s commercial value beyond music.

That means entertainment businesses are increasingly looking at a 360-degree IP model involving concerts, merchandise, digital platforms, partnerships and experiences.

Building a business structure for Vietnam’s growing consumer and lifestyle market

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2. A Concert Is More Than a Ticket

Vietnam’s concert market shows how quickly this economy is developing.

More than 67,000 people attended two BLACKPINK concerts in 2023, while approximately 100,000 people attended two G-Dragon concerts in 2025, according to Tuổi Trẻ.

But the real economic impact happens beyond the venue.

The combined impact could exceed VND 100 billion. This is an illustrative estimate, not a benchmark for every event.

The takeaway is simple:

A major concert can function as a temporary economic event.

Hotels, restaurants, ride-hailing services, retailers and other businesses can all benefit from the same audience.

3. The City Becomes Part of the Fan Experience

The fan economy also creates opportunities for cities.

Tuổi Trẻ has highlighted how cafés, shopping centers and entertainment venues can become gathering points for fandoms, attracting both local fans and visitors from other cities.

The economic chain can look like:

Concert → Hotel → Restaurant → Café → Retail → Transportation

This is already visible internationally.

For BTS’s 2026 world tour launch in Goyang, South Korea, Advertising Vietnam reported approximately 30,000 international visitors and around 55.5 billion won in spending during the event period.

Vietnam does not need to replicate those numbers immediately.

The broader lesson is that cultural events can generate tourism and consumer spending far beyond the event venue.

4. Why Superfans Matter to Brands

Not every fan behaves the same way.

Some listen casually. Others buy a ticket once. Superfans may travel for an artist, attend multiple shows, collect merchandise and actively participate in the community.

This makes them commercially valuable.

Advertising Vietnam, citing Kearney Consumer Institute research, reports that around 80% of surveyed consumers said fandom brings them joy, 52% saw it as something that can be shared, and 42% associated it with a sense of belonging.

That explains why fans are willing to pay for:

• VIP access;

• exclusive merchandise;

• signed products;

• photo opportunities;

• limited editions;

• fan-only experiences.

The product is often not the main value.

Access and belonging are.

This also explains why traditional celebrity marketing is becoming less sufficient.

Brands need to understand the culture of the fandom before trying to monetize it what Advertising Vietnam describes as “fandom literacy.”

5. The Opportunity Goes Beyond Entertainment

Fan economy creates opportunities across multiple sectors.

Tourism & Hospitality

Concerts can generate demand for hotels, transportation and extended stays.

F&B

Restaurants and cafés can become fandom gathering points or create themed experiences.

Retail & Fashion

Merchandise, limited editions and fandom-inspired products turn identity into consumption.

Technology

Dedicated platforms can support memberships, ticketing, merchandise, content, payments and community management.

Brand Partnerships

Brands can collaborate with artists to create experiences rather than simply placing logos on advertising materials.

The opportunity is therefore much larger than “selling to fans.”

It is about participating in the ecosystem around fandom.

6. The Market Is Growing, But It Is Still Immature

Vietnam’s fandom economy remains less developed than markets such as South Korea, Japan, China and Thailand.

PGS.TS Nguyễn Văn Thăng Long of RMIT Vietnam told Tuổi Trẻ that Vietnam still trails these markets in scale, organization and commercialization, although fandom is growing rapidly, particularly among Gen Z.

Several gaps remain:

• fragmented fan communities;

• limited professional fandom management;

• relatively weak digital infrastructure;

• copyright and image-rights challenges;

• transparency concerns around fan fundraising.

These gaps also represent business opportunities for companies able to provide professional solutions.

Building a business structure for Vietnam’s growing consumer and lifestyle market

Vietnam Incorporation Guide

EXPAND YOUR BUSINESS IN VIETNAM

Navigate Vietnam’s market with practical insights and access to Vietnam Operations’ network of experienced professionals across market entry, legal, tax, accounting, HR, recruitment, and business operations.

Connect with Our Expert Network now.

7. What Businesses Should Learn

Three lessons stand out.

1. Don’t measure fandom only by followers

A smaller but highly engaged community can be more valuable than millions of passive followers.

2. Sell experiences, not just products

Exclusive access, limited products and community experiences can create stronger willingness to pay.

3. Build trust before monetizing

Fans can quickly identify brands that are simply trying to exploit their emotional connection.

The deeper the relationship, the higher the expectations.

This is why fandom literacy should come before fandom monetization.

Vietnam Operations Take: The Real Product Is Belonging

The biggest shift is not simply that Vietnamese consumers are spending more on celebrities.

It is that they are increasingly willing to spend on belonging, identity and shared experiences.

A concert ticket buys a performance.

A VIP package buys proximity.

A merchandise item signals identity.

A trip to another city creates a shared memory.

Together, these transactions form a broader lifestyle economy.

Vietnam’s fan economy is still young. But as concerts become larger, fandoms become more organized and consumers spend more on experiences, the opportunity will extend well beyond entertainment.

For businesses, the question is no longer:

“How can we advertise to fans?”

It is:

“What role can our business play in an experience that fans already value?”

Building a business structure for Vietnam’s growing consumer and lifestyle market

Vietnam Incorporation Guide

EXPAND YOUR BUSINESS IN VIETNAM

Navigate Vietnam’s market with practical insights and access to Vietnam Operations’ network of experienced professionals across market entry, legal, tax, accounting, HR, recruitment, and business operations.

Connect with Our Expert Network now.

Bún Bò Huế Is More Than a Bowl of Noodles

On July 25 2026, more than 30 chefs and culinary artisans from across Vietnam gathered in Hue to prepare and serve bún bò Huế simultaneously.

The event was recognized by the Vietnam Records Organization as a record-setting culinary event and was designed to promote Hue as Vietnam’s “culinary capital.”

But the bigger story is not the record itself.

It is how a regional Vietnamese dish is becoming a cultural product that can be packaged, promoted and adapted for different markets.

Bún bò Huế is deeply connected to local culinary knowledge, traditional ingredients and communities such as the Vân Cù and Ô Sa noodle-making villages. In 2025, its traditional knowledge was officially included in Vietnam’s national list of intangible cultural heritage.

From a Bowl to “Bún Bò in One Bite”

In March 2026, Vietnamese chef Trần Lê Thanh Thiện introduced a modern bún bò gel at an international culinary exchange.

Instead of a traditional bowl, the dish was redesigned as a canape:

• a thin rice-flour tart shell;

• seasoned beef;

• concentrated bún bò broth transformed into gel;

• chili sauce and other garnishes.

The result could be eaten in one or two bites without chopsticks or a spoon.

This is more than a creative presentation.

It is product adaptation.

A traditional bowl works well in a Vietnamese restaurant. An international reception, however, may require food that is portable, visually distinctive and easy to consume while standing and networking.

The lesson for Vietnamese food businesses is straightforward:

Going global does not always mean exporting the same product. It can mean redesigning the experience while preserving the product’s core identity.

There Is No Single Bún Bò Formula

Bún bò also demonstrates how food evolves when it crosses regions.

The Ho Chi Minh City Government Portal describes three major styles of bún bò in Saigon. Some maintain the Hue flavor profile, while others adjust sweetness, toppings and vegetables to suit local preferences.

This is an important lesson for food brands entering new markets.

The goal does not have to be:

“Serve exactly the same bowl everywhere.”

A stronger model may be:

Core identity → Local adaptation → Consistent brand experience

For bún bò, the core could remain its distinctive combination of beef, lemongrass, shrimp paste, broth and spice, while sweetness, spice level, toppings or serving formats can change depending on the market.

The Business Opportunity Goes Beyond Restaurants

Bún bò can potentially be commercialized across several layers:

Restaurants
Traditional dine-in and takeaway formats.

Franchising
Standardized recipes, training and operating procedures.

Packaged Food
Broth concentrates, sauces, seasonings, frozen meals and ready-to-eat products.

Tourism
Connecting food with Hue’s heritage and culinary tourism.

Manufacturing & Export
Turning Vietnamese culinary products into scalable food manufacturing businesses.

Setting up a company in Vietnam

Building a manufacturing operation in Vietnam

What This Means for Foreign Investors

For a foreign investor, bún bò may initially look like an F&B opportunity.

But the larger opportunity may sit behind the bowl.

A company seeking to scale Vietnamese food products needs to consider:

• sourcing;

• production;

• food safety;

• packaging;

• quality control;

• logistics;

• distribution;

• corporate structure;

• market-entry strategy.

The operating chain becomes:

Recipe → Product → Brand → Manufacturing → Supply Chain → Distribution → Market

This is where Vietnam becomes particularly interesting.

Vietnam can be both a consumer market and a production base for companies developing Vietnamese food products for regional or international markets.

The Bigger Story

Bún bò Huế’s recent journey shows two sides of the same process.

The 2026 record-setting event represents preservation and cultural recognition.

The bún bò gel represents adaptation and innovation.

Between the two lies a much larger commercial opportunity.

Vietnamese food does not have to remain a restaurant product.

It can become a brand, packaged product, manufacturing operation, tourism experience or export category.

For Vietnamese businesses, the question is how far these products can travel.

For foreign investors, the question is how to build the operational infrastructure behind them.

Vietnam Operations helps businesses navigate that operational layer from company setup and investment structuring to manufacturing and market entry.

If you are considering an F&B, food manufacturing or China+1 investment in Vietnam, talk to Vietnam Operations about the structure and execution path that fits your business.

Vietnam has set a major workforce target: at least 10 million workers will receive training, retraining or updated skills in basic AI use by 2030.

The target comes under Vietnam’s national AI human-resource development program, approved in August 2026.

The policy is also summarized in detail by Luật Việt Nam and VietnamPlus.

But the bigger story is not the number.

It is the shift in what Vietnam considers a basic workplace skill.

AI is moving from a specialist technology to something that ordinary employees are expected to understand and use.

1. 10 Million Workers Does Not Mean 10 Million AI Engineers

Vietnam’s target covers basic AI capabilities, including:

• using AI tools;

• analyzing data;

• automating processes;

• working with machines;

• protecting data;

• adapting to changes in jobs.

The program also aims to develop higher-level AI talent, including specialists, engineers and researchers.

VietnamNet’s coverage of the AI workforce program

This creates a three-layer workforce:

AI literacy → Applied AI skills → AI expertise

For most businesses, the first layer may ultimately have the biggest impact.

A salesperson does not need to become an AI engineer to use AI for customer research.

An HR employee can use AI to support recruitment and reporting.

A factory technician can work with automated systems and production data.

The objective is not to turn every worker into a technology specialist.

It is to make workers more capable of working alongside technology.

2. The Bigger Change: Jobs May Be Redesigned

For employers, the key question should not be:

“How many AI specialists should we hire?”

It should be:

“Which parts of our existing jobs can AI improve?”

Consider three types of roles.

AI-assisted

AI supports existing work:

• marketing;

• sales;

• HR;

• accounting;

• administration.

AI-integrated

AI becomes part of the workflow:

• forecasting;

• supply chain;

• quality control;

• production planning;

• data analysis.

AI-specialist

The company needs dedicated technical expertise:

• AI engineers;

• data scientists;

• machine-learning specialists.

Most companies will probably need many more people in the first two categories than in the third.

That is why broad AI literacy could become more important than simply recruiting a small number of AI experts.

3. Why This Matters for Manufacturing

The impact could be particularly significant for Vietnam’s manufacturing sector.

AI can support relatively practical operations such as:

• predictive maintenance;

• quality control;

• production planning;

• inventory management;

• defect analysis;

• automated reporting.

The technology itself is only one part of the equation.

Workers need to understand how to use the tools, check their outputs and integrate them into existing processes.

For an FDI manufacturer, this could eventually mean that workforce capability becomes part of the factory-location decision.

But location is only one part of the equation. Businesses also need to plan carefully for setting up and operating a factory in Vietnam.

4. AI Literacy Also Creates a Governance Problem

Teaching employees how to use AI is only half the job.

Companies also need to decide:

• What information can employees put into AI?

• Which tools are approved?

• Which outputs require human review?

• Who is responsible when AI gets something wrong?

• How should confidential and customer data be protected?

Vietnam’s AI workforce program specifically includes responsible AI use and data protection among the skills and capabilities that need to be developed.

In other words:

AI literacy needs to come with AI governance.

A workforce that can use AI quickly but handles company data carelessly can create new risks rather than new productivity.

5. Reskilling Could Become a Competitive Advantage

Vietnam’s program also emphasizes reskilling workers affected by automation and technological change.

For companies, this creates an alternative to simply replacing employees.

Consider an experienced factory employee.

They may understand the production process better than anyone else, but lack the digital skills to work with new systems.

Training that employee to use AI can preserve their domain knowledge while improving productivity.

This makes reskilling more than an HR initiative.

It can become a retention and productivity strategy.

6. What Should Businesses Do Now?

Companies do not need to wait until 2030.

1. Audit current skills

Identify:

• where employees already use AI;

• which roles could benefit;

• which jobs are most exposed to automation;

• which skills are missing.

2. Create an internal AI policy

Define approved tools, data restrictions and human-review requirements.

3. Train by function

Instead of generic AI training, focus on:

AI for HR.
AI for Sales.
AI for Finance.
AI for Manufacturing.
AI for Supply Chain.

The closer training is to the actual workflow, the easier it is to measure its value.

4. Measure productivity

Track:

• time saved;

• error reduction;

• output per employee;

• adoption rates;

• cost savings.

AI should ultimately be measured as an operational investment, not simply a technology trend.

7. What This Means for Foreign Investors

For foreign companies entering Vietnam, traditional location decisions have focused on:

• labor costs;

• infrastructure;

• logistics;

• industrial parks;

• supply chains;

• investment incentives.

Workforce AI capability could become another factor.

This matters especially for manufacturers moving from low-cost production toward higher-value operations.

The competitive equation is gradually becoming:

People + Process + Data + Technology

Vietnam’s 2030 AI workforce target suggests the country is trying to strengthen the “people” component of that equation.

Vietnam Operations Take

The target of training 10 million workers in basic AI skills by 2030 is not simply an education story.

It is a signal that AI literacy is becoming part of Vietnam’s workforce infrastructure.

For businesses, the opportunity is not necessarily to replace people with AI.

It may be to build a workforce that can work better with AI.

For foreign investors, especially manufacturers, this should increasingly be considered alongside location, labor, infrastructure and supply-chain planning.

The question for businesses entering Vietnam is no longer only:

“How many people can we hire?”

It is also:

“How capable will our workforce be when technology changes the way work gets done?”

Planning to enter or expand in Vietnam?

👉 Talk to Vietnam Operations to discuss your Vietnam setup and operating plan.

Two foreign-invested manufacturers in Northern Vietnam wanted to expand beyond manufacturing.

They wanted to import, wholesale, distribute and trade products in Vietnam mainly supplying third-party manufacturing customers.

The obvious question was:

Could they add trading activities to their existing companies?

The answer was more complicated than expected.

The Challenge

Both companies were already operating legally from an industrial park.

Their preference was simple: keep the existing companies and avoid setting up new entities.

But the industrial park was primarily designed for manufacturing activities. Adding standalone trading activities raised practical licensing questions.

Some companies in the same area had obtained trading approvals in the past. But those approvals could not automatically be treated as precedent.

Regulatory practice had changed.

The project therefore required more than checking whether trading was legally possible.

The real question was:

Would the authorities approve this structure in practice?

The Options

Three approaches were considered.

01 Amend the existing manufacturing project

This was the simplest and potentially lowest-cost option.

But approval prospects were uncertain because the proposed trading activities did not naturally fit the industrial-park manufacturing project.

02 Create a separate investment project under the same company

The existing manufacturing project would remain unchanged.

A new trading project would be registered under the same legal entity, but located outside the industrial park.

This could separate the manufacturing and trading activities from a licensing perspective without creating another company.

03 Set up a new trading company

This offered the clearest separation between manufacturing and trading.

But it also meant:

• another legal entity;

• additional setup costs;

• additional compliance;

• more administrative work.

For the client, this was the least attractive option unless the other structures proved unworkable.

The VO Take

Before moving into formal applications, the project team reviewed:

• Existing IRC and ERC registrations

• Current business activities

• Industrial-park documentation

• Proposed products and HS codes

• Import and distribution model

• Customer profile

• Proposed project location

• Relevant licensing authority

The team also conducted informal, no-name discussions with relevant authorities and stakeholders to understand the current practical licensing position.

This helped compare the options based not only on legal structure, but also on:

Approval probability.
Timeline.
Cost.
Operational practicality.
Long-term compliance.

The Solution

The client ultimately chose the middle ground.

Instead of changing the existing manufacturing projects or creating new companies, each company would establish a separate trading investment project outside the industrial park under its existing legal entity.

The original manufacturing projects could continue unchanged.

The new trading activities would be reflected through separate Investment Registration Certificates (IRCs).

The client already had access to an office outside the industrial park.

That location could be used for both new trading projects, meaning the projects could also fall under the licensing authority responsible for that location rather than the industrial park authority.

This was an important part of the structure.

The project location wasn’t just an address. It affected the licensing strategy.

The Result

The client proceeded with the separate investment project structure.

The existing companies were retained.

The manufacturing projects remained unchanged.

A suitable office outside the industrial park was selected for the new trading projects.

Separate IRC applications were then prepared for each company, including the required investment capital and project information.

The approach gave the client a practical middle ground:

No unnecessary new companies.
No need to compromise the existing manufacturing projects.
A clearer licensing pathway for the new trading activities.

What This Case Tells Us

01. Legal permission and practical approval are not always the same.

A business activity may appear legally permissible but still face practical licensing uncertainty depending on the project, location and current authority practice.

02. Old approvals are not always reliable precedent.

What another company obtained several years ago may not reflect how applications are assessed today.

03. Project location can change the licensing strategy.

Where a new investment project is located can determine which authority reviews the application.

04. A new company is not always the only alternative.

In some situations, separate investment projects can operate under the same legal entity.

05. The best structure balances more than legal certainty.

For an expanding foreign-invested business, the right solution should consider approval probability, cost, speed, operational practicality and long-term compliance.

The Bottom Line

The client didn’t need to choose between amending the existing manufacturing project and setting up a new company.

A third option existed:

Keep the existing companies. Keep the manufacturing projects. Add separate trading investment projects in the right location.

For foreign-invested businesses expanding in Vietnam, sometimes the most practical structure is not the most obvious one.

Planning to Expand Your Business in Vietnam?

If your existing foreign-invested company is considering adding trading, distribution, import or other new business activities, the right structure may depend on your current project, location, products and licensing authority.

Before changing your existing registration or setting up a new entity, get the structure assessed first.

👉 Book a consultation with Vietnam Operations: VO

VO’s Case Study shares practical lessons from real-world Vietnam market-entry and operational situations.

A concert is usually measured by one number: how many tickets were sold.

But Phùng Khánh Linh’s Giữa Một Vạn Tour offers another way to look at Vietnam’s growing live entertainment market.

Fans are not simply paying to listen to music.

They are paying to enter a world that an artist has built.

On August 8, 2026, Phùng Khánh Linh performed for more than 4,000 people at the National Convention Center in Hanoi.

The show lasted more than two hours and included 25 songs, most of which she wrote herself. There were no guest singers or MCs. Linh led the audience through the entire story herself.

This makes the concert more than a music event.

It is also a small but interesting case study in community, consumer spending, and Vietnam’s experience economy.

From One Hit Song to an Artist Brand

Phùng Khánh Linh became widely known after The Voice Vietnam in 2015 and later made her mark with Hôm Nay Tôi Buồn Today I’m Sad.

But her career did not stop with one successful song.

She released Yesteryear in 2020, followed by Citopia in 2022 and Giữa Một Vạn Người in 2025.

Across these releases, one thing has remained consistent: her focus on love, loneliness, loss, memories, and personal growth.

That consistency matters.

Linh is not only building an audience.

She is building an identity.

And a strong identity can become the foundation for a strong community.

When Music Becomes an Experience

What makes Giữa Một Vạn Tour interesting is how the show was designed.

According to VTV, the 25 songs were divided into four parts, taking the audience through loss, memories, pain, and finally acceptance and gratitude.

VnExpress described the stage as a dark, gothic-style space, using light, movement, ballet, and visual design instead of relying only on large LED screens.

Thanh Niên also highlighted the giant black swan that carried Linh onto the stage at the beginning of the show.

The idea is simple:

An album sells music.
A music video sells an image.
A concert sells an experience.

When that experience is strong and consistent, people are not only buying a product.

They are buying a feeling.

And, increasingly, they are buying a sense of belonging.

“Hôm Nay Tôi Buồn” and the Value of Emotional Connection

One of the most memorable moments of the Hanoi show came when thousands of fans turned on their phone lights and sang Hôm Nay Tôi Buồn together.

The song was originally written from Linh’s own experience of loneliness in Hanoi.

Years later, that personal feeling became a shared experience for thousands of people.

This is where emotional connection can become commercial value.

A song can generate streams.

But a song that makes people want to buy a ticket, travel to a venue, and sing together with the artist has a much longer commercial life.

From Concert to a Wider Business Ecosystem

This matters to businesses because a concert does not generate value for the artist alone.

A live event supports an entire network of businesses, including:

• Venues

• Stage production

• Sound and lighting

• Ticketing

• Payment services

• Security

• Transportation

• F&B

• Hotels

• Merchandise

• Media and content

• Sponsorships

The Ho Chi Minh City leg of Giữa Một Vạn Tour was held at Hoa Binh Theater on March 21, 2026 and was listed as Sold Out by 1ZONE.

The platform also positioned the event as a “Live Experience,” combining music, lighting, and stage production.

This points to a wider trend:

Entertainment is becoming part of Vietnam’s experience economy.

As concerts become more common, their economic impact can move beyond ticket sales.

A fan traveling from another city may also pay for a hotel, restaurant, transportation, shopping, and other activities.

The concert becomes one part of a much larger consumer journey.

A Large Audience Does Not Always Mean a Strong Community

From a business perspective, this may be the most important lesson.

A brand can have millions of views but still struggle to convert attention into sales.

Another brand may have a smaller audience but a much stronger community.

The journey can look like this:

Attention → Engagement → Ticket Purchase → Premium Experience → Repeat Attendance

This is the logic behind the fan economy.

The value of an audience is not only the number of people who know you.

It is also the number of people willing to spend their time, money, and attention on you.

Phùng Khánh Linh has spoken about writing more than 100 songs before finding the right material for her first album. At one point, she also sold products online to save money for music videos.

Her story shows that a strong brand is rarely built through one campaign.

It is built over time.

[Link nội bộ: Brand Building & Customer Ecosystem in Vietnam | Anchor text gợi ý: “building a strong brand and long-term customer community in Vietnam”]

What Does This Mean for Businesses?

For companies looking at Vietnam, the concert itself is only one example.

The bigger lesson is that consumers are increasingly willing to pay for experiences and a sense of belonging.

This creates several opportunities.

1. Sponsorship should be more than putting a logo on a wall

Brands can become part of the experience through payment services, F&B, transportation, exclusive products, or fan benefits.

2. Premium does not have to be for everyone

A small group of loyal customers may have a much higher willingness to pay if the experience and benefits are clearly different.

3. Community can create long-term value

A customer who returns several times can be more valuable than someone who sees an advertisement once.

4. Entertainment can create spillover demand

When an event attracts enough people, spending can move beyond tickets into hotels, restaurants, transportation, retail, and other services.

For businesses considering Vietnam, exploring the market and setting up business operations⁠ requires more than understanding market demand. It also means getting the right structure and local operations in place.

What Phùng Khánh Linh Is Showing Us

Giữa Một Vạn Tour is not the biggest concert in Vietnam.

And that is exactly why it is interesting.

An artist with a strong personal identity has built a community large enough to turn music into a live product and then into a commercial experience.

From the Vietnam Operations perspective, this is part of a wider shift:

Vietnam’s consumer economy is not only about what people buy. It is increasingly about what they are willing to experience.

Concerts, sports, travel, F&B, wellness, and entertainment are all part of the same broader trend:

experience-led consumption.

For foreign businesses watching Vietnam, this is a consumer trend worth paying attention to.

Conclusion: When Emotion Becomes a Market

Phùng Khánh Linh once sang about loneliness.

On August 8, more than 4,000 people sang those songs with her.

That is the interesting transformation:

Personal emotion → Community → Experience → Commercial value.

For businesses, the lesson is not simply:

“Organize a concert.”

It is:

Understand your community.
Understand what they are willing to pay for.
And build an experience that makes them want to come back.

That could become an increasingly important part of Vietnam’s consumer economy in the years ahead.

Vietnam Operations Take

For foreign companies considering opportunities in entertainment, consumer goods, hospitality, F&B, or the wider experience economy in Vietnam, market size is only one part of the picture.

Businesses should also look at:

• how Vietnamese consumers spend;

• what they are willing to pay for;

• how communities are formed;

• and which service ecosystems are growing around new consumer behavior.

This is where Vietnam Operations can help from understanding the market to planning and setting up actual business operations in Vietnam.

Planning to enter Vietnam or explore a new business opportunity?

Talk to Vietnam Operations about your market, business model, and next steps in Vietnam.

At 10 a.m. on August 13, the first presale for BIGBANG 2026–2027 WORLD TOUR < XX : COSMOS > IN HANOI opened on CTicket.

Two hours later, the first ticket allocation was gone.

According to Kenh14, around 60,000 people were reported to have queued for the first presale. Dân trí also reported that many sections of the stadium map quickly moved into sold-out status, particularly premium and VIP areas.

But there is an important distinction:

The concert itself has not completely sold out yet.

The August 13 sale was the V.I.P Membership presale. A separate presale for VPBank Mastercard holders runs on August 14, while general public sales are scheduled to begin on August 17 through CTicket.

So why should businesses pay attention?

1. A concert ticket is only the beginning of the spending

The official ticket prices range from VND 1 million to VND 10.5 million, across 10 categories. Ultimate VIP is the highest-priced option, while Diamond VIP is priced at VND 9.8 million.

But the real economic value of a major concert does not stop at the ticket.

Consider one fan couple interviewed by VnExpress.

They bought Diamond tickets, booked a hotel in Hanoi, looked at round-trip flights, planned to purchase merchandise and even prepare outfits for the concert. Their estimated spending could exceed VND 40 million if they attend both nights.

That is the part businesses should notice.

A successful international concert creates a temporary consumer ecosystem around the venue.

Tickets → hotels → flights → restaurants → cafés → ride-hailing → shopping → merchandise → tourism.

The concert organizer captures only one part of that spending.

2. Hanoi is not simply selling a concert. It is selling a destination.

BIGBANG will perform at My Dinh National Stadium on October 24 and 25, 2026.

According to Dân trí, Hanoi is the only Southeast Asian city in the current tour schedule to receive two concert nights. The broader tour covers 19 cities and 33 shows worldwide.

That matters.

A two-night international concert gives fans from outside Hanoi a reason to stay overnight rather than simply attend an evening event and leave.

For international or domestic visitors, the calculation becomes:

“How much does the concert cost?”

plus

“How much will the Hanoi trip cost?”

That second question creates opportunities for hotels, restaurants, transportation companies, shopping centers and tourism operators.

This is similar to what major sporting events, festivals and exhibitions do for cities: they turn event attendance into destination spending.

3. The most interesting business opportunity may be outside the stadium

The BIGBANG case shows how a single event can activate multiple sectors simultaneously.

Hospitality

Fans travelling from Ho Chi Minh City or other provinces may stay for one to three nights.

Transportation

Flights, airport transfers, taxis and ride-hailing services can all see additional demand around the event dates.

F&B

Fans arriving early, meeting other fans and staying overnight create additional dining occasions.

Retail

Merchandise is an obvious revenue stream, but concert-related shopping can also include fashion, beauty, accessories and themed products.

Financial services

The ticketing process itself has become part of the commercial ecosystem.

For the August 14 presale, VPBank Mastercard holders receive an exclusive purchasing window.

This is a useful example of how a major entertainment event can become a customer-acquisition and engagement opportunity for financial brands, not just an advertising opportunity.

4. Scarcity is creating its own marke and its own risks

The speed of the first presale also reveals another side of Vietnam’s concert economy.

Before tickets officially went on sale, social media accounts were already advertising supposed “internal tickets” and “partner tickets,” sometimes promising better seats.

VPBank and the organizers warned that there was no separate internal-ticket channel and that official ticket distribution was through CTicket.

This is more than a fan problem.

For businesses entering Vietnam’s live entertainment market, ticketing infrastructure, identity verification, payment security and anti-scalping mechanisms are becoming part of the event product itself.

Dân trí noted that the first presale required verified membership information, a mechanism intended to reduce fake accounts and ticket speculation.

In other words, the bigger the demand, the more important the operational layer becomes.

5. Vietnam’s concert market is moving from “entertainment” to “economic infrastructure”

BIGBANG is not an isolated case.

Over the past few years, Vietnam has demonstrated that large-scale concerts can attract audiences willing to spend significant amounts not only on tickets, but also on travel and experiences.

The BIGBANG presale provides another data point.

People are willing to queue behind tens of thousands of other buyers.

They are willing to pay nearly VND 10 million for premium tickets.

And some are willing to spend more than VND 40 million for the overall trip.

That tells us something important about Vietnam’s consumer market:

There is a growing segment of consumers willing to spend heavily on experiences — especially experiences with strong emotional and cultural value.

For international entertainment companies, this is a market signal.

For Hanoi, it is a tourism signal.

For hotels, restaurants, retailers and payment companies, it is a commercial opportunity.

And for event organizers, it is a reminder that demand is only one part of the equation.

The real challenge is turning demand into a safe, scalable and well-operated experience.

What businesses should watch next

The BIGBANG concert will take place nearly two months from now, giving businesses time to prepare.

Hotels around My Dinh and central Hanoi can anticipate higher demand around October 24–25.

Restaurants and F&B operators can design event-weekend offers.

Transportation providers can prepare for concentrated demand around the stadium.

Retailers can explore concert-related campaigns without relying on unauthorized use of BIGBANG’s intellectual property.

Financial brands can use major entertainment events to build payment and customer-engagement campaigns.

And event organizers can look beyond ticket sales toward the wider ecosystem: hospitality, tourism, payments, mobility and retail.

The first presale selling out in two hours is impressive.

But the more interesting question for Vietnam Operations is:

What happens when Vietnam stops treating concerts as one-night entertainment and starts treating them as part of the urban consumer economy?

BIGBANG may be another sign that this shift is already happening.

Planning to Enter or Expand in Vietnam?

BIGBANG is one event. But the business opportunities around it point to something bigger: Vietnam’s consumer, tourism and entertainment ecosystem is becoming increasingly sophisticated.

If you are considering entering Vietnam, expanding your operations, or exploring opportunities in the local market, Vietnam Operations can help you understand what happens beyond the headlines from market entry and company setup to local operations and commercial opportunities.

Want to discuss your plans in Vietnam?

👉 Book a consultation with Vietnam Operations through the link: VO

We’ll help you look at the Vietnam market from an operational perspective not just a market-entry perspective.

Six months in Ho Chi Minh City changed how Moon Yiu sees Vietnam’s foreign business ecosystem.

When I moved to Ho Chi Minh City six months ago, I thought I was starting from zero.

My professional life had been built around Hong Kong, London, and clients across the US, Europe, the Middle East and Singapore. Vietnam was a market I had visited and considered, but I didn’t have a local network.

Then I started looking around.

A high school friend had opened a factory in Binh Duong. Tech founders I knew were running teams in Saigon. Other contacts had suppliers, sourcing operations, or local partners here.

Vietnam wasn’t disconnected from my network. I just hadn’t noticed the connections.

The Vietnam business story is bigger than FDI headlines

When we talk about foreign business in Vietnam, we often talk about Samsung, Intel, LG, and other major investments.

But on the ground, I keep meeting another group:

Foreign founders. SMEs. Sourcing operators. F&B businesses. Family offices. Specialist manufacturers. Professional-service firms.

Many are from Singapore, Hong Kong, Taiwan, Korea, Japan, Europe, Australia and the Middle East.

Individually, they may be too small to make the headlines.

Collectively, they form a significant part of Vietnam’s foreign business ecosystem.

And this is a network you won’t necessarily find in FDI statistics.

The network you actually need

For a foreign founder entering Vietnam, the most useful connection isn’t always a multinational corporation.

Sometimes it’s the person who knows:

• Which lawyer actually understands your situation

• Which bank handles cross-border payments smoothly

• Which factory can handle a small MOQ

• Which industrial area makes sense for your business

• Which mistake you should avoid

These are the people who have already gone through the process.

And in my experience, they are often surprisingly willing to share what they learned.

But Vietnam doesn’t have one foreign business community

This was another thing I didn’t expect.

The Korean, Japanese, Taiwanese, Hong Kong, Singaporean and Western business communities often have their own networks, trusted intermediaries and ways of doing business.

But they aren’t completely separate.

Lawyers, bankers, service providers, industry events and bilingual local operators connect them.

The most interesting opportunities may sit in that space between the communities.

What six months taught me

I came to Vietnam thinking I needed to build a network from scratch.

Instead, I discovered that my existing network already had connections here.

That made me rethink how foreign businesses should approach Vietnam.

Don’t only ask:

“Who are the biggest investors?”

Ask:

“Who is already operating here, and how did they actually make it work?”

Because Vietnam’s next business story isn’t being built only by billion-dollar investments.

It is also being built quietly by hundreds of smaller operators on the ground.

Vietnam Operations Take

If you’re already operating in Vietnam, or thinking about entering the market, we’d like to hear your story.

What brought you here? What did you underestimate? And what did you only understand after spending time on the ground?

Tell us your story.

And if you’re figuring out your own Vietnam market-entry or operational path, book a conversation with Vietnam Operations through the link: VO
Bring us the situation, the questions, or even the problem you haven’t figured out yet.

Vietnam Operations - practical perspectives on doing business in Vietnam.

A Chinese manufacturer was preparing its first overseas investment: a 100% foreign-owned production company in Vietnam as part of its China+1 strategy.

The factory location was identified. The Vietnam structure was clear. Management wanted to move quickly.

Then they discovered that incorporating the company and moving the investment capital were two different timelines.

The Challenge

The initial plan seemed straightforward:

Set up the Vietnam company → Open the accounts → Transfer the capital → Start operations.

But the investment involved two regulatory systems moving at different speeds.

In Vietnam, the company’s registered charter capital had to be contributed within the applicable 90-day period after the Enterprise Registration Certificate (ERC) was issued.

In China, the parent company still needed to complete the relevant NDRC, MOFCOM and SAFE procedures before the investment capital could legally leave China.

That created a timing problem.

If the ERC was issued too early, the Vietnam capital contribution clock could start before the Chinese parent was ready to remit the funds.

There were two additional considerations:

• The company had not yet established its Vietnamese banking relationship or prepared its Direct Investment Capital Account (DICA).

• Its initial charter capital had been set relatively high for commercial credibility, creating a larger funding obligation.

The issue was therefore not simply “How do we incorporate in Vietnam?”

It was:

“When should we incorporate, and how do we make sure the money is ready when the clock starts?”

The VO Take

The project team mapped the Vietnam incorporation process and China ODI process onto one cross-border timeline.

Three options were considered:

1. Incorporate immediately
Faster, but with greater capital contribution risk.

2. Delay the ERC
Slower incorporation, but more time for the China-side ODI process to progress.

3. Reassess the charter capital
Align the registered capital more closely with actual first-phase funding requirements.

The company ultimately combined Options 2 and 3.

The ERC application was delayed while meaningful progress was made on the NDRC and MOFCOM processes.

The charter capital was also revised to better reflect near-term funding needs.

Meanwhile, a Vietnamese bank was engaged during the IRC stage so DICA preparation could begin before the ERC was issued.

The objective was simple:

When the Vietnam capital contribution clock started, the company needed to be ready to fund it.

The Result

By the time the Vietnamese ERC was issued, the NDRC and MOFCOM stages were already substantially complete.

SAFE registration was subsequently finalised early in the Vietnamese capital contribution period.

The investment capital was remitted through the DICA and contributed within the required timeframe.

The company could then move forward with its factory lease, hiring and procurement plans.

No unusual corporate structure was required.

The difference was sequencing.

What Other Investors Can Learn

01. Incorporation starts a clock.

Getting an ERC is not necessarily the end of setup. It can trigger deadlines that depend on processes outside Vietnam.

02. China ODI and Vietnam entry should be planned together.

For Chinese investors, NDRC, MOFCOM and SAFE should be mapped alongside the Vietnam market-entry timeline — not treated as a separate headquarters process.

03. Charter capital is an operational decision.

The right capital level should reflect actual funding needs and the company’s ability to move the funds across borders.

04. Banking preparation should start early.

Preparing the DICA and banking relationship during the IRC stage can help avoid delays once the ERC is issued.

05. Cross-border investment is a sequencing exercise.

A transaction can be legally feasible in both countries and still face operational problems if each process is managed independently.

The Bottom Line

For China+1 investors, Vietnam incorporation, China ODI, banking and capital remittance are one project — not four separate tasks.

The question is not only:

“Can we invest in Vietnam?”

It is:

“What needs to happen first?”

Planning a China-to-Vietnam Investment?

Every cross-border investment has its own timeline, funding structure and regulatory considerations.

If you are planning to establish a company, set up a manufacturing operation or move investment capital from China to Vietnam, get the Vietnam and China-side processes mapped before fixing your incorporation timeline.

Want to discuss your investment plan?

👉 Book a consultation with the Vietnam Operations team:
Book a 30-minute consultation

VO’s Case Study shares practical lessons from real-world Vietnam market-entry and operational situations.

For years, Hue was known as a heritage destination: visit the Imperial City, eat bun bo Hue, take a boat on the Perfume River, and leave.

That model may be changing.

Hue is increasingly developing a broader tourism ecosystem built around heritage, nature, food, wellness, community tourism and sustainable experiences.

And for businesses, that creates an interesting opportunity.

The opportunity is not just more tourists

Hue welcomed more than 3.3 million visitors in the first half of 2025, up 71% year-on-year. Tourism revenue reached more than VND 6.37 trillion, up 59.2%, while international visitors exceeded 1.1 million.

But visitor numbers are only part of the story.

Hue has historically faced a familiar tourism challenge: relatively short stays. Nhan Dan reported an average stay of around 1.8 days.

The bigger commercial opportunity, therefore, may be:

How do you turn a 1 – 2 day visitor into a 3 – 4 day customer?

That means more spending across hotels, restaurants, transportation, wellness, experiences, retail and local products.

Hue already has the ingredients

Beyond the Imperial City, Hue has Tam Giang–Cau Hai Lagoon, Bach Ma, Lang Co, beaches, traditional villages and a strong culinary identity.

This gives businesses multiple tourism segments to work with:

• Culture: heritage, architecture, traditional crafts

• Nature: lagoons, mountains, beaches

• Food: local cuisine and culinary experiences

• Wellness: retreats, spas and slow travel

• Community: village and ecological tourism

• Sustainable travel: low-carbon and locally connected experiences

The opportunity is not necessarily to build another attraction.

It is to connect the attractions into products people are willing to pay for.

What this means for businesses

Hospitality

Hotels can compete through curated local experiences, wellness packages and longer-stay products not just room rates.

F&B

Hue’s food culture can move beyond restaurants into food tours, cooking classes, premium dining and packaged local products.

Wellness

The combination of nature, heritage and a slower pace creates room for retreats, spas and restorative travel.

Tourism services

One of the biggest gaps may be connecting the pieces: transport + accommodation + food + activities + booking.

A tourist does not buy “five attractions.”

They buy “three days in Hue.”

That difference matters commercially.

The Vietnam Operations take

Hue does not necessarily need more tourists.

It needs to capture more value from every tourist who arrives.

The city already has the raw materials: heritage, cuisine, nature and culture. The next challenge is operational turning these assets into experiences that are easier to discover, book and pay for.

For businesses watching Vietnam’s next tourism markets, Hue may be worth looking at not as a sightseeing destination, but as an emerging tourism ecosystem.

Planning to enter Vietnam’s tourism market?

Book a consultation with Vietnam Operations to explore the market, identify opportunities and understand what it takes to operate locally.

For years, Vietnam’s infrastructure bottleneck has been one of the biggest operational challenges for businesses. Now, Ho Chi Minh City is making another difficult but important decision: accept short-term traffic disruption to accelerate long-term urban mobility.

Starting 13 August 2026, cars will no longer be allowed to travel in one direction on a key section of Cách Mạng Tháng Tám (CMT8) one of the city’s busiest north-south corridors to make way for the construction of Metro Line 2 (Bến Thành – Tham Lương).

For commuters, it means detours and congestion.

For businesses, it signals something much bigger.

Metro Construction Is Entering a New Phase

According to the Ho Chi Minh City Department of Construction, from 13 August, cars will be prohibited from traveling on Cách Mạng Tháng Tám in the direction from Lý Thường Kiệt Street toward 3 Tháng 2 Street. Buses will continue operating in both directions, while other vehicles will follow newly designated traffic routes.

The traffic adjustment is designed to support the construction of Metro Line 2, particularly the underground station works around Lê Thị Riêng and surrounding sections. The city expects construction activity to intensify throughout the coming months.

Why This Matters Beyond Traffic

Many companies see road closures as temporary inconveniences.

Operations teams should see them as signals of urban transformation.

Metro Line 2 is more than another transportation project. It is expected to connect the city center with western districts, improve commuting efficiency, and reshape commercial activity along its corridor over the next decade.

Like Metro Line 1 before it, businesses located near future stations may eventually benefit from:

• Higher pedestrian traffic

• Rising commercial property values

• Better employee accessibility

• New retail opportunities

• Faster cross-city mobility

But before those benefits arrive, companies must navigate a prolonged construction period.

What Businesses Should Consider

1. Logistics May Need Replanning

Companies relying on deliveries through central Ho Chi Minh City should expect:

• Longer travel times

• Alternative routing

• Higher transport costs during peak hours

Businesses with time-sensitive operations may need to update delivery schedules before the traffic changes take effect.

2. Employee Commutes Could Become Less Predictable

Many offices around District 3, District 10, Tân Bình, and nearby areas rely heavily on Cách Mạng Tháng Tám.

Employees commuting by car or ride-hailing services may experience longer journeys, making flexible work hours or hybrid arrangements more valuable during construction.

3. Retail Businesses Face Both Risks and Opportunities

Construction often reduces spontaneous vehicle traffic.

However, businesses that remain accessible to pedestrians and bus passengers can retain customer flow, especially if they actively communicate updated access routes.

Meanwhile, investors often view metro construction periods as the beginning of long-term location upgrades.

Vietnam Is Building for the Next Decade

Major infrastructure projects rarely happen without disruption.

Road closures, construction fences, and traffic diversions are often the visible costs of long-term urban investment.

Metro Line 2 represents another step in Ho Chi Minh City’s effort to modernize public transportation and reduce dependence on road traffic.

For businesses operating in Vietnam, these temporary inconveniences are also indicators of where future economic activity may become increasingly concentrated.

The companies that adapt early often benefit most when the infrastructure is finally completed.

Vietnam is once again extending tax and fee relief to support businesses.

At the Government’s regular press briefing in August 2026, the Ministry of Finance announced it will continue proposing the extension of several tax, fee, and land rental support policies through the end of 2026. The objective is to reduce costs for businesses and households, stimulate domestic demand, maintain macroeconomic stability, and sustain economic growth.

While this may appear to be another routine policy announcement, it sends an important signal: Vietnam continues to use tax policy as one of its primary tools to support the economy.

Tax Relief Has Become a Key Economic Tool

Rather than introducing large fiscal stimulus packages, Vietnam has increasingly relied on temporary tax reductions, fee cuts, and payment extensions to ease financial pressure on businesses.

According to Deputy Minister of Finance Nguyễn Đức Chi, these measures have helped lower business costs, support production and consumption, stabilize prices, and contribute to macroeconomic stability. As a result, the government plans to continue many of these policies through 2026.

This reflects a broader strategy of using targeted tax incentives to keep economic activity moving while supporting business confidence.

What Measures Are Being Extended?

According to the Ministry of Finance’s proposal and summaries of the current support package, the government plans to continue several major support measures, including:

• VAT reductions for eligible goods and services to support consumer spending.

• Reduced environmental protection tax on fuel, helping lower transportation and logistics costs.

• Registration fee incentives for selected sectors to encourage domestic consumption.

• Extensions of payment deadlines for VAT, Corporate Income Tax (CIT), Personal Income Tax (PIT) for eligible households, and land rental payments, improving business cash flow.

• Continued reductions in administrative fees and charges, lowering compliance costs for businesses.

Together, these measures are designed to reduce operating costs while allowing companies to preserve liquidity.

Why Businesses Should Care

Individually, each tax incentive may seem modest.

Combined, however, lower VAT, deferred tax payments, reduced fuel taxes, lower administrative fees, and postponed land rent can significantly improve working capital.

For many SMEs, cash flow not profitability is often the biggest challenge. Retaining cash for operations, hiring, or expansion can be just as valuable as receiving direct financial support.

The Ministry of Finance believes these measures will continue supporting production, consumption, inflation control, and overall economic growth through the remainder of 2026.

A Signal About Vietnam’s Policy Direction

The announcement also reflects how Vietnam is managing its economy.

Instead of relying solely on monetary policy or large spending packages, the government is increasingly using targeted tax measures to stimulate demand while maintaining fiscal discipline. According to VnEconomy, the Ministry of Finance is continuing a broad package of tax, fee, and payment support measures to help businesses and households navigate economic challenges while maintaining macroeconomic stability.

For foreign investors, this is an important reminder that Vietnam’s tax environment is becoming more dynamic. Temporary tax incentives have become a recurring policy tool, making it essential for businesses to stay informed about regulatory developments.

What Businesses Should Do

Companies operating in Vietnam should:

• Review whether they qualify for existing tax and fee incentives.

• Update cash-flow planning based on deferred tax obligations.

• Monitor future announcements from the Ministry of Finance and the National Assembly.

• Treat these measures as temporary support rather than permanent tax reforms.

The Bottom Line

Vietnam is not overhauling its tax system.

Instead, it is continuing a policy approach that has become increasingly familiar: using temporary tax relief and payment extensions to support businesses, encourage investment, and sustain economic growth.

For businesses already operating in Vietnam, these measures may not grab headlines, but they can have a meaningful impact on cash flow, investment decisions, and financial planning throughout the remainder of 2026.

Vietnam’s population is still growing. But the country’s greatest demographic advantage is quietly disappearing much faster than many businesses realize.

For decades, Vietnam has been one of Asia’s most attractive investment destinations for one simple reason: people.

A young workforce.
Abundant labor.
A growing consumer market.

That demographic engine helped power Vietnam’s rise from a low-income country into one of the world’s fastest-growing manufacturing and consumption markets.

But that engine is beginning to slow.

According to Vietnam’s latest population projections, the country’s population is expected to stop growing around 2060, before entering a period of decline. More importantly, Vietnam’s golden population period may end as early as 2036, while the country transitions into an aging society much faster than previously expected.

Vietnam’s Competitive Advantage Is Changing

Many foreign investors still think of Vietnam as a country with an endless supply of young workers.

That assumption is becoming outdated.

Vietnam currently has more than 100 million people, making it one of the world’s largest consumer markets. However, fertility rates have fallen below replacement level in many provinces, especially major economic centers like Ho Chi Minh City and the Mekong Delta.

Population projections from the General Statistics Office now suggest:

• Population growth could reach zero around 2060

• Under a lower-fertility scenario, population decline could begin as early as 2051

• From 2061 onward, Vietnam is expected to enter negative population growth under the medium scenario.

For companies planning decades-long investments, these timelines matter.

Factories built today will still be operating when labor becomes significantly scarcer.

The Real Deadline Isn’t 2060

Ironically, businesses shouldn’t focus on 2060.

They should focus on 2034-2036.

According to demographic forecasts:

• Older adults are expected to outnumber children around 2034

• Vietnam’s demographic dividend is projected to end around 2036

• By 2050, Vietnam could become a super-aged society, with people aged 65 and above accounting for more than one-fifth of the population.

That leaves barely a decade before one of Vietnam’s greatest structural advantages begins fading.

Labor Will Become More Expensive

For years, Vietnam competed primarily on labor costs.

In the future, it will compete on labor productivity.

A shrinking working-age population typically means:

• Higher wage pressure

• Greater competition for skilled employees

• More automation

• Faster adoption of AI

• Increased investment in worker productivity

This transition is already happening across developed Asian economies.

Vietnam is unlikely to be an exception.

Companies that continue relying solely on inexpensive labor may find themselves under increasing pressure over the next decade.

Consumption Will Also Change

An aging society doesn’t necessarily mean weaker consumption.

It means different consumption.

Healthcare.

Financial planning.

Insurance.

Retirement services.

Home care.

Wellness.

Medical technology.

Senior housing.

These industries could experience structural demand growth over the coming decades.

Meanwhile, sectors heavily dependent on young consumers may need to rethink long-term strategies.

Demographics don’t eliminate demand.

They reshape it.

Manufacturing Needs a New Playbook

Vietnam has become a global manufacturing hub largely because of its workforce.

As labor tightens, manufacturers will increasingly need to focus on:

• Automation

• Digital transformation

• Smart factories

• Workforce retention

• Upskilling instead of constant hiring

The conversation shifts from finding more workers to getting more productivity from each worker.

Countries like Japan and South Korea have already experienced this transition.

Vietnam may simply be reaching that stage earlier than expected.

Investors Should Think Beyond Population Size

A population of over 100 million still represents a major market.

The issue isn’t today’s population.

It’s tomorrow’s population structure.

Many investment decisions from industrial parks and logistics to retail, healthcare, education and housing are built around long-term demographic assumptions.

If those assumptions change, investment strategies may need to change as well.

The winners won’t necessarily be those betting on population growth.

They’ll be those adapting early to population aging.

Final Thoughts

Vietnam’s demographic story isn’t ending.

It’s evolving.

The country still offers enormous opportunities:

• A large domestic market

• Strong manufacturing ecosystem

• Strategic geographic location

• Deep global trade integration

But the source of competitive advantage is gradually shifting.

The next chapter of Vietnam’s economy will depend less on how many workers the country has and more on how productive each worker becomes.

Businesses that recognize this shift early may be better positioned for the decades ahead.

For years, one of the biggest complaints about Vietnam’s real estate market wasn’t the price of land.

It was who determined the price and why identical pieces of land could carry completely different values depending on the transaction.

Now, that may be about to change.

The Communist Party of Vietnam has adopted Resolution No. 21-NQ/TW, setting the direction for amending the Land Law and related legislation. Among all the proposed reforms, one message stands out:

The State will regulate, control, and ultimately decide land prices.

This isn’t simply another legal amendment.

It represents a significant shift in how Vietnam intends to manage one of its most valuable economic assets.

The End of “Multiple Land Prices”?

One of the longstanding issues in Vietnam has been the coexistence of several different “land prices” for the same parcel:

• market transaction prices

• provincial land price tables

• compensation prices

• prices used for tax purposes

• prices used for investment projects

This fragmentation has created uncertainty for businesses, investors, local governments, and even homeowners.

According to the Party’s newly issued Resolution 21, Vietnam will move toward a system where the State has the authority to regulate, control and decide land prices, while ensuring that prices reflect market principles and removing the “multiple price” mechanism that has existed for years.

This Doesn’t Mean Vietnam Is Returning to Administrative Pricing

At first glance, some international observers might assume the government is moving away from market-based pricing.

The opposite appears to be true.

Resolution 21 emphasizes that land prices should follow market principles, but the State will become the final authority responsible for regulation and decision-making, instead of allowing fragmented pricing mechanisms across different purposes.

The objective is to:

• improve transparency

• reduce speculation

• prevent price manipulation

• create a more consistent pricing framework

• strengthen public confidence in compensation and land acquisition

This reflects a governance approach where the market provides information, but the State remains responsible for maintaining stability and fairness.

Capturing More of the Value Created by Public Investment

Another major change receives less attention but may have an even larger economic impact.

Resolution 21 states that Vietnam should establish mechanisms allowing the State to reasonably capture part of the additional land value generated by planning changes, infrastructure investment, or changes in land use.

In other words:

When public investment such as a new metro line, highway, airport, or industrial park increases surrounding land values, a larger share of that appreciation should return to society rather than becoming private windfall gains.

This concept, often referred to internationally as land value capture, has been used in countries such as Singapore, Japan, South Korea and parts of Europe to finance infrastructure while limiting speculative gains.

Why Foreign Investors Should Care

For foreign businesses, land is often the largest single investment when entering Vietnam.

Whether building:

• factories

• logistics hubs

• industrial parks

• commercial developments

• mixed-use projects

predictability matters as much as price.

If implemented effectively, a more unified pricing framework could reduce:

• valuation disputes

• compensation uncertainty

• project delays

• negotiation complexity with local authorities

It may also improve confidence in large-scale infrastructure and industrial development by making land acquisition more transparent.

Of course, implementation will be the real test.

Vietnam has announced many ambitious reforms over the past decade, but execution has often varied between provinces.

Businesses will be watching closely to see how the amended Land Law translates these principles into practice.

The Bigger Picture

This reform isn’t just about real estate.

It’s about how Vietnam governs economic growth.

As the country moves toward becoming an upper-middle-income economy, land is no longer viewed merely as an administrative resource.

Instead, it is increasingly treated as a strategic national capital that must balance investment, development, social equity, fiscal sustainability, and long-term competitiveness.

If Resolution 21 ultimately leads to a more transparent and consistent land pricing system, it could become one of Vietnam’s most consequential economic reforms in years.

For investors, developers and manufacturers, the question is no longer simply “How much does the land cost?”

It is becoming:

“How will Vietnam decide what land is worth?”

For years, Vietnam has talked about becoming Southeast Asia’s next logistics powerhouse.

Now, Ho Chi Minh City has taken one of its biggest steps toward that goal.

On 23 July 2026, the Ho Chi Minh City People’s Committee officially approved the establishment of a 4,174-hectare Free Trade Zone (FTZ) under Decision No. 4560/QĐ-UBND, located in Tân Phước and Tân Hải wards and closely connected to the Cái Mép Hạ port area. Unlike a conventional industrial park, this project combines ports, logistics, manufacturing, trade and urban services into one integrated economic ecosystem.

This announcement may not immediately change how companies operate in Vietnam today.

But it sends a clear signal about where the country’s long-term economic strategy is heading.

More Than Another Industrial Park

Vietnam already has hundreds of industrial parks.

A free trade zone serves a different purpose.

According to Decision 4560/QĐ-UBND, the FTZ will span 4,174.35 hectares, divided into three functional zones and eight sub-zones. The development integrates container ports, logistics centers, industrial production, commercial areas, research facilities and urban services into a single ecosystem designed to facilitate international trade.

Rather than simply offering land for factories, the city aims to create a place where goods can be imported, processed, stored, distributed and exported with fewer logistical barriers.

That distinction matters.

As global supply chains become more complex, companies increasingly value speed, customs efficiency and integrated logistics just as much as manufacturing costs.

Why Cái Mép Is the Centerpiece

The location is no accident.

The FTZ sits adjacent to the Cái Mép Thị Vải deep-water port system, approximately 25 km from Long Thành International Airport and around 50 km from downtown Ho Chi Minh City.

This strategic position allows manufacturers and logistics providers to connect ocean shipping, future air cargo and inland transportation within a single regional hub.

Cái Mép is already one of Vietnam’s most internationally connected ports, capable of receiving some of the world’s largest container vessels on direct routes to Europe and North America.

Instead of building an entirely new logistics center elsewhere, the government is expanding around an infrastructure asset that already exists.

Vietnam Is Competing on Logistics, Not Just Labor

For much of the past two decades, Vietnam’s appeal to foreign investors centered on competitive labor costs.

That equation is gradually changing.

As wages increase and global manufacturers diversify their supply chains, factors such as customs procedures, transportation infrastructure, warehouse capacity and delivery times become increasingly important.

The newly established FTZ reflects this broader shift.

According to VnEconomy, the project is intended to become a new growth pole that links the Cái Mép Thị Vải port cluster, the planned Cần Giờ International Transshipment Port, and Long Thành International Airport, creating a regional logistics network supporting manufacturing, trade and international distribution.

This suggests Vietnam is no longer competing solely on production costs.

It is increasingly investing in reducing friction throughout the supply chain.

What Businesses Should Watch

The FTZ remains in its early stages.

Infrastructure still needs to be developed.

Investment incentives, customs procedures and operating regulations will continue to evolve over the coming years.

However, companies operating in several sectors should pay close attention:

• International logistics

• Port operations

• Third-party logistics (3PL)

• Export-oriented manufacturing

• Regional distribution centers

• Cold chain logistics

• Cross-border e-commerce

• Supply chain technology

According to reporting by Thị trường Tài chính Tiền tệ, the city expects the FTZ to become a strategic platform for attracting high-value investment while strengthening Vietnam’s position in regional trade and logistics.

Meanwhile, Đầu tư Tài chính (SGGP) notes that the project is expected to support innovation, green logistics and advanced manufacturing rather than simply expanding industrial land.

The Bigger Picture

The establishment of the Ho Chi Minh City Free Trade Zone is about more than one development project.

It fits into a broader national strategy.

Over the past several years, Vietnam has accelerated investment in expressways, deep-water ports, airports and industrial infrastructure.

The objective is not simply to attract more factories.

It is to become a regional platform where goods are manufactured, consolidated, distributed and exported more efficiently.

Whether the new FTZ ultimately rivals established logistics hubs such as Singapore or Shenzhen remains to be seen.

But one thing is already becoming clear.

Vietnam is no longer trying to compete only as a low-cost manufacturing destination.

It is increasingly positioning itself as a country where global supply chains can operate faster, smarter and at greater scale.

Most cities plan for the next decade.

Hanoi is planning for the next century.

The Vietnamese capital has unveiled a comprehensive master plan with a 100-year vision, outlining how the city intends to reshape its economy, infrastructure, and urban landscape far beyond the usual political or investment cycle. Rather than simply expanding roads or building more housing, the plan proposes a fundamental redesign of how Hanoi grows and where future economic activity will happen.

For businesses, investors, and anyone watching Vietnam’s long-term development, this is more than an urban planning exercise.

It’s a roadmap for where public investment, talent, and economic opportunities could gradually shift over the coming decades.

Moving Beyond a Single-Center City

For decades, Hanoi’s economic and administrative activities have largely concentrated within its historic urban core.

While this concentration helped fuel growth, it has also created familiar challenges:

• Traffic congestion

• Rising property prices

• Pressure on infrastructure

• Uneven development between central and suburban districts

The new master plan aims to change that by transforming Hanoi into a polycentric city one with multiple growth centers instead of a single dominant downtown.

Instead of expecting every major business, institution, or investment project to cluster around Hoan Kiem, Ba Dinh, or Cau Giay, the city wants different districts to specialize in different economic functions.

This approach has become increasingly common among global metropolitan areas seeking more balanced and sustainable growth.

Nine Growth Poles, Each with a Different Role

One of the plan’s defining features is the creation of nine strategic development poles.

Rather than allowing every district to compete for the same industries, each area is assigned a distinct economic identity.

Some notable examples include:

• Hoa Lac as Vietnam’s leading science, technology, innovation, and higher education hub, anchored by Hoa Lac Hi-Tech Park and Vietnam National University.

• Son Tay – Ba Vi focusing on eco-tourism, cultural heritage, and recreation.

• Xuan Mai developing around education, healthcare, and green urban living.

• Northern Hanoi (Dong Anh – Me Linh – Soc Son) becoming an airport-oriented economic zone supported by logistics and aviation-related industries.

• The Red River corridor evolving into a new space for finance, commerce, tourism, and cultural activities.

Instead of creating identical satellite cities, Hanoi is attempting to build complementary economic clusters that reinforce one another.

Nine Major Urban Centers

Alongside the development poles, the city also identifies nine major urban centers, each responsible for key economic or administrative functions.

These include:

• Finance

• International business

• Logistics

• Healthcare

• Education

• Innovation

• Government administration

For example:

• The South Red River area is expected to become a new administrative, financial, and international integration center.

• Phu Xuyen is positioned as a logistics and high-tech manufacturing hub.

• Hoa Lac strengthens its role as Hanoi’s innovation ecosystem.

• Son Tay continues to develop around tourism and cultural industries.

Rather than concentrating every strategic function in one location, Hanoi is distributing economic activities across the metropolitan region.

Infrastructure Becomes the Growth Strategy

Cities rarely grow by accident.

They grow where infrastructure allows them to.

That’s why another major component of the plan is the creation of nine strategic development corridors connecting the city’s future growth poles.

Among them are:

• Nhat Tan – Noi Bai

• West Lake – Co Loa – Gia Binh

• Hanoi – Hai Phong Expressway corridor

• Thang Long Boulevard

• Ring Road 4

• National Highways 1, 6 and 32

• The Red River development corridor

Rather than treating roads as isolated transportation projects, Hanoi is using infrastructure to guide where businesses, industries, and new urban districts are likely to emerge over time.

This reflects a broader planning philosophy seen in many successful global cities: transport networks don’t simply connect economic activity they create it.

Planning for a Three-Dimensional City

Perhaps one of the less discussed but more ambitious aspects of the master plan is its emphasis on multi-layer urban development.

Instead of expanding only outward, Hanoi intends to develop simultaneously:

• Underground spaces

• Surface-level urban areas

• Elevated infrastructure

The plan also integrates multiple layers of urban value, including:

• Heritage preservation

• Ecological systems

• Digital infrastructure

• Transportation

• Public services

As land becomes increasingly scarce while the population continues to grow, maximizing vertical and underground space could become an important part of Hanoi’s long-term urban strategy.

What Does This Mean for Businesses?

From a Vietnam Operations perspective, the master plan is less about where buildings will be constructed.

It’s about where future economic momentum may gradually shift.

In many countries, once governments designate strategic growth zones, public investment typically arrives first:

• Transport infrastructure

• Utilities

• Universities

• Hospitals

• Industrial parks

• Innovation districts

Private investment often follows.

That doesn’t mean every location identified in the master plan will immediately become a growth hotspot.

Implementation will take years if not decades and priorities may evolve over time.

However, the document provides valuable signals about where Hanoi intends to allocate resources over the long run.

For companies considering manufacturing facilities, logistics operations, technology campuses, or regional headquarters, understanding these long-term directions can become an important part of location strategy.

A Master Plan Is Only the Beginning

A master plan doesn’t build a city execution does.

Hanoi’s 100-year vision will ultimately depend on infrastructure delivery, investment, administrative reforms, and consistent implementation over time.

But one thing is already clear: the city is planning far beyond the next five-year cycle. It is laying the foundation for the next century.

For businesses and investors, this isn’t a prediction of what will happen. It’s a strong signal of where Hanoi intends to direct its future growth.

While many founders are chasing Silicon Valley or Singapore, John Zhao made a different bet: build the product team in Vietnam, sell to the world.

For most software startups, Vietnam is still viewed as an outsourcing destination.

For John Zhao, founder of Tonomo, it’s something else entirely.

It’s where he believes the next generation of global product companies can be built.

After living across the United States, China, Mexico, Thailand, and Taiwan, Zhao moved to Ho Chi Minh City less than a year ago. Today, roughly one-third of Tonomo’s growing team is based in Vietnam and that number continues to increase.

His reasoning isn’t simply about lower costs.

It’s about where the future is heading.

Betting on Vietnam Before Everyone Else Does

Tonomo develops software for professional real estate media companies.

Their platform manages everything behind the scenes from bookings and scheduling to payments and client management for photographers serving residential properties, luxury homes, hotels, and Airbnb operators.

The customers are located across Australia, Europe, and North America.

The product is increasingly being built in Vietnam.

According to Zhao, this isn’t because Vietnam is currently the world’s strongest engineering hub.

Instead, it’s because Vietnam offers one of the strongest combinations of talent quality, affordability, ambition, and long-term growth.

“We’re really betting on where Vietnam will be five or ten years from now.”

That distinction matters.

Many companies choose locations based on today’s advantages.

Tonomo is choosing Vietnam based on tomorrow’s.

Vietnam’s Advantage Isn’t Just Cost

Global startups often compare hiring markets based on salary.

But Zhao argues that cost is only one piece of the equation.

Recruiting experienced engineers in cities like San Francisco has become increasingly competitive.

Even companies with significant budgets compete against global technology giants for the same limited talent pool.

Vietnam offers something different.

There are still relatively few global product companies hiring locally.

That means startups can stand out not just through compensation, but through culture, career growth, and ownership opportunities.

For ambitious young engineers, joining an early-stage product company offers experiences they might never gain inside a large outsourcing firm.

Building in Vietnam, Selling Globally

One observation from the interview reflects a broader trend beginning to emerge in Vietnam’s technology sector.

Tonomo does almost no business inside Vietnam.

Instead, Vietnam functions as the product and engineering base while customers come from overseas markets.

This model has long existed in manufacturing.

Factories produce in Vietnam and export globally.

Software may be following a similar path.

Instead of exporting electronics or furniture, companies export digital products.

The country’s competitive advantage shifts from physical manufacturing toward intellectual production.

Vietnam has already become an important manufacturing hub.

The question now is whether software can become its next export industry.

The Startup Ecosystem Is Still Early

Ironically, Zhao doesn’t see Vietnam’s startup ecosystem as fully developed.

And that’s exactly why he likes it.

When Tonomo launched in 2020, many of its customers didn’t even exist yet.

Professional real estate media companies expanded rapidly during the pandemic as agents increasingly relied on video, drone footage, floor plans, and social media marketing.

The market grew around the product.

Vietnam, Zhao believes, feels similar.

Rather than waiting for a mature startup ecosystem to arrive, founders have an opportunity to help build it.

Being early creates risk.

It also creates leverage.

The Biggest Challenge Isn’t Talent

Despite his optimism, Zhao is candid about Vietnam’s difficulties.

The challenge isn’t engineers.

It’s bureaucracy.

Compared with jurisdictions where incorporating a company may take only a few days, foreign businesses entering Vietnam often navigate multiple approvals, regulatory requirements, payroll compliance, licensing procedures, and administrative processes.

For startups trying to move quickly, these delays can become meaningful operational costs.

Still, Zhao views them as temporary friction rather than structural barriers.

His long-term outlook remains positive.

Why Hiring Became the Company’s KPI

Perhaps the most surprising part of the conversation wasn’t about technology.

It was about hiring.

Instead of focusing solely on revenue or customer acquisition, Tonomo currently measures success by adding approximately one new employee every month.

Why?

Because the company has already achieved product-market fit.

The bottleneck is no longer customers.

It’s execution.

Growth depends on expanding the team faster than expanding demand.

For many startups, finding customers is the hardest problem.

For Tonomo, finding talent has become the next challenge.

Vietnam’s Greatest Competitive Advantage May Be Optimism

One recurring theme throughout the discussion wasn’t economic policy.

It was mindset.

Having lived across multiple countries, Zhao describes Vietnam as one of the few places where people remain genuinely optimistic about the future.

People expect their lives to improve.

Young professionals believe they can build careers.

Entrepreneurs believe new opportunities still exist.

That optimism creates something difficult to quantify on a balance sheet but incredibly valuable for startups.

Companies don’t just grow on capital.

They grow on confidence.

Final Thoughts

Vietnam is often discussed through familiar narratives: manufacturing, foreign investment, or supply chain diversification.

Technology tells a different story.

Instead of simply becoming a destination for outsourced development, companies like Tonomo suggest another possibility:

Build globally competitive software from Vietnam.

Serve customers worldwide.

And invest before everyone else realizes where the next opportunity is.

Because, as Zhao puts it:

“By the time everyone knows Vietnam is the place to be, it’s already too late.”

For years, Vietnam has ranked among the world’s highest in crypto adoption. Millions of Vietnamese own digital assets. Startups build blockchain products. Developers contribute to global Web3 projects.

Yet legally, the market has largely existed in a gray zone.

That is beginning to change.

Rather than asking whether crypto should exist, policymakers are now asking a different question:

How can Vietnam regulate digital assets without losing innovation?

The answer is emerging through a series of legal documents released over the past two years forming what may become Vietnam’s first comprehensive regulatory framework for crypto assets.

This isn’t simply another fintech story.

It’s about how Vietnam is attempting to formalize an industry worth billions while balancing innovation, investor protection, financial stability, and anti-money laundering obligations.

From “No Legal Status” to a Regulatory Framework

For many years, cryptocurrencies in Vietnam were neither recognized as legal assets nor prohibited outright.

People could buy, hold, and trade crypto through overseas exchanges, but businesses lacked legal certainty. Investors had little protection. Regulators had limited oversight.

Instead of rushing into legalization, Vietnam chose a gradual approach.

Today, at least six major legal milestones are collectively shaping the country’s crypto market.

According to Luật Việt Nam, these documents now form the backbone of Vietnam’s emerging crypto regulatory framework.

The Six Legal Milestones

1. Digital Technology Industry Law

The first major breakthrough was defining digital assets within Vietnam’s legal system.

Instead of treating every blockchain token the same, lawmakers began distinguishing between:

• Digital assets

• Crypto assets

• Other digital products

This seemingly technical distinction is important.

Without a legal definition, ownership, taxation, licensing, dispute resolution, and enforcement become extremely difficult.

The law creates the legal vocabulary necessary for future regulations.

2. Resolution No. 05/2025/NQ-CP

This is arguably the centerpiece of Vietnam’s crypto strategy.

Rather than immediately opening a nationwide market, the government opted for a controlled pilot program.

The Resolution establishes rules covering:

• issuance of crypto assets

• trading platforms

• custody services

• licensing

• supervision

• investor protection

• AML/CFT compliance

Most importantly, Vietnam is choosing regulation before mass adoption, rather than attempting to regulate after the market becomes too large.

3. Strict Licensing Requirements

Vietnam isn’t inviting everyone to launch a crypto exchange.

The pilot imposes some of the region’s most demanding requirements.

Among them:

• Vietnamese-incorporated company

• minimum charter capital of VND 10 trillion

• servers located in Vietnam

• comprehensive risk management procedures

• cybersecurity standards

• AML systems

• customer protection mechanisms

The message is clear:

Vietnam wants institutional players not lightly regulated exchanges.

4. Investor Protection Comes First

Many crypto markets developed rapidly before introducing safeguards.

Vietnam is attempting the opposite.

The framework requires:

• information disclosure

• internal controls

• transaction monitoring

• custody procedures

• complaint handling

• conflict-of-interest management

After licensed service providers begin operating, domestic investors will eventually be required to trade through licensed entities rather than unregulated channels.

That significantly increases regulatory visibility.

5. Compliance with International Standards

Another recurring theme throughout the framework is anti-money laundering.

The regulations emphasize compliance with:

• AML

• counter-terrorism financing

• cybersecurity

• electronic transactions

• data protection

This matters because Vietnam has been working to strengthen its financial regulatory system in line with international expectations.

Crypto regulation is therefore not only about innovation but also about international credibility.

6. A Regulatory Sandbox Instead of Immediate Liberalization

Perhaps the most interesting policy choice is what Vietnam didn’t do.

The government did not simply legalize all crypto activities.

Instead, it adopted a sandbox approach:

• test

• monitor

• evaluate

• adjust

This reflects a broader trend seen in fintech regulation globally.

Innovation is encouraged but within carefully supervised boundaries.

What This Means for Businesses

For blockchain startups, the biggest change isn’t that crypto becomes “legal.”

It’s that regulatory uncertainty begins to shrink.

Companies can start planning around:

• licensing

• compliance

• custody

• token issuance

• investor eligibility

• operational requirements

Foreign investors also gain greater visibility into how Vietnam intends to govern digital assets.

While the framework remains restrictive, predictability itself is valuable.

Why This Matters Beyond Crypto

Vietnam’s approach reveals a broader policy philosophy.

Rather than choosing between:

• innovation or

• regulation,

the government is attempting to build both simultaneously.

That mirrors Vietnam’s broader strategy in sectors such as fintech, AI, semiconductor manufacturing, and digital technology:

encourage innovation but under increasingly formal regulatory structures.

Crypto is simply the latest example.

Vietnam Operations Take

For years, Vietnam was one of the world’s largest crypto markets without a clear legal framework.

Now, the conversation is shifting.

The government’s focus is no longer whether crypto exists it clearly does.

The challenge is how to integrate it into the formal economy without undermining financial stability or investor confidence.

Whether the pilot succeeds remains to be seen.

But one thing is increasingly clear:

Vietnam is no longer watching the crypto industry from the sidelines. It’s beginning to design the rules of the game.