Lifestyle Economy - a new "gold mine" for the megacity of Ho Chi Minh City

(NLDO) - When Ho Chi Minh City has a clear strategy and the support of businesses, the new creative economy - Lifestyle economy will become a new growth driver.

This is the opinion of Mr. Le Tri Thong - Chairman of the Ho Chi Minh City Young Entrepreneurs Association, Vice Chairman of the Board of Directors and General Director of Phu Nhuan Jewelry Joint Stock Company (PNJ) - at the workshop "Lifestyle Economy - New growth driver of Ho Chi Minh City" organized by Tuoi Tre Newspaper in coordination with the Ho Chi Minh City Department of Industry and Trade on the afternoon of December 5.

According to Mr. Le Tri Thong, Vietnam, especially Ho Chi Minh City, has a great advantage in attracting knowledge, capital and new creative standards - lifestyle economy. The city is facing a rare opportunity to transform itself from a manufacturing center to a regional creative center. Changes in consumer behavior, a young and talented workforce and the shift of the global value chain are favorable factors.

Mr. Thong cited the chocolate industry as an example. From a country without tradition, Vietnam has now begun exporting high-end products and building international brands. This is a testament to the creativity and innovation of the Vietnamese people. Or in the banking sector, consumers once imagined banking as a high-end service, only for the rich.

"Like the case of Techcombank 's success with the Lifestyle economy, the convergence of artists, KOLs combined with financial and media stories. They not only promote the bank's products, but also coordinate to organize a very large and resounding music program" - Mr. Le Tri Thong said.

According to Associate Professor Dr. Dinh Tien Minh, senior lecturer at UEH Business School, Ho Chi Minh City University of Economics, Lifestyle economy is one of the potential development directions for large cities. Because in addition to helping diversify the economy, Lifestyle economy also builds urban identity, further improving the quality of life of society.

Lifestyle Economy is contributing to the diversification of the economy. More and more people value health and lifestyle, creating a shift in spending structure: from prioritizing tangible assets to prioritizing experiences and services that improve the quality of life.

The report Future of Asia - The new face of Vietnamese consumers (McKinsey), cited by Associate Professor, Dr. Dinh Tien Minh, shows that by 2035, over half of Vietnam's population will be middle class. At that time, this group will strongly shift from consuming "just enough to live" to consuming to affirm their lifestyle.

The shopping experience is not only focused on the value of the product, but also on the emotional story and personality of the consumer.

In the context of Ho Chi Minh City aiming to become a creative and livable city by 2030, lifestyle economy is considered a new approach to help improve the quality of life, promote creative consumption and create urban identity. At the same time, with a young population, improved income and the ability to quickly embrace trends, Ho Chi Minh City has all the conditions to become the Lifestyle economic center of the region.

"However, only when Ho Chi Minh City has a clear strategy, the support of businesses and the leading role of the government, will the creative economy truly become a new growth driver," Mr. Le Tri Thong proposed.

Source: https://nld.com.vn/kinh-te-lifestyle-mo-vang-moi-cho-sieu-do-thi-tphcm-196251205184207622.htm