According to Mr. Park Sang Mo, Head of Event and Culture at the Korean Cultural Center in Vietnam, the South Korean government began investing in cultural industries in the 1990s and later formalized these efforts under the banner of a “lifestyle economy.” His remarks came during a seminar titled “Lifestyle Economy: A New Growth Driver for Ho Chi Minh City,” organized by Tuoi Tre newspaper in collaboration with HCMC’s Department of Industry and Trade on December 5.

South Korea’s success lies in its policy-level commitment. Instead of letting cultural sectors grow independently, the government integrated them into national development strategies. A dedicated agency oversees content development and supports businesses from ideation to global export.

Additionally, public funding is allocated throughout the entire value chain - from creative production to commercialization - making it easier for businesses to bring their products to market.

As a result, international interest in Korean lifestyle products - promoted through music videos, TV dramas, and influencers - has surged. South Korea has now become one of the world’s leading cosmetics exporters.

According to the Korean Customs Service, South Korea exported $8.52 billion worth of cosmetics in the first three quarters of 2025, a 15.4% year-on-year increase. Experts forecast a record-breaking year, likely surpassing 2024’s $10.2 billion benchmark.

The economic influence of lifestyle extends far beyond cosmetics. Mr. Ninh Trung Tan, founder of HANITA, pointed to the booming Hanbok (Korean traditional dress) rental business at tourist sites. A single rental can cost up to 70,000 won (approx. 1.2 million VND), and annual revenue can reach hundreds of millions to over 1 billion won. Added to this are massive revenues from album sales, another byproduct of K-pop’s popularity.

Dr. Dinh Tien Minh, Head of Marketing at the University of Economics Ho Chi Minh City (UEH), emphasized that lifestyle economy represents a promising path for major urban areas. Today’s consumers don’t just buy products - they buy experiences and identity. This shift drives demand for personalized goods and services aligned with their lifestyle, values, and aesthetics.

"People now purchase not just for functionality, but for how a product reflects their personal brand. Apple, for instance, doesn’t just sell phones - it sells a creative, distinctive lifestyle," Minh explained.

In Vietnam, signs of this shift are emerging. Mr. Le Tri Thong, CEO of jewelry giant PNJ, highlighted Techcombank’s strategy as an example. The bank complements financial services with cultural and art events to reinforce brand identity and reach customers emotionally.

Likewise, consumer brands are revamping their messages. OMO detergent, once known for slogans like “remove stains,” now promotes green living, environmental consciousness, and doing good.

"Companies are moving far beyond basic functionality. As consumers mature, so too must brands,” Thong said, adding that Vietnam is entering a ripe moment for lifestyle-driven growth.

He pointed to a generational shift and a rapidly expanding middle class whose purchasing behavior is more aspirational and values-driven than in the past.

“With more young, discerning, and affluent consumers, Vietnam has every reason to confidently embrace the lifestyle economy,” he concluded.

Tran Chung