Investments

The Rise of the Sharing Economy: Why Access Trumps Ownership

The sharing economy, a concept that emerged over a decade ago, remains a hot topic today. Despite its long-standing presence, it continues to spark discussions and shape modern economic trends.

Administrator

20 September, 2025

Shifting Mindsets on Rights: The Key to the Sharing Economy

At the Sharing Economy Model Workshop – Leveraging for Business Breakthroughs, held on the evening of September 18th by LynkID, speaker Trịnh Minh Giang – Chairman of VMCG and National Director of Founder Institute – highlighted several exemplary cases of this model.

According to a small survey in Indonesia, 97% of Airbnb users expressed their desire to continue using the service, an almost unimaginable figure. Furthermore, 51% of respondents even wished to become Airbnb hosts, listing their properties on the platform for business. This demonstrates the model’s ability to attract both renters and non-professional landlords, who simply share their unused assets.

“This is the essence of the sharing economy,” emphasized Mr. Giang. As a result, Airbnb’s valuation surpasses the combined asset value of many of the world’s largest hotel chains.

Another example is Netflix, a platform with over 250 million global subscribers and annual revenue of $40 billion. Users don’t own the films but rather the access to watch them, reflecting a shift from ownership to usage rights.

According to Mr. Giang, the core of the sharing economy and today’s major business models lies in the shift in mindset about rights. People no longer prioritize owning physical assets (cars, apartments, luxury items) but value access and experiences.

This trend extends beyond technology to real estate, explaining why Vingroup’s urban complexes, despite high prices, remain in demand. Residents gain access to a high-quality ecosystem of services (schools, hospitals, shopping centers) and can rent instead of own.

Consequently, digital assets are increasingly valued. Vietnam has introduced regulations, such as those governing personal data, making data a valuable asset, as seen in companies like Facebook, Google, Amazon, Airbnb, and VNG.

Another turning point is cloud computing. Before 2017, this concept was unfamiliar, but since Amazon Web Services entered Vietnam, cloud has become a cornerstone of the sharing economy. Businesses no longer need physical servers or maintenance costs; they simply require an account to access services, significantly reducing expenses and optimizing efficiency.

Thanks to cloud technology and the sharing economy, new ideas can be rapidly implemented, and breakthroughs have become the new normal, especially in the AI era.

“The sharing economy doesn’t necessarily require complex technology or massive capital. The key is shifting mindsets from ownership to access, from customers to members, and from standalone businesses to interconnected ecosystems,” shared Mr. Giang.

At the workshop, Mr. Hoàng Công Huấn, Business and Strategic Partner Director at Be Group, outlined three phases of the sharing economy: inception (2015-2017), rapid growth (2017 to pre-COVID-19), and reshaping for efficiency (post-COVID-19).

Be Group’s representative predicts the sharing economy will grow even faster in the future. Users and participants will demand more from platforms, including better technology, smoother processes, faster onboarding, and user-friendly tools for menus, promotions, and sales management. When platforms meet these demands, benefits will extend to users, participants, and the platform itself.

“Platforms like Be use technology to connect users (ride-hailing, delivery) with providers in real-time. Only technology ensures drivers arrive quickly, accurately, and at fair prices. Thus, technology is the core,” said Mr. Huấn.

Starting with Scale Definition and Identifying “Weaknesses”

When asked about the fundamentals of building a successful sharing economy model, Mr. Trịnh Minh Giang emphasized the importance of defining scale. Determine whether you aim to own a sharing economy model, which requires significant resources, or simply leverage existing platforms as a user.

For users, cost savings and business optimization at the SME level are key. Utilize existing platforms to achieve these goals.

Another challenge is implementing the sharing economy with limited initial capital. “Users want immediate options, providers seek instant results, and investors demand revenue growth before committing,” noted a workshop participant.

According to Mr. Hoàng Công Huấn, businesses must identify their “weaknesses” before pursuing long-term goals. For instance, if a company has a good product and customers but lacks an operational platform, joining shared infrastructure models with professional tools and cost savings can ensure sustainable growth before seeking further investments.

Mr. Giang echoed this sentiment, stressing the importance of creatively leveraging existing resources rather than building everything from scratch. The solution lies in utilizing what others have already created, rather than attempting to do everything independently.

Huy Khải

– 13:04 19/09/2025