“CEO of PNJ, Lê Trí Thông: Today’s Youth Shop Not for Durability, but to Step onto a ‘Stage’”

Opening the “Lifestyle Economy – New Growth Driver for Ho Chi Minh City” forum on the afternoon of December 5th, Mr. Tran Xuan Toan – Deputy Editor-in-Chief of Tuoi Tre Newspaper, used a pen made from recycled plastic to illustrate a shift in consumer needs from “basic survival” to “expressing personal style.” For some, it’s just a writing tool, but for others, it’s a statement of eco-conscious living and individual identity.

A live survey at the event revealed that
62.5%
of attendees believe the Lifestyle Economy is already prominent in Ho Chi Minh City. Notably,
76.2%
emphasized the need for a “three-pillar” approach—businesses, consumers, and policies—to drive growth, rather than relying solely on market efforts (19%) or mechanisms (4.8%).

From a business perspective, Mr. Le Tri Thong – Vice Chairman of PNJ and Chairman of YBA, analyzed the generational shift in spending habits. He noted that while Gen X and Millennials prioritized savings, Gen Z and younger Millennials now spend boldly on experiences and intangible values tied to products.

“In the past, we bought products for their functionality. Now, young consumers shop to step onto a ‘stage’—whether it’s an office elevator, a coffee shop, or social media. There, they are the stars.”

Mr. Le Tri Thong – CEO, Vice Chairman of PNJ, Chairman of YBA

This shift forces businesses to rethink their strategies. Competition is no longer about price but about storytelling. Mr. Thong cited the agricultural sector’s transformation: “Vietnam once exported raw cacao at low prices. Now, we have luxury chocolate brands priced globally. We’ve stopped selling raw materials and started selling culture and the essence of our land.”

PNJ’s leadership highlights Vietnam’s “favorable geography” with world-class production and design capabilities. Examples include Techcombank and Masterise Homes hosting elite art concerts, elevating financial and real estate services, and FMCG brands shifting from “cleanliness” to environmental advocacy.

Drawing on global insights, Mr. Stefano Canali – CEO of Canali, shared the concept of “Whispered Luxury.” In Italy, brands don’t shout about products; they sell a lifestyle where customers feel understood and cared for. Similarly, South Korea’s Hallyu Wave—film, music, and TV—has turned culture into a global export, offering lessons for Vietnamese brands in building a national cultural identity.

Supporting these insights, a McKinsey report predicts that by 2035, over half of Vietnam’s population will be middle-class, with
58%
of Gen Z willing to pay more for personalized products.

From an academic perspective, Assoc. Prof. Dr. Dinh Tien Minh (UEH) describes this as a shift from purchasing goods to purchasing “identity.” Consumers now buy products to craft a unified personal image, as seen with Apple’s creativity or Biti’s energy. They even boycott brands that contradict their ethical and sustainable values.

To transform Ho Chi Minh City into a hub like Bangkok or Seoul, Mr. Le Tri Thong proposes: “The city has all the elements—cuisine, fashion, healthcare—but lacks a ‘Maestro’ to orchestrate them into a billion-dollar symphony.” This requires a strategic policy framework to unify fragmented resources into a cohesive experience ecosystem.