Vietnam is one of Asia’s most discussed markets - but also one of its most misunderstood.

Vietnam’s economic growth continues to grab headlines, but the bigger story lies beyond the numbers: evolving business strategies, changing consumer behaviour, and a cultural transformation reshaping the country.

In a recent episode of You Don't Know Vietnam, Managing Partner at RSI Consulting Hang Vu explores what Vietnam’s “era of rising” really means - and why the country’s transformation goes far beyond GDP headlines.

What does Vietnam’s “era of rising” actually mean?

Historically, Vietnam's growth was defined by resilience, where survival, efficiency, and execution were the primary drivers. Today, that framing is no longer sufficient.

Businesses are moving beyond survival mode and investing more heavily in strategy, governance, brand-building, ESG and innovation. Vietnam is no longer just “catching up”, it is accelerating while maintaining political and social stability.

You can already see this shift taking shape across the country:

• Businesses are thinking beyond short-term growth
• Brand reputation and trust are becoming more important
• Companies are adapting to a more digital and sustainability-focused future
• The government is acting with greater urgency and confidence

How Vietnamese consumers and culture are changing

Vietnam’s transformation is not just economic, it’s becoming increasingly visible in consumer behaviour, lifestyle choices and cultural identity.

"Consumers are becoming less price-driven and more value-conscious," says Hang. 

For younger generations in particular, purchasing decisions are increasingly driven by identity, aspiration and self-expression rather than affordability alone.

At the same time, Vietnam is undergoing what Hang calls "a cultural renaissance".

Local creative industries are gaining momentum, with films, music, and live events attracting record audiences domestically and growing recognition internationally.

"What’s inspiring is how young artists are reviving traditional art forms like Đờn ca tài tử, Chèo, and Cải lương (types of traditional Vietnamese theatre), giving them modern, stylish reinterpretations. They’re making Vietnamese heritage cool again," she says. 

Behind these trends is a much larger cultural and societal shift:

• Spending is becoming a form of identity and self-expression
• Confidence in Vietnamese culture is growing both domestically and globally
• Younger creatives are giving traditional culture a modern voice

The often-overlooked role of Vietnamese women

"The story of 'Vietnam rising' is, in many ways, always the story of Vietnamese women... being both the guardian of tradition and the pioneers of change," says Hang. 

Throughout Vietnam’s history, women have played an integral role in helping families and communities navigate periods of hardship and change. Today, that same strength and resilience is increasingly visible in the workplace, entrepreneurship, and leadership.

Vietnam has one of the highest rates of female workforce participation rates in Asia, as well as a significant proportion of women in senior management roles. 

The rise of women in leadership roles reflects a model built around  balance, empathy and long-term trust rather than confrontation. This approach has become an important, yet overlooked, force behind Vietnam’s development.

What will success from Vietnam’s “era of rising” look like?

While Vietnam’s success will often be measured by GDP figures and economic targets alone, Hang believes the real measure of progress extends far beyond the numbers.

“For me, success isn't just when we cross the trillion dollar line. It's when we see it, feel it, and breathe it in our everyday lives,” says Hang.

Real success will mean Vietnamese brands - from major corporations to smaller local businesses - competing on a global stage. Most importantly, it will mean tangible improvements in quality of life, particularly in rural and mountainous communities, where better infrastructure and stronger connectivity can create more equal opportunities.