When Culture Becomes Currency

Recently, countries lead the economy with the strength of stories, songs, and symbols, as nations have turned their cultural influence into real economic power. South Korea is the textbook example as the Korean wave (Hallyu) began in the 1980s and reached its peak during the 2000s to 2010s have not only defined global trends but also contributed billions to the Korean economy. According to the Hyundai Research Institute, BTS (a global K-pop boy group) alone was estimated to bring in more than 5 billion USD annually, roughly 0.5% of South Korea’s GDP. Culture, once seen as soft power, is now hard currency.

Vietnam stands at a similar crossroads. Over the past decade, our cultural industry has been quietly rising: music, fashion, and television formats that once catered only to local audiences are finding international stages. Many shows like Anh Trai Say Hi and internationally recognized Vietnamese celebrities such as Sơn Tùng - MTP, Chi Pu signal a shift: Vietnamese entertainment is no longer confined within national borders. Specifically, according to Dân trí, the program Anh trai Say Hi with 4 shows in Hanoi and Ho Chi Minh City generated over 4 million USD from ticket sales alone, with tens of thousands spectators at each show. In addition, the program increased revenue streams from advertising, merchandise, food services, and accommodation for audiences traveling from other provinces. These activities benefited both the producers, artists, and created income for local businesses, staffs, thereby driving a wide-ranging economic ripple effect.

Hallyu Culture

The OECD report The Impact of Culture on Tourism shows that culture is a key factor in boosting “destination attractiveness”, indirectly creating jobs, attracting tourism, and building a nation’s brand in ways traditional manufacturing cannot. When Vietnamese songs trend on TikTok such as 2 Phut Hon, See Tình, or films win recognition abroad, they spark curiosity that can translate into demand for Vietnamese products, cuisine, and technology. Culture becomes the gateway to commerce.

However, potential is not destiny. To unlock it, we need more policies that treat the creative sector as seriously as any other industry. For example, tax incentives for cultural enterprises, infrastructure for concert venues and film production, and international trade agreements that include protections for intellectual property. In fact, alongside the Korean Wave, countries applying such policies have also succeeded in attracting international investment: the United Kingdom screen tax reliefs helped the screen sectors generate around £13.48 billion in GVA and support 156,000 full-time equivalent jobs in 2017–2019, reported from the British Film Institute and HMRC; similarly, Canadian industry reports (Telefilm Canada , CMPA ,provincial studies) show the contribution of roughly CAD $13–14 billion in GDP and supported over 200,000 jobs in recent years, crediting federal and provincial tax credits and incentives for much of that production growth. 

Anh Trai Say Hi concert drew significant attention from the audience. Photo: Organizing Committee.

Culture is one of the sharpest tools of diplomacy and one of the fastest-growing sectors of trade. Vietnam’s authority should harness that influence deliberately, to shape global perception, to support our economy, and to give Vietnamese youth a stage as global as their ambition.