Vietnam to shift from experience economy to higher value chain of agri produce

Vietnam plans to shift from an experience economy to expand the higher  value chain of the agricultural product industry to increase the production scale and income of farmers.

Minister of Agriculture and Rural Development Le Minh Hoan

While presiding over yesterday's meeting themed ‘From experiential economic thinking towards a higher value in the Vietnamese agricultural product chain’ with agricultural entrepreneurs and units operating One Commune One Product (OCOP) introduction channels on the e-commerce platform in Hanoi, Minister of Agriculture and Rural Development Le Minh Hoan said that the current trend of producing goods and trading in services focuses on human factors, especially consumers' emotions, towards spirituality rather than materiality.

He took an example that Thai consumers are currently introducing the concept of ‘happy eating’, ‘happy food’. Businesses in Thailand conduct careful research on packaging, images, and graphics to make products that satisfy customers.

Businesses making products for the elderly can target young people who want to buy products as gifts for their grandparents and parents. Therefore, businesses print on their products’ outside packaging ‘Gifts for grandparents’ and ‘Gifts for parents’.

Minister Le Minh Hoan advised that businesses don't just focus on getting customers' money but have to get customers' hearts.

An experience economy is one where experience creates economic value.

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