We examined utilitarian and hedonic values as motivations for rhino horn use in Vietnam. We also evaluated consumers’ response to consequences of the illegal trade in behavior modification campaigns and the likely outcome of a legalized trade. The most prevalent use was for treatment of hangovers indicating utilitarian values, although difficult to separate from the hedonic value in projecting success in business. A ritualized way of honoring terminally ill relatives represented a hedonic value replacing belief in effective treatment. Demand reduction campaigns need to appropriately reflect all relevant values determining specific uses. The plight of rhino populations, Vietnam’s penal code, and the possible contribution to international crime mattered little to consumers. Horn from wild rhino was preferred over farmed, and respondents would demand more if available in a legalized trade. This suggested that a legalized trade could maintain or even increase demand for poached rhino horn.