With policymakers warning that the country is entering one of Asia’s fastest aging phases, Vietnam is attempting to position its rapidly expanding elderly population as a new source of economic growth.
At a national forum on the silver economy in Vietnam on Saturday, Nguyễn Xuân Thắng, a member of the Politburo and the director of the Hồ Chí Minh National Academy of Politics, stated that the nation needs to change its perspective on aging from one of a welfare burden to one of an economic asset.
By 2025, people 60 and older are expected to make up over 14% of the population, reflecting the country’s rapidly shifting demographics. It is anticipated that within the next ten years, the nation will become an elderly society.
Party General Secretary Tô Lâm emphasized at a recent meeting on Resolution 72 that although children are important, older people are equally important. She urged policymakers to make addressing senior loneliness a top strategic priority.
The term “silver economy” describes business ventures, goods, and services created to satisfy the demands of an aging populace, transforming the demographic shift into a possible engine of expansion.
Thắng stated that modernizing eldercare services, enhancing quality of life, modernizing health and rehabilitation systems, and allowing skilled older workers to continue making voluntary contributions should be the main goals of Vietnam’s strategy for the silver economy.
He also emphasized that technology and private investment will be crucial in highlighting opportunities in areas like lifelong learning, digital health, senior-friendly housing, high-quality nursing services, and home-based care.
Lê Minh Hoan, the vice chairman of the National Assembly, spoke at the event and claimed that the aging population is a “vast reservoir of knowledge and experience” that can aid in social and economic advancement.
He called on the government to create a national strategy for the silver economy, establish goals for its GDP contribution, build out age-friendly infrastructure, and assist companies that create goods and services for senior citizens.
The forum’s experts demanded more flexible labor laws, training programs for senior citizens, tax breaks and credit for eldercare businesses, and funding for senior tourism, cultural institutions, and online resources.
In order to make cities more accessible to an aging population, they also emphasized the necessity of modernizing data systems and urban infrastructure.
Through part-time employment, consulting positions, and community networks that enable senior citizens to share their experiences with younger generations, the forum emphasized the importance of utilizing the labor and knowledge of seniors.
In order to transform demographic aging into an economic and social opportunity and bring about what they called a “golden autumn” for society, they said it is imperative to alter public perceptions and encourage active, meaningful aging.
