Vietnam to enter "aged population phase" by 2036

A workshop with the theme "Aged Population - Opportunities and Challenges for Millennials" took place in Ho Chi Minh City on November 29.
Vietnam to enter "aged population phase" by 2036

Co-organised by the Institute of Labour Science and Social Affairs (ILSSA); the Institute of Social and Medical Studies (ISMS) and Prudential Life Insurance Company Ltd., the workshop discussed a lot of information about the middle-aged population group of 30 to 44-year olds. This is the "golden" age group to begin establishing and accumulating the most effective finance in order to prepare for old age later.

Master Le Thu Huyen from the ILSSA said that the golden population phase is forecast to last 31 years, from 2007 to 2039. This resource creates conditions for the country's socio-economic development, but also face a number of challenges such as low-quality labour and limited employment that also affect the growth of the economy.

According to this forecast, Vietnam is projected to become an "aged" society by 2036.

This will make Vietnam face many challenges and the risk of "getting old before getting rich" due to the underdeveloped social security system and a low average income compared to many other countries in the world.

Dr. Bui Ton Hien, Director of the ISMS, said that through survey and research results, the level of readiness to prepare for independent old age of the middle-aged population is not high.

The problem of aged population poses a big challenge for Vietnam, especially with such a fast rate of population aging, while the country's economic resources are still limited and the social security system is not yet developed, he added.

Such data will be the basis for formulating and making policy to adapt to the aged population and achieve "active aging" for Vietnam in the coming decades.