Can Vietnam afford its elderly ?

Vietnam, a country with a low per capita income, is experiencing a rapid increase in its population aged 60 and older, reflecting the phenomenon of ‘aging before becoming wealthy.’

Many experts discussed the social phenomenon at a symposium on aging and adaptive policies held in Ho Chi Minh City by the municipal Department of Health and the Ho Chi Minh City Institute for Development Studies on Wednesday.

Vietnam entered the population aging stage in 2011, when those aged 60 and older made up 10 percent of the population. By 2021, that figure had risen to 12.8 percent.

Given the rapid pace of aging, the proportion of elderly residents is expected to continue climbing, with forecasts indicating a high percentage by 2036.

Associate Professor Nguyen Van Tan from the University of Medicine and Pharmacy at Ho Chi Minh City noted the growing number of senior citizens in the country.

Life expectancy in Vietnam also increased significantly to 79.2 years in 2023 from 65.5 years in 1993.

Despite the rapid population aging pace, the nation’s per capita income stands at below US$10,000.

An aging population will heighten the burden on pension and healthcare funding for the elderly.

In Vietnam, older adults live with chronic conditions such as diabetes, cardiovascular disease, and metabolic disorders for an average of 14 years, yet fewer than 30 percent of them receive a pension.

While health insurance is widely available, some studies suggest it has not alleviated the financial burden of healthcare, particularly for seniors, said Dr. Tan.

He explained that the issue lies in the limited coverage provided by insurance and the lack of adequate medical services.

Health insurance does not cover the costs of high-tech treatments, further exacerbating the challenge.

Pham Chanh Trung, head of the Ho Chi Minh City Population and Family Planning Branch, noted that Vietnam is witnessing its population getting older fast, while its per capita income remains low.

Therefore, it is necessary to build and deploy incentives and supporting policies for the elderly, he said.

Trung hinted at maintaining appropriate fertility rates to ensure the demographic structure, strengthen the workforce, and slow the pace of population aging.

A plan to open more nursing homes and healthcare centers is a need, with preferential policies on taxes and land handover.

Another solution for preparing for any possible population aging is to improve the capacity of medical systems.

He also suggested conducting regular medical check-ups for seniors to promptly detect and treat sick people, as well as establishing a network of volunteers and contributors to monitor the health of the elderly.

Speaking at the event, Dr. Nguyen Thi Toan Thang from the Ho Chi Minh City Cadre Academy said that many nations have been developing a model of advanced senior care, and Vietnam should learn from their experience.

For example, Japan, one of the countries with the highest proportion of elderly people, has successfully developed an industry known as the ‘silver economy.’ 

This sector focuses on the needs of the elderly, encompassing a range of services and products designed specifically for seniors.

By Tieu Bac & Thu Hien – Tuoi Tre News – December 12, 2024