An aging population is presenting many challenges for Vietnam as the country’s social security system is still in its early stages and its economic resources are limited, delegates said at the Aging Summit 2022 in Ho Chi Minh City on November 29.
HCM City (VNS/VNA) - An aging population is presenting manychallenges for Vietnam as the country’s social security system is still in itsearly stages and its economic resources are limited, delegates said at theAging Summit 2022 in Ho Chi Minh City on November 29.
Bui Ton Hien, director of the Institute of Labour, Scienceand Social Affairs (ILSSA), said ILSSA and the Institute of Social and MedicalStudies (ISMS), in collaboration with Prudential, conducted two studies thatproposed preparedness measures and actions for people aged 30–44 to ensureincome security in their senior years.
The ‘Preparedness for independent seniority’ and ‘Awareness and action toensure income security for independent seniority of the middle-aged population’studies pointed out that “the level of readiness and preparedness for theindependent old age of middle-aged individuals is not high,” he said.
Le Thu Huyen at the ILSSA said Vietnam has officially entered the "ageingphase" since 2011 and is projected to become an "aged" societyby 2036. Vietnam is one of the most rapidly ageing countries in the world.
The number of older persons (65 years or over) has increased rapidly to reachnearly 7.4 million in 2020, accounting for 7.7% of the total population. It isexpected to increase to nearly 11.8 million by 2030, accounting for 12% of thetotal population, she said.
One of the studies revealed that a large percentage of respondents aged 30 to44 seek to live independently in old age, however, the percentage ofrespondents planning to achieve this remains low, at nearly 30%, she said.
This requires a comprehensive policy framework that applies to all populationgroups to prepare for an aged society in the near future, she said. Dr. Bui Sy Loi, former vice chairman of the NationalAssembly's Social Affairs Committee, said the necessity of solving socialsecurity problems is similar to finding solutions for economic growth.
He suggested expanding and diversifying types of insurance, combining healthinsurance and private life insurance to meet people's needs.
"Adapting to an aging population and a sustainable social development aregetting more attention from Government agencies, policymakers, businesses, andresidents in general,” said Phuong Tien Minh, CEO of Prudential Vietnam.
“As a corporation in life insurance, Prudential always cares about socialissues. In addition to coordinating activities with specialised research agenciesand supporting projects related to aging population, Prudential has alwaysaimed to raise awareness and drive citizens to be proactive in planning andpreparing for an independent future."
Held by Prudential Vietnam in collaboration with ILSSA and ISMS, the summitwith the theme ‘Aging Population – Opportunities and Challenges for theMillennial Generation’ was among a series of activities involved in the project"Independent Seniority” initiated by Prudential in 2020./.
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At the event (Photo: VNA) 
