Vietnam’s economy to slow as population ages: WB report
Population aging could slow down Vietnam's long-term growth in the 2020–2050 period by 0.9 percentage points compared with the last 15 years, a new World Bank (WB) report finds.
Hanoi (VNA) – Population aging could slow down Vietnam's long-termgrowth in the 2020–2050 period by 0.9 percentage points compared with the last15 years, a new World Bank (WB) report finds.
According to the report Vietnam: Adapting to an Aging Society, jointlyproduced by the WB and the Japan International Cooperation Agency (JICA), Vietnamis going through the demographic transition to an older society at an earlierstage of economic development and a lower level of per capita income than othercountries who have experienced a similar shift.
The prospect of “getting old before getting rich” means thatVietnam faces a set of important challenges whose solutions require making hardpolicy choices.
With falling birth rates and a rising life expectancy,Vietnam’s elderly are expected to account for between 10 percent to just under20 percent of its population by 2035. Vietnam’s old age dependency ratio, thenumber of people over 65 divided by the number of those of working age, isestimated to double from 0.11 in 2019 to 0.22 in 2039.
The report finds that long-term growth over the period2020–2050 will slow by 0.9 percentage points compared with the last 15 years asits population ages. At the same time, addressing the needs of an aging societyis forecast to cost between 1.4 percent to 4.6 percent of GDP in additionalexpenditure. Expanding coverage and improving service quality will drive growthin fiscal costs.
The report offers recommendations on how Vietnam can managethe aging of its population effectively, based on lessons learned in other countriesthat have experienced a similar demographic transition, particularly Japan. It suggests reforms to help improve labour force participation andproductivity, increase the efficiency of public expenditures, and strengthenservice delivery system. The report also recommends policy actions in fourareas most affected by the aging trends: labour market, pension, health, andaging care.
“As Vietnam’s population ages, it will be important to buildthe skills of the workforce to boost innovation and productivity in theeconomy, while ensuring that pension reforms begin now to sustain livelihoodsfor the elderly in the decades to come,” said Carolyn Turk, World Bank CountryDirector for Vietnam./.
Some 72 percent of 1,200 Vietnamese youngsters and adolescents said they believe that in the next 15 years things will get better than they were before 2019, while 37 percent said they plan to run their own business, according to a report released recently by the British Council.
Up to 72 percent of 1,200 Vietnamese youngsters and adolescents said they believe that in the next 15 years, things will get better than they were before 2019.
The national strategy on gender equality helped to narrow gender gap in different fields during the 2011-2020 period, contributing to the country’s socio-economic development, heard a meeting on August 12.
The United Nations Population Fund (UNFPA) is extremely proud to have been associated with Vietnam’s spectacular achievements in sexual and reproductive health, said Naomi Kitahara, UNFPA Representative in Vietnam.
PM Pham Minh Chinh highlighted how Vietnam's revolutionary press has continuously evolved and strengthened over the past century, affirming its role as a sharp and vital political, cultural, and ideological weapon serving the Fatherland and the people in the glorious revolutionary cause of the Party.
Vietnamese Consul General in Fukuoka Vu Chi Mai highlighted the growing demand for Vietnamese workers in Kyushu, especially in Fukuoka, Oita, and Saga prefectures. Currently, the region employs about 35,000 Vietnamese manual workers and over 5,000 IT engineers.
In Vietnam’s case, she said, President Ho Chi Minh demonstrated his strategic vision by founding the revolutionary press a century ago. The late leader understood the press's role not only as a means to reflect the country’s realities but also as a powerful tool to strengthen national unity and inspire the resistance wars and national construction process.
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The VNA delegation, led by General Director Vu Viet Trang, actively participated in the event, engaging in both professional and diplomatic activities.
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Granma and the VNA have great potential for cooperation, especially in sharing content regularly, so that VNA products are published on Granma platforms and vice versa, thereby helping Cuban and Vietnamese people access true information and gain a deep understanding of each other's country and people.
During his stay in China’s Guangzhou city from 1924 to 1927 to prepare for the establishment of a Communist Party to lead Vietnam’s revolution, President Ho Chi Minh founded “Thanh nien” newspaper and released its first issue on June 21, 1925.
Vietnam and Cambodia are hoped to strengthen their robust collaboration across various sectors, particularly in resolving remaining border issues to transform the border area into a zone of peace, friendship, cooperation, and development.
The strategic product, managed and operated by the Vietnam News Agency Digital Media Centre (VNA Media), is an official channel for popularising the Party and State’s information and documents as well as delivering mainstream and trustworthy news to both domestic and international audiences through various kinds of multimedia formats.
Since President Ho Chi Minh founded Thanh Nien (Young People) newspaper in 1925, the Vietnamese revolutionary press has become the voice of the people. During the resistance war against the colonialists, journalists took great personal risks to inspire patriotism and the will of rising up against foreign invaders.
The total investment exceeded 319 billion VND (12.2 million USD), including over 261 billion VND from the state budget and 57.5 billion VND mobilised from businesses, organisations, and individuals.
The Mekong Delta province of Tien Giang is intensifying efforts to combat illegal, unreported and unregulated (IUU) fishing as part of the country’s goal of having the European Commission’s “yellow card” warning lifted.
Throughout its 80-year history, the VNA has remained at the forefront of information dissemination. It has consistently delivered timely, accurate, and objective reports on both domestic and international events, serving the Party’s leadership, the State’s management, and the public’s demand for official news.
With strong support from local authorities, businesses, organisations, and residents, the province has successfully built or repaired 10,707 homes for disadvantaged households, including war veterans, families of martyrs, ethnic minority people, and low-income residents.
Throughout its resistance against colonialists and imperialists, Vietnam developed a revolutionary press that has served as a benchmark for just and legitimate causes worldwide.
Caring for the elderly's health (Photo: VNA) 
