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.

Bui Ton Hien, director of the Institute of Labour, Science and Social Affairs (ILSSA), said ILSSA and the Institute of Social and Medical Studies (ISMS), in collaboration with Prudential, conducted two studies that proposed preparedness measures and actions for people aged 30–44 to ensure income security in their senior years.

The ‘Preparedness for independent seniority’ and ‘Awareness and action to ensure income security for independent seniority of the middle-aged population’ studies pointed out that “the level of readiness and preparedness for the independent old age of middle-aged individuals is not high,” he said.

Le Thu Huyen at the ILSSA said Vietnam has officially entered the "ageing phase" since 2011 and is projected to become an "aged" society by 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 reach nearly 7.4 million in 2020, accounting for 7.7% of the total population. It is expected to increase to nearly 11.8 million by 2030, accounting for 12% of the total population, she said.

One of the studies revealed that a large percentage of respondents aged 30 to 44 seek to live independently in old age, however, the percentage of respondents planning to achieve this remains low, at nearly 30%, she said.

This requires a comprehensive policy framework that applies to all population groups to prepare for an aged society in the near future, she said.
Dr. Bui Sy Loi, former vice chairman of the National Assembly's Social Affairs Committee, said the necessity of solving social security problems is similar to finding solutions for economic growth.

He suggested expanding and diversifying types of insurance, combining health insurance and private life insurance to meet people's needs.

"Adapting to an aging population and a sustainable social development are getting more attention from Government agencies, policymakers, businesses, and residents in general,” said Phuong Tien Minh, CEO of Prudential Vietnam.

“As a corporation in life insurance, Prudential always cares about social issues. In addition to coordinating activities with specialised research agencies and supporting projects related to aging population, Prudential has always aimed to raise awareness and drive citizens to be proactive in planning and preparing for an independent future."

Held by Prudential Vietnam in collaboration with ILSSA and ISMS, the summit with the theme ‘Aging Population – Opportunities and Challenges for the Millennial Generation’ was among a series of activities involved in the project "Independent Seniority” initiated by Prudential in 2020./.