Vice President Cao Si Kiem said that the Fund for Vietnamese Elderly was set up after a decision made by the Prime Minister in 2006. The establishment of the fund demonstrates the traditions in Vietnam to pay respect to older generations and to show social responsibility towards the elderly, who have helped to educate younger generations about virtue, dignity and patriotism.

The fund aims to take care of the health and spirit of older people, to create favourable conditions for them to promote their roles and experience in various social aspects, and to improve the lives of older people, particularly the lonely and handicapped and those of ethnic minority groups.

Mr Kiem said that the sources for the fund are voluntary contributions from different sections of the population and sponsorship from domestic and international individuals and organizations. The fund will be used to help old people, offer assistance to the families of the deceased and assist cultural and sporting activities.

According to Mr Kiem, the fund for the elderly is enshrined by law and is under the management of the State. The association’s central committee is now drafting documents on the development for the fund. It is expected that the fund will make its official debut on June 6.

At the press briefing, two enterprises - Technology Investment and Development Company (Innotech) and the Vietnam-US clinic - donated VND20 million to the fund.