Impact of aging population on economic development discussed

The event provided a chance for scientists to exchange their views on the trends and impacts of population aging in relation to economic development based on international experience and practice in Vietnam. In addition, they were given a platform in which to propose solutions aimed at coping with the current rapid population aging taking place in the country.

Phi Vinh Tuong, acting director IWEP, said that population aging represents a major challenge for economic development and welfare issues, with Vietnam officially entering the aging population stage.

He cited data compiled by the General Statistics Office (GSO) as saying that in 2019 the country had roughly 10.4 million elderly people, thereby accounting for 11% of the population.

According to the forecast made by the UN Population Fund's, by 2029 the number of elderly people in the nation will reach 17 million, accounting for 16.5% of the population. This figure will reach 22.2 million people and 20.2% in 2038, before rising to 31 million and 27% in 2069.

These figures highlight that the population aging in Vietnam is occurring faster than the population growth rate and is primarily concentrated in rural areas.

National population aging is a result of several socio-economic problems that must be addressed such as employment, health care, and social welfare, thereby affecting economic growth and social welfare issues.

Participants underlined the need to enhance the role and capacity of socio-political and professional organisations in building, mobilizing, and implementing policies for population aging and the elderly.

This is along with having a unified approach on population aging in researching and making related policies, as well as stepping up communications and education to raise public awareness of improving health care for the elderly.