Vietnam may raise retirement age as seniors' health improves

“The retirement age may be raised differently for men and women and in various sectors,” he said at the opening of a three-day conference that opened in Hanoi on September 6 to discuss the issue.

Those engaged in heavy and hazardous jobs would continue to retire at the current ages of 60 for men and 55 for women, he added.

NGO HelpAge Asia Pacific’s biennial conference, titled “The Economic Implications of Ageing”, has attracted more than 300 officials and experts from 35 countries and territories.

Deputy Prime Minister Vu Duc Dam, chairman of the Vietnam National Committee on Ageing, said the average lifespan in Vietnam has increased to 76.6 from 66 in 1990.

“The number of older people is increasing and will equal that of young people. So the government will discuss solutions to overcome challenges and promote the role of older people.”

According to HelpAge Asia Pacific, the ageing population will lower economic growth in coming decades, partly because of a shrinking and less productive workforce.

Civil society and the private sector need to anticipate changes by adapting policies, services and programs affecting areas such as healthcare, the labor market, pensions, savings and consumption, it said in a statement.

Economic growth should be shared equitably and that growth reduces poverty and vulnerability among ageing societies, it said.

Governments should take key steps to maintain manageable budget trends while honoring a commitment to improve the welfare of older citizens as their numbers increase, it added.