On the morning of March 11 in Hanoi, Comrade Pham Minh Chinh, Member of the Politburo and Prime Minister, chaired a nationwide online conference on the global development of the Silver Economy and the adaptation of Vietnam's policies and strategies.

The conference was attended by Comrade Le Thanh Long, Member of the Party Central Committee and Deputy Prime Minister, along with representatives of relevant ministries, ministerial level agencies and units. At the Dak Lak venue, Comrade Truong Cong Thai, Vice Chairman of the Provincial People's Committee, and representatives of relevant departments and sectors attended the event.

Conference scene at the central venue (Photo: baochinhphu.vn).

The report presented at the conference noted that population ageing is emerging as a major global challenge and at the same time an important development driver. According to United Nations projections, by 2050 the number of people aged 60 and over will exceed 2 billion, accounting for about 22 percent of the world population. In that context, the Silver Economy has emerged as a new economic sector that taps into the consumption potential and social participation capacity of the older population group while reducing pressure on public budgets and the welfare system.

Silver Economy is a new term implying a form of economic development based on state mechanisms and policies adapted to population ageing, relying on socialized resources with the aim of linking businesses, philanthropists and social communities to jointly protect, care for and promote the role of older persons; older persons are both the target of the Silver Economy and actors who make it happen.  

The conference was held in both in person and online formats to localities (Screenshot).

Vietnam officially entered the population ageing stage in 2011 when the proportion of people aged 60 and over was 10.1 percent and those aged 65 and over was 7.2 percent. Currently the country has about 17 million older persons, around 17 percent of the population. The rate of increase in the proportion of older people in Vietnam is accelerating. It is forecast that by 2036 Vietnam will begin the transition from an ageing society to an aged society and by 2049 will become a super aged society.

Against the backdrop of rapid population ageing in Vietnam, older persons benefit from preferential policies and regimes, enjoy longer life expectancy and improved quality of life, and contribute alongside their children and grandchildren to live happily and productively. However, population ageing also presents numerous difficulties and challenges, first and foremost the capacity of resources to meet growing social security needs while the national budget is limited; shortages of labour due to the end of the demographic dividend; a health system not yet fully covering medical care for older persons; and a fragmented, ad hoc elderly care facility system. To fundamentally and sustainably address these issues, the entire political system and society must participate, from removing institutional bottlenecks to changing perceptions and behaviours, under the motto "Joining hands to ensure older persons live peacefully and happily." 

Delegates attending the conference at the Dak Lak venue.

At the conference, delegates focused discussions and proposed effective solutions to develop the Silver Economy under new development trends such as learning from international experience and proactively adapting Vietnam's policies and strategies; assessing the current implementation of the national strategy on older persons in response to population ageing; proposing Silver Economy development models suitable to Vietnam's conditions, linked with accelerated digital transformation, green transition, circular economy, start ups and innovation; and solutions to turn the burden of ageing into an economic opportunity, transforming challenges into opportunities while ensuring social security, harnessing the great potential of older persons, and ensuring social progress, equity and humanitarian values.

Speaking at the conference, Comrade Pham Minh Chinh affirmed the viewpoint "Older persons are not a burden but a precious resource for national development," echoing President Ho Chi Minh's teaching in his letter to the elders nationwide in June 1941, which stated: "For the family, for the Fatherland, the elders have the important role as the respected seniors; for the village, for the people, the elders enjoy great trust. When the elders call, the people respond; when the elders act, the people follow".

Prime Minister Pham Minh Chinh spoke at the conference (Photo: baochinhphu.vn).

Comrade Pham Minh Chinh proposed that, going forward, five priority action areas for developing the silver economy be clearly defined: raising awareness and renewing thinking to adapt to population aging associated with the development of the silver economy; developing a health care ecosystem for the elderly, mixed use complexes, Happy Villages, Senior Community Houses, and clubs for the elderly; encouraging enterprises to develop services (wellness tourism, age friendly housing, medical technology, pension insurance) shifting from passive care to care that promotes roles and the development of services for older people; promoting the role of older people in society (traditional education, advisory roles, household economy); and strengthening the role of the Vietnam Association of the Elderly (representing interests, policy formulation, resource mobilization).

Comrade Pham Minh Chinh requested ministries, sectors and localities, according to their functions and tasks, to focus on directing the implementation of the Party's and State's guidelines, lines and policies to further enhance the role of older people in national construction, development and defense of the Fatherland; with emphasis on building and perfecting inclusive and comprehensive institutions for the development of the silver economy; prioritizing the construction of strategic infrastructure to serve the development of the silver economy; mobilizing and effectively using resources for the development of the silver economy; focusing on training and improving the quality of human resources serving the development of the silver economy; and intensifying information and communication to build social consensus on developing the silver economy.

Prime Minister Pham Minh Chinh expressed confidence that generations of elderly Vietnamese will continue to set an example and actively contribute to the country’s development in the new era across all fields under the motto: “Elderly set a bright example - Healthy aging - A support for children and grandchildren - National development - Deep wisdom - Leading in nation-building.”