The Vietnamese government is exploring a significant change in its social pension policy, with the Ministry of Home Affairs researching a proposal to lower the age for receiving social pension benefits from 75 to 70 years. If implemented, this adjustment is projected to increase the annual budget by about 11.68 trillion VND, raising concerns about the sustainability of public finances.

On August 17, Deputy Prime Minister Pham Thi Thanh Tra, who also chairs the National Committee on Aging in Vietnam, led a conference to review the work related to the elderly for the first seven months of 2026 and to outline key tasks moving forward. The Ministry of Health reported that there are currently nearly 16.5 million elderly individuals in the country, with over 3.53 million receiving monthly social insurance benefits. The government is also ensuring support for more than 1.2 million people receiving social assistance.

The role of the elderly in society remains significant, as over 9 million continue to participate in labor, production, and business activities. Additionally, more than 733,000 are involved in political, governmental, and community organizations, while over 1.1 million contribute to maintaining public order.

During the conference, Deputy Minister of Home Affairs Vu Chien Thang emphasized the need for a thorough examination of the implications of lowering the retirement age for social pension benefits. This policy change could have a considerable impact on the national budget. The assessment indicates that reducing the age from 75 to 70 would necessitate an additional budget allocation of approximately 11.68 trillion VND annually.

Moreover, the conference addressed the development of a 'silver economy' model, the establishment of a national database for the elderly, and proposals for negotiating international conventions on the rights of older persons. There is also a focus on integrating technology into the lives of the elderly.

In her concluding remarks, Deputy Prime Minister Pham Thi Thanh Tra highlighted the importance of raising awareness and responsibility regarding elderly care in the current context. She stressed the need for a comprehensive and sustainable approach to developing the 'silver economy' in alignment with national economic development goals.

The Politburo has tasked the Central Strategy and Policy Committee with leading the development of a proposal for the 'silver economy.' Consequently, the Deputy Prime Minister has directed the Ministry of Home Affairs, Ministry of Finance, Ministry of Industry and Trade, and Ministry of Science and Technology to collaborate closely in creating this proposal, laying the groundwork for institutionalizing and promoting this ecosystem.

In addition to building a data framework, attention must also be given to protecting the elderly in cyberspace, as more seniors engage in the digital environment. The approach should not only focus on protection but also on empowering the elderly in the digital space, facilitating their access to technology, and encouraging their participation in digital transformation and knowledge economy development.

Regarding social pension policies, the Deputy Prime Minister emphasized that expanding coverage must be accompanied by a thorough assessment of its impact on the budget and its relationship with other social insurance policies. This is crucial for ensuring long-term social security, especially as the elderly population continues to grow rapidly, necessitating a balance between expanding coverage and resource allocation.

The Ministry of Home Affairs has proposed two options, including gradually reducing the retirement age for social pension benefits to 70 years.