The Vietnamese government is exploring the possibility of reducing the age for social retirement benefits from 75 to 70 years. This proposal was discussed by Deputy Minister Vu Chien Thang during a recent conference focused on the elderly population in Vietnam, which was chaired by Deputy Prime Minister Pham Thi Thanh Tra.

Currently, Vietnam has nearly 16.5 million elderly citizens, with over 3.53 million receiving monthly social insurance benefits, including approximately 2.35 million retirees and 530,000 individuals receiving social insurance allowances. Additionally, the state supports over 1.2 million people with social assistance.

However, the rapid aging of the population is exerting increasing pressure on the healthcare system, social security, labor market, and care services. Deputy Minister Vu Chien Thang emphasized the need for a thorough examination of the implications of lowering the retirement age, as it could significantly impact the national budget.

According to policy impact assessments, if the retirement age is lowered, the budget could increase by around 11.68 trillion VND annually. Deputy Prime Minister Pham Thi Thanh Tra highlighted the importance of expanding coverage while carefully evaluating the effects on the budget and its relationship with other social insurance policies.

She noted that this issue directly influences the sustainability of social security in the context of a rapidly growing elderly population. Therefore, it is essential to balance the goal of expanding coverage with the available resources.

Furthermore, Deputy Prime Minister Tra emphasized the need to raise awareness and responsibility regarding elderly care as a top priority, aiming for significant changes across the political system and society as a whole. Another critical task is to continue developing and refining the institutional framework and policies concerning the elderly, ensuring that they are compatible with current practical requirements.

One of the key points raised by Deputy Prime Minister Tra was the importance of sustainably developing a 'silver economy' ecosystem, which involves not only creating products and services for the elderly but also fostering a system that engages businesses, markets, science and technology, and social resources. This approach should also provide opportunities for the elderly to continue participating and contributing to society.

The Central Committee has tasked the Policy and Strategy Committee with leading the development of a proposal for the 'silver economy.' Consequently, Deputy Prime Minister Tra has instructed the Ministry of Home Affairs, Ministry of Finance, Ministry of Industry and Trade, and Ministry of Science and Technology to work closely together to create a foundation for institutionalizing and promoting this ecosystem.

Additionally, Deputy Prime Minister Tra stressed the need to accelerate digital transformation and improve national data on the elderly, ensuring connectivity with digital platforms and specialized databases, particularly in healthcare. Alongside data development, there is a need to focus on protecting the elderly in cyberspace, as they increasingly engage in the digital environment. This approach should not only focus on protection but also on enhancing the roles of the elderly in the digital space, facilitating their access to technology, and encouraging their participation in digital transformation and the development of the digital economy and knowledge economy.