Unlocking the economic 'gold mine' of healthcare.

DNVN - Despite being a crucial foundation of society, the care economy in Vietnam has not yet received the recognition and investment it deserves. Exploring this sector would not only free up women's labor but also open up opportunities for outstanding economic breakthroughs in the context of an aging population.

The silver economy has great potential.

The care economy, or silver economy, encompasses all activities that provide care and support services to individuals, particularly children, the elderly, and people with disabilities, both paid and unpaid. This is a crucial area for social welfare, ensuring the health, well-being, and development of individuals and communities.

At the "Vietnam Care Economy 2026" forum held on the morning of January 26th in Hanoi , experts emphasized that the care economy is the foundation of society, but for a long time, this economic model has lacked proper recognition and investment in Vietnam.

Data from the World Bank in 2022 shows that Vietnamese women spend an average of 3 hours a day on unpaid care work, almost twice as much as men.

Ms. Mai Thi Dieu Huyen, Vice President of the Vietnam Women Entrepreneurs Council under the Vietnam Chamber of Commerce and Industry (VCCI), stated: “This disparity not only creates a ‘double burden’ for women but also reduces labor productivity, limits opportunities to participate in the job market, and impacts the quality of human resources in the long term. Caregiving work often lacks recognition and appreciation, inadvertently creating barriers that hinder progress towards an equal and prosperous economy.”

According to estimates by the General Statistics Office, by 2038, more than 20% of Vietnam's population will be over 60 years old. Mr. Doan Huu Minh, an analyst at the United Nations Population Fund (UNFPA), stated that Vietnam officially entered the aging population phase in 2011. It is projected that by 2034, the proportion of elderly people will reach 20%, meaning Vietnam will become an aging population. After 2030, the number of children of school age at all three levels will begin to decrease. By 2036, Vietnam will end its "golden population" period.

Ms. Mai Thi Dieu Huyen - Vice President in charge of the Vietnam Women Entrepreneurs Council under the Vietnam Federation of Commerce and Industry (VCCI).

On average, each person spends 9-10 years living with illness. Meanwhile, the healthcare system is underdeveloped. 76% of older adults do not have a pension, and 99% rely on unpaid care from family members. 72% of older adults are cared for by women who work informally and lack adequate protection.

"A noteworthy characteristic of Vietnam's population is the simultaneous nature of its demographic shift: moving from an aging population to an elderly population, ending the demographic dividend period just as the number of children begins to decline. This presents both challenges and enormous potential for economic development," Mr. Minh emphasized.

Assessing the potential of the care economy in Vietnam, Mr. Minh pointed out six core potentials. Firstly, economically, by 2035 approximately 34% of the population will be over 50 years old. A UNFPA survey shows that 39.3% of older adults and their families are willing to pay for professional services.

Secondly, regarding employment, formalizing the care industry will create millions of jobs, from young entrepreneurs to older adults wanting to re-enter the labor market through the "care tourism" model.

Thirdly, gender equality. The care economy will create mechanisms to redistribute labor and reduce the workload for women. This will generate greater returns and create social equity, reducing stress for women.

Fourth, the potential for technology and green development. The synergy of digital technology and green manufacturing trends will be the perfect piece to transform the care industry into a modern and sustainable sector.

Fifth, the potential for sustainable human resource development or social security. Building a healthcare system will strengthen sustainable poverty reduction. A life-cycle social security system will nurture individuals, especially preparing them for old age from a young age. They will reduce illness in old age and, importantly, accumulate financial security.

Sixth, the potential for infrastructure development. Instead of simply focusing on construction projects, this potential aims to create an ideal living ecosystem through the philosophy of "holistic design," helping the elderly fully integrate into urban spaces.

Ms. Caroline T. Nyamayemombe - Head of UN Women Vietnam.

Sharing the same view, Ms. Caroline T. Nyamayemombe - Head of the United Nations Agency for Gender Equality and Women's Empowerment (UN Women Vietnam) emphasized that the pressure of an aging population is weighing heavily on women, but this also presents an unprecedented opportunity.

“With the right investment, the care economy can boost job creation, support women-owned businesses, and increase labor productivity. Investing in the care economy is investing in human resources, productivity, and the long-term development of the economy,” Caroline affirmed.

"Thirst" for professional care services

Despite its great potential, the current healthcare system is still not meeting the needs. Mr. Pham Vu Hoang, Deputy Director of the Population Department (Ministry of Health), shared that the current geriatric system generally does not meet the demand. The entire country has only one provincial-level geriatric hospital in Quang Ninh. Regarding private nursing homes, there are currently about 20 facilities, but they are mainly concentrated in large cities with very high costs, making them inaccessible to the vast majority of the population.

Mr. Hoang also stated that there are currently about 10,000 elderly people residing in social welfare facilities – a very small number compared to nearly 15 million elderly people nationwide.

"This situation highlights the need for a comprehensive solution encompassing both policy and social mobilization. Discussing incentives for land, electricity, and water supply for care centers will be key to meeting the growing demand," Mr. Hoang emphasized.

A 2023 UN Women study indicated that every $1 invested in care can generate up to $4 in economic benefits. Therefore, family-friendly business models such as on-site childcare or flexible working hours are no longer "additional benefits" but a prerequisite.

Caroline T. Nyamayemombe recommends that businesses that adopt family-friendly policies often report higher employee retention rates and stronger productivity. By adopting innovative business models, businesses can open up new markets while supporting the well-being of their workforce.

Experts believe that Vietnam needs a solid legal framework and increased public-private partnerships (PPP). When the care economy is professionalized, it will become a crucial pillar, ensuring social security and driving Vietnam's economic growth in the future.

Nguyet Minh

Source: https://doanhnghiepvn.vn/kinh-te/danh-thuc-mo-vang-kinh-te-cham-care/20260126014052268