"Silver economy in Vietnam in the new era"

On the morning of November 15, the National Scientific Conference "Silver Economy in Vietnam in the New Era" officially took place in Hanoi, attracting special attention from policy makers, academics and the community.

This is the first time that an economic model revolving around the needs, potential and contributions of the elderly, a population group of more than 9 million people currently participating in labor and production, has been discussed at a national strategic level.

The workshop was co-organized by the Central Committee of the Vietnam Association of the Elderly in coordination with the Central Policy and Strategy Committee, the Ho Chi Minh National Academy of Politics , the Central Theoretical Council and the Communist Magazine.

Chairman of the Central Committee of the Vietnam Association of the Elderly Nguyen Thanh Binh spoke.

In his opening speech, Chairman of the Vietnam Association of the Elderly Nguyen Thanh Binh emphasized that the results of the workshop will provide important arguments to turn silver economy into a new driving force for national growth.

Currently, the country has more than 9 million elderly people working, producing, doing business... The silver economy not only contributes significantly to growth but also creates a foundation to ensure sustainable social security, helping the elderly live happily, healthily and usefully. Mr. Nguyen Thanh Binh, Chairman of the Vietnam Association of the Elderly, shared at the Workshop.

In his orientation speech, Politburo member, Director of the Ho Chi Minh National Academy of Politics, Chairman of the Central Theoretical Council Nguyen Xuan Thang affirmed that developing the Silver Economy is not only an economic issue but also a cultural, social and ethical issue. He suggested that it is necessary to move beyond the mindset of social security and costs, to the mindset of investment - value creation - market.

Member of the Politburo, Director of the Ho Chi Minh National Academy of Politics, Chairman of the Central Council of Theory Nguyen Xuan Thang spoke.

To turn Silver Economy into a national strategy, Mr. Nguyen Xuan Thang raised six key groups of issues requiring the Workshop to focus on clarifying:

Dynamic transformation: How to make the silver economy truly become the country's new growth driver; Institutional framework: Establish a national institutional framework for the silver economy, similar to the digital economy or green economy; Priority segments: Which market segments should Vietnam prioritize to develop to serve the elderly; Contribution mechanism: What mechanism to encourage the elderly to continue to contribute "voluntarily - effectively - sustainably"...

At the workshop, Editor-in-Chief of Communist Magazine Hoang Trung Dung shared that Vietnam is entering a period of unprecedented rapid population aging. In 2025, the number of elderly people aged 60 and over will account for over 14% of the population. It is forecasted that by 2036, Vietnam will officially become a country with an aging population. In fact, the silver economy has helped many countries, such as Japan, Korea, and France, proactively respond and adapt to the aging population process.

In the context of the country promoting the transformation of the growth model, developing the knowledge economy, green economy and digital society, the research and planning of economic development policies are increasingly meaningful in contributing to ensuring social security, promoting sustainable growth and enhancing the national position in the new era.

Experts and scientists have proposed seven key groups of solutions to build a national strategy for silver economic development. Notably, it is necessary to improve employment and training policies to encourage older workers to continue participating in the labor market; develop industries and services for the elderly such as tourism, health care, and assistive technology; and remove bottlenecks in business support mechanisms, creating conditions to promote investment in this field.

One of the important proposals is to issue a National Strategy on Silver Economic Development for the 2025–2045 period, as a basis for long-term and synchronous policy orientation nationwide.

The discussion results and recommendations at the Workshop will be an important basis for the Vietnam Association of the Elderly and the Workshop Steering Committee to prepare a report for the Politburo, the Secretariat, the Government and the National Assembly to consider. This is considered a decisive step to make the silver economy one of the pillars of Vietnam's socio-economic development strategy in the new era.