Integrating digital technology into the "silver economy" development strategy to serve the elderly

Vietnam is entering a period of population aging at an unprecedented rate. If in 2014 the country had only about 9.5 million elderly people, now this number has increased to 16.5 million. According to forecasts, in just over a decade, Vietnam will officially become a country with an aging population.

However, many experts believe that behind this challenge is the formation of a potential market, the "silver economy ". This concept describes products, services and economic activities developed to meet the increasingly diverse needs of the elderly.

In Vietnam, the "silver economy" development mindset is still quite new. Currently, policies for the elderly mainly focus on social assistance, insurance and health care. Meanwhile, potential fields such as geriatric medicine, nursing, adaptive housing, safe tourism, functional foods and assistive technologies have not been exploited adequately.

In the context of the strong digital transformation, many experts believe that this is the time for Vietnam to integrate digital technology into its "silver economy" development strategy. Remote healthcare applications, health monitoring wearable devices, online medical consultation platforms, digital public administration services or elderly-friendly digital banks... can significantly expand the accessibility of services for this population group. Technology not only supports care but also helps the elderly participate in social activities, lifelong learning and online consumption - important links of the modern economy.

According to Deputy Prime Minister Le Thanh Long, for this market to develop, it is necessary to quickly remove two major bottlenecks: land and tax, which are factors that strongly influence businesses' investment decisions. When the policy mechanism is completed in the direction of "opening the road", the private sector will boldly participate in this field, especially technology enterprises with the capacity to deploy large-scale digital service models.

The Ministry of Health proposes allowing people to decide the number of children to prevent population aging.

Along with that, Vietnam needs to change its perception of the elderly. This is not a "burden" population group but a force with life experience, professional skills and significant consumption potential. Reality in many developed countries has proven this. Vice President of the Vietnam Association of the Elderly Truong Xuan Cu said: in Japan, people over 65 years old contribute about 20% of GDP; in the US, the group over 50 years old creates up to 46% of GDP.

The above figures confirm that the elderly are not only beneficiaries of social security but also an important economic force. To promote this resource, sectors such as healthcare, insurance, technology, real estate, tourism and education need to coordinate closely to form a product and service ecosystem specifically for the elderly. Digital transformation plays a key role in connecting these sectors, creating new service models such as smart nursing homes, IoT-integrated housing, digital-based micro-insurance or safe travel via applications.

At the same time, development thinking also needs to shift from “caring for the elderly” to “serving and exploiting the potential of the elderly”. Digital transformation needs to be seen as an important tool to create a more independent, safe and convenient living environment for the elderly, while promoting their greater participation in socio-economic activities.

Deputy Prime Minister Le Thanh Long emphasized that it is necessary to systematize all policies on the elderly in the immediate future, thereby building a general project with appropriate incentive mechanisms, service standards and quality monitoring systems. When the policy foundation is completed and digital transformation is implemented synchronously, the "silver economy" will truly operate, turning population aging from a challenge into a golden opportunity for sustainable development.

Center for Science and Technology Communication

Source: https://mst.gov.vn/integrating-digital-technology-into-chien-luoc-phat-trien-kinh-te-bac-phuc-vu-nguoi-cao-tuoi-19725112000403783.htm