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Prime Minister Pham Minh Chinh has demanded developing a "silver economy" with harmonious cultural, political, economic and social progress that turns the burden of ageing into an economic development opportunity.
He made the request while addressing the national conference on global "silver economy" trends and Vietnam’s policy response on March 11.
Vietnam officially entered the ageing population phase in 2011, with the number of elderly people rising rapidly. In 2024, the country had about 14.2 million people aged 60 and above, a figure projected to approach 18 million by 2030. The demographic shift presents both challenges and opportunities. While it places increasing pressure on the social welfare system, it also serves as a driving force for seeking a new growth model to achieve fast and sustainable development. Therefore, developing the "silver economy" is an inevitable trend, with older persons not regarded as a social burden but as a valuable resource for national development, said officials at the meeting.
The "silver economy", PM Chinh said, reflects a new development mindset in which the elderly is both contributors to and beneficiaries of economic growth.
![PM highlights 'silver economy' as sustainable growth driver -0](/_en-cdn_/images/6b799d0b301a1bd04e8789e12c6eaf5ff71bceec0ffe040866e610cc30becd1c32d688bbf490387d677125d3d4ece9bc9dffe546211ae26f0167d922f35617b3/1-1773241071260.jpg.avif "Prime Minister Pham Minh Chinh chairs the conference on global "silver economy" trends and Vietnam’s policy response in Hanoi on March 11. Photo: VNA")
He noted that many countries have already shifted their approach to ageing, recognising the "silver economy" as a new and sustainable growth driver that relies less on external factors. The PM noted that international experience shows three major solutions – improving the quality of life for the elderly, introducing flexible retirement age policies, and encouraging businesses to invest in the "silver economy" market.
According to the Government leader, two foundational elements of the "silver economy" are now available in Vietnam – a changing perception of population ageing as a substantial impetus and social resource rather than a risk, and the recognition of older people as a valuable national asset, a crucial force of the country and a mainstay of families and communities.
He stressed that Vietnam has already begun building a policy framework to adapt to ageing, including adjustments to retirement age and the expansion of community-based care models and small-scale livelihood support for the elderly. The goal of promoting older people's economic role has been clearly set out, particularly in a programme encouraging their participation in digital transformation, green transition, entrepreneurship and job creation.
To further advance the "silver economy", PM Chinh outlined five key priorities, focusing on raising public awareness and reshaping perceptions of ageing; developing a comprehensive healthcare ecosystem for older persons; encouraging businesses to expand services for the elderly; promoting the social participation of older people; and strengthening the role of the Vietnam Association of the Elderly.
He also highlighted three pillars for developing the "silver economy": placing older people at the centre, positioning businesses as the core force for innovation and implementation while promoting their social responsibility and age-friendly workplace, and ensuring the State builds supportive legal frameworks, incentives and social security systems.
He urged ministries and localities to improve institutions, develop strategic infrastructure serving the "silver economy", mobilise and efficiently use resources, train human resources, and promote social awareness to support the "silver economy". Local authorities were asked to introduce suitable policies, remove bottlenecks, expand effective models, encourage businesses to invest in the "silver economy", and further promote the role of older people in the community and policy-making process.
The PM stressed that population ageing is an inevitable part of development. The key challenge is not to avoid it but to respond proactively with sound policies and decisive action to turn the "silver economy" into a new driver of growth, innovation and sustainable development./.
