He made the statement at yesterday’s scientific workshop on "Population aging and policies to adapt to population aging in Ho Chi Minh City” organized by the HCMC Institute for Development Studies coordinated with the city Department of Health.
Through in-depth analysis at the workshop, experts examined the current state of the city's population, identifying key challenges and opportunities presented by an aging demographic. This analysis served as the foundation for developing effective policy solutions to navigate the challenges and leverage the opportunities of an aging population.
The Ministry of Public Security reports that Ho Chi Minh City had 1,310,323 residents aged 60 and over at the end of 2023, representing 12.05 percent of the population. This signifies a significant increase in the elderly population, with projections indicating that they will constitute 20 percent of the city's total population by 2030.
While an aging population presents economic, cultural, and social challenges, such as labor shortages and increased healthcare costs, it also offers significant opportunities.
Increased longevity is opening investment opportunities across sectors such as healthcare, beauty, and consumer staples, as companies innovate to cater to the spending needs of an ageing population. The development of services and products specifically tailored to the elderly (silver economy) can stimulate economic growth.
Moreover, the wisdom and experience of older adults can be invaluable resources for community development and inter-generational learning.
