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Aging population to pose challenges for Vietnam

Staff writer |
Vietnam’s aging population is growing quickly, and the nation faces pressing challenges in managing the burgeoning demographic, according to a World Bank report.

The report, “Live Long and Prosper: Aging in East Asia and Pacific”, said Vietnam’s working-age population has peaked and is now declining.

Vietnam’s demographic of senior citizens aged 65 and older is expected to double from 7 per cent to 14 per cent in 18 years, according to the report.

Comparatively, the same demographic is expected to reach 14 per cent in Thailand in 17 years; Laos and Indonesia in 20 years; Timor-Leste, China and Singapore in 25 years; the United Kingdom in 45 years; the United States in 69 years; and France in 115 years.

The change will result in a rapid decline in the working-age population in East Asia and Asia Pacific countries.

The report also pointed out that people in rural areas work longer, and those in urban areas retire earlier, particularly female workers and those working in formal jobs.

In addition, elderly people in Vietnam rely mainly on their own work for financial support, and 60 per cent of people polled by the World Bank said they expected more Government support in addition to their pension and support from children and other family members.

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