Viet Nam’s silver economy development: Turning ageing challenge into a driver of growth

The “silver economy” is, in essence, a new way of looking at population ageing: rather than seeing it only as a burden, it is viewed as a major economic opportunity. The model encompasses all products, services and activities designed specifically for older people, usually those aged 50-60 and above, turning them into a strong consumer force and a new driver of growth.

In reality, many Asian countries have skilfully turned this challenge into an advantage. Japan, for instance, has been dealing with population ageing since the 1970s. It has gone beyond creating everyday products to expanding into all areas, including age-friendly housing, smart healthcare with support robots, premium nursing care, lifelong learning and personalised entertainment. As a result, a wide range of industries has been transformed, helping older people live more independently while enabling businesses to tap into a vast market. This market continues to expand strongly, with care robotics receiving a major boost at large-scale events such as Expo 2025.

China, meanwhile, is also racing to respond to rapid ageing. In the 2022-2024 period, the Chinese Government formally elevated the silver economy into a national strategy. The market has now reached an estimated size of around 15-17 trillion CNY, or about 2-2.2 trillion USD, making a significant contribution to GDP and projected to exceed 10% by 2035.

In Singapore, which is entering the “super-aged” stage in 2026, the silver economy is regarded as a “gold mine”, with the market expected to reach 72 billion USD by 2025. The country is focusing on telemedicine, age-friendly housing and policies encouraging older people to continue working and learning. Malaysia is also preparing carefully for its own ageing milestone in 2044 by drawing on the valuable experience of older people in advisory roles, while developing specialised retirement and leisure services. These examples show that Asian countries are demonstrating that ageing is not the “end of the road”, but can instead mark the beginning of a highly creative economic chapter.

From “invaluable asset” to development resource

To realise this model in Viet Nam, it is essential to clearly define the balance within a solid three-pillared framework. At its centre are older people, who play a dual role: both as a source of supply, bringing valuable experience and resilience, and as a strong source of demand driving service sectors such as healthcare, tourism and lifelong learning. Alongside them, businesses serve as the focal point for innovation and implementation, shouldering social responsibility by creating age-friendly working environments and providing specialised products and services. Finally, the state acts as an institutional architect, shaping a transparent legal framework and incentive mechanisms, thereby building a robust social security system to enable the silver economy to truly take off.

During his lifetime, President Ho Chi Minh affirmed that: “Older persons are an invaluable asset of the nation and the State.” Those words remain fully relevant today. More recently, during a working session with the Viet Nam Association of the Elderly, Party General Secretary To Lam stressed that older people are a precious resource, a “pillar of the nation”, and absolutely not a burden. He paid particular attention to healthcare and the development of “anti-loneliness” elderly care models so that older people can live happily and stay connected.

In fact, Viet Nam officially entered the period of population ageing in 2011. By 2024, the country had around 14.2 million people aged 60 and above, accounting for more than 14% of the population. By 2030, that figure is projected to reach nearly 18 million. This represents prime room for the development of the silver economy.

The political and legal foundations are also being further consolidated. The Party has assigned the Central Policy and Strategy Commission to formulate a project on developing the silver economy as part of the action programme to implement the Resolution of the 14th National Party Congress. The Government has also demonstrated strong commitment through the National Strategy on Older Persons to 2035, issued under Decision No. 383/QD-TTg in 2025, and Resolution No. 36/NQ-CP of 2026 on breakthrough solutions for high-quality healthcare services.

At a conference on the silver economy, Prime Minister Pham Minh Chinh identified five key priorities for action: raising awareness; building a comprehensive healthcare ecosystem, including models such as Happy Villages and Elderly Clubs; encouraging businesses to develop diverse services; promoting the contributions of older people; and strengthening the role of the Viet Nam Association of the Elderly.

Clearing the bottlenecks

Even so, if the silver economy is to move beyond paper plans, policy bottlenecks must be removed. Pauline Tamesis, United Nations Resident Coordinator in Viet Nam, stressed the need to expand both public and private investment in care facilities and infrastructure. Fiscal incentives such as tax reductions and low-interest credit, she noted, are key to attracting investment into this sector.

Sharing that view, Angela Pratt, WHO Representative in Viet Nam, praised Viet Nam’s National Action Plan on Older Persons to 2030. WHO has suggested that Viet Nam should strengthen grassroots healthcare, build a national long-term care system and promote inter-sectoral coordination in order to create a truly age-friendly society.

From the business perspective, Tran Kim Chung, Chairman of CT Group, proposed completing the legal framework for the carbon market and encouraging older people to engage in afforestation and circular agriculture. He also emphasised the importance of digital skills training for older people so as to harness “silver wisdom” through digital platforms and contribute to the Net Zero 2050 goal.

Meanwhile, Nguyen Hong Lam, Chairman of Que Lam Group, focused on the circular agricultural economy. He argued that a legal framework is needed to encourage older people to engage in clean agricultural production, accompanied by support in technology, concessional loans and the design of environmentally friendly crop varieties.

With support from international organisations as well as the determination of the Government and the business community, Viet Nam can fully turn the “silver wave” into a driver of sustainable development. Developing the silver economy is not only about growth figures, but also a testament to a civilised society in which older people remain a golden resource contributing to the country’s prosperity.

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