Vietnam is facing challenges as it is one of the 10 fastest-aging countries, according to recent statistics.

It is forecast that it will take no more than two decades for Vietnam to raise the rate of people aged 65 and above to 14 percent from 7 percent.

Since 2007, the country has entered a golden population period that generates abundant workforce for 2010 – 2020 economic growth.

As of the late 2017, there were 11 million senior citizens nationwide, accounting for about 11.95 percent of the total population, roughly 2 million of them aged above 80.

Vietnam is predicted to enter aging population period by 2035 with some 21 million old people who make up 20 percent and 25 percent of the total population by 2038 and 2049, respectively.

Deputy Minister of Labour, Invalids and Social Affairs Nguyen Thi Ha said Vietnam’s average life span rose from 68.6 in 1999 to 73.2 in 2014, which is forecast to rise to 78 by 2030. Moreover, 70 percent of the elderly still work for a living.

Prof. Nguyen Dinh Cu from the National Economics University’s Institute for Population and Social Affairs suggested developing social welfare services and issuing public-private partnership mechanism in the field.

Nguyen Ngoc Quynh from the United Nations Population Fund said aging population offers opportunities to health care services designed for the elderly.

Meanwhile, chief of the Office of the Vietnam National Committee on Aging highlighted the need to create favourable conditions for old people to access credit for business.