A proposal to raise retirement age to 65 has triggered concerns among lawmakers, with many urging caution given the ongoing implementation of the 62-year plan.
During the October 30 parliamentary discussion on the country’s socio-economic situation, Deputy Nguyen Thien Nhan (Ho Chi Minh City delegation) proposed increasing the retirement age to 65, suggesting it could contribute over 5 million workers toward the goal of achieving double-digit economic growth.
He also urged measures to raise Vietnam’s fertility rate from 1.91 to 2.1 before 2035.
This proposal quickly gained public attention, as retirement policies directly affect labor structure, social welfare, employment quality, and public health - particularly in the context of Vietnam’s rapidly aging population.
Under Article 169 of the 2019 Labor Code, workers who meet the required social insurance contribution period are entitled to a pension upon reaching the statutory retirement age. In normal working conditions, the retirement age is being adjusted in phases to reach 62 for men by 2028 and 60 for women by 2035.
Reflecting on this roadmap, Deputy Truong Xuan Cu (Vice President of the Vietnam Association of the Elderly) stated: “We cannot raise the retirement age to 65 so quickly. Vietnam hasn’t even fully implemented the increase to 62 yet. Around the world, there are few countries with a retirement age as high as 65.”
Deputy Truong Xuan Cu, Vice President of the Vietnam Association of the Elderly. Photo: Hoang Ha
Vietnam has officially entered an aging population phase, with people aged 60 and older making up over 10% of the total population. By 2036, it is forecasted to become an aged society, with 14% of the population aged 65 or more.
In this context, any retirement-related policy must be carefully assessed to avoid negatively impacting the labor market - especially job opportunities for younger generations.
Deputy Cu noted that extending the working age could be considered for specific sectors such as education, medicine, or scientific research. However, such decisions must be based on empirical evidence and implemented cautiously.
“It can't be done hastily. Speed without basis is not a sound approach,” he emphasized.
Laying the groundwork for a silver economy
From another perspective, Deputy Hoang Van Cuong (Hanoi delegation) highlighted that increasing life expectancy and improved healthcare have extended older adults’ capacity to work.
Many countries with aging populations and shrinking youth labor pools have naturally extended retirement ages. In some, people continue working into their seventies.
He referred to this phenomenon as the “silver economy” - an economy powered by older individuals whose contributions often peak later in life.
Deputy Hoang Van Cuong shares his views on retirement age increases. Photo: Hoang Ha
However, for labor-intensive occupations requiring quick reflexes and precision, senior workers may not be suitable. Thus, developing a silver economy must be accompanied by flexible models that leverage the strengths of capable older workers without forcing those unable to adapt.
“If we enforce a rigid, one-size-fits-all policy, the disadvantages may outweigh the benefits,” Deputy Cuong warned.
He added that Vietnam still has a relatively abundant young workforce that should be fully optimized before introducing mandatory extensions to retirement age.
The 2019 Labor Code already outlines a roadmap to gradually increase retirement ages to 62 for men and 60 for women.
“Therefore, for now, we don’t need to consider raising the retirement age to 65,” he affirmed.
Vietnamnet.vn
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