On March 17, the HCMC Institute for Development Studies (HIDS) and the Executive Board of the International Financial Center of HCMC co-hosted a scientific workshop titled “Strategy for developing the silver economy in HCMC for the 2026–2030 period,” focusing on mobilizing resources and building a service ecosystem aligned with the city’s urban structure.

From passive beneficiaries to active participants

Pham Binh An, Deputy Director of HIDS, emphasized that Vietnam’s population aging rate is among the fastest in the world. 

“Vietnam will officially become an aged society by 2036, with about 20 percent of the population aged 60 and above. In HCMC alone, by the end of 2025, the elderly population is estimated at 1.6 to 1.7 million, accounting for 11–12 percent of the city’s population,” he said.

Facing the pressure of rising pension funds and medical costs, which for the over-60 group are many times higher than for the working group, An noted: "Decades of framing the elderly as welfare dependents relying on the state budget has revealed major limitations. Instead, aging should be viewed as a specific consumer demand structure that can be measured and transformed into a new growth space called the Silver Economy."

The silver economy, also known as the longevity economy, refers to the economic system driven by “silver-haired” individuals, typically those aged 50 and above.

Its scale depends not only on the size of the aging population, but also on the contributions of these individuals, both as consumers and as participants in production.

Doan Huu Minh from UNFPA Vietnam warned that Vietnam has only about a decade to complete its policy framework before entering the aged-society phase.

He stressed that building a silver economy is not merely a welfare solution, but a breakthrough strategy to help the country escape the middle-income trap. This cross-sector ecosystem would reposition older people from “passive beneficiaries” to “active participants,” generating significant demand in healthcare, barrier-free housing, tourism, and financial services.

From an economic perspective, Giang Thanh Long of National Economics University highlighted the intergenerational nature of the issue. 

“If we do not prepare for old age while still young, we cannot expect much later. Without a ‘golden age,’ there can be no ‘silver age,’” he said, citing Japan as an example.

Japan’s elderly care strategy focuses on practical details, such as the “80–20” formula, aiming to retain 20 healthy teeth at age 80, demonstrating how health maintenance supports both physical and mental well-being in old age.

Building foundation for a silver economy ecosystem

Despite its large market potential, experts noted that HCMC’s silver economy remains constrained by institutional “framing,” with unclear boundaries between social welfare and economic development. Other gaps include insufficient data systems, urban infrastructure not yet adapted to an aging society, and a severe shortage of standardized caregiving personnel.

To address these bottlenecks, An proposed that the city urgently establish policy sandbox mechanisms and promote public-private partnerships (PPP). 

“The state should set quality standards, provide foundational infrastructure, and guide planning, while the private sector develops diverse services tailored to different income segments,” he said.

Doan Huu Minh added that leveraging special mechanisms under Resolution 98 and Resolution 260 presents a golden opportunity for HCMC to develop an Age-Tech ecosystem and a flexible labor market for people over 50.

Outlining a roadmap, architect Truong Nam Thuan presented a strategic action plan for HCMC through 2030. In the initial phase (2026–2027), the focus will be on building foundations, including quality-of-life criteria, integrated data systems, and land-use adjustments to publicize investment opportunities in elderly care.

During the capacity-building phase (2027–2029), the city will pilot models such as day-care centers, safe housing renovations, and technologies supporting independent living, laying the groundwork for a sustainable ecosystem beyond 2030.

At the workshop, experts converged on a common principle: the silver economy is a high ethical-risk service sector, best governed by the model “the state provides the foundation, the market delivers services, and the family remains the core pillar.”

Once institutional and land-related bottlenecks are resolved, the silver economy will not only ease pressure on public welfare budgets but also become a powerful growth engine, improving quality of life and strengthening HCMC’s position in a new demographic era.

Quoc Ngoc