The story of Malaysian Prime Minister Mahathir Mohamad visiting Vietnam at the age of 94 and driving a car at 100 km/h has become a source of inspiration shared at a recent forum on developing the silver economy from a non-traditional security perspective.

On the morning of March 26 in Hanoi, the Institute for Non-Traditional Security (under the School of Business and Management, Vietnam National University, Hanoi), in coordination with the Government Portal, organized a seminar titled “Developing the silver economy from a non-traditional security perspective.”

Opening the discussion, Lieutenant General, Professor, Dr. Nguyen Xuan Yem, Director of the Institute, shared the story of Professor Furuta Moto, 77, who has just completed two terms as Rector of the Vietnam-Japan University under Vietnam National University, Hanoi.

He also recalled an event in 2019 when Malaysian Prime Minister Mahathir Mohamad, at the age of 94 during his second term, visited Vietnam and even drove a VinFast car alongside Pham Nhat Vuong at a speed of 100 km/h in a high-tech park.

From these real-life examples, Nguyen Xuan Yem raised three key issues.

First, how to effectively harness the potential of older people, as Vietnam currently has around 16.1 million citizens in this group, many of whom still have the ability and desire to work.

Second, the elderly must be placed at the center of social welfare policies, particularly in healthcare.

Third, policies must ensure that older people genuinely benefit from development outcomes, both materially and spiritually.

From the perspective of social organizations, Dr. Truong Xuan Cu, Vice Chairman of the Vietnam Association of the Elderly, noted that the country has a substantial pool of senior intellectuals, including around 25,000 scientists, among them 1,250 professors and 5,500 associate professors. This represents a significant knowledge resource if effectively utilized.

However, he also acknowledged that Vietnam’s silver economy still faces multiple limitations, notably the lack of a synchronized policy framework and insufficient mobilization of social resources, leaving its potential underexploited.

Globally, the silver economy has already become a major growth driver. China has more than 310 million elderly people contributing about 6 percent of GDP, a figure expected to rise to 10 percent. Japan treats the silver economy as a pillar, accounting for roughly 20 percent of GDP, while Singapore is leveraging aging trends to drive innovation and create business opportunities.

Top professors unable to afford three-star nursing homes

Professor, Dr. Hoang Dinh Phi, Rector of the School of Business and Management at Vietnam National University, Hanoi, emphasized that Resolution 72 needs to clearly define the responsibilities of ministries and local health departments in developing a modern healthcare market for citizens.

This includes not only medical services but also the pharmaceutical sector, where both Western medicine and traditional medicine should be given attention. In reality, Vietnam’s traditional medicine market has not developed proportionately despite its strong potential.

Heavy reliance on imported Western pharmaceuticals not only increases foreign currency spending but also affects the autonomy of the national healthcare system. It also weakens domestic production capacity, particularly in traditional medicine.

Meanwhile, countries such as China, South Korea, and Japan have made significant progress in this field. Reviving and developing Vietnam’s traditional medicine industry should therefore be treated as a key priority.

In terms of investment attraction, especially from the private sector, there remain many bottlenecks. Models of elderly care services, such as daily, weekly, or monthly nursing care, have yet to develop strongly due to the lack of clear support mechanisms related to land, taxation, and legal procedures. Investment costs are high, while existing incentives are insufficient to attract businesses.

Professor Hoang Dinh Phi pointed out that even individuals with relatively high incomes, including experts and professors after retirement, struggle to access high-quality nursing home services.

“Leading professors who have devoted their entire lives to research and contribution still cannot afford three-star nursing homes after retirement,” he noted.

The silver economy refers to economic activities related to the consumption, care, and empowerment of older people in an aging society. It is emerging as a new growth driver as Vietnam enters a period of rapid population aging.

Thanh Hue