World Bank Warns Vietnam of Fast Aging Population

The World Bank (WB) has warned that Vietnam’s population is aging faster and on a larger scale than any other countries in the coming decades, state media reported, citing the bank. Statistics by the bank showed that the number of people aging 65 and older would almost triple to 18.4 million or 18% of the total population by 2040 from 6.5 million currently. The speed of aging in Vietnam is among the fastest globally to date and Vietnam is undergoing this demographic transition at a lower income level than many countries with old population, said Philip O’Keefe, lead economist for the WB. He said that population aging will have wide ranging implications and it will affect labor markets and pose new challenges for policy makers, employers, and the population at large. Fast population aging together with falling birthrate will put workforce at risk of deficiency, according to the WB’s specialists. Meanwhile, Vietnam, the country of 93.4 million people, currently has 9.5% of people aging between 20 and 29, highest among age groups, followed by the 30-39 group with 8.2%. It indicates that the country is having demographic advantages. But the transformation of this population poses major challenges for the country, resulting in a number of consequences. It, therefore, requires proper changes, actions, and policies to help overcome the consequences, the experts recommended.  (Worldbank.org, Molisa.gov.vn)