Vietnam’s recent introduction of baby bonuses and extended parental leave aims to tackle its declining birth rate, which has fallen to 1.91 children per woman. However, experts warn that these measures may not be sufficient to reverse demographic trends. The country faces the risk of aging before achieving significant economic wealth, with projections indicating a decrease in the working-age population and a rise in those aged 65 and over.
The implications of an aging population are profound, affecting healthcare systems and social support structures. As Vietnam’s elderly demographic grows, the strain on pensions and healthcare will increase, particularly given the uneven coverage among informal workers. This situation mirrors challenges faced by other Southeast Asian nations, where aging populations are reshaping economies and labor markets.
Experts suggest that instead of solely focusing on increasing birth rates, Vietnam should also enhance the health and productivity of its current workforce. This includes investing in preventive healthcare and flexible retirement policies, which could yield immediate benefits by preserving the existing workforce.
Ultimately, viewing aging as a societal transformation rather than merely a fertility issue could lead to more effective policies. Countries that embrace this perspective, like Singapore, are better positioned to manage the challenges of an aging population while celebrating the longevity of their citizens.
Source: DW News
