The report Population change and family planning as of April 1, 2020 from the General Bureau of Statistics shows that the average life expectancy at birth is a composite indicator to assess the probability of death of a population. The average life expectancy of Vietnamese people has therefore hardly changed compared to 2019.
In particular, the average life expectancy of Vietnamese people is 73.7 years old. In which the average life expectancy of men is 71 years and that of women is 76.4 years.
Compared to other countries in Southeast Asia, the average life expectancy at birth for Vietnamese people is higher than the regional average (70.5 years), ranking 5th out of 11 countries, according to the report. It is known that the average life expectancy of Vietnam is only behind Singapore (83 years), Brunei (77 years), Thailand (75.5 years) and Malaysia (75 years).
“This is one of Vietnam’s achievements in improving people’s living standards,” according to the General Statistical Office.
The report on Vietnam’s aging trend, titled “Vietnam: Adapting to an Aging Society” by the World Bank and the Japan International Cooperation Agency (JICA), indicates that the process of aging in Vietnam is expected to accelerate in the near future. According to the scenario, the average fertility rate is predicted to increase sharply to 19.6 million people by 2049, 3 times higher than in 2014 and will make up about 18.1% of the population.
With a declining birth rate and an increase in life expectancy, the elderly are expected to make up 10%-20% of the Vietnamese population by 2035. Vietnam’s old-age dependency ratio, calculated as the number of people over 65 divided by the working age population, is estimated to double from 0.11 in 2019 to 0.22 in 2039.
Carolyn Turk, World Bank Country Director for Vietnam, said Vietnam has over the past 30 years managed to leverage its abundant workforce to fuel economic growth.
“Now, with its aging population, Vietnam needs to quickly build the skills of its workforce to accelerate innovation and increase the productivity of the economy, and must now embark on pension reforms to support the livelihoods of the elderly for decades to come,” emphasized Mrs. Carolyn Turk.
Data from the report shows that as Vietnam gradually transitions to an aging population structure, Vietnam’s long-term growth rate will slow by 0.9 percentage points over the period 2020-2050 compared to the past 15 years. In addition, it will meet the needs of an aging society from 1.4% to 4.6% of GDP additional costs and increase fiscal costs.
Faced with this situation, the report recommends Vietnam to improve labor force participation and productivity, increase the efficiency of public spending and strengthen the service delivery system. At the same time, Vietnam needs to change appropriate policies for the four sectors most affected by the aging trend. Including the labor market, pensions, health and care for the elderly.