Vietnam Will Be Old Before It Can Be Rich

Is Vietnam going to miss the chance for helping its economy “take off”?

Ever since, Vietnam has always been considered a relatively young country, with an average age of 26. However, the number of people in this age group is declining remarkably. Since the past decade, when the birth rate has been decreasing, due to the pressure from a busy life. This will lead to a decline in the working-age population while Vietnam’s economy is too young, and it still needs a lot of manpower. In addition, the proportion of the working-age population decreases, but the proportion of the elderly who are unable to generate income and rely on children or social support increases. This leads to an increase in the burden on other workers in particular and society in general. Vietnam is beginning to implement policies to reduce the financial burden from older people. Last year, Vietnam untied its retirement age and provided certain remedies in the pension law to improve the health and well-being system.

However, Vietnam is still an agricultural country, requiring labor who are in the working age and healthy. Therefore, if there is no active initiative in changing the structure of the economy, society,… the population of Vietnam may fall into the old state before becoming rich. The worse situation is that Vietnam may miss its “golden population”, which is demonstrated that every 2 people with income will take care of one person with no income. If the aging process and ineffective production due to old technologies are going on, Vietnam will miss their chances to “take off” the economy. According to The Economist, Vietnam will get old before it gets rich.

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