Vietnam faces significant retirement pension coverage gap

Data from Vietnam Social Security reveals a significant gap in retirement coverage. Out of approximately 14.4 million people of retirement age, only about 5.1 million, or 38%, receive monthly pensions or social insurance benefits. This leaves the majority of elderly citizens reliant on personal savings, family support, or continued labor to sustain themselves.

A Sun Life 2026 Financial Resilience Index report indicates that 84% of Vietnamese consumers find inflation makes monthly expenses more difficult to manage. Consequently, many are cutting non-essential spending, withdrawing savings, or pausing retirement contributions. Research shows that 70% of individuals expect to continue working after retirement age, and only 24% feel confident in their current retirement plans.

To address these challenges and the country's rapid aging—with a forecast to become an aging society by 2036—experts suggest developing a multi-layered pension system. Under the National Financial Inclusion Strategy for 2026-2030, social insurance serves as the foundation, while commercial and voluntary pension programs act as essential supplementary pillars.