Vietnam considers lowering social pension age from 75 to 70

The Ministry of Home Affairs is researching proposals to lower the eligibility age for social pension benefits in Vietnam from 75 to 70 years old. This potential policy shift aims to expand the social security net for the country’s approximately 16.5 million elderly citizens.

Two primary options are being considered for the draft amendment to the Law on Social Insurance: maintaining the current age of 75 or allowing the Government to gradually reduce the age to 70 based on socio-economic conditions. Implementing the reduction to 70 is estimated to benefit an additional 1.8 million people but would require an increased annual budget of approximately 11,680 to 11,700 billion VND.

In conjunction with these welfare discussions, the Government is emphasizing the development of a ‘silver economy’ ecosystem. This includes creating products and services tailored to the elderly, improving national databases for senior citizens, and encouraging private sector involvement to support the aging population.