Aging Population – Opportunities and Challenges for the Millennial generation in Vietnam

Prudential Vietnam Assurance Private Ltd. (Prudential Vietnam) organized the Aging Summit 2022 with the subject “Aging Population – Opportunities and Challenges for the Millennial generation”. The program brought together the Institute of Labour, Science and Social Affairs – ILSSA, the Institute of Social and Medical Studies – ISMS, and the media partner Vietcetera. The event was broadcasted live on VnExpress’s online newspaper and Fanpage.

Aging Summit 2022 was the highlight in a series of activities of the project “Independent Seniority” which was initiated by Prudential Vietnam in 2020 and stretched to date. The aim of the summit was to raise Vietnamese people’s awareness about aging population and motivate the young to instantly build a practical plan to follow and achieve an independent senior life.

Mr. Phuong Tien Minh – CEO of Prudential Vietnam emphasized: “ I’m pleased that Prudential Vietnam had the opportunity to associate with government agencies in general and the Institute of Labour, Science and Social Affairs (ILSSA) in specific to support aging population projects in Vietnam. Adapting to an aging population and a sustainable social development are getting more attention from government agencies, policymakers, businesses, and residents in general. As a corporation in life insurance, Prudential always cares about social issues. In addition to coordinating activities with specialized research agencies and supporting projects related to aging population, Prudential has always aimed to raise awareness and drive citizens to be proactive in planning and preparing for an independent future.”

Dr. Bui Ton Hien, Director of Institute of Labour, Science and Social Affairs (ILSSA) shared: “Through the survey results and research, the level of readiness and preparedness for the independent old age of middle-aged individuals is not high. On the other hand, the problem of aging is posing a great threat – as the population ages rapidly, with the social security system still young, the country’s economic resources become limited.”

“We highly appreciate Prudential Vietnam’s cooperation and support over the years in implementing critically important research activities and workshops, to provide scientific evidence for the development and policymaking to adapt to aging population and achieve “active aging” or “successful aging” of Vietnam in decades to come. We highly appreciate the efforts and important contributions of enterprises in policy consulting activities, raising awareness for Vietnamese people and impacting sustainable social development.”  – Dr. Bui Ton Hien shared more.

Within the framework of the event, representatives of the Institute of Labour, Science and Social Affairs and Institute of Social and Medical Studies – their professional research partners who have partnered with Prudential Vietnam since the beginning of the project – had presentations based on the study “Preparedness for Independent Seniority” (2021) and research “Awareness and action to ensure income security for independent seniority of the middle-aged population” (2022). Measures and actions were proposed to encourage preparedness for the 30–44-year-old age group to ensure income security for independent living in old age.

With two lively discussion sessions, the event also attracted the attention of guests watching online through VnExpress online newspaper. The first-panel discussion with the topic “Aging Population: Opportunities or Challenges?” gave audiences an overview of the rapid population aging in Vietnam.

In this discussion, Dr. Bui Sy Loi – Former Vice Chairman of the National Assembly’s Social Affairs Committee determine that the necessity of solving social security problems similar to how finding solutions for economic growth.

Currently, the Vietnamese insurance system includes the state, commercial other economic sectors. Therefore, Dr. Bui Sy Loi supposed that there should be no exclusive insurance system that was needed towards balance in the social security foundation and clearly identified who was being left so that enhancing the care. Moreover, he also suggested expanding and diversifying types of insurance, combining health insurance and private life insurance to meet people’s needs.

In the second panel discussion, the topic “Aged, then?” refers directly to Millennials – who will directly face and be affected by the rapid population aging. The session offered a multidimensional perspective from young people in this group, and revolved around the topics of Finance, Health, Family and Social cohesion, as well as old age expectations so that viewers can find enlightenment towards independent, peaceful old age.

Previously, in early November, Prudential Vietnam officially launched the “Free At 50” page with information summarized based on the survey report “Preparedness for Independent Seniority” conducted by the Institute of Social and Medical Studies and in collaboration with Prudential Vietnam and the Institute of Labour, Science and Social Affairs. It is expected to become a useful information library for the community, helping everyone find solutions towards Independent Seniority such as starting with simple steps like preparing for four aspects consisting of financial security, family and social cohesion, and physical – mental health.  Also on this website, Prudential develops a tool “Financial Calculator” from which people can build a financial contingency plan for a comfortable and independent seniority in the future.

Aging Summit 2022 is a premise to assist people in better understanding and being well-prepared for a free future in all respects. Prudential Vietnam will continue to coordinate with relevant authorities in communication activities to increase awareness of the aging population, and to accompany the active aging community in the coming years.

Audiences can watch the Aging Summit 2022 with the theme “Aging Population – Opportunities and Challenges for the Millennial generation” on VnExpress’s online newspaper and Fanpage HERE.

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Source: Vietnam Insider