Home-based care seen as gold mine for Vietnam’s silver economy

The silver economy encompasses all economic activities related to the consumption, care, and active participation of the elderly.

Most seniors prefer to age in familiar surroundings rather than move into institutional care, making at-home services one of the most promising drivers of Vietnam’s emerging silver economy.

Huan Le, deputy general director of Wecare247, said that Vietnam’s silver economy still lacks practical solutions that truly meet the needs of older adults, despite the fact that around 80 percent of seniors wish to be cared for at home.

Huan told Tuoi Tre (Youth) newspaper that the opportunities for the growth of the silver economy lie not only in luxury elderly care centers, but also in accessible, day-to-day support services.

He believed this segment is likely to expand rapidly because it aligns closely with the needs of Vietnamese families.

The demand is especially urgent given the country’s limited eldercare infrastructure.

Around 70 percent of Vietnam’s elderly population live in rural areas where support services remain sparse.

Vietnam’s silver economy market is forecast to grow from US$2.6 billion in 2023 to $4.8 billion by 2034, with much of that growth expected to come from practical, flexible, and affordable home-care solutions.

According to Dr. Nguyen Van Vinh Chau, deputy director of the Ho Chi Minh City’s Department of Health, recent screenings of nearly 500,000 residents aged over 60 revealed that each person suffers from more than two chronic illnesses on average, while nearly 10 percent require assistance with daily living activities.

Despite the growing need, the city’s eldercare system remains limited, with only around 15 hospitals operating geriatric departments, 17 mixed-specialty geriatric departments, and 36 social protection centers.

Experts noted that Vietnam’s silver economy is also lacking daycare centers and community activity hubs for seniors.

These facilities offer safe daytime environments where elderly people can socialize, exercise, and receive monitoring and support while their adult children are at work.

In many countries, such services are significantly less expensive than full-time residential care, yet supply in Vietnam remains extremely limited.

Nguyen Thi Kieu Oanh, founder of Life Energy - Genki Limited Liability Company, said many elderly Vietnamese are reluctant to leave familiar neighborhoods and communities, which is why her company developed a semi-residential daycare model.

“They remain in their familiar living environment, but during the day they can come to the elderly care center to meet friends, socialize, and participate in activities that improve both physical and cognitive health,” Oanh said.

These seniors also receive health screenings, rehabilitation support, cognitive training aimed at preventing dementia, and various wellness activities before returning home in the evening to spend time with their families.

However, Oanh noted that family members must first change their perceptions and encourage older relatives to participate in such programs.

Aging population creates new investment opportunities

Vietnam is aging rapidly.

In 2038, one in every five Vietnamese citizens is expected to be over the age of 60, while by 2050, one in six people will be over 65.

Matthew Powell, director of Savills Hanoi, said the demographic shift will drive strong demand for real estate and services tailored to the elderly.

Demand will extend beyond traditional housing to include senior living communities, assisted-living facilities, and wellness-oriented residential developments integrating long-term healthcare services.

Over the next five to 10 years, they are expected to become some of Vietnam’s fastest-growing property and service segments as demand for professional care and improved quality of life rises.

Powell also noted growing interest from international investors in Vietnam’s silver economy, particularly projects that combine residential development with healthcare and wellness services.

Hanoi and Ho Chi Minh City might become key markets thanks to stronger infrastructure, higher incomes, and better healthcare access.

Coastal destinations such as Da Nang, Nha Trang, and Phu Quoc are also emerging as attractive locations for retirement communities and wellness-focused resorts.