Improving social insurance regulations in the context of population aging in Vietnam

Vietnam is entering a phase of rapid population aging, placing increasing pressure on the sustainability of its social insurance system. The total fertility rate is projected to decline to 1.91 children per woman in 2024 - a historic low, while the population aged 60 and above has grown 1.5-fold since 2014 and is expected to account for approximately 25% of the population by 2050. Drawing on an analysis of the 2024 Law on Social Insurance, Resolution No. 28-NQ/TW (2018), and the 2025 Law on Population, this study identifies three fundamental shortcomings: the limited coverage of compulsory social insurance, particularly among digital and informal workers; the low attractiveness of voluntary social insurance due to constrained benefit schemes; and structural risks of long-term imbalance in pension fund management. The findings underscore critical challenges to the resilience and inclusiveness of Vietnam’s social protection system in the context of demographic transition.