Vietnam is witnessing a significant demographic shift as the population aged 60 and above grows rapidly, leading to a transformation in consumer demand and the emergence of new services and brands at an unprecedented pace. This trend reflects the desires of today’s elderly population to lead healthier, more convenient, and proactive lives.
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A Rapidly Aging Population
In 2014, Vietnam had approximately 9.5 million senior citizens. This figure has surged to 16.5 million in recent years, highlighting a faster-than-anticipated aging process. Within the next decade, Vietnam is expected to fully transition into an “aged society.” The demographic changes are giving rise to a nascent market: the “silver economy”—a specialized ecosystem of products and services tailored specifically for older adults. This includes geriatric healthcare, nursing care, adaptive housing, safe travel, functional foods, and technologies that enhance the quality of life.
Changes in Consumer Behavior
The aging population is catalyzing growth opportunities within this silver economy. While Vietnam’s retail sector has long offered specialized services for infants and young parents, there has recently been a notable increase in retail stores, supermarkets, and shopping spaces aimed at the elderly. Historically, business models serving older adults have existed, but they are now accelerating due to rapid demographic changes and evolving consumer behavior.
In 2012, Vietnam saw the launch of its first supermarket for seniors, called “Ông Bà Supermarket,” in Hanoi. This store offers a variety of products focused on technology, food, medical supplies, and fashion sourced from the U.S., Russia, South Korea, and high-quality local goods. Additionally, the supermarket provides services such as health consultations, healthcare, and travel specifically catered to older adults.
Despite these efforts, specialized supermarkets have faced challenges in connecting with their target market. Many businesses still direct their marketing strategies toward younger consumers who tend to purchase gifts for their elderly parents, preventing the models from fully reaching the core demographic.
However, this landscape has started to shift as older adults increasingly embrace technology and take charge of their shopping decisions. Their improved access to technology has resulted in a burgeoning demand for products and services suited to their needs.
New Retail Spaces for Seniors
In mid-2024, the city of Ho Chi Minh will host its first supermarket designed exclusively for the elderly. Differentiating itself from conventional supermarkets, Genki Plaza will offer a complex that includes dining, retail spaces for functional foods, fresh produce, and exercise equipment tailored for older adults.
The trend is also evident in Hanoi, where the development of specialized shopping environments for seniors is becoming increasingly pronounced. Businesses are now investing in dedicated spaces designed to be more accessible, featuring wider aisles, clear signage, health consultation spaces, and product experience areas. In tandem with the establishment of senior-oriented fashion boutiques, health supplement shops, mobility aids, and therapy equipment, a comprehensive network of services is emerging to better meet the needs of this clientele.
An increasing number of stores are now focusing directly on older adults as a priority market.
Growth of Elder Care Facilities
Alongside the rise of senior-focused retail outlets, numerous private nursing homes have emerged to cater to the growing demand for elder care and rehabilitation services. With monthly fees ranging from 7 million to 20 million Dong depending on service type, these facilities not only provide basic accommodation and living assistance but also medical and rehabilitation services, supporting seniors after illnesses or strokes. Many even offer community engagement activities and cultural programs, ensuring that older adults not only receive healthcare but also have opportunities to socialize and maintain their mental well-being. These establishments are becoming practical options for families seeking to place their elderly relatives in professional and caring environments.
Growth Opportunities in the Silver Economy
The emergence of numerous products and services targeted at older adults signifies a significant shift in the consumption structure within Vietnamese society. As the population ages swiftly, a distinctive market is forming specifically for seniors, also referred to as the “silver economy.”
Changing perceptions of aging are further driving this trend. Today’s older adults aspire not only to live long but also to live healthily and actively. Three significant shifts—from treating illnesses to preventing them, from passivity to proactivity, and from being a medical burden to becoming social resources—are expanding the silver economy beyond traditional healthcare services. This market now encompasses smart housing, senior-friendly travel, cultural education, and products that support both physical and mental well-being, enabling older adults to maintain a high quality of life and contribute to their communities.
From a supply and demand perspective, a 2021 report by the Vietnam Chamber of Commerce and Industry (VCCI) and the United Nations Fund for Population Activities (UNFPA) indicated that this sector holds substantial potential, though actual service levels remain limited. The three primary areas of demand include physical activity, quality healthcare facilities, and appropriate nutritional plans. However, surveys reveal significant discrepancies between demands and supplies: while 70-80% of respondents express a need for physical activity, only about 29% report access to suitable local services. Additionally, merely 14% are aware of specialized healthcare networks for seniors, and while the market for functional foods is diverse, quality control remains lacking.
This gap presents fertile ground for businesses to invest strategically in specialized products and services for older adults. Rather than merely focusing on traditional health care services, the silver economy is expanding to include various models that align with vibrant aging trends. In health care, the market is moving beyond geriatric clinics or home nursing services to embrace proactive health management models, including remote biomarker monitoring, personalized healthcare plans, and smart lifestyle support devices designed specifically for seniors.
Innovative Living Solutions for Seniors
In real estate, alongside traditional nursing homes, “senior living” models—service apartments with integrated healthcare and long-stay resorts for older adults—are gaining interest. These models, flourishing in Japan and Thailand, provide elderly individuals the independence they desire while ensuring 24/7 support when necessary.
The travel sector is also experiencing growth through the rise of slow travel tours that emphasize leisurely, safe experiences, often led by medical personnel or specialized guides. Meanwhile, the food industry has seen increased demand for nutritionally designed products that cater to various age-related health conditions, such as soft foods, calcium, collagen, and omega-3 supplements, alongside pre-packaged meals that meet medical standards.
The financial sector is also positioned to reshape products catering to older consumers. Health insurance packages for seniors, asset management services, savings plans for old age, and end-of-life financial planning consultations are gaining traction as this demographic experiences stable incomes, reduced job-related risks, and increased independence.
These innovative models illustrate that the silver economy extends far beyond basic “elder care” services—it’s evolving into a multi-layered industry requiring businesses to deeply research consumer behavior, understand needs, and design holistic ecosystems that support a pivotal phase of life when older adults wish to live proactively, healthily, and meaningfully.
International experiences indicate that the potential of the silver economy is entirely feasible. In China, the government has been promoting business development in medical care services, nursing home facilities, and products for seniors, accelerating growth across related sectors. Japan is also implementing several policies to stimulate this market, including the development of robots to support the elderly, expanding care services, raising retirement ages, and mobilizing older human resources as advisors.
As the aging population continues to burgeon, the silver economy presents significant opportunities for Vietnamese businesses to define new business models that address social needs and contribute to sustainable growth.
