Vast potential seen in Vietnam's nursing home market

Now is the right time to develop senior living housing models, particularly given the expanding customer base and increasing demand for high-quality elderly care services, stated Mr. Nguyen Van Dinh, Chairman of the Vietnam Association of Real Estate Brokers (VARS).

According to VARS, despite millions of seniors requiring care, the country has only 400 nursing homes, half of which are charitable or state-funded. Notably, premium services like nursing home models remain scarce, even as a growing number of financially independent elderly individuals seek enhanced living options.

Meanwhile, economic conditions, mindsets, and lifestyle needs among seniors are evolving, creating immense market potential for nursing housing models.

Data from the National Statistics Office (NSO), under the Ministry of Finance, reveals that the country entered its population aging phase in 2011 and has since become one of the world’s fastest-aging countries. By 2024, the number of people aged 60 and over reached 14.2 million, marking a 4.7 million increase from 2014. Projections indicate that this number will rise to approximately 18 million by 2030, adding nearly 4 million more seniors in just six years.

However, Vietnam’s birth rate has declined significantly, dropping from 1.96 children per woman in 2023 to 1.91 in 2024—the lowest on record.

VARS emphasized that this shift in population structure has created an urgent need for specialized nursing housing models, healthcare services, and amenities tailored to the elderly demographic.

Surveys indicate that regions with high life expectancy tend to have strong economies. A 2024 NSO report identified Ba Ria - Vung Tau, Da Nang, Ho Chi Minh City, Hanoi, and Dong Nai as Vietnam’s top five provinces and cities with the highest life expectancy—all of which are advanced with high per capita incomes.