Foreign companies tap into Vietnam's elderly market

Foreign companies sees major opportunities to develop products for the elderly

Vietnam is one of the countries with the fastest aging population, the number of individuals aged 50 and above is projected to reachmore than 30 million by 2030.With more adults living longer than before, they are looking to lead active and healthy lifestyles as they get older.

Muscle loss has been shown to be a key factor that can interfere with adults' quality of life due to lack of strength. Good nutrition is critical in maintaining muscle health and strength with age.

Dairy maker Abbott has recently launched its new Ensure Gold formula with the nutritional ingredient HMB to support muscle health. HMB is naturally found in small amounts in some food and in the body, and levels may decline with age. HMB has been shown to support muscle health.

''As part of our continued long-term commitment to helping build healthy aging communities in the country, Abbott is excited to bring the new Ensure Gold with HMB as a gift of everyday strength to adults in Vietnam, so they can carry on doing the things they love to do each day into their golden years," said Douglas Kuo, general manager of Abbott Vietnam.

Meanwhile, diaper manufacturer Unicharm also promotes its pants-type disposable adult diaper known as Caryn in Vietnam, which currently holds about 80 per cent of the market. The product is aimed to serve the increasingly elderly population and accident patients.

Takenori Nakajim, brand manager of Diana Unicharm, said that Vietnam is the most important market for the company in Southeast Asia. Unicharm has achieved double-digit growth in all product segments in Vietnam.

Unicharm entered Vietnam in 2011 by acquiring local company Diana. In 2015, Unicharm expanded its factory in the northern province of Bac Ninh to step up operations in the country.

In fact, Vietnam’s elderly market has been on the radar of foreign investors, especially those from Japan. Taku Sato, director of the Healthcare Industries Division, Service Industry Department at the Japan External Trade Organization (JETRO), told VIR that Japanese investors are keen on ASEAN healthcare markets, including Vietnam. One of the hottest sectors drawing the attention of Japanese companies is geriatric care.

"Vietnam’s population is aging faster than Japan by 10 years, and there is a robust, growing demand for geriatric care. Therefore, investors are looking to test the market and seize opportunities to prepare for the aging population," he noted.