logo
Vietnam scraps two-child policy as its population ages

Vietnam scraps two-child policy as its population ages

7NEWSa day ago

Vietnam has abolished its long-standing two-child limit to try and reverse declining birth rates and ease the pressures of an ageing population.
The National Assembly passed amendments scrapping rules that limit families to having one or two children, state media Vietnam News Agency reported on Wednesday.
The rules were usually stricter for Communist Party members, who could miss out on promotions or bonuses if they had a third child.
Vietnamese families are having fewer children than ever before.
The birth rate in 2021 was 2.11 children per woman, just over the replacement rate required for a population to avoid shrinking over the long term.
Since then, the birth rate has steadily declined: to 2.01 in 2022, 1.96 in 2023 and 1.91 in 2024.
Vietnam isn't the only Asian country with low fertility.
But, unlike Japan, South Korea or Singapore, it is still a developing economy.
Nguyen Thu Linh, 37, a marketing manager in Vietnam's capital Hanoi, said she and her husband decided to have only one child because they wanted to give their 6-year-old son the best education and upbringing that they could afford.
'Sometimes, I think about having another child so my son can have a sibling, but there's so much financial and time pressure if you have another child,' she said.
Vietnam introduced rules blocking families from having more than two children in 1988 to reduce pressure on limited resources after years of war, first with France and then the United States, as the country transitioned into a more market-oriented economy
Vietnam's 'golden population' period — when working age people outnumber those who depend on them — began in 2007 and is expected to last until 2039.
The number of people who can work is likely to peak in 2042 and, by 2054, the population may start shrinking.
All of this could make it harder to grow the economy, since there will be fewer workers while the cost of supporting the needs of the elderly increases.
Vietnam offers some of the most generous family benefits in the region, including six months of fully paid maternity leave and free healthcare for children under 6.
Tuition in government schools is free until the age of 15 and, starting in September it'll be free till the end of high school.
The country is also dealing with an unbalanced gender ratio, partly due to long-standing preferences for sons.
Doctors aren't allowed to tell parents the baby's sex before birth, and sex-selective abortions are banned.
But despite this, some still hint at the baby's sex using coded language, said state media VN Express, citing a government report.
On Tuesday, the health ministry proposed tripling the fine for choosing a baby's sex before birth to $3,800, state media reported.
China imposed a one-child policy in 1979 amid worries about overpopulation.
But as the country faces growing concerns about the long-term economic and societal challenges of an aging population, it has been slowly easing the policy to allow a second child and then a third child in 2021, but with little success in boosting birthrates.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Stocks on guard for payrolls as Tesla tumbles
Stocks on guard for payrolls as Tesla tumbles

Perth Now

time9 hours ago

  • Perth Now

Stocks on guard for payrolls as Tesla tumbles

Asian shares were subdued on Friday as investors hunkered down for the all-important payrolls report, while Tesla suffered huge losses on the very public feud between President Donald Trump and billionaire Elon Musk. A run of soft economic data this week has markets wary of a downside surprise in the monthly payrolls print due later in the day, which would add to fears of stagflation while piling pressure on the Federal Reserve to ease policy in a hurry. Tesla shares bounced 0.8 per cent in after-hours trading after tumbling a whopping 14 per cent overnight to wipe off $US150 billion ($A230 billion) in market value. That came after Trump threatened to cut off government contracts to Elon Musk's companies as the once close relationship turned into a bitter public feud. Nasdaq futures were flat and S&P 500 futures inched up 0.1 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1 per cent on Friday but it is still set for a weekly rise of 2.2 per cent to hover just below an eight-month peak. Japan's Nikkei rose 0.3 per cent but is set for a weekly drop of 0.7 per cent. South Korea's KOSPI is closed for a holiday but was up 4.2 per cent this week to nearly 11-month tops as the newly elected President Lee Jae-myung planned an emergency package to boost the flagging economy. The won has also gained 2.0 per cent this week to an eight-month peak. Chinese blue chips were flat and Hong Kong's Hang Seng dropped 0.3 per cent as a call between Trump and Chinese President Xi Jinping offered little clarity to ease ongoing trade tensions. "The US-China agreement to de-escalate tensions, and the recent phone call between Trump and Xi, shows both countries have an economic 'pain threshold'," said Luke Yeaman, chief economist at the Commonwealth Bank of Australia. "This takes some severe downside scenarios off the table, but tensions will remain high and further bouts of escalation are see little prospect that a comprehensive US-China trade agreement will be settled by 14 August." Weaker-than-expected labour market data, including a 47 per cent year-on-year jump in Challenger layoffs and a significant downside surprise in ADP's private payrolls, have dampened expectations for the payrolls report. Forecasts are centred on a rise of 130,000 jobs in May, with the unemployment rate holding steady at 4.2 per cent. Any unexpected weakness could bring the next US rate cut forward and trigger a huge rally in Treasuries. Futures imply scant chances of a rate cut until September, which is about 93 per cent priced in, with another move likely to come in December. Yields on the benchmark ten-year Treasuries were flat at 4.3925 per cent, having risen 3 basis points overnight to bounce away from a one-month low. "We expect payrolls to lose additional momentum in May, printing a below-consensus 110,000," said analysts at TD Securities in a note to clients. "Markets have recently been singularly focused on tariffs and deficits, with macro taking a back seat in recent weeks. Our forecast may not be sufficient to catalyse this revamped focus on macro, but we expect downside surprises to generate a larger market reaction." The dollar was flat against its major peers on Friday but was set for a weekly drop of 0.7 per cent on soft economic data. The euro got some support and hit a six-week top of $US1.1495 ($A1.7640) overnight after the European Central Bank cut rates but signaled that it was nearing the end of its year-long policy easing cycle. Investors have given up on a move in July, with the final move mostly to come in December. In commodities markets, oil prices were slightly lower but were headed for weekly gains on supply concerns. US crude futures slipped 0.1 per cent to $US65.29 ($A100.19) a barrel but was up 2.1 per cent for the week. In precious metals, gold prices climbed 0.3 per cent to $US3,362 ($A5,159) an ounce. For the week, they are up 2.2 per cent.

Stocks on guard for payrolls as Tesla tumbles
Stocks on guard for payrolls as Tesla tumbles

West Australian

time9 hours ago

  • West Australian

Stocks on guard for payrolls as Tesla tumbles

Asian shares were subdued on Friday as investors hunkered down for the all-important payrolls report, while Tesla suffered huge losses on the very public feud between President Donald Trump and billionaire Elon Musk. A run of soft economic data this week has markets wary of a downside surprise in the monthly payrolls print due later in the day, which would add to fears of stagflation while piling pressure on the Federal Reserve to ease policy in a hurry. Tesla shares bounced 0.8 per cent in after-hours trading after tumbling a whopping 14 per cent overnight to wipe off $US150 billion ($A230 billion) in market value. That came after Trump threatened to cut off government contracts to Elon Musk's companies as the once close relationship turned into a bitter public feud. Nasdaq futures were flat and S&P 500 futures inched up 0.1 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1 per cent on Friday but it is still set for a weekly rise of 2.2 per cent to hover just below an eight-month peak. Japan's Nikkei rose 0.3 per cent but is set for a weekly drop of 0.7 per cent. South Korea's KOSPI is closed for a holiday but was up 4.2 per cent this week to nearly 11-month tops as the newly elected President Lee Jae-myung planned an emergency package to boost the flagging economy. The won has also gained 2.0 per cent this week to an eight-month peak. Chinese blue chips were flat and Hong Kong's Hang Seng dropped 0.3 per cent as a call between Trump and Chinese President Xi Jinping offered little clarity to ease ongoing trade tensions. "The US-China agreement to de-escalate tensions, and the recent phone call between Trump and Xi, shows both countries have an economic 'pain threshold'," said Luke Yeaman, chief economist at the Commonwealth Bank of Australia. "This takes some severe downside scenarios off the table, but tensions will remain high and further bouts of escalation are see little prospect that a comprehensive US-China trade agreement will be settled by 14 August." Weaker-than-expected labour market data, including a 47 per cent year-on-year jump in Challenger layoffs and a significant downside surprise in ADP's private payrolls, have dampened expectations for the payrolls report. Forecasts are centred on a rise of 130,000 jobs in May, with the unemployment rate holding steady at 4.2 per cent. Any unexpected weakness could bring the next US rate cut forward and trigger a huge rally in Treasuries. Futures imply scant chances of a rate cut until September, which is about 93 per cent priced in, with another move likely to come in December. Yields on the benchmark ten-year Treasuries were flat at 4.3925 per cent, having risen 3 basis points overnight to bounce away from a one-month low. "We expect payrolls to lose additional momentum in May, printing a below-consensus 110,000," said analysts at TD Securities in a note to clients. "Markets have recently been singularly focused on tariffs and deficits, with macro taking a back seat in recent weeks. Our forecast may not be sufficient to catalyse this revamped focus on macro, but we expect downside surprises to generate a larger market reaction." The dollar was flat against its major peers on Friday but was set for a weekly drop of 0.7 per cent on soft economic data. The euro got some support and hit a six-week top of $US1.1495 ($A1.7640) overnight after the European Central Bank cut rates but signaled that it was nearing the end of its year-long policy easing cycle. Investors have given up on a move in July, with the final move mostly to come in December. In commodities markets, oil prices were slightly lower but were headed for weekly gains on supply concerns. US crude futures slipped 0.1 per cent to $US65.29 ($A100.19) a barrel but was up 2.1 per cent for the week. In precious metals, gold prices climbed 0.3 per cent to $US3,362 ($A5,159) an ounce. For the week, they are up 2.2 per cent.

Vietnam scraps two-child policy as its population ages
Vietnam scraps two-child policy as its population ages

The Advertiser

timea day ago

  • The Advertiser

Vietnam scraps two-child policy as its population ages

Vietnam has abolished its long-standing two-child limit to try and reverse declining birth rates and ease the pressures of an aging population. The National Assembly passed amendments scrapping rules that limit families to having one or two children, state media Vietnam News Agency reported on Wednesday. The rules were usually stricter for Communist Party members, who could miss out on promotions or bonuses if they had a third child. Vietnamese families are having fewer children than ever before. The birth rate in 2021 was 2.11 children per woman, just over the replacement rate required for a population to avoid shrinking over the long term. Since then, the birth rate has steadily declined: to 2.01 in 2022, 1.96 in 2023 and 1.91 in 2024. Vietnam isn't the only Asian country with low fertility. But, unlike Japan, South Korea or Singapore, it is still a developing economy. Nguyen Thu Linh, 37, a marketing manager in Vietnam's capital Hanoi, said she and her husband decided to have only one child because they wanted to give their 6-year-old son the best education and upbringing that they could afford. "Sometimes, I think about having another child so my son can have a sibling, but there's so much financial and time pressure if you have another child," she said. Vietnam introduced rules blocking families from having more than two children in 1988 to reduce pressure on limited resources after years of war, first with France and then the United States, as the country transitioned into a more market-oriented economy Vietnam's "golden population" period — when working age people outnumber those who depend on them — began in 2007 and is expected to last until 2039. The number of people who can work is likely to peak in 2042 and, by 2054, the population may start shrinking. All of this could make it harder to grow the economy, since there will be fewer workers while the cost of supporting the needs of the elderly increases. Vietnam offers some of the most generous family benefits in the region, including six months of fully paid maternity leave and free healthcare for children under 6. Tuition in government schools is free until the age of 15 and, starting in September it'll be free till the end of high school. The country is also dealing with a unbalanced gender ratio, partly due to long-standing preferences for sons. Doctors aren't allowed to tell parents the baby's sex before birth, and sex-selective abortions are banned. But despite this, some still hint at the baby's sex using coded language, said state media VN Express, citing a government report. On Tuesday, the health ministry proposed tripling the fine for choosing a baby's sex before birth to $3,800, state media reported. China imposed a one-child policy in 1979 amid worries about overpopulation. But as the country faces growing concerns about the long-term economic and societal challenges of an aging population, it has been slowly easing the policy to allow a second child and then a third child in 2021, but with little success in boosting birthrates. Vietnam has abolished its long-standing two-child limit to try and reverse declining birth rates and ease the pressures of an aging population. The National Assembly passed amendments scrapping rules that limit families to having one or two children, state media Vietnam News Agency reported on Wednesday. The rules were usually stricter for Communist Party members, who could miss out on promotions or bonuses if they had a third child. Vietnamese families are having fewer children than ever before. The birth rate in 2021 was 2.11 children per woman, just over the replacement rate required for a population to avoid shrinking over the long term. Since then, the birth rate has steadily declined: to 2.01 in 2022, 1.96 in 2023 and 1.91 in 2024. Vietnam isn't the only Asian country with low fertility. But, unlike Japan, South Korea or Singapore, it is still a developing economy. Nguyen Thu Linh, 37, a marketing manager in Vietnam's capital Hanoi, said she and her husband decided to have only one child because they wanted to give their 6-year-old son the best education and upbringing that they could afford. "Sometimes, I think about having another child so my son can have a sibling, but there's so much financial and time pressure if you have another child," she said. Vietnam introduced rules blocking families from having more than two children in 1988 to reduce pressure on limited resources after years of war, first with France and then the United States, as the country transitioned into a more market-oriented economy Vietnam's "golden population" period — when working age people outnumber those who depend on them — began in 2007 and is expected to last until 2039. The number of people who can work is likely to peak in 2042 and, by 2054, the population may start shrinking. All of this could make it harder to grow the economy, since there will be fewer workers while the cost of supporting the needs of the elderly increases. Vietnam offers some of the most generous family benefits in the region, including six months of fully paid maternity leave and free healthcare for children under 6. Tuition in government schools is free until the age of 15 and, starting in September it'll be free till the end of high school. The country is also dealing with a unbalanced gender ratio, partly due to long-standing preferences for sons. Doctors aren't allowed to tell parents the baby's sex before birth, and sex-selective abortions are banned. But despite this, some still hint at the baby's sex using coded language, said state media VN Express, citing a government report. On Tuesday, the health ministry proposed tripling the fine for choosing a baby's sex before birth to $3,800, state media reported. China imposed a one-child policy in 1979 amid worries about overpopulation. But as the country faces growing concerns about the long-term economic and societal challenges of an aging population, it has been slowly easing the policy to allow a second child and then a third child in 2021, but with little success in boosting birthrates. Vietnam has abolished its long-standing two-child limit to try and reverse declining birth rates and ease the pressures of an aging population. The National Assembly passed amendments scrapping rules that limit families to having one or two children, state media Vietnam News Agency reported on Wednesday. The rules were usually stricter for Communist Party members, who could miss out on promotions or bonuses if they had a third child. Vietnamese families are having fewer children than ever before. The birth rate in 2021 was 2.11 children per woman, just over the replacement rate required for a population to avoid shrinking over the long term. Since then, the birth rate has steadily declined: to 2.01 in 2022, 1.96 in 2023 and 1.91 in 2024. Vietnam isn't the only Asian country with low fertility. But, unlike Japan, South Korea or Singapore, it is still a developing economy. Nguyen Thu Linh, 37, a marketing manager in Vietnam's capital Hanoi, said she and her husband decided to have only one child because they wanted to give their 6-year-old son the best education and upbringing that they could afford. "Sometimes, I think about having another child so my son can have a sibling, but there's so much financial and time pressure if you have another child," she said. Vietnam introduced rules blocking families from having more than two children in 1988 to reduce pressure on limited resources after years of war, first with France and then the United States, as the country transitioned into a more market-oriented economy Vietnam's "golden population" period — when working age people outnumber those who depend on them — began in 2007 and is expected to last until 2039. The number of people who can work is likely to peak in 2042 and, by 2054, the population may start shrinking. All of this could make it harder to grow the economy, since there will be fewer workers while the cost of supporting the needs of the elderly increases. Vietnam offers some of the most generous family benefits in the region, including six months of fully paid maternity leave and free healthcare for children under 6. Tuition in government schools is free until the age of 15 and, starting in September it'll be free till the end of high school. The country is also dealing with a unbalanced gender ratio, partly due to long-standing preferences for sons. Doctors aren't allowed to tell parents the baby's sex before birth, and sex-selective abortions are banned. But despite this, some still hint at the baby's sex using coded language, said state media VN Express, citing a government report. On Tuesday, the health ministry proposed tripling the fine for choosing a baby's sex before birth to $3,800, state media reported. China imposed a one-child policy in 1979 amid worries about overpopulation. But as the country faces growing concerns about the long-term economic and societal challenges of an aging population, it has been slowly easing the policy to allow a second child and then a third child in 2021, but with little success in boosting birthrates. Vietnam has abolished its long-standing two-child limit to try and reverse declining birth rates and ease the pressures of an aging population. The National Assembly passed amendments scrapping rules that limit families to having one or two children, state media Vietnam News Agency reported on Wednesday. The rules were usually stricter for Communist Party members, who could miss out on promotions or bonuses if they had a third child. Vietnamese families are having fewer children than ever before. The birth rate in 2021 was 2.11 children per woman, just over the replacement rate required for a population to avoid shrinking over the long term. Since then, the birth rate has steadily declined: to 2.01 in 2022, 1.96 in 2023 and 1.91 in 2024. Vietnam isn't the only Asian country with low fertility. But, unlike Japan, South Korea or Singapore, it is still a developing economy. Nguyen Thu Linh, 37, a marketing manager in Vietnam's capital Hanoi, said she and her husband decided to have only one child because they wanted to give their 6-year-old son the best education and upbringing that they could afford. "Sometimes, I think about having another child so my son can have a sibling, but there's so much financial and time pressure if you have another child," she said. Vietnam introduced rules blocking families from having more than two children in 1988 to reduce pressure on limited resources after years of war, first with France and then the United States, as the country transitioned into a more market-oriented economy Vietnam's "golden population" period — when working age people outnumber those who depend on them — began in 2007 and is expected to last until 2039. The number of people who can work is likely to peak in 2042 and, by 2054, the population may start shrinking. All of this could make it harder to grow the economy, since there will be fewer workers while the cost of supporting the needs of the elderly increases. Vietnam offers some of the most generous family benefits in the region, including six months of fully paid maternity leave and free healthcare for children under 6. Tuition in government schools is free until the age of 15 and, starting in September it'll be free till the end of high school. The country is also dealing with a unbalanced gender ratio, partly due to long-standing preferences for sons. Doctors aren't allowed to tell parents the baby's sex before birth, and sex-selective abortions are banned. But despite this, some still hint at the baby's sex using coded language, said state media VN Express, citing a government report. On Tuesday, the health ministry proposed tripling the fine for choosing a baby's sex before birth to $3,800, state media reported. China imposed a one-child policy in 1979 amid worries about overpopulation. But as the country faces growing concerns about the long-term economic and societal challenges of an aging population, it has been slowly easing the policy to allow a second child and then a third child in 2021, but with little success in boosting birthrates.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store