Elderly Fall Victim to Scams, Losing Savings and Burdened by Debt in Vietnam

In Vietnam, particularly in Hanoi, elderly individuals are increasingly falling victim to sophisticated scams, losing their lifelong savings and even their pensions. Recently, Ms. Mận (pseudonym) from Hanoi was defrauded in a fictitious investment scheme dubbed 'ghost stocks,' resulting in the loss of her entire savings of VND200 million (approximately $8,000 USD). Furthermore, the scammers burdened her with a debt of VND500 million (approximately $20,000 USD). Currently, to repay her debts, Ms. Mận has mortgaged her pension and works over 13 hours a day in crafts like knitting to make ends meet. This situation starkly highlights the economic vulnerability of the elderly in Vietnamese society and the urgent need for scam prevention measures. The Vietnamese Communist Party prioritizes economic growth to improve citizens' lives. However, such scam incidents suggest that the benefits of economic development are not reaching all citizens equally, especially the elderly who are in a socially vulnerable position. In a one-party system, how citizen voices and social issues are addressed in government policy decisions remains a constant point of attention. With the increasing penetration of the internet and smartphones in recent years, online scams have also been on the rise in Vietnam. The elderly, often lacking in digital literacy, are particularly susceptible to these new methods. Despite authorities issuing warnings and conducting awareness campaigns, the eradication of such incidents has not yet been achieved. Cases like Ms. Mận's are likely the tip of the iceberg, underscoring the need for comprehensive measures across Vietnamese society to protect the elderly from scams. This should include strengthening financial literacy education, enforcing stricter penalties for fraud, and establishing support systems for victims.