Retiring in 2 Countries: A Planning Framework for Vietnamese Families Living Longer
NAC Perspective · Vietnam · Panama · Retirement
10 min read3,654 wordsRead in Vietnamese →English

Retiring in 2 Countries: A Planning Framework for Vietnamese Families Living Longer

Vietnamese families are living longer, but healthy years lag behind. A two-country retirement keeps roots at home and adds a base suited to the later decades.

Life expectancy in Vietnam reached 74.7 years in 2024 and the over-60 population is growing fast, so retirement plans now need to cover two or even three decades. A "two-country retirement" — keeping roots in Vietnam while spending part of the year where climate, healthcare and cost of living suit the later decades — is a practical way to prepare, provided you match the right visa to the income you actually have.

Most of what Vietnamese readers find about retiring abroad is written for Americans, Canadians or Europeans — people with steady state pensions and passports that open many doors. The Vietnamese investor stands somewhere else. Wealth tends to sit in property and family businesses rather than pension funds, and the real question is not "where do I move?" but "how, where and for how many months a year do I want to live my later decades?"

Vietnamese are living longer — but not yet healthier for longer

According to the General Statistics Office's 2024 Mid-Term Population and Housing Census, average life expectancy in Vietnam reached 74.7 years, up 1.1 years on 2019 — 77.3 for women and 72.3 for men. That is a figure measured at birth. For someone who has already reached 60, the years remaining are usually longer than the average implies.

The gap between living long and living well: The World Health Organization puts Vietnam's healthy life expectancy at 65.4 years (2021 data). The two numbers come from different sources and different years, so they should not be subtracted directly. But they point the same way: a meaningful stretch of later life will need far more medical care than the years before it.

A society ageing quickly: Population projections for 2024–2074, produced by the national statistics office with UNFPA, show roughly 14.2 million Vietnamese aged 60 and over in 2024, rising to 20.9 million by 2034 — the year Vietnam is projected to formally become an ageing society. When an entire generation retires at once, pressure on hospitals, care services and big-city housing can only rise.

Retirement ages are rising, but retirement is still long

Under the 2019 Labour Code roadmap, the statutory retirement age rises gradually to 62 for men by 2028 and 60 for women by 2035. For business owners, investors and independent professionals — the core of NAC's readership — that milestone matters less. Many start stepping back at 55, and their plan has to fund 25 years or more.

The real issue is income structure: Wealthy Vietnamese families usually hold their wealth in land and apartments, company shares and bank deposits, rarely in a certified lifetime pension. That sounds like a technicality. As the programmes below show, it largely decides which doors are open to you.

The two-country retirement model

The idea is familiar in the West. Scandinavians winter in Spain; Canadians keep a second home somewhere warmer. What is new is that a growing number of Vietnamese families have the means to do the same, and several reasons of their own to consider it.

Roots in Vietnam: Family, grandchildren, ancestral graves, relationships and most of the assets stay here. A two-country retirement is not emigration. Most of the families we speak with want Vietnam to remain home.

A second base for the later decades: Somewhere with a gentler climate during the hottest or most polluted months, healthcare you trust, a reasonable cost of living and — just as important — a legal right to stay for several months a year without applying for a tourist visa every time.

A calendar, not a single decision: A typical year might be seven or eight months in Vietnam and four or five at the second base. The balance shifts with age. The early retirement years lean towards experience; the later ones towards healthcare and being close to children.

Residence routes built for retirees and passive income

Many countries now run visas specifically for people who do not work locally but have stable income. The four examples below show how differently each programme "reads" your balance sheet. We rechecked every condition in 2026.

Panama — Pensionado: Requires a lifetime pension of at least US$1,000 a month, or US$750 a month if you buy property worth US$100,000 or more. There is no minimum age, and residence is permanent from approval, as long as you do not stay out of Panama for more than two consecutive years. The catch: rental income or dividends cannot stand in for a pension, which is the biggest hurdle for many Vietnamese applicants.

Malaysia — MM2H: The Silver tier requires a US$150,000 fixed deposit and grants a renewable five-year pass. Applicants must buy a home worth at least RM600,000, cannot sell it for ten years, and must spend 90 cumulative days a year in Malaysia. Short flights, large Chinese and Vietnamese communities and a well-developed private hospital sector are the draws. Holders cannot work, and the pass does not lead to permanent residence.

Thailand — LTR Wealthy Pensioner: Open to applicants aged 50 and over with passive income of at least US$80,000 a year, or US$40,000–80,000 a year plus a US$250,000 investment in Thai government bonds, a Thai company or Thai property. It is a ten-year visa, with annual rather than 90-day reporting. The income bar is high, but rental income and dividends count.

Portugal — D7: Requires passive income at least equal to the national minimum wage, which means about €920 a month for the main applicant in 2026, plus savings of roughly twelve months of that wage. The financial threshold is low, but D7 is a visa for living in Portugal. Holders are expected to be genuinely resident, so it suits someone planning to spend most of the year in Europe rather than a few months.

Four tests for choosing the second base

Healthcare before scenery: If the later years will need more care, the first question is how far the nearest good hospital is, and whether your insurance is accepted there.

Flight time: Kuala Lumpur and Bangkok are about two hours from Ho Chi Minh City. Lisbon and Panama City take a full day of travel. With grandchildren in Vietnam, distance decides how often you see them.

Income that matches the rules: A lifetime pension makes Panama straightforward. Large rental and dividend income points towards Thailand. Idle capital and a wish to own a real home make Malaysia a natural fit.

Tax and succession: The longer you stay, the more tax residence matters. This part needs specialist advice, not guesswork.

A practical strategy for Vietnamese investors

Plan for 30 years, not 15. Model cash flow for someone living well past 85. If life is shorter, the surplus becomes a legacy. If money runs short, there is no time left to fix it.

Turn part of your wealth into regular income. Most retiree programmes assess cash flow, not asset value. A let apartment with a clean lease, or a dividend portfolio with paperwork, is worth more on an application than an undeveloped plot of land.

Test before you commit. Spend two or three months in the season you actually plan to live there before buying property or filing an application. A city that charms on holiday can feel very different when you need regular check-ups.

Keep the door open in Vietnam. Do not sell everything at home to move. The two-country model is strongest when both ends are solid.

Frequently asked questions

I do not have a state pension. Can I still retire abroad?

Yes, but the choice of programme changes. Panama's Pensionado requires a lifetime pension. Thailand's LTR and Portugal's D7 accept passive income such as rent or dividends, while Malaysia's MM2H is built around a fixed deposit and a property purchase.

Does a two-country retirement mean giving up my rights in Vietnam?

No. None of the residence routes above require you to renounce Vietnamese citizenship. What you do need to track is how many days you spend in each place, because that affects tax obligations and the conditions for keeping each visa.

When should I start preparing?

Earlier is better, ideally from 45 to 50. Some programmes have minimum ages (Thailand's LTR starts at 50), but restructuring income and assembling documents usually takes several years.

NAC strategic insight

Vietnamese people are living longer than any generation before them, and that is good news that deserves proper preparation. A two-country retirement is not leaving home. It gives the later decades an extra option on climate, healthcare and pace of life. The right programme is not the cheapest one; it is the one that reads the income you actually have.

NAC helps Vietnamese families match their existing assets to the right residence route — from Malaysia's MM2H programme and Thailand's Long-Term Resident visa to residence options in Panama and properties such as Pullman Panama City. If you are sketching out your later decades, book a consultation with NAC and we will build a realistic two-country calendar together.

Sources