This article analyzes the current situation of population aging in China, the world’s most populous country, through two population censuses in 2010 and 2020 to find out the causes and assess the impact of this process on economic growth and social development. Population aging in China is primarily caused by the family planning policy, advances in health care, improvements in quality of life, and changes in population structure, leading to serious challenges such as a decline in the labor force, increasing health care and social security costs, and slowing economic growth in the long term. This article also examines China’s policies to cope with population aging, including raising the retirement age, improving working conditions for older people, encouraging savings, and investing in human resource training. Lessons from China provide essential suggestions for Vietnam, a country entering a period of rapid population aging. Adopting appropriate employment and social protection policies will address these challenges and promote economic growth, enhance social well-being, and achieve the sustainable development goals (SDGs), particularly those on health, well-being, and sustainable economic growth.