1. Viet Nam Social Security is a specialized agency under the Ministry of Finance, responsible for administering and implementing policies and regimes on social insurance and health insurance; organizing the collection and payment of unemployment insurance benefits; managing and utilizing off-budget state financial funds, including social insurance, unemployment insurance, and health insurance funds; and conducting specialized inspections in these fields in accordance with law. It shall also cooperate with competent state authorities in formulating, amending, and improving policies and laws on social insurance, unemployment insurance, and health insurance.

2. The international transaction name of Viet Nam Social Security is “Viet Nam Social Security”, abbreviated as “VSS”.

3. Viet Nam Social Security is a legal entity, having its own seal bearing the National Emblem, entitled to open accounts at commercial banks and the State Treasury, and headquartered in Ha Noi..

Article 2. Duties and Powers

1. To submit to the Minister of Finance, for promulgation within his/her competence, or to competent authorities for consideration and decision, development strategies for the social insurance sector, long-term investment strategies for insurance funds, annual investment plans, and other programs and projects of Viet Nam Social Security; and to implement such strategies, programs, projects, and investment plans upon approval.

2. To participate in and make proposals to relevant agencies and organizations regarding the formulation, amendment, and improvement of policies and laws on social insurance, unemployment insurance, and health insurance; including provisions on contribution rates, benefit entitlements and coverage scope for insured persons in medical examination and treatment; methods of payment for healthcare services; prices of medical services; lists of drugs, medical equipment, and technical services covered by health insurance; and mechanisms for collection, expenditure, preservation, growth, and financial balancing of insurance funds in accordance with law; as well as the development of a set of indices to measure the satisfaction of organizations and individuals with the implementation of social insurance and unemployment insurance policies.

3. To implement policies on social insurance, unemployment insurance, and health insurance.

4. Regarding the management and use of off-budget state financial funds, including social insurance, unemployment insurance, and health insurance funds:

a) To manage and utilize insurance funds, including the pension and survivorship fund; the occupational accident and disease fund; the sickness and maternity fund; the unemployment insurance fund; and the health insurance fund, in a centralized, unified, transparent, and lawful manner and for proper purposes; to maintain accounting of such funds in accordance with law; and to conduct specialized inspections of the use of the health insurance fund by contracted healthcare providers; 

b) To formulate annual investment plans for insurance funds and implement them upon approval by the Social Insurance Management Council or competent authorities; and to carry out investment risk management in accordance with law;

c) To prepare annual estimates of revenues and expenditures of insurance funds, and expenditures for the operation of the social insurance system in accordance with regulations;

d) To periodically (every five years) assess and project the financial sustainability of the pension and survivorship fund in accordance with law.

5. To perform other tasks relating to social insurance, unemployment insurance, and health insurance as prescribed by law. 

6. To impose administrative sanctions for violations in the fields of social insurance, unemployment insurance, and health insurance in accordance with law.

7. To coordinate with the Ministry of Home Affairs, the Ministry of Health, and provincial-level People’s Committees in exercising state management of social insurance, unemployment insurance, and health insurance in accordance with law. 

8. To take the lead in developing, managing, updating, and maintaining the national insurance database, and in exploiting, using, and sharing such data in accordance with law.

9. To carry out international cooperation on social insurance, unemployment insurance, and health insurance in accordance with law and decentralization; to participate in, conclude, and implement international agreements; to promote the development of a modern, flexible, and internationally integrated social security system; and to facilitate the negotiation and conclusion of international agreements to protect the rights and interests of Vietnamese workers abroad and foreign workers in Viet Nam.

10. To organize its organizational structure, finance, and assets in accordance with law. 

11. To conduct research, application, and development of science and technology, innovation, and digital transformation in insurance management; and to ensure information security of the information systems of Viet Nam Social Security.

12. To comply with reporting requirements in accordance with regulations.

13. To be entitled to receive and share information from/with relevant agencies, organizations, and units in accordance with Government regulations. 

14. To perform other duties and exercise other powers as assigned by the Government, the Prime Minister, the Minister of Finance, or as provided by law.