Chairing a meeting of the council to discuss activities for the second quarter of this year, Phoc emphasised the importance of information technology and the need to train people to master technology, and fulfil the tasks assigned by the Government to the social insurance industry during the national digital transformation process.

He also asked for effective investment in basic construction works, removing difficulties and obstacles in investment procedures, speeding up the progress of public investment and ensuring savings and efficiency of public spending.

 Minister of Finance Ho Duc Phoc who is also Chairman of the Social Security Management Council speaks at a meeting on May 20

"In particular, Vietnam Social Security (VSS) needs to continue to coordinate with ministries, branches and organisations to promote communication and development of participants in social insurance, health insurance and unemployment insurance," he said.

VSS was asked to continue to communicate to employers, especially foreign-invested enterprises, joint-stock enterprises, cooperatives, and non-business units, urging them to pay insurance premiums correctly to ensure the interests of employees.

"The VSS needs to continue to research very specific solutions to curb the number of employees who claim one-time social insurance allowance to ensure long-term welfare benefits for the social insurance participants," he said.

Regarding fund investment, it was necessary to continue to improve on the principles of safety, sustainability, efficiency and profitability, pilot study on deposit bidding at five state-owned commercial banks to improve the efficiency of fund investment, Phoc said.

Regarding the management apparatus of the sector, Phoc said that it was also necessary to continue to consolidate, streamline and improve the management level, professional capacity, and service ethics of the contingent of cadres, civil servants and public employees.

Members of the Social Security Management Council meet on May 20 in Hanoi.

It was reported in the meeting that in the first five months of 2022, the council performed tasks in accordance with the prescribed functions and successfully completed the assignments by the Government and the Prime Minister.

The Council actively followed the Resolutions of the Party, National Assembly, Government and the direction of the Prime Minister.

Members of the council approved and made recommendations to competent state agencies to develop, amend and supplement regimes, policies and laws on social insurance, unemployment insurance and health insurance effectively.

The council directed the formulation and approval of the development strategy of the Vietnam social insurance sector, the long-term, five-year and annual plans and the implementation of the social insurance, health insurance and unemployment insurance regimes, the scheme of preservation and growth of social insurance, health insurance and unemployment insurance funds.

In the first five months of 2022, the council organised two teams to inspect the implementation of social insurance, health insurance and unemployment insurance policies in Lang Son and Nam Dinh provinces. It also proposed many solutions to overcome difficulties and problems in the collection, expenditure, management and use of social insurance, health insurance and unemployment insurance funds in the localities.

Despite the COVID-19 pandemic, the development of participants in social insurance, health insurance and unemployment insurance of Vietnam's social security industry continued to grow, achieving the set targets.

Regarding the Project "Strategy to develop Vietnam's social insurance industry to 2030, with a vision to 2045", it was said to be a key task assigned to VSS by the Government.

The VSS reportedly issued decisions to establish the Steering Committee and the Drafting Board. It also issued an implementation plan with the goal of providing solutions to make Vietnam's social security industry modern, civilized and satisfying participants' needs.

Members of the council also saw many difficulties and challenges in the implementation of the sector's tasks. Since 2021, due to the impacts of the COVID-19 pandemic, the number of employees who claimed one-time social insurance allowance tended to increase. Although there has been a downward trend since May 2022, it is still an issue that needs attention.

Moreover, the increase in the poverty line from 2022 also affects the level of voluntary social insurance contributions, causing many difficulties to expand insurance coverage.

VSS was required to have an overall and detailed assessment of these issues and develop solutions. In particular, it must pay special attention to promoting and continuing to innovate communication work, engaging employers and employees to participate in social insurance and health insurance in a sustainable way./.