Speaking at the meeting, General Director of VSS Nguyen The Manh reviewed a number of good cooperation activities between the two sides on the basis of the Memorandum of Cooperation signed in 2021. Accordingly, the two sides organized many online and in-person conferences and seminars to share experiences in operating and operating customer service centers and applying information technology in implementing social insurance policies. NPS has sponsored VSS officials to attend training courses in Korea on public pension benefits. NPS also shared experiences in implementing bilateral agreements on social insurance with Vietnam Social Insurance and the two sides are actively coordinating to exchange and discuss implementation of the Agreement between the Government of Vietnam and the Government of South Korea on social insurance which is  signed in December 2021.

Overview of the meeting

General Director Nguyen The Manh emphasized that the signing of a bilateral Agreement on Social Insurance between Vietnam and South Korea is an urgent need, in order to create favorable conditions for the movement of workers as well as to protect their rights on social insurance for employees of the two countries. The General Director wishes to continue to receive cooperation and support from NPS in sharing experiences and training staff in areas that NPS has strengths such as: Pension fund investment, implementation of bilateral agreements. on social insurance, IT application in pension management and implementation... At the same time, the two sides will have exchanges and discussions on the results of operations and the direction of cooperation between NPS and VSS in the coming time and the implementation of  the first-time bilateral agreement on social insurance between Vietnam and Korea will go well.

At the meeting, NPS leaders said that the cooperative relationship between the two agencies has been formalized since the signing of a Memorandum of Cooperation in the field of social security between VSS and NPS in May, 2017. To date, many cooperative activities with diverse contents and  forms have been closely implemented   between the two agencies. The two sides also maintain regular cooperation and exchange information to prepare for the implementation of the Agreement between the Government of Vietnam and the Government of South Korea on social insurance. In order to further strengthen cooperation on social security between the two countries, in the coming time, NPS representatives hope that the two agencies will continue to implement cooperation activities, training and improving staff capacity in the field of pension fund investment, implementing the bilateral agreement on social insurance, and developing social safety net participants.

The bilateral agreement on social insurance among the two countries shall be expected to take effect from January 2024.

On that basis, the two sides focused on discussing and agreeing on the contents of the application processing process of VSS and NPS; forms of VSS and NPS; Draft Minutes of Implementation of Administrative Agreement; Administrative Agreement…

To date, VSS and NPS Korea have agreed on the contents of the Administrative Agreement, and it is expected that the two countries will sign the Administrative Agreement in Korea in early December 2023. It is expected that the bilateral agreement on social insurance between the two countries will take effect from January 2024./.