In the morning, Chairman of the National Assembly's Social Committee Nguyen Thuy Anh presents the Report on explaining, absorbing and revising the draft Law on Social Insurance (amended),

Afterwards, the delegates will discuss about this content at the hall. The submitting agency and the verifying agency will coordinate to explain and clarify a number of issues raised by the National Assembly delegates.

Illustrative image (internet)

At the 6th Session (in October 2023), the National Assembly discussed the Social Insurance Law project (amended). Immediately after the session, the National Assembly Standing Committee directed the Standing Social Committee to preside over and coordinate with the drafting agency and a number of relevant agencies and organizations to synthesize and study the opinions of National Assembly deputies to receive, explain, and complete the draft Law on Social Insurance (amended). The draft Social Insurance Law (amended), after being received and revised, includes 10 Chapters, 142 Articles (increased by 6 articles).

Deputy Chairman of the National Assembly's Social Committee Lam Van Doan said that the Social Insurance Law Project is a difficult and complex bill, having impact on a large number of labourers and retirees. This law project is attracting the attention of public opinion nation-wide. Therefore, the Social Committee and the National Assembly Standing Committee have invited opinions from affected subjects, especially on one-time withdrawal of social insurance.

The draft Law on Social Insurance (amended) is designing two methods to submit to the National Assembly to decide on one-time withdrawal of social insurance. Accordingly, Option 1: Employees have time to pay social insurance before the Law takes effect, after 12 months, if they are not eligible to participate in compulsory social insurance, not participate in voluntary social insurance and have time to pay social insurance for less than 20 years. The labourers who start to go to work and join the system after July 1st, 2025 shall not be allowed to withdraw social insurance one time, excluding several case under regulations.

Option 2: After 12 months, the labourers are not subjects who  participate in compulsory social insurance, not participate in voluntary social insurance and having paid social insurance for less than 20 years, if the labourers requests, they shall be partially paid but not more than 50% of the amounts of the total time they had contributed to the retirement and death fund. The remaining social insurance payment period shall be reserved so that the labourers can continue to participate and enjoy social insurance regimes.

Vietnam Social Insurance Electronic Information Portal will continue to update the next information...

*** Social insurance is a guarantee to replace or partially compensate an employee's income when his/her income is reduced or lost due to illness, maternity, work accident, occupational disease, or the end of working age. death, on the basis of payment to the social insurance fund

In the vibrant mosaic of Vietnam’s socio-economic evolution, the concept of social insurance emerges as a cornerstone, transcending its financial implications to embody a collective promise of stability and societal welfare. As the country strides forward, steeped in rich cultural heritage and rapid economic advancement, social insurance assumes an integral role, not just as a protective financial measure but as a testament to the nation’s commitment to its people’s holistic well-being.

Beyond the conventional safety net against unforeseen financial hardships, social insurance in Vietnam assumes a multifaceted identity. It intertwines with the nation’s ethos, reflecting a deeply ingrained communal spirit that places paramount importance on collective responsibility. It embodies a promise—a commitment woven into the fabric of society—to safeguard individuals and families, assuring them of comprehensive support during pivotal life moments.

The essence of social insurance in Vietnam extends far beyond fiscal remuneration. It resonates with the country’s ethos, underscoring a collective mindset that values the holistic well-being of its citizens. It represents a commitment to ensure not just financial security but to foster a societal environment that nurtures stability, embraces diversity, and cherishes the invaluable contributions of its people.

Social Insurance (SI) in Vietnam embodies a multifaceted approach, providing a safety net across various life stages. It encompasses diverse benefits, serving as a testament to the government’s commitment to social welfare.

Maternity Benefits. SI extends robust maternity benefits, ensuring female employees receive financial assistance equal to their average monthly salary for a specified period. This provision enables women to navigate motherhood without the stress of financial instability.

Work-Related Injury and Disease Benefits. Employees suffering from work-related injuries or diseases are entitled to medical treatment, rehabilitation, and compensation. SI addresses not only financial aspects but also ensures individuals receive the necessary care for recovery.

Retirement Benefits. SI offers retirement benefits, emphasizing financial security for retirees. This benefit is based on the individual’s average monthly salary and the duration of contributions, aiming to support individuals after their working years.

Survivor Benefits. In cases where an employee passes away, SI extends support to dependents, providing financial assistance to cover living expenses. This provision serves as a safeguard for the deceased employee’s family.

Unemployment Insurance (UI): Beyond Financial Support, Job-Seeking Support. UI in Vietnam goes beyond financial assistance during a job loss. It offers job-seeking support, including employment counseling, job-matching services, and training programs. These initiatives aim to empower individuals to re-enter the workforce confidently.

Duration and Payment Structure. UI benefits are structured to provide financial support during a predetermined period while ensuring individuals actively seek re-employment. The balance between financial sustenance and encouraging workforce reintegration is a pivotal aspect of UI.

Policy Evolution and Adaptation. UI policies continuously evolve to address contemporary labor market dynamics. They adapt to changing employment landscapes, technological advancements, and the evolving needs of the workforce, emphasizing holistic support beyond monetary compensation.

Social Insurance Fund
Purpose and Administration. The Social Insurance Fund, meticulously administered by Vietnam Social Security (VSS), serves as a financial reservoir designed to ensure the stability and sustainability of social insurance programs. It acts as a collective safety net, embodying the essence of collective responsibility toward social welfare.
Employer Contributions. Employers play a pivotal role in sustaining the fund, making regular contributions based on their workforce size and payroll. These contributions serve as a critical source of funding, ensuring the availability of benefits for employees.

Employee Contributions. Employees also contribute to the fund, with a portion deducted from their salaries. These contributions play a fundamental role in financing the diverse benefits encompassed within the social insurance system.

State Allocations. Alongside employer and employee contributions, the government allocates funds to bolster the Social Insurance Fund. This injection of state resources strengthens the overall capacity of the fund, enabling it to cover a broader spectrum of social insurance benefits.

Financial Management. The fund operates under stringent financial management protocols. Vietnam Social Security (VSS) exercises meticulous oversight, ensuring prudent investment strategies, effective fund utilization, and long-term sustainability. The goal is to optimize the fund’s resources while meeting the current and future needs of beneficiaries.