Minister of Finance, Chairman of VSS Board of Commissioners Nguyễn Văn Thắng’s Opening Remarks

The meeting was attended by Nguyen Van Cuong, Permanent Vice Chairman of VSS Board of Commissioners, as well as other board members and representatives from various ministries and industries. VSS representatives included Director Le Hung Son, Deputy Directors, and leaders of affiliated units.

Opening the remark, Minister Nguyễn Văn Thắng noted that this was the first meeting of VSS’ BOC  following its restructure. During the session, the BOC review reports from VSS regarding financial settlement, investment strategies for fund growth, organization and operational expense matters. Additionally, discussions would focus on further refining the functions and responsibilities of the BOC under the new circumstances.

Minister Thắng praised report of  VSS and the BOC Office for the thorough preparation of the meeting. He also instructed the BOC Office to continue adhering to operational regulations, ensuring timely sending meeting materials to Board members for in-depth review.

At the meeting, VSS Director Lê Hùng Sơn presented reports on the final settlement for 2023; Investment plans for social insurance funds in 2025; Proposals for deposit accounts to reflect income and expenditure in 2025; Plans for term deposits with automated transfers; Budgeting for VSS’ organization and operation for the term of 2025-2027, including social insurance (SI), health insurance (HI) and unemployment insurance (UI), from 2025 to 2027, based on renewing, rearranging organization; health insurance policy implementation.

Implementation of health insurance policies

Board members reviewed and discussed each issue, generally agreeing with VSS’ reports and acknowledging significant achievements, such as fund investment, cashless benefit payments, and effective policy implementation.

Vice Chairman Cuong emphasized that since 2022, the BOC has prioritized increasing cashless payment for SI and UI benefits. He commended VSS for achieving an 80% cashless payment rate by 2024, exceeding government targets in urban areas by 16%. This shift has reduced costs and improved convenience for beneficiaries.

Nguyen Van Cuong, Vice Chairman of VSS Board of Commissioner delivers the speech at the meeting

Regarding SI and HI premiums collection organization, he suggested that VSS follow Bidding law and IT solution for direct payments to individuals, minimizing intermediaries and reducing expenses. He also highlighted VSS’ progress in optimizing financial planning for 2025–2027, urging continued cost-saving measures. For fund investments, he stressed adherence to BOC regulations, ensuring safety, efficiency, and compliance with legal frameworks.

Concluding the meeting based on the opinions expressed by the Council members, Minister of Finance Nguyễn Văn Thắng – BOC chairman– directed that, regarding financial settlement, agreement was reached on the 2023 financial settlement report of VSS. VSS had submitted this report to the Board and will take full responsibility for the legal documentation, compliance with procedures and regulations, as well as the accuracy of the information, data, and report content.

For the 2025 investment plan and openingsaving account reflecting collection and payment management, the Board approved VSS’s proposal to invest primarily in government bonds. VSS was tasked with assessing market conditions from 2023–2024 and adjusting investments in 2025 accordingly, ensuring balanced portfolios, risk management, and legal compliance. VSS also maintain proper cash reserves for timely benefit disbursements and ensure transparent fund management in line with the 2024 Social Insurance Law, which takes effect on July 1, 2025.

Regarding deposit accounts, the Minister required VSS to manage account balance according to legal requirements, ensuring sufficient funds for benefit payment while optimizing investment returns and preventing financial inefficiencies. He also directed VSS and the BOC Office to collaborate with the Ministry of Finance to finalize regulations on SI fund financial management and investment strategies.

Le Hung Son, Director of VSS reports at the meeting

For social and health insurance organization and implementation payment from 2025–2027, the Board approved VSS’ proposed spending framework, emphasizing cost reduction compared to the 2022–2024 period. VSS was urged to continue efficiency improvement and cost-saving measure implementation while coordinating with relevant ministries to update financial plans for government approval. The Board also reinforced the goal of expanding cashless payments for SI benefits.

Regarding health insurance premiums payment, the Minister assigns VSS to carefully review and verify medical examination and treatment premiums payment, submitting the Board for approval before submitting reports to higher authorities. He also instructed VSS to work with other ministries to propose new regulations ensuring timely payment of medical expenses, preventing accumulation of unpaid benetfits.

Finally, related to the BOC’s role under the 2024 Social Insurance Law, the Prime Minister has assigned the Ministry of Home Affairs to draft a decree on the Council’s structure, work procedures, responsibilities, and funding. The draft is expected in May. Minister Thắng urged VSS and the BOC Office to collaborate with the Ministry of Finance units in shaping these new regulations to ensure transparency and effectiveness.