Overview of the meeting

From 2022 to July 2024, VSS and the WB closely collaborated on the Technical Assistance Program titled “Expanding Coverage and Enhancing the Effectiveness of Voluntary SI Policies”. Through this partnership, the WB provided technical support in drafting and revising the Law on SI, and also contributed to more inclusive SI policy reforms to facilitate access for informal workers.

At the session, Mr. Robert Palacios, Lead Economist at the WB, noted the challenge of achieving 60% SI coverage by 2030, including both broadening overall coverage and increasing participation in voluntary SI. The WB also proposed several measures to boost the coverage rate of voluntary SI in Vietnam such as the automatic enrollment of individuals registering for HI, a higher financial subsidy provided in the first month, and integration with life insurance funds to enhance benefits for voluntary SI participants and greater long-term benefits.

Deputy Director Dao Viet Anh appreciated the WB’s support and its practical recommendations. “From the government’s perspective, subsidies for new participants are not merely to expand coverage but also to ensure that people can truly benefit from social security policies” emphasized the Deputy Director.

The Deputy Director concluded to affirm that the WB’s role is becoming increasingly important in shifting from technical assistance to long-term strategic collaboration, aiming at the common goal of building a modern, sustainable, and inclusive social security system that aligns with Vietnam’s development context.