Social security agreements indicate bilateral or multilateral agreements between nations. They are signed to formulate legal frameworks within which participating countries can cooperate in implementing social security policies, ensuring the rights of migrant workers, and filling the gaps of social security coverage.  

 Nowadays, there are two popular types of social security agreements, i.e., Elimination of dual coverage and Totalization of periods coverage. Elimination of dual coverage helps those working overseas to avoid the dual burden of contribution payments in both countries and ensure the beneficiary’s non-stop participation in the social security system. Meanwhile, Totalization of periods coverage includes provisions specifying the elimination of dual coverage and counting periods of social security coverage earned in both countries as the basis to establish benefit entitlement of those who work abroad, etc.

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Social security agreements bring benefits to both the employees and their employers because they eliminate the possibility of depositing Social Insurance contributions to both their home country and destination on the same earnings. Moreover, the workers are enabled to totalize their social security contribution periods in both nations to fill the gap for benefits under the system of the agreement country so that they are eligible for social insurance benefits once they reach the retirement age, suffer from occupational accidents or pass away. These social security agreements contribute to the creation of equality between the domestic and foreign workers; feeling of being secured to work; a favorable investment-business environment; overseas business expansion opportunities for local enterprises; and encourage foreign enterprises to invest and send foreign workers to work in the signatory or participatory countries of the agreements.

According to the International Social Security Association (ISSA), nowadays there are more than 1 billion migrant workers overseas, who have contributed to solving the shortage of skilled and high-tech workforce in several economies.

 So far, more than 2,000 bilateral social security agreements between 136 countries and 07 multilateral ones related to migrant workers have been signed. However, only 20% of migrant workers have been entitled to their legitimate social security benefits. Therefore, it is important and urgent than ever to promote the negotiation and signing of bilateral and multilateral social security agreements.

 According to the available statistics, the numbers of foreign workers in Vietnam and Vietnamese workers overseas have increased rapidly in the past few years. To ensure the rights of Vietnamese workers overseas and attract high-quality foreign workers to Vietnam, the negotiation and signing of bilateral social security agreements between Vietnam and other countries is an inevitable trend. Currently, Vietnam and Korea have completed 4 negotiation rounds of the social insurance agreement and are on their way to complete the next procedures to complete the signing. In addition, Vietnam has been working with several countries which turn out to be the popular overseas destinations for many Vietnamese workers such as Japan, Malaysia, etc. to consider the possibilities to negotiate bilateral social security agreements.