Given that Viet Nam and Republic of Korea (RoK) have established a strategic cooperative partnership, cooperation between the two countries is increasingly developing in all fields, including the field of labor and employment. There is an increasing number of Vietnamese employees working in RoK as well as Korean employees working in Viet Nam and all are obliged to comply with the laws of both countries; their legitimate rights and interests are also protected by the laws of the two countries, including the right and obligation to participate in social insurance.

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The Agreement covers two main contents: (1) to avoid duplicate social insurance contributions paid and (2) to calculate the total period of participation in social insurance to calculate retirement benefits. The signing of the Bilateral Agreement on Social Insurance between Viet Nam and the RoK is an urgent need to create favorable conditions for labor movement between the two countries and the rights on social insurance of Vietnamese employees working in the RoK and vice versa will be guaranteed by the two nations’ laws. The Agreement is also in line with international practices, better securing the right to social security as recognized in the 1966 United Nations International Covenant on Economic, Cultural and Social Rights.

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Currently, Viet Nam Social Security is coordinating with the National Pension Service of Korea in exchanging and discussing documents, forms, and the implementation process of the Agreement. As expected, the two agencies will sign an administrative deal to implement the Agreement, which will agree on procedures and forms, methods of coordination on exchange information; completing the database system on social insurance to well management Korean laborers working in Viet Nam and vice versa who are subject to the application of social insurance laws of the two countries. In addition, Vietnam Social Security continues to coordinate with the Korea International Cooperation Agency (KOICA), the Korean Chamber of Commerce and Industry (KORCHAM) to develop a training program for the period 2023-2025 to improve the capacity of Viet Nam Social Security's staffs on organizing the implementation of social insurance policies for Korean laborers working in Vietnam and Vietnamese laborers working in RoK; develop a plan to propagate information to prepare for the implementation of the Agreement.