As of now, after 30 years of implementation, the number of participants has grown 8.9 times compared to 1995, accounting for 42.71% of the working-age labor force. Among them, voluntary social insurance participants—whom VSS has persistently and continuously promoted—have reached approximately 2.311 million people, making up about 4.9% of the working-age labor force, surpassing the targets set in Resolution No. 28 on social insurance policy reform.

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However, to achieve the goal set by Resolution No. 28—ensuring that 60% of the working-age labor force participating in social insurance, including approximately 5% from farmers and informal sector workers under voluntary social insurance by 2030—further policy reforms and improved implementation efficiency are necessary.

During a recent working session with the World Bank (WB) delegation regarding the expansion of social insurance coverage for informal sector workers and the new provisions in the revised Social Insurance Law, VSS Deputy General Director Đào Việt Anh highly appreciated WB’s contributions.

The World Bank is a key partner of Vietnam Social Security in advising on improving social insurance policy implementation, promoting universal health insurance, refining regulations and policies on social and health insurance, supporting sector modernization, and enhancing investment fund management efficiency. The technical assistance projects provided by WB to VSS have yielded positive results, contributing to the streamlining, modernization, and transparency of social insurance and health insurance policy implementation.

WB’s Chief Economist, Mr. Robert J. Palacios, emphasized that the revised Social Insurance Law of 2024 is of great significance as it introduces major reforms. In particular, it offers favorable conditions for expanding social insurance coverage to informal sector groups.

Therefore, WB will collaborate with VSS to discuss proposals for increasing government subsidies for voluntary social insurance participants. Additionally, discussions will be held on increasing WB’s financial support for social insurance contribution to help VSS achieve its 2030 targets.

In reality, the informal workforce plays a crucial role in Vietnam's economy. The informal sector currently provides employment for approximately 70% of the workforce. From a social security perspective, informal workers make important contribution by generating employment and livelihoods, particularly for vulnerable population.

During the working session, WB presented policy recommendations on expanding social insurance coverage for informal sector workers. The bank also proposed mechanisms to encourage workers engaged in technology-based service platforms to participate in social insurance.

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“The World Bank also recommends that Vietnam Social Security enhance its communication efforts, provide pension calculation tools for participants, and increase technology application in implementing the voluntary social insurance program,” Mr. Palacios suggested.

In response to these proposals, Deputy General Director Đào Việt Ánh requested WB’s continued support in finalizing the joint products currently being developed with VSS, ensuring that these initiatives align with VSS’s tasks and needs. He also emphasized the importance of capacity-building for VSS staff, enabling them to learn from and exchange experiences with international partners and organizations with proven expertise in key areas of concern.

Furthermore, WB’s support in developing and issuing a national data strategy for VSS is crucial. WB can share international best practices on data governance, open data disclosure, and big data management to help VSS prepare the necessary infrastructure, technology, and cybersecurity measures for national data system development.

Additionally, updates on fund balance forecasts based on changes in the revised Social Insurance Law will be crucial. WB’s continued training for VSS staff on forecasting models will enhance operational efficiency, expand coverage—particularly for informal sector workers—and advance ongoing cooperation projects between VSS and WB.