(Source: Viet Nam Social Security)

The Vietnam Social Security (VSS), on November 7, held a Vietnam – Germany conference on social insurance financing, health insurance, unemployment insurance, and retirement benefits.

The function was attended by Dr Heinricht Jess, a senior financial adviser at German Pension Insurance Agency, Prof. Hans Fehr, the chair of the Finance department at the German-based Wurzburg University, and leaders of the VSS, and its chapters in Hanoi and Hai Duong, Vinh Phuc, Ninh Binh, and Ha Nam provinces.

Addressing the event, VSS Deputy Director General Nguyen Dinh Khuong said Germany has a long history of developing its social welfare system, adding that the conference is an opportunity for the VSS to learn about the system, particularly about its financing and operations, and trends in social insurance.

Bui Quang Huy, Deputy Director of the Institute for Social Security Science, introduced the role of the VSS within the Vietnamese Government apparatus, as well as the policies and structure of the Vietnamese social insurance system.

According to the VSS’s statistics, 13.23 million Vietnamese have participated in compulsory social insurance, 243,000 in voluntary social insurance, 11.23 million in unemployment insurance, and 79.08 million in health insurance.

Dr Jess talked about Germany’s social welfare system, saying it consists of insurance funds for retirement, unemployment, and work-related accidents.

He also delivered an introduction on the European country’s pension insurance.

Dr Jess said demand for retirement benefits is rising across social classes in Germany, thus studies are being carried out to put forth suitable measures to adapt the social welfare system and uphold residents’ rights.

Families without assets who neglect insurance schemes for retirement will be at risk of poverty in their old age, the expert warned.

At the conference, discussions revolved around social insurance financing fund, with topics including the management of the fund, experience on the prevention of misappropriation, and methods to balance the fund. They also talked about the negotiation of agreements between Vietnam and Germany on social insurance.

International Cooperation Department