Under the witness of National Assembly Chairman Vuong Dinh Hue, Vietnamese Minister of Labor, Invalids and Social Affairs Dao Ngoc Dung and South Korean Minister of Health and Welfare Kwon Deok Cheol signed the bilateral Social Security Agreement between the two countries on December 14, 2021 (Photo: VNA).

The primary goal of this agreement is to prevent dual social security contributions for workers employed in either country. Before the agreement, Vietnamese employees working in South Korea and vice versa were required to pay social security contributions in both countries, leading to financial burdens and administrative difficulties. The agreement ensures that workers will contribute only to one system, reducing costs and improving their access to social benefits.

Additionally, the agreement facilitates the transfer of social security benefits, allowing workers who have contributed to the system in one country to retain their entitlements if they relocate to the other country. This is particularly beneficial for migrant workers, ensuring they do not lose their pension rights due to international employment.

Accordingly, based on the Decision No. 436/QD-TTg dated April 25, 2023, of the Prime Minister approving the Plan for the implementation of the Agreement between the Government of the Socialist Republic of Vietnam and the Government of the Republic of Korea on social insurance (hereinafter referred to as the Agreement), Vietnam Social Security (VSS) has issued a Plan to implement the Agreement with the following objectives: strictly and effectively implementing the provisions of the Agreement, the Administrative Arrangement for the Implementation of the Agreement, and the tasks assigned to the VSS in Decision No. 436/QD-TTg.

Implement the agreement effectively, Vietnam Social Security has outlined a detailed plan, including:

Legal Framework Alignment: Amending domestic regulations to align with the agreement’s provisions.

Administrative Coordination: Strengthening collaboration with South Korea’s National Pension Service to ensure smooth policy enforcement.

Public Awareness Campaigns: Informing employers and workers about their rights and responsibilities under the new system.

Technology Integration: Establishing an electronic data exchange system to track contributions and benefits efficiently.

Under the Plan, the VSS will establish a working group to implement the Agreement, ensure close relations and coordinate synchronously with the Ministry of Labor, Invalids and Social Affairs, and relevant ministries and agencies in organizing the implementation of the Agreement. It will proactively coordinate with implementing agencies in South Korea to exchange and agree on contents, propose contents to be included in the draft administrative arrangement and the Agreement. The VSS will implement the assigned tasks on schedule and efficiently.

Illustrative image (internet)

In the process of implementing the Agreement, it is ensured that all commitments, responsibilities, and obligations are fully and properly fulfilled, and the rights of workers who are subject to the Agreement are guaranteed. Specific tasks, deadlines, and responsibilities of provincial-level social security agencies in carrying out assigned tasks are identified.

Research and propose to the Ministry of Labor, Invalids and Social Affairs and relevant ministries and agencies the contents of amending and supplementing the Law on Social Insurance to ensure compliance with the Agreement; Continue to review legal provisions within the scope of functions, tasks, and management areas of the VSS to propose competent authorities to amend, supplement, repeal or issue new legal documents to fully and effectively implement the contents of the Agreement./.