Employees may either request to be entitled to lump-sum social insurance allowance just after having ceased working for one year and stopping payment of social insurance premiums or wait until they reach the retirement age. For each option, they would receive different allowance levels.

The Ministry of Labor, Invalids and Social Affairs (MOLISA) has proposed reducing the minimum period of social insurance premium payment for participants to enjoy pension from 20 years to 15 years, eventually 10 years, as from 2024.

Foreigners who enter into labor contracts with a term of at least full one month with Vietnam-based employers would have to participate in compulsory social insurance if they possess work permits, practice certificates or practice licenses granted by Vietnamese competent authorities.

Detailing a number of articles of the Law on Social Insurance regarding voluntary social insurance

The Government is set to propose the National Assembly to amend the Social Insurance Law with effect from next year.

Workers will be entitled to a lump-sum social insurance allowance rather than having to wait until retirement age to receive monthly pension as regulated in the 2014 Law on Social Insurance.

The National Assembly (NA) Standing Committee convened its 38th meeting on May 11 to make preparations for the agenda of the upcoming NA session scheduled to open on May 20.