Việt Nam, RoK deploy cooperation agreement on social insurance

The online signing of the deal on the implementation of an agreement on social insurance between the Vietnamese and Korean governments. — VNA/VNS Photo

HÀ NỘI — The Vietnam Social Security (VSS) said on January 24 that it has signed a deal with the National Pension Service (NPS) of the Republic of Korea (RoK) on the implementation of an agreement on social insurance between the two governments.  

The deal aims to ensure the legitimate rights and interests of the two countries’ labourers participating in social insurance, thus helping to build equal and sustainable social welfare in both nations.

The bilateral cooperation agreement on social insurance was inked in Seoul, the RoK, on December 14, 2021, and came into force from January 1, 2024. The agreement is expected to facilitate the flow of workers and protect their rights and interests related to social insurance.

It aims to avoid double social insurance contributions paid by Vietnamese and Korean citizens working in each other’s country. The agreement will also facilitate information sharing between the two countries’ enforcement agencies, helping to strengthen labour management in a more convenient and effective manner.

Under the Prime Minister’s decision, the VSS was assigned to directly put the agreement in place.

On December 8, 2023, Vietnamese Deputy Minister of Labour, Invalids and Social Affairs (MoLISA) Nguyễn Bá Hoan and Deputy Minister for Planning and Coordination of the RoK’s Ministry of Health and Welfare (MOHW) Kim Hyejin signed an administrative deal on the implementation of the bilateral agreement.

VSS Deputy General Director Đào Việt Anh said the signing of the deal with the NPS is the final step to begin the implementation of the agreement, the first of its kind between the two countries in social insurance, also the first between Vietnam and another country. — VNS