Nearly two thirds of foreign workers in Vietnam join compulsory social insurance
An estimated 64 percent of foreign workers in Vietnam have joined compulsory social insurance after the Government’s decree 143/2018/ND-CP regulating compulsory social insurance for foreign workers took effect.
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An estimated 64 percent of foreign workers in Vietnam have joined compulsory social insurance (Illustrative photo: en.nhandan.com.vn)
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Hung said total collection of social insurance premiums paid by foreign workers in the country has amounted to 100 billion VND.
According to statistics by the Ministry of Labour, Invalids, and Social Affairs, the number of foreign employees in the country increased from 63,557 in 2011 to 83,046 in 2016. They mostly came from Asian countries like China, the Republic of Korea, and Japan, accounting for 73 percent of the total; followed by European nations (21.6 percent) and North America (2.4 percent).
Decree No.143/2018/ND-CP took effect from December 1, 2018. It stipulates that employees who are foreign citizens working in Vietnam with either a work permit, practice certificate, or practice licence granted by Vietnamese authorities and under unfixed-term labour contracts or contracts with a term of full one year and above will be covered by compulsory social insurance.
Similar to Vietnamese employees, the social insurance scheme for foreigners will cover sickness, maternity, occupational diseases and accidents, retirement, and survivor benefits.
