The Ministry of Labour, Invalids and Social Affairs (MoLISA) and the Korea Labour Welfare Corporation (WELCO) have signed a Memorandum of Understanding to boost bilateral cooperation in insurance and labour welfare services.
Speaking at the signing ceremony in Hanoi on November 8, MoLISA Minister Nguyen Thi Hang said labour welfare is of great significance to Vietnam as Vietnam will have approximately 50 million people of working age by 2010 but only 20 million of them are expected to sign labour contracts with employers. She said MoLISA wants to cooperate with the Korean agency in building institutions on social welfare and establishing an insurance fund for employees in case of labour accidents.
Under the MoU, MoLISA will send officials and staff to the RoK to study the latter’s social welfare and insurance policies. The two sides will further exchange information to promote mutual understanding.
Vietnam is the fourth country the Korean organisation has signed the MoU with after Switzerland, Germany and Japan.
