Vietnam Social Security (VSS) has reportedly exceeded its annual targets in expanding coverage for social, unemployment, and health insurance, with 93.35% of Vietnam's population now covered.

As stated by VSS general director Nguyen The Manh at the VSS conference in Hanoi, this percentage of the population covered surpasses the benchmarks established in both the Government’s Resolution No. 01/NQ-CP and the National Assembly’s Resolution No. 68/2022/QH15, which pertain to the socio-economic development plan for 2023.

According to a report from Vietnam Plus, VSS collected over VND472.3 trillion (approximately US$19.24 billion) in 2023 from social, unemployment, and health insurance premiums, marking an 8.55% increase from the previous year. This figure exceeded the target set by the prime minister by 1.41%. Total expenditures for the same period amounted to VND439 trillion.

The VSS also reported an increase in the proportion of the workforce participating in social and unemployment insurance schemes. Approximately 39.25% of the labour force, equivalent to 18.25 million people, were enrolled in social insurance, while the unemployment insurance scheme covered 31.58% of the workforce, or about 14.69 million individuals.

In addition to these achievements, Manh noted that in 2023, VSS disbursed monthly pensions and social insurance benefits to 95,670 recipients. Furthermore, over 1.3 million individuals received one-off social insurance benefits. The VSS also provided benefits for sickness, maternity, convalescence, and health recovery to more than 8.8 million people

Elsewhere in the country, the Vietnamese Ministry of Finance has proposed a decree that could impose fines of up to VND100 million on life insurance companies for providing “incorrect advice intentionally.”

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