Conference on implementing social insurance and health insurance policies with Japanese businesses in Vietnam.

In order to continue spreading the effectiveness of the VssID-Digital Social Insurance application, the Vietnam Social Society launched the Japanese version of VssID to help Japanese workers easily participate in social insurance and health insurance.

This is an event taking place within the framework of the conference on implementing social insurance and health insurance policies with Japanese foreign direct investment (FDI) enterprises in Vietnam organized by the Vietnam Social Society on October 24 in Hanoi.

Speaking at the conference, the General Director of Vietnam Social Society Nguyen The Manh said that as of September 2023, the society is serving more than 92 million people participating in health insurance and 17.5 million people in social insurance, accounting for nearly 40% of the workforce.

As for the Japanese businesses, there are currently more than 2,100 businesses with 547,100 employees participating in social insurance, including 545,500 Vietnamese workers and 1,600 foreign workers.

Social insurance revenue accounts for more than 13% of the total revenue of FDI enterprises in Vietnam.

In the difficult context of the pandemic and post-COVID-19, FDI enterprises, including Japanese enterprises, had many solutions to maintain stability and develop production, and business, contributing to Vietnam's socio-economic recovery and development.

Representatives of more than 100 Japanese businesses doing business and investing in the Northern region attended the conference. Photo: VNP

"Most Japanese businesses comply well with Vietnam's legal policies, including policies on social insurance and health insurance," General Director Nguyen The Manh said.

With positive developments in Vietnam-Japan relations, Yamada Takio, Japanese Ambassador to Vietnam, said the number of Japanese companies investing in Vietnam is increasing every year.

In 2023, the Japanese Business Association in Vietnam has about 2,000 member companies. This is the largest overseas Japanese Business Association in ASEAN and the second largest in the world.

Yamada Takio believes that the increase in direct investment activities from Japan into Vietnam requires Japanese companies to understand and implement Vietnam's social insurance regulations and policies to ensure legal rights and interests for their employees.

"Currently, the amendments and supplements to the Social Insurance Law will bring changes to Vietnam's social insurance system in the future. This has a huge impact on investment trends from Japanese companies," Yamada Takio said.

Yamada Takio, Japanese ambassador to Vietnam, spoke at the conference. Photo: VNP

At the conference, Deputy Minister of Foreign Affairs Nguyen Minh Vu said that along with the development of multifaceted cooperative relations between Vietnam and Japan, cooperation between Vietnam's social insurance and Japanese partners in the field of social security, including the implementation of social and health insurance policies, achieved positive results.

In order to create favorable conditions for the Japanese business community investing and doing business in Vietnam as well as the Vietnamese community living and working in Japan,

The two countries are carrying out procedures to exchange, update information, and prepare a roadmap for negotiating the bilateral agreement on social insurance between the Government of Vietnam and Japan.

"The bilateral agreement on social insurance is certainly a new milestone in the cooperative relationship in ensuring social security for the people of the two countries," said General Director Nguyen The Manh.

Amendment of the Law on Social Insurance to Increase Rights and Benefits for Employees According to Deputy Minister of Labor, Invalids and Social Affairs Nguyen Ba Hoan, the draft amended Law on Social Insurance is prepared to expand the ...

Amendment of Law on Social Insurance: Employees Expect New Regulations on Debt Settlement and Social Insurance Evasion “The project to amend the Law on Social Insurance had a great impact and received a lot of attention from people. Therefore, adjustments need to ...

Vietnam-RoK Promote Cooperation on Social Insurance for Guest Workers Vietnam and the Republic of Korea (RoK) recognise mutual social insurance for export workers