Vietnam’s law on voluntary social insurance and some recommendations

Abstract

Voluntary social insurance is a component of the national social security system. Developing voluntary social insurance directly contributes to improving social security policies. Currently, the law on voluntary social insurance in Vietnam has achieved some positive results. However, even though the number of people participating in voluntary social insurance has increased rapidly, it still only accounts for a small proportion of the working-age workforce and is not sustainable. Thus, voluntary social insurance coverage is still low, while the number of people receiving one-time social insurance benefits has increased. Therefore, based on the analysis of the current voluntary social insurance law and the main problems in its practical implementation, this article makes some recommendations on amending the 2014 Law on Social Insurance to improve the section on voluntary social insurance in the Draft of the revised Law on Social Insurance.