Vietnam expands pension and unemployment insurance coverage for workers

Under the 2024 Social Insurance Law, Vietnamese workers who have contributed to the social insurance system for at least 15 years and have reached the statutory retirement age will receive a monthly pension. The pension rate starts at 45 % of the average salary base and increases by 2 % for each additional year of contribution, reaching a maximum of 75 % after 30 years for women and 35 years for men. Workers whose contribution period exceeds the ceiling receive a one‑time supplemental payment calculated at half the average salary base per extra year. The system currently serves about 3.5 million retirees, with more than 1 million receiving monthly pensions between 3 million and 10 million VND and over 11 500 receiving 20 million VND or more.

The 2025 Labor Law, effective 1 January, broadens compulsory unemployment insurance to include employees with contracts of one to three months. Those covered will receive unemployment benefits, job‑placement assistance, and vocational training. The change also imposes greater obligations on employers, especially small firms, to contribute for short‑term workers. Flexible contribution modes are introduced for sectors such as agriculture and forestry. The reform aims to raise insurance participation to around 45 % of the labour force by 2030.