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SOCIAL INSURANCE FOR FOREIGNERS IN VIETNAM
NEW REGULATIONS FROM 2022

SOCIAL INSURANCE FOR FOREIGNERS IN VIETNAM
NEW REGULATIONS FROM 2022

VIVA BUSINESS CONSULTING là công ty tư vấn doanh nghiệp được tín nhiệm bởi hằng ngàn khách hàng danh tiếng từ năm 2006. VIVA cung cấp nền tảng quản lý toàn diện và nguồn lực thực thi theo cách kết hợp đồng thời của: Luật pháp và thủ tục hành chính trong kinh doanh – Quản lý thuế và kế toán – Quản trị quan hệ lao động – Quản trị tài chính doanh nghiệp – Quản trị và kiểm soát nội bộ. Năng lực của chúng tôi giúp khách hàng lường trước các rủi ro, tối ưu chi phí, kiến tạo lợi thế kinh doanh.

VIVA is a business consulting company, specializes in business compliance procedures according to local business laws and regulations since 2006. VIVA has been continuously trusted by thousands of well-known clients since 2006. We are creating added value for clients by offering one-stop business platform with exclusive and tailored-made services related to market entry and mandatory business compliances. We keep our client’s good standing in lawful and optimal manners whenever they are working and doing business in Vietnam.

Social insurance for foreigners in Vietnam

BASED ON DECREE

No. 143/2018/ND-CP – Hanoi, October 15, 2018

WHO SHALL BE REQUIRED TO PARTICIPATE IN THE COMPULSORY SOCIAL INSURANCE IN VIETNAM?

Employees who are foreign nationals working in Vietnam shall be required to participate in the compulsory social insurance (SI) program if they obtain work permits, practicing certificates, practicing licenses issued in Vietnam, indefinite-term employment contracts, or employment contracts valid for at least one year with employers in Vietnam.

Employers participating in the compulsory social insurance, including foreign or international bodies or organizations operating within the territory of Vietnam; enterprises, cooperatives, single-person households, cooperative associations, other organizations, and persons who are licensed to do business as per laws, shall be required to participate in the compulsory social insurance if they hire and employ personnel to work under employment contracts.

WHO SHALL BE EXCLUDED FROM PARTICIPATION IN THE COMPULSORY SOCIAL INSURANCE

Employees who are foreign nationals working in Vietnam shall be excluded from participation in the compulsory social insurance as provided herein if:

  • They are intra-company transferees as stipulated in the law.
  • They reach retirement age under the Labor Code.

CONTRIBUTION RATES AND AFFECTED TIME

For the employees:

About the contribution rates and methods from January 1, 2022, the employees who are foreign nationals working in Vietnam shall be required to participate in the compulsory social insurance (SI) program shall, on a monthly basis, make an SI contribution accounting for 8% of his/her monthly pay to the retirement and death benefit fund.

For the employers:

The employer, on a monthly basis, makes social insurance (SI) contribution in proportion to the employee’s payroll in the SI payment month as follows:

  • 0.5% of the abovementioned payroll paid into the occupational accident and disease benefit fund;
  • 3% of the abovementioned payroll paid into the sickness and parental insurance benefit fund;
  • 14% of the abovementioned payroll paid into the retirement and death insurance benefit fund, in effect from January 1, 2022.

OTHERS

The employee who neither works nor receives salaries or wages for a period of at least 14 working days in each month shall not be bound to pay the SI contribution in that month.  This month shall not be taken into account to determine entitlement to SI benefits, except for parental leaves.

For the employee who enter into multiple employment contracts with more than one employer and are required to participate in the compulsory social insurance (SI) program, both the employee and the employer shall only have to pay SI contributions as agreed upon in the first employment contract.  If wishing to participate in the occupational accident and disease insurance fund, the employee shall be required to pay SI contributions per each employment contract

If the insured employee who is currently entitled to monthly retirement pensions and SI benefits is not residing in Vietnam, he/she may authorize another person to receive these amounts.  The one-off benefit payment in his/her wish shall be approved.

ABOUT VIVA BUSINESS CONSULTING

VIVA is the local expertise for local business compliance procedures, has been trusted by thousands of foreign investors, multinational companies from Europe, Japan, Singapore, India, Korea, USA… for the required business compliance procedures by local laws and regulations since 2006.

Thanks for consistent of practice expertise in Business laws - Employment relations – Tax and accounting – Corporate finance – Corporate services,  VIVA has been successfully providing service for thousands of leading companies in such industries: Garment, energy, pharma, advertising, agricultural…

VIVA keeps its signature by offering one-stop business platform with regard to market entry and the mandatory business compliances. We ensure for our client’s good standing, in lawful and optimal manners whenever they are working and doing business in Vietnam.

 

VIVA not only manage business required procedures by laws but firstly places client’s compliance and good standing, in the optimal methods when offering any solution, and integrated with our intensive resources that allow us to prevent most of the risks in advance, create more benefits, advantages and business inspiration for entrepreneurs.

The insights and consistent backgrounds in Business Laws – Accounting and Corporate Finance – Tax Management – Labor Relations and Payroll – Serectarial and consistent with our exclusive standard operation processes, consisting of consultation – implementation – pratice operation help us fully protect client interests as one-stop solution.

YOU WILL RECEIVE

“If you ask any successful businessperson, they will always have had a great mentor at some point along the road.”

 

 

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