VIETNAM - SOUTH KOREA SIGNED AN AGREEMENT TO IMPLEMENT THE AGREEMENT ON SOCIAL INSURANCE

According to information from the Office of the Ministry of Labor, War Invalids and Social Affairs, on December 8, 2023, in Korea, Deputy Minister of Labor, War Invalids and Social Affairs Nguyen Ba Hoan and Deputy Minister of Health and Welfare of Korea Quoc Kim Hyejin signed the Administrative Agreement to implement the Agreement between the Government of Vietnam and the Government of Korea on social insurance. 

Previously, on December 14, 2021, in Seoul, Korea, authorized by the Governments of the two countries, Vietnamese Minister of Labor, War Invalids and Social Affairs Dao Ngoc Dung and Korean Minister of Health and Welfare Kwon Deok Cheol signed a bilateral cooperation agreement on social insurance between the two governments.

This is the first bilateral agreement between the two countries in this field, and also the first bilateral agreement on social insurance between Vietnam and another country.

The Agreement has been approved by the competent authorities of the two countries and the Foreign Ministries of the two sides have informed each other about the completion of internal procedures for the Agreement to officially take effect from January 1, 2024.

The signing of the Administrative Agreement today is an important step to provide specific regulations and solutions for the implementing agencies of the two countries to implement the Agreement in accordance with the principles and contents signed between the two Governments.

At the same time, ensuring maximum convenience for state management agencies, implementing organizations, businesses, and employees of both sides.

The administrative agreement takes effect on the same date and within the same validity period as the signed Agreement.

The development of diplomatic relations between Vietnam and Korea through the signing of the bilateral Agreement on social insurance

During the more than 30 years of establishing diplomatic relations, the Vietnam - Korea cooperative relationship has developed rapidly, and has made outstanding and profound progress in many aspects with important milestones, from Comprehensive Partnership in 2001 to Strategic Partnership in 2009, and Comprehensive Strategic Partnership in 2022.

The relationship between the two countries is increasingly strengthened and strengthened, including labor migration and people-to-people exchanges, shown by the fact that there are currently 250,000 Vietnamese people living and working in Korea and about 200,000 Koreans. Quoc lives and works in Vietnam.

The signing of the bilateral agreement on social insurance between Vietnam and Korea demonstrates the interest of the two governments in meeting urgent needs, in order to create favorable conditions for the movement of workers.

With the Agreement and Administrative Agreement coming into effect from January 1, 2024, it will create favorable conditions for workers from both countries when moving to work in each side's territory, protecting social insurance benefits for workers of the two countries.

In addition to regulations on avoiding double payment of social insurance, workers from both countries will be able to accumulate their time participating in social insurance in both Vietnam and Korea as a basis for calculating retirement benefits.

Through signing the Administrative Agreement, the competent State agencies of both sides have officially assigned the focal point for implementing the Agreement to two agencies, Vietnam Social Insurance and the Korean National Pension Agency.

The contents of the Agreement aim to concretize the regulations and principles signed by the Governments of the two countries in the Agreement related to retirement and death benefits according to Vietnam's Social Insurance Law and Pension Law. the nation of Korea; principle of equal treatment between Vietnamese and Korean workers when working in the other country's territory as with citizens of the host country in determining conditions for payment, enjoyment, and payment of rights social insurance benefits. 

The Agreement and Administrative Agreement, when implemented, will meet the hopes and expectations of a large number of businesses and workers of both countries.

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