Vietnam to develop multi-tiered social security system: Deputy PM
The government is developing a scheme for reforming Vietnam’s social insurance policy aiming to establish a multi-tiered social security system, said Deputy PM Vuong Dinh Hue.
Deputy Prime Minister Vuong Dinh Hue meets with Julian Adams, Group Regulatory and Government Relations Director of life insurer Prudential in Hanoi on March 5 (Photo: VNA)
Hanoi (VNA) – The government is developing ascheme for reforming Vietnam’s social insurance policy aiming to establish a multi-tieredsocial security system which will be submitted for approval in May, said DeputyPrime Minister Vuong Dinh Hue on March 5.
Hue made the statement when meeting in Hanoi with JulianAdams, Group Regulatory and Government Relations Director of the UK-based lifeinsurer Prudential, noting that it is part of the government’s strategy tosustainably develop the social security as well as the life insurance system.
The Government of Vietnam is committed to stablise themacro-economy, control inflation and pursue investment attraction policies tofacilitate foreign investors, including those from the UK, doing business inVietnam in the long term, he told Prudential’s director.
Adams said next year will mark the 20th year of Prudential’spresence in Vietnam and the firm wants to be a good “citizen” of Vietnam as itplans to continue operating in the country in the long run.
It is also ready to work alongside the government toaddress challenges of the aging population in the country, reducing burdens onthe State budget, he added.
The Deputy PM affirmed that they are the issues of greatinterest of the government as Vietnam is experiencing a “golden populationstructure” but also sees the rapid population aging.
The nation is striving to shift its population policy’sfocus from birth control to population and sustainable development and tomaintain a reasonable fertility rate, which is declining in big cities, henoted.
At the same, the government is pursuing the public debtrestructuring plan and the issuance of long-term government bonds is the key tothe plan, Hue stated. He expected Prudential will continue investing in theG-bond and develop more new products.
The government also plans to expand the social insurancecoverage by encouraging people to buy life insurance.-VNA
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Deputy Prime Minister Vuong Dinh Hue meets with Julian Adams, Group Regulatory and Government Relations Director of life insurer Prudential in Hanoi on March 5 (Photo: VNA) 
