Hanoi, 15 December 2021 (TDI): Vietnam inked an agreement on social insurance in Seoul South Korea.
Vietnam’s Minister of Labor, Invalids, and Social Affairs Dao Ngoc Dung represented his country in the Agreement. While ROK’s Minister of Health and Welfare Kwon Deok-Cheol signed on behalf of South Korea.
The signing ceremony of the Social agreement was conducted in Seoul today. Chairman of the National Assembly of Vietnam, Vuong Dinh Hue had witnessed the event as he is on his official visit to the Republic of Korea.
— Viet Nam Government Portal (@VNGovtPortal) December 14, 2021
The Social insurance agreement will serve the number of laborers of both countries in Vietnam and the ROK. The insurance will provide amnesty for paying double taxation of social insurance.
First Social Security Agreement
This is the first-ever social securities-related agreement concluded by the South East Asian state. The two countries were in talks long behind since 2015. They came up with an agreement when reached on consensus over numerous major contents.
Both countries will recognize the time of payment of social insurance premiums mutually under the arrangement.
The municipal laws of both countries will protect the rights of social insurance of Vietnamese laborers working in Korea and ROK’s laborers serving in Vietnam. That issuance will be enabled when the pact would become effective on the two countries.
Such an agreement might provide and ensure social security to the lower populous of the two countries accordingly. The pact may also boost up the Vietnam-ROk Partnership over social securities. Moreover, this will also provide greater access to the laborers to enjoy a large number of employment opportunities.
The deal will also generate ways for Vietnam to reach a bilateral deal on social securities with the country’s other labor export markets.