The Viet Nam Social Security (VSS) recently hosted a delegation from the International Monetary Fund (IMF) in a pivotal meeting aimed at enhancing social insurance participation, particularly within the informal sector. Deputy Director General Dao Viet Anh led the discussions, underscoring the importance of comprehensive social protection for all workers.
The meeting, held on 17 June in Hanoi, brought together key representatives from various VSS departments including international cooperation, fund investment, finance, social insurance, and information technology. The IMF delegation, featuring Senior Economist Rita Mesias and Economist Weining Xin, engaged in detailed discussions on several crucial topics.
Central to the agenda was the enhancement of pension policies in light of recent amendments to the Law on Social Insurance. The parties also explored the development of a robust forecasting model designed to provide accurate projections over the next two years. Furthermore, comprehensive training initiatives for key personnel were emphasized to ensure the long-term sustainability and proactive management of funds.
In addition to policy refinement, the discussions addressed improvements in fund management and financial practices through collaborative training sessions sponsored by the IMF. The The meeting sought to secure continued policy consultation and collaboration with international donors to bolster these efforts.
Historically focused on finance, banking, and monetary policy consultations, the IMF has expanded its role in Vietnam since 2021. The collaboration now includes biannual visits to assess macroeconomic conditions and provide strategic recommendations, with a heightened focus on joint activities with Viet Nam Social Security.
From 2021 to 2023, the Department of International Cooperation at VSS actively engaged with the IMF to secure critical funding for key initiatives. These include expanding social insurance coverage, administrative reform, digital transformation, fund investment, communication strategies, and advanced forecasting capabilities.
Technical support provided by the IMF has been instrumental in evaluating Vietnam’s social security system and extending pension coverage, particularly for informal workers. This support has included in-depth policy analysis and data assessment, paving the way for recommended amendments aimed at ensuring the sustainability of the fund.
A significant aspect of the collaboration has been the establishment and transfer of a sophisticated forecasting model for the social insurance fund. Expert training on its application has significantly enhanced VSS’s capacity for fund management, forecasting accuracy, and policy formulation. These measures enable VSS experts to autonomously develop and refine models for fund management, forecasting, and policy consultation.
The ongoing collaboration between Viet Nam Social Security and the IMF underscores a commitment to fortifying Vietnam’s social insurance landscape through strategic reforms and enhanced international cooperation.
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