Viet Nam-South Korea agreement on social insurance to take effect from next year

The deal was signed by Vietnamese Deputy Minister of Labor, Invalids and Social Affairs (MOLISA) Nguyen Ba Hoan and Deputy Minister for Planning and Coordination of the Korean Ministry of Health and Welfare (MOHW) Kim Hyejinin in Sejong City last Friday.

The agreement is expected to create favorable conditons for the flows of workers and protect the rights and interests related to social insurance of workers from both countries.

This is the first bilateral agreement between Viet Nam and South Korea in this field, and also the first bilateral agreement on social insurance between Viet Nam and another country.

The agreement targets to avoid double social insurance contributions paid by Vietnamese and Korean citizens working in each other's country.

The agreement, scheduled to take effect from January 1 next year, will help facilitate information sharing between the two countries's law inforcement agencies and strengthen labor management in a more convenient and effective manner.

There are currently 250,000 Vietnamese people living and working in South Korea and about 200,000 Koreans living and working in Viet Nam./.