Vietnam : Developing a Modern Pension System--Current Challenges and Options for Future Reform

With declining fertility and rising life expectancy, the Vietnamese population is expected to age rapidly, making the development of a modern social security system a pressing priority for Vietnam. The current system faces a number of major challen...

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Bibliographic Details
Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	Washington, DC 2017
Subjects:	ACCOUNTING ADVERSE EFFECTS AGING POPULATION AMOUNT OF CAPITAL BENEFICIARIES BENEFICIARY BENEFIT PAYMENTS CASH FLOW COMMERCIAL BANK COMMERCIAL BANKS COMMUNICATION TECHNOLOGY COMPENSATION CONFLICT OF INTEREST CONFLICT OF INTERESTS CONFLICTS OF INTEREST CONNECTIVITY CONSUMER PRICE INDEX CONTRIBUTION COLLECTION CONTRIBUTION PAYMENTS CONTRIBUTION RATE CONTRIBUTION RATES CONTRIBUTION RECORDS DEBT DEFICITS DEFINED BENEFIT DEMOGRAPHIC DEMOGRAPHIC CHANGES DEPENDENCY RATIO DISABILITY DISABILITY PENSION DISABILITY PENSIONS DIVISION OF LABOR EARLY RETIREMENT ELDERLY EMPLOYEE EMPLOYMENT TRENDS EQUITIES FAMILIES FEMALE FEMALES FERTILITY FINANCES FINANCIAL MANAGEMENT FINANCIAL RETURNS FINANCIAL SECTOR FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FINANCING ARRANGEMENTS FIXED INCOME FIXED INCOME SECURITIES FOREIGN DIRECT INVESTMENT FUND MANAGEMENT FUTURE PENSION FUTURE PENSIONS GENDER GENDER DIFFERENCES GENDER EQUALITY GENDER EQUITY GLOBAL ECONOMY GOOD GOVERNANCE GOVERNMENT FUNDING GOVERNMENT GUARANTEE GROWTH RATE GROWTH RATES HARMONIZATION HEALTH CARE HUMAN RESOURCES INCOME SECURITY INCOME SHOCKS INDIVIDUAL ACCOUNTS INFLATION INFORMAL SECTOR INFORMAL SECTORS INFORMATION FLOW INFORMATION MANAGEMENT INFORMATION SYSTEMS INFORMATION TECHNOLOGY INSTITUTIONAL CAPACITY INSURANCE POLICIES INTEREST RATE INTEREST RATES INTERNATIONAL BEST PRACTICES INTERNATIONAL STANDARDS INVESTING INVESTMENT DECISIONS INVESTMENT HORIZON INVESTMENT MANAGEMENT INVESTMENT OBJECTIVES INVESTMENT PERFORMANCE INVESTMENT POLICY INVESTMENT PORTFOLIO INVESTMENT PROCESS INVESTMENT RETURNS INVESTMENT STRATEGIES INVESTMENT STRATEGY ISSUANCE JOB CREATION LABOR FORCE LABOR MARKET LABOR MOBILITY LABORERS LEGAL OBLIGATION LEVY LIABILITY LIFE EXPECTANCIES LIFE EXPECTANCY MANDATORY SCHEME MANDATORY SYSTEM MARKET BENCHMARK MARKET VALUE MARKETABLE BONDS MATURITY MIDDLE-INCOME COUNTRY MINIMUM WAGE MINIMUM WAGES NET WAGES OCCUPATIONS OLD-AGE PENSION OLDER PEOPLE OPERATIONAL EFFICIENCY PAY-AS-YOU-GO SYSTEM PENSION PENSION AGE PENSION AT RETIREMENT PENSION BENEFIT PENSION BENEFITS PENSION CONTRIBUTION PENSION COVERAGE PENSION ENTITLEMENT PENSION EXPENDITURE PENSION EXPENDITURES PENSION FORMULA PENSION FORMULAS PENSION FUND PENSION FUND INVESTMENT PENSION FUND INVESTMENTS PENSION FUNDS PENSION INCOME PENSION POLICIES PENSION POLICY PENSION REFORMS PENSION RESERVE PENSION RIGHTS PENSION SCHEME PENSION SCHEMES PENSION SPENDING PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS PERSONAL IDENTIFICATION PORTFOLIO POVERTY ALLEVIATION PRIVATE SECTOR DEVELOPMENT RAPID ECONOMIC GROWTH RAPID EXPANSION RATE OF RETURNS RATES OF RETURN REGULATORS REGULATORY FRAMEWORK REMOTE AREAS REPLACEMENT RATE RESERVE FUND RESERVES RETIREE RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BEHAVIORS RETIREMENT OPTION RETURN RISK MANAGEMENT SAVINGS SAVINGS ACCOUNTS SELFEMPLOYMENT SERVANTS SMALL BUSINESS SMALL BUSINESSES SOCIAL ASSISTANCE SOCIAL CONTRIBUTIONS SOCIAL INSURANCE SOCIAL INSURANCE CONTRIBUTION SOCIAL INSURANCE PROGRAMS SOCIAL INSURANCE SYSTEM SOCIAL PENSION SOCIAL PENSIONS SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY AGENCY SOCIAL SECURITY REFORMS SOCIAL SECURITY SYSTEM SOCIAL SUPPORT SURVIVOR PENSIONS TAX TELECOMMUNICATIONS TRANSPARENCY UNEMPLOYMENT VOLUNTARY PENSION VOLUNTARY PENSION FUND WAGE GROWTH WILL WORKERS PREFERENCE YOUNG WORKERS YOUNGER WORKERS
Online Access:	http://documents.worldbank.org/curated/en/777331468327928310/Vietnam-Developing-a-modern-pension-system-current-challenges-and-options-for-future-reform http://hdl.handle.net/10986/27225

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Summary:	With declining fertility and rising life expectancy, the Vietnamese population is expected to age rapidly, making the development of a modern social security system a pressing priority for Vietnam. The current system faces a number of major challenges, including low coverage rates in both the formal and informal sectors, inequities between different participant groups, lack of financial sustainability, and weak capacity for management and implementation of social insurance programs. Reforms are needed urgently to expand coverage, promote fairness, improve financial sustainability, and modernize the social security administration in order to help ensure income security for Vietnam's aging population in the coming decades. This note aims to contribute to the policy discussions around possible revisions to the social insurance code foreseen for 2013 by reviewing some of these challenges and possible reform options.

Vietnam : Developing a Modern Pension System--Current Challenges and Options for Future Reform

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