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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Main Author: World Bank
Format: Report
Language:English
en_US
Published: Washington, DC 2017
Subjects:
TAX
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
id okr-10986-27225
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic 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
spellingShingle 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
World Bank
Vietnam : Developing a Modern Pension System--Current Challenges and Options for Future Reform
geographic_facet East Asia and Pacific
Vietnam
description 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.
format Report
author World Bank
author_facet World Bank
author_sort World Bank
title Vietnam : Developing a Modern Pension System--Current Challenges and Options for Future Reform
title_short Vietnam : Developing a Modern Pension System--Current Challenges and Options for Future Reform
title_full Vietnam : Developing a Modern Pension System--Current Challenges and Options for Future Reform
title_fullStr Vietnam : Developing a Modern Pension System--Current Challenges and Options for Future Reform
title_full_unstemmed Vietnam : Developing a Modern Pension System--Current Challenges and Options for Future Reform
title_sort vietnam : developing a modern pension system--current challenges and options for future reform
publisher Washington, DC
publishDate 2017
url 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
_version_ 1764463644343533568
spelling okr-10986-272252021-04-23T14:04:40Z Vietnam : Developing a Modern Pension System--Current Challenges and Options for Future Reform World Bank 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 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. 2017-06-15T20:17:44Z 2017-06-15T20:17:44Z 2012-06 Report 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 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Other Social Protection Study Economic & Sector Work East Asia and Pacific Vietnam