The deal was inked by Vietnamese Deputy Minister of Labour, Invalids and Social Affairs (MOLISA) Nguyen Ba Hoan and Deputy Minister for Planning and Coordination of the RoK's Ministry of Health and Welfare (MOHW) Kim Hyejin in Sejong city on December 8.
The bilateral agreement on social insurance is expected to create favourable conditions for the flow of workers and protect the rights and interests related to social insurance of workers from both countries.
It aims to avoid double social insurance contributions paid by Vietnamese and Korean citizens working in each other’s country.
The agreement, which will take effect from January 1 next year, will facilitate information sharing between the two countries' enforcement agencies, helping to strengthen labour management in a more convenient and effective manner.
Hoan highly appreciated the cooperative relationship between Vietnam and the RoK over the past 30 years since the two countries established diplomatic ties.
To promote their collaboration in the coming time, he suggested the two sides continue to coordinate closely in implementing the bilateral agreement on social insurance, improving the quality of labour management, sharing information and implementing policies to ensure benefits for workers of the two countries in line with the signed agreement.
