A brief of New Social Insurance Law 2024

On 29 June 2024, the National Assembly of Vietnam enacted Law No. 41/2024/QH15, a landmark piece of legislation that will replace the existing Law on SI No. 58/2014/QH13, dated 20 November 2014, as well as Resolution No. 93/2015/QH13, dated 22 June 2015, which addressed policies related to lump-sum social insurance (“SI”) entitlements. This new SI Law 2024 introduces significant reforms aimed at enhancing the social security framework, ensuring sustainability, and addressing the evolving needs of Vietnam’s workforce and society. The legislation is set to take effect on 1 July 2025, marking a pivotal shift in the country’s approach to SI policies.

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