Foreigners with working permits or professional licenses granted byVietnamese authorised agencies will be required to join Vietnam’s socialinsurance, according to the new Law on Social Insurance announced bythe Presidential Office on December 11.
The regulation will come into force as from January 1, 2018 while the law will take effect on January 1, 2016.
In addition, workers under labour contracts from one month to lessthan three months will also be subject to compulsory social insurance asfrom January 1, 2018.
The new law removes the age maximum limit of people registering for voluntary social insurance.
Besides the Law on Social Insurance, the Presidential Office also madepublic a range of laws and National Assembly Resolutions, including theLaw on Organisation of People’s Court, the Law on Organisation ofPeople’s Procuracy, the Law on Real Estate Business and the Law onHousing.
The Law on Real Estate Business with six chapters and82 articles, taking effect from July 1, 2015, specifies that propertybusinesses must have legal capital of at least 20 billion VND (952,380USD).
The laws and resolutions were approved at the eighth session of the 13th National Assembly that wrapped up on November 28.-VNA