The working session between representatives of the VSS and the WB, the IFC on November 13 (Photo: laodong.vn)

Hanoi (VNA) – The Vietnam Social Security (VSS) asked for assistance from the World Bank (WB) and the International Finance Corporation (IFC) to its fund investment activities during a working session in Hanoi on November 13.

The two sides discussed the role of the VSS’s Fund Investment Department, challenges and opportunities for this department, and expected reforms.

Briefing about fund investment and development, VSS Deputy Director General Nguyen Dinh Khuong pointed out the advantages and difficulties facing his agency.

He noted that the VSS has been seeking ways to simultaneously increase insurance participants, improve fund accumulation efficiency, ensure fund safety in the future, and cope with insurance frauds.

As a result, the fund investment structure has been shifted towards a safe direction with an increase in the investment in Government bonds. Notably, the fund investment scale has been on the rise while profit from these activities has also been increasing year on year, he added.

Khuong asked the WB and the IFC to assist the VSS with how to analyse and select projects to invest in so as to maximise profit and minimise risks.

The VSS also called for more support to improve its specialised staff’s capacity in advising its leaders to make decisions with long-term vision.

At the session, Alwaleed Alatabani, lead financial sector specialist at the WB, pledged that the WB will help the VSS to improve fund management and investment.-VNA