On 9 November, at its second session, the 16th National Assembly debated the draft Law amending and supplementing several articles of the Law on Social Insurance. Two issues drew the most attention: extending compulsory social insurance to platform workers and those without formal labour contracts, and making fund investment more efficient and safer.
A short draft with a flexible mechanism
The draft has three articles. It adjusts the law to the reorganised state apparatus and the two-tier local government model, and aims to improve fund investment efficiency. To widen coverage, it proposes that the National Assembly Standing Committee decide on compulsory participation for workers with stable, regular jobs and income, based on Government proposals and socio-economic conditions in each period.
Deputies supportive but want a roadmap
Many deputies supported bringing delivery riders, ride-hailing drivers and informal workers into the compulsory scheme, but asked for clear rules on contribution obligations, calculation methods and platform responsibilities.
- Deputy Le Huu Tri (Khanh Hoa) warned that overly broad rules without enforcement could burden low-income workers; he suggested impact assessments by group, considering application to platform workers from 2028, and linking data between social insurance, tax authorities and platforms.
- Deputy Pham Van Hoa (Dong Thap) urged improving compliance among existing participants before adding new groups.
- Deputy Nguyen Van Huy (Hung Yen) called for protecting workers when employers pay late or evade contributions.
Fund investment: safety, transparency, diversification
Deputy Duong Khac Mai (Lam Dong) cited an investment balance of about 1.5 quadrillion VND (58.8 billion USD); the average investment yield in 2025 was 3.72%, against consumer price growth of 3.31%. He proposed annual evaluation of each investment channel, public disclosure of results and avoiding concentration in a single channel.
The draft adds principles of safety, capital preservation, sustainability, efficiency and transparency. The Government will set criteria and mechanisms for selection, supervision and risk control, plus a roadmap to diversify the portfolio; the drafting agency will work with the Ministry of Finance on detailed rules once the law is passed. Done well, controlled diversification of such a large fund could make it an important source of long-term capital for the financial market.
Responding, Minister of Home Affairs Nguyen Tien Hai said the drafting agency would report to the Government on keeping a provision allowing the Government to propose adding compulsory groups when conditions are met, and would continue research for a comprehensive revision of the law in 2027–2028.
Key takeaways
- The draft lets the NA Standing Committee bring platform and informal workers into compulsory coverage as conditions allow.
- Fund investment gains safety and transparency principles plus a portfolio diversification roadmap.
- A comprehensive revision of the Social Insurance Law is to be studied for 2027–2028.