Kathmandu. Vietnam’s unemployment insurance fund will remain financially strong for the next 3 years.
Analyzing the income and expenditure plan for the 2023-2025 period and overall financial stability, Vietnam’s Ministry of Home Affairs said the fund’s income, expenditure control and balance will remain positive during this period. According to the ministry’s latest report, the number of workers participating in unemployment insurance is expected to reach 16.6 million in 2024. That’s about 1.8 million more than in 2023.
Similarly, when calculating contributions, the average salary will increase to about 67 million Vietnamese dong-vnd (local currency). That was 61 million VND last year. “Regular salary adjustments and job growth are the main reasons for this positive trend,” the Vietnamese government said. ’
In 2023, the fund’s total income was about 23.1 million VND and expenses amounted to 22.9 billion VND. However, revenue is expected to reach VND256.8 million in 2024. Spending is expected to fall by a little more than 23 billion VND.
As a result, the fund could end the year with a surplus of VND67.4 billion. That’s about 4.7 billion VND more than last year.
The analysis shows that even if incomes rise slightly in 2025, the rate of spending could increase significantly. Revenue for this year is estimated to be around 25.70 billion VND and expenses will be 27.20 billion VND. However, the balance is not at risk.
The fund is expected to have about VND 67.4 billion remaining at the end of this year, ensuring the fund’s sustainable financial security. The government has said that the unemployment insurance fund will be strengthened in the coming years on the back of a stable labor market, regular wage growth, a growing number of participants and a well-thought-out cost management structure. This will not only make the country’s social protection structure more resilient but also provide the fund with long-term sustainability to deal with financial risks.
