Supplementary pension insurance has been stipulated in the 2024 Law on Social Insurance, which is a voluntary type of insurance, according to market principles, to supplement the pension regime in compulsory social insurance.
Supplementary pension insurance regulations have required the disclosure of information about the pension program, with a mechanism for participants to fully access information about contributions and the value of personal pension accounts.
Thereby, ensuring publicity and transparency of the State's policies to attract the participation of workers and employers.
However, in the draft report summarizing the implementation of the 2024 Law on Social Insurance, the Ministry of Home Affairs assessed that the Law no longer stipulates allowing employees or individuals to directly participate in supplementary pension insurance as previously regulated. Instead, employees must participate through labor-using enterprises.
This regulation leads to the case that if employees quit their jobs, they will have to stop the supplementary pension insurance program, and will not be allowed to continue maintaining their accounts. Accordingly, it affects the rights of participants.
At the same time, individuals with high incomes but without labor contracts with employers who need to participate in voluntary pension programs will also be unable to participate in supplementary pension insurance.
Based on the policy implementation process and assessment of the operation of the supplementary pension insurance fund system, the Ministry of Home Affairs believes that in the context of needing to strengthen the mobilization of resources for economic development, it is necessary to attract and diversify subjects who need to participate in supplementary pension insurance.
Expanded targets are expected to be individuals with high incomes but without labor contracts with employers, including cases of participating in supplementary retirement insurance at businesses resigning.
The expansion of this target group aims to contribute to long-term capital sources participating in the capital market, through investment activities of supplementary pension insurance funds.
Therefore, in the draft Law on Social Insurance (amended), the Ministry of Home Affairs proposes to amend regulations on supplementary pension insurance, in the direction of allowing individuals to directly participate in supplementary pension insurance on a voluntary basis, without being required to go through employers. This regulation is similar to previous regulations in the Law on Social Insurance in 2014.
According to a report by the Ministry of Home Affairs, pension fund management enterprises began establishing pension funds from 2021. At that time, there were 4 enterprises, including: Dragon Capital Vietnam Investment Fund Management Company (DC); MB Investment Fund Management Company (MBC); Vietcombank Investment Fund Management Company (VCBF); SSI Investment Fund Management Company (SSIAM).
To date, 7 funds have been established with a total net asset value by the end of 2025 of nearly 2,210 billion VND, an increase of 53% compared to the end of 2024, 26 times higher than in 2021.
The entire pension fund system by the end of 2025 has 28,538 participants, an increase of 17.1% compared to 2024.
