Changes To Compulsory Insurance Contributions In Vietnam

From 1 July 2017, Vietnam's common based minimum salary will increase from VND 1,210,000 to VND 1,300,000 per month, write TMF Group experts.

Common based minimum salary

As a result of this salary increase, the maximum salary for contribution of compulsory social and medical insurance will increase to VND 26,000,000 per month from the previous VND 24,200,000.

Unemployment insurance

In order to reduce the burden on employers and to promote business, the Government has submitted a proposal to the National Assembly to reduce the unemployment insurance contribution for employers from 1% to 0.5%. The new rate will be applied from the date of the National Assembly's Resolution, until 31 December 2019.