Hanoi's Social Insurance Region I has announced that under the Social Insurance Law 2024, set to take effect on 1 July 2025, new eligibility conditions will apply for pension benefits for those enrolled in voluntary social insurance.
Under the new rules, individuals participating in voluntary social insurance will be entitled to a lifetime pension once they reach the statutory retirement age and have contributed for at least 15 years.
As outlined in the 2019 Labour Code, the retirement age is gradually increasing to —62 for men and 60 for women-—for those working under normal conditions.
Since 1 January 2021, the retirement age in Vietnam has been gradually increasing each year—by three months annually for men and four months for women. This year, the retirement age is 61 years and three months for men and 56 years and eight months for women.
However, individuals who enrolled in voluntary social insurance before 1 January 2021 and have contributed for at least 20 years will still be eligible to receive their pension at age 60 for men and 55 for women—unless they choose otherwise as permitted by regulations.
Starting 1 July 2025, voluntary social insurance participants will be entitled to a maternity benefit of VND2m ($76.80) per child (or per foetal loss from 22 weeks onward), provided they have contributed for at least six months within the 12 months prior to childbirth.
Additionally, from the same date, the contribution rate for voluntary social insurance will be set at 22% of the declared income used for pension and death fund contributions. Participants may opt to pay periodically or in a lump sum.