Vietnam and South Korea signed an administrative deal on the implementation of a bilateral agreement on social insurance in the latter’s Sejong city on December 8, according to the Ministry of Labor, Invalids and Social Affairs.

The bilateral agreement was signed between Minister of Labor, Invalids and Social Affairs Dao Ngoc Dung and South Korean Minister of Health and Welfare Kwon Deok Cheol on December 14, 2021, in Seoul.

The bilateral agreement will create favorable conditions for the flow of workers and protect rights and interests related to social insurance for workers from both countries.

It aims to avoid double social insurance contributions paid by Vietnamese and South Korean citizens working in each other’s country.

Under the agreement, Vietnamese workers will be able to continue to pay insurance contributions when going to work in South Korea and likewise for South Korean workers coming to Vietnam.

This is Vietnam’s first comprehensive bilateral social insurance agreement.

It was approved by authorized agencies in both countries and will take effect from January 1, 2024.

The signing is an important step to put forward specific regulations and solutions for the two countries to implement the agreement in line with principles and contents agreed between the two governments.