Decree No. 212/2025/NĐ-CP detailing activities of investment from social insurance, health insurance, and unemployment insurance funds

DECREE

Detailed regulations on investment activities from social insurance funds,

 health insurance funds, unemployment insurance funds

Pursuant to the Law on Government Organization No. 63/2025/QH15;

Pursuant toSocial Insurance Law No. 41/2024/QH15;

On the basis of Employment Law No. 38/2013/QH13;

On the basis of Health Insurance Law No. 25/2008/QH12 amended and supplemented by Law No. 32/2013/QH13, Law No. 46/2014/QH13, Law No. 97/2015/QH13, Law No. 35/2018/QH14, Law No. 68/2020/QH14, Law No. 30/2023/QH15 and Law No. 51/2024/QH15;

At the proposal of the Minister of Finance;

The Government issues this Decree to provide detailed regulations on investment activities from social insurance, health insurance, and unemployment insurance funds.

PART I
GENERAL PROVISIONS

This Decree provides detailed regulations on investment activities from social insurance, health insurance, and unemployment insurance funds managed by the Vietnam Social Security according to Clause 4, Article 122, Clause 3, Article 123, and Clause 5, Article 137 of the Social Insurance Law, Clause 5, Article 35 of the Health Insurance Law (amended and supplemented at Clause 27, Article 1 of Law No. 51/2024/QH15 amending and supplementing certain provisions of the Health Insurance Law), and Clause 3, Article 59 of the Employment Law.

Article 2. Applicability

1. Vietnam Social Security.

2. Agencies, organizations, and individuals related to investment activities from social insurance, health insurance, and unemployment insurance funds.

Article 3. Investment Principles

1. Investment activities from social insurance, health insurance, and unemployment insurance funds shall comply with the investment principles of each fund as stipulated in the Social Insurance Law, Health Insurance Law, and Employment Law.

2. Prioritizing investments in government bonds, especially long-term government bonds, shall be decided by the Social Insurance Management Board (hereinafter referred to as the Management Board) in the annual investment plan and determined by the ratio of the balance of government bonds to the total balance of the investment portfolio of the Vietnam Social Security.

Article 4. Investment Portfolio

1. The domestic market investment portfolio includes the following products:

a) Government debt instruments including government bonds, treasury bills, national construction bonds;

b) Local government bonds, bonds guaranteed by the government;

c) Deposits at state-owned commercial banks and joint-stock commercial banks with more than 50% state capital; no investments shall be made in commercial banks under special control;

d) Bonds and deposit certificates of state-owned commercial banks and joint-stock commercial banks with more than 50% state capital; no investments shall be made in commercial banks under special control.

2. The international market investment portfolio consists of government bonds.

Article 5. Investment Methods

1. The Vietnam Social Security shall conduct direct investments or entrust investments. In cases of entrusted investments, the Vietnam Social Security shall develop implementation plans to report to the Management Board for approval in the annual investment plan.

2. The entrusted investment plan as provided in Clause 1 of this Article shall include the following main contents:

a) The necessity of entrusted investment;

b) Principles and criteria for selecting entrusted investment organizations (where entrusted investment organizations are fund management companies, securities companies, commercial banks with entrusted investment functions as prescribed by relevant laws);

c) Entrusted matters: scope, entrusted products; rights, obligations, commitments of the parties; duration of entrustment; entrusted costs; other entrusted matters;

d) Plan for handling situations where entrusted investment organizations fail to fulfill entrusted matters;

đ) Other contents as required by management.

3. Based on the approved plan, the Vietnam Social Security shall select entrusted investment organizations and sign contracts, which shall include the contents prescribed in point c and point d of Clause 2 of this Article.

Article 6. Long-term investment strategy

1. On the basis of the provisions of this Decree, the Social Insurance Law, the Health Insurance Law, the Employment Law, the development strategy of the social insurance industry, the current situation and forecast of revenue and expenditure balance of each fund, investment needs and capabilities, market situation forecasts, the Vietnam Social Security shall develop a long-term investment strategy for a three-year period to be submitted to the Management Board for approval. The development of the long-term investment strategy shall be carried out concurrently with the determination of the level of expenditure for organizational and operational activities of social insurance as stipulated in Clause 3, Article 120 of the Social Insurance Law.

2. The long-term investment strategy shall include the following main contents:

a) Investment objectives ensuring the principles prescribed in Article 3 of this Decree;

b) Investment portfolio, specifying criteria for selecting investment markets, investment products for each market, expected volume, term, interest rate on investments, and investment methods;

c) Implementation roadmap for the investment portfolio;

d) Expected investment results;

đ) Implementation measures;

e) Other contents as required by management.

3. The Management Board shall approve the long-term investment strategy and submit it to the Ministry of Finance. The Ministry of Finance shall seek opinions from the Ministry of Home Affairs, the Ministry of Health, relevant ministries and sectors, consolidate them, and report to the Prime Minister for consideration and approval.

Article 7. Annual Investment Plan

1. Based on the long-term investment strategy, the provisions of the Social Insurance Law, the Health Insurance Law, the Employment Law, the provisions of this Decree, the annual revenue and expenditure situation of the social insurance, health insurance, unemployment insurance funds, and the market situation, the Vietnam Social Security shall develop an annual investment plan from the social insurance, health insurance, and unemployment insurance funds to be submitted to the Management Board for approval and implementation.

2. The annual investment plan shall include the following main contents:

a) Evaluation of the implementation of investment activities in the previous year, estimated implementation of investment in the current year, detailed by each fund including the following basic indicators: beginning-of-year investment balance, amount invested, principal recovered, profit earned allocated up to the reporting date and estimated realization during the year; total profit, use of profit; comments, evaluations, recommendations regarding the results compared to the approved investment plan; objective and subjective reasons in case the plan is not achieved; establishment of risk reserves, end-of-year risk reserve balance, use of risk reserves;

b) Proposed investment plan for the planned year, including the following contents:

Investment principles;

Estimated specific investment targets for the year: total investment amount, proportion of government bond balance to the total investment portfolio balance of the Vietnam Social Security as of December 31 of the planned year, estimated average return rate of the investment portfolio;

Total investment amount, list of investment products for the year; investment methods according to each component fund including beginning-of-year investment balance, amount invested in the year, principal recovered in the year, end-of-year investment balance, estimated profit earned in the year, and plan for using the profit earned in the year;

Other contents as required by the management of the Vietnam Social Security.

3. The annual investment plan does not include time deposits under the automatic rollover mechanism on accounts reflecting social insurance, health insurance, and unemployment insurance revenues and expenditures implemented in accordance with the Government's Decree on financial mechanisms for social insurance, unemployment insurance, health insurance, organizational and operational expenses of social insurance, unemployment insurance, and health insurance.

4. The Vietnam Social Security shall submit the annual investment plan to the Management Board before October 30 of the year immediately preceding the planned year. The Management Board shall approve the annual investment plan before December 31 of the year immediately preceding the planned year.

5. Based on the approved annual investment plan, the Vietnam Social Security shall issue a monthly investment plan at the latest by the 27th day of the month immediately preceding the planned year to implement.

6. During the implementation process, if there is a need to adjust the annual investment plan, the Vietnam Social Security shall report to the Management Board for review and approval.

Chapter II
IMPLEMENTATION OF INVESTMENTS

Section 1

DOMESTIC MARKET INVESTMENTS

Article 8. Investment in government debt instruments

1. The investment in government debt instruments shall be carried out according to the annual investment plan approved by the Management Board and the investment regulations stipulated in Clause 1, Article 16 of this Decree.

2. Vietnam Social Security invests in government debt instruments as follows:

a) Purchasing government debt instruments issued by the State Treasury on the primary market;

b) Purchasing government debt instruments from organizations and individuals through the debt instrument trading system based on competitive interest rates. Vietnam Social Security issues detailed procedures for purchasing government debt instruments through the trading system in accordance with the investment regulations to organize implementation, including the following main contents:

Criteria for selecting trading partners;

Method of receiving information on bids to buy and sell government debt instruments from trading partners;

Principles for determining the volume of purchases, prioritizing trading partners offering higher interest rates until the required purchase volume is reached, ensuring that the interest rate applied to each partner is not lower than the issue interest rate of government debt instruments with the same term on the primary market at the most recent auction within three months. For the purchase of standard-term government debt instruments of ten years or more as prescribed by laws on issuing government debt instruments, the term of the offered debt instruments is determined to be longer or shorter by up to twelve months compared to the standard term. For the purchase of standard-term government debt instruments under ten years as prescribed by laws on issuing government debt instruments, the term of the offered debt instruments is determined to be longer or shorter by up to six months compared to the standard term. An example of determining the term of government debt instruments offered is provided in Appendix I attached to this Decree;

Model contract signed with the partner, including: legal basis for implementing the contract, buyer information, seller information, transaction method in accordance with laws on trading government debt instruments, rights and obligations of the parties, breach and handling of breach of contract, dispute resolution, other related contents.

3. Vietnam Social Security decides on the volume, term, and timing of purchases on the primary market and through the debt instrument trading system according to the principles stipulated in Article 3 of this Decree.

4. The principal amount and income derived from government debt instruments are monitored and recorded in accordance with the provisions of Article 14 of this Decree.

5. In cases where it is necessary to sell government debt instruments to recover investments ahead of schedule, Vietnam Social Security shall submit a document clearly stating the reasons for review and decision by the Management Board.

Article 9. Investment in local government bonds and government-guaranteed bonds

1. The investment in local government bonds and government-guaranteed bonds shall be carried out according to the annual investment plan approved by the Management Board and the investment regulations stipulated in Clause 1, Article 16 of this Decree.

2. Vietnam Social Security purchases local government bonds and government-guaranteed bonds as follows:

a) Purchasing bonds issued by local governments and policy banks on the primary market;

b) Purchasing bonds from organizations and individuals through the debt instrument trading system based on competitive interest rates. The purchase of local government bonds and government-guaranteed bonds through the debt instrument trading system is implemented according to the provisions of Point b, Clause 2, Article 8 of this Decree for each type of local government bond and government-guaranteed bond.

3. Vietnam Social Security decides on the volume, term, and timing of purchases on the primary market and through the debt instrument trading system according to the principles stipulated in Article 3 of this Decree and the annual investment plan approved by the Management Board.

4. The principal amount and income derived from local government bonds and government-guaranteed bonds are monitored and recorded in accordance with the provisions of Article 14 of this Decree.

5. In cases where it is necessary to sell local government bonds and government-guaranteed bonds to recover investments ahead of schedule, Vietnam Social Security shall submit a document clearly stating the reasons for review and decision by the Management Board.

Article 10. Depositing Money at Commercial Banks

1. Depositing money at commercial banks shall be carried out according to the annual investment plan approved by the Management Board. The receiving bank is a commercial bank as specified in point c, Clause 1, Article 4 of this Decree.

2. The Vietnam Social Security decides on the amount deposited, deposit term, interest rate for deposits, ensuring that the maximum deposit term does not exceed three years. The reference deposit interest rate is based on the interest rate of time deposits offered by commercial banks but must not be lower than the average highest interest rate for organizations and individuals with the same term at four branches of four commercial banks in Hanoi: Vietnam Joint Stock Commercial Bank for Industry and Trade, Vietnam Joint Stock Commercial Bank for Foreign Trade, Vietnam Joint Stock Commercial Bank for Investment and Development, and Vietnam Agricultural and Rural Development Bank. The selection of four branches of four commercial banks as stipulated herein shall be decided by the Director of the Vietnam Social Security.

3. The Vietnam Social Security signs deposit contracts with commercial banks in accordance with the provisions of the law, including the following main contents:

a) Information of the Vietnam Social Security and the receiving bank, including information about the authorized representatives of both parties (name, position, phone number, email address).

b) Amount, term, and interest rate of the deposit.

c) Method of transferring the deposit; payment of principal and interest upon maturity; early repayment of principal and interest.

d) Rights and obligations of the parties.

đ) Provisions regarding termination and dissolution of the contract.

e) Provisions on breach penalties, dispute resolution, early withdrawal agreements, and clauses on handling situations where the commercial bank delays payment of interest or principal upon maturity. Late payment interest is calculated at 150% of the deposit interest rate at the time of payment, based on the amount delayed, the period of delay, and other terms.

g) Other related agreements as required by management.

4. The principal and income derived from deposits at commercial banks shall be monitored and recorded in accordance with the provisions of Article 14 of this Decree.

5. In cases where it is necessary to withdraw deposits before maturity, the Vietnam Social Security shall issue a document detailing the reasons and submit it for consideration and decision by the Management Board.

Article 11. Investment in Bonds and Deposit Certificates of Commercial Banks

1. The Vietnam Social Security invests in bonds and deposit certificates of commercial banks according to the annual investment plan approved by the Management Board. The issuing banks are commercial banks as specified in point d, Clause 1, Article 4 of this Decree.

2. The investment term for bonds and deposit certificates depends on the term of each type of securities issued by commercial banks.

3. The purchase interest rate for bonds and deposit certificates is the interest rate for bonds and deposit certificates issued by commercial banks, based on the following principles:

a) If within three months prior to the purchase date, the State Treasury does not issue government bonds with the same term, the purchase interest rate for bonds and deposit certificates must not be lower than the average highest interest rate for organizations and individuals with the same term or the nearest lower term (in case of different terms) at four branches in Hanoi of four commercial banks: Vietnam Joint Stock Commercial Bank for Industry and Trade, Vietnam Joint Stock Commercial Bank for Foreign Trade, Vietnam Joint Stock Commercial Bank for Investment and Development, and Vietnam Agricultural and Rural Development Bank. The selection of four branches of four commercial banks as stipulated herein shall be decided by the Director of the Vietnam Social Security.

b) If within three months prior to the purchase date, the State Treasury issues government bonds with the same term, the purchase interest rate for bonds and deposit certificates must not be lower than both the government bond interest rate with the same term and the average highest interest rate for deposits as specified in point a of this clause.

4. The principal and income derived from investments in bonds and deposit certificates of commercial banks shall be monitored and recorded in accordance with the provisions of Article 14 of this Decree.

5. In cases where it is necessary to sell bonds or deposit certificates to recover the investment before maturity, the Vietnam Social Security shall issue a document detailing the reasons and submit it for consideration and decision by the Management Board.

Section 2

 INVESTMENT IN THE INTERNATIONAL MARKET

Article 12. Investment in international markets

1. The investment of the Vietnam Social Security in international markets shall be carried out in accordance with this Decree, foreign exchange laws, indirect investment abroad laws, and market regulations.

2. Based on the long-term investment strategy, needs, and investment capacity, the Vietnam Social Security shall develop a proposal for investment in international markets to report to and obtain approval from the Management Council. The proposal for investment in international markets shall include the following main contents:

a) The necessity of investing in international markets;

b) Types of government bonds expected to be invested and the investment market;

c) Investment value;

d) Plan to purchase foreign currency;

đ) Expected conditions and terms of government bonds to be invested (face value, currency, term, interest rate, principal repayment method, interest payment method);

e) Investment methods (direct investment, entrusted investment);

g) Criteria and process for selecting service providers;

h) Registration, custody, listing, trading of investment bonds, and opening accounts to receive income from investment activities;

i) Evaluation of costs and benefits of international market investments compared to domestic investments;

k) Risk assessment (if any) and risk management mechanisms for the investment amount.

3. Based on the approved proposal for investment in international markets, the Vietnam Social Security shall notify the State Bank of Vietnam before purchasing foreign currency from credit institutions and foreign bank branches permitted to provide foreign exchange services in Vietnam to comply with foreign exchange management laws and indirect investment abroad laws. The Vietnam Social Security shall open and use a capital transfer account for overseas investment in accordance with the law.

Section 3

USE OF INCOME FROM INVESTMENT ACTIVITIES

AND MONITORING, ACCOUNTING FOR INVESTMENT AMOUNTS

Article 13. Use of income from investment activities

1. All income from investment activities shall be used as follows:

a) Establishing a risk reserve fund from social insurance, health insurance, and unemployment insurance funds according to the principle that the annual risk reserve fund contribution shall not exceed 2% of the investment activity income until the balance of the risk reserve fund equals 5% of the previous year's outstanding debt invested in products specified in point c and point d, Clause 1, Article 4 of this Decree.

The specific contribution level shall be decided by the Director of the Vietnam Social Security.

b) During the period when the risk reserve fund is not used, it may be invested in government debt instruments.

2. The remaining portion shall be allocated to social insurance, health insurance, and unemployment insurance funds in proportion to the contribution of each fund's income to the total income of all funds in the year and used as follows:

a) Income allocated to the social insurance fund, after deducting organizational and operational expenses of social insurance as prescribed by law, shall be supplemented to component funds in proportion to each component fund's income contribution to the total income of the social insurance fund;

b) Income allocated to the health insurance fund shall be supplemented to the reserve fund for use as prescribed by law;

c) Income allocated to the unemployment insurance fund shall be supplemented to the unemployment insurance fund for use as prescribed by law.

3. The allocation and use of income as stipulated in Clause 1 and Clause 2 of this Article shall be implemented monthly and adjusted at the end-of-year settlement.

4. All interest from accounts reflecting social insurance, health insurance, and unemployment insurance revenues and expenditures (including interest from fixed-term deposits under automatic transfer methods) shall be implemented in accordance with the Government's Decree on financial mechanisms for social insurance, unemployment insurance, health insurance, and organizational and operational expenses of social insurance, unemployment insurance, and health insurance.

4. The entire interest from accounts reflecting social insurance, health insurance, unemployment insurance revenues and expenditures (including interest from term deposits made through automatic transfer methods) shall be implemented in accordance with the provisions of the Government's Decree stipulating the financial mechanism for social insurance, unemployment insurance, health insurance, and organizational and operational costs for social insurance, unemployment insurance, and health insurance.

Article 14. Investment Costs and Monitoring, Accounting for Investment Amounts

1. Costs related to investment activities (deposit costs, transaction costs, and other costs as prescribed by law) shall be accounted for and paid according to the provisions set forth in the Government Decree stipulating the financial mechanism for social insurance, unemployment insurance, health insurance, organizational and operational expenses for social insurance, unemployment insurance, and health insurance.

2. The principal amount obtained from investments shall be monitored and accounted for independently for each fund (social insurance fund, health insurance fund, unemployment insurance fund, risk reserve fund), with the social insurance fund detailed according to each component fund and accounted for under the accounting regulations of the Vietnam Social Security.

3. All income derived from investments (including income from the risk reserve fund) shall be allocated to the social insurance fund, health insurance fund, unemployment insurance fund, and component funds of the social insurance fund as prescribed in Article 13 of this Decree and accounted for under the accounting regulations of the Vietnam Social Security.

4. Amounts recovered from investment activities that have exceeded the repayment period shall be accounted for first by recovering the principal debt, followed by interest arrears. In cases where there is a court ruling specifying the details, the recovered amounts shall be accounted for according to the court's judgment.

Chapter III
INSPECTION, MANAGEMENT OF INVESTMENT RISKS, ESTABLISHING AND USING THE RISK RESERVE FUND, AND REPORTING REGIME

USE OF RESERVE FUNDS AND REPORTING REGIME

Article 15. Content of Inspection and Management of Risks

1. Develop long-term investment strategies and annual investment plans, monthly investment plans as prescribed in Articles 6 and 7 of this Decree.

2. Issue business regulations including: investment regulations, risk management regulations, internal audit regulations as prescribed in Article 16 of this Decree, and other regulations as required by the Vietnam Social Security.

3. Implement investments according to the long-term investment strategy, annual investment plan, and monthly investment plan as prescribed in this Decree; regularly assess the implementation situation to take appropriate measures within authority and report to the competent authority for adjustment or supplementation (if necessary).

4. Regularly update information on market conditions; investment situations; reconcile investment amounts, amounts due for recovery, and balances of each investment product and investment target to serve the timely, full, and accurate determination of investment interest rates, recovery of principal and income.

5. Conduct internal audits to review and independently evaluate compliance with legal provisions and business regulations in investment activities; promptly identify and propose preventive and risk management measures.

6. Establish the risk reserve fund as prescribed in Article 13 of this Decree and handle risks as prescribed in Article 18 of this Decree.

7. The State Audit Organization conducts audits according to Clause 2 of Article 116 of the Social Insurance Law.

8. The Management Board supervises and checks the implementation of the social insurance agency according to Clause 1 of Article 20 of the Social Insurance Law.

Article 16. Business Regulations

1. Investment regulations, including the following basic contents: procedures for developing long-term investment strategies and annual investment plans, monthly investment plans; procedures, formalities, and documentation for investment in each investment product as prescribed in Chapter II of this Decree; allocation and use of income from investment activities; reporting system; responsibilities of relevant units and individuals.

2. Risk management regulations, including the following basic contents: types of risks affecting investment activities; identification, prevention, and handling of each type of risk; methods, frequency of self-inspection and control of each type of risk; procedures for handling when risks occur.

3. Internal audit regulations, including the following basic contents: scope, methods, procedures, and frequency of conducting internal audits of investment activities; responsibilities of units and individuals in coordinating the implementation of internal audits, procedures for handling internal audit recommendations, reporting system.

4. The Director of the Vietnam Social Security shall issue the business regulations prescribed in Clauses 1, 2, and 3 of this Article for implementation.

Article 17. Internal Audit of Investment Activities

1. Annually or upon management request, the Vietnam Social Security shall conduct internal audits of the investment activities of social insurance, health insurance, and unemployment insurance funds to assess compliance with legal regulations, long-term investment strategies, annual investment plans approved by competent authorities, and relevant operational procedures and processes related to investment activities.

2. The Vietnam Social Security shall report to the Management Board on the results of internal audit work in accordance with this Decree.

Article 18. Scope, Measures, Principles, and Authority for Handling Risks

1. Handling risks concerning delayed or non-payment of interest or principal for deposits, bonds, and deposit certificates from commercial banks shall be carried out through the following measures:

a) Extending debt means that the Vietnam Social Security temporarily does not collect part or all of the investment amount due at maturity for a maximum period of up to three years, depending on specific cases;

b) Writing off debt means that the Vietnam Social Security temporarily does not collect part or all of the investment amount and accrued interest due at maturity for a specified period without accruing interest on the unpaid principal during the write-off period; the maximum write-off period shall not exceed three years;

c) Waiving interest means that the Vietnam Social Security does not collect part or all of the interest due from the related party at maturity;

d) Selling debt means that the Vietnam Social Security transfers the creditor rights over risky investments to the buyer and receives payment from the buyer, in accordance with the law on buying and selling debts. The sale must be documented in a contract specifying the sale price, the transfer of creditor rights from the seller to the buyer, and other relevant agreements. If the amount received from the buyer is less than the risk amount (if any), the difference shall be handled according to the provisions of point đ of this clause;

e) Waiving principal means that the Vietnam Social Security does not collect part or all of the principal due from the related party. The source for compensating waived debt shall be drawn from the risk reserve fund as stipulated in Clause 1, Article 13 of this Decree.

2. Principles for handling risks:

a) Investments must be conducted in accordance with the authority and investment methods prescribed in this Decree;

b) There must be complete documentation proving that the investment risk was caused by external factors resulting in partial or total loss of invested capital (principal and interest);

c) Risk handling shall be considered on a case-by-case basis based on the cause of the risk, its severity, ensuring full legal documentation, and compliance with legal procedures;

d) A single investment subject to risk may apply one or more risk handling measures prescribed in Clause 1 of this Article.

3. Authority to decide on risk handling measures prescribed in Clause 1 of this Article is as follows:

a) The Director of the Vietnam Social Security shall review and decide on handling cases of extended debt as stipulated in point a of Clause 1 of this Article;

b) The Management Board shall review and decide on handling cases of written-off debt, waived interest, sold debt, and waived principal as stipulated in points b, c, d, and đ of Clause 1 of this Article, based on the proposal of the Director of the Vietnam Social Security.

4. When a risk occurs leading to the inability to recover investment capital on time or at all, the Vietnam Social Security shall have the responsibility to:

a) Timely report to the Management Board to verify and evaluate the extent of damage and losses, and prepare a file requesting handling;

b) Recommend the Management Board to consider and handle risk management measures within the Management Board's authority as stipulated in point b of Clause 3 of this Article.

Article 19. Reporting System

1. Quarterly and annually, the Vietnam Social Security has the responsibility to report to the Management Board, the Ministry of Finance, the Ministry of Home Affairs, and the Ministry of Health on the situation of investment in social insurance, health insurance, and unemployment insurance funds in accordance with this Decree.

2. The content and data of the report shall be implemented according to the model prescribed in Appendix II attached to this Decree, including key indicators such as:

a) The implementation of investment during the reporting period and cumulatively from the beginning of the year to the end of the reporting period, including indicators such as the opening balance of investment, investment during the period, principal recovered during the period, closing balance of investment (detailed by each component fund); for investment during the period, report in detail by each investment product (investment term, investment interest rate);

b) The profit generated by investment activities during the reporting period, cumulatively from the beginning of the year to the end of the period, by each investment product;

c) Evaluation of compliance with annual investment plans and long-term investment strategies;

d) The situation of establishing and using the risk reserve fund during the reporting period;

đ) Other contents (if any).

3. Deadline for submitting reports: No later than the 15th day of the first month of the next quarter for quarterly reports, no later than January 31 of the following year for annual reports.

4. Method of submitting reports: Reports shall be prepared in paper form or electronic form and submitted via one of the following methods:

a) Direct delivery;

b) Send through postal service;

c) Sending through the electronic system.

5. In cases where necessary according to the requirements of the Management Board and relevant ministries and sectors, the Vietnam Social Security shall implement ad hoc reporting systems.

Chapter IV
IMPLEMENTATION

Article 20. Responsibilities of the Vietnam Social Security and the Director of the Vietnam Social Security

1. The Vietnam Social Security shall be responsible for:

a) Organizing the implementation of investment in accordance with the provisions of the Law on Social Insurance, the Law on Health Insurance, the Law on Employment, and this Decree; being accountable to the Management Board for the implementation of investment from the social insurance fund, health insurance fund, unemployment insurance fund according to the long-term investment strategy and annual investment plan that have been approved.

b) Implementing the reporting system to the Management Board and relevant ministries and sectors regarding the situation and results of investment activities as stipulated in Article 19 of this Decree.

c) Implementing management, storage, and preservation of investment activity files from the social insurance fund, health insurance fund, unemployment insurance fund in accordance with accounting laws and related laws.

d) Reporting in full and promptly all data and documents related to investment activities from the social insurance fund, health insurance fund, unemployment insurance fund to the Ministry of Finance, the Ministry of Home Affairs, the Ministry of Health, and competent state agencies as prescribed or upon request.

2. The Director of the Vietnam Social Security shall be responsible for issuing business regulations, determining the annual risk reserve fund amount, handling risks within his authority, and performing the tasks of the Director of the Vietnam Social Security as prescribed in this Decree.

Article 21. Responsibilities of the Management Board

1. Approving the long-term investment strategy proposed by the Vietnam Social Security to report to the Ministry of Finance for approval by the Prime Minister.

2. Approving the annual investment plan for the Vietnam Social Security to implement.

3. Approving the investment project at the international market proposed by the Vietnam Social Security to implement.

4. Deciding and being accountable to the Government for the investment portfolio, investment structure, priority investment, and specific investment methods of the social insurance fund, unemployment insurance fund, health insurance fund based on the proposal of the Vietnam Social Security.

5. Supervising and inspecting the implementation of the social insurance agency as stipulated in Clause 8, Article 15 of this Decree.

6. Performing other responsibilities of the Management Board as prescribed in this Decree.

Article 22. Responsibilities of the Ministry of Finance and Relevant Ministries and Sectors

1. The Ministry of Finance shall be responsible for:

a) Submitting to the Prime Minister for issuance of a decision approving the long-term investment strategy of the Vietnam Social Security.

b) Compiling difficulties and obstacles encountered by the Vietnam Social Security during the implementation of investment activities to propose the Government to supplement, amend, or replace this Decree.

2. The Ministry of Home Affairs and the Ministry of Health shall be responsible for coordinating with the Ministry of Finance to develop the long-term investment strategy as prescribed in Article 6 of this Decree.

3. The State Bank of Vietnam shall be responsible for providing the Vietnam Social Security with a list of state-owned commercial banks and joint-stock commercial banks with over 50% state capital (excluding banks under special control) before January 10 each year and when there are changes.

4. Relevant ministries and sectors shall coordinate with the Ministry of Finance to participate in developing the long-term investment strategy according to their functions and tasks.

Article 23. Transitional Provisions

1. The 2025 investment plan of the Vietnam Social Security approved by the Management Board in accordance with Decree No. 30/2016/ND-CP dated April 28, 2016 detailing the operation of investment from the social insurance fund, health insurance fund, unemployment insurance fund (hereinafter referred to as Decree No. 30/2016/ND-CP) shall continue to be implemented until December 31, 2025. In case the Management Board issues or amends the 2025 investment plan after the effective date of this Decree, it shall be implemented in accordance with this Decree.

2. For deposit contracts signed in accordance with Decree No. 30/2016/ND-CP before the effective date of this Decree, they shall continue to be implemented according to the agreements already signed until the end of the contract term; in case of extension, they shall be implemented in accordance with this Decree.

3. For contracts specified in Article 14 of Decree No. 30/2016/ND-CP, the Vietnam Social Security and related parties shall continue to implement according to the agreements already signed until the end of the contract term. In case of extending these contracts, they shall be implemented in accordance with this Decree.

4. During the period when the long-term investment strategy stipulated in Article 6 of this Decree has not yet been approved by the Prime Minister, based on the annual income and expenditure of the social insurance fund, health insurance fund, unemployment insurance fund, and the investment portfolio specified in Article 4 of this Decree, the Management Board shall approve the annual investment plan in accordance with Clauses 2, 3, 4, and 6 of Article 7 of this Decree.

5. For investment forms in important projects approved by the Prime Minister, they shall be implemented in accordance with Point d, Clause 1, Clause 2 of Article 4 and Article 11 of Decree No. 30/2016/ND-CP until the Labor Law No. 38/2013/QH13 dated November 16, 2013 ceases to be effective.

6. Within a maximum period of six months from the effective date of this Decree, the Vietnam Social Security shall be responsible for issuing business regulations in accordance with Clauses 1, 2, 3 of Article 16 of this Decree to organize investment activities.

Article 24. Effective Date

1. This Decree takes effect from the date of signature.

2. Decree No. 30/2016/ND-CP dated April 28, 2016 of the Government detailing the operation of investment from the social insurance fund, health insurance fund, unemployment insurance fund shall cease to be effective from the effective date of this Decree. For the provisions at Point d, Clause 1, Clause 2 of Article 4 and Article 11 of Decree No. 30/2016/ND-CP, they shall continue to be implemented until the Labor Law No. 38/2013/QH13 dated November 16, 2013 ceases to be effective.

3. Ministers, Heads of ministerial-level agencies, Heads of central government agencies, Chairpersons of provincial People's Committees directly under the Central Government, the Management Board of the Vietnam Social Security shall be responsible for implementing this Decree.

 

ANNEX I

EXAMPLE OF DETERMINING THE MATURITY PERIOD OF GOVERNMENT DEBT INSTRUMENTS

 SALE ON THE GOVERNMENT DEBT INSTRUMENT TRADING SYSTEM
(Attached to Decree No. 212/2025/ND-CP

dated 25th day of 7 month of 2025 of the Government)

1. For government debt instruments with standard terms under 10 years

a) Example case: The Vietnam Social Security offers to purchase government bonds with a term of 5 years from organizations and individuals on March 28, 2025.

b) The partners offering to sell the bonds have remaining terms ranging from 4 years 6 months to 5 years 6 months as of March 28, 2025 for the Vietnam Social Security.

c) During the three months prior to the offer date (from December 28, 2024 to March 28, 2025), the State Treasury issued 5-year government bonds at the following sessions:

- January 15, 2025: issuance interest rate of 2.1% per annum.

- March 19, 2025: issuance interest rate of 2.15% per annum.

- March 26, 2025: issuance interest rate of 2.15% per annum.

d) According to Article 8 of this Decree, the most recent issuance interest rate for 5-year government bonds within the three months prior to the Vietnam Social Security's bond purchase offer date is 2.15% per annum.

Accordingly, the selling interest rates of the partners must ensure they are not lower than 2.15% per annum.

đ) The Vietnam Social Security selects partners holding government bonds with remaining terms ranging from 4 years 6 months to 5 years 6 months for trading purchases, prioritizing the highest interest rates until the required volume is purchased, ensuring that the interest rate for calculating the purchase price of government bonds for each investor is from 2.15% per annum upwards.

2. For government debt instruments with standard terms of 10 years or more

a) Example case: The Vietnam Social Security offers to purchase government bonds with a term of 15 years from organizations and individuals on March 28, 2025.

b) The partners offering to sell the bonds have remaining terms ranging from 14 years to 16 years as of March 28, 2025 for the Vietnam Social Security.

c) During the three months prior to the offer date (from December 28, 2024 to March 28, 2025), the State Treasury issued 15-year government bonds at the following sessions:

- January 8, 2025: issuance interest rate of 2.95% per annum.

- January 15, 2025: issuance interest rate of 2.98% per annum.

- January 22, 2025: issuance interest rate of 2.98% per annum.

- February 5, 2025: issuance interest rate of 3.00% per annum.

- March 12, 2025: issuance interest rate of 3.00% per annum.

- March 19, 2025: issuance interest rate of 3.00% per annum.

- March 26, 2025: issuance interest rate of 3.05% per annum.

d) According to Article 8 of this Decree, the most recent issuance interest rate for 15-year government bonds within the three months prior to the Vietnam Social Security's bond purchase offer date is 3.05% per annum.

Accordingly, the selling interest rates of the partners offering to sell the bonds must ensure they are not lower than 3.05% per annum.

đ) The Vietnam Social Security selects partners holding government bonds with remaining terms ranging from 14 years to 16 years for trading purchases, prioritizing the highest interest rates until the required volume is purchased, ensuring that the interest rate for calculating the purchase price of government bonds for each investor is from 3.05% per annum upwards.

 

ANNEX II

TEMPLATE OF THE QUARTERLY REPORT OF THE VIETNAM SOCIAL SECURITY
(Attached to Decree No. 212/2025/ND-CP

dated July 25, 2025 of the Government

 

Template number 01. Quarterly report

                                                                                              Respectfully submitted to:...

Pursuant to the detailed regulations on investment activities from social insurance funds, health insurance funds, and unemployment insurance funds stipulated in the Government's Decree number... dated..., the Vietnam Social Security reports periodically on the investment situation as follows:

1. Reporting period: quarter... (from... to...).

2. Content of the report:

- Implementation status of investments during the reporting period and cumulatively from the beginning of the year to the end of the reporting period, including: opening balance of investments, investments made during the period, principal recovered during the period, closing balance of investments (detailed by each component fund); for investments made during the period, report in detail by each investment product (investment term, investment interest rate);

- Amount of profit generated from investment activities during the reporting period, cumulatively from the beginning of the year to the end of the period, by each investment product;

- Evaluation of the implementation of the annual investment plan;

- Status of establishing and using risk reserves during the reporting period;

- Other matters (if any).

3. Specific information as follows:

Unit: million dong

                

The Vietnam Social Security commits to bear full legal responsibility for the content, accuracy, and completeness of the above report.

 

(*) Note: Does not include time deposits made through automatic transfer methods as prescribed in the Government's Decree detailing the financial mechanism for social insurance, unemployment insurance, health insurance, and organizational and operational costs of social insurance, unemployment insurance, and health insurance.

(**) Note: does not include interest from term deposits made through automatic transfer methods as prescribed in the Government Decree stipulating the financial mechanism for social insurance, unemployment insurance, health insurance, organizational and operational costs of social insurance, unemployment insurance, and health insurance.

 

Form No. 02. Annual Report

 

 Respectfully submitted to: ....

Pursuant to the detailed regulations on investment activities from social insurance funds, health insurance funds, and unemployment insurance funds stipulated in the Government's Decree number... dated..., the Vietnam Social Security reports periodically on the investment situation as follows:

1. Reporting period: annual reporting period (from date... to date...).

2. Content of the report:

- Investment implementation situation during the year, including: beginning-of-year investment balance, investments made during the year, principal recovered during the year, end-of-year investment balance (details by each component fund); for investments made during the year, report in detail according to each investment product (investment term, investment interest rate);

- Amount of profit generated from investment activities during the year according to each investment product;

- Evaluation of the fulfillment of the annual investment plan and long-term investment strategy;

- Situation of setting aside and using risk reserves;

- Other matters (if any).

3. Specific information as follows:

a) On the implementation of investment

Unit: million dong

                             

b) On the use of profits from investment activities:

- Expenditure for organizational and operational costs of social insurance

- Supplementing funds (details by each component fund)

- Establishing risk reserve fund for the year

The Vietnam Social Security commits to bear full legal responsibility for the content, accuracy, and completeness of the above report.

 

 (*) Note: does not include term deposits made through automatic transfer methods as prescribed in the Government Decree stipulating the financial mechanism for social insurance, unemployment insurance, health insurance, organizational and operational costs of social insurance, unemployment insurance, and health insurance.

(**) Note: does not include interest from term deposits made through automatic transfer methods as prescribed in the Government Decree stipulating the financial mechanism for social insurance, unemployment insurance, health insurance, organizational and operational costs of social insurance, unemployment insurance, and health insurance.