Decree 85/2026/NĐ-CP On Supplementary Pension Insurance

REPUBLIC OF SOCIALIST REPUBLIC OF VIETNAM

INDEPENDENCE - LIBERTY - HAPPINESS

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No.: 85/2026/NĐ-CP

HANOI, March 25, 2026

DECREE
ON SUPPLEMENTARY RETIREMENT INSURANCE

BASED ON THE GOVERNMENT ORGANIZATION LAW NO. 63/2025/QH15;

BASED ON THE SOCIAL SECURITY LAW NO. 41/2024/QH15;

BASED ON THE BUSINESS ENTERPRISE LAW NO. 59/2020/QH14, AMENDED AND ENHANCED BY LAWS NO. 03/2022/QH15 AND NO. 76/2025/QH15;

IN ACCORDANCE WITH THE PROPOSAL OF THE MINISTER OF FINANCE;

THE GOVERNMENT ISSUES THIS DECREE ON SUPPLEMENTARY RETIREMENT INSURANCE

CHAPTER I
GENERAL PROVISIONS

ARTICLE 1. SCOPE OF APPLICATION

1. This Decree regulates supplementary retirement insurance as provided in paragraph 3 of Article 127 of the Social Security Law.

2. This Decree does not apply to the following matters:

a) Mandatory and voluntary social security insurance as provided in the Social Security Law;

b) The provision of pension insurance products by insurance companies as provided in the Insurance Business Law and relevant guiding documents;

c) The management of securities investment funds by securities investment fund management companies as provided in the Securities Law.

ARTICLE 2. APPLICABLE SUBJECTS

1. Workers, employers participating in supplementary retirement insurance.

2. Companies managing supplementary pension insurance funds.

3. Organizations providing related services to the establishment, operation, management, investment, and supervision of supplementary pension insurance funds.

4. Other organizations or individuals related to supplementary retirement insurance.

ARTICLE 3. INTERPRETATION OF TERMS

In this Decree, the following terms are understood as follows:

1. Supplementary retirement insurance program is a program developed by the company managing the supplementary pension insurance fund and the employer in accordance with the provisions of the Social Security Law and this Decree to implement the supplementary retirement insurance policy.

2. Company managing the supplementary pension insurance fund is a business entity that has been granted a certificate of qualification for operating the management services of the supplementary pension insurance fund as provided in this Decree, manages the supplementary pension insurance fund, and accepts investment mandates from the supplementary pension insurance fund, hereinafter referred to as the pension fund management company.

3. Individual retirement account is an account issued to workers participating in supplementary retirement insurance, managed in accordance with Article 16 of this Decree.

4. Securities custody organization for the pension insurance fund is an organization selected by the pension fund management company to perform securities custody services for the pension insurance fund as provided in Article 12 of this Decree.

5. Supervisory bank is an organization selected by the pension fund management company to supervise the operation of the supplementary pension insurance fund as provided in Article 13 of this Decree.

6. Individual retirement account management organization is an organization selected by the pension fund management company to provide individual retirement account management services as provided in Article 14 of this Decree.

CHAPTER II
PARTICIPATION IN SUPPLEMENTARY RETIREMENT INSURANCE, ESTABLISHMENT,
MANAGEMENT AND INVESTMENT OF THE PENSION FUND

SECTION 1
PARTICIPATION IN SUPPLEMENTARY RETIREMENT INSURANCE

ARTICLE 4. Subjects eligible for supplementary retirement insurance

The subjects eligible for supplementary retirement insurance are employers and workers who have participated in mandatory social security insurance as provided in Article 2 of the Social Security Law.

Article 5. Supplementary Pension Insurance Participation Method

1. The entities specified in Article 4 of this Decree may voluntarily participate in the supplementary pension insurance managed by enterprise pension fund management companies through the employer.

a) Participation in supplementary pension insurance is not a prerequisite for recruitment, signing or renewal of employment contracts; employers shall not discriminate against, obstruct, or interfere with employees' lawful rights and interests due to their participation in supplementary pension insurance. Employers shall not link participation in supplementary pension insurance with employee reward policies, performance evaluations, and corporate benefits.

b) The contribution level for supplementary pension insurance is determined by mutual agreement between the employer and the employee on a voluntary basis.

2. Based on labor management requirements and financial capabilities, employers shall develop a written agreement with employees regarding participation in supplementary pension insurance and implement contributions to the supplementary pension fund according to such agreement.

3. The conditions for an employee to receive the employer's contribution and investment results must be specifically outlined in the written agreement between the employer and the employee. In cases where the employer has a minimum working period condition, it shall not exceed five years.

4. Employees who participate in supplementary pension insurance may receive the employer's contributions and investment returns upon meeting the conditions specified in paragraph 3 of this Article or under any of the following circumstances:

a) Death.

b) Suffering from one of the following diseases: cancer, paralysis, cirrhosis with decompensation, severe tuberculosis, AIDS.

c) Having an 81% or higher reduction in labor capacity; severely disabled individuals.

d) Foreign employees who cease to reside in Vietnam or whose work permits, professional certificates, and practice licenses have expired without renewal.

Article 6. Supplementary Pension Insurance Participation Procedure

1. Employers shall develop a written agreement and notify employees while seeking their input. After reaching an agreement, employers shall sign a supplementary pension insurance participation agreement with each employee or with the trade union chairman after consulting with the collective of employees on a voluntary, equal, good faith, cooperative, and honest basis. The basic content of the written agreement shall be in accordance with the provisions set forth in Appendix II attached to this Decree.

2. Employers shall enter into an insurance contract for participation in the supplementary pension program with the enterprise managing the pension fund. Based on the list of participating employees, the enterprise managing the pension fund shall open individual pension accounts for employees.

3. In accordance with the registered supplementary pension program and the written agreement with employees, employers shall make contributions from the employer (if applicable) and amounts contributed by employees (if applicable) to the supplementary pension fund and notify the enterprise managing the pension fund of the amount contributed for each employee as per regulations.

4. The contribution amount in each individual pension account of participants specified in paragraph 3 of this Article includes:

a) Employer contributions for employees (if applicable).

b) Employee contributions (if applicable).

Article 7. Rights and Obligations of the Employer in Supplementary Pension Insurance

1. The employer participating in supplementary pension insurance has the following rights:

a) To be included as part of the business expenses when determining the taxable income for enterprise income tax purposes, with respect to the amount of supplementary pension insurance contributions made by the employer for employees according to the provisions of the Enterprise Income Tax Law.

b) To negotiate with employees to adjust the agreement text regarding participation in supplementary pension insurance signed between the employer and the employee. The process for adjusting the contents of the agreement must be stipulated in the agreement on participation in supplementary pension insurance.

c) To receive full information about the pension fund as provided under Article 27 of this Decree. Monthly, to receive information from the pension fund management company regarding participation in supplementary pension insurance; to request confirmation from the pension fund management company regarding participation in supplementary pension insurance.

d) To receive a refund from the pension fund management company for the employer's contributions and investment returns from these contributions after deducting relevant expenses when the employee does not meet the conditions specified in the agreement signed between the employer and the employee.

d) To lodge complaints, file grievances, and initiate legal proceedings regarding supplementary pension insurance according to the provisions of the law.

2. The employer participating in supplementary pension insurance has the following obligations:

a) To make supplementary pension insurance contributions for its share as per the agreement signed between the employer and the employee and the registered supplementary pension insurance program with the pension fund management company.

b) To make supplementary pension insurance contributions on behalf of employees according to the agreement signed between the employer and the employee and the registered supplementary pension insurance program with the pension fund management company.

c) To ensure that the contributions from the employer are kept separate from those contributed by employees through the employer.

d) To fulfill obligations as stipulated in the agreement signed between the employer and the employee when participating in the registered supplementary pension insurance program with the pension fund management company and the Supplementary Pension Insurance Fund Charter.

d) To provide complete, timely, and accurate information related to the employer, employees, information for determining participation time in the supplementary pension insurance program, and other relevant information to the pension fund management company.

Article 8. Rights and Obligations of the Employee in Supplementary Pension Insurance

a) To voluntarily participate, stop, or suspend participation in supplementary pension insurance according to the agreement between the employer and the employee and the registered supplementary pension insurance program with the pension fund management company.

b) To receive payment from the supplementary pension fund as per this Decree.

c) To be entitled to tax incentives for personal income tax on income received from the supplementary pension fund according to the provisions of the Personal Income Tax Law; to deduct contributions to the supplementary pension fund from personal income before calculating taxes on salary and wages according to the provisions of the Personal Income Tax Law.

d) To monitor and request the employer to fulfill its obligations as stipulated in the agreement between the employer and the employee, the registered supplementary pension insurance program with the pension fund management company, and the Supplementary Pension Insurance Fund Charter.

d) To receive full information about the pension fund as provided under Article 27 of this Decree. Monthly to receive information from the pension fund management company or the employer regarding participation in supplementary pension insurance; to request confirmation from the pension fund management company regarding participation in supplementary pension insurance.

e) To have their personal information related to participation in supplementary pension insurance kept confidential.

g) To maintain a supplementary pension insurance contract for a maximum period of one year or choose to transfer individual retirement account funds to another pension fund after the termination of employment or upon reaching the statutory retirement age as provided under paragraph 8 of Article 16 of this Decree.

h) To lodge complaints, file grievances, and initiate legal proceedings regarding supplementary pension insurance according to the provisions of the law.

i) To be designated as a beneficiary in accordance with the order prescribed by the Civil Code in the agreement or on the application form for participation in the supplementary pension fund to receive payments from the pension fund.

Employee participating in supplementary pension insurance has the following obligations:

a) To have full access to information about the supplementary pension fund, the content of information disclosures by the pension fund management company; to understand the supplementary pension insurance program and potential risks that may arise from participation in the supplementary pension insurance program; to be aware of tax policies for employers and employees; to evaluate and bear responsibility for their decision to participate and to bear any risks arising from participation in the supplementary pension insurance program. The State does not guarantee the investment returns or payment levels of the supplementary pension fund.

b) To fulfill obligations as stipulated in the agreement between the employee and the employer, the registered supplementary pension insurance program with the pension fund management company, and the Supplementary Pension Insurance Fund Charter.

c) To comply with the provisions of this Decree and relevant laws.

c) Compliance with the provisions of this Decree and relevant laws.

Point 2
ESTABLISHMENT OF THE SUPPLEMENTARY RETIREMENT INSURANCE FUND TRUSTEE FUND

Article 9. Establishment of the Supplementary Retirement Insurance Fund Program

1. After obtaining a Business License for Managing Supplementary Pension Fund Trust Services as stipulated in this Decree, the pension fund trustee enterprise may establish a supplementary retirement insurance fund program.

2. Based on the management requirements of the pension fund trustee enterprise and the needs of the participants in the supplementary retirement insurance scheme, the pension fund trustee enterprise shall develop and promulgate the supplementary retirement insurance fund program which includes the following basic contents:

a) List of funds, investment objectives, and policies for each supplementary pension fund within the supplementary retirement insurance fund program.

b) Participation methods and contribution mechanisms for participants in the supplementary retirement insurance scheme.

c) Rights and obligations of participants in the supplementary retirement insurance scheme.

d) Methodology for determining the net asset value of the supplementary pension fund and each individual retirement account.

d) Accounting principles for investment results, operating costs of the supplementary pension insurance program on a per-individual retirement account basis.

e) Dispute resolution principles.

g) Information disclosure and reporting systems.

h) Procedures for amending or supplementing the supplementary retirement insurance fund program.

i) Related service providers: custodian of the supplementary pension fund, supervising bank, individual retirement account management services provider, and other related service providers (if any); rights and obligations of such related service providers; procedures for selecting, changing, or replacing related service providers; circumstances requiring mandatory replacement of service providers (when a service provider fails to meet service provision conditions, breaches the signed contract, or is found by government regulatory authorities to be in violation of legal provisions, etc.).

k) Principles for conversion between supplementary pension funds and liquidation

3. Based on the supplementary retirement insurance fund program, the needs of the fund participants, and management requirements of the pension fund trustee enterprise, the pension fund trustee enterprise shall decide on the implementation of the pension funds within the supplementary retirement insurance fund program.

a) If the supplementary retirement insurance fund program is implemented through multiple supplementary pension funds, each fund must be managed, monitored, and accounted for separately.

b) Supplementary pension funds may have different contribution levels, investment objectives, and policies to meet the needs of participants in the supplementary retirement insurance scheme.

4. For each established fund, the pension fund trustee enterprise shall:

a) Develop and promulgate the Pension Fund Charter. The Pension Fund Charter is decided by the pension fund trustee enterprise based on ensuring the basic contents stipulated in Article 11 of this Decree and must be sent to the fund participants as required under Article 27 of this Decree.

b) Select and enter into contracts with service providers according to the provisions of paragraph 5 of this article.

5. Service providers include custodian of assets, supervising bank, individual retirement account management services provider, and other related service providers (if any). When providing supplementary pension insurance-related services, these service providers must comply with the following regulations:

a) The service provider selected by the pension fund trustee enterprise must meet the conditions specified in Articles 12, 13, and 14 of this Decree.

b) If no longer meeting the service provision conditions stipulated at point (a) of this paragraph, within 24 hours from the time such condition is not met, the service provider must notify the pension fund trustee enterprise and the Ministry of Finance in writing.

c) When the pension fund trustee enterprise changes the service provider as specified in point (b) of this paragraph, the rights and obligations of the supplementary pension fund with respect to the service provider cease upon completion of the handover to the replacement service provider. The supplementary pension fund must publicly disclose information about the new service provider and send a handover document between the two service providers confirmed by the pension fund trustee enterprise to the Ministry of Finance.

d) In case of a change in legal status of the service provider, the new organization shall assume all rights and obligations of the previous service provider.

d) Service providers must comply with this Decree, provisions in the supplementary retirement insurance program, contracts signed with the pension fund trustee enterprise, and bear legal responsibility within the scope of their services provided.

e) If a custodian of assets, supervising bank, and individual retirement account management service provider are part of the same legal entity, when performing tasks related to asset custody, supervision activities, and account management for the supplementary pension fund, the service provider must separate its organizational structure and electronic data systems from other business departments.

g) The custodian of assets, the supervising bank, and the organization providing individual pension account management services shall jointly bear responsibility for compensation in case of losses arising from their failure to fulfill their duties of supervising investment activities of the supplementary pension insurance fund, determining the net asset value of the supplementary pension insurance fund, determining the value of individual pension accounts, and other activities related to the supplementary pension insurance fund as prescribed by law. The extent of compensation for losses shall be carried out in accordance with the provisions of the supplementary pension insurance fund regulations and the terms of the contract entered into. In case an organization providing services is required to compensate for losses to participants in supplementary pension insurance under this Decree and other relevant provisions, such organization must cooperate with the pension fund management company to promptly and fully process payment requests from the pension fund management company in writing.

h) The custodian of assets and the supervising bank are not considered related parties of the pension fund management company as prescribed by corporate law.

6. Information regarding the supplementary pension insurance program and relevant service providers (names, addresses, legal representatives, contact phone numbers) must be publicly disclosed through mass media and on the website of the pension fund management company to provide to participants in supplementary pension insurance as provided for in Article 27 of this Decree.

Article 10. Supplementary Pension Insurance Fund

1. The supplementary pension insurance fund is a financial fund to implement the supplementary pension insurance program; it shall be accounted for, recorded, and reported according to accounting and auditing regulations as prescribed by law, hereinafter referred to as the pension fund. The supplementary pension insurance fund shall be separately monitored, managed, and accounted for by the pension fund management company, distinct from the assets of the pension fund management company.

2. The supplementary pension insurance fund is formed from contributions by employers, employees participating in supplementary pension insurance, and income generated from investment activities of the fund.

3. The supplementary pension insurance fund shall be used to pay out supplementary pension benefits to employees, and cover costs associated with managing supplementary pension insurance as prescribed in Article 18 of this Decree.

Article 11. Supplementary Pension Insurance Fund Regulations

1. The pension fund management company must issue regulations to establish and operate the pension fund including the following basic contents:

a) Name of the pension fund.

b) Pension fund management company.

c) Custodian of assets.

d) Supervising bank.

d) Other related service providers (if applicable).

e) Investment objectives and policies of the pension fund as prescribed in Article 19 of this Decree, and procedures and processes for changing investment policies (if applicable).

g) Rights and obligations of employees participating in the fund, employers, pension fund management company, custodian of assets, supervising bank, and other related service providers (if applicable).

h) Provisions on conversion between supplementary pension insurance funds managed by the same pension fund management company.

i) Provisions on changing the pension fund management company.

k) Selection and change of custodian of assets, supervising bank, and other related service providers (if applicable).

1. Principles for accounting investment results and operational costs of the pension fund per individual pension account.

m) Methodology for determining the net asset value of the pension fund and each individual pension account.

n) Dispute resolution procedures.

o) Circumstances under which compensation is provided to participants in the fund.

p) Information reporting system.

q) Dissolution of the pension fund.

r) Commitments by the pension fund management company, custodian of assets, supervising bank, and other related service providers (if applicable) regarding the fulfillment of obligations as prescribed in the fund regulations.

s) Procedure for amending or supplementing the fund regulations.

2. The supplementary pension insurance fund regulations must be clearly presented, easily understandable, published on the website of the pension fund management company, and simultaneously sent to the employer and employees participating in the supplementary pension insurance program.

Article 12. Custody of Assets

1. The entity responsible for the custody of assets of a supplementary pension fund must meet the following conditions:

a) It is a commercial bank holding a securities depository operation registration certificate issued by the Securities Commission.

b) It has information technology infrastructure that meets the obligations of an asset custodian as stipulated in Clause 2 of this Article.

2. The information technology infrastructure of the asset custodian must automatically receive, monitor, and account for transactions related to assets on the pension fund's account. This system must ensure the following requirements:

a) Record all, complete, accurate, and timely the assets of the pension fund and any changes related to the assets of the fund.

b) Record all receipts, payments, dividends, interest from bonds, interest from capital, and other income.

c) Fully record securities investments in transactions involving repurchase, additional issuance, or conversion.

3. The asset custodian may receive service fees according to the contract signed with the pension fund management company. The asset custodian shall have rights and obligations as stipulated in the supplementary pension insurance program and the signed contract but must ensure the following basic duties:

a) Perform the custody of assets of the supplementary pension fund according to the signed contract.

b) Conduct accurate, complete, and timely receipt, payment, settlement, transfer of money, securities as per written instructions approved by the authorized entity of the pension fund management company. All transactions involving transfers, settlements, and asset transfers for each transaction partner and each pension fund account must be conducted accurately. The value of payments must match the quantity of assets, transaction prices, and the amount recorded in payment documents.

c) Fully and timely perform rights and obligations related to ownership rights of the pension fund's assets.

d) Ensure separate management of the pension fund's assets for each fund and manage separately from the asset custodian's own assets. All transactions for the pension fund on the asset custodian's account, including receipt of funds, settlement transactions, receipt of dividends, interest from bonds, and other income must be identified and recorded as belonging to the pension fund.

d) Provide timely, complete, and accurate information required by the pension fund management company, related service providers (if any), so that these organizations can fully perform their rights and obligations under this Decree and the supplementary pension insurance program.

e) The asset custodian shall bear full compensation for the pension fund in case of loss of assets of the pension fund already held by the asset custodian as per the law and the contract signed with the pension fund management company, including cases where errors or fraudulent acts of the asset custodian's employees or negligence of the asset custodian cause such losses. Other cases shall be handled according to the supplementary pension insurance program and the signed contract.

4. The assets of the pension fund held by the asset custodian are owned by the individuals participating in the supplementary pension scheme. The asset custodian may not use the pension fund's assets for payment, guaranteeing payments for its own debts or those of a third party.

5. The asset custodian must separate personnel and customer database systems between the department providing services for the custody of assets of the supplementary pension fund and departments performing functions such as supervision, management, valuation of net asset value of the pension fund, and individual retirement account management (if applicable).

Article 13. Supervisory Bank

1. The supervisory bank for supplementary pension insurance funds shall meet the following conditions:

a) It is a commercial bank or a branch of a foreign bank established and operating in Vietnam that is permitted to carry out supervisory banking activities as prescribed by securities law.

b) It has information technology infrastructure that meets the obligations of a supervisory bank as stipulated in Clause 3 hereof.

2. The supervisory bank shall have the rights provided for in the supplementary pension insurance program and the contracts entered into, but must ensure the following basic rights:

a) To receive service fees according to the signed contract.

b) To request organizations providing securities custody services for the supplementary pension insurance fund, accounting of the fund, and individual retirement account management to provide information and documents so that the supervisory bank can fulfill its monitoring obligations as prescribed in Clause 3 hereof.

c) To request the pension fund manager company (if any) to provide documents and vouchers proving compliance with the provisions of this Decree, the supplementary pension insurance program, and the signed contracts.

3. The supervisory bank shall have the obligations provided for in the supplementary pension insurance program and the contracts entered into, and must ensure the following basic obligations:

a) To inspect and monitor compliance with the provisions of this Decree, the supplementary pension insurance program, and the signed contracts.

b) To inspect and monitor investment activities and transactions of the pension fund and individual retirement accounts in accordance with the provisions of this Decree and the supplementary pension insurance program.

c) To inspect and monitor the calculation of net asset value of the pension fund, the calculation and determination of the value of individual retirement accounts in compliance with legal provisions and as stipulated in the supplementary pension insurance program.

d) To conduct a review every six months of the valuation process and method for each pension fund, to review the allocation process and valuation methods for each individual retirement account according to legal provisions, as stipulated in the supplementary pension insurance program, and the pension fund charter.

e) To maintain and retain for ten years records and documents in both paper and electronic data file form to confirm compliance with the activities of the supervisory bank regarding the management of the pension fund.

f) Annually, the supervisory bank shall report to the Ministry of Finance on the assets of the pension fund, the results of monitoring the pension fund, risk governance evaluation, and compliance with investment and management regulations for the pension fund.

g) In case of discovering violations of legal provisions or the supplementary pension insurance program, the supervisory bank must immediately report to the pension fund manager company and the Ministry of Finance within two working days from the date of discovery, and simultaneously require the implementation of remedial actions as specified in the supplementary pension insurance program.

4. When determining the net asset value of the supplementary pension insurance fund according to Clause 3, point c hereof, the supervisory bank must separate organizational personnel and electronic customer data systems between the department responsible for valuing assets from the monitoring function departments and other business departments. The service department providing valuation services must have employees with a Certified Public Accountant (CPA), Chartered Accountant (CA), or ACCA (Association of Chartered Certified Accountants) certification, or an associate degree or higher in accounting or auditing.

Article 14. Management of Individual Pension Account Organization

1. The organization providing individual pension account management services enters into a contract with the pension fund management company and is responsible for the accuracy of service provision activities according to the contract and the supplementary pension insurance program issued by the pension fund management company.

2. An organization providing individual pension account management services must be one of the following organizations:

a) Vietnam Securities Depository and Clearing Corporation.

b) A business entity permitted to operate in any of the fields of banking, investment fund management, accounting, or auditing.

3. An organization providing individual pension account management services shall receive service provision fees according to the contract and have rights and obligations as stipulated in the supplementary pension insurance program and the contract, including ensuring the following basic duties:

a) Implementing individual pension account management according to the signed contract.

b) Recording contributions from employees and employers, accounting for investment results after deducting management fees and supplementary pension payments for each individual pension account.

c) Providing timely, complete, and accurate information required by the pension fund management company, related service providers (if any), so that these organizations can fully exercise their rights and fulfill their obligations as stipulated in this Decree and the supplementary pension insurance program.

4. An organization providing individual pension account management services must separate personnel and customer data systems between the department responsible for managing individual pension accounts from other departments performing asset custody, supervision, management, or net asset value determination functions (if any).

Section 3
MANAGEMENT AND INVESTMENT OF SUPPLEMENTARY PENSION FUND

Article 15. Supplementary Pension Insurance Participation Contract

1. The pension fund management company develops a model framework contract for participating in supplementary pension insurance to be signed with the employer participating in supplementary pension insurance.

2. The framework participation contract for supplementary pension insurance as stipulated in paragraph 1 of this article includes the following basic contents:

a) Names, investment objectives, and policies of the supplementary pension insurance programs; names of selected supplementary pension insurance programs and pension funds by the employer.

b) Rights and responsibilities of participants including employees, employers, related service providers, and the pension fund management company.

c) Procedures for changing contribution levels and switching to a different supplementary pension insurance program.

d) Contribution procedures and processes (initial, periodic, additional) for participants.

e) Procedures for registering disbursements from individual pension accounts.

g) Principles of accounting investment results and management fees according to each individual pension account.

Article 16. Individual Pension Account

1. Each individual may have one or more individual pension accounts managed by different pension fund management companies at any given time.

2. An individual pension account is used for:

a) Recording contributions from participants in supplementary pension insurance.

b) Accounting for investment results after deducting supplementary pension management fees and allocating to each individual pension account according to the supplementary pension insurance program.

c) Paying taxes as required by law.

d) Disbursing supplementary pension payments as stipulated in this Decree.

3. Ownership of an individual pension account:

a) Participants in the fund own their contributions and investment results after deducting operational costs of the pension fund, allocated to each individual pension account according to the fund regulations.

b) Employees participating in the fund may own their employer's contributions and investment results after deducting related expenses if they meet the conditions set forth in the agreement between the employee or a group of employees represented by the Trade Union Chairman and the employer regarding participation in the pension fund.

4. The balance of an individual pension account shall not be used for:

a) Transfer.

b) Pledge.

c) Resolving bankruptcy procedures of the pension fund management company, supervising bank, or depository institution.

5. A pension fund management company accounts for all inflows and outflows related to each individual pension account including contributions, allocation of investment results, allocation of management fees, and supplementary pension payments. Monthly, the service provider organization determines the value of the individual pension account and provides information on the value of the individual pension account to participants in pension insurance upon request.

6. When an employer contributes to a worker's supplementary pension insurance, this contribution is recorded separately in the worker's individual pension account. After the worker meets the conditions set forth in the agreement between the employee and the employer regarding participation in supplementary pension insurance, the employer's contributions (including investment results and related expenses allocated) become part of the worker's contributions. If the worker does not meet the conditions stipulated in the agreement, the employer may reclaim their contribution (including invested returns, related expenses allocated, and tax obligations completed) according to the terms of the agreement and the supplementary pension insurance program.

7. The process of transferring an individual pension account between different supplementary pension insurance programs under the same pension fund management company or between different pension fund management companies is carried out by settling the individual pension account into cash and transferring the entire amount to the new supplementary pension insurance program. Transferring an individual pension account between programs shall not be considered a disbursement from the pension fund.

7. The process of transferring individual pension accounts between supplementary pension programs managed by a single enterprise managing the pension fund or between enterprises managing the pension fund shall be carried out through the settlement of the pension account into cash and the transfer in full of such amount to the new supplementary pension program. Such transfer of individual pension accounts between programs shall not be considered as payment from the pension fund.

8. The maintenance of supplementary pension insurance contracts in accordance with the provisions set forth at Point g Clause 1 Article 8 of this Decree shall be carried out as follows:

a) Upon termination of the labor contract by the employee or upon reaching the retirement age, the individual pension account is transferred to a transitional account to determine the rights and benefits between the employee and the employer (if applicable), based on the supplementary pension insurance participation contract and the agreement document(s) between the employee or collective employees and the employer.

b) After the determination of the value of the individual pension account, the transfer from the transitional account to the employee's pension account is carried out in accordance with the provisions set forth at Clause 7 of this Article. The employee may continue to make contributions and enjoy benefits from the individual pension account according to the terms of the supplementary pension insurance participation contract for a maximum period not exceeding one year. After this period, if the employee does not continue to participate in the supplementary pension insurance program, he or she shall receive payment from the fund without applying the early withdrawal fee as provided at Clause 3 Article 24 of this Decree.

c) In case an employee has a need to continue participating in the supplementary pension insurance through a new employer, the opening of a new individual pension account is carried out according to the procedures for joining the supplementary pension insurance program specified in Article 6 of this Decree; the transfer of the individual pension account to a new account is carried out in accordance with the provisions set forth at Clause 7 of this Article.

Article 17. Supplementary Pension Insurance Agent

1. A supplementary pension insurance agent is an organization authorized by the pension fund management company to perform the following activities:

a) Introduce the supplementary pension insurance fund; provide documents related to the supplementary pension fund.

b) Enter into participation contracts with the participants and the employer in the supplementary pension insurance fund.

2. A supplementary pension insurance agent is a business entity permitted to operate in one or more of the following fields: banking, insurance agency, insurance brokerage, securities investment fund management. When performing the activity of a supplementary pension insurance agent, commercial banks must comply with the provisions of the law governing credit institutions.

3. A supplementary pension insurance agent is responsible for providing accurate and truthful information in accordance with the documents introducing the pension fund as specified in Article 27 of this Decree and shall be liable under the law for providing services in accordance with the provisions of this Decree. A supplementary pension insurance agent shall not promote, intentionally cause confusion between supplementary pension insurance and the state retirement system or confuse it with insurance products as provided by the insurance business law.

Article 18. Supplementary Pension Insurance Management Costs

1. The management costs of supplementary pension insurance are borne from the supplementary pension insurance fund and are allocated to each individual pension account within the supplementary pension insurance fund, including:

a) Individual pension account management fees

b) Custody, supervision, accounting, auditing fees.

c) Fund governance fees.

d) Fees for converting individual pension accounts between different pension funds managed by the same pension fund management company and converting individual pension accounts to another pension fund management company.

e) Other types of costs as specified in the fund regulations and the supplementary pension insurance participation contract.

2. The principles for determining the costs mentioned in paragraph 1 of this Article shall be stipulated in the fund regulations, the supplementary pension insurance participation contract, and the documents introducing the pension fund.

Article 19. Supplementary Pension Fund Investment

1. The entity managing the pension fund shall specify specific investment policies (including the structure and standards of invested assets) in the fund's bylaws in accordance with the provisions of Paragraph 3 of this Decree. The invested assets of the pension fund must meet the basic criteria specified in Annex IV of this Decree.

2. The entity managing the pension fund shall decide on the investment of the supplementary pension insurance fund in accordance with the provisions of the fund's bylaws, and the investment policies of the fund shall comply with the provisions of Paragraphs 4 and 5 of this Article.

3. The investment portfolio of the pension fund includes:

a) Government debt instruments, including: Government bonds, Treasury bills, national construction bonds.

b) Local government bonds, bonds guaranteed by the Government.

c) Deposits at commercial banks consistent with the investment policy of the fund as specified in the supplementary pension insurance fund's bylaws, excluding commercial banks under special supervision.

d) Bonds and certificates of deposit of commercial banks consistent with the investment policy of the fund as specified in the supplementary pension insurance fund's bylaws, excluding commercial banks under special supervision.

d) Listed stocks, listed bonds on the securities market, and unit trusts of equity investment funds according to the conditions set forth in the investment policy of the fund as specified in the supplementary pension insurance fund's bylaws.

4. The structure of the pension fund's investments must ensure:

a) The value invested in government bonds (including investments in government bonds through unit trusts of equity investment funds) shall be at least 40% of the net asset value of the fund for funds with a net asset value of 5 billion Vietnamese dong or more.

b) The value invested in listed securities (excluding investments specified in points a and b of Paragraph 3 of this Article) shall not exceed 30% of the total assets of the fund.

c) The value invested in securities issued by the same issuer (excluding investments specified in points a, b, and c of Paragraph 3 of this Article and investments through unit trusts of equity investment funds) shall not exceed 5% of the circulating market value of the issuer's securities and shall not exceed 10% of the fund's total assets.

d) The value invested in assets specified in points c, d, and e of Paragraph 3 of this Article issued by companies within the same group of companies with ownership relationships: parent company, subsidiary; companies owning more than 35% of shares or capital contributions to each other; a group of subsidiaries having the same parent company shall not exceed 30% of the fund's total assets.

d) The value invested in certificates of investment funds from one equity investment fund shall not exceed 20% of the fund's total assets. In cases where investments are made in certificates of investment funds of funds managed by a pension fund management entity, the pension fund management entity may only charge a one-time management fee.

5. Within a maximum period of three months and subject to any of the following circumstances, the structure of the pension fund's investments may deviate from the investment limits specified in Paragraph 4 of this Article as of the date the deviation occurs:

a) Market price fluctuations of assets within the fund's investment portfolio.

payments by the fund in accordance with the provisions of law

c) Issuers issuing, splitting, merging, or consolidating.

d) A new fund that has just been established or due to a split, merger, or consolidation of funds where the operational period is less than six months.

e) The assets currently invested in the fund no longer meet the investment criteria specified in this Decree, the fund's bylaws, and the fund's investment policy.

6. The pension fund shall not deposit money with the entity managing the pension fund or a person related to the entity managing the pension fund as provided for in Article 4, Paragraph 23 of the Enterprise Law.

6. The pension fund shall not deposit funds with a pension fund management enterprise or a person related to the pension fund management enterprise in accordance with the provisions on related parties under Clause 23, Article 4 of the Enterprise Law.

Article 20. Accounting of the Supplementary Pension Fund

1. The entity managing the pension fund shall implement accounting and bookkeeping systems for the pension fund, including:

a) Recording in full all income and expenditure activities of the pension fund separately from the assets of the entity managing the fund.

b) Establishing and updating procedures and methods to determine the net asset value of the pension fund.

c) Determining the net asset value of the pension fund.

d) Compiling quarterly financial reports.

2. The pension fund shall apply accounting systems for open-ended funds in accordance with securities law and accounting law provisions.

3. The entity managing the pension fund shall be responsible before the law and to participants in the fund regarding the accuracy of the accounting and bookkeeping of the pension fund as provided in paragraph 1 of this Article.

4. The entity managing the pension fund may perform its own accounting or enter into a contract with an accounting service provider to carry out the accounting of the pension fund according to the provisions set forth in paragraph 1 of this Article.

5. Sources of income for the pension fund include:

a) Contributions from employees and employers participating in the fund.

b) Profits from investment activities of the fund.

c) Fees collected from employees participating in supplementary pension insurance according to paragraph 3 of Article 24 of this Decree.

Activities of the pension fund include basic expense items such as:

a) Management fees paid to the entity managing the pension fund.

b) Custody fees for the pension fund assets paid to the custodian organization.

3) Supervision fees paid to the supervising bank.

d) Accounting, auditing service fees, fees paid to the individual retirement account management organization (if any), and other outsourced services (if any).

đ) Expenses related to drafting, printing, sending promotional materials about the pension fund, financial reports, transaction confirmations, account statements, and other documents to participants; expenses for disclosing information of the pension fund.

3) Expenses related to executing asset transactions

Article 21. Individual Pension Account Management

1. The entity managing the pension fund shall implement individual pension account management, including:

a) Fully and accurately recording all income and expenditure activities of the individual pension account, including contributions, allocation of investment results, operational expenses of the pension fund, and pension payouts.

b) Establishing and updating procedures and methods for allocating investment results and operational expenses of the pension fund, determining the value of the individual pension account.

c) Determining the monthly value of the individual pension account.

d) Compiling and sending to participants a report on the value of the individual pension account each month in accordance with Article 28 of this Decree.

2. The entity managing the pension fund shall be responsible for participants regarding the accuracy of the services provided under paragraph 1 of this Article.

3. The entity managing the pension fund may enter into a contract with an organization providing individual pension account management services in accordance with Article 14 of this Decree to carry out individual pension account management as provided in paragraph 1 of this Article.

Article 22. Determination of Net Asset Value of Supplementary Pension Insurance Fund

1. On a monthly basis, the entity managing the pension fund or the supervising bank shall be responsible for determining the net asset value of the supplementary pension insurance fund and individual pension accounts. In cases where the entity managing the pension fund uses an organization to perform this task, it must bear responsibility for the results of such determinations.

2. The entity managing the pension fund shall establish a regulation on determining the net asset value and the value of individual pension accounts as a basis for implementation. Such regulations must include the following basic contents:

a) Principles for determining the net asset value of the supplementary pension insurance fund and individual pension accounts.

b) Detailed procedures for implementing valuation methods for each type of investment asset in the supplementary pension insurance fund.

c) Principles for determining the value of individual pension accounts to be used by the organization providing individual pension account management services to calculate, determine net asset values, and provide such information periodically to participants.

d) The entity managing the pension fund, supervising bank, and organization providing individual pension account management services shall bear responsibility for compensating participants in supplementary pension insurance according to paragraph 1 point b of Article 23 of this Decree.

3. Regulations on determining net asset values of the pension fund and individual pension accounts must be included in the supplementary pension insurance program as per paragraph d of Article 9 of this Decree. Such regulations shall be published on the website of the entity managing the pension fund and the organization providing individual pension account management services, and sent to the supervising bank for review and supervision according to paragraph c of Article 13 of this Decree.

4. Determination of market value of assets in the pension fund shall be carried out in accordance with principles specified in paragraph 2 of Article 106 of the Securities Law regarding determination of net asset values of investment funds and relevant guidelines (if any).

5. The supervising bank shall be responsible for reviewing, confirming the net asset value of the supplementary pension insurance fund and individual pension accounts according to paragraph 3 point c of Article 13 of this Decree. In case of incorrect valuation of net asset values or individual pension account values, the supervising bank must notify and request adjustment within a period of 24 hours.

6. Within a maximum of three working days from the date of valuation, the net asset value of the pension fund shall be published on the websites of the entity managing the pension fund.

Article 23. Compensation for Losses to Supplementary Pension Insurance Participants

1. Supplementary pension insurance participants shall be compensated for losses in the following cases:

a) The supplementary pension fund is invested contrary to the provisions of this Decree or the investment policy stipulated in the supplementary pension insurance program and the Fund Regulations.

b) The supplementary pension fund is incorrectly valued; investment results are misallocated, and individual pension account values are inaccurately determined. The extent of loss compensation shall be governed by the rules for determining the net asset value of the pension fund and the determination of individual pension account values as provided in Clause 3 of Article 22 of this Decree but not lower than 0.75% of the net asset value of the fund.

c) System errors, technical errors, or business errors by service providers result in a higher deviation from the individual pension account value compared to the extent of loss compensation stipulated at point b above; service providers who generate such errors shall proactively identify, notify, and fully compensate participants in case of losses.

2. The amount of compensation for supplementary pension insurance participants is determined based on the actual losses incurred by the participant.

3. The entity managing the pension fund, the custodian bank, the asset custodian organization, the service provider managing individual pension accounts, the accounting service provider for the pension fund, and any other relevant service providers involved in the investment of supplementary pension insurance funds, valuation of net assets, allocation of investment results, and determination of individual pension account values shall jointly bear joint liability and compensate participants when losses occur due to errors by each entity. The extent of compensation is carried out according to agreements between the fund management company and the custodian bank, the asset custodian organization for the pension fund, the accounting service provider for the pension fund, the service provider managing individual pension accounts, and other relevant service providers in accordance with the Civil Code and other relevant laws.

4. Compensation for losses to supplementary pension insurance participants must be explained specifically in the financial report and operational management report of the supplementary pension insurance fund, detailing the cause, reason, impact level, number of affected supplementary pension insurance participants who have been compensated, compensation amount for supplementary pension insurance participants, form of compensation, payment method, and other remedial actions (if any).

Paragraph 4
PAYMENT FROM THE SUPPLEMENTARY PENSION FUND

Article 24. Principles of Payment from the Supplementary Pension Fund

1. The amount to be paid for supplementary pension insurance:

a) The amount to be paid for supplementary pension insurance from the pension fund depends on, the individual pension account value at the time of payment, provisions for payment in the supplementary pension insurance program and the agreement between the employee and the employer regarding participation in supplementary pension insurance.

b) The State does not guarantee the amount to be paid for supplementary pension insurance. In cases where the rights and legal interests of organizations or individuals participating in supplementary pension insurance are infringed upon or disputes arise, protection of such rights and legal interests or resolution of disputes shall be carried out through negotiation, mediation, or a request for arbitration or a Vietnamese court's decision according to the provisions of relevant laws.

2. Supplementary pension insurance participants may choose to receive monthly payments, one-time payment, or a combination of both.

3. Except in cases of force majeure as specified in Clause 4 of Article 5 of this Decree and payment upon termination of the employment contract as provided in point b of paragraph 8 of Article 16 of this Decree, if a supplementary pension insurance participant receives payment before reaching retirement age, the supplementary pension fund shall be charged an early withdrawal fee not exceeding 5% of the amount received. The early withdrawal fee is added to the sources of income for the supplementary pension fund in accordance with Clause 5 of Article 20 of this Decree and allocated to each individual's pension account.

4. The entity managing the pension fund shall specify specific documents and materials confirming that the employee participating in supplementary pension insurance falls under the cases of force majeure as specified at points b, c, and d of Clause 4 of Article 5 of this Decree in the supplementary pension insurance program and the Fund Regulations based on the following documents:

a) A decision to receive one-time social security benefits issued by the social security agency; or

b) Medical examination certificates, medical records, and termination of employment contracts for foreign citizens as required for one-time social security benefit applications under social security laws.

Article 25. Payment to Employees Participating in Supplementary Pension Insurance

1. Based on the supplementary pension insurance participation contract and the agreement between the employee and the employer, the enterprise managing the pension fund requests the custodian organization to pay from the supplementary pension fund assets to the participating employee. The enterprise managing the pension fund shall be responsible for making full and timely payments to participants according to the supplementary pension program and the pension fund regulations.

2. Employees participating in supplementary pension insurance may authorize another person to receive payment. The lawful heirs of employees participating in supplementary pension insurance inherit all rights and obligations under the circumstances where they inherit according to the Civil Code provisions.

3. The enterprise managing the pension fund shall settle and convert into cash the entire value of the individual pension account of the employee who participates, notify the amount to the heir of the employee for them to confirm inheritance and fulfill tax obligations in accordance with relevant laws.

Article 26. Refund to Employer

1. In the event that an employee stops participating in the supplementary pension insurance program and does not meet the conditions specified in the agreement between the employee and the employer regarding participation in supplementary pension insurance, the employer may receive a refund from the individual employee's pension account for the employer's contributions, including investment results after deducting related expenses allocated.

2. The enterprise managing the pension fund requests the custodian organization to pay the refund to the employer according to the supplementary pension program and agreement provisions. The labor enterprise is responsible for declaring and fulfilling tax obligations in accordance with relevant tax laws.

Section 5
INFORMATION DISCLOSURE AND REPORTING
Article 27. Introduction Document on the Supplementary Pension Fund

1. Prior to signing a contract for participation in the pension fund, the enterprise managing the pension fund must provide an introduction document about the pension fund to the participants as specified in Paragraph 4 of this Decree.

2. The supplementary pension insurance program and pension fund introduction documents shall include the following contents:

a) Fund regulations according to Article 11 of this Decree.

b) Risk warnings with clear, prominent content (bolded, separated), which state: Supplementary pension insurance is not a state retirement benefit scheme or an insurance product under insurance business law; participants join the pension fund on a voluntary basis and accept investment risks according to the investment objectives and policies set forth in the fund regulations; payment terms depend on the accumulated contribution value and investment results of the pension fund after deducting related expenses allocated for each individual pension account; supplementary pension insurance is a market-based product, not guaranteed by the state for profit or payout amounts; participants may experience a reduction in their individual pension account value due to market fluctuations; participants must be aware of tax policies applicable to both employers and employees when participating in supplementary pension insurance.

c) Clear explanation of rights and responsibilities of fund participants.

d) Related expenses allocated for each participant's pension account.

Investment performance over the three preceding years (if available).

e) The introduction document on the pension fund must be accurate, objective, complete, truthful, in line with the supplementary pension insurance program and clearly presented.

e) Pension fund promotional materials must be accurate, objective, complete, truthful, and consistent with the supplementary pension program and shall be presented clearly and easily understood.

Article 28. Reporting of Individual Pension Account Value

1. Monthly, the pension fund management company shall prepare a report on the assets of the supplementary pension insurance fund and the value of individual pension accounts including the following contents:

a) The amount contributed to the individual pension account in the month and cumulatively up to the time of preparing the report.

b) Withdrawals, transfers, and cumulative amounts up to the time of preparing the report

c) The accumulated value of the individual pension account at the beginning of the reporting period and at the time of preparing the report after allocation of investment results and deduction of related expenses.

2. Within ten working days from the end of the month, the pension fund management company shall send a report on the balance of the individual pension accounts to the participants in the fund.

Article 29. Notification of Implementation of Supplementary Pension Insurance Program and Publication of Documents and Information for Participants in Supplementary Pension Insurance

1. The pension fund management company must notify the Ministry of Finance within ten days from the date of establishment of each pension fund regarding the establishment of such funds; the notification shall include the following documents:

a) Notification document on the establishment of the pension fund.

b) Rules of the pension funds.

2. Within five working days from the occurrence of changes in the rules of the pension fund or management procedures and regulations, the pension fund management company must notify the Ministry of Finance in writing about such changes and any amended, supplemented, or replaced versions of the rules or management procedures and regulations.

3. The pension fund management company shall maintain and update on its electronic information page basic information for each supplementary pension insurance fund according to each ongoing supplementary pension insurance program, specifically:

a) Information about the supplementary pension insurance program as stipulated in Article 9 of this Decree, including documents such as the rules of the pension fund, contracts entered into between the pension fund management company and service-providing organizations as specified in paragraph 5 of Article 9 of this Decree, and any updates, amendments, or supplements to the rules and contracts. Risk warnings as stipulated in point b of paragraph 2 of Article 27 of this Decree.

b) Semi-annual financial reports and audited annual financial statements of the supplementary pension insurance fund.

c) Semi-annual and annual management activity reports of the supplementary pension insurance fund, including statistics on transaction fees in the investment activities of the supplementary pension insurance fund, post-expense return rates. Expense items as specified in Article 18 of this Decree are listed separately, disclosed as a percentage per year of net asset value.

d) Summary of annual investment results for five consecutive years (if available) of the supplementary pension insurance fund.

4. Participants in the fund have the right to access information about their individual pension accounts on the electronic information page of the pension fund management company or the organization providing individual pension account management services as specified in Article 14 of this Decree.

Article 30. Reporting System of Pension Fund Management Company for Supplementary Pension Insurance

1. Quarterly and annually, the pension fund management company shall be responsible for implementing a reporting system on the operations of the supplementary pension insurance fund, specifically as follows:

a) Reporting period: No later than three months after the end of the reporting period.

b) Reporting periods: For quarterly reports, from the first day of the first month of the quarter to the last day of the last month of the quarter; for annual reports, from January 1 to December 31 of each year.

c) Method and place of submission: paper and electronic documents sent to the Ministry of Finance.

2. The content of the report as specified in paragraph 1 of this article includes:

a) Audited annual financial statements of the supplementary pension insurance fund by an independent auditing organization approved for public interest entity audits under the Independent Audit Law.

, annual management activities of the supplementary pension insurance fund

c) Quarterly and annual reports on the assets of the supplementary pension insurance fund.

d) Quarterly and annual investment activity reports of the supplementary pension insurance fund.

e) Quarterly and annual risk governance and internal control system reports.

f) Quarterly and annual participation and payment status reports for supplementary pension insurance.

3. The reporting forms as specified in points c, d, and e of paragraph 2 of this article shall be implemented according to the form attached as Appendix II to this Decree.

4. The pension fund management company shall report immediately in the following cases:

a) Within ten working days from the date of any change in the custodian organization or supervisory bank for the supplementary pension insurance fund.

b) Within ten working days from the date of any changes in the content of amendments, supplements to the rules of the pension fund, or contracts entered into between the pension fund management company and service-providing organizations.

c) Within ten working days from the date of receipt of a decision on administrative penalty for securities or insurance business violations by an authorized state agency.

d) Upon request by regulatory authorities.

Article 31. Reporting System of the Supervisory Bank

1. Annually, the supervisory bank shall be responsible for implementing a reporting system regarding the results of inspections and supervision over pension fund management companies, service providers related to such services, and individuals participating in supplementary pension insurance as provided in Article 13 of this Decree, specifically as follows:

a) Reporting time: No later than three months after the end of the reporting period.

b) Reporting period: Report on supervision results for the pension fund from January 1 to December 31 of each year.

c) Content of report: In accordance with the reporting form specified in Appendix II attached to this Decree.

d) Method and place of submitting reports: Submit both paper and electronic documents to the Ministry of Finance.

2. In case of discovering violations of laws or breaches of the supplementary pension insurance program, the supervisory bank must immediately report in writing to the Ministry of Finance and notify the pension fund management company within two working days from the date of discovery, simultaneously requiring corrective actions or remedial activities within the prescribed period.

3. In addition to reporting as provided in paragraph 1 and paragraph 2 of this Article, where necessary, the regulatory authority may request the supervisory bank to report any unusual matters related to pension fund supervision. The supervisory bank shall submit such reports to the regulatory authority within two working days from receipt of the request.

Chapter III
PENSION FUND MANAGEMENT COMPANIES

Conditions for Issuance of Business License

1. A business entity lawfully established in Vietnam operating in the fields of fund management and life insurance as per specialized laws, and meeting the following conditions:

a) For a fund management company, it must have at least five years of experience in securities investment fund management; total asset value managed as reflected in the latest financial report and operational activity report of the fund management company shall be no less than 1 billion Vietnamese dong; actively managing at least two public funds, among which there is at least one bond fund.

b) For a life insurance company, it must meet the conditions for launching pension insurance products and implementing pension fund management as per laws governing insurance business operations.

2. Have draft articles of association for each pension fund to be established, complying with the provisions in Article 11 of this Decree.

3. Have a business plan for providing pension fund management services including the following basic contents:

a) A five-year operational plan for managing supplementary pension insurance funds, including: description of the proposed supplementary pension insurance program; principles of cooperation and responsibilities between the fund management company and service providers as per paragraph 5 of Article 9 of this Decree in implementing the supplementary pension insurance program; development strategy for participants.

b) Infrastructure plan for information technology to manage individual pension accounts ensuring implementation of contribution, investment, payment of fees, taxes, fines, and payouts to relevant parties.

c) A model framework contract for participating in a pension fund that meets the conditions specified in Article 15 of this Decree.

d) Risk management governance process and internal control procedures.

4. Have at least five employees with at least five years of direct experience in pension fund management, securities investment fund management, or life insurance contract fund management. Among them, there must be at least three business personnel holding a fund manager license issued by the Securities Commission or being members of the Chartered Financial Analyst (CFA) association or equivalent professional certifications from abroad.

Article 33. Application File for Business Operation Permit

1. Application for a business operation permit in accordance with the form attached as Appendix I to this Decree.

2. Draft articles of association for each pension fund to be established, complying with the provisions set forth in Article 11 of this Decree.

3. Business plan for managing pension funds:

a) Management operation plan for pension funds as provided in point a, clause 3, Article 32 of this Decree.

b) Infrastructure plan for information technology to manage individual pension accounts ensuring the implementation of contribution, investment, cost payment, disbursement to fund participants and employers, personal income tax payment.

c) Model framework contract for participating in a pension fund meeting the conditions set forth in Article 15 of this Decree.

d) Risk governance process and internal control procedures.

4. Documentation demonstrating at least five employees meeting the conditions stipulated in Article 32 of this Decree, including the following basic documents:

a) Copy of employment contract (a certified copy from an authorized state agency or an uncertified copy presented with the original for verification).

b) Summary information on work experience of employees confirmed by an authorized agency or organization (specifying the work history and describing the main duties assigned to each position held).

c) Copies of certificates as required under clause 4, Article 32 of this Decree.

Article 34. Procedure for Issuing Business Operation Permit

1. The enterprise submits one set of application files for a business operation permit in accordance with the provisions of Article 33 of this Decree to the Ministry of Finance for verification of the completeness and validity of the file.

2. Within five working days from receipt of the file, the Ministry of Finance shall notify the enterprise regarding the completeness and validity of the file and request additional documentation (if necessary) and send one formal set of files for review.

3. Within sixty days from the date the Ministry of Finance requests amendments or supplements to the file as per the provisions of this clause, the enterprise must complete the file in accordance with the requirements: If the deadline is exceeded and the enterprise fails to complete the file, the Ministry of Finance shall issue a written notification to halt the examination process.

4. Within thirty working days from receipt of a fully valid file, the Ministry of Finance shall convene the Ministry of Labor, Invalids and Social Affairs for opinions on matters concerning the rights and responsibilities of employees and employers as per labor law provisions and this Decree; compile the review results to issue the business operation permit. In case of rejection, the Ministry of Finance shall notify the enterprise in writing with reasons.

5. The review of the file according to the conditions stipulated in Article 32 of this Decree.

6. During the examination period, the enterprise is obligated to amend and supplement the file when discovering inaccurate information or missing content or changes in important matters required in the file as per legal provisions or deeming it necessary to explain issues that may cause misunderstandings.

7. The submission and issuance of results for administrative procedures under this Decree are conducted through methods prescribed by the law on implementing administrative procedures through a single window and national e-government portal.

Article 35. Business Qualification Certificate

1. The business qualification certificate shall contain the following basic contents:

a) Name of the pension fund management company.

b) Principal office address and electronic information platform address of the pension fund management company.

c) Number, date of issuance of the business registration certificate.

d) Number, date of issuance of the business qualification certificate.

e) Legal representative of the pension fund management company.

f) Scope and content of operations.

2. In cases where a new or amended business qualification certificate is issued, it shall specify the number of times the certificate has been renewed or adjusted, and use the original number of the first-issued business qualification certificate for the company.

3. The business qualification certificate, its renewal, or amendment shall be in writing or electronic form issued by the Ministry of Finance and have equivalent value.

Article 36. Reissuance of Business Qualification Certificate

1. A business qualification certificate may be reissued under the following circumstances:

a) The business qualification certificate is lost or damaged;

b) The pension fund management company has undergone corporate restructuring (split, spin-off, merger, acquisition, or change in business form) and continues to meet all the conditions specified in Article 32 of this Decree.

2. The procedure and process for reissuing a business qualification certificate under paragraph 1, point a, of this Article:

a) The application for reissuance of the business qualification certificate shall include:

Original copy of the business qualification certificate (excluding cases where it is lost);

Application form for reissuance of the business qualification certificate in accordance with the model attached as Appendix I to this Decree.

b) Within five working days from the date of receipt of the application for reissuance of the business qualification certificate, the Ministry of Finance shall examine and issue a new business qualification certificate.

3. The procedure and process for reissuing a business qualification certificate under paragraph 1, point b, of this Article:

a) The application includes:

Application form for reissuance of the business qualification certificate in accordance with the model attached as Appendix I to this Decree;

Documentation proving that the company continues to meet all the conditions specified in Article 32 of this Decree, including documents and materials specified in paragraphs 2, 3, and 4 of Article 33 of this Decree.

b) Within five working days from the date of receipt of the application, the Ministry of Finance shall notify the company whether the application is complete and valid and request additional documentation (if necessary). The company must complete the application and documentation within thirty days from the date the Ministry of Finance requests corrections or supplements. If the company fails to do so within the time limit, the Ministry of Finance may issue a written notification to halt further examination of the application.

c) Within fifteen working days from the receipt of a complete and valid application, the Ministry of Finance shall convene the Ministry of Home Affairs for review and reissuance of the business qualification certificate. In case of refusal, the Ministry of Finance shall notify the company in writing with reasons.

Article 37. Adjustment of Business Qualification Certificate

1. A pension fund management enterprise shall submit an application for adjustment of the business qualification certificate within ten working days from the date when there is a change in the information specified in Clause 35 of this Decree.

2. The application for adjustment of the business qualification certificate includes:

a) An application form for adjustment of the business qualification certificate as set out in Appendix I attached to this Decree, specifying the reasons for the adjustment.

b) A copy of the most recent issued business qualification certificate.

copies of documents evidencing the proposed adjustments

3. Within ten working days from the receipt of a complete application, the Ministry of Finance shall seek the opinion of the Ministry of Home Affairs to review and examine the adjustment application for the business qualification certificate. In case of rejection, the Ministry of Finance shall notify the enterprise in writing and specify the reasons.

Article 38. Notification of Changes

Within ten working days from the date when any of the following changes occur, a pension fund management enterprise shall notify the Ministry of Finance in writing:

1. It falls under restructuring or special supervision and control.

2. It is dissolved, liquidated, or voluntarily ceases to operate its pension fund management services.

3. Its business registration certificate or operation permit for investment fund management or insurance is revoked.

4. Its operation of investment fund management is suspended.

Article 39. Revocation of Business Qualification Certificate

1. A pension fund management enterprise shall have its business qualification certificate revoked in the following cases:

a) It is dissolved, liquidated, or voluntarily ceases to operate its pension fund management services.

b) Its business registration certificate or operation permit for investment fund management or insurance sector is revoked.

c) The application for issuance of the business qualification certificate contains false information or documents to meet the conditions for issuance of the business qualification certificate.

d) It fails to establish a supplementary pension insurance fund within two years from the date of issuance of the business qualification certificate.

d) From the date of issuance of the business qualification certificate, it has been subject to administrative penalty for violation of insurance or securities trading or supplementary pension insurance management three times or more without having remedied or completed the rectification of such violations; the period of examination is within two years prior to the receipt of the latest decision on administrative penalty.

e) The enterprise is ordered by a competent state authority to cease operations due to its failure to address the supervision or special supervision status as specified by relevant laws and regulations.

2. Procedure for revocation of business qualification certificate:

a) The business qualification certificate automatically becomes ineffective in cases specified at paragraph (1), points (a), (b), (c), (d), and (e).

b) For enterprises falling under the circumstances specified at point (e) of paragraph (1), the business qualification certificate is temporarily suspended from the date when a competent state authority decides to apply special supervision or supervision. If, after the period for rectification, the enterprise fails to address the special supervision status as required by relevant laws and regulations, the business qualification certificate automatically becomes ineffective.

c) The Ministry of Finance shall issue a decision revoking the business qualification certificate and publish it on the Ministry's official website regarding the decision to revoke the business qualification certificate of the enterprise.

3. The enterprise must immediately cease all pension fund management activities from the date when the business qualification certificate automatically becomes ineffective.

4. In case a pension fund management enterprise has its business qualification certificate revoked, the Ministry of Finance shall designate another pension fund management enterprise to take over the management of the pension funds currently managed by the enterprise whose business qualification certificate was revoked. The designated enterprise must have a business qualification certificate for pension fund management services and be managing at least one pension fund.

5. Participants in the fund may choose to continue participating in the pension fund managed by the designated pension fund management enterprise or request to transfer their individual retirement account to another pension fund managed by a different pension fund management enterprise.

6. A pension fund management enterprise that has had its business qualification certificate revoked shall not submit an application for issuance of a supplementary pension insurance fund management service business qualification certificate within three years from the date of revocation.

Article 40. Rights and Obligations of Pension Fund Management Enterprises

1. Rights of pension fund management enterprises:

a) Develop and promulgate supplementary pension insurance programs in accordance with the requirements for management and the needs of individuals participating in supplementary pension insurance as stipulated in Clause 9 of this Decree.

b) Decide on the quantity of pension funds and investment policies for pension funds in accordance with the Fund Regulations and other provisions of this Decree.

c) Be entitled to recover organizational and management costs for supplementary pension insurance as stipulated in Clause 18 of this Decree.

d) Engage organizations providing services including: securities depository organization, custodian bank, individual pension account service provider, and other service providers (if any) to implement the supplementary pension insurance policies as stipulated in this Decree.

d) Require employers to provide information and documents related to the payment of supplementary pension insurance and the development and promulgation of agreements between employees and employers regarding participation in supplementary pension insurance.

2. Obligations of pension fund management enterprises:

Establish, invest, and manage pension funds in accordance with the Regulations.

b) Develop and promulgate the Fund Regulations for each established fund.

c) Select and enter into contracts with securities depository organizations, custodian banks, individual pension account service providers, and other service providers (if any).

d) Decide on investment policies of pension funds in accordance with the Fund Regulations and provisions of this Decree.

đ) Perform accounting for pension funds or enter into contracts with fund accounting service providers as stipulated in this Decree.

e) Manage individual pension accounts or enter into contracts with individual pension account management service providers as stipulated in this Decree.

g) Transfer individual pension accounts between pension funds managed by the pension fund management enterprise and transfer managed individual pension accounts to another pension fund management enterprise as stipulated in this Decree.

h) Perform information disclosure, accounting, bookkeeping, and reporting as stipulated in this Decree.

i) Compensate for losses of individuals participating in the fund (if any) as stipulated in Clause 23 of this Decree.

k) Manage conflicts of interest between the enterprise, major shareholders, related parties, and participants in the pension fund.

1) Temporarily suspend establishment of new funds for a period of two years and issue public information when there is an official document from a competent state agency evaluating violations in the management and implementation of pension funds as stipulated in this Decree.

Chapter IV
RESPONSIBILITIES OF RELEVANT AGENCIES AND ORGANIZATIONS

Article 41. Responsibilities of Pension Fund Management Enterprises

1. Provide services in accordance with the provisions of this Decree, supplementary pension insurance programs, Supplementary Pension Insurance Fund Regulations, and service contracts entered into with employers, employees participating in supplementary pension insurance, and other service providers.

2. Fulfill all obligations and rights under the supplementary pension insurance program for employers and employees participating in supplementary pension insurance.

3. Perform information disclosure, accounting, bookkeeping, and reporting as stipulated in this Decree.

4. Compensate for losses of individuals participating in the fund (if any) as stipulated in Clause 23 of this Decree.

5. Be subject to supervision, inspection, and audit by state management agencies in accordance with the law. In case of violation of legal provisions when providing services under this Decree, depending on the nature and extent of the violation, administrative penalties or criminal responsibility may be pursued.

6. Issue public information within ten days from the date of receiving an administrative penalty decision for violations in the field of pension fund management, securities investment fund management, and insurance business as per the decision of a competent state agency on the enterprise's official website when there are violations in the area of pension fund management.

7. Shall not provide information, promote, or intentionally cause confusion regarding supplementary pension insurance with the State retirement system or confuse with insurance products as stipulated by insurance business law.

Article 42. Responsibilities of Organizations Providing Services Related to the Establishment, Operation, Management, Investment, and Supervision of Supplementary Pension Fund Insurance

1. Provide services in accordance with the provisions of this Decree, supplementary pension insurance program, supplementary pension fund insurance regulations, and service provision contract signed with the pension fund management enterprise.

2. Implement reporting systems as prescribed by this Decree.

3. Compensate for losses to participants in the fund (if any) in accordance with the provisions of Article 23 of this Decree.

4. Be subject to supervision, inspection, and audit by state management agencies in accordance with legal provisions. In case of violation of legal provisions when providing services as prescribed by this Decree, depending on the nature and extent of the violation, administrative penalties may be imposed or criminal responsibility pursued.

5. Publish information within ten days from receipt of an administrative penalty decision regarding violations in pension fund management according to the decision of a competent state agency on the enterprise's electronic information platform as per the requirements of this Decree.

Article 43. Responsibilities of the Ministry of Finance

1. Take the lead and cooperate with relevant agencies to disseminate policies, publicly disclose information, and monitor and evaluate the implementation of this Decree in accordance with legal provisions.

2. Take the lead and cooperate with relevant agencies to issue, reissue, adjust, or revoke business operation permits for supplementary pension fund management enterprises as prescribed by this Decree.

3. Monitor and assess the operational status of pension fund management enterprises through reporting systems as prescribed by this Decree.

4. Take the lead and cooperate with relevant agencies to inspect pension fund management enterprises, custodians, banks supervising funds, and service providers in accordance with provisions of this Decree.

a) Inspection activities are conducted regularly or on an ad hoc basis as required by management. Ad hoc inspections are carried out when there is evidence that the pension fund management enterprise has violated laws, upon request for handling complaints, anti-corruption measures, or at the discretion of the competent state agency head. Regular inspections are conducted every two years for each enterprise.

b) The content of regular inspections includes reviewing the ability to continue maintaining or revoking the business operation permit of the pension fund management enterprise; assessing the capability to continue providing services related to the pension fund; and compliance with all service provision regulations concerning the pension fund as prescribed by this Decree.

c) Tax obligations for enterprises employing labor, participants in supplementary pension insurance, are fulfilled according to tax laws.

5. Take the lead and cooperate with relevant agencies to propose legal violations handling and address complaints and reports on supplementary pension insurance as per provisions of this Decree and administrative penalty enforcement laws.

Chapter V
ENFORCEMENT AND ORGANIZATION OF IMPLEMENTATION

Article 44. Enforcement and Organization of Implementation

1. This Decree takes effect from May 10, 2026, replacing Decree No. 88/2016/NĐ-CP dated July 1, 2016, by the Government on voluntary supplementary pension program (hereinafter referred to as Decree No. 88/2016/NĐ-CP).

2. Enterprises that have been granted business operation permits for managing voluntary supplementary pension funds under Decree No. 88/2016/NĐ-CP may continue their operations based on the issued permit. Adjustments, reissuance, and revocation of business operation permits for managing supplementary pension insurance services for these enterprises are carried out in accordance with this Decree.

3. Enterprises currently managing voluntary supplementary pension funds under Decree No. 88/2016/NĐ-CP shall:

a) Within thirty days from the date of implementation of this Decree, report to the Ministry of Finance on the provision of voluntary supplementary pension fund management services (including: number of managed pension funds, number of enterprises using labor and participants in the fund, net asset value and investment structure of each fund, related service providers...).

b) Within six months from the date of implementation of this Decree, update documents on the voluntary supplementary pension program according to provisions of this Decree and publicly disclose them on the enterprise's electronic information platform.

c) Within twelve months from the date of implementation of this Decree, adjust the investment structure of supplementary pension insurance funds in accordance with provisions of this Decree. During the adjustment period, enterprises managing pension funds may continue to apply voluntary supplementary pension fund investment rules as per Decree No. 88/2016/NĐ-CP and the supplementary pension fund regulations.

d) Implement reporting and information disclosure systems as prescribed by this Decree.

4. Individuals currently participating in the voluntary supplementary pension program under Decree No. 88/2016/NĐ-CP may continue to participate in supplementary pension insurance or receive full individual pension account payments without applying a special withdrawal fee.

Article 45. Implementation Responsibility

The Ministers, Heads of Sectoral Government Agencies, Heads of Government Departments, Chairmen of People's Committees of Provinces and Municipalities Directly Under Central Government, enterprises managing pension funds, and relevant organizations and individuals shall bear the responsibility for implementing this Decree.

Office of the General Secretary;

National Assembly Office

Supreme People's Court;

Supreme People's Procuratorate:

National Audit Office:

Central Committee of the Vietnamese Fatherland Front;

Central Offices of Political-Social Organizations;

VPCP: BCTCN, various PCNs, Deputy Prime Minister's Assistants, General Director of Public Relations Department, various Departments, Units under Direct Subordination, Gazette;

File: VT, KTTH (2b). 40

NAME OF THE COMPANY

No.: …

…, date ... month ... year 20...

APPLICATION FOR
Issuance of Business License for Pension Fund Management Services or Reissuance of Business License for Pension Fund Management Services
(for the case where a company managing supplementary pension funds undergoes division, spin-off, merger, consolidation, or change in ownership form and continues to meet all conditions stipulated in Decree …/…/NĐ-CP dated …/…/by the Government)

To: Ministry of Finance.

Part I. Company Information

Name of the company (in Vietnamese) (written in characters)

Abbreviated name of the company (if any):

Name of the company (in foreign language) (if any):

2. Principal office address: ..

3. Business registration number: …

4. Business license number: …issued by…(name of issuing authority) on …month …year at …

5. Company operation permit number: ...issued by the Securities Commission on …month …year ...

Areas of business:

Or

Business operation permit for insurance company number... issued by the Ministry of Finance on day... month ... year...

Insurance services:

Part II. Application Content and Attached Documents

1. (Name of the company) hereby requests the Ministry of Finance to issue/reissue a business license for pension fund management services in accordance with the provisions of Decree No. …/…/NĐ-CP dated …/…/…of the Government on supplementary pension funds.

2. Attached documents include:

(Specific components of the application as per Article 33 (for new license applications) or point a, clause 2, Article 36 (for reissuance of licenses))

-

Part III. Undertaking of the Enterprise

(Name of enterprise) hereby undertakes:

1. To bear legal responsibility for the accuracy and legality of the contents declared herein and the documents, files attached to this application.

2. If granted/renewed a Certificate of Qualification for Managing Supplementary Pension Fund Services, (name of enterprise) will strictly comply with all provisions of law concerning supplementary pension fund management services.

LEGAL REPRESENTATIVE (Sign, state full name and affix seal)

APPLICATION FOR
Issuance of a Certificate of Qualification for Managing Supplementary Pension Fund Services
(in case the certificate is lost or damaged)

To: Ministry of Finance.

LEGAL REPRESENTATIVE (Sign, state full name and affix seal)

APPLICATION FOR Amending the Certificate of Qualification for Managing Supplementary Pension Fund Services

1. Name of Enterprise:…

Abbreviated name of enterprise (if any): …

Name of enterprise in foreign language (if any):

Principal place of business address: …Phone number: …Fax number: …

Business registration certificate/Operation permit No. …… issued by …(issuing authority) … on …day …month …year …

Certificate of Qualification for Managing Supplementary Pension Fund Services No. …issued first time on …day …month …year …(Amended for the …time on …day …month …year …).

Requesting the Ministry of Finance to amend the Certificate of Qualification for Managing Supplementary Pension Fund Services in the Certificate of Qualification for Managing Supplementary Pension Fund Services No. …issued on …day …month …year …

2. Contents of application for amendment:

(Name of enterprise) requests to amend the Certificate of Qualification for Managing Supplementary Pension Fund Services as follows:…

Reason for request for amendment:

3. Attachments include:…

4. The enterprise hereby bears legal responsibility for the contents herein and all documents, files attached to this application.

LEGAL REPRESENTATIVE (Sign, state full name and affix seal)

March 25, 2026

AGREEMENT DOCUMENT

ON PARTICIPATION IN THE SUPPLEMENTARY PENSION INSURANCE PROGRAM
1. Name of the supplementary pension insurance program for employees to choose.

2. Basic content of the supplementary pension insurance program:

The basic content of the supplementary pension insurance program as provided in Article 9 of this Decree, including the following information:

Eligibility and conditions for participation in the program.

Commitment regarding the minimum contribution by the employer when employees participate in the supplementary pension insurance program.

Pension fund management company selected by the employer.

The pension fund management enterprise is selected by the employer.

Conditions for entitlement to, and methods of payment from the pension fund.

3. Employer's contribution amount, frequency, and timing

The contribution amount shall be an absolute sum or a percentage on the employee's salary (The employer's contribution shall not be less than the minimum commitment level as stipulated in paragraph 2 above).

The contribution frequency may be monthly, bi-monthly, quarterly, or another frequency chosen by the employer that is suitable for its capacity and needs.

The timing of contributions is to be agreed upon between the employer and employee, consistent with the supplementary pension program established by the employer and selected by the employee.

4. Employee's contribution amount, frequency, timing, and method

The contribution amount shall be an absolute sum or a percentage on the employee's salary.

The contribution frequency may be monthly, bi-monthly, quarterly, or another frequency chosen by the employee that is suitable for his/her capacity and needs.

The timing of contributions is to be agreed upon between the employer and employee, consistent with the supplementary pension program established by the employer and selected by the employee.

Employees contribute to the pension fund through the employer's trust, whereby the employer pays or deducts from their monthly salary to contribute to the pension fund.

5. Cases of temporary suspension

The employer and employee shall agree on the temporary suspension of participation in the supplementary pension program under one of the following circumstances:

The agreement on the text of the agreement is suspended by mutual agreement between the employer and employee.

The employee temporarily suspends the labor contract.

6. Cases of termination

The employer and employee shall terminate participation in the supplementary pension program under one of the following circumstances:

The text of the agreement expires without a renewal or re-signing of the agreement.

ười lao động và người sử dụng lao động thỏa thuận ngừn

When the employee unilaterally terminates the implementation of the agreement.

When the employer unilaterally terminates the implementation of the agreement.

When the labor contract between the employee and the employer expires before the expiration date of the agreement text.

II. CONTENTS OF EMPLOYEE'S DELEGATION TO THE EMPLOYER

The employee delegates to the employer the following tasks:

1. Signing a participation contract with the pension fund management company.

2. Selecting investment options in accordance with the rules of the pension fund.

3. Paying fees and expenses related thereto as stipulated in the rules of the pension fund.

4. Other delegations as agreed upon that are consistent with the rights and obligations of the employee and employer under labor law.

III. CHANGES TO THE CONTENTS OF THE AGREEMENT TEXT

(Amendments or supplements to the agreement require mutual consent between the employer and employee and must be in writing)

IV. RIGHTS AND OBLIGATIONS OF THE EMPLOYEE

1. The rights of the employee to participate in the supplementary pension program as provided in paragraph 1 of Article 8 of this Decree, including:

Determining participation or cessation of participation in the supplementary pension program.

Determining the contribution amount, frequency, timing, and method of payment, and making changes (if any) that are consistent with the supplementary pension program established by the employer and selected by the employee.

Enjoying all rights as provided in the supplementary pension program in which they participate, as stipulated in the agreement text, and ensuring compliance with legal provisions.

Negotiating with the employer to change content within the agreement or requesting the employer to fulfill its commitments under the agreement and the supplementary pension program.

Enjoying contributions from the employer and investment returns from such contributions when the employer unilaterally ceases participation in the supplementary pension program.

Choosing full settlement, continuation of the supplementary pension contract for a maximum period of one year, or transferring their individual pension account to another pension fund after terminating the labor contract with the employer or upon reaching retirement age.

Unilaterally terminating the implementation of the agreement text.

Other rights as agreed with the employer and in accordance with legal provisions.

2. The obligations of the employee participating in the supplementary pension program as provided in paragraph 2 of Article 8 of this Decree, including:

Fulfilling contributions committed under this agreement text.

Notifying the employer at least five working days before any changes to the contribution amount, frequency, timing, and method; three working days for temporary suspension or cessation of implementation of the agreement.

Other obligations as agreed with the employer and in accordance with legal provisions.

V. RIGHTS AND OBLIGATIONS OF THE EMPLOYER

1. The rights of the employer when participating in the supplementary pension program as provided in paragraph 1 of Article 7 of this Decree, including:

Determining the contribution amount, frequency, and timing for their own contributions.

Agreeing with the employee on changes to any content within the agreement text that relates to their responsibilities and obligations.

Receiving contributions made by them for the employee and investment returns from such contributions in accordance with the supplementary pension program and the agreement text.

The party may unilaterally terminate the implementation of the agreement when the employee violates the provisions of the law on the supplementary pension insurance program, as stipulated in the enterprise's supplementary pension insurance program.

Other rights according to the agreement with the employee and according to the provisions of the law.

2. Obligations of the employer when participating in the supplementary pension insurance program as provided for in paragraph 2 of Article 7 of this Decree, including specifying the following basic contents:

Fulfill contributions at the agreed level, frequency, and contribution period.

Comply with and implement the contents of the agreement and provisions of the law.

Contribute the employee's entrusted amount to the employer (if applicable).

Conduct procedures with the pension fund management company for the employee to receive or continue participation in contributions into the fund.

Other obligations according to the agreement with the employee and according to the provisions of the law.

VI. OTHER AGREEMENTS AND COMMITMENTS BETWEEN
THE EMPLOYEE AND THE EMPLOYER

Any other agreed contents between the employee and the employer that do not contravene legal provisions (if applicable).

VII. TERM OF THE AGREEMENT DOCUMENT

The term of the agreement document regarding participation in the supplementary pension insurance program.

From the date ... to the date ...

(The end date of participation in the supplementary pension insurance program shall not exceed the termination date of the labor contract between the employee and the employer)

The agreement document is prepared in three copies, with one copy retained by the employee/collective employees, one copy retained by the employer, and one copy retained by the pension fund management company.

REPORT ON THE OPERATIONS OF THE SUPPLEMENTARY PENSION INSURANCE FUND MANAGEMENT

To: Ministry of Finance

Name of the pension fund management company: …

Address:

Business operation permit number …issued by …on …

Reporting period (quarter/year): …

Names and addresses of service providers to the pension fund management company (if applicable);

List of pension agents.

1. General situation report

2. Report for each managed pension fund

(Detailed report for each currently managed supplementary pension insurance fund)

Name of the supplementary pension insurance fund;

Fund rules number ... dated …; amended and supplemented documents number ... dated …(if applicable); specifying the investment policy of the supplementary pension insurance fund, the proportion of investments in each type of asset as stipulated in paragraph 3 of Article 19 of Decree No. .../202.../NĐ-CP.

Name of the custodian organization;

Name of the supervising bank;

…, day/month/year …LEGAL REPRESENTATIVE (Sign name and title, affix seal)

Model No. 02

REPORT ON THE ASSETS OF THE SUPPLEMENTARY PENSION INSURANCE FUND
(Applicable to each supplementary pension insurance fund)

To: Ministry of Finance

Name of the company managing the supplementary pension insurance fund:…

Address:

Business operation permit number …issued by …on …

Reporting period (quarter/year): ...

Pension fund name: ...

Rules for the Endowment Fund Number ..., dated ...; any amendments and supplements numbered ..., dated ... (if applicable); specifying the investment policies of the supplementary pension insurance fund, the proportion of investment in each type of asset as stipulated in Clause 3, Article 19, Decree No. .../202.../NĐ-CP.

Unit: ... VND

Form No. 03

REPORT ON INVESTMENT ACTIVITIES OF THE SUPPLEMENTARY PENSION FUND
(Applicable to each supplementary pension fund)

To: Ministry of Finance

Name of the entity managing the supplementary pension fund:...

Address:

Business License No. ... issued by ... on ...

Reporting Period: Quarter/Year ...

Pension Fund Name:

Rules for the Endowment Fund Number ..., dated ...; any amendments and supplements numbered ..., dated ... (if applicable); specifying the investment policies of the supplementary pension insurance fund, the proportion of investment in each type of asset as stipulated in Clause 3, Article 19, Decree No. .../202.../NĐ-CP.

Unit: ... VND

I. REPORT ON THE INVESTMENT PORTFOLIO OF THE FUND

II. REPORT ON OPERATIONAL RESULTS

Form No. 04

REPORT ON RISK MANAGEMENT AND IMPLEMENTATION OF THE INTERNAL CONTROL SYSTEM IN PENSION FUND MANAGEMENT
To: Ministry of Finance

Name of the entity managing the pension fund:...

Address:

Business License No. ... issued by ... on ...

Reporting Period Year ...

Names and addresses of service providers (accounting for the fund, individual pension account management) (if applicable).

1. General Situation of the Pension Fund Manager

As per Business License No. ... dated...

Subject to restructuring or special supervision;

Complaints, grievances, disputes related to pension fund management in the year (if applicable);

Cases where compensation was provided for participants of the fund

Inspection and audit reports by state authorities during the year.

2. Situation of Each Supplementary Pension Fund

Changes in depository institution;

Changes in supervisory bank;

Amendments to the Rules for the Endowment Fund; specifically, changes to the investment policies of the supplementary pension insurance fund.

3. Report on the Implementation of the Internal Control System by the Pension Fund Manager

Evaluation of the implementation and application of the internal control system by the pension fund manager in managing the pension fund.

... Date Month Year ... LEGAL REPRESENTATIVE (Signed, full name and seal)

Form No. 05

REPORT ON THE RESULTS OF AUDIT AND SUPERVISION BY THE SUPERVISORY BANK FOR THE PENSION FUND MANAGER IN PENSION FUND MANAGEMENT

To: Ministry of Finance

Name of the supervisory bank:...

Address:...

Name and address of the pension fund manager company being supervised:...

Address: ...

Business License No. ... issued by ... on ...

Names and addresses of service providers for the pension fund manager (accounting for the fund, individual pension account management) (if applicable).

Reporting Period Year:...

Compliance with obligations of the pension fund manager (

Evaluation of compliance with obligations as stipulated in Decree No. .../202.../NĐ-CP by the pension fund manager and service providers regarding their compliance with such obligations, rules for the endowment fund, participation contracts for the pension fund, related service contracts.

Cases where compensation was provided for participants (if applicable):

Regarding accounting and separate management of assets of participants and the pension fund manager company.

2. On Investment Activities

Evaluation of compliance with investment policies as stipulated in the Rules for the Endowment Fund, and responsibilities of relevant parties regarding transactions of the pension fund and individual pension accounts.

3. On Individual Pension Account Management

Evaluation of allocation of investment results, determination of value of individual pension accounts.

4. On the Implementation of the Internal Control System by the Pension Fund Manager in Pension Fund Management

4. Regarding the implementation status of the internal control system of the pension fund management enterprise in managing the pension fund.

Evaluation of the implementation status of the internal control system of the fund management company in managing pension funds;

Evaluation of the process and methods for determining the net asset value of the pension fund;

Evaluation of the process and methods for allocating investment results, determining the individual pension account value.

Potential risks (if any).

1. For government debt instruments: Government bonds, treasury bills issued by the State Treasury, national construction bonds issued in Vietnamese dong on the domestic market.

2. For local government bonds, government-issued bonds

Local government bonds are issued by provincial people's committees in accordance with the laws governing public debt management;

Government-guaranteed bonds issued by social policy banks in accordance with the laws governing public debt management.

3. For bank deposits: Deposits at commercial banks meeting the following basic standards:

Not including commercial banks under special supervision as announced by the State Bank of Vietnam.

Meeting the minimum capital adequacy ratio (CAR) as stipulated in Circular No. 41/2016/TT-NHNN dated December 30, 2016, by the Governor of the State Bank of Vietnam on the capital adequacy ratio for banks, foreign bank branches or any supplementary, amended, or replaced document (if applicable).

4. For commercial bank bonds and certificates of deposit: Bonds and certificates of deposit issued by commercial banks, where commercial banks must meet the basic standards as specified in point 3 above.

5. For listed stocks on the stock exchange: Listed stocks on the stock exchange meeting the following basic criteria:

Stocks not subject to warning due to violation of information disclosure, control, trading restrictions, suspension of trading (excluding temporary suspension of trading for up to 30 trading days due to corporate events such as stock split/merger...), and trading halt within a period of three months from the date of investment asset selection review.

Stocks with a listing duration on the stock exchange of six months or more as of the date of investment asset selection, except for stocks listed in the Top 5 by market capitalization value and with a listing duration exceeding three months.

Stocks with a free-float ratio (free-float) greater than or equal to 10%.

Stocks with a trading value-to-adjusted-market-capitalization ratio over the past six consecutive months on the date of investment asset selection not less than 0.05%.

Stocks in the group with market capitalization value ranking among the Top 100 on the stock exchange.

The calculation of criteria for stocks is performed periodically at the end of each quarter.

6. For listed bonds on the stock exchange: Listed bonds rated by an independent credit rating organization, except in cases where the bond is issued by a credit institution or guaranteed by a credit institution, foreign bank branch, foreign financial institution, or international financial organization to fully cover the principal and interest of the bond.

7. For investment fund certificates: Investment fund certificates publicly offered in accordance with securities law.