Compulsory social insurance: Expectations and anxieties

This new regulation is seen as a significant step forward in expanding the social security network. However, with only days left until its implementation, many businesses still have concerns and anxieties…

A concern for many people.

Many small business owners in Kim Nỗ commune (Dong Anh district) agree with the expansion of mandatory social insurance coverage. *Photo: Hien Phuong.*

As the new policy is about to take effect, the general sentiment among many business owners, especially small-scale ones, is one of uncertainty and anxiety. The financial burden is the biggest and most common concern. According to the law, business owners will have to contribute a total of 25% of their income (based on social insurance contributions), including 3% to the sickness and maternity fund and 22% to the retirement and death benefit fund. .

Ms. Truong Thi Lan Anh, the owner of a grocery store in Long Bien district, couldn't hide her confusion: "Before now, I only paid for voluntary health insurance, and hadn't considered social insurance because my monthly income is unstable. The new law requires us to pay more than half a million dong each month, so I've been very worried these past few days because business is very difficult during this time."

Sharing the same sentiment, Mr. Nguyen Van Thuc, the owner of a rice restaurant in Bac Tu Liem district, said that although he knows the policy is good for both employers and employees, the financial pressure is real. “My restaurant employs six staff members, but the number of customers is inconsistent, and I'm currently losing money just to keep the business running. At this time, the monthly payments are a real burden for me,” Mr. Thuc shared.

It's not just business owners who have concerns; workers also have their own. Ms. Le Thuy Luong, who works at a restaurant in Nam Tu Liem district, wonders: "I'm not sure how much my pension will be if I choose to contribute at a lower rate, and whether the procedures will be convenient when I need to use the insurance."

But alongside the anxieties, many people have viewed the new policy positively, seeing it as an opportunity to "plan for the long term." Mr. Nguyen Van Au, owner of a plastic steel pipe business in Dong Anh district, shared: "Before, I was a freelance trader, taking profits and losses as they came. Now that the government mandates social insurance participation, I see this as an opportunity to create a future for myself."

From the perspective of workers, the new policy offers them great hope. Nguyen The Chuyen, an employee at a coffee shop in Xuan Phuong ward (Nam Tu Liem district), happily said: “While my friends working in companies or government agencies receive full insurance coverage, for almost four years I haven’t received any benefits, which worried me because I wouldn’t have a pension in my old age. The new law allowing me to pay insurance makes me very happy.”

Agreeing with the policy, Ms. Le Thi Giang, a clothing businesswoman on Kham Thien Street (Dong Da District), believes the current contribution level is reasonable and affordable. However, she also expressed her wish: "The government needs to regulate how long this amount will be maintained. If the amount changes every year in the current difficult business environment, I fear it will be difficult to keep up."

Expectations for a secure future.

With their small-scale, family business, Mr. Nguyen Dinh Vuong's family in Tien Duoc commune (Soc Son district) is still hesitant about participating in mandatory social insurance. *Photo: Hien Phuong.*

In response to the concerns of the people, the authorities have been preparing solutions to ensure that the policy is implemented effectively. .

One of the perceived challenges is the risk of evading obligations. Mr. Pham Ngoc Thao, Chairman of the Democracy and Law Advisory Council of the Vietnam Fatherland Front Committee of the city, expressed concern about behaviors such as: canceling business licenses to conduct unauthorized sales, declaring lower income than the actual amount, or transferring business names to relatives who already have social insurance to "avoid" the law. Therefore, Mr. Pham Ngoc Thao believes that fully disseminating information relevant to the people is essential.

On the enforcement side, Mr. Nguyen Hong Cuong, Deputy Head of the Revenue Management and Participant Development Department of Vietnam Social Security, said: " The government is drafting a decree to provide detailed guidance on the participation roadmap." "Once the implementing decree is issued, Vietnam Social Security will instruct local social security agencies to strengthen measures for disseminating information, mobilizing support, providing advice, and explaining the regulations to business owners."

In Hanoi , positive signs have emerged. According to Mr. Nguyen Cong Dinh, Deputy Director of the Social Insurance Department Region I, as of the end of May 2025, more than 1,000 individual business owners in the city have paid mandatory social insurance for nearly 6,000 employees. This shows that many homeowners have complied with the law and have a correct understanding of the policy. .

To enhance effectiveness, the social insurance agency will coordinate with the tax agency to identify potential beneficiaries, initially focusing on households with annual revenue of 1 billion VND or more. .

The 2024 Social Insurance Law has created a significant impetus to integrate self-employed workers into the social security system. Expanding mandatory social insurance coverage to business owners is a necessary but challenging step.

For policies to truly be implemented, detailed guidance, support, and attentive listening from relevant authorities are essential so that each business owner can confidently entrust their future to the common social safety net. .

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