HCMC – The Finance Ministry is set to develop a support package worth VND23 trillion (nearly US$100 million) from the Unemployment Insurance Fund to provide further assistance to workers.

Finance Minister Ho Duc Phoc announced this during the National Assembly’s Q&A session on the morning of June 6.

The plan for rolling out the package is expected to be presented to the Government and the National Assembly Standing Committee for consideration in the near future.

In 2021, around VND47.3 trillion was utilized from the fund to support workers affected by Covid-19, leaving the fund balance at VND59.3 trillion as of 2023, according to Phoc.

If the proposal is approved, the fund balance will fall to over VND36 trillion.

During the session, Phoc also said that his ministry would work with the Ministry of Labor, Invalids and Social Affairs to propose amendments to the Law on Social Insurance. The proposed changes would allow business owners to participate in mandatory social insurance, similar to their employees.

He emphasized that Vietnam began expanding social insurance coverage in 2003, and the Vietnam Social Security issued guidelines for provinces and cities regarding social insurance premium payments.

The law currently requires a labor contract for social insurance participation, which excludes business owners who have only signed contracts with their employees from compulsory social insurance.

Phoc highlighted that business owners who operate as self-employed and earn income should be permitted to join social insurance. However, the existing law does not cover this aspect, necessitating amendments to address the issue.